The VA Loan – other than healthcare is the best benefit that we provide our veterans that served our county. Moreover, many of these men and women have served on the battlefield or in combat operations to protect our liberty and freedom. The VA Loan is one entitlement that in my opinion has truly been earned.
The VA Loan is a great mortgage product. It allows the veteran to take out a mortgage with no down-payment up to an amount of $424,100. In addition, there is a little-know Jumbo VA Mortgage that requires the veteran to only have a down-payment equal to 25% of each dollar over the first $424,100 that required nothing from the veteran.
This loan also comes without mortgage insurance. On the other hand, it does have a small-funding fee that can be included in the veteran’s loan amount. Should the veteran have a disability all or a portion of that funding fee may be waived by the Veterans Administration. Furthermore, many counties either reduce or waive property taxes for veterans with disabilities. This reduction or elimination makes it even more favorable for the veteran to become a homeowner.
So why with all of these great features do only about ten-percent of veterans ever use their VA Loan benefit? In fact, my own father didn’t use his until he purchased his last home. There are several reasons and they are all myths that need to be dispelled.
The first one is that VA Loan appraisals are difficult and may not make value. This statement is rampant in the realtor community and totally not true. Actually the appraisals on these loans come out with favorable values. The Veterans Administration want to see veterans take advantage of their benefit and become homeowners.
Next is the myth that VA Mortgage rates are higher. That too is just not true. VA mortgage rates are consistently the lowest of any loan product. In addition many realtors and veterans think that VA Loan have mortgage insurance like FHA loans. We have already dispelled that myth above.
The fact remains, veterans can use a VA Loan and have zero down-payment, no mortgage insurance, and the lowest rates in the market.
If you know a veteran encourage them when buying a home to use this benefit that they earned!
Cary Michael Cox
Respect, Listen, and Stay Balanced that is the “modus operandi” for Fairway Independent Mortgage Corporation. These three actions are important individually. Moreover, they are even more important when the sum of all three are used together when engaged with a client, a co-worker, or handling a difficult situation. Respect, listen, and stay balanced is the magic formula at Fairway Independent Mortgage Corporation for taking care of both people and challenges that may arise in the course of business.
Respect, it is the essential ingredient for having and nurturing a great relationship. Great relationships are what Fairway Independent Mortgage Corporation seeks with its’ clients, employees, and coworkers. This first part of our core value it is easy to see it’s value.
Listen, as the old saying tells us, there is a reason God gave us to ears and only one mouth. He was stressing the importance of being a good listener. We make sure that we listen in detail to our clients needs in order to deliver them the best option for their mortgage needs. Being a good listener again the value is self-evident as to why it is part of Core Value Number Seven.
On the other hand, what does “Stay Balanced” mean exactly, and how does it fit into this core value at Fairway Independent Mortgage Corporation? It means to stay calm and keep a cool head during difficult situations. By staying balanced and not having knee-jerk reactions you will make better decisions when facing adversity.
I mentioned earlier the importance of the using each of these items together when handling challenges. I’d like to demonstrate this importance to a real-life scenario that happened at Fairway Independent Mortgage Corporation where we used Core Value Number Seven – Respect, Listen, and Stay Balanced
When hurricanes Harvey, Irma, and Jose hit Fairway Independent Mortgage Corporation had hundreds of millions of dollars of loans on properties in the affected areas. Before an assessment of the property damage was initiated Fairway Independent Mortgage Corporation had respect for their employees and people that were affected by the storms.
They listened to their needs and responded to making sure they were taken care of first and foremost. The loans and potential problems and losses could wait.
The Executive Team stayed balanced taking care of their most important assets first – their employees and clients affected by the hurricanes before moving on to accounting for any damage properties for which they held the mortgage.
Even in handling the assessment of the damaged properties the Executive Team stayed balanced and came up with a plan to make sure all properties with mortgages they held were quickly accounted for in order to focus efforts on only those that had been damaged.
Thus, there is a real-life example when facing the adversity of dealing not with only one but, three natural disasters the importance of Core Value Number Seven – Respect, Listen and Stay Balanced.
Cary Michael Cox
Seeking wise counsel has been a concept since recorded time. Even Solomon, the wisest man that ever lived, recognized that he needed wise & Godly counsel. As it says in the Book of Proverbs in the Bible, “Plans go wrong for lack of advice, many counselors bring success.” (Chapter 15 Verse 22). Later Solomon also said, With many counselors there is safety.” (Chapter 11 Verse 14). Furthermore, King David said in Psalms, “Your decrees please me, they give me wise advise.” (Chapter 119 Verse 24). Like two of the wisest and most Godly men ever, You’ll do yourself a wonderful service if you always seek wise counsel.
Fairway Independent Mortgage Corporation realizes that for both itself and it’s clients that it is imperative to always seek wise counsel. No matter how large we grow and how much we learn or experience we have, from time to time we will need to seek wise counsel. We take that to heart as we know it is imperative to best serve our clients and employees. Like it says in Proverbs, “A wise man will hear and increase in learning, and a man of understanding will acquire wise counsel.” (Chapter 1, Verse 5).
There are times in our lives and in business when even though we may have a good idea about something, we don’t have the answer. That is the time to find someone that is the expert in the area to help you make a decision.
That’s what we do at Fairway Independent Mortgage Corporation whether it comes to compliance, legal matters, marketing, lead generation, and more we consult with the best in each instance. We want to make sure that we are performing and doing the best for both our borrowers, partners in business, and employees.
You can be rest assured if there is any question on what to do and we are not one-hundred percent sure – we will seek wise counsel.
Cary Michael Cox
Speed to Respond is the primary reason that Fairway Independent Mortgage Corporation has achieved so much success and growth. It starts at the top and flows through every facet and person at the company. As they say “speed kills” and it why Fairway is killing the competition.
Management is quick to respond to “The Street” or the branch/loan officer level. Management includes the following: operations, underwriting, legal, compliance, pricing, closing & funding. When they respond quickly to “The Street” they in turn can respond quickly to their clients and referral sources. These are the life-blood of any mortgage organization and deserve a fast response.
Everything at Fairway Independent Mortgage is set-up to the mantra of “Speed to Respond”. Above all else is that Fairway Independent Mortgage Corporation does not believe in excessive layers of management. Those layers just slow the process down of getting an answer or result for a client or team-member quickly. Loan officers have a direct line to their branch manager. In turn the branch manager has direct access to whatever person, department, or executive they need to get a response and answer quickly.
Another unique quality about Fairway Independent Mortgage is that they hire the very best at each position and they only do that one position. This prevents a cross-up n lines of communication. Moreover, it empowers everyone in the company to know that they work with the best and their sole focus is to be the best at what they do. Additionally, it truly defines “positive synergy”.
Fairway Independent Mortgage Corporation is an an employ-owned private company or ESOP. This type of structure gives it even more advantages to act quickly. Because the company is employee owned Fairway Independent Mortgage Corporation is not “beholden” to Wall Steer analysts. This independence allows Fairway as a company to make changes quicker than the competition in an ever-changing mortgage market. In addition, Fairway Independent Mortgage Corporation can make long-term decisions that perhaps would negatively effect “quarterly” earnings, while on the other hand the benefits will be ten-fold in the future.
The “Speed to Respond insures that Fairway Independent Mortgage is built to deliver mortgages to the marketplace fast!
Cary Michael Cox
Number One ranking for Fairway Independent Mortgage for the fourth year in a row! “Mortgage Executive Magazine” came out with their annual rankings this past week. Fairway Independent Mortgage was voted the “Best Mortgage Company” for where to work industry wide. That has to be a huge part of why Fairway Independent Mortgage has grown from 3000 to over 5800 employees in just the last year.
Our CEO Steve Jacobson stresses “consistent & persistent” – being number one the last four years codifies this philosophy. Creating an environment to be number one is a result of Fairway’s adherence to their “Core Values”. These include:
Humility First, Foster Growth & Knowledge, Have Fun, Create An Amazing Experience, Speed to Respond, Seek Wise Counsel, Respect/Listen/Stay Balanced, Committed to Serve, Consistent Honest Communication, & Family Focused.
Most companies have core values, the difference is that Fairway Independent Mortgage Company Lives them. That’s why we can consistently be number one. We maintain an “ethos” that we will treat every client – “Professionally, Respectfully, Honestly, & Fairly”.
The other reason is our philosophy that “mortgages are what we do, not who we are”. We believe in the “human-touch”. People seeking a mortgage are not a “transaction” to us, they are human relationship that we want to nourish and serve. When we do that with each and every client we create an experience that benefits both the client and the employees working on the mortgage loan.
On the other hand, another reason for the continued success is Fairway Independent Mortgage Corporation’s commitment to give back to the community. We have our own foundation The American Warrior Initiative. This organization is self-funded by Fairway Independent Mortgage Corporation and it’s employees. It helps veterans in need. American Warrior Initiative also trains realtors how best to work with members of the military and veterans.
Most of all we are humbled by being recognized as the best place to work in our industry and are here to serve you.
Cary Michael Cox
Core Value Number Four is “Creating An Amazing Experience For You!” Not only do we want to provide you with the best product and rate for your situation. We want to make your experience so wonderful that you will always refer those you care about to us.
One key way we do that is our “Speed to Respond”, and that starts with our communication with you. Whether it is a phone cal, text, or e-mail we will always respond almost immediately. We are here to serve you, and the best way to do that is to communicate quickly, efficiently, and thoroughly.
We also have systems in place to make sure that your loan is processed and underwritten quickly. We do that by hiring the best people at each position and let them concentrate on their job only. Our loan officers only originate loans, our processors only process loans, underwriters only underwrite loans, and closers sole job is to close the loan.
You get the picture, by letting our teammates do only what they do best we create efficiency throughout the entire mortgage process. This efficiency allows us to offer the quickest loan approvals and closings in the industry.
When it comes to communication our proprietary CRM system, “Motivator” not only keeps you up to date during the loan process, it keeps both realtors up to date as well. When milestones are reached an e-mail is sent to you to let you know where we are in the process and what action items if any you need to take.
We also have personal touch-points with you our client during the mortgage process. We send you thank you notes with scratch-off lotto tickets, Starbucks gift cards, cookies, and more. Once we close your loan we provide you with a closing gift as well to show our appreciation.
Post-Closing you are provided with your own ‘Servicing Concierge” for the life of your loan. We want to make sure you have a live-person to contact should you have any questions on things like first-payment date or escrow balances.
Again our goal is to create such an “Amazing Experience” that you and those you care about become a “Client For Life”!
Cary Michael Cox