DBA For James B. Nutter & Company NMLS 2067

Mortgage Competitors

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Homeowners increasingly frustrated with large banks and mega-lenders

In the wake of the subprime lending crisis, an unprecedented number of banks and mortgage brokers quickly folded their tents and exited the mortgage lending space. As mortgage rates dropped to record lows and millions of homeowners sought to refinance their mortgages, far fewer lenders were available to assist them. The lenders who were still in business consisted primarily of large banks (many of whom had received federal TARP assistance), large lenders who possessed sufficient capital to weather the disruption in the financial markets, and a very small number of independent mortgage banking firms who wisely opted not to engage in subprime lending.

The mortgage lending landscape has changed, but not necessarily for the better. Large banks such as Wells Fargo have aggressively gobbled up market share, courting new customers with profitable loans while at the same time triaging existing customers who have less profitable loans they no longer want.

Large non-bank lenders such as Quicken Loans have created “digital assembly lines” by working to eliminate as much human interaction as possible. As a result, customers are forced to engage in an impersonal, almost robot-like loan process which relies on call centers, online applications and digital signatures.

Homeowners are the ultimate losers when large banks and mega-lenders control such a massive part of the mortgage lending market. Ironically, in their quest for efficiency and higher profits, these mega-banks and conglomerates are taking much more time to process and close a loan. Many of them offer their customers interest rates that are well above current market rates. Perhaps even worse, their sheer volume of business means that the megabank customer becomes just another account number–a grain of sand in a seemingly endless desert.

James B. Nutter & Company believes that there’s a better way to help homeowners achieve the American dream, a way that ensures customers receive friendly, personal service while they enjoy the benefits of modern technology. It starts with a simple, universal truth:

Customers are people.

Think about that statement. Customers are people. Customers aren’t numbers or mere digits that appear on a profit & loss statement. Customers are people. They deserve to talk to a real person when they take the time to call. They deserve the best interest rates and not a higher rate simply because the mega-bank’s shareholders need to see a higher dividend this quarter, or because the profits from that loan will help offset the huge losses in their subprime portfolio.

Customers are people. They need a knowledgeable loan officer to answer their questions, as opposed to filling out an online application and then blindly punching buttons to close their loan. To paraphrase a famous line, if mortgage lending were that easy, everyone would be doing it.

If you’ve been frustrated with the service you’ve received from large banks like Wells Fargo or mega-lenders like Quicken Loans, come home to James B. Nutter & Company. We’ve been making mortgage loans for over 60 years. We’re one step ahead of the big banks and the mega-lenders because we believe, as you undoubtedly do, that customers are people. The next step in the evolution of mortgage lending is here, and it couldn’t be simpler.

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