How long have you been with your company?
More than 17 years.
How long have you been in the industry?
More than 10 years.
How many lending agents do you have?
Bank of America has more than 1,700 mortgage account executives across the country.
How long has your company been in the area?
We have a rich history in the Jacksonville area dating back to 1877.
How long has your company been in the business?
Bank of America has been providing financial services for more than 150 years.
How many lending agents does your company have in Jacksonville?
16.
Are there enough qualified lending agents to go around?
No. Our business is growing. I’m proud to say that our sales associates’ productivity and performance have our Jacksonville office ranked tenth nationally in the company. I am looking to add the right, professional talent to my sales team.
What qualifies an agent?
We prefer seasoned associates who have a minimum of two years outside origination experience with documented production, referral sources and a quality reputation. On occasion, we will also consider entrepreneurial and passionate hires with a proven success record in commissioned sales from outside industries. However, we won’t sacrifice quality over quantity in our hiring practices. We maintain our company’s commitment to deliver higher standards to our business partners, customers and shareholders.
What is the best way for a Realtor to get to you?
By phone, at 987-6352.
What is the best place for networking with Realtors?
At association events and mixers. I am always happy to meet individually with Realtors to discuss mutually beneficial opportunities for our organizations.
What can a Realtor do for the lender, other than prequalify?
I would say embracing the business partner relationship is vital. Top producers typically understand how to work well in tandem with the right mortgage professional to leverage each other’s strengths to provide a great customer experience and take each of their businesses where they want to go. Customers want a seamless transaction from all parties involved in the home buying process. It is important that Realtors and lenders work together while keeping the customer at the center of the transaction. Satisfied customers are the best referral source for both of us.
What can lenders do for Realtors?
We are skilled at helping the agent maximize their personal impact by being focused on their needs first. Our account executives understand how to ask the right questions, listen acutely, and then work together to formulate a customized business plan to help that agent be more efficient and effective and help find the best mortgage to meet the customers’ short and long term financial needs. Bank of America offers special programs to help someone buy their first home as well as those moving up, scaling down or buying a vacation or investment property.
What makes your company outstanding?
Our people, our brand and our vision. Our vision is to become the world’s most admired company - not just in earnings but also in our culture, the way we do business, and interact with our customers and business partners. The power of Bank of America’s reach and brand is unmatched with more than 38 million consumer and small business relationships reaching one in four households in the U.S. In order to share that reach with our preferred Realtors and builders, we are enhancing our referral process. Last but not least: our outstanding people. We realize that buying a home is not only the biggest financial transaction most people make, but is also an emotional one. That’s why we place a priority on putting the customer at the center of everything we do, every day.
What’s the biggest challenge that comes with being a lender?
With multiple moving parts to a transaction, I feel effective and timely communication and information management is critical. Our company uses customer and associate feedback, as well as Six Sigma methodologies to better identify, analyze, and reduce variability in the fulfillment space, which is where I believe mortgage companies will win client and associate satisfaction.
What challenges do apartment conversions bring?
They have their pros and cons. Without question, this is a growing segment. The Florida Times-Union had an article July 23, which stated that nearly 3,000 units have been converted since 2004, and roughly 1,700 of those were in the last six months. From the developer and Realtor perspective, it’s a win. From the lending perspective, it’s a win. Salability may be a concern, primarily on making sure the project or subject legal phase is at least 50 percent completed and sold to owner-occupants or as second homes. Bank of America does offer specialized condo financing. From the consumer perspective, while it provides alternative housing options to some, there is obvious concern around the tenant being displaced and not being able to find affordable housing. The continued rise in home prices is great for home owners, but increases the challenge for those in need of affordable options.
What’s the trend: bigger or smaller mortgages?
Definitely bigger. The conforming loan limit, currently at $385,000, has continued to rise over recent years, following trends in home values. Jacksonville’s average home price has risen dramatically over the past few years, especially anything on or near water. New mortgage products, combo loans, interest only and option ARMs have also enabled a consumer to qualify for more home than in times past. A word of caution: bigger does not always mean better. With rates rising and the possibility that the rapid rise we’ve seen in home values may slow down, consumers should make sure they understand what they are getting into and to buy within their means.
Has Internet lending had much affect on the industry?
It provides another option for access. However, consumers tend to shop rates online but prefer to do business locally. A number of home buyers start the process online. To help them, we created an online real estate center at bankofamerica.com. The Bank of America Real Estate Center includes information, tools and calculators as well as links to MLS listings of Bank of America Preferred Real Estate Brokers. Leads generated through the site go to the preferred brokers with no fees. This is a great example of how Bank of America is looking to build deeper, mutually beneficial relationships with Realtors and provide customers with information and resources to make buying a home easier than ever.
What should lenders do to assure buyers of the dangers of doing business via the Internet?
Do your homework. Make sure you know who you are doing business with and check referrals. What we find is that many home buyers may start the process online but end up working with someone they know and trust either face-to-face or over the phone. For home buyers with questions or problems, information and resolution is often much easier with someone you know, perhaps even someone in your own back yard.