A Conversation With ... Chris Ray

We broker the mortgage loans, and the loan is actually owned by and sold to a different entity. What I do is shop for the best rate and the best program for the consumer. My job is to develop relationships with Realtors, contractors and other people in the community … in order to generate mortgage loans.

At my disposal, I’ve probably got 20 companies, and I’ve got four or five go-to companies that provide the best service and the best rates for the borrowers. We don’t service the loans. There’s myself and Tricia Holman, my processor, who also does some origination, in the department. We started this from pretty much the ground up in November 2005. We average about $1.6 million in volume a month, and I’d like to double our business in 2007.

What’s your professional background?

Before (First National), I was at Brown & Wagner Mortgage for two years. Before that, I worked for state Sen. Dan Clemens for the election cycle of 2002, and before that, I was a schoolteacher for 11 years. I taught junior-high English for 10 years, and high-school English for … my first year. I coached the basketball team and track team at Pipkin Middle School.

Why did you move from teaching to politics to working in mortgages?

With the teaching, I had reached the end of my rope there – career burnout or whatever you want to call it. It was time for me to do something different. I had worked in college on a political campaign, and I met Mr. Clemens through a mutual acquaintance of my father’s. He was looking for somebody to work in a campaign, and I was looking for something to get out of teaching, and that’s the route that we took … . During that time, I made connections with various businesspeople in the community, and also Bruce Brown of Brown & Wagner and I were college roommates and fraternity brothers. I called Bruce and said, “I’m looking for something,” and he said, “Why don’t you come and work for me?” The timing was right. I had some finance experience, but basically I learned the business from Bruce Brown and Steve Wagner.

My teaching skills transferred nicely to the loan business because I was able to explain the complex process of obtaining a home loan in a clear and concise manner.

What do you like best about your work now?

I love the opportunity to match up a loan with the client’s needs. I just don’t have a vanilla loan that I come in and say, “This is the loan that you’re getting.” I take in the full picture of the client’s financial situation, their future goals for the home – whether they’re wanting it as an investment, or to stay there for three years and move up … .

What types of clients do you work with?

I’m currently working on a loan for $60,000, and I just closed a loan for $830,000, so I will work with anybody who has the need to finance. We cover pretty much all areas of financing related to a home, whether it be a home equity line of credit, purchase money on investment properties or homes … refinances, seconds, first-second (mortgage) combos.

How’s the market in terms of interest rates?

In the rate environment that we’re in right now, we’re actually seeing an inching down of rates. The key to the interest rate right now is the 10-year bonds. All of our 30-year mortgages are tied to that, and inflation is what the Federal Reserve is looking at. As long as our inflation numbers are in line, we’re going to see a holding steady of interest rates – maybe even a reduction. … When we had the lower rates, we also had really cheap money on adjustable rate mortgages. In 2007, there’s $3.1 trillion worth of loans (nationwide) coming off of adjustable rates … so the refinance business is going to be phenomenal in 2007.

Tell us about your family and your spare-time interests.

I try not to work more than 60 hours a week. I like to cook – I’m an amateur chef and like to try new recipes and perfect old ones. I love to read, and I’m a pretty social person, so I have a group that I like to hang out with, and love to watch sports and go to the horse races. I’m dating Brooke Hobbs. Also, I work quite a bit with Women in Need, which offers assistance to women who have fallen on hard times.