Please Join me in welcoming Vince Parlove to our team! We did a quick Q&A this morning. This is his story…
1.) Tell me about your career, most kids don’t dream of being a mortgage lender.
I started in the mortgage business right out of Adrian College in 1992. I worked with “The Associates Financial Services” for 3 years. Then I joined Aggressive Mortgage Corporation that eventually became Franklin Mortgage Funding / FMF Capital. I was the first employee at FMF and we grew that organization to over 600 employees and eventually reached over 5.3 Billion dollars in closings in 2005. I held a minority ownership in FMF and we took the company public in 2006. Everyone who has been in this business knows what happened in 2007-08 and we closed FMF down in 2008. I had already left FMF when it was finally put to bed. In 2007, I started with Michigan Mutual where I held the position of President for the last 10 years.
2.) Why the move to Mortgage 1?
I’ve known Mark and Rick for years. Over the past five years, we have gotten together 3-4 times a year to compare notes and discuss the challenges of our organizations. As I have gotten to know them it became clear that we share the same passion and values of growing a compliant, profitable independent mortgage company. We started talking about the possibility of us joining forces here a few months back and here I am.
3.) Tell me about your family, did you have any kids?
I have been married to the same young lady for 23 years and we a have actually been together since 10th grade in high school. She’s a saint to put up with me. We have three great kids 17,15 and 12. We have a dog named Buster and a cat named Spike. Our whole family is extremely active in sports and that takes up most of our time. When I can get away we like to vacation and I get out on my Harley every chance I can get.
4.) What are your biggest pet peeves?
I’m pretty big on being on time and I expect folks to give me the same respect. If you can’t be there at least call or text. In today’s world of immediate communication, I believe there is no excuse.
5.) What has been the biggest factor in your success?
I firmly believe that everything you do in life starts with trust. Having a high level of trust allows healthy conflict which is the catalyst for great results. This is not only in business but also in your personal life as well.
6.) Where is the Mortgage Business headed in your opinion?
Change has been constant. I think we are at the end of the drastic changes, especially from a compliance standpoint. I believe that we are in the beginning stages very much like the retail chain stores went thru 7-8 years ago. The likes of Sears, JC Penney, and Kmart are struggling and will continue to struggle because we will buy a majority of things online.
The mortgage business is not exempt from the internet playing a role as we have seen. With “Digital Mortgages” coming on the scene here in the past couple years. We have now seen the beginning of the top tier mortgage folks going the way of speed and ease of use.
The expectation to produce a mortgage at less cost will continue. The good news is just like there are certain things that we will always go to a store to buy, so will certain mortgage products. I do not see lower credit score loans, BFS folks, 203K loans, Reverse Mortgages going the way of automation anytime soon.
There lies our opportunity.
You can reach Vince at VParlove@mortgageone.com