mark flynn
Baton Rouge, LA (USA)
Role(s):
Founder/Owner/Principal
A&B Mortgage
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Startup
Location:
Baton Rouge
Industry:
Finance
Year Founded:
1998
Number Employees:
1-10 people
Description:
Initially formed company in 1998 to service customers in the immediate Baton Rouge, LA area with the rapidly growing Alternative Financing programs, always with some sort of niche product that other individuals/companies either did not perform or had problems doing. Advertised initially using Yellow Pages, starting from 1/4 page ads to full page black and white ads to keep ahead of the competition. This resulted in vastly increased revenues at the time, allowing me to go from myself in the interim to 6 employees and approximately $350,000 in gross commissions per year, with customers in 4 states along the Gulf Coast. I had a key employee that I hired in 2001 that performed the majority of our loans along with myself for about 4 years; when she had personal problems I eventually switched over to an experienced processor/closer and myself doing all of the work.
When the subprime fiasco initially hit in late 2006, my company was among the first to feel the effects since at any given time 70-95% of my business was within that arena. I changed strategies slowly as the alternative financing investors started fading away. My ideas initially in 2007 went to niche products within Conventional based products (My Community, Home Possible), where credit scores were not a major concern and 100% financing was still a reality.
As PMI companies started putting the squeeze on these products, refusing to insure the no money down programs, I have since settled on Rural Development products (USDA) which show great promise for the future.
Within the USDA Rural Development hierarchy are groups of underwriters that take common sense situations and issue approvals based on exceptions--something I haven't been able to do in years and never at the great rates offered (at present 6.625% with no origination/discount), with the opportunity to perform these loans throughout the Southeast.
Rural Development has offices where I personally speak with Government advisors who can decide if a project is feasible; if so they'll tell me "as long as the investor allows it we're good with this". Generally that is the answer I want to hear, and with my lobbying skills from years within the industry we're able to make dreams a reality for many people.
The biggest thing my company needs right now is some cash infusion to place it back to "square one"(URL removed)keting to obtain potential customers is not a problem (USDA only requires a 581 score in order to get a conditional approval for 100% financing with NO PMI). Please call and I can go even further to explain my synopsis of what I can do to make company as well as you profitable in the interim.
Todd Flynn, Owner/Broker