In this series, we sit down with prominent individuals in the mortgage industry to glean invaluable insights and perspectives. From renowned lenders and brokers to influential regulators and industry experts, we dive deep into their experiences, strategies, and vision for the future. Join us as we uncover the secrets of success, explore emerging trends, and gain expert advice from these mortgage mavens. Our second interview is with Scott Schang, founder of FindMyWayHome.com.
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Scott Schang is a well-known mortgage industry professional who has over 25 years of experience in the field. He is the founder of FindMyWayHome.com and the Find My Way Home Expert Network. In addition to his work as a mortgage originator, Scott is also an industry thought leader and educator. He frequently writes articles and creates video content about becoming your own best lead source as a content creator, and more recently, how AI can transform amplify your content, reach, and reputation. He is also a regular speaker at mortgage industry conferences and events.
Carl: Can you share the story behind how you entered the Mortgage and Real Estate industry? What inspired you to pursue a career in this field?
Scott: Like most of us, it just kind of found me. A friend of mine started working for his brother-in-law’s mortgage brokerage in 1998. I helped him with pre-qualifying leads and wrote an Excel spreadsheet to calculate DTI and LTV for basic qualifying. It wasn’t long before I was hooked on the problem-solving aspect of mortgages.
Carl: How did you come up with the idea for FindMyWayHome and what motivated you to create a homeownership education website?
Scott: I didn’t fall into the subprime trap like many mortgage companies in the mid-2000s. I constantly tried to talk consumers out of neg-am loans, but in Southern California, the freeways were lined with ads for subprime loan options. When the markets finally crashed in late 2007, I knew that consumers didn’t trust loan officers or mortgage companies, but they were trying to make sense of the chaos that was the collapse of the mortgage and real estate industry. I took this opportunity to learn WordPress and began to publish articles to help consumers navigate the turmoil and the opportunities this gave buyers who couldn’t afford to own at the top of the market.
Carl: Could you elaborate on the mission and vision of FindMyWayHome? How does it aim to educate and empower consumers in the Mortgage and Real Estate industry?
Scott: My mission was to educate and empower homeowners to make more informed decisions. When I started, I focused on homebuyer assistance programs in the State of California, specifically for teachers that worked in high-priority school districts. This expanded to down payment programs in the State, and even CRA programs, which are no longer available to brokers. In 2011 I became a subject matter expert for folks trying to buy after bankruptcy, foreclosure, short sale, and deed in lieu. In 2015, I pivoted my subject matter expertise to borrowers with student loans. I became an expert at identifying and educating about topics that call centers were turning down because of the complexity of variable qualifying factors between each agency, Fannie, Freddie, FHA, VA, and USDA.
Carl: What challenges did you face when starting FindMyWayHome, and how did you overcome them?
Scott: The early challenges included handling inbound traffic and leads. I quickly learned how to build a tech stack to handle inbound leads. Once I started writing about guideline-specific niches like buying after hardship, variable income and employment situations, and student loans, the biggest challenge was that I was getting traffic and leads from all over the country. There are no walls on a website. I started giving out leads to a network of mortgage friends that could cover all 50 states.
Carl: How has FindMyWayHome evolved over the years? Are there any significant milestones or achievements that you are particularly proud of?
Scott: The first significant milestone was when I closed my first loan from the website in 2009, 18 months after starting the website! It took me a while to figure out how to capture and convert traffic initially, and many of these technologies were still pretty new back then. WordPress came out in 2006. The next big milestone was 1 million unique visitors to the website. I’ll hit over 2 million this year.
Carl: In your experience, what are some common misconceptions or misunderstandings that consumers have about the mortgage process? How does FindMyWayHome address and clarify these issues?
Scott: The most important thing I understood fairly early is that many consumers trust the information they get from the first loan officer they speak to. This often led to being misinformed or misguided. A consumer’s options are limited to the effort or experience of the person that answers the phone. Over the years, this has become a bigger problem with the explosion of online call center lenders. The flip side of that is that most online consumers do not take no for an answer. This is where our traffic comes from FindMyWayHome.com. We are a consumer’s first choice for a second opinion because we’re real people writing about real issues that consumers are running into during the qualifying process, not a call center filled with order takers.
Carl: As a consumer advocate, what steps do you take to ensure that consumers are protected from inexperienced loan officers and call center practices?
Scott: Content, content, content. When I started FindMyWayHome.com I wrote 2-3 articles for a week for ten years straight. I don’t write as much anymore, but we still get 25 to 30 thousand unique visitors monthly. I’ve gotten much better at identifying the issues that call centers cannot or will not help with, which helps attract those online consumers’ attention.
Carl: Can you share some examples of how you have helped individuals who were turned down by other loan officers? How does it feel to have played a role in their homeownership journey?
Scott: I have so many stories I could share. Here is one directly from a consumer that exemplifies the value of creating content online for consumers who are looking for a second opinion:
“I was literally disgusted after going through the whole process for preapproval only to get to underwriting and be told that an approval wasn’t possible because of student loans. It’s a slap in the face to pay for an education to get a great career only to find out those student loans are now the reason you can’t partake in the “American Dream” of home ownership.
After being turned down by my credit union and another lender I took to the internet to find out as much information about underwriting types as possible. I came across the site, “FindMyWayHome,” where there were questions and answers from people in my exact same situation.
I uploaded my scenario and was immediately answered with invaluable information that provided me with options to get a preapproval. I was also introduced to a mortgage team that specializes in dealing with student loans and mortgages.
I’m super excited about the options that I currently have and currently looking to close on a home very soon. Try Find My Way Home. It’s worth the time and effort!”
Carl: Consumer protection issues are a focus of your work. What are some key concerns or challenges that consumers should be aware of in the Mortgage and Real Estate industry today?
Scott: As I mentioned earlier, the most important thing for consumers to understand is that getting a mortgage is not like walking into a store and buying a loaf of bread. Everyone’s situation is different, and there is a broad experience, effort, and ethics spectrum in the industry. Not all lenders have the same “box” that a consumer must fit into, and not all loan officers have the same tolerance for deals that are not the easiest to get done. For consumers, this is very confusing and frustrating. This is a huge opportunity for loan officers who care about helping people and tend to be guideline geeks like me.
Carl: What is your approach to making complex mortgage topics easily understandable for consumers? How do you simplify and clarify these topics on FindMyWayHome?
Scott: It’s pretty simple. I communicate like I am trying to explain it to my Mom. I avoid using acronyms and complicated underwriting terms and tell them what it means to them. Many new “salespeople” in the industry like to use industry jargon to sound like they know what they are talking about. Consumers don’t like that. They just want to know how to solve their problem, they don’t always want to know the sausage is made.
Carl: How do you stay updated on the latest developments and changes in the Mortgage and Real Estate industry? Are there any resources or strategies you rely on to ensure you provide accurate and up-to-date information?
Scott: My “content topic” radar is pretty accurate after originating for over 20 years. I watch the headlines and know how to read between the lines, I read HousingWire and subscribe to MortgageCurrentcy, which notifies me of updates to underwriting guidelines across all agencies. If a guideline changes, and it’s different when using Fannie, Freddie, or FHA, I know this will be an issue that call centers will often drop the ball on.
Carl: What advice would you give to individuals who are looking to become homeowners or navigate the mortgage process? Are there any important tips or insights you can share?
Scott: Do not contact a mortgage company. Find a loan officer. What I mean by this is to avoid commercials and online ads – these are all clickbait designed for a sales funnel, robbing you of the opportunity to choose who you will talk to. You’re just a “mortgage lead,” and you cannot control who you will be assigned to. Find loan officers sharing their experience and expertise online in blogs, videos, or social media. You can really get to know someone by watching or reading their content. If you can relate to them, call them. If they’ve taken the time to share their experience for you to find, they will probably take the time to get to know you and offer you the best advice they can.
Carl: Looking ahead, what are your future plans or goals for FindMyWayHome? Are there any new initiatives or projects in the pipeline?
Scott: Three years ago, I converted FindMyWayHome.com into a mortgage expert directory so consumers can choose a loan officer after watching their videos. We provide a done-for-you solution to mortgage experts who want to create video and blog content found on Google and YouTube. We make creating content as simple as a Zoom call with a professional director that helps you tell your “story”. We launched while rates were still pretty low, but since rates have increased so drastically, our solution is not as affordable to loan officers struggling to find their next loan. Content creation is a great short game, but it’s more of a long game, as it takes time to have enough content out there to create a steady stream of inbound leads. Our future plans, or more accurately, our present effort, is to expand our long-form content offering to include more short-form content like shorts, reels, stories, and TikTok videos that can drive traffic to the long-form content and convert into high-trust, high-intent leads from consumers that already know, like, and trust you.
Carl: What do you find most fulfilling about your work in the Mortgage and Real Estate industry? What motivates you to continue helping and educating consumers?
Scott: I love helping people with no expectation of anything in return. That’s what content marketing is. There is nothing like getting a call, text, or email from a consumer that already knows, likes, and trusts you. I want to share that experience with the next generation of loan officers. Today’s market reminds me a lot of 2008 when we launched FindMyWayHome.com because this market is chaotic, volatile, and confusing for consumers. In the last ten years, there has never been a better time to create content to educate and empower consumers to make more informed decisions.
Carl: Is there anything else you would like to add or share about your journey in the industry or your commitment to consumer protection?
Scott: If I could sum everything I have learned into a single statement, it’s this.
Share your experience and your expertise freely online. Start with Video and repurpose it into blogs and social media. If you can educate and empower an online consumer, especially if you can help someone told “no” by an inexperienced or lazy loan officer, you will earn their trust. If you earn their trust, you will earn their business. If you do a good job for them, you will create a referral source for life. Create, communicate, convert, repeat.
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NOTE: If people want to learn more about what we do, you can share my calendar link or link to do a discovery call.
Scott Calendar: https://calendly.com/scott-schang/mm-vip30
FMWH Expert Network: https://www.MLO.Expert
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