In last week’s blog, we covered the differences in financial underwriting between Prospect Financial Group and some of our known competitors (Wells Fargo, Bank of America, Quicken, JPMorgan Chase, Loan Depot, etc.) In summary, Prospect Financial Group is a wholesale broker with fixed closing cost percentages, while our competitors raise costs throughout the year to accommodate client volume. It’s the deciding factor for many of our clients: lower overall costs, better rates. That said, client volume is worth discussing further. While having the lowest rates might get a borrower in the door, it won’t necessarily make them a repeat customer. Building a loyal, returning clientele for refinance comes down to service and turn times, especially in times of high volume.
It’s a busy time of year for mortgage loan originators due to the market volatility and recent trade related headlines. The summer months have brought enough refinances to make many companies struggle under the pressure. There are many links in the mortgage chain that can impact turn times: speed-to-contact to leads, underwriting, title and escrow and loan processing, to name the most common. To elaborate on a few: Prospect bolsters speed-to-contact by segmenting the origination process with our experienced Loan Coordinator and Marketing team. Many of our competitors respond to high client volume by raising closing costs to lessen their workload. Title and escrow can be optimized by finding a partnership like we have with Lawyer’s Title - a leading San Diego provider of title insurance / escrow services. Our relationship has continued for 8 years because of their reliability, and commitment to speedy turn times.
By streamlining each step of the origination process, Prospect averages a turn time of about 30 days. We’re proud of that number, especially considering our competitors’ turn times of around 45 days. When client volume increases, so do the number of Yelp and Google reviews submitted. We always recommend that borrowers do extensive research on a given mortgage broker. Read reviews, examine the borrower experience, and look into their turn times. Maybe you’ll find that staying with your bank’s lending service is the way to go; perhaps they’ve offered a discounted rate due to your credit history at their institution. Conversely, maybe the turn time (to close your loan ASAP) is important to you. You might think you could pre-qualify, and want to get your loan started in a shorter turn time with a wholesale broker like us.
Overall, a low rate might get you in the door, but you won’t return for future refinances without stellar service and fast turn times. To see if a refinance could benefit you today, head over to our website to receive a quote. We look forward to helping you in any way we can!
Prospect Financial Group
948 Garnet Avenue
San Diego, CA 92109
NMLS: 349089 | BRE: 01837707
Jason Vondrak has been in the mortgage industry since 2004 and co-founded the mortgage brokerage Prospect Financial Group in 2006 in San Diego, California. Today he serves as President and CEO of Prospect Financial Group and the president and founder of Prospect Property Group, a real estate development company, established in 2012.
"I've had the privilege to serve in an industry that exists to ensure homeownership remains among the top priorities of government and citizens alike. Over the years, it has been a pleasure working alongside homeowners, real estate professionals, and business associates combining efforts and teaming up to help homeowners realize the dream of home ownership."
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 365482
948 Garnet Ave
San Diego, California 92109
Phone: (858) 605-0952