President of Equity Prime Mortgage LLC
Mr. Perez has over ten years’ experience in the mortgage banking industry as a top producing loan officer, sales/branch manager, and executive. Prior to his career at Equity Prime Mortgage, LLC. He operated the top producing branch at Global Mortgage, Inc. Eddy holds a B.B.A. degree in Finance with a concentration in Mortgage Lending from Georgia State University
From Eddy Perez
Everything is possible in America. It’s not easy; however, all of your wildest dreams are possible if you believe in yourself, treat people with respect, and work your butt off!
What’s misunderstood about the Hispanic market is the commitment to maintain a home.
The Gig economy is real. Borrowers are making money doing extra jobs or they have family members who are contributing to the household and who are going to live there. So, you can look at a bank statement and determine if the cash flow is there to make the payment.
Dodd-Frank was the greatest LO pay increase in the history of mankind. What we have now is the loan officer not accountable for any errors or mistakes and they can demand 250 basis points for doing a poor job for the company and for the consumers. And that’s just crazy.
The biggest misfortune is that regulators don’t think about the impact on the end consumer. They don’t realize the cost impact and that’s where the real shame of it is.”
I’ve sat in meetings where people suggest if you lend below a 620, you’re a bad person. I’ll be honest with you; our strategy lets us go down to 550 and those loans are 10 percent down with reasonable DTI ratios. So, you’re not compromising the underwriting, because when you dig into the customer’s story, it’s about life events. It’s life events, it’s divorce or something. We have the power to make loans that we believe will perform, and we are accountable for that.
About Eddy Perez
Eddy Perez provides wisdom and insight into everything from underserved markets to LO compensation. He believes the industry needs to rethink the latter, demanding a new accountability from loan officers and restructuring compensation as defined under Dodd-Frank. He sees a way through to serving the underserved by taking prudent risks and by understanding what really drives consumers in niches like the Hispanic market. Perez leverages understanding and compassion for the consumer, too, in his approach to mortgages. Combining personal accountability with informed risk taking defines Perez’ philosophy, while an entrenched optimism about possibility in American life colors his professional perspective.