ONE DECADE LATER, NETWORK MORTGAGE THRIVES IN CHALLENGING RESIDENTIAL BROKERAGE INDUSTRY Chicago Mortgage Originator Marks 10th Anniversary in 2010

CHICAGO (April 2010) – The housing market was starting to march toward unprecedented heights in 2000, the year that Network Mortgage, first provided mortgage services to homebuyers in the Chicago metropolitan area and beyond. In the decade since, the market soared then sputtered; yet Network continued to flourish and deliver sound advice to its growing roster of clients.


Based in Chicago’s north side Lakeview neighborhood, Network set itself apart from larger competitors by adhering to a simple premise: Maintain a high level of personalized service for people as they make one of the biggest decisions of their lives – the purchase of a home.


“I’ve always believed that if you make customer satisfaction the number one priority, everything else will fall into place,” said Juan Lopez, Network president and founder. “Since we opened the business, enhanced technology, new government regulations and various economic factors have changed the way a mortgage transaction gets completed. But we’ve never wavered from our principles.”


Network serves homebuyers across metropolitan Chicago and throughout the suburban communities. Lopez said some clients worked with Network for the purchase of their first home or condominium, then retained the company when they moved on to purchase a bigger, more expensive home. The company boasts a near 80 percent client retention rate, mostly through word-of-mouth referrals. Lopez holds the prestigious National Association of Mortgage Brokers Lending Integrity Seal and Network has earned the Better Business Bureau A-plus rating – the highest available.


One key to Network’s impressive retention numbers and industry recognition centers on educating clients on the many details of the mortgage process and the immediate and long-term financial responsibilities. Lopez said the high number of foreclosures of recent years could have been avoided though better education and decision making.


“Too many homebuyers entered into mortgages during the last decade but really did not understand the loan process or the terms of the loan,” he said. “A lot of the loan defaults could have been avoided if the homebuyer received good advice at the time the loan was originated. Some people simply did not comprehend the financial aspects of owning a home.”


At Network, Lopez personally oversees every mortgage origination. With more than 20 years of financial industry experience, Lopez has cultivated strong relationships with major lending institutions; this insight helps Network secure the lowest possible interest rate and the best terms available. He’s supported by a staff of two professionals who complete the necessary due diligence to move the loan process forward, from the initial client meeting right through closing. Loan processor Kate Alpert compiles, evaluates and manages data submitted from borrowers and determines the feasibility based on the type of lender. Office/Operations Manager Lisa Burgos manages day-to-day operations and client scheduling.


“Many homebuyers believe they can lock in a lower interest rate if they go directly to a large bank,” Lopez said. “But we generally can secure rates that are one-eighth to one-quarter percent lower than the banks. And, our closing costs usually are lower because we don’t have the same amount of overhead.”


When Lopez opened the doors at Network, the immediate neighborhood and residential market were evolving. The offices -- at 3745 North Clark Street, two blocks from historic Wrigley Field – are in a neighborhood once populated with real estate companies, good sources of referrals. Lakeview blossomed into a major entertainment and night club district during the early and mid years of the last decade, and the housing market there and throughout the city and suburbs steadily climbed to record levels of sales and prices.


The residential market in 2010, of course, is much different. The recession and unbridled lending practices of the past resulted in foreclosures, short sales and new federal government regulations. Lopez said in the past, Network was able to select an appraiser from its own preferred roster of professionals; today, an appraiser is assigned by a third-party company, sometimes resulting in poor-quality appraisals at a higher cost to the homebuyer. But from a positive perspective, in 2009 the Obama administration introduced a plan that will allow restructuring of distressed mortgages to keep struggling borrowers in their homes and help stop plummeting property values.


Network also is licensed in Florida, and Lopez said the company offers the same kind of mortgage origination services to borrowers in that state.


“Since we started the business, a lot has changed in the mortgage industry,” Lopez noted. “Now, there are a lot of first-time buyers entering the market to take advantage of the lower average housing prices. With advancements in technology, we’ve been able to make the mortgage process more efficient and in some cases less expensive for the client.”


With a decade of outstanding client service, Chicago-area homebuyers can count on Network Mortgage to play a key role in helping them realize the American Dream.


Network Mortgage, LLC, is a Chicago-headquartered mortgage brokerage company that represents buyers of residential and commercial mortgages. Founded in 2000, Network Mortgage is dedicated to upholding high ethical standards and practices and delivering the finest customer service.