Hey y'all! This is Charlie Harrison
The Bluefield Group! Today's guest is
Zach Kennedy with Movement Mortgage. and we're going to be talking
about their unique process and mission. So, Movement Mortgage, we were just talking about, has now moved up to #1 in [the]
State of South Carolina for mortgage lenders. How did y'all do it? Yeah! So, you know, as you can imagine Charlie…
Movement was pretty excited two years ago when we saw that we had passed up Wells Fargo as the #1 mortgage lender in South Carolina. Crazy! We're kind of the underdogs. Kind of the small,
small lender passing up the big dogs. So… So, I kind of want to, you know, back up and start with where our process came from. Yeah! And order to do that, it kind of
starts with how the industry normally works…
So, it kind of started one really basic concept. So, the mortgage industry is regulated more heavily Zach: …right now than it really ever has been.
Charlie: Yeah. Right? It's a lot of rules and regulations, a lot of documents that you need and stuff like that that maybe didn't exist ten years ago. So, however, there's not a lot of rules and regulations when it comes to
what has to be verified before a loan officer issues a pre-qualification letter. Really? Yeah! So, what typically happens is, believe it or not, loan officers normally decide for
themselves what has to be looked at upfront. So, too often it leaves people
scrambling for documents and all this stuff last-minute you know instead of kind of knowing that stuff upfront.
It's happening toward the end it's a pre-qualification you know does that mean for for y'all's clients yes so so typically you know pre-qualification really honestly it's not really defined very well you know like I said because there's there's not a lot of regulation to say what someone has to look at before they give you that pre-qualification letter you know it can vary a bit so typically you know a loan officer is going to pull credit they definitely want to see that and then they're gonna look at your application and look for information about you know things like your employment history and how much money you have in your bank account and things of that sort right and then they're gonna look at all that information and decide what loan program they think is going to work best for you and then they're going to issue a pre-qualification letter okay so the person gets the pre-qualification letter and they're super excited all right didn't give you know boom they've been approved right they have the letter so they come to you the real hope so they come to you really right and they're excited because you know they hey I've got my letter you know so you go and look for a house find the house that you really really like negotiate the price and then you know now you're extra super excited because now you're under contract right so now it's getting real you know they're it's kind of concrete you're moving for in the process so as real estate it you know the first thing that's gonna happen after you go in their contract is gonna order home inspection all right it's kind of a first step home inspection it's gonna cost anywhere between three to five hundred dollars depending on what's ordered and so forth okay so you're kind of putting this package together as a loan officer and it's really all the other mortgage lenders and banks out there it's at this point that they're gonna actually ask for all your other documentation you know your w-2s and your tax returns and your bank statements and all the other stuff that they need for this package right so they're gonna package up in a Hennis and sometimes and you can probably speak on this as a real estate agent they've already actually done the appraisal as well at this point so that's another you know five hundred dollars or so so they get this package together and they send it to an underwriter for approval okay because you know an underwriter is the only person who can actually approve a loan that's right right not the loan office no good loan officer yeah wish we had that special stamp but unfortunately you know we've got to send it to an underwriter and sometimes you know the underwriter gets that package and what they're gonna do is they're gonna look at you know the application all the documentation and sometimes they don't agree with the loan officers best guess the pre-qualification of fraud yeah right you know so they look at it and go you know there's a problem here so that's going to cause one of two things is they're gonna either like I said before be asking the bar or you know kind of scramble around and get all this extra documentation right right at the end or they're gonna flat out deny it alone and turn it down and they lose the cost up front for the appraisal the inspection tax all of those things have to be paid for exactly that's a deal goes through or not unfortunately right so you know either way even if they're restructuring alone and asking for all the extra documentation and stuff you know your bar or your customer is kind of freaked out they're a little stressed you know especially in the case that the longest denied you know these people have already maybe you know total their friends and family the end of their buy in this house and you know put pictures on social media and all this definite sudden you know there's a problem so movement mortgages leadership didn't agree with this process you know in fact they felt pretty strongly about it so what they did is they made one minor adjustment to the process and it kind of changed everything and and what that is is we move the underwriting portion up to the front really right yeah so starting with the it sounds sounds like a no-brainer yeah starting with the underwriting first to make sure we can even get to closing table exactly and not a lot of there's almost no other lenders that do it you know so what we do is we actually get all that stuff up front we send it to the underwriter for an actual approval so that every borrower knows that they have a fully underwritten approval not just a loan officers best guess right so that when they go and make an offer it's actually on something a little bit more concrete and it also puts you in kind of a little bit of a interesting negotiating situation right I know that we're in the Greenville market here so how often are you you know you have a client they're making an offer in a house and there are how many other offers 10 sometimes 20 if it's under 150,000 and that really does make a difference if it comes down to you or a few other people having that true pre-approval versus pre-qualification letter you're just gonna stand out right sure yeah absolutely you know so we've actually had clients to where you know they're one of multiple offers and and they may not have the highest offer but they end up getting the house and it's for a couple reasons one you know because we underwrite upfront we can close faster than you know any of the big box banks or other mortgage lenders because we're under any upfront the process just much quicker sometimes you know typically as fast as two weeks in most cases we can clearly yeah from you know from application to closing can be as quick as two weeks so it's a huge advantage when you have those multiple offer situations because you know a lot of sellers you know we got to remember they're not just selling a house they're selling a house something's are also moving right so I know it's pretty often that you you know have somebody selling a house but then you also get them as a client because they're going to buy a hat on the exact same time yeah I've got some clients now who were selling one house and buying the next house in the same day and so it's crucial that the right piece they need that equity to get to the other side and lurches their next home you know you want to be a hundred percent sure that this is gonna close you're right yeah and because it's so competitive the seller may have their eye on a house and they're a little bit of afraid that maybe that house is gonna slip away so if you can close that much quicker you're definitely gonna have an advantage with your offer and not only that the other thing that is something that I do personally is I pick up the phone and I called I call the listing agent and explain to them that you have a fully underwritten approval not just you know some pre-qual letter or some loan officers best guess it's actually already been through underwriting and has that stamp on so it's really strong so I know another unique process of movement mortgage is the community how heavily you're involved in the community I think since 2008 when y'all started yeah yeah so you know community involvement is drilling the DNA of who we it's something that's been important to us from from day one like you said 2008 we are faith-based mortgage company which I know a lot of people are thinking you know what's a faith mortgage yeah but that's really expressed in just kind of our corporate culture and how we interact with the community you know from things like you know 100 percent of our corporate profits go back into the community which is real people don't know that yeah that's incredible I did not know that yeah yeah so and you know we go on mission trips corporately I think it's like once a month employees go together to serve in other nations and places in need and that sort of thing even even the trips we take as awards you know within the company sometimes they have you know a war that be war it's like hey you get to go to Cozumel Mexico Press Club yeah that's sort of thing right and you know even when we go on those we partner with different organizations to serve in those areas so even when we're there as an award like this past one in Cozumel Mexico we partnered with an organization that gives shoes to third-world Nations did like a whole foot washing sort of thing for the local residents there and get on new shoes and and that's the sorts of things that that we really value that's incredible yeah you know if you look at our mission statement on our website and you know anywhere that you see our mission statement it the first thing that it says is you know we exist to love and value people that's you know at the top of our priority list you know it's God family work you know and at the very bottom of our priority list if you look as a company the very last thing on the list is you know and profit matters because it does you know we have to make a profit we have a business we have to run a business you know but ultimately it's to support the mission of everything else that we're doing you know from water drives to all the things that were involved in so Zach any lasting thoughts yeah so you know bottom line no one likes last-minute surprises you know in our process virtually eliminates those surprises but just moving the underwriting portion to the front of the process get that file in front of the decision maker as soon as possible and that's really what's been monumental and making us so popular with both agents real estate agents and also buyers and and truly what's gotten us to be the number one mortgage lender in South Carolina so that's great well how can we best get in contact with you yes so obviously online movement calm or if you I want to find me specifically movement calm / Zachary dot Kennedy or if you prefer social media Instagram and Facebook Zack Kennedy loans is best way to find me so great well thank you very much for coming appreciate your time yes sir if y'all have any questions or any recommendations for what we should do for our next video our contact information is below again thank y'all for watching and we'll see you next time you you