MAGNOLIA TITLE
FIRST COMMUNITY MORTGAGE
Ryan Lux | Attorney Leslie A. Garside | Managing Attorney Joshua L. Hunter | Owner & Attorney 615.712.6391
FCM NMLS# 629700
Marty Maitland 615.480.5626 | NMLS# 590283 marty.maitland@fcmhomeloans.com
Claudia Rios 615.495.4456 | NMLS# 439473 claudia.rios@fcmhomeloans.com
leslie@magnoliatitle.com www.magnoliatitle.com
Q. Given the challenges this year, what impacts do you expect in the title & real estate industry in Nashville? A. The biggest challenge presented as a result of COVID-19 has been determining the best and safest routes we can take to facilitate closings. While it didn’t become the immediate norm as many anticipated originally, we do believe that the industry will continue to work toward holding more “e-closings” as surrounding industries like lending and finance figure out a way to make it work. Another issue we have noticed with social distancing requirements is that the normal personal and celebratory nature of a residential transaction is lost as a result of fewer people being present at the closing table. We are continuing to be creative and figure out ways to make the closing day feel special for our buyers and sellers. Q: What else do you think people need to know about the state of your industry? A: As is pretty well known, Nashville is hitting some really high marks on sales numbers this summer. Likewise, our industry is thriving and helping to carry that load as we finish Q3 and move into Q4. We are remaining optimistic as rates continue to stay low that we’ll continue to see a lot of positive numbers through year end.
Q: How has COVID-19 changed the way you do business in Nashville? A: Our business relationships thrive on in-person meetings, closings and other group and networking events. A lot of those in-person meetings have now become virtual, and we’re reaching clients and potential customers via other methods like increased online presence and short Zoom webinars. Our hope is that we’ll soon be able to return to more of the in-person gatherings of the past…we miss them!
Q. Given the challenges this year, what impacts do you expect in the mortgage & real estate industry in Nashville in the coming weeks & months? More long-term? A. Currently, we continue to see a strong real estate market in Nashville and see little volatility. It seems that the current economic and health issues may have the potential to slow down the growth in the upcoming months, but this will depend on multiple factors, including the elections and the recovery of the hospitality and services sectors in our region. It seems that we have strong economic fundamentals in general and we are still an attractive destination for companies and families that want to increase their quality of life in a thriving region like ours. Long term, we may potentially experience delays in construction given potential supply shortages and therefore slower production. Q: Do you think right now is a good time to buy a home? A. Yes, especially because the mortgage interest rates are at historic lows (and with a presidential election over the next 60 days) and you have more motivated sellers trying to capitalize on the value of their homes. With the support of a real estate professional, it’s very likely that you will find great opportunities in this market. Q: How has COVID-19 changed the way you do business in Nashville? A. The current health crisis has boosted the use of digital platforms to do more transactions online. Having the right technology is becoming
increasingly important. We have seen a boost on the use of our mobile app by our Loan Officers, Real Estate Agents and Clients. The health and safety of our employees, business partners and clients is very important for us, which has made us enable a series of preventive measures all across our organization; from an elective remote-work strategy and virtual meeting spaces to a sanitization protocol. Q: What is something that your company offers that is unique to other lenders? A. Our market is becoming increasingly more diverse and at First Community Mortgage, we have established a Multicultural Lending Team that specializes in addressing the unique needs of homebuyers from diverse ethnic backgrounds. Our Hispanic initiative established in 2016 has helped hundreds of families become sustainable homeowners. We have developed financial programs that assist borrowers using ITIN/W7 to file their taxes, and for those under DACA, Asylum or other Visa Status we offer a competitive mortgage program with low down payment. Our team provides customer service in Spanish and Arabic. We understand that buying a house is one of the biggest financial transactions, and we thrive on providing a low stress experience to the homebuyers with superior personal attention and multiple options to successfully go through the mortgage process.
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