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Pete Chilberg

Vice President of Mortgage Lending
1123C Military Cutoff Rd, Wilmington, NC 28405
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NMLS: 119199
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Pete Chilberg and his entire staff are awesome! Pete was extremely knowledgeable, helpful, and patient with my many questions. He was always available, and answered his phone promptly, my message went to his voicemail only once, and he returned my call within a few minutes. He took care of the many details involved in applying for the loan, and then guided me through the whole process right through to closing. I am grateful to Pete Chilberg and to everyone on his staff for their wonderful,...

Glenyse J. - Sanford, NC | Dec. 2015

I cannot say enough about how professional Pete Chilberg and his team (Dana, Jackie) were throughout the entire process. For someone that really has no clue about loans and all that come with them, they made it so I felt so comfortable in knowing they knew exactly what they were doing and more. I truly trusted them completely throughout the whole process.

Martha B. – Colonial Heights, VA | June 2015

Pete was amazing! Also Dana did a fabulous job!

Darrell R. – Charlotte, NC | Feb. 2015

Pete Chilberg was very helpful, patient, and knowledgeable. He made it easy for me, an out-of-towner, to understand and complete the process.

Lois M. – Homer Glen, IL | Jan. 2015

About Pete

I've been actively working in the real estate industry since the mid 1980s. I've worked as a Property Manager, and a Realtor prior to obtaining my Loan Officer license in 2003.

Pete interview Q&A

Who is your typical customer and what questions do they typically have?
There is no such thing as a "typical" customer. My first order of business when I meet a potential new client is to learn what their desires and objectives are in getting the loan, as well as fears or apprehensions they may have over the loan approval process. While the most common question is "what is your rate", I take the time to educate clients that "rates" are driven by the market and if fees are paid by the Lender or the borrower. It is the most asked question as it's the easiest to clearly measure, though frequently their need to have a fast and efficient loan closing end up being just as important to them as the final "rate."
How has the mortgage industry changed since you started, and what would you expect in the future?
I was fortunate enough to be active in the mortgage business during the early 2000s, as I saw first hand how greed, dishonesty, and ignorance could cause so much damage to the housing industry. With the ensuing flood of tighter rules, regulations, laws, and underwriting guidelines, I then saw (and continue to see) the negative impact of over-regulation. The loan approval process has become what I call a "guilty until proven innocent" view of the loan applicant, where lenders and their underwriters have to prove beyond any doubt that the borrower isn't hiding debts, or misrepresenting various aspects of their loan application. That results in an environment where many qualified potential homebuyers are so fearful of the system and loan process, that they simply don't even apply. The word "guideline" by definition is "a line that guides", and in the last 10 years lending guidelines have gone from being interpreted as "suggestions on what may be acceptable" to completely inflexible rules that must be obeyed regardless of valid explanations or extenuating circumstances. I expect that the balance will swing back to allow at least some subjective interpretation by the underwriter, and hope that comes to pass, though I have no idea if it will continue to get worse before it gets better. It may not happen, at least not in the near future. I only have hope that the industry, and the powers that regulate the industry find a reasonable balance between inflexible, zero-tolerance rules and common sense underwriting.

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