Scotsman Guide > Rankings > Top Originators 2011 > Alma Fragoso #1 Top FHA-Volume Rat

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Top Originators 2011: #1 Top FHA-Volume Ratio

Alma Fragoso, First Mortgage Corp.
#1: 2011 Top FHA-Volume Ratio
FHA-Volume Rank: #8
Percent FHA Loans: 94%

What’s the key to doing a high volume in Federal Housing Administration (FHA) loans? “You have to know your guidelines,” Alma Fragoso says. And because guidelines are continually changing, you have to keep learning. Which can be difficult, as Fragoso knows: She’s been working with FHA loans for more than 20 years.

Based in the Los Angeles area, Fragoso is a mortgage banker with First Mortgage Corp. In 2011, she closed more than $25 million in FHA loans, making up 94% of her total volume of $26,769,537. “In the area that I work in,” she says, “there are a lot of first-time homebuyers.” And these borrowers need the kind of products that the FHA can provide. They often have limited credit and use gift money for their downpayments, two things that are easier to manage with FHA loans, Fragoso says.

First-time homebuyers also need a fair amount of hand-holding. “I feel like I put a lot of time into them,” Fragoso says. “It’s their first house. They’re nervous; they have questions. Who else is going to explain it to them better than us?” She also strives to meet with her clients in person. “I’m old school,” she laughs. “I hate doing things over e-mail because you lose that connection.”

Fragoso also tries to go the extra mile, working weekends if necessary to make sure that loans close on time and clients’ questions are answered. All that effort is worth it, however, when the deal closes. “It’s a great satisfaction to know that you helped someone to get their house,” she says.

—Jennifer E. Garrett

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