Close to Home is joined by Tim Wilson, president and CEO of Prosperity Home Mortgage, to talk about how the Covid-19 pandemic has affected the mortgage market and where he sees the industry headed. Watch our video interview here and read below for a few additional questions that Tim answered for us.
In addition to what he covered with us in his interview, Tim answered a few more questions about Prosperity and its mortgage offerings, which you can read below.
CTH: What loan programs is Prosperity currently offering?
TW: We still have the majority of the loan products available to us prior to the pandemic, including conventional, government and jumbo loan products. We did temporarily suspend a few programs like renovation loans and manufactured housing, but we can work with our agents to find a home for almost any loan.
CTH: What about jumbo loans?
TW: We have actually added several new jumbo investors recently, so that market continues to be strong. We have jumbo loan options with as little as 10% down.
CTH: Are there any special programs – like XLR8 – available still?
TW: Yes, absolutely. XLR8 is our streamlined, 100% digital loan application that allows us to approve qualified borrowers without tax returns, paystubs and W2s. They just complete an application online and give us permission to pull their bank statements directly from their bank. This enables us to verify their assets and even income and employment if they have direct deposit set up with their employer. This allows us to issue a loan commitment in minutes and hours, instead of days and weeks.
In addition, we have the Prosperity Buyer Advantage. This is our fully underwritten pre-approval commitment signed by an underwriter instead of a pre-qual letter signed by a loan officer. It has been a tremendous tool to help buyers put their best foot forward when presenting an offer.
CTH: What changes to your processes have been made as a result of the coronavirus pandemic?
TW: We already had a 100% online digital loan process and the ability for our employees to work remotely, so nothing really changed other than everyone doing it at the same time. We were able to have our two largest closing months in our company’s history in March and April even with the headwinds in front of us. We couldn’t be more proud of our employees. I tell them all the time that we came into this pandemic as a great company and we are going to come out of it even greater.
Got a question for the Prosperity team? Contact your mortgage consultant or visit phmloans.com.