Interviewed by Rhonda Eaves of Real Property International
Bruce was recently honored to sit down and speak with Top Producer, Rhonda Eaves of Real Property International at her office in Windermere, FL. See her interview of Bruce below:
Cross Country Mortgage, Meet Branch Sales Manager Bruce Woodburn
Are you looking to buy a house and want to know about your home loan options? Learn about Cross County Mortgage and what makes them different from other home loan companies from Branch Sales Manager, Bruce Woodburn.
Tell me about Cross Country Mortgage
Cross County Mortgage is a direct lender that is nationwide including Alaska and Hawaii. We don’t have overlays on our loan products. Our restrictions and guidelines are directly from Fannie Mae, Freddie Mac or Ginnie Mae if it is a FHA loan.
Also, since we’re a direct lender we have very fast underwriting turn times. Our underwriting turn times are guaranteed in 24 hours, but most of the time we’re getting them under written in 6 to 10 hours. We also do what’s called a fast-track loan approval. Most lenders prequalify a client then escalate the pre-qualification to a pre-approval. We go a step further and we actually underwrite the file in advance so that the clients are underwritten prior to even going out and shopping for a home.
This allows me to guarantee a 21-day close time! And one of the great things about our 21-day close time is we will put our money where our mouth is. If I don’t close that transaction in 21 days for a client that has been through our fast-track program, I will reimburse the buyer $375 for the appraisal money. I have never had to reimburse a buyer for the appraisal.
What made you decide to get into the mortgage business?
Well, to be honest with you I got into this business by accident. I was in marketing and a friend of mine introduced me to a bank called Home Savings of America back in 1988. At that time I was not really excited about what I was doing in the marketing field and thought I’d give it a try and I’ve been lending ever since. I started off with Home Savings of America then I went to a mortgage brokerage firm then I started my own company called Spectrum International Mortgage Services. After the mortgage meltdown I went to a company called Summit Mortgage Corporation and I ran their Florida Division for Summit Mortgage Corporation. In February of this year I joined Cross Country Mortgage and I am the regional Vice President for for the Central Florida Division.
What are some things that people don’t realize hurts them when it comes to a loan approval?
When it comes to a loan approval we always stick to the basics and get the client pre-approved is fast as possible. Even before they decide to actually start looking for a home we can address any issues. This gives us time to be able to assist the client in structuring a transaction that’s going to be best for them such as addressing some credit issues, or saving up more cash reserves or coming up with cash to close. The better we can get their credit the better terms were going to be able to get them on a mortgage.
As far as closing goes I don’t generally see a lot of surprises at closings at least not from the lending standpoint. If there’s a surprise at closing it’s generally, because the client was not getting good communication from a mortgage lender or from the real estate agent but if everything has been vetted upfront then you should not have any issues in closing your real estate transaction in there should be no surprises the biggest surprise that I find at the closing table if the numbers are off, or if there is type of an HOA capital contribution fee that was not disclosed. Since lenders have to disclose their fees and cost well in advance so there shouldn’t be any issues in terms of the loan itself.
What makes Cross Country Mortgage different from its competitors?
We’re all about helping our clients learn how to purchase home so if there is a situation where we need to council a client on credit repair then that’s what we’re here to do. If they’re in really rough shape where there’s nothing but collections judgments charge-offs that need to be negotiated with the creditor then will typically send them to a credit repair company who will charge them a fee. However, if it’s just a few items that need to be either paid down or paid off we will consult with them personally.
Is there anything about the mortgage business that you want people to know?
It’s important that clients are responsive during the loan process about supplying the lender the required documentation as soon as possible. Unfortunately, most transactions that are delayed are delayed due to the clients lack of expediency on responding to items needed. Now on the other hand if a lender is not being proactive up front in asking for those items that could also delay the process. We’re finding typically that clients will inadvertently just think that maybe the request for a document will just go away or think that it is not meaningful.
What areas do you service?
I’m license to cover the State of Florida. My primary region is going to be from Tampa to Jacksonville, but I do loans in south Florida and I’ve got a couple in Miami right now.
What do customers love most about Cross Country Mortgage?
I think that there is no other lender that provides a greater level of communication! A client’s greatest complaint is generally lack of communication. So at Cross Country we do a guaranteed Tuesday update and we include all parties on that Tuesday update. Once a client is under contract they get an updated email from the processor every Tuesday letting them know that we’re on target and any additional documentation that may be required. We want over communication. We don’t find that clients will ever complain about the lender calling too frequently to update them on what’s going on with my transaction.
Is there anything else that you would like customers to know about?
In today’s real estate environment there are a lot of options available for mortgage companies. A lot of people, especially millennials, are initially driven to online companies or mortgage companies that operate strictly by internet. The mortgage business has always been and is still a relationship business. Problems that occur are because not everything is black and white and you need somebody that’s going to be there for the client throughout the entire transaction. Sometimes that’s a physical phone call or a meeting in person. We are very old-fashioned when it comes to customer service.
We will do online applications. And we can we do loans for clients that are out-of-state or even out of the country, but we still love to meet with our clients personally. We feel that we can better serve them with a personal relationship and it ensures that we get repeat customers as well.
Also, since we’re direct lender our interest rates and terms are extremely competitive. I think that a lot of people get misled by online companies that are quoting rates for clients that maybe really low. Those low rates are really for those with perfect credit and a lot of money down. The average person that’s got some money to put down, but may have not have a high credit score feels that that should get the same low interest rate, because that is what shows up on the website. Unfortunately, there’s a lot of misleading going on on the internet.
Go to my local business directory to learn about other businesses in the Orlando area.
Cross Country Mortgage Contact Information
Website – https://www.webringyouhome.com/
To view the original article visit Rhonda Eaves’s Website: http://www.windermerehomefinder.com/crosscountrymortgage
DISCLAIMER: I post about local businesses on my blog in order for you to get to know your neighborhood business owners. Businesses posted in my local business directory do not necessarily represent a personal endorsement.