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Top Originators 2011: #2 Top USDA Volume

Scott Peters, PrimeSource Mortgage
#2: 2011 Top USDA Volume
Percent USDA Loans: 58%
Total Volume: $19,029,557

Location has been a major factor for Scott Peters, who originated $10,974,110 in U.S. Department of Agriculture (USDA) loans this past year — more than half of his total volume of $19,029,557. That volume earned him the No. 2 spot on our Top USDA Volume list.

Peters finds the population in and around Tulsa, Okla., to be a perfect fit for USDA financing.

“The USDA income limitation is $74,000 for a family from one to four people. The median income in Tulsa is well below this requirement,” he says.

Additionally, many small cities around Tulsa are eligible for USDA financing because each has a population that doesn’t exceed 25,000 — a situation that is likely to hold for the next five years to 10 years, he says.

“Going forward, USDA is probably going to be our saving grace,” he says.

With his total volume so far this year at 25 percent higher than in the same period in 2011, he expects 2012 to be “a record year.”

Peters attributes his success to having a qualified team and a solid relationship with a major builder in the area. “Sixty percent of my business is builder business or new construction [clients],” he says, “and the other 40 percent is referrals.”

The way to keep clients and win referrals is “more about service than anything else,” Peters says. He hopes his service continues to earn him the same high number of referrals — and high volume — as this past year.

—Rania Oteify

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