Dashing through the snow with a 25-point pricing credit…
It’s beginning to look a lot like Christmas – and a mad dash to gain market share after a tumultuous year in the mortgage business.
With verbiage normally associated with department stores staging seasonal sales, A&D Mortgage this week launched its “Winter Wonderland Savings” promotion providing a 25-basis point pricing credit on all non-QM mortgages for clients with a FICO score of 680 or higher and a combined loan-to-value of 75% or lower.
Mortgage Professional America reached out to Mike Pearson (pictured), senior vice president of business development at A&D Mortgage for more insight into the motivation behind the promotion.
Hearing clients’ stories of struggles sparked the initiative
“Obviously, we’re headquartered in Florida, so we have historically been a high purchase market,” Pearson began during an interview with MPA. “But we hear a lot from our customers about struggles with the higher interest rates and people are being hit with higher taxes and higher insurance and everything else. So, we’ve been trying to find ways to do more of the purchase business to be able to be more aggressive across the board, but particularly for purchase business.”
While based in Hollywood, Fla., A&D Mortgage is licensed in some 30 markets across the US where the promotion is also valid, Pearson noted.
He acknowledged the tactics of marketing at play but noted the backdrop of a rougher landscape for would-be homeowners – what with higher mortgage rates and inflation – as the company’s primary motive in launching the program.
Equal parts marketing and magnanimity?
“It is marketing, of course, to say ‘winter wonderland’ or however they phrased it,” Pearson said. “But at the same time there is some real truth behind the fact that we’re trying to bridge the gap on purchase transactions. We see more and more people having a difficult time with all the stresses that’s out there and all the increased pricing – not just mortgage rates but all across the board.
“So, we look at where are the best-performing loans that we’re seeing right now and do some targeted pricing to assist those borrowers in those buckets where loans are going to perform a little bit better anyway.
Designed for purchase market transactions, the “Winter Wonderland Savings” promotion is valid until Jan. 14. In describing the effort via a news release, A&D Mortgage officials said the promotion is part of the company’s “…ongoing commitment to making homeownership more accessible and affordable, especially during the festive season.”
Max Slyusarchuk, CEO of A&D Mortgage, expressed enthusiasm over his firm’s initiative. “We are excited to present the ‘Winter Wonderland Savings’ as our gift to homebuyers this festive season,” he said in a prepared statement. “This promotion is not just about offering financial benefits,” he added. “It’s a testament to our dedication to supporting families in realizing their dream of homeownership. We believe that everyone deserves a warm, welcoming home for the holidays, and with this offer, we’re making that dream a little more attainable.”
The promotion is available to licensed mortgage brokers and their clients, officials said. Company officials noted the offer comes at a time of heightened demand for housing, positioning A&D Mortgage as a “proactive and customer-centric organization in the mortgage industry.”
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