Nick Pakulla - Mortgage Lender Loan Officer in MD, DC, VA

It has been almost 2 years since First Place Bank has been open here in Rockville, Maryland.  Currently in Rockville we operate a mortgage lending branch where there are Loan Officers and staff (no tellers).  We offer mortgage loans in Maryland, Virginia, and DC, including areas such as Bethesda, Potomac, Silver Spring, and the Kentlands in Gaithersburg.  

First Place Bank is a $3.2 billion financial services company based in Ohio.  In total there are 41 retail and ATM locations, 2 business financial service centers and 23 lending centers.  Here in Rockville we operate one of the mortgage lending centers.  If you are in the Maryland, Virginia, DC area and are looking to obtain mortgage services First Place Bank is a great place for you.  

Here is why: First Place Bank is not like other banks.  We are a small Community Bank focused on assisting both homebuyers and the Realtor community get to closings with the least amount of stress.  We accomplish this with our local appraisal system and in-office processing, underwriting and closing.  Our local appraisal system doesn't utilize 3rd party management companies, this allows use to ensure a quality appraiser will be out to your property and they will deliver it in the required time frame.  Our complete in-office operations allow us to close files in as little as 2 weeks and have 100% accountability from a loan officer level with the ability to know the status of the file throughout the entire underwriting to closing process.    

If you are interested in what the inside of a First Place Bank branch looks like, I have posted some pictures below from a retail branch in Ohio (our office in Rockville looks a little more like a business office as compared to a bank branch):

 

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Understanding the Home Appraisal Process

Consumers are often baffled by the home appraisal process. They may feel their home is worth a certain dollar amount, and therefore, the appraised value doesn't make sense to them. It is important to know that appraisal guidelines are dictated by the lenders. In many states, the lenders must disclose the purpose of the appraisal, as each situation carries its own set of rules. In essence, lender guidelines force appraisers to put a fair market value on a home based upon comparable sales in the area where the home is located, as the home must be bracketed according to size and value. For example, there is no set amount associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, and the local marketplace supports the value of a pool at $15,000, that item will be bracketed as [$15,000] on the appraisal. Upgrades can usually be expressed at full value in newer homes since they required investing additional money onto the cost of building the home. On the other hand, the amount invested in upgrading or remodeling an older home is rarely reflected in full in the final appraisal. The reason is the home had value in its original condition, and again, the value of the upgrades must be supported by comparable examples within the same marketplace.

These comparisons must be drawn from current market activity within the last six months. Some lenders may want to look at both closed and pending sales. This is a safeguard to prevent appraisers from over-valuing the home in question. It is further stated in the guidelines that appraisers can only place a value on homes that have closed escrow. However, when property values rapidly increase within a marketplace, appraisers are generally permitted to make concessions and put more weight on the evidence provided by comparisons to pending sales and listings. This allows for a "real time" appraisal.

At First Place Bank, we don't use 3rd party appraisal management companies. We use a local rotation of qualified appraisers that are familiar with the local marketplace. This improves appraisal quality and efficiency. Call me directly for a free consultation.