Paragon Homefunding is a correspondent mortgage lender. It is one of the few publicly held mortgage companies in the United States and currently lends in Florida and North and South Carolina. The company claims that it has some exciting things going on that will separate it in the market and those announcements will be made after the first of the year. Paragon does all types of lending, residential, commercial and it is working on some major condo conversion projects in its Orlando office.
How long have you been with your company?
I started with Paragon Homefunding in April of this year and I love the corporate culture that we have created. Everyone operates to their individual strengths for the good of the whole.
How long have you been in the industry?
I have been a branch manager and loan officer since 1996.
How many lending agents do you have?
I manage 15 loan officers out of my branch location.
How long has your company been in the area?
Paragon Homefunding has been in business since 1997. We opened two branches in the Jacksonville market in April 2005.
How long has your company been in the business?
It has been in the Orlando market since 1997.
How many lenders/agents does your company have in Jacksonville?
We have two offices in Murray Hill and Southside and approximately 20 loan officers in Jacksonville. We have several office locations in South Carolina, one opening in Tampa and Boca Raton around the first part of the year. Those are in addition to the office in Orlando.
Are there enough qualified lending agents to go around?
Yes, I think so. Experience is what is the dividing line. The market is flooded with new loan officers in need of training and that is what takes up the majority of my time as a branch manager. Experienced loan officers are invaluable and we are aggressive in what we have to offer a loan officer who has experience and a book of existing business.
What qualifies an agent?
As I said, experience, but product knowledge and relentless marketing of themselves will go a long way to ensure their success in such a competitive market where almost every real estate company has either opened their own mortgage company or crested an affiliated business arrangement that their agents are encouraged to support.
What is the best way for a Realtor to get to you?
Call directly, 384-6110.
What is the best place for networking with Realtors?
I think transaction by transaction. Because I also hold a real estate broker’s license it gives me the opportunity to meet many agents and show them what I can do for them. I think it helps when they really understand that I have as much at stake in the transaction as they do sometimes and other times that I just respect the fact that dates on contracts have value and that the contract is not just a document used to get the deal moving, but it in fact governs the transaction totally.
What can a Realtor do for the lender?
The Realtor can assist in setting realistic expectations for the customer and once a lender has been chosen by the customer be specific with regard to deadlines and provide accurate information to the lender as to who will close the transaction and what time, etc. In addition, when issues arise, the Realtor can assist in keeping everyone calm while the resolution is being sought. One of my favorite sayings in that it takes a cool head to win a hot game.
What can lenders do for Realtors?
Lenders provide what we all need to continue doing what we do - money. Realtors who send lenders business have a right to expect great service, competitive rates for their customers and closings that occur on time as a rule, not an exception. In return, lenders that provide those things should expect to earn that Realtor’s loyalty and their continued referrals. Team work is what this is all about.
What makes your company outstanding?
Our corporate culture is very unusual. We believe in keeping a great atmosphere in the office that is welcoming. Many Realtors, title agents, etc., just stop in because the atmosphere is so upbeat. We are convinced that there is not a problem that we cannot solve. All of our loan officers and processors have the opportunity to be stock holders as we are one of the few publicly held mortgage brokerage companies in the United States. When your employees have a vested stake in the success or failure of a file, you better believe that all efforts will be used to get it to the table. That is what sets us apart and everyone wins - the Realtor, the customer, the employee and the public investor who owns the stock in our company.
What is the biggest challenge that comes with being a lender?
Keeping up with technology and fighting for an Internet presence. The cost is so high to compete with the larger Internet sites and they often create unreal expectations for the general public that we as a local lender have to overcome. We have to weigh the benefit of placing our marketing budget there or direct more of it to the local market and that effort to balance is ongoing.
What challenges do apartment conversions bring?
Appraisals. No comps. OH not turned over to the homeowners and on the list goes. I suspect that we will see customized loan products coming into the market place to address the need for this type of financing very soon.
What’s the trend: bigger or smaller mortgages?
Bigger, of course. The appreciation of property in Duval and Clay County has been mind-blowing over the last 24 months. It is getting to the point that if a buyer qualifies for less than $140,000 they are stuck with renting or the prospect of buying a mobile home. It is great for those of us in the industry, but I feel the frustration of the buyer who can’t quite get there and I feel sad for them. I hope that we will see more developments soon that will address that need.
Has Internet lending had much affect on the industry?
Yes, both good and bad. It has made more information available to the customer and that is great. But I think that the “competing” sites have set some unreal expectations that are often times difficult to overcome.
What should lenders do to assure buyers of the dangers of doing business via the Internet?
I think that local marketing is the key to that.