Express Capital Mortgage has a Mortgage TEAM? We constantly see "teams" in Real Estate but commonly not within lending. Why? AzMortgageMan has been deep in thought over this. Why?
Before moving to that answer here are the reasons we formed a team at Express Capital Mortgage.
- Service- We value our relationships as we are a referral driven company plain and simple. We need our team members to be involved in all areas of origination AND processing. So many times mortgage transactions breakdown in communication within the stages of a transaction. This is because processors are processing, and originators are originating. OK, so who is making sure everyone is updated with status? Realtors and our borrowers can know they can reach any team member and they KNOW about their transaction. This is why Express Capital Mortgage has a team.
- Speed- "Your file is in the stack" or "it's in line for review". How many have heard this in a transaction? Express Capital Mortgage team members use each other to gather items simultaneously. That's right, we realize that while most originators have one processor they use they can only tackle one task at a time.
- Consistency- People make mistakes. Of course, YOUR mortgage company has never made a mistake right? Doubt it. As a lender or mortgage broker it is easy to blame the appraiser, underwriter, title company, and the list goes on. Well, at Express Capital Mortgage our team members' check and recheck each other for consistency. If there is only one processor who, besides their Loan Originator is checking progress, figures, orders, documentation, etc, etc. Many originators simply don't follow their processors this closely. They also don't deliver status unless the borrower or Realtor calls them.
- Strengths and Accountability- OK, AzMortgageMan would admit that these steps are somewhat"internal". Individual team members have different strengths. AzMortgageMan also believes that this is what Agent teams most represent, or what they immediately identify themselves with. If there are three team members working for a commission, what do you think happens when one member slows down the process? The motivation for others to fulfill their duties increases. Express Capital Mortgage focuses on maintaining a solid cohesive team.
Now we return to this question of Why? Why don't Mortgage companies like Express Capital Mortgage create teams? Commissions are much smaller than real estate commissions. Since this is true then how do we still manage to split these commissions and charge less than our competitors. We don't spend any marketing dollars and we use more of our volume to gather more referral partners. It's quite simple really.
AzMortgageMan is not only a loan superhero, he also has is degree in Business Management. Go figure:-)