50 Best Companies to Watch 2021
Most people who buy a home do so with a mortgage. A mortgage is necessary if you are unable to pay the full amount at a time. There are some cases where it makes sense to have a mortgage on your home even though you have the money to pay it off. So, mortgages are “secured” loans, where the borrower promises collateral to the lender if they stop making payments.
Whether you are looking for a refinance, an equity loan, or a home purchase, Loan X Mortgage has all the necessary tools to service you and help you achieve your goals. The company believes simplicity is key to every transaction because the clients’ time is precious, and their goal is to increase their efficiency every day. We interviewed Tim Dankha, the CEO and cofounder of Loan X Mortgage, to know more about the company. Here are a few excerpts of the interview:
Q. Why was Loan X Mortgage started? What hiccups did it face initially, and how did it get past it?
I was a Senior Executive at a top-rated retail mortgage lender for seven years prior to starting Loan X Mortgage. I had my own concepts that I wanted to implement, so I left to start Loan X Mortgage with some of my partners. I brought some folks on board with me, and we are turning this company into a national player in the mortgage industry. The hiccups up front were minimal, but we were able to get through them by continuing to advance. My concepts and ideas were not easily implemented while working for a company, so it was imperative for me to branch off and open up independently. We have genuine care to help clients get into better mortgage situations and accomplish their goals. Many folks who work in the mortgage industry are not knowledgeable, and we wanted to be the leader in helping clients understand the ins and outs of doing a mortgage, not just giving them a rate and a cost combination and hoping they take the loan. We look at ourselves as the trustworthy go-to source for mortgages in the nation.
Q. How Loan X has a consistent history in the mortgage industry?
Amongst my team, we have a consistent track record of closing our loans quickly and efficiently and pride ourselves on our industry-leading 14-17 day closing time. We have worked with loans of all sizes and have a large specialty in jumbo loans, which most lenders don’t know how to process loans like that.
We also work very well with self-employed clients, who historically have difficulty navigating through the mortgage market. My team here, although young, has a 25+ year history of originating loans. I hold records in the mortgage industry for volume and units in several given years, and I have been a top producer for eight years running.
Q. What are your loan variants? Who can benefit from it?
Any single qualifying person can benefit from our loan variants. We offer every loan program under the sun—conventional, Jumbo, VA, FHA, USDA, and Non-QM loans. We also offer financing to folks that cannot go the traditional route of getting approved for a conforming loan.
Q. What is your average loan processing time?
Our average loan processing time is industry-leading, which is 14-17 day closing time. Most lenders close loans within 40-90 days. So we are Lightyears ahead of them in that category.
Q. What are some of the strategies that have brought you here?
We believe in teaching the clients how the mortgage process works so they can be involved in every step of the transaction—being available to clients seven days a week at any given time of day. We have a same-day call-back
rule here at the company to ensure that our customer service is the top in the industry. We pride ourselves on underwriting the loan upfront to ensure there is nothing that can change for the client throughout the entire process and treating the client like family rather than a number.
Q. How proud are you for closing $1 billion with your experts?
We are very proud of it, as this is not a small feat. This shows that we have the track record of getting the job done and doing it at an extremely high clip.
Q. Why should people prioritize Loan X Mortgage over others?
99% of lenders throw people on the phones with zero knowledge of the industry. We take our time upfront to make sure the client’s largest financial asset is well taken care of. We ensure that we hold ourselves accountable for our industry-leading closing time, and we have a proprietary system where we follow up with all of our past clients every six months to ensure they are in the best spot possible.
About the CEO
Tim Dankha is the CEO and Cofounder of Loan X Mortgage. He has 8+ years of experience in the mortgage industry and has won almost every award under the sun, whether that is for a top producer or for leadership. He truly lives, breathes, and eats mortgages on a daily basis. He considers himself the most knowledgeable person that anyone will speak to in the mortgage industry. And he says statement like that because clients trust somebody that shows them the ins and outs of the process versus just showing them a rate.