Monday, November 25, 2013

Most frequently asked MLO questions

Although Southeast Mortgage has been in Georgia since 1993 and employs a full time PR and social media assets, we continue to get the same questions.  I thought I would share a few of them and some more common points about one of the oldest Mortgage lenders in Georgia on our 20th anniversary.
Why is a company the size of Southeast Mortgage Corporate/Operations located at Club Drive rather than a High end Office Building?
Ø  SEM has owned the 2 acres on Club Drive since 1997 and currently uses 15,000 square feet for Operations (Processing, Underwriting, Closing, Post Closing, Capital Markets, and Client Relationship Management).  SEM is pad ready for another 8,000 square feet when needed.

Ø  Having your TEAM at one site builds team work, better communication, and faster response.

How can SEM pay 130 bps to MLOs?  Is there a catch?

Ø  Because SEM owns 50% of its space and utilizes the best technology in the industry, our overhead is lower which allows us to pay the best MLOs higher rates.

What makes SEM different than other Non-Bank and Bank mortgage competitors?

Ø  SEM has been in business for 20 years and holds one of the oldest lender licenses in Georgia.

Ø  SEM is a direct lender to GSEs and operates in the broker dealer market which provides us with better market access and the best prices available.

Ø  Many of the Senior Leadership at SEM have worked together over 20 years.

Why should I choose SEM?

Ø  SEM has flourished in 3 recessions and knows how to adapt.

Ø  SEM’s 25 Senior Officers guide our sales and operations efforts allowing for a deep bench and resources.

Ø  SEM executes a direct GSE model focused on QRM so we are not dependent on Correspondent, Broker, or Bank boards to dictate our future.

Ø  SEM has one of the lowest breakeven points in the industry due to low variable overhead and a vertically integrated operation.

Ø  SEM focused on a 7 day high service close since 1998 and now has a 8 day close due to changes in the industry.  Fast Service from competent licensed originators has always been our strength.

Ø  Longevity, stability, redundancy, and a Great Group of People with one common focus is what makes Southeast Mortgage the Largest Non-Bank Mortgage Lender in Georgia.

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