What I Wish I Knew

Ross Bahro, CEO and co-founder of Troy, Michigan-based Impact Loans, is newer to the game with just eight years of experience tucked under his belt. But he gave advice akin to Kellum’s: “In my first year in this field, I wish I had understood how important it is to maintain great relationships with my customers,” Bahro admitted. “You can build a strong business when your customers trust you and you know you are ‘their guy’ for life.”

Bahro also added that a lot of what makes a good loan officer is good communication. “Taking ownership in follow-up and consistent communication after the file is closed is a game changer,” he elaborated. 

Pablo Martinez, CEO and broker of EquitySmart Home Loans said that after 26 years in the business he cannot stress enough how important it is to be a people person. He also recommended two ways to be a better people person to grow business and keep customers happy. “[I’d recommend] technology shortcuts  and using online tools to grow your business,” he said. “Also, using Rapid Rescores to help customers improve their credit scores.” 

Liria Palacio, a loan officer with Sun West Mortgage Company knows that after only four years in the mortgage industry the value of commitment and relatability. “When you are really committed and love what you do as an MLO, you won't regret spending hours on the phone providing quality information for your borrowers. If you do a professional job, it doesn't matter if your leads are not mortgage-ready, they will call you back when ready,” Palacio said.

DISCIPLINE

In a demanding career and industry, many respondents listed discipline as a core value they wish they had picked up sooner. Shant Banosian, EVP of Sales at Guaranteed Rate, has been a part of the mortgage biz for 20 years. Banosian said there’s no magic recipe for success or knowledge in the originating field. “Having success in the long term is all about commitment, discipline, and consistency,” said Guaranteed Rate's #1 Loan Officer eight years and counting. “There [are] no secret weapons, shortcuts, or magic that will create success, its all about your dedication to the business and your clients/partners.”

Blake Bianchi, CEO of Future Mortgage, has 10 years in the game. He echoed Banosian’s sentiment, saying “If there's one thing, I wish I knew back then, it would be the importance of hiring an accountability coach right from the start, like the CORE. Succeeding as a Loan Officer demands rigorous discipline and training.”

Bianchi added that in order to find success, one must become “obsessed” with their craft and align themselves with others who have achieved greatness. 

“Many loan officers I meet work limited hours, avoiding evenings and weekends, precisely when business is happening. To excel, you must out-hustle and out-market your competition consistently,” he said. “Finding a lender to work with that offers highly competitive pricing is crucial because consumers prioritize this, and you lack the knowledge of more experienced loan officers. Without the experience, competitive pricing combined with hustle increases your chances of earning referrals significantly.” 

KNOW THYSELF

Admitting that you don’t know all the answers is a tough blow to the ego, but a necessary one to find success. Erica LaCentra, RCN Capital’s Chief Marketing Officer, has learned about the mortgage business over the past 11 years the unconventional way: through marketing efforts. “You won’t know it all and you will have A TON of questions during your first year in this industry and that is okay! The mortgage industry can be extremely complex, nuanced and frankly overwhelming when you’re first starting out,” LaCentra admitted. “You cannot expect to be an expert off the bat. It’s okay to say you don’t understand and ask for help. Frankly, I’d say ask as many questions as possible and pick other industry veterans’ brains as much as possible.”

LaCentra argues that admitting you don’t know isn’t embarrassing, it’s empowering. “Not knowing isn’t a sign of weakness and not asking questions will hurt you and stunt your ability to grow,” she said. 

Pavan Agarwal shared a similar sentiment. The CEO of SunWest Mortgage Co., Agarwal started in the business in his early adolescent years alongside his father, Hari. “Your biggest enemy is your ego and your pride,” Agarwal shared. “Be patient, and like Joan Jett said, the destination is unknown.”

With the mortgage business being extremely focused on compliance and structure, Sean Zalmanoff stressed how important it is to not lose your values or sense of self. The CEO and chief loan officer at Better Rate Mortgage commented, “The #1 thing every loan officer needs to know is to be themselves.  There are 100,000s of people who need your services, don’t worry about trying to be someone you’re not to appease everyone, you’ll miss out on finding your tribe.”

Zalmanoff, who has been in the industry for 22 years, recommended taking the friendly route. 

“Be that person when you talk to people, when you meet them and on social media and you’ll make more friends, after all the person with the most friends in the industry wins the most business,” he said. 

Mauro Guzzo, the owner of Guzzo & Co. who has been in the mortgage space since 2018, agrees with the sentiment of trusting yourself and retaining a sense of self above all. “I would change the people [who] surrounded me at the beginning and those who I trusted when I started,” he commented. “I would be wiser with my choices, and invested much less in physical things and more in marketing.”