Home Loans and Mortgage financing in San Diego
Unlike some others, General Mortgage expanding
Orgination News – July 2007 Vol. 16 no 10 page 28
San Diego - In a market environment where dozens of mortgage companies have shuttered their doors and thousands of mortgage professionals are looking for work here, General Mortgage Corp. is looking to expand and is adding staff. The independent Southern California brokerage and direct lender is headed up by Dick Palmer, a former linebacker who has been involved in the San Diego real estate scene for more than 30 years.
“We’ve doubled in size in the last nine months,” noted Mr. Palmer, General Mortgage’s chief executive officer. The company went from having about 30 loan officers to 65 after merging with American Mortgage Financial. According to Mr. Palmer, General Mortgage was originating 110 to 115 loans per month with an average loan balance in the $400,000 range, for approximately $40 million a month in origination volume. “That’s not bad for this market. We’ve done more than that in the past, but it’s been tough,” he said, acknowledging the tough real estate market conditions California is experiencing.
He said that with additional staffing from the merger, origination volume is expected to increase to around $60 million a month or more. “At that volume you can not only be profitable in retail, but you can do bulks and some things in the secondary market that’ll make you more profitable,” explained Mr. Palmer. “When you get through the merger pain and the people resisting change and all the complaints and turmoil you go through—when you get through that, there is substantial economy of scale on the back-office operations. So, that’s what we are trying to do. We’re trying to take people who need partner’s right now and absorb them.” He said that he is working on two more acquisitions, but could not provide any details because of confidentiality agreements with those potential partners.
Mr. Palmer added that General Mortgage’s goal was to occupy a space between the big mortgage lenders and the small independent brokerages. “We think we’ve found where we want to be. We’re a platform that’s not Bank of America or Countrywide type shop but we’re not 100% independent either. We’re open to doing joint ventures and are doing so with large real estate companies and homebuilders.”
He noted that General Mortgage is approved to underwrite up to $3 million by Countrywide, Deutsche Bank, IndyMac and a host of other lenders. He also noted the advantages that loan officers have working with General Mortgage include extensive product line and higher commission splits than what’s available from a bank or savings and loan. “We’re also better than owning your own company because it’s hard to build value on an independent mortgage company now. I think the only way to build value is to have the relationships that we have with builders and real estate state companies and a platform where guys can make more money working for us,” said Mr. Palmer. “Our goal is to acquire good loan producers in a very tough market and so far so good.” Among his recent recruits: a branch manager from Countrywide, who brought her entire staff with her to General Mortgage.
He said that General Mortgage tries to promote itself while maintaining profitability, which can be difficult when you are up against lenders, such as Bank of America that have huge marketing budgets, and innumerable smaller independents all competing for the same market share. “We get a lot of recognition, but we’re still able to pay high commissions because we don’t spend a huge amount on public relations,” said Mr. Palmer. “When people are across the table and are presented an offer for a real estate deal and hear, ‘We’re going to use General Mortgage,’ at least they’ll recognize the name in San Diego because we’ve been here a long time and we’ve got a good reputation.”
Fortunately for General Mortgage, in addition to having been around since 1983, the company specializes in handling transactions for professional athletes. Among General Mortgage’s clients are professional athletes, such as former Major League Baseball pitcher Dave Stewart and the coaching staff of the San Diego Chargers. “Dick has done the mortgage on every home that I’ve bought, and that goes back 25 years. I wouldn’t, nor would I have any of my players, do their business with anyone but Dick or his people,” read a statement by Mr. Stewart, who is president of Sports Management Partners, an organization that represents professional athletes.
Mr. Palmer noted that as a former professional athlete, he could empathize with players and their agents about the unique circumstances they may face when purchasing a real estate. He cited the example of how a baseball player may end up being a good candidate for a stated-income product because although they may have just signed a major league contract for a lot of money, they just spent the last few years in the minor leagues making less than $20,000 per year.
Mr. Palmer, himself, has something of a reputation to uphold in San Diego real estate circles. He first became involved in real estate in the early 1970s at the urging of his then agent, Tony Attanasio. “I retired from a career in professional football because I was making more money selling real estate in the off season,” said Mr. Palmer “Back then we made nothing playing football and I’ve been in real estate ever since.”
When you think of General Mortgage, you think of Dick,” said Ed Smith Jr. of Plaza Financial Group Inc. and vice president of government affairs and industry relations for the California Association of Mortgage Brokers. “People go to him no matter what the economic times.” He stated that Mr. Palmer served as his mentor when Mr. Smith joined the mortgage industry as a wholesale representative more than 20 years ago and is a founding member of the San Diego Chapter of CAMB. “He’s a ‘go-to guy’ who I definitely reach out to for institutional knowledge and his expertise,” said Mr. Smith.
He also added that Mr. Palmer is still very involved with the real estate community, and was happy to add that Mr. Palmer’s blues band, West Memphis, in addition to having played at San Diego’s House of Blues, had also played the CAMB San Diego Chapter’s holiday party.
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First Time Buyer Loan
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Rent vs Own
What are the benefits of owning a home? How much will it cost compared to renting a home? By calculating all the itemized costs you can compare the total expense and determine the benefit of owning a home over the longer term.
Mortgage Qualification Calculator
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Home Improvement Loan
You can refinance your home to get cash out for home improvements e.g. new roof, new pool, new kitchen, etc. Find out which of these projects will add the most value to your home. Ask your friends and family for a referral to an established and reliable mortgage company. Interview several mortgage companies to obtain the information you need to make an informed decision.
General Mortgage Corporation, established in 1983, is one of San Diego's leading residential mortgage lenders. It has a company philosophy and business style based on providing the best loan production platform for the best loan agents, and giving quality home finance service to its customers.
General Mortgage is highly respected by both customers and industry associates alike, and its efficient home financing business practices and quality lending service make it the thriving company it is today. In addition, the company is currently integrating advanced state-of-the-art computer technology to address the opportunities of the 21st century home equity and financial environment.
The company has established itself as an independent brokerage and direct lender ready to serve real estate professionals and their residential real estate clients with a large spectrum of loan products along with the ability to close loans quickly. Now with three San Diego locations and nearly 30 loan officers, General Mortgage does a high-volume of loans - more than $ 6 billion since its inception - which gives consumers more competitive pricing on home financing. The business works with agents to market property, and can provide all types of home financing programs to bring in more buyers. It all adds up to better home loan options for customers and real estate professionals.
General Mortgage is led by long-time real estate broker and mortgage specialist Dick Palmer. "We help sell homes," said Palmer. "We know what Realtors want, what they need and how to close their transactions. We offer fair pricing, good service and excellent communication."
"Our vision is continued success and growth based on passionate commitment to our customers in partnership with the best sales associates in our markets." said Palmer. "We want to make General Mortgage the customers' choice for quality financial services."
Other team members include Jami Hix, operations manager for the company, and David Johnston, mortgage banking manager. Hix is the former private mortgage manager for Well Fargo and operations manager for Guild Mortgage. Johnston, a 30-year veteran of the mortgage business, was previously general manager for McMillin Mortgage. "Jami and Dave have taken General Mortgage to a new level in operations and secondary marketing," said Palmer.
Many loan officers have been with General Mortgage long-term. "I've been here since 1995, and there are 10 to 11 people out of my 25 loan officers who have been with the company longer than I have." said Palmer. "The strength in the company is our loan officers."
The company also specializes in handling transactions for professional athletes, who have unique circumstances stemming from employment contracts that can lead to complex regarding financing, temporary housing and sudden relocation. The company has secured many loans for players and coaches of San Diego Padres, Charges and other professional sports players over the years.
Former Major League pitcher Dave Stewart is president of Sports Management Partners, an organization that represents professional athletes. "Dick has done the mortgage on every home I've bought, and that goes back 25 years." said Stewart. "I wouldn't, nor would I have any of my players, do their business with anyone but Dick or his people."
Bruce Bochy, manager of the San Diego Padres, has called on Palmer's real estate and mortgage expertise several times over the past 20 years. "I have so much trust in Dick, I wouldn't think of going somewhere else when it came to financing," said Bochy. "I don't know his business - I'm in baseball - but he knows his business. I trust his recommendations and his judgment."
Greg Manusky is a former NFL player and the current San Diego Chargers defensive coach. "It's hard as and NFL coach - you're busy working on game plans during the season and scouting off season. Dick took care of finding a house and getting a mortgage for me. He was only a phone call away," said Manusky.
A former defensive back and player representative with the San Diego Chargers, Scott Turner has also played for the Washington Redskins and Denver Broncos. "The reason I do business with Dick and his company is because I trust him very much," said Turner. "He will advise you with honesty and integrity."
Leading a self-proclaimed "charmed life," Palmer was named Most Valuable player at the University of Kentucky before playing in the National Football League for six years. Towards the end of his football career, Palmer was discussing his future with agent Tony Attanasio, who suggested Palmer look into real estate "because it doesn't look like you'll be playing football much longer." After a brief stint in the World Football League, Palmer took his agents advice - and later helped him with several mortgage and real estate transactions.
In fact, Palmer has handled hundreds of transactions for professional baseball player agent Tony Attanasio and his clients. Attanasio has always recognized Dick as a "people person." "He has never, I repeat, never, failed me or anyone I ever sent to him," said Attanasio. "He's a remarkable guy. A lot of people say they have clients' best interest at heart, but they are really in it for the commission. Dick actually does the best job he can do he can do because he knows the money will come in automatically-that was very clear to me.
"The bottom line is, I trust the guy with anything," said Attanasio. Becoming a real estate agent, owner/broker and then involved in mortgage lending was a good fit for Palmer after six-year professional football career as a NFL linebacker. Palmer was a previous owner/broker of several real estate companies. His most recent position was as the chairman and CEO of the Associates Group of companies, which included General Mortgage, Summit Escrow, National Title, AGIS Insurance and Coldwell Banker Associates Realty, which had more than 500 real estate agents and 200 staff members. Coldwell Banker Associates become the number one Coldwell Banker Company in California and fifth in the nation.
"We were the best full-service real estate company in Southern California, and well respected nationwide," said Palmer. Associates recently sold its real estate and escrow business, and Palmer retained General Mortgage in the transaction.
It's not only real estate professional and customers who benefit from General Mortgage's work - the company also supports area causes. "For every loan we close, we give a certain amount of money to charity," said Palmer. Beneficiaries have included the American Red Cross, YMCA, Catholic Charities and others. General Mortgage also supports charities chosen by real estate professionals to say "thank you" for referrals and recommendations.
Palmer is as dedicated to his family as he is to his work - and his family is as dedicated to the business. Wife Debby has been a Realtor for more than 20 years. Son Mitch Palmer and son in-law Eric Olsen are owners in the company and loan officers. Daughter Lisa Palmer-Olsen, Ph.D., does human resource work for General Mortgage.
Also a musician and self-proclaimed student of the blues, Palmer plays rhythm guitar with "West of Memphis." The group, which plays monthly in Rancho Bernardo, has appeared at San Diego's House of Blues three times and has a new CD coming out entitled, Monkey Business.
But the real joy of Palmer's life is providing top-notch loan services to others. "We're serious about doing a good job for customers, and dedicated to giving them straight, honest answers," he said. "Plus, we provide Realtors with the best service - so they can provide their customers with the best service."
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