America’s Next Top LO

In this market, many originators are struggling to find the right mindset or the inspiration to pick up their production. The industry needs a new hero to look up to, someone with a positive mindset and a winning business strategy that could demonstrate to the masses that it is possible to thrive in this environment.

The Reputable Craig Snell

Four years ago, Craig Snell was putting out fires across Fall River, Mass., and hightailing it through the streets in the back of an ambulance as a paramedic. It was his seventh year as a firefighter, and he was proud of his job. But as invigorating and fulfilling as that career had been, he was getting tired. His wife, who is a nurse, also had urgent calls to answer, so family time was sparse and difficult to manage. That’s when Snell decided to make a career change.

“I was looking for something to do,” Snell said. “And I’ve always enjoyed helping people, and I always enjoyed the numbers side of things.”

He met up with his friend, Vernon Miles, a regional sales manager for Caliber Home loans who had originated Snell’s mortgage a few years prior. When Snell expressed his interest in the industry, Miles encouraged him to get licensed as an originator. Unsure if this career path would pan out, he continued working as a firefighter.

“I didn’t know how hard it would be to become successful in the mortgage business,” Snell said. “I remember sitting at the station with one of my good friends, Matt, and we were kind of talking and I was like, ‘I don’t know if I’m gonna do this. I don’t wanna be that guy at the fire department that, you know, one week he’s doing this, and the next week he’s trying something else.’ And I have never really done anything else besides that, but it was just a fear in my head.”

As Snell was just entering the industry, his friend and mentor, Miles, was starting his own broker shop, Milestone Mortgage Solutions. Building on his experience as a successful local originator, it wasn’t long before the new company took off.

Snell was there from the beginning, helping Miles set up the new office, and shadowing him as he talked to clients and worked on deals. Snell took in everything he could, and the more he learned, the more he wanted to know.

His primary focus was building referral connections with real estate agents. He understood that this would require building trust and demonstrating his knowledge, though he was still in the early stages of his education. He also spent a lot of time running through loan scenarios with the processors and account representatives in the office. Although he was a personable guy, Snell knew that it was important to build a wealth of knowledge about the mortgage business.

Rep Equals Volume

“A lot of people come into this business or have been in this business longer than I have, and I feel like their downfall typically tends to be their knowledge level,” Snell said. “Because it’s really hard to find somebody or land in a company that will spend the time with you to teach you how to actually be good at this and what to do.”

After just six months, Snell began building traction and cemented a solid reputation among his referral partners. “That kind of just started to snowball and snowball because if you do a good job, you get a good reputation,” Snell said. “Your reputation goes a long way in this business.”

As his reputation soared, so did his loan volume. In Snell’s first year, 2019, he did $8 million in loans and a total of 31 units. Back then, Snell remembers getting calls from Realtors and homebuyers asking, “Who’s Milestone? Never heard of them.” But, each year Milestone gained more recognition on the South Coast of Massachusetts, and so did Snell. In 2022, Snell originated nearly $100 million in loans out of $218 million the company originated total. In the past 12 months, he originated roughly $76 million out of $171.26 million the company originated total.

“I never focused on refinances,” Snell said. “I mean, you could look at my numbers and even in 2021, I think I did close to $140 million in total production. And well over 50% was purchases.”

Snell prefers the purchase side of business where he takes on more of an advisor role rather than a sales role. In fact, he hates using the word sell in this business, because he doesn’t see this as a sales job.

“I don’t feel like I’m really selling anything,” Snell said. “I’m advising my clients on what their best option is and educating them on what that is, so that they can make the decision that works best for them.”

Snell made his reputation by following the basics of being a good originator: always answering the phone, being transparent with clients and referral partners, getting contracts done on time, and educating agents and clients about the loan process. But there are some unique traits he brings to the table that allows him to really excel in this career.

Having dealt with countless stressful situations in his past career, Snell knows how to maintain his cool and work through nearly any situation. In other words, he knows how to put out a fire literally and figuratively.

“On this side [loan originators], you deal with a lot of stress, a lot of emotions, and a lot of different personalities,” Snell said. “Buyers, sellers, agents, attorneys — everybody has a different opinion. And trying to keep the deal together at times … and handling that stress is a very important piece in being a successful loan officer.”

Joseph Maring: Zero To Hero

Brooklyn native Joseph Maring had been chasing entrepreneurial dreams throughout most of his life before finally stumbling upon the right career path at 35 years old. Once he found it, though, he was willing to sleep in his office and work 16 hours a day to achieve success.

“It’s not really always about who’s the smartest or who crunches the numbers the best,” said Maring, an originator for Cardinal Financial Company. “It’s really all about the fire inside the person.”

Before entering the mortgage industry, Maring had his hand in a number of businesses and entrepreneurial ventures, which included selling cell phone accessories and being an equity trader. He was moderately successful, though his income didn’t really match the standard of living in California. By the time the pandemic hit, he was completely swept for cash.

“I was trading my own money, and I took a pretty decent loss during COVID,” Maring said. “I had no choice but to change career paths. My cousin, who’s a loan officer [at Cardinal Financial] flew out to see me and he was like, ‘Hey, why don’t you get into the mortgage business? I think you’d be great.’”

Maring thought it would be worth a try, considering he had always been involved in the finance business and the housing market was doing well at the time. With nothing else to lose, he jumped headfirst into a new industry. Right after getting his license in May 2021 and getting hired at Cardinal Financial, he sold his apartment in California and drove back home to good old New York.

Maring had no place to live, but he only considered that a small speed bump rather than a crisis. He found some office space and lived there for 12 to 14 months. He showered at the gym, ordered takeout, and overall didn’t really mind the living arrangements. Because home and work were the same place, it drove him to work constantly — at least 16 hours a day.

“I’ll have a borrower who will call me at 11 o’clock at night, and I’ll run an application right there on the spot,” Maring said. “I’ll quote them a rate and quote them with pricing and all that jazz until 12 o’clock at night, one o’clock in the morning.”

Non-Stop Worker

But Maring didn’t become successful by learning everything himself; He had multiple mentors, including Cardinal loan originator Fiore D’Angelo, Cardinal Vice President of Retail Division Frank Cappa Bianco, Cardinal branch manager Jeff VanNote, Maring’s own branch manager, Sal Rizzolo, Senior Vice President of Cardinal Retail Division Ralph DiBugnara, and Compass Real Estate Broker Louis Belisario.

“I have been in this business for almost 20 years, and Joe Maring is one of the hardest working individuals I have ever worked with,” Belisario said. “His drive to want to be the best is unparalleled. He works non-stop, he services his clients and ensures they’re making an excellent investment and achieving the dream of home ownership.”

Maring went from having nothing and being nobody in this industry to being one of the hottest up-and-coming originators in the country — succeeding in a state that’s notoriously difficult to do business in, no less. According to Maring’s pipeline report, he completed $25 million loans in the past 12 months. Meanwhile, the number of units and amount of volume is growing per month.

“It doesn’t matter if rates are sevens or eights or nines, you know, people are still always gonna be buying properties,” Maring said. “When mortgage applications across the country are down like 50% or 60%, my applications are up. You know, last month I did like over $30 million in applications [and] almost $35 million in applications last year. … I’m still growing in an environment where rates are still back almost to the highs of [where] they were in November of last year.”

Cardinal Financial Company is licensed in 11 states and did $72.67 million in volume in 2022, according to Modex. Asked whether Maring plans to get licensed to do business in other states, he laughed, saying he’s already got plenty of business in New York, including Brooklyn, Queens, Long Island, Manhattan, and the Bronx.

“I don’t think there’s any place better to do business than New York, to be honest with you,” Maring said. “There’s just so much more business in front of my face that I don’t even consider, you know, going anywhere else.”

Broker Owner Tammy Saul

Brokering is all Tammy Saul has known in the mortgage industry. After leaving her law practice in 2004, she decided to work alongside her husband for a small mortgage brokerage in Baltimore. That’s where she first learned to hustle for leads and develop her knowledge about the ins and outs of originations.

After only two years working as an originator, Saul and her husband took a leap of faith by starting their own brokerage in the basement of their small townhome. Asked how she and her husband knew they were ready to branch off on their own, Saul said they didn’t. There was no epiphany that happened, no sign from a higher power, and, sure as heck, no one said, “It’s time to start your own brokerage now.” It was more like a moment of courage and the decision to take the risk.

“I was never really ‘ready’ to lead my own brokerage,” Saul said. “I just jumped into it and learned as I went. I made mistakes, got my hands dirty, and fell a lot. But with every fall, I just picked myself back up and kept going. In fact, I still do that now.”

They began by duplicating everything from their previous workplace, and did business the way they knew how. Learning, growing, and innovation was something they developed along the way. After a few months, they hired their first employee, a processor. A year later, they hired another processor and moved into a larger office space. Today, Federal Hill Mortgage has 20 employees in different capacities, but it took years of trial and error — including frequently hiring the wrong people — before they finally got it right. In 2022, the brokerage’s overall loan volume was about $202 million with 620 units altogether.

Building a team isn’t easy, as Saul knows. But after going through multiple trial and errors, she’s learned quite a few lessons that she’d like to pass down to other originators who are thinking of building a team as well.

Hire slow and fire fast. People show you who they are in the beginning.

Eliminate toxic people and referral sources immediately and don’t be afraid of “losing business.” It’s not a loss, it’s a net gain.

Have a clear idea as to what your next hire will do before you interview them.

Hire people who intimidate you, not people who make you comfortable. In other words, hire people better than you.

Saul even went as far as saying she won’t work with borrowers she deems toxic. Just because this business is all about hustling for the next lead, it doesn’t mean originators need to degrade themselves for a commission check. Originators are willing to put up with a lot, but setting boundaries is also important for their well being.

“I work with anyone who will benefit from my help, and who is respectful,” Saul said. “I do not work with toxic people, regardless of the loan size.”

Step By Step

Saul also provides some step-by-step instructions for originators who want some idea of what it’s like to build a team. First, Saul recommends getting to a place where the originator is consistently closing five to 10 loans a month with only one support person. Then, they can hire another person, who should help close six more loans per month. Delegate anything and everything to them so that the team leader can focus on generating new business.

Saul also says it’s important to know when to let someone go as well, which can be the hardest part of this job for some people. She said to replace after the first two months a new person who hasn’t helped add six closings a month. Ultimately, an originator should get production up to 15 to 20 loans a month before thinking about starting their own brokerage.

“I’m a first-generation immigrant from Ukraine who sees the world through the lens of opportunity,” Saul said. “Where others see a nuisance or a barrier, I see an opportunity to gain more business, and I attack it without reservation. I keep my pedal to the metal daily in aggressively pursuing new business on multiple fronts regardless of how many loans I closed this month or will close next month. I put my head down and work every day as if it’s my first in the business.”

Saul is presently Maryland’s No. 1 loan originator overall, according to Modex, and her 2022 production was $181 million in volume with 548 units. In the last 12 months, from May 2022 through May 2023, her volume is roughly $185 million and 560 units.

“I want to be top 10 nationally,” Saul said. “Based upon my current momentum, I will likely close 60 loans in June 2023 and over 80 in July 2023, and I will have that ranking for 2023 production.”

In 2022, the top 10 originators, including banks and nonbanks, had a yearly volume ranging between $398.93 million and $908.70 million.