Today I’m here with Greg Cowart from NFM Lending to help me answer some questions I’ve received lately about mortgage lenders and loan products in the market. But first, what’s so special about NFM Lending?
Greg says, “What makes NFM Lending different from other mortgage companies is that we’re local; I’ve been doing mortgages in Richmond for 18 years. We focus on the purchase process, so we assist people who are buying homes. About 95% of what we do is walking someone through the process of buying a home and all the hurdles that commonly come up. So, when people choose us they’re choosing our experience, we work with a team. They’re choosing the fact that the team is going to give wonderful service all the way through, and they’re also choosing a smaller mortgage model, which allows for greater control and superior results.”
“When searching for the right mortgage lender, when you go with a well-known brand name, you’re also often getting things you don’t want such as bureaucracy, slowness, excuses, and excessive rules. NFM Lending is where a lot of experienced loan officers are going because they allow us to run our branch our way. I have the autonomy to create systems, to hire, to market myself, and create an experience that I wouldn’t get if I worked for one of the big brand name banks.”
One of the things I appreciate most about Greg is that if a client comes to him and he can’t service them in the correct product, he’ll point them in another direction.
Another question we get often is, “Are online mortgages something people should consider?”
According to Greg, “Online is an option, we’re seeing many industries moving in that direction. Most mortgages are five to six loan programs. They’re fairly standard from company to company. One of the things you’re accepting when you choose an online lender is their distance. You’re choosing someone who isn’t face-to-face, so you cannot as easily get ahold of them if something happens. Therefore, there’s a bit more lack of accountability. I generally find that the internet lenders don’t have as much experience, and they are also a lot more of a bureaucratic process, where the person you initially talk to may not be the one you work with all the way through.
“Rocket Mortgage is a brand you may have heard of. They’re one of the first lenders to move heavily into a national online presence and buy heaps of advertising. It’s the same product we offer, it’s just going through an online platform, it’s more of a call center experience. We have the same computer systems, the same easy application process, we just haven’t marketed ourselves that way. At the end of the day they’re in Arizona and Cleveland, they’re not local to your community, Realtor, or client.”
If you have any other questions about NFM Lending or anything else concerning real estate, please reach out to me via phone or email, I would love to help you.