Scott Gilman

Subprime lending has been receiving a great deal of negative press in recent weeks. Over the past several years lenders have been making home loans that had short-term fixed rates along with equal prepayment penalties to consumers that could not document income and had a marginal credit history at best. These loans were made with the expectation that when the loan adjusted their credit would have improved and they could refinance into a traditional home loan.

This did not happen in most cases. So the question is, what do we do now? Educating home owners and consumers is the place to start, according to Scott Gilman of Proline Mortgage.

When agents take the time to coach their customers on FICO scoring, debt consolidation and credit repair, they can help people improve their circumstances. Many lenders chose greed and have done their clients a disservice; in many cases, if they had taken the time to educate and qualify them, their customers could have gotten a better loan that would have eliminated the situation they are in today.

There are still 100 percent loans available for all types of buyers. Firsttime buyer financing i s available from lenders such as California Housing Finance Agency. In today's high stakes mortgage loan business, there are great profits to be made, but it's the mark of a professional that sees past the profits.

With more than 19 years experience working with everything from first-time homebuyers to the multimillion-dollar deal, Scott Gilman is that professional. He can be reached at Proline Mortgage, Westlake Village, (818) 438-7719.