Sente Mortgage pairs families, homes
Sente Mortgage’s recent entry into the Fredericksburg housing market gives prospective home owners another avenue to find the loans they need to get started.
Main Streets of Texas Mortgage joined forces with Sente Mortgage, a Texas-based company, in April of this year. The firm has a goal of making the home buying experience in Fredericksburg easier.
“The mortgage environment has changed with Dodd-Frank (2010 federal rules that tightened lending as a response to the financial crisis) and the hoopla with the financial industry,” said Gwen Fullbrook, the branch manager and mortgage banker who started Main Streets of Texas Mortgage in 2005. “You kind of need to partner with a bigger company. It gives you more programs. It’s pretty huge to work under the umbrella of them, because it’s a crazy world out there. It’s been a good thing for us.”
Fullbrook and Lupe Walle, Main Street’s other mortgage banker, sent those seeking certain types of mortgages to other companies because of the limited opportunities they offered before joining Sente Mortgage.
Now the company can offer loans from the Federal Housing Administration, the United States Department of Agriculture and Veterans Affairs.
“We can sell directly to the family,” Walle said. “You don’t have investor overlays.”
Investor overlays are mortgage approval standards that lenders and their investors place above federal guidelines.
“Before, when we would do a loan, and there was a good point to this, everything was done right here in this office,” Fullbrook said. “We had to do everything ourselves. Now that we have the company behind us, we can do other things and help more people. We have other people processing the loan.”
“It’s like I hired a whole bunch of people,” she said.
Sente Mortgage handles more of the nitty-gritty, detailed paperwork that Main Streets used to process, freeing them up to offer more mortgage programs than before. Those include loans for people with poor credit scores or those looking to buy small “hobby ranches” in the area.
“(Joining) Sente opened doors to new loans to try to help our people with low down payments,” Walle said.