- Name
- Eric Newman (Mortgage Banker)
- Company
- Summit Mortgage Corporation
- E-mail
- Contact Eric Newman (Mortgage Banker) (Summit Mortgage Corporation)
- Website
- http://www.GoNorthwestLoans.com
- Office Phone
- (503) 698-5801
- Fax
- (503) 716-4604
- Address
- 5331 SW Macadam Avenue, Suite 314, Portland, OR, 97239
- Description
- Direct Lender offering the most competitive rates/programs, plus some of the quickest closings available. Residential & Commercial loans in OR, WA, CA, ID, & 20 other states.
So why is a Mortgage "Banker" better than a "Broker" ??
I'm a Mortgage Banker with Summit Mortgage Corporation in Portland, Oregon. We lend our own money, do our own underwriting, docs and funding. Need FHA financing, we have received Direct Endorsement HUD Approval for FHA loans. This allows us to underwrite FHA loans in just 48hrs, which is incredibly fast!
In today's economic climate, it's important to understand the difference between Retail banks, Mortgage brokers, and Mortgage Bankers.
Retail Bank - you walk into a branch of your local bank or credit union and apply for a loan. Similar to going to a new car dealership. You will get a higher rate, slower service (closing time), and only that bank's programs
Mortgage Broker - Brokers have the ability to shop around for the right program for the borrower with a variety of banks. Basically they act as a middleman, and put the bank and borrower together. They normally get paid an origination or broker fee, and also a rebate (yield spread premium) for selling you a slightly higher rate than the market rate. How much they mark it up depends on the broker. Brokers never touch the money, as it comes directly from the bank to borrower.
Mortgage Banker (what I am) - A Mortgage Banker acts much like a broker, and can shop many different banks and programs, BUT ... WE LOAN OUR OWN MONEY AT CLOSING. We will then re-sell your loan after closing to whichever bank we placed it with, and your loan terms will stay the same. Why is this better? By loaning our own funds, we take a much larger role and risk in the lending process. The reward is better pricing (rates) than brokers can get, and no markup (or YSP kickback). Our clients end up with the most competitive rates, faster closings since we underwrite our own files, and a streamlined processing system.
As you know, lending guidelines are getting much more restrictive, which is why you need a Mortgage Banker with a large arsenal of loan products and great pricing. We are not facing the same problems as brokers are, and close twice as fast as the big banks.
Program availability includes Conventional, 105% LTV refinances, FHA, VA, 100% USDA, Multifamily, Commercial, SBA loans, and more ... contact me for further details.
Why should you or your Clients work with me?
Knowledge and Experience ... Rates and Products ... Commitment and Service.
I used to be a Realtor (7yrs as an Oregon Broker). And a high-producing one at that. I know what it takes to complete a purchase transaction from a Realtor's perspective, as well as a well-rounded education on the housing market. I started doing loans in the middle of my real estate tenure, primarily to give my clients better overall service. I found many challenges referring clients to mortgage brokers, only to have that broker drop the ball or not give great service. So, I obtained my mortgage license and began doing both sides of the deal for my clients. This worked out well ... for awhile.
After a couple years wearing both hats, i found myself at a crossroads ... to really be successful and steady, i needed to choose one field or the other and drop the other. I enjoyed doing loans, not being geographically challenged, and saw a huge opportunity in working with realtors, many of whom had the same problems with the mortgage industry that i did as a realtor. Realtors that work with me don't have these problems anymore!
I'm so thankful I made the right decision to expand my lending business. Since making the transition, I became affiliated with Summit Mortgage (Direct Lender) and found this company to be the most competitive with both rates and pricing. I compete with other lenders on a daily basis and simply don't get beat when comparing apples to apples.
Results are everything, especially in tough economic times. In 2009, I and my company, have continually set volume records month after month. I am now consistently in the top-tier for personal production, and the vast majority of my business comes from REFERRALS. See below for some testimonials from recent closings.
Communication is key in a tech-savvy world. My clients find me extremely reachable, even on weekends and evenings. I do check messages often and will return all calls as needed very quickly. If you refer someone to me, you can be assured they will be taken care of from start to finish, whether they are a first-time-buyer, or veteran homeowner.
Recent Client Testimonials ...
"Just wanted to drop you a note to say thanks for your assistance in my home purchase. Your part in the process was very professional and I really appreciate that you did what you said you were going to do and you did it when you said you were going to do it. I wish everyone I did business with demonstrated the level of competence that you did! Thanks again!" D.C., Happy Valley
"I wanted to thank you for all your help. Our loan went through and weare very happy with the rate we got." D.D., Portland
"Thank you Thank you Thank you ... :) " J.F., Clackamas
"Thank you! We appreciate how easy this process was, thanks to you!" K.L., Salem
"Eric, I forgot to thank you for doing our refinance, sure glad we did it before the rates jumped. We appreciate all you did. Thanks again" A.S. Tigard
"I just wanted to take a moment of your time and thank you for referring me to Eric Newman and Summit Mortgage. We have completed the process of refinancing both our home and the condo. Eric made this process straight forward and painless. More importantly when an issue did surface he resolved it quickly with professionalism and integrity. I will not hesitate to refer Eric to my friends and family. We so greatly appreciate both your efforts and those of Eric. We hope to have the pleasure of doing business with him for many years to come." M.S. Beaverton
"Signing documents tomorrow morning! Thanks, Eric, for all your help!" L.Z. Hillsboro
"Thanks so much for helping us through this process. We appreciate it!" E.G. Florence
"Thanks for everything Eric! Ill send more business your way as the real estate market picks back up!!" J.L. Beaverton
"Eric, thank you for all you did to make the refinance happen. You didn't even tell me you locked it in at a lower rate than originally promised . That was a wonderful surprise! Thanks and I will be referring others your way." K.R. Portland
"Awesome! THANK YOU. Looking forward to working with you again." M.K. Portland
"THANKS! FOR EVERYTHING! COULDN'T HAVE ASKED FOR A BETTER LOAN PROCESS!" M.H. Newberg
"We signed all the docs this morning!! Thanks for your patience & advice!" V.M. Eugene
"I expect my brother-in-law will be contacting you regarding a possible refi, as well. Thanks!" R.M. Estacada
"You are my guy. I trust what you tell me." G.P. Oregon City
"Thank you and I really do appreciate your dedication. Please send me some cards and I will pass them on to anyone I know needing to refinance." M.S. Portland
"Thanks for the help with the loan. We are still unpacking and will be for a few weeks. I will need to refinance in a few years and will refer anyone I hear needs a loan." M.W. Camas
