When Lorraine Packett was seven years old, her father took her to the Bank of Bethesda and opened an account for her with several silver dollars that she had received as holiday gifts. Says Lorraine, “He explained how interest was earned and what saving is all about, and I have been fascinated ever since!”
Still fascinated many years later, Lorraine became a personal loan consultant and now works as a mortgage loan originator at Homespire Mortgage. “When people need to buy a home or perhaps refinance their current mortgage on their primary residence, vacation home or investment property, we set up the financing for them,” says Lorraine. “Homespire Mortgage is an independent lender. We do our own underwriting, our own funding, and have in-house control over the process. We do not service our loans; rather they are sent into loan packages to be serviced about a month after closing.”
Lorraine has been in the loan business since 1982. In fact, she started even before licensing was required in 2010. Since that time, everyone who wanted to stay in the business has had to do a certain amount of testing, with continuing education each year federally and also in each state in which one is licensed. Now there are state requirements and fees, in order to maintain a license and proper certification, known as an NMLS ID number. Lorraine’s NMLS ID # is 365611, her own unique identifying number which helps identify mortgage loan originators nationwide and serves as a way to help compare credentials, background and other important information.
While Lorraine has been involved in the mortgage business since college, she originally worked for several different companies over the years (Metropolitan Savings and Loan, Bank of Baltimore, Apex Home Loans). She also had her own brokerage, Tri-State Mortgage, Inc. in Olney, MD, for twenty years, and is now with Homespire, utilizing her own referrals and clients, but working under the Homespire entity. “I like what I do,” says Lorraine, and clients agree that she does it well. “It’s always great to help people in every setting,” she says, “but when you have younger kids who are buying their first house, it’s so great. It’s awesome when you see them at closing and they have a house! It’s such a good feeling!”
Currently in her first year with WBO, Lorraine has belonged to our group for several months. She came to the Power Conference, decided “to check out WBO – and here I am!” she says. “I love meeting WBO people who do such a diverse set of things,” says Lorraine, noting that “most networking groups have people with many similarities, but WBO has people who sell chocolate and who sell insurance,” and she likes the diversity.
A Montgomery County native, Lorraine was born and raised in Bethesda. “My parents went to Blair High School,” she says, noting that she was happy there for school, housing, and jobs. “It all made sense.”
When Lorraine is not working, she loves to travel. She loves spending time in Europe and has a home in London, where she goes several times a year. This summer she will be taking a maiden voyage to Cuba, which will be exciting, as she loves to see new places. Also, in the fall she will travel to Portugal and Spain.
If you or someone you care about is purchasing a new home or refinancing residential properties, Lorraine Packett can be reached by phone at 301-956-2942 or by email at email@example.com. Lorraine says, “Our competitive edge, excellent service, and super-fast decision-making will get you to closing on time!” Homespire Mortgage programs include Conventional, FHA, VA, USDA, primary, secondary and investment loans.
Ellen R. Cohen is a free-lance writer and editor whose “editorial advertising” helps her clients advertise their goods and services in a variety of ways. She can be reached at (301) 984-7444.