Timothy George is the founder, president and loan originator at Infinity Financial Mortgage Corporation, a mortgage brokerage firm in Arizona. His company helps people to find home loans with better rates and fees than they would get from a big bank.
Timothy also finds ways to make it easier for his clients to apply for loans, by finding all the documentation they will need for them. This means that people who have a steady income and who are good lending prospects don’t have to go through all the hassle of proving themselves.
Timothy, how did you get into the mortgage industry and what motivated you to set up Infinity Financial Mortgage Corporation?
I got into the mortgage industry because I had a financial background as the Finance Director of a large automotive group, called “Automotive Investment Group”, which has recently been acquired by my old mentor, Larry Van Tuyl.
While doing mortgages, my passion to help people buying their dream home sparked me to start and build a team. I knew that as a team, I could help more families per year, and then hire someone to do the detailed stuff, like the paperwork.
I started Infinity Financial with a belief. My belief was, and still is, that the American Dream is homeownership, and as the owner of the company, I could help many more families, while creating jobs within our community.
I believe that everybody has the right to homeownership, and we come to work every day imaging a world where people go home from work, after a hard week’s worth of working, and should LOVE their homes where they will spend their time. And that their kids will build memories of a lifetime in those homes.
Your business is dedicated to providing mortgages with lower fees and rates than the big banks. How do you do this?
We are able to do this by signing up with many different “wholesale” lenders that all compete for mortgage company’s loans. So, we are referred the borrower, and they come to us with their financial goals, and we are able to then shop for them between different lenders.
I have no issues when a wholesale lender comes to price out a loan on one of my files, and after showing me their pricing, I will show them what I was able to get from their competition. They seem to always go to “Upper Management” and try to beat the deal I already have negotiated.
How do you make it easier for people to get their loan approved?
We make it easier to get a loan with technology. We have tools available to us to allow things like, Doc-Less loans. These loans are not exclusive to one mortgage company, they are available through multiple companies, but why would anybody want to take the time to gather 100’s of previous pieces of paperwork, and send them to a mortgage loan originator, just to have to go and dig up more later during the process.
So, we’ve embraces the Doc-Less revolution, where they E-Sign a document allowing us or our investors to chase that paperwork down for them, making it a better experience because what they are really buying is a home. The debt is a necessity, but it’s not why they come to us. They come to get the funding necessary to buy the home.
Do you broker all kinds of loans or just mortgages?
While we have the ability to broker other types of loans, our passion is focused 100% on home loans. We get inquiries, sometimes weekly, but we feel that our companies core values lie with the focus of “affordable housing”, and letting everybody know that they are better off with a brokerage whose main focus is on the profit side, where our main focus is on the home ownership experience.
If you require less documentation than other lenders/brokers how do you assess if someone is a good prospect for a loan?
While we don’t require less documentation that other lenders/brokers, what we do is require less documentation from the borrower to gather on their own and send to us.
After our initial meeting where they verbally answer questions about their specific qualifications for the loan in which they are applying for, we just offer to chase the documentation down for them. There are services available, which Fannie Mae and Freddie Mac have as approved third party vendors, who can verify this information electronically.
So, while I hear some people saying, “Every loan I get, I have to supply 2 years of tax returns. I can’t seem to find them”. We have them sign an IRS form, called a 4506t, which allows us to get the tax transcripts directly from the IRS, making it a painless situation for someone who is in the middle of packing up their home, getting ready for a move.