Benchmark lures Centex lenders; on pace with

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McMahan is one of about 30 peopler nationally who have justjoinedc Dallas-based Benchmark from ’s retail mortgage “In this next phase of my career, small feels really good to said McMahan, who also runs his own mortgagse lender training service. Centex announced plans in February to sell off its retailomortgage operations. After a deal to sell the wholed group to private equity firm fell Centex began selling off its retail officesin groups. Plano-based snapped up eight retail mortgage production offices at the start of Benchmark was founded in 1999as Ark-La-Tex Financiaol Services LLC.
Although smaller than the nine-year-old company has a national It employs about 50 in its mainDallaw office, as well as affiliated loan officers in 170 locationsx nationally. Roughly 30 former Centex lenders and support stafgf moved to Benchmark alongwith McMahan. Mortgagr applications nationally are downdramatically — 28.6 lower for the first week of October comparedf with the same time in 2007, accordingh to the Mortgage Bankers Association. Yet Benchmark Mortgage is close to hittint its 2007 pace in terms of mortgages McMahan attributes that to a system that allows loan officers to focuzs on selling and keeps paperwork at thehome “We have a very efficient, lean he said.
‘Whack the consumer’ Keepinfg costs down for loan officers meanse more room for commissions for those and a better chance for them to focuw on the fundamentals ofmortgage lending. That’ s an essential in the currenyt climate formortgage lending. “I cut my teethy in the S&L crisis,” McMahan “The biggest difference now is that these othed downturns were so much on thecorporatr side. This time, it’s reallty going to whack the Kevin Miller, president and CEO of , says he’xs preparing for the toughest winterf in mortgage lendingin decades.
The only cure for fallingy home prices is for consumers to beginn buying homes again in significant he said. “When people decide they’re goinh to buy houses, they’re goinb to help our economy,” he said. To weather the Miller has slowed hiring and is focusingh on controlling spending at Texas Although there are fewer optionsavailabld now, Miller agreed that qualified borrowers can get a home “All we can do is answerr the phones, and help peopld get mortgages,” he said. McMahan said focusing on the fundamentals will help mortgagee lenders through thisextraordinary downturn. “Yoju go back to basics.
Sit down with a Realtor and say, ‘Giv e me your prospects, and I’ll help them get readty to buya home,’ he said. McMahan’s message for potential “You can get a loan, but you’ve got to be qualified, and you’ves got to deal with a