Derek Parent Q&A: High Rise Life

//Derek Parent Q&A: High Rise Life

Derek Parent Q&A: High Rise Life

  1. Can you tell us a little bit about your background and how you got involved in the mortgage industry? I stepped into the mortgage industry in 1999 after running into an old friend at a boat show in Rhode Island. It had been a little while since I had seen him last, and there was just something about him that seemed different. We got to talking, and I found out that he was doing quite well for himself as a loan officer in the mortgage industry. I was so inspired, that every day for the following four weeks, I called into his office asking for an interview. I got the job, and just about a year later, I won a trip to Las Vegas based on my efforts. I was stunned. I went back home, grabbed my stuff, bought a one-way ticket back to Vegas and never looked back.
  2. What do you think has contributed to your success as an expert high-rise lender? Honestly, one of the reasons I became so intrigued with the high rise market was because of my own experience. When I purchased a condo for myself on the Las Vegas strip, I realized just how difficult it was to finance the high rise units. It was a nightmare, so when I closed, I made it my mission to solve the problem. It should not have been that difficult, and I wanted to make sure that I used every resource at my disposal to ensure that no one else had to go through the same thing.
  3. What do you love most about what you do? The one thing–beyond anything else–that has motivated me to be great at what I do is the satisfaction I get from helping my clients purchase their homes. Yes, there are other rewards in this business, but there is nothing that affects the way I sleep like knowing that I have a small hand in such a large part of my clients’ lives.
  4. What are some of the core values that the Parent Team carries? No business is sustainable without a strong foundation, and our core values are insanely important to the way we run our business and the way we treat our people. Specifically, we the core values that we live by: honesty, integrity, communication, client-focus and consistency. These qualities are what keep us motivated and grounded as we deal with our success and our frustrations, and they are the reason we have been able to maintain our quality of business over the years.
  5. You have a growing list of over 125 condo projects available for financing. Can you elaborate on this? The reason that growing list is so important is because our definition of ‘approval’ is so much deeper than most other sources. We do our due diligence in advance rather than during the transaction, which negates a lot of frustration and fall out with the client. One measure that we really look at is having a completed questionnaire and analysis of the condo project before we list it as ‘approved’. In the lending world, the condo questionnaire is a vital piece to knowing whether or not a condo can be financed, and because we do it in advance, the client is able to have full confidence in their purchase.
  6. What are some of the great promotional offers you currently have for those looking to purchase a high-rise condominium? The most important thing we have right now is that the buyer does not have to pay for their condo questionnaire, which is anywhere from about $200 to $500. Generally, it’s a cost that lenders require the buyer to pay for just to obtain information about the project for the lender. If for some reason the questionnaire details information that does not allow the lender to lend on the property, the buyer loses that money. We take that responsibility off of the buyer because we have already obtained the information from the condo project. Another great offer is that we allow buyers to purchase with only 5% down payment for their principal residence, and for second homes, we only require 10% down. We also provide an option for 10% down payment on jumbo loans.
  7. What are some essential points homebuyers should address when shopping for a loan? In the high-rise market, the number one thing that buyers should be aware of is if the lender requires them to pay for a condo questionnaire. If the lender is not confident enough to pay for it, there is a large possibility that they cannot finance the condo, and again, if that’s the case, the client will not be refunded and absorbs the cost. Other than that, I would say communication from your loan officer is the second most important factor. It not only makes the process easy, but it ensures your ability to get an offer accepted on the home you want because it gives the real estate agents confidence that the transaction will be smooth and close on time.
  8. Any exciting new developments with the Parent Team that you would like to share with us? For us, it really starts with our people; we bring on team members that not only bring a lot of value but also add amazing energy. Just recently, we brought on a business development specialist who is dedicated to growing our footprint and building new professional relationships, and we are extremely excited to see what it does for our growth. It has the potential to really extend our reach and allow us the opportunity to help more people accomplish the goal of home ownership.
2018-09-20T17:42:43+00:00September 20th, 2018|Blog|
Get my FREE email newsletter for industry news and updates!
*

*

No thanks, I'm not interested.