Richard Sweum

Branch Manager & Sr. Mortgage Consultant

About Richard Sweum

As senior mortgage consultant with the Everett - Skagit Valley, Washington, branch of Sterling Bank, Richard Sweum provides focused assistance in refinancing, constructing, and buying homes. He communicates closely with clients in sourcing loans designed to meet financial and budget goals, and he strives to expedite the loan application process for first-time buyers. Richard Sweum has experience in servicing transactions associated with a wide range of property types, including condominiums, vacation homes, and rental units.

Rich Sweum earned his graduate degree in administration at Pacific Lutheran University in Tacoma, Washington. From 1994 to 2004, he served as metro director with the Christian organization Young Life International. Richard Sweum next spent five years with Homestead Mortgage in Everett as branch manager and senior loan officer. Primarily serving the home refinancing and ownership needs of individuals and families, he earned distinction as a leading producer and client-satisfaction award winner. Rich Sweum enjoys outdoor activities such as snowboarding, wakeboarding, and golf in his free time.

Pacific Lutheran University Students Donate to Wounded Warriors

Based in Washington, Richard Sweum is a vice president and branch manager at Umpqua Bank in Everett. Previously, Richard “Rich” Sweum graduated from Pacific Lutheran University in Washington with a bachelor of arts in social sciences.

In early December, Pacific Lutheran University students donated $500 to the Wounded Warrior Project. The students gained the revenue through a small business initiative started by the PLU School of Business’ entrepreneurship class.

In the course, students focused on various small business initiatives. They designed, marketed, and sold products such as T-shirts to raise awareness of natural disasters and a board game focused on fantasy football.

Founded in 1890, Pacific Lutheran University initially operated as a two-year institution. In 1939, it began offering four-year undergraduate degrees, following successful mergers with Columbia College in Everett, Washington, and Spokane College.

While the university maintains its Lutheran and Norwegian roots, it no longer requires students to participate in Lutheran religious activities.

Steps in the Mortgage Approval Process

Richard “Rich” Sweum is a lending industry professional with more than 10 years of experience as a senior loan officer. Based in Everett, Washington, Richard Sweum assists prospective homebuyers in the process of obtaining mortgage approval.

The mortgage approval process begins once a potential homeowner has decided on a lender. He or she will sit down with a loan officer to review personal documents, which typically includes a credit report, W-2 forms, a copy of his or her most recent tax return, pay stubs, and several months’ worth of bank statements. If the homebuyer passes this stage of pre-approval, he or she will move on to fill out a full loan application.

Once the application is completed, it will be submitted and reviewed by a mortgage processor. After ensuring that all necessary paperwork has been obtained and completed, the lender will send the homebuyer a loan estimate and commitment letter, which includes specifics of the agreement like the amount, terms, and interest rate of the mortgage.

The final step that a lender will take to approve a homebuyer’s mortgage is to submit all information to an underwriter, who gives the final seal of approval. Though an underwriter may approve a loan without further questions, it is also common for underwriters to request more information before approving a mortgage.

Bank's Foundation Supports Children's Education and Well-Being

A vice president and home lending branch manager at Umpqua Bank, Richard “Rich” Sweum is based in Seattle, Washington. In 2014, Richard Sweum’s bank established a charitable foundation whose concentration is working with organizations that focus on children’s education and well-being.

The Umpqua Bank Charitable Foundation has an associate-led Community Giving team, which performs the review and approval of all grants. The Community Giving program offers support to nonprofits via event sponsorships; itgave $3.4 million to nonprofit organizations in 2014.

All contributions have the same objective. The bank believes there is a connection between education and economic prosperity, and thus the foundation provides funding to entities that offer opportunities for and access to education.

In the area of youth development and education, the foundation funds, among others, initiatives geared towards early childhood learning, positive youth development, and combating childhood hunger. In the area of economic opportunity, it supports financial education, asset building for individuals, and affordable housing initiatives.

Umpqua Bank and Wish Upon a Star

Richard “Rich” Sweum is the home lending branch manager and a vice president at Umpqua Bank in Seattle. Prior to joining Umpqua, Richard Sweum held executive positions at several other banks in the Pacific Northwest.

The parent company of Umpqua Bank is NASDAQ-listed Umpqua Holdings Corporation. The holding company, through its subsidiaries, operates in the retail brokerage as well as the commercial and retail banking sector. Umpqua Holdings was founded in 1953 and is based in Portland, Oregon.

One of the ways Umpqua Bank gives back to the community is through its Wish Upon a Star program. The program runs during a two-week period before the start of the winter holiday season. Umpqua Bank partners with local radio stations and grants special requests to those experiencing difficult times during December.

Among the wishes granted for basic needs was that of a child who received eye examination and glasses, another child who received music and guitar lessons, and a physically challenged individual who was given a front door ramp at home.

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