SHERMAN OAKS, Calif., April 14, 2016 /PRNewswire/ -- Steadily gaining market share over the last several years, Prospect Mortgage recently became the No. 1 FHA 203(k) lender in the nation, according to HUD data.
"We started out with the goal to be No. 1 and then strategically implemented a companywide vision that put us on top," said Doug Long, President of National Lending, Prospect Mortgage. "This strategy includes making sure we deliver a superior renovation loan experience for clients and Real Estate Agents, from sales to operations to timely draws."
Prospect puts significant effort and resources into our renovation platform as it helps open up home-shopping inventory and supports the revitalization of the local communities we serve. Real Estate Agents and clients learn that with renovation financing, an imperfect house can be made into a dream home. Other key benefits of renovation financing include:
- The buyer can purchase the house and finance the cost of repairing, upgrading and/or remodeling the property using one convenient monthly payment.
- Agents have a bigger inventory because they can sell homes that might otherwise be difficult to sell due to the need for upgrades or repairs.
- Clients avoid using high-interest credit cards and other forms of credit to do renovations, and instead put more money in their pockets.
- Some of the renovations include major improvements like adding on, fixing foundation issues, and upgrading kitchens and bathrooms, in addition to minor upgrades, like flooring, painting or landscaping.
- Gives borrowers the potential to create equity in the upgraded home.
The Road to No. 1
John Adams, Prospect's National Renovation Manager, and the entire Prospect team helped make the vision a reality by working tirelessly to expand Prospect's renovation programs. This strategy has helped grow Prospect's renovation business and move Prospect continuously upward over the years until reaching No. 1 in renovation.
"We started out by developing a strong focus on recruiting Loan Officers with significant experience in renovation financing," said Adams. "We continue to add top-tier talent with several new hires so far in 2016."
From there, a dedicated Operations renovation team was put in place, where more attention and expertise could be placed on renovation loans and speeding them through the system. Another integral piece for taking our renovation platform to the next level was creating an in-house Draw Department. Not many renovation lenders have this capability, which ensures reliable payment to contractors doing the work and obtaining funds up-front to purchase certain materials before the job begins.
Adams also said that key to becoming No. 1 was making sure the company's loan origination system was fully prepared to process renovation loans after the implementation of TRID.
An Experienced Loan Officer Guiding Every Renovation Loan
Two internal programs that have been instrumental in Prospect's success are its Renovation Certification Program and its Renovation Coaching Program.
"Loan Officers go through extensive renovation training to become Renovation Lending Certified, ensuring that Agents and clients receive knowledgeable, smooth and consistent home financing experience," said Adams. "In addition, our Renovation Coaching Program allows Loan Officers who specialize in areas outside of renovation lending to have a deeply experienced renovation coach guide them through the entire process, from marketing to fulfilling the loan. This gives Loan Officers the ability to offer all viable product options with exceptional service, and Prospect the ability to serve a growing market."
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SOURCE Prospect Mortgage, LLC