Through all the ups and downs over the last ten years in the housing market, at least one silver lining has emerged for borrowers. Jim Lewis, Area Manager with FBC Homes Loans joins co-hosts Carol Morgan and Todd Schnick on today’s segment of All About Real Estate Segment of Atlanta Real Estate Forum Radio to explain how his firm is making mortgages easier.
FBC Home Loans started in 2005 and now operate in 44 states. Their ability to sustain and even grow during the recession is a sign, Lewis says, of the values and culture of his firm. In 2006, they did $205 million in home loans, and in 2016, that number grew to $4.2 billion. Few lenders were able to thrive like that through the economic downturn.
Thanks to technology and a return to “common sense,” according to Lewis, the lending process has become streamlined. Additionally, there are more loan products to allow first time buyers to enter this market. Lewis says one of the main problems with qualifying for a mortgage was the amount of documentation, and the overlap of that documentation, that intimidated borrowers. He says the required documentation now avoids duplication.
Simple Loan is a prequalification system developed by FBC Home Loans programmers that allows potential buyers to apply for a loan in 10 minutes from a mobile device. The process can even happen from a new home community. When someone is prequalified, the loan officer is notified and the process kick in. Lewis says no one is every outright declined, but they are given the opportunity to submit additional information, allowing loan officers to find better mortgage products for each buyer.
Atlanta Real Estate Forum Radio’s “All About Real Estate” segment from Denim Marketing and Marketing Relevance airs on Fridays and highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact the Atlanta Real Estate Forum via the contact form on this site.
Please download and subscribe to all of the Atlanta Real Estate Forum Radio podcasts on iTunes. If you like this week’s show, be sure to rate it.