Synovus Mortgage Corp. is a member of the Synovus family, a $24 billion asset, multi-financial services company. Established in 1994, SMC offers full service mortgage banking with offices in five southeastern states. Headquartered in Birmingham, Ala., SMC has 93 loan originators and more than 60 plus retail branch offices and satellites throughout Alabama, Georgia, Florida, South Carolina and Tennessee. The Synovus Bank of Jacksonville opened its doors in May 2004 and was the first Synovus branded bank in the Synovus network of affiliate banks. The Synovus Mortgage Corp. was opened soon after and offers a full range of home mortgage products. Synovus Mortgage Corp. serves Duval, Clay, St. Johns and surrounding counties in northeast Florida.
How long have you been with your company?
Since May 2005.
How long have you been in the industry?
15 years.
How long has your company been in the area?
Since May 2004.
How long has your company been in the business?
Since 1994.
Are there enough qualified lending agents to go around?
Yes, and the industry has become quite competitive.
However, competition is good for all parties involved in residential financing.
What qualifies an agent?
A licensed mortgage broker or retail loan officer who has been properly trained in compliance, quality assurance, RESPA, underwriting and has product knowledge.
What is the best way for a Realtor to get to you?
I’m available by phone or e-mail at Synovus Bank of Jacksonville. I also attend NEFAR, NEFBA SMC and Mortgage Bankers of Jacksonville events. I also advertise my services in Realty Builder Magazine. I’m quite easy to find.
What’s your best place for networking with Realtors?
I enjoyed playing in the NEFAR Golf Tournament this year with a few Realtors. You really get to know people after spending several hours on the golf course and I look forward to participating in other events...after my golf lessons.
What can a Realtor do for the lender, other than prequalify?
Help educate the borrower on the home buying process and help gather all relevant information up-front for the lender. This ensures a seamless transaction and the customer obtains a real sense of teamwork between the Realtor and lender. After all, it is a partnership with a common goal, and nobody wants a surprise at closing.
What can lenders do for Realtors?
Lenders can be a referral source to Realtors, especially lenders affiliated with a bank. At Synovus Bank of Jacksonville, we have commercial lenders, private bankers and internal bank teammates who have daily contact with existing, new or relocating customers and on occasion, they are shopping for new homes. The bank refers these customers to the mortgage area and the customers look to us to help them find the home they are looking for in the area of town they desire. We then rely on the expertise of a Realtor to help meet the need of the customer. It’s a win-win-win opportunity.
What’s the biggest challenge that comes with being a lender?
The biggest challenge is keeping an infrastructure that allows scalability when the market changes. Another challenge is maintaining a competitive edge over the predatory lenders.
What challenges do apartment conversions bring?
Combining commercial space with single family residential space is a big challenge. These properties are like hotels which are dependent on traffic.
What’s the trend: bigger or smaller mortgages?
Bigger mortgages on smaller homes.
Has Internet lending had much affect on the industry?
Yes, for both consumers and lenders. Not only are there more products and programs but borrowers have become more educated. There are numerous search engines online that help customers shop and choose a lender. Mortgage companies leverage technology to help streamline their origination process and become more efficient. An example would be accepting loan applications submitted online and importing directly into a lender’s loan origination system. With just a few clicks of the mouse, the mortgage company imports the credit application into their investor’s automated underwriting system and informs the borrower of the initial credit decision within minutes. Because there is little duplication of application input on behalf of the lender, this savings can be passed back to the customer in the form of lower rates or fees.
What should lenders do to assure buyers of the dangers of doing business via the Internet?
Online lenders are heavily dependent on featuring the lowest rate or fees, which has some advantages if used properly and the shopper is educated in mortgage financing. However, it is imperative that consumers discuss their home financing need with a seasoned professional to ensure they are selecting the most appropriate, cost effective product which meets their overall financial goals. As the saying goes, the right rate on the wrong product can be very costly for the consumer. Also, be aware of who you are conducting business with and always ask questions. Do not comply with unsolicited e-mails from your lender asking for personal information such as social security numbers, account numbers or credit card information. A crime called “phishing” has become prevalent in online lending, which involves requesting personal data via e-mail using the company’s image or brand. Bottom line, know your lender.