Chad Vogel brings 20 years of mortgage experience to CommunityWorks North Dakota board

Chad Vogel of Minot joined the CommunityWorks North Dakota Board of Directors earlier this summer.

Vogel is the branch manager of PRMI – The Dakota Group, a branch office of Salt Lake City-based national mortgage lender. Established in 1998, PRMI operates branches throughout the United States and originates more than $10 billion in annual mortgage loan originations. 

Vogel is no stranger to CommunityWorks having worked with LCD Group Housing Director Lisa Pogatshnik over the years on many lending projects. His interactions with the CommunityWorks team have made him an advocate for the organization’s loan programs and services.

Vogel has more than 20 years experience in originating mortgage loans in North Dakota. He previously worked for eLending Now and Bremer Bank before becoming PRMI branch manager in 2019. A Minot native, Vogel is a proud alumnus of Minot State University having earned a bachelor’s degree in finance and management and a masters degree in management information systems.

Brent Ekstrom, LCD Group executive director, says Vogel brings an ideal skill set to the CommunityWorks North Dakota.

“Chad understands the intricacies and dynamics of the mortgage industry, which is an essential perspective to have on our board,” says Ekstrom.

Most importantly, Vogel recently became a grandfather for the first time. Like any new grandparent, he proudly mentions his granddaughter before getting around to talking about his four children. Vogel’s daughter, Courtney, and her husband, Ethan Erickson, recently started their family with the birth of Briar Marie. Caleb, age 23, is an insurance agent in training with Nodak Mutual. Caitlyn, 21, is the reigning Miss North Dakota and will be competing for Miss USA in November. Nineteen year old Carter is majoring in secondary education and attending Minot State University.

We asked Vogel to share a few thoughts about CommunityWorks North Dakota and provide some insights as to where North Dakota’s housing market may be going in the coming months.

Why did you join CommunityWorks North Dakota’s board of directors and what do you hope to accomplish in your board service?

CommunityWorks North Dakota provides a necessary service for our state that is not offered by most of your traditional banks, credit unions, and lenders. I have had the opportunity to work with Lisa Pogatshnik (LCD Group Housing Director) over the years and she has been a willing partner to assist buyers in meeting their homeownership goals and also assisting in meeting the gaps that exist in traditional mortgage loan financing.

The importance of CommunityWorks and its DREAM Fund is very important to meeting a niche need in North Dakota. Over the years there have been countless times I have referred and relied upon CommunityWorks to help borrowers, buyers, and even lenders that do not have the ability to fully finance or meet the needs of their customers. Every time, Lisa Pogatshnik and the CommunityWorks team have been willing to consider each referral and make a decision based upon its merits. These loans and gap financing continue to make a positive impact on our communities.

As someone who has been the front lines of the mortgage lending industry for more than 20 years, I want to bring some valuable insight as a director on the board. In my current position, I am required to follow secondary market guidelines so there is not much room for interpretation or overriding existing guidelines. I see the opportunity as a CommunityWorks director to assist in making decisions that don’t always necessarily fit in the so called lending box. I look forward to making such a contribution.

From your professional perspective, please share your insights on the state of North Dakota’s housing market. Where do you see the market going over the course of the next 12 to 18 months?

The North Dakota market continues to be strong and has been very strong over the past few years. We have seen on average a ten to twenty percent increase in market value on properties across the state. I believe we will continue to see strong growth. I also see that pace slowing down in 2022 but I still see values will increase but not at such a torrid pace.

A lot of what we will see in growth over the next few years will correlate to interest rates, politics, and policies. The good news for North Dakota is we do not see the housing booms and busts that other markets typically go through. We usually are slow and steady with our growth, which in turn limits boom and bust cycles for us. I think it is still realistic for North Dakota to see a five to ten percent growth in real estate values over the next twelve to eighteen months.

My biggest concern for our state’s market is the lack of qualified appraisers and the need for new appraisers. This need is real and will continue to grow over the next few years and well into the next decade. North Dakota does not currently have a system in place to train, develop, and recruit appraisers. This shortage of qualified appraisers is only going to get worse as the average age of a North Dakota appraiser is in the mid-50s.