SPONSORED EDITORIAL
Acra Lending’s Jumbo Prime Program Keith Lind – Executive Chairman & President (KL) Kyle Gunderlock – Chief Executive Officer (KG)
Why did you develop the Jumbo Prime program? KL: This specific program has been developed to meet the needs of customers in today’s environment. We wanted to introduce a program that provides borrowers with the larger loan amounts they need to purchase or refinance a high value property. We have been working non-stop to provide programs through our retail, wholesale, and correspondent channels which have significant demand in the marketplace. KG: The addition of this program demonstrates our commitment in identifying, responding to, and anticipating the needs of borrowers across the market. We have always set high standards and our team works diligently on a daily basis to continue to maintain responsible lending practices as the foundation of our business.
How does this help borrowers?
KL: Rates are at an all-time low, but jumbo mortgages are harder to access for borrowers due to ongoing economic downturn caused by COVID-19. The introduction of this program allows for an added avenue for those borrowers who are looking to purchase or refinance high value properties. The Jumbo Prime program is designed for qualified borrowers who may have larger loan amounts than allowed under conventional loan terms. KG: We continuously work to meet the needs of our customers, whether borrowers and brokers, and aim to excel through providing simplicity, consistency, and an optimal customer experience. Our team always asks the difficult questions when determining whether there is a need for a program and whether a customer can benefit from it. This program ticks all those boxes and allows us to offer another valuable program.
How do you foresee this program being utilized in 2021?
KL: As the mortgage lending space experiences continuous changes, we have worked resourcefully to meet market demands. This is going to be a great program not only in 2021 but for years to come for our mortgage brokers and borrowers. The median home price across the US has steadily increased over the past decade and shows no sign of slowing down. This creates the need for programs like our Jumbo Prime product. The key to a lender being successful is the ability to provide a complete suite of programs that works for everyone; we are doing just that. KG: If this year has taught us anything, it is that nothing it guaranteed. What we can do is prepare to meet a variety of challenges in an ever-changing market. This program, and many others, was developed like our 3-Month Bank Statement program: with our customers’ needs at the forefront of our development process. We are confident that with our experienced management team, we will continue to develop programs like the Jumbo Prime to meet the needs of the mortgage lending space for years to come. Our customers can benefit in knowing that when they partner with Acra Lending, they are doing so with a lender that is focused on bringing a diverse menu of programs and an exceptional customer experience to a marketplace that is often filled with excessive or unnecessary complications.
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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE
5 Fast Start Tips
BY JIM JUMPE SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL
How can mortgage loan originators begin 2021 with substantial momentum? One time-tested strategy is to emulate a successful LO’s daily habits.
MEASURE PROGRESS Do you know how many of your borrowers are firsttime buyers vs. relo customers from outside your region? In the 2016 book The Millionaire Loan Officer, author Scott Hudspeth takes the idea of measuring progress a step further by asking readers, “Do you know what your monthly expenses are so that you know how many loans you need to close?” LOs often see inconsistent results from month to month, according to an industry blog by Empower Funnels, a lead generation system provider. “The only way to reliably break the cycle of ebb and flow … is to track everything you can and develop systems, processes and habits around the activities that consistently yield positive results.”
WORK YOUR SPHERE OF INFLUENCE (SOI) Your friends, neighbors, relatives and other real-life connections are your best source for business and referrals. According to the BNTouch Mortgage Blog, family, friends and close acquaintances often represent the easiest-toclose prospects and those deals usually generate the most productive referrals. In many cases, LOs are uneasy about talking about the expertise they can offer friends. Clearly there’s a balance that needs to be struck between a hardsell approach and simply letting friends know you would love to help them with a mortgage, a refi or simply advice.
FIND YOUR NICHE Become an expert in your market, advises The Mortgage Loan Officer Success Guide. The book states that a loan officer’s niche could be veterans, property investors or first-time homebuyers. “Being a niche lender will help you become an expert in your market. Real estate agents … will think of you first when (that) particular mortgage type is needed,” according to Zuren.
OVER-COMMUNICATE In 10 Habits of Highly Successful Loan Originators (2016, Amazon.com) author Angelo Christian writes, “Communication is the number one thing you must do to make the sale,” and you must “continue to follow up until they move into the new home.” After the sale, The Millionaire Loan Officer suggests calling former customers three or five times a year to stay in touch — and ask for referrals.
CONTINUOUS LEARNING According to the BNTouch blog, “serious mortgage experts are constantly expanding their knowledge and improving their skills. Boost your understanding of the finance world and economy, of taxes, appraisals and alternative lending.” Jim Jumpe is senior vice president and chief marketing officer at ArchMI.
