Washington Mutual Bank is a leading retailer of financial services and offers retail banking and mortgage lending products across the country. It also offers small business products through its retail banking network.
How long have you been with your company?
I have been with Washington Mutual for four years.
How long have you been in the industry?
Four years.
How long has your company been in the area?
We have been in the Jacksonville market for seven years.
How long has your company been in business?
Washington Mutual is based in Seattle, Wash., and was founded in 1889.
How many lending agents do you have?
2,050.
How many lenders/agents does your company have in Jacksonville?
Washington Mutual has 19 loan consultants and three home loan centers in the Jacksonville area. In addition, we have 100 loan consultants employed in our Jacksonville regional operations center.
Are there enough qualified lending agents to go around?
Our staffing level is more than adequate to provide a high level of customer service to our valued clients in the Jacksonville market.
What qualifies an agent?
Washington Mutual hires loan consultants who have a minimum of two years experience in originating loans and who have a proven track record of success. In addition, we require all loan consultants to complete additional Washington Mutual training, which includes about 80 hours of course work.
What is the best way for a Realtor to get to you?
I, along with all of my loan consultants, are available to our Realtors and clients seven days and evenings per week. The best way to reach any of us is via cell phone.
What is the best place for networking with Realtors?
The best networking opportunities are participating in NEFAR, NEFA, and SMC events.
What can a Realtor do for the lender?
The most helpful thing Realtors can do during the purchase/ lending process is to keep the loan consultant aware of closing date changes, contract price changes and any pending issues between the buyer and seller.
What can lenders do for Realtors?
The two most important things that a lender can do for a Realtor are never miss a close date and to communicate throughout the process.
What makes your company outstanding?
The following seven items make Washington Mutual outstanding: 1.) WAMU does not allow overage. We are the only lender in Jacksonville that does not allow overage. 2.) Our lender fees are among the lowest of any competitor in this market. 3.) We service our loans after closing. 4.) We have talented and experienced loan consultants. 5.) We offer an extensive product line. 6.) We have very competitive rates. 7.) Washington Mutual has processes in place to identify purchase closings five days ahead of time.
What’s the biggest challenge that comes with being a lender?
The single biggest challenge in this industry has to do with guidelines. Guidelines vary by state and by product and just when you think you know them, they change. It is extremely important that even though you think you know something, you have to double check the guidelines.
What challenges do apartment conversions bring?
Most developers in this market have taken the proper steps to make things easier for lenders with regard to condo conversions. This generally involves aligning themselves with a preferred lender up front. It can also involve allowing a large lender like Washington Mutual to sponsor their Fannie Mae and/or FHA project approval. If proper steps haven’t been completed up front, we can still provide loans for borrowers as long as a certain percentage of units have been presold. Washington Mutual can be very flexible on this presale requirement based on the strength of the developer.
What’s the trend: bigger or smaller mortgages?
There is no doubt that the trend in this market has been toward larger mortgages. Borrowers are putting less money down and buying more expensive homes. Many of the clients we see with smaller mortgages are utilizing HELOC’s or cash out refinances to pull out equity from their homes to help with other things such as college education or home improvement.
Has Internet lending had much affect on the industry?
I could not even count the number of borrowers who have come to us over the last few years who got to the closing with an Internet lender and walked away because what was promised was not delivered. Borrowers have to remember that in many cases, online lenders provide them with a Good Faith Estimate but the key word on this document is estimate. Certainly there are reputable Internet lenders but there are many others who have developed a reputation for not delivering what was promised. Washington Mutual offers experience, quality service and direct, personal contact.