Interview with Darryl Greene

Allen Perry
3/28/11

Interview with Loan Officer

I had the pleasure of interviewing Darryl Greene for this assignment. Mr. Greene is a loan officer at Chase Bank in the Berkeley, Ca. He has the duty of processing applications and giving a final approval or denial of commercial and residential loans. I got a chance to sit down with Darryl Greene to see what a loan officer’s job consists of and some of the things he enjoys and dislikes about his career.

Q: When did you become a loan officer?
A: I became a loan officer for Washington Mutual in 2002. I graduated from San Jose State University in 2002 with a degree in finance. I was already working for Washington Mutual as a bank teller in college and once I graduated I was promoted to a loan officer.

Q: What is the best part the job?
A: The best part of my job is seeing the elation on an investor or an individual’s face when the application process is over and the loan has finally got approved; this is when they know the money is coming. Money has a funny way of bringing a smile to a person’s face.

Q: What is the worst part of the job?
A: On the opposite end of the spectrum, it always saddens me when I have to be the bad guy. Denying loans is always a tough thing for me to do, but it comes with the territory of holding my position.

Q: Have you ever felt particularly bad about having to deny a loan?
A: I had to deny this one newly wed couple about two months ago. They seemed like a very nice couple but they did not quite have the necessary collateral for me to approve the loan and still keep my job. The couple had their heart set on a house in Berkeley that they wanted but they did not have good enough credit for me to approve the loan at an interest rate that they could afford. It was sad because the lady started to cry. Those types of loan transactions are always hard.

Q: How has the loan process changed since the housing crash of 2007?
A: Since the housing crash of 2007 banks have started to really get back to the basics of real estate lending. This means no more loans based on fraudulent information Banks require good credit, proof of steady employment, and at least a 20% down payment to receive a loan. We also verify to make sure the monthly mortgage payments do not take up too much of a company or individual’s monthly income.

Q: Do you usually deal with commercial loans or residential loans?
A: I mainly deal with home loans, but I do work with small businesses and corporations. I would say 80% for home loans and 20% for commercial and business loans.

Q: Do you have any tips for first time homebuyers?
A: For first time homebuyers it is good to do your homework and look around to get the best loan possible. You also need to have an idea of how much of a loan you can afford. Some people get prequalification and preapprovals before they actually go through with taking out a mortgage.

Q: How has the recession affected the company’s profitability?
A: As you know Washington Mutual Bank no longer exists anymore. Our company was hit hard by the financial recession and mortgage crisis in this country; so hard that we were taken over by JP Morgan Chase. We are doing better and better with each passing quarter.

Q: What is your outlook for the next few years for real estate loans?
A: I feel that we still have a few years before we are totally out of the dark. I am optimistic that things will get better because they are starting to turn around.

Thank you for your time sir.