2017-09-07 / Business News

John Schrenkel

CEO, American Eagle Mortgage


John Schrenkel John Schrenkel Wide array of products keeps us ahead of changing economy

WHO AM I?

NAME: John Schrenkel

TITLE AND COMPANY: CEO, American Eagle Mortgage

YEARS WITH THE COMPANY: 17

YEARS IN SOUTHWEST FLORIDA: 10

NATURE OF BUSINESS: Mortgage Banking

EDUCATION: College

HOMETOWN: Lorain, Ohio

What is the most significant change you’ve seen in your industry over the last year?

Contrary to the last six years of tightened underwriting guidelines, this year we’ve seen a much needed expansion of credit and underwriting guidelines. This has opened up the opportunity for homeownership to customers that may have been excluded in the past six years. This easing of underwriting guidelines combined with several down payment assistance programs that we offer has made the dream of home ownership a little easier for many.

What improvements, innovations or changes do you foresee in your industry?

Online tools for prequalification have made approval for mortgages faster and more efficient. And now the combination of financial advisors with the mortgage industry have combined the good sense to utilize property investments for personal portfolios. Innovation and staying ahead of the technology curve are critical components of a successful, modern mortgage company. In much the same way that Amazon Prime has revolutionized the speed and convenience with which consumers shop for goods, technology is changing the speed and ease with which consumers obtain a mortgage.

How are you responding to changes in the local economy?

Our focus has always been helping those in our communities achieve the dream of home ownership. In pursuit of this dream, we continue to add mortgage products that will help more borrowers qualify for a home loan. Whether it’s a bank statement loan in lieu of tax returns for a self-employed individual, a zero down VA or USDA loan or down payment assistance, our wide array of products help keep us ahead of the changing economy.

Name the top three elements or practices that have been absolutely critical in the success of your business?

* Commitment to helping those in our communities achieve the dream of home ownership.

* Consistently closing mortgage loans smoothly and on time.

* Hiring and retaining exceptional and professional loan originators

What are things you’d like to change about your industry now? Your organization or business?

Since 2009, the pendulum swung too far in the direction of over-regulation and compliance. This over-regulation has added tremendous cost and time onto the mortgage process which ultimately gets passed on to the consumer. While much of the regulation was needed, some of it needs to be repealed in order to ease the burden on borrowers.

Within the context of your current marketing/promotional strategy, how do you differentiate your company from your competitors?

Our knowledge and experience set us apart from our competition. These qualities allow us to bring confidence to the home buyer and Realtors that the home loan will close on-time. Additionally, we now offer advance approval to our borrowers which effectively makes that buyer as strong as a cash buyer.

What’s your superpower?

Being able to see in the distance. Projecting outcome.

What will you base your success on for 2018?

Continue to hire and retain knowledgeable and experienced loan originators who are committed to help those in our communities achieve the dream of home ownership.

How is social media impacting your industry or business this year? Facebook? Twitter? Etc.…

So important! This gives the ability to reach target markets in a click.

How are you using technology to improve your business?

We have leading edge technology to make the mortgage experience accessible and easy for our borrowers. Our proprietary Home- On-Time online mortgage application walks our borrowers through the loan application process, allows borrowers to upload their information directly to the online document portal and will even electronically reach out to obtain the borrower’s bank statements and payroll history as long as the borrower has granted permission.

How are you growing and developing your employee skills?

Hand picking the best of the best who rub off on each other. High standards never fail. We start with hiring the most experienced and professional loan originators who are committed to helping our customers achieve the dream of home ownership. With that said, continued training on product knowledge, compliance and in delivering an exceptional experience for our borrowers is a top priority.

Can you tell us about a new hire that will make a positive impact this coming year?

I would have a tough time singling out one and I am proud to say this.

What do you truly love about working here in Lee County/Collier County/ Charlotte County/Palm Beach County?

What is not to love? Southwest Florida is the place of happiness and depth of many smiles. Go anywhere and you meet interesting people.

How do you find inspiration in today’s business climate?

Jumping in head first. “Can Do, Will Do,” that is our motto.

Who is a mentor to you within your industry?

I must say my attorney/friend John Goede. He is there when I need advice.

What wise words would you tell young people entering the work force today?

Work hard, work steady and it will pay off. Never be afraid to follow a vision. Get comfortable being uncomfortable in order to grow personally and professionally. ¦

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