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INDUSTRY OVERVIEW: Real Estate & Mortgage

A lot of these changes result in a faster pace, and increased

on your cell phone and then come in for a face-to-face meet-

speeds are evident in the mortgage industry too. It also

ing,” he said. “You are not just a number and data to Fairway.”

makes home lending’s multi-step process more seamless and gives loan officers more ways to enhance the client’s

Hall echoed Kermish. “Sometimes people have important

experience. Regions recently launched an online mortgage

questions that are best discussed

portal that allows clients to receive real-time updates on the

verbally or in person versus

status of their application via text or email. It also lets them

emailing or texting,” she said. “It

securely upload documents from anywhere at any time. “We

is very important that a buyer still

believe this new portal will make the

has access to their real estate

entire process easier, and it get clients

professional.

into their new homes faster,” said Allison Bird, Vice President at Regions

TECHNOLOGY HAS STREAMLINED THE PROCESSES TREMENDOUSLY. BUT IT HAS NOT REPLACED THE PERSONAL SIDE.

Bank and Mortgage Sales Manager for

REINFORCED RULES

Central Alabama.

In the last decade, the mortgage industry has faced a slew of chang-

According to Kermish, technology

es that have little to do with smart

has become the single biggest game

phones and social media. Reg-

changer in the mortgage industry. But

ulations are more stringent than

it can’t do the job alone. “Fairway has

in the past, and informing buyers

embraced the changes,” he said, “and

and sellers on this topic is a key

combined the speed of technology with real hometown

piece of real estate and mortgage

people.”

professionals’ jobs. “There haven’t been any significant mortgage

“THE FORMATION OF THE ALABAMA ENERGY & RESIDENTIAL CODES BOARD THAT WAS FORMED IN 2010 HAS HELPED MOVE ALABAMA TO BE A LEADER IN BUILDING ENERGY EFFICIENT HOMES.”

Like her colleagues, McElroy feels that technology has made

regulation changes in the last few

- JIMMY RUTLAND, PRESIDENT,

real estate work more efficient but also agrees that it will

years, but the mortgage process

LOWDER NEW HOMES

never make relationships obsolete. “It has streamlined the

is much more rigid and structured

processes tremendously,” she said. “But it has not replaced

than at any other time in history,” McElroy said. “Underwriters

the personal side, making sure all steps in protecting our

check, re-check and sometimes check again! It is an exhaust-

buyers and sellers are not overlooked.” Kermish sees the two

ing process, but so worth the effort.”

working in tandem. “We make it possible to apply for a loan

ADVICE FROM LOCAL EXPERTS:

What one piece of advice would you give a prospective home buyer when it comes to the process of finding the right home?

“Select the right agent to work with and use them as a resource to find the right home instead of calling a different agent every time you see a home that is of interest to you. A professional, well-trained agent who has your best interests at heart will outperform a series of random meetings with multiple agents as you look for the perfect home.” Norman Schlemmer, Managing Partner, ARC Realty River Region

50 MONTGOMERY BUSINESS JOURNAL

“Determine your must-haves in your desired home and seek a local Realtor who is very knowledgeable and can provide a plethora of information on the current local market and options. This professional also has a network of industry professionals needed for the entire process.” Dennis Barnes, Broker, Keys Realty

Profile for Montgomery Area Chamber of Commerce

Montgomery Business Journal - May 2019  

Montgomery Business Journal - May 2019