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| Information about Lenders S&L Home Loans, Inc. 1530 Meridian Ave. Suite
200 General Information When the tough times of the 1980’s etched indelible marks in the pages of real estate history, a small group of entrepreneurs illustrated the truth that “Success is what happens when Opportunity and Preparedness meet.” It’s a marvel that a company which was founded in one of the worst business climates for the mortgage banking industry in recent years turned what seemed to be impending failure into inconceivable success. In the late 1970’s and early 80’s interest rates took a huge jump - going from the mid 7% range up to nearly 21%. This had a tremendous effect on the housing market, especially in the area of home loans. When the rates hit around 17% a lot of the banks and savings and loans companies started shutting down their mortgage loan departments. Among those were American Savings Bank. And when the President of American Savings began to systematically shut down the mortgage operations throughout the country, the future founding members of S&L Home Loans Inc. were about to experience a change that would affect them for the rest of their lives. Three of them worked with American Savings in Willow Glen. In 1981 the mortgage division of the Willow Glen branch received notice to shut down. This would prove to be a pivotal point for each of them when their manager came in on a Friday morning to disclose the news. In a moments notice everyone was told to pack up their desks and leave by the end of the day. The Trio were out of business and unemployed. Fortunately, they had developed a business plan (Preparedness) in anticipation of a crash (Opportunity). One thing they had in their favor was the enormous size of their collective contacts list - comprised of years of business experience - exposure to the industry’s professional organizations, and attendance to all of the industry gave them even more strength as a collective force. Wanting to provide top quality products and services in the Bay Area and starting at a time when most banking companies were afraid to make financial commitments to open branches here they met with Capitol Federal Savings out of Sacramento and put together an agreement to open a “Brokerage” in San Jose. The idea was to be an outlet for Capital Federal’s loan products. So the day they got laid off from American, they took the boxes of personal belongings a half of a mile down the street, rented 300 square feet of office space and set out a sign “United Properties Investments,” or UPI for short. In the early 1980’s mortgage “Brokers” were virtually unheard of, so these three became pioneers for a whole new segment of the industry. On of the three was a neighbor and friend of Rigo Chacon, who at the time was the south bay bureau chief for Channell Seven News, so when they opened the doors as the new wave of mortgage brokers, Rigo was there for an interview. Channel Seven ran a “special” about these three and the risks they were taking in such an unstable market which helped make then an immediate success. Soon the phone was “ringing off the hook.” They stayed with the name of United Properties Investments until November of 1981. The concept of “brokering” savings and loan products was catching on and the partnership was getting offers of more product from other out-of-the-area savings and loans wanting their loan programs to be sold in the Bay Area. In their infancy they brought in a forth partner who had had similar experience with Downey Savings. Now four strong partners had a “brain storming” session and came up with the most logical name. “S&L Home Loans, Inc. after all they were representing major savings and loan companies. Once incorporated they started looking for larger quarters and began hiring loan agents. The demand for S&L products were becoming increasingly popular at a time when the interest rates were starting to come down. The timing for S&L could not have been better. Not having any problems recruiting quality agents the important, and sometimes overlooked component of hiring skilled customer service driven people provided the lift the company needed to grow. By the end of the first full year the company had done $22,000,000 in loan origination’s. Two years later they established a full time marketing department, and were up to twelve loan agents. Up until this point all business was by word of mouth and personal contact. The Board of Directors met to try and decide whether or not to expand into “satellite” branches or expand the “corporate” branch into one large operation. They decided to go for the brass ring and do both. By 1988 they had developed to the point that they were able to offer a full portfolio of loan products, for any type of loan on any type of real property anywhere in California. By 1990, they had a product portfolio that represented well over 200 banks and saving and Loans. California has over one thousand five hundred listings for savings banks and Savings and Loans and each of these are in some way involved in the mortgage lending side of the housing industry. In addition, a lot of private money sources such as credit unions and retirement funds are involved in mortgage lending. In the Bay Area, there are approximately 700 different sources of money available to the consuming public for real estate mortgages. The “brokerage” side of the business is expanding at an unbelievable rate and taking into account the immense growth of the Internet, it makes sense for a bank or S&L that wants to expand it’s market to use a broker. It can open new market areas without the overhead and personnel problems. most of the brokers operate in a neighborhood or area where they are well known and the broker and his personnel do the promotional advertising on a personal level. Current trends in the market for the real estate/loan industry in general lean heavily toward the valley’s technology (i.e. the Internet and online service) and the consumers expect it. The problems is lots of folks are loosing or have lost any semblance of “human touch.” S&L feels that being on the leading edge of technology is of paramount importance if you want to be an industry leader, however they also believe you cannot eliminate the human aspect. When push comes to shove, the problems, questions and counseling are handled by humans; bottom line… “When you ask a question the doesn’t smile when it gives you the answer.” Because of the types of loans that S&L Home Loans, Inc. originates, they are regulated by the Department of Real Estate, and the Federal Trade Commission and must comply with all of their rules and regulations. The California Department of Real Estate must license all personnel soliciting loan business or giving interests rate quotes or loan information. S&L Home Loans, Inc. currently has 6 branches staffed by 45 loan agents. San Jose is the corporate headquarters while the office in San Juan Bautista is the Corporate Branch. The remaining five branches are franchises. The ranking in the industry is done by volume of dollars successfully funded (loans closed) and it is done by region (No. California, So. California etc.) And there is not a national ranking order. For the past five years S&L Home Loans, Inc. has been bouncing between the fourth and seventh highest ranked in Northern California. S&L Home Loans, Inc. does mortgage loans on any type of Real property. Over the years, they have built up a catalog of loan products to cover any kind of situation. Making them a major player in the “one stop shopping” world. Local Branch / Office Locations
The
following is an example of some fees related to a typical $175,000
purchase loan transaction in the San Francisco area, with this company.
This does not include discount points or origination points, if
any, nor does it include title insurance, local taxes, prepaid interest
payments or prepaid escrow payments for home insurance or real estate
taxes. A more complete list, tailored to your specific loan transaction,
entitled "Good Faith Estimate" or "Mortgage Loan
Disclosure Statement" will be provided to you when you actually
apply for a loan.
• Types
Of Mortgage Products Offered
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