Aulds Horne & White / Standard
Mortgage company gets a new face lift and continues same focus
In the 61 years that Aulds, Horne & White â€“ now Standard Mortgage Corporation â€“ has been in business, the basics of getting a home loan havenâ€™t changed.
Your employment and income have to be verified. Your credit report has to be pulled. An appraisal on the property you want to buy must be ordered.
However, the way â€“ and speed â€“ in which all of that is accomplished has changed.
A lot. â€śTechnology,â€ť Jim Griffith doesnâ€™t hesitate to say when asked how the mortgage business has changed. The vice president/branch manager of Standard Mortgage Corporationâ€™s Shreveport office is in his 40th year in the profession.
â€śWhen I started out, we would have basically a bullpen of typists,â€ť Griffith said. â€śWhen an appraisal request would be sent out, you would type up a request and mail it out. You did the same thing for a credit report or verification of someoneâ€™s employment. All of those items were usually mailed out. Then, we got into fax machines, and that sped up the process. Now, the credit report is done instantly â€” we get that back. Appraisals are done online also. We get those back soon. Weâ€™re doing the same functions, but itâ€™s a lot quicker.â€ť
Aulds, Horne & White began in 1957.
The company did one thing and one thing only: wrote single-family residential loans. In 2006, Aulds, Horne & Whiteâ€™s owner, Henry Voohries, retired and sold the business to Standard Mortgage. But even with new owners, the companyâ€™s focus has stayed the same.
â€śThatâ€™s what we do, so weâ€™re not distracted about other things,â€ť Griffith said. â€śA home purchase is not an impulse-type purchase. It requires some advice, some counseling, on what type of mortgage product you need for a 30-year loan, especially for a first-time homebuyer. So itâ€™s the people involved â€” the loan officer thatâ€™s helping you with the process. Itâ€™s not where you push a button, and your home loan is approved, and you donâ€™t need to know anything else about it. You do need to know about it.â€ť
Having a singular focus is one of three intangibles that have provided the foundation of Aulds, Horne & White/ Standard Mortgage over the years. Another intangible is its employees.
â€śWe have an experienced, professional staff of people that have been here and in the business for a long time â€“ most of them 20 or 30 years,â€ť Griffith said. â€śWe have a dedicated staff of people.â€ť
The companyâ€™s third intangible is the fact that it keeps your loan local.
â€śWe service our own loans,â€ť Griffith explained. â€śAll of our conforming loans we service. In other words, you make your payment to us. We donâ€™t sell the servicing of your loan to a big wholesaler, so when you have questions down the road about your payment or your mortgage â€¦ chances are the person youâ€™re going to call is the person who made you your loan. Weâ€™re going to help you through that process.â€ť
Standard Mortgage is 93 years old and is the largest privately owned mortgage banking institution in Louisiana. It has eight locations throughout the state, including a home office in New Orleans. In those locations work 110 employees â€“ nine of them in the Shreveport office.
Before selling to Standard Mortgage, Aulds, Horne & White only wrote loans in Louisiana â€“ specifically Northwest Louisiana. However, Standard Mortgage is licensed in other states. That means just because you move out of Louisiana, you donâ€™t have to give up your loan company.
â€śWeâ€™ll have people who maybe live in East Texas but work in Shreveport, or theyâ€™re moving to Dallas and would like to continue a home loan with us,â€ť Griffith said.
Most real estate agents will tell you the bulk of their business comes from referrals â€” past clients who tell others about their positive experience. The same is true for mortgage companies. Thatâ€™s why Griffith and his staff value each customer.
â€śWhen we make a home loan to a couple perhaps, theyâ€™re going to possibly tell their co-workers, theyâ€™re going to maybe later on buy another house, they may be refinancing, later on their children are going to buy a house. Weâ€™ve been in business so long, weâ€™re making loans to peopleâ€™s children and grandchildren.â€ť
Griffith admits he isnâ€™t sure what changes are ahead when it comes to the mortgage industry. But he is confident of what the future holds for Standard Mortgage.
â€śI only see good things for the company. We are certainly dedicated to this area. This is our business. We will be here.â€ť
To learn more about Standard Mortgage Corporation, you may visit www.stanmor.com.
â€“ Tony Taglavore