How long have you been with your company?
Since 2001 in Jacksonville but we have been in the same office location since 1990.
How long have you been in the industry?
David Mordecai and I have been together for over 10 years.
How long has your company been in the area?
First Bank Mortgage is a division of First Bank of Georgia. They have been serving the Jacksonville and Florida markets since 1990 and have been a financial partner with First Bank since January 2001.
How many lending agents do you have?
We have a total of 11 people in Jacksonville with five in mortgage.
Are there enough qualified lending agents to go around?
Yes. We have enough qualified agents and there are way too many unqualified out there.
What qualifies an agent?
Lending agent (loan officer) is experience and training.
What is the best way for a Realtor to get to you?
Via cell phone, seven days a week.
What’s your best place for networking with Realtors?
Realtor functions, breakfast meetings, Sales and Marketing.
What can a Realtor do for the lender, other than prequalify?
Suggest that buyers call us even if they have a lender. We can make sure they are getting the right product and the best price. Let the lender help be a sales person. If you have a good team, we can tell the buyers the advantages of home ownership, appreciation, tax advantages, etc. We can help get the buyers excited about their purchase and make sure it goes smoothly from start to finish.
What can lenders do for Realtors?
All of the above. You need a team that trust each other and working together the buyers win with the best of everything.
What’s the biggest challenge that comes with being a lender?
We always have to maintain our share of the market. Each year we have hundreds of new lenders and Realtors come into the business and leave the business. You have to establish relationships with your share of those new Realtors.
What challenges do apartment conversions bring?
Industry regulations and closing the first units before the project meets guideline. We have non-conforming project guidelines so we can lend from the beginning.
Has Internet lending had much affect on the industry?
The Internet lenders can be a good thing for the perfect borrower with 700 credit scores, same job for more than two years and money for the down payment but it doesn’t work for the average buyer who needs help to build his credit, build an employment history for two years that shows future earning potential, build credit with utility bills, car insurance, etc. Also the idea that you get a better deal on the Internet because there is no
salesman is just not true. David Stelbrink and David Mordecai realize there will always be the big lenders and there will also be a place for companies like theirs, who know their customers and can really provide the best product for what the customers need. Many big banks eliminated their customer service representatives in the branch offices and wanted you to do everything by phone or the Internet. Now after a few years, these same big banks advertise “private client service,” which is what First Bank Mortgage has done all along. First Bank Mortgage has a web page, Internet access and all the advantages of computers to process and close mortgages faster, easier and with less paperwork, but still believe people like to work with real people.