For more than 30 years, Peter Boomer has worked in the mortgage business – powering through the highs and lows of a host of business cycles to help people build wealth through homeownership.
We sat down with Boomer to learn about his passion for a business that shares similar roots with his approach to philanthropy – a purpose-driven care for others and belief in banking’s power to build financial confidence and transform lives and communities.
Why did you decide to join the team at Regions?
Everyone I met at Regions spoke with true passion about their associates and customers. For me, this is a wonderful opportunity to be part of an organization with a rich history, great people and all the advice, guidance and solutions needed to help people build financial confidence and achieve life goals.
What most attracted you to the role?
What drew me to Regions was the chance to be part of something truly special. The industry is in a rough part of the cycle and, while there certainly will be winners and losers, I believe Regions has everything needed to become the premier housing and home improvement lender in its markets.
Outline your key priorities in the first year and beyond.
First, I plan to spend a lot of time listening and getting feedback. Our associates know what our customers are looking for and where we can improve. From there, my focus will be prioritizing these initiatives, so we get them done.
What does success look like in the current housing market and beyond?
While this is one of the toughest cycles for home lending we’ve seen in some time, homeownership is still the American dream. I look forward to helping the many people in the growing communities Regions serves who want to become homeowners. I’m bullish on the mortgage industry and the role Regions can play in helping people achieve the dream of homeownership and make this important financial investment in themselves and their community happen so they can face the future with confidence.
How does Regions Mortgage advance the bank’s goal of becoming a premier lender to homeowners and position in the industry?
A lot of banks are either exiting the space or substantially shrinking their business, mostly because they thought the business was easy. And the Independent Mortgage Banks (IMBs) have their own issues. Unlike Regions and other banks, they don’t have a balance sheet to lend against, which means they have to secure short-term access to capital and investors to purchase the mortgage loans they originate – so they don’t have the same access to capital and also face increased regulatory compliance pressure. Regions sits in a unique sweet spot to serve customers well, gain market share and become a premier home lending company.
Many associates who move from other banks to Regions say that they appreciate the way bankers across businesses work together for customers. How is mortgage a team sport?
Mortgage can bring value across the bank in so many ways. To meet the needs of customers holistically and to operate with soundness, profitability and growth top of mind means you have to have great working relationships with the retail bank and wealth, credit risk and treasury, to name a few. I’ve built those relationships throughout my career and look forward to doing the same leading Regions Mortgage. Fortunately, this culture of collaboration – which is known as Regions360 – is already there. It’s not something I have to worry about building.
What role will innovation play in your approach to the business?
A very important one. AI and bots are simplifying many of the mundane processes so team members can become more productive and focus on relationships. The right uses of technology-enabled solutions should also help us reduce risk and increase speed to market. In the end, the big winner is the customer at the center of everything we do. When they win, we win.
With more than three decades in the mortgage business, you clearly love it. Why?
I truly believe there is something noble with what we do as a mortgage lender.
Peter Boomer, head of Regions Mortgage
I truly believe there is something noble with what we do as a mortgage lender: We help people achieve the American Dream. I have seen homeownership impact individuals, families and communities in so many positive ways, and it’s incredible to be a part of that. Second, I like the ever-changing nature of the business.
Why do we think the industry needs bank mortgage businesses like Regions Mortgage?
Fintechs and IMBs play a role, but they are more interested in the transaction than the customer. That’s not the case with us at Regions. We’re a bank that wants to develop a relationship with you so we can help you meet all of your financial needs.
Why is homeownership important not just to Regions and the bank’s customers and communities but the nation overall?
Historically, homeownership has been the best way for Americans to grow their wealth. Owning a home also helps communities and provides a sense of belonging.
How does homeownership fit into Regions’ belief that everyone deserves a personalized path to financial confidence from someone who cares?
Homeownership is one of the best ways to accumulate wealth and create multi-generational wealth. Mortgage is a cornerstone of our mission to make financial lives better one person and one personalized plan at a time.
What do you consider your biggest accomplishment?
By far, my greatest accomplishment is my family. Somehow I convinced my wife to marry me and then we raised two children who share our commitment to community. It makes us feel like we succeeded when we see them giving back in the same way that we tried to model for them. From a career perspective, I have developed so many friendships with so many team members over the years that I truly value and that continue to enrich my life today.
How did this commitment to community lead to your efforts to broaden access to sports for youth?
A few years ago, I was sitting on a high school athletic board and saw firsthand how some kids could not play a sport because they or their parents couldn’t afford the various fees. From there, we started an “Athletic Hardship Endowment Fund.” Each year, we help dozens of kids get the assistance they need to be able to participate in the sports they love.
When it comes to volunteering, why are time and talents such important gifts?
One of the values my wife and I share and have raised our kids to also hold at their core is ‘you have to give back.’ And more importantly than money, this means giving your time and skills. I personally have been involved with municipality finance commissions, have sat on pension fund boards for first responders (fighting for them to ensure they have a pension when they retire), and participated on various parent boards for youth athletics. My wife has also been very involved with the PTOs and athletic boosters for all the schools our children have attended. We look forward to serving and giving back the same way through Regions’ Associates In Action® in Birmingham. Regardless of your financial resources, you most likely have time to give – and that’s a precious gift nonprofits simply can’t operate without.