Ozarks Profile: Jerry Palmer

Tell us about your company.

With its headquarters in Irving, Texas, First Horizon Home Loans is a full-service mortgage company ranking among the nation's largest in both origination and servicing with branches throughout the United States. In 2001, First Horizon Home Loans helped more than 174,470 people purchase homes and currently services more than 415,660 loans. We are a mortgage bank.

What do you do?

My responsibility to the client would be to conduct the initial interview to determine the qualifications of the client, provide various mortgage products to achieve their goals, complete the application and monitor the loan process through closing.

There are many loans available today, providing several choices. The three most commonly utilized today are the conventional, Federal Housing Administration and Veterans Affairs loans.

The loan process consists of loan application and supporting documents prepared for processing and underwriting. The processing department enters the data for the underwriters to review for credit approval. During this time, the title work and appraisal are ordered. When we receive the title work and appraisal, a review will be conducted for the approval process. The next step will be to prepare the closing documents in accordance with the real estate contract and close the transaction.

Are government loans more difficult to

obtain than conventional loans?

Government loans are less difficult to obtain than conventional loans due to the qualification requirements.

Briefly explain the difference between banks,

mortgage banks and mortgage brokers.

Mortgage brokers prepare your mortgage application and may submit to several lenders each of which will run a credit report. They do not offer other financial services.

A bank offers many financial services, primarily the normal banking services as their main subject of business with home financing as an additional source of business or income. The bank may keep your loan within the bank known as a shelf loan with a short term. A bank may also sell your loan on the secondary market. When your loan is sold, you no longer have a local representative to discuss any issues with your loan. The mortgage bank, such as First Horizon Home Loans, will provide the latest in mortgage products and many times will service your loan after it closes. The mortgage bank will have the authority to approve, close and fund your loan. Mortgage banks may secure the loan from the mortgage broker or bank.

What's the best part about your job?

The best part of my job is to see the smiles on my clients' faces when they are approved for a mortgage, especially the first-time home buyers.

Tell us about your family.

I am married to a wonderful lady, Lynda, and have been for 38 years. We have three grown children, all married. Recently, we were blessed with three additional grandchildren, making a total of five, all of which we love dearly.