Because a house is likely to be a person’s biggest purchase, choosing the right mortgage company to finance that home is a weighty decision, too. That is what prompted St. Louisans Mark Klein and Stuart Imber to offer First Rate Mortgage Powered by Delmar Financial. It’s a new partnership that offers homebuyers personalized, boutique-level attention, but with all the resources of a big-name lending firm.
First Rate, which has offices in downtown Clayton, opened its doors June 1. Its parent company is Delmar Financial, a locally owned mortgage bank that’s been in business for more than five decades. At the helm is Imber, a seasoned loan officer who has been with Delmar Financial for four years, and branch manager Klein, who founded First Rate Field Services, a property preservation company. The two teamed up when Imber helped Klein with his own home purchase about a year ago. “I mentioned to Stuart that I was looking for opportunities to get into the origination side of mortgages,” Klein says. “After he told me about the great success Delmar has had for the past 50 years in supplying mortgages, we decided to open a partnership branch.”
The affiliation brings a score of benefits to clients, Imber says. “We can utilize Delmar’s relationships with banks and investors all over the country, and because of the relationships they’ve built over the years, we’re able to provide the most competitive rates and the most competitive product,” he explains. “As mortgage bankers, we have full agency approval, which means we can sell directly to Fannie Mae, Freddie Mac or Ginnie Mae. We have all the autonomy of a large bank, but unlike many mortgage brokers, we close every loan ourselves.”
This means a streamlined, simplified process for homebuyers. “To not have to go through many levels of approval and underwriting is a huge asset, because there are some big changes coming in the regulatory framework as early as August,” Imber says. “Without layers and layers of management, we can get the job done efficiently. We pair each client with an individual loan officer who has years of experience, and we advocate for each client and don’t stop until they get what they need.”
The relationship extends beyond a home’s closing date, Klein adds. “I have a software tracking system that gives me daily updates on every one of my clients, and they’re notified immediately if their rates could be dropped,” he says. And if clients decide to refinance, their existing relationship with First Rate makes the process much easier, with First Rate fronting the associated closing costs. “I ask for an updated pay stub, and that’s pretty much it, because I have everything else right there in front of me,” Klein says. “Life changes, rates change, and we want to be there for our clients when they need us.”
Pictured: The team at First Rate Mortgage Powered by Delmar Financial
Photo: Tim Parker Photography
[First Rate Mortgage Powered by Delmar Financial is a mortgage firm located at 8000 Maryland Ave., Ste. 1210. It offers personalized service with all the resources of a large lending institution. For more information, call 314.304.2005 or visit firstratemortgagestl.com.]
