Mark Vernon

VP of Mortgage Lending/Renovation Specialist
7205 Wrightsville Ave, Suite 110, Wilmington, NC 28403
Contact Mark
NMLS: 191679
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Mark interview Q&A

How long have you been in the mortgage business and what inspired you to get into it?
22 years. I was in another industry for 14 years and was looking for a new and challenging career path.
What specific steps do you use to help your customers find the best home loan for them?
I ask questions pertaining to their current and projected financial situation along with other questions such as projected length of stay in the property, etc. A mortgage is a financial planning tool that should be used as such
What are the pros and cons of a fixed rate mortgage versus an adjustable rate mortgage (ARM)?
Pros- predictability; stability; security. Potential Cons- loss of opportunity with a improving market; higher carrying costs
Tell us about a specific challenging borrowing situation and how you got the mortgage closed and funded.
A elderly couple that wanted to own a home badly and has never been able too due to lack of savings & credit challenges and lack of someone with patience to help. I was able to help the wife repair her credit in quick fashion to acceptable levels; used alternative credit for the husband who did not have any credit scores; used a USDA loan and worked with the realtor to structure a deal that allowed them to close on the home with very little out of pocket.
What advice would you give new or first time home buyers?
Take a first time homebuyer course to understand the concepts of budgeting and home ownership
Tell us about a mortgage product that consumers may not be aware of?
Renovation loans- they allow a home to be purchased in a state of disrepair and obtain funding to have the home fixed up or improved after they close on the purchase- all wrapped into one fixed rate loan
What part of the home loan process do customers find most difficult and how do you help them through it?
The part of the process that most customers get intimidated by is being able to supply the proper supporting documentation or paper-trail that is required to satisfy the underwriters needs. I let my customers know up-front of all documentation I am aware of that they will need to supply and work with them to fill in the blanks if they overlook some items early on. The mortgage underwriting process calls for very specific documentation due to the high level of risk associated with lending large amounts of capital to individuals. These loans are sold in the secondary market similar to stocks and must be documented in a very precise fashion for the investors to buy them and other companies to insure them against loss.
What are the top 3 misconceptions people have about the home loan process?
You must have a 20% down payment; you have to have very good credit; it’s a very hard process
What resources could you recommend that borrowers use to learn more about the mortgage process and how to ensure a successful home closing?
An online homebuying course & Your loan officer- ask them a lot of questions
What can borrowers do to insure a smooth mortgage underwriting process?
Be prepared to supply information and paperwork to your lender in a timely and concise fashion.
Are you active in any local associations or community groups, and at what level? What goals and/or success have you helped these groups achieve?
Yes, past president and board member of the local Mortgage Bankers Association; Board member for the Wilmington Rebuilding Ministry; Sponsor & Associate member of the Coastal Carolina Real Estate Investors Assn.; Associate member of the Cape Fear Realtors Assn. I have helped promote home ownership and home ownership retention for individuals and investors alike.
Summary of where you grew up: family, affiliations, college, high school, etc.
My father was a career Soldier in the Army. I grew up across the US and in Europe at various locations dependent on his assigned stations. The majority of my life was spent in Maryland where I attended high school and college.
What provides you with the most satisfaction in your job as a Loan Officer?
Helping people buy a home that will bring them happiness and stability, especially when others have failed to do so in the past.
Tell us something that makes you unique or something wacky, yet interesting about you?
I enjoy showing & helping people do things that they otherwise could not do, either professionally of socially. Empowering people and instilling them with confidence by leading by example is very satisfying. Whether it is showing someone how to snow ski; showing someone how to build a deck or explaining a financial solution to purchase a property that is foreign to them; it is satisfying to recognize the empowerment of confidence or solution.

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