Business Partner Highlight: Adam Lofgren

Keith McKeever: All right, Adam, thank you for joining me today. This is Adam Lofgren with Flat Branch Home Loans. Welcome Adam!

Adam Lofgren: Thanks for having me Keith.

Keith McKeever: No problem. So tell us a little bit about who you are?

Adam Lofgren: So my name is Adam Lofgren, and I'm with Flat Branch Home Loans. I've been doing home mortgage lending for over nine years now. Born and raised here in Peoria, Illinois, graduated from Richwoods did my college at the University of Illinois, and I've been living back here ever since.

Keith McKeever: I didn't realize it just over just over nine years that you've been doing this

Adam Lofgren: It doesn't seem like that long. It's flown by. But I think what you do it goes goes pretty quick.

Keith McKeever: That's true. And there's a lot of a lot of similarities in our story. I knew you have been in the business about 10 years or so. I've been about nine and a half in myself. So we must have got started right about the same time.

Adam Lofgren: We did. Yeah.

Keith McKeever: And then of course, you also have your dad in the business like my mom is in the business.

Adam Lofgren: Right exactly! And I it's, I have a funny story about that. So he's been doing it for I think now almost fifty years. I'd asked him in college, because I wasn't sure what I was going to do really. Okay, so I asked if I should get into mortgages and such, and he said you probably don't want to do that! I'm like, All right, okay! So fast forward, I got a job as a sales manager, for local manufacturing company. It was alright. I still really like the cubicle work. And, you know, being locked into nothing, you know, not that there's anything wrong with that, but it should fulfill, you know, what I really want to do. And around that same time, it was kind of feeling that, my dad's boss asked him, if you thought I'd be interested in getting into it, and dad just kind of put his hands up and said, “I'm not getting involved”, you can reach out and ask him. And from there, I kind of took a leap and it's a really good fit. I truly can say I enjoy what I do!

Keith McKeever: Now, that's definitely different path than me, because I grew up with it. My parents were like, “Oh you're gonna get in real estate one of these days”. I was like, “No, there's no way I'm getting in real estate”. And you know what, here we are 10 years later. Okay, that kinda answers my next question about how you kind of got in. But I know you've been in a couple of different institutions, but you're at Flat Branch and you've been here for a little while now. So why did you choose Flat Branch?

Adam Lofgren: Yeah, there's quite a number of reasons. As you mentioned, I've worked for a local, small local community bank, I've also worked for a very large national bank. Both were quite the opposite from each other. And you know what Flat Branch is, I guess I can explain how Flat Branch is different than a bank. We're a mortgage lender. So we don't do auto loans, we don't do bank accounts, that kind of thing. We're not a mortgage broker, where we just broker everything off, we do fund our loans, we underwrite our loans, we do service, large majority of our loans. So a lot of one, you still make your payments to us. So we're kind of a hybrid between a bank and a mortgage broker. So that's what we are. One reason I really, you know, Flat Branch stood out for me is I've become a wanting to do mortgage lending team. Kind of like how real estate agents have a team, you know, you better serve your customers, you know, you can provide basically 24/7 support when you're not available or on vacation, which is something I'd like to do more of eventually, someday. So that they're one of the few companies that are really allowing that right now. Another reason, really to is that we only stick to markets, we don't get convoluted with the other stuff to sell and that kind of thing. And the company, specifically, it's a really cool atmosphere of a company started by a man named Jim Yankee, who spent the first I believe 10 or 12 years of his life, actually in Peoria, Illinois, before he moved to Columbia, Missouri, and started the company down there. So they're headquartered in Columbia, that we are the largest mortgage lender in the state of Missouri and the company has only been around about 10 years, 10 or 15 years. So really good growth.

Keith McKeever: That’s phenomenal growth over a 10 year period!

Adam Lofgren: Exactly! Exactly! And we're actually last year we became the number one USDA so we were the number one rural development lender in the state of Illinois, actually. So we're showing growth here in the markets of Peoria Bloomington, Springfield and Champaign. But Peoria really stood out for Jim because he has a kind of local connection he knows that area. So he him and I Started talking way back in 2018, just kind of he asked to have lunch and sat down and really hit it off. He's a really good down to earth guy really cares about his employees. And last year, he actually converted the company to an ESOP. So we are an employee owned company now too, which was also very unique for the mortgage business.

Keith McKeever: That definitely is, I don't know if I know any off the top my head that are.

Adam Lofgren: I never heard of one. Yeah. So restructure, it fit really well, even before it was at use up. Everyone cares! Our motto is “It's a family, not a file”, you know it's a family that we're focused on. So everyone from underwriting, to processing, servicing, closing every part of the transaction, I really feel like everyone really cares. There's just like, feeling that everyone cares about getting the loan closed and getting the borrower in their home or the refinance that they need done. And it's not just, you know, day to day file, everyone wants to get the job done and get the job done in a really, really good way.

Keith McKeever: That's awesome. And my experience so far with Flat Branch, is the job gets done. So I know, you guys can do pretty much every loan program that's out there, at least the standard FHA, VA, Rural Development, Conventional stuff, but is there is there one in particular that you specialize in? And which ones do you really like doing the most?

Adam Lofgren: Definitely, by far and away, my favorite is working with first time home buyers. So no matter what loan program they fit in, you know, everyone's different and everyone has a different loan program. Those are, those are the most fun, because they're buying the first house, and they're excited. You know, something they've never heard of before making the biggest purchase they've ever made in their life, but we're here to hold their hand and walk them through every step of the way. My second favorite, definitely VA. Obviously one you know, it's definitely you want to do a service for someone that's done the ultimate service for you, as an American, so, you know, you're a veteran! So you know, truly appreciate what veterans like you've done for us. But also, it just offers such great benefits to veterans. So, you know, they don't have to pay the PMI or private mortgage insurance, their rates are lower, the underwriting guidelines are really easy to get through. So it's, it's a great loan for veterans, I really like doing those. And my third favorite would be to get people that already own a home into another home, when they don't think they can without selling their house. So kind of speak to that real quick, especially in the market we're in right now. And that's, that's been one of am I gonna do with this? Right?

Keith McKeever: Yeah.

Adam Lofgren: So a lot of people think they need, you know, 20% down to buy a house, and they need that from equity of their current house. So they think they need to sell well, we can get creative and do something where you know, we can just start with a very low down payment, sometimes as little as around five, sometimes 3%, usually around 5%, if they qualify. You know, they close on the one home, that is when they sell the other home, we allow them to put that equity back onto the loan, and recalculate their mortgage, remove PMI, if they get to that point, without totally refinancing the loan. So they keep the rate, they don't have to jump through much underwriting hoops, they don't have to do anything other than, you know, write us a check for that equity amount, and we recalculate it and it's like they put it down from the get go. So it's allowed a lot of people that have been told no by other institutions that now unfortunately, you're gonna have to sell your house, you know, same day as buying a new one. It's allowed them that flexibility and, and let's be honest, no one wants to move in one day and you know, have all been Oh, that's moving truck while they're signing papers. And it's, it's not fun. So that's really cool. Anything I enjoy doing,

Keith McKeever: I usually joke with people, that's where the real fun begins is the movie and then logistics. It's like a chess board. You just most time you just kind of gotta go through it. Even if it's a couple, you know, week or two later, month later, whatever, you're still kind of going through it, you know, because you're still never Yeah, but I didn't even know that some of that stuff. So that's even news to me. And that's really cool. Because there's a lot of people that just thank me, I just can't, or I don't know how it.

Adam Lofgren: Yeah, and obviously everything I say it's, you know, assuming that to qualify! As a lender, I have to say, you know, if you qualify for underwriting, you know, the stuff like that, but you know, it's not as hard as a lot of people think it is.

Keith McKeever: But I think there's a lot of misconceptions with people to first time home buyers. People moving on everybody because it changes so often. I've seen a million different changes already. So people just don't know what they don't know. And it's really not that bad or that intimidating. If you take your time and you ask the right questions. Some people will get people don't think like, they think they're bothering us. But it's like, no, we want you to ask the right questions!

Adam Lofgren: My motto is only dumb question is one that doesn't go asked.

Keith McKeever: Absolutely. I couldn't agree more.

Adam Lofgren: People that think they need to put 20% down to buy a house. It's just it's not true so.

Keith McKeever: Yea, and so I get that every now and then too so. So outside of being a lender, what kind of things are you into what kind of hobbies you know who's who's Adam, without polo shirt on?

Adam Lofgren: So I'll get to steal polo shirt

Keith McKeever: That sounded weird!

Adam Lofgren: Yeah, no, well, I was gonna say golf is one of my very main hobbies and that's the polo shirt.

Keith McKeever: So for a second I meant, you know, like T shirts in your off time you know!

Adam Lofgren: No, no, my kids first and foremost. So I've got two boys. Brooks will be four this October and Hudson he turned two last March. So to toddler boys about a year and a half apart there handful that oh, man, there's so much fun they're getting to that age or they can actually play together and you know, talk and argue and fight together. You got to you know, I gotta so they're fun. You know, I got Brooks kind of golf and a little bit with me last summer, taking Hudson out a few times with us this year. And so they like that. You know they love the pool and the zoo is awesome! We love going to the zoo, they they go crazy about it. The Last Sunday we went actually, the lions are they never been when the lions were right up against the glass and the male lion was just pacing back and forth against the glass and versus just like, buddy, he probably wants to eat you! But it's it's cool to be right there. Anything outdoors we can with them. And there are a lot of fun. Yeah, when I not with them it's a lot of golf for me mostly, I enjoy the outdoors and that kind of thing.

Keith McKeever: Awesome. Well, I know you do a lot of volunteer other volunteer stuff, too. I know you keep pretty busy. But if somebody wants to get in touch with you, obviously I've got it scrolling across the bottom. It'll be in the show notes too. But your website's scrolling across there.

Adam Lofgren: Everyone has my cell phone, I give all my customers my cell phone. It's 309-253-4177 call text email. I like to be accessible and available to anyone that has any questions. Even if I'm not working with you on a loan right now or you don't have plans to anytime soon if you have any kind of questions at all. I really love being a resource and love answering questions that pop up in this business.

Keith McKeever: Yep, like you said, you know, the only dumb question is one that's not asked. So you got got to ask! Well Adam, I appreciate you hopping on here sharing a little bit about who you are, what you do Flat Branch and all that stuff.

Adam Lofgren: So thanks for having me. I really appreciate it!