March 16, 2022

This paid piece is sponsored by Central Bank.

Business doesn’t always feel personal, so when Adam Cooper found a role that did, he knew he’d connected with his passion.

“For my personality, it’s really the best fit helping people secure homeownership,” said Cooper, who joined Central Bank as a mortgage loan officer late last year.

“I get to work with young parents and first-time homebuyers. It’s an exciting yet scary time for them, so I try to make myself part of their team.”

A Sioux Falls native, Cooper graduated from Southeast Tech and first worked in commercial insurance before starting a cybersecurity-related business.

“We were early to the market, and after a couple years, my wife and I agreed I should get back into the workforce,” he said.

“A former manager offered me the chance to work in the mortgage industry, and it seemed like a good time to pursue it, so I began at another organization two years ago before coming to Central. I take a lot of pride in my community and the relationships I’ve built because of this community.”

We sat down with Cooper to learn more about what you need to know about this rapidly changing industry.

What has mortgage lending activity been like to start the year?

We’re seeing a lot of activity in and around Sioux Falls. Home construction projects are wrapping up, and we’re moving those loans into permanent financing. Inventory for existing homes remains low, and buyers are expanding their search into the new-home construction market. That’s where Sioux Falls is headed right now.

To accommodate this shift, as well as the longer search time for a new home, Central Bank is offering homebuyers a 12-month interest rate lock, which allows buyers to lock in a rate for 12 months.* This is a great option, especially for those folks who are starting the building process or struggling to find the home that checks all their boxes.

Given the rate environment, what are your expectations for the year?

It’s no secret that rates are coming up from historical lows; they’re getting back to where they should be. That being said, with the economy, inflation and the situation globally, a lot can happen.

As far as new-construction financing, if people have not built before, what do they need to know?

First and foremost, find a mortgage lending partner, and loop them in early. Make sure you have the means to secure permanent financing once the job is complete. If shovels are in the ground before financing is secure, the construction loan process could be very complex.

If you’re looking for an existing home, make sure you’re prequalified. It’s the first place to start, and it’s your ticket to get into the game.

What’s it like working at Central? How would you describe the team and culture?

It’s a breath of fresh air. One thing Central does really well is invest in technology. What does it look like to do a mortgage transaction five years from now? That’s where we want to be now, so paperless signing, how we communicate with customers, we’re definitely at the forefront. And, we have the capacity to offer a variety of programs to help homeowners realize their dream beyond standard mortgage products. Our team is absolutely phenomenal. I have great coaches and mentors and a wide variety of skill sets around me to help me become the lender I want to be.

Any final advice for buyers?

There’s a lot of unknown in our industry – the conundrum of low interest rates, values increasing and inflation on the rise – most everyone is playing in a space that’s unfamiliar. What does that mean to the consumer? Do your due diligence, asking questions and working with a lender who will give you the best guidance possible.

How can people reach you?

Call my cell at 605-212-1075, or text me if you have questions after 7 p.m.!

Adam Cooper, Mortgage Loan Officer, NMLS ID #1963175

*A nonrefundable 1 percent rate lock commitment is due at time of rate lock. Loan amount cannot exceed $647,200. Not available with any other loan offers. Standard credit qualifications apply.