AIME Podcast Network

We are joined this week by Whitley Cooper, a nearly lifelong mortgage expert with the results to back it up.

 Whitley grew up in the business, and remembers her mom, herself a broker, jotting down loan applications on a napkin during long car trips. A detour into broadcast journalism led her back into mortgage, where she has found her niche. In this episode, Whitley and Marc Summers discuss her methodical approach, the importance of diversity, and how to make homeownership more accessible. 

Though she was familiar with the mortgage industry from a young age, Whitley took her time to explore her options. When she started her family after college, going into brokerage just made sense. Now, she is a successful broker/owner who also makes time to serve her community as the Association of Independent Mortgage Brokers Chairperson of Black Homeownership. 

When it comes to process, Whitley is systematic, employing an LOA to help calculate income and other financials. What’s really important, she says, is using that time to build rapport and establish meaningful relationships with clients. She highlights the importance of keeping your realtors close, saying “if it came from a realtor, it always gets back to that realtor.” The personal touch is key to Ms. Cooper’s approach – she stays in touch with clients through Facebook, sending handwritten cards and well-wishes for meaningful life events. 

Whitley also serves as chairperson of the Black Homeownership Committee, a role she takes incredibly seriously. She says “It’s a chance to reduce the black homeownership gap, not just at the local level but at the national level.” She also stresses the necessity of creating a welcoming environment for “those who don’t look like you” – and the impact it can have on your profits. Whitley is a passionate mortgage education advocate, citing the need for initiatives like SPARK. “Capital is just one side,” she says. ”SPARK provides the grant, but also the education and mentorship to create lasting and sustainable business.” 

The pair also discuss the current rate environment and tips for self-management.  Discussing rising rates and the potential to panic, Whitley demonstrates the resilience that has contributed to her success, saying – “I almost got caught up in it. I had to pick myself up, dust off my shoulders, and remind myself what I was about.” 

Times:

1:40 – Background

4:50 – Process and Outreach

7:22 – Post-closing strategy

9:43 – Black Homeownership Committee Appointment

12:50 – Importance of Diversity

17:49 – Education Cycle

22:40 – Broker Community

25:00 – Rate Environment

This Episode Is Sponsored By REMN Wholesale

The post The Importance of Diversity, Generosity, and Mental Toughness (With Whitley Cooper) – Episode 123 appeared first on AIME.

Breon Price is a rapidly rising star in his native Ohio. The owner of Motto Mortgage, Breon has made impressive strides only a few years into his career as a broker. A former athlete who began as an underwriter, Breon made the transition to brokerage in 2018. A mere two years later he was made managing partner, a testament to his tenacity, work ethic, and drive to understand the game. 

In this conversation, Breon shares his thoughts on what makes a broker successful in 2022. Price says that personal investment is criteria number one, citing a “skin in the game” mentality for associates at every level of his brokerage. “If a loan doesn’t close on time, that should hurt” he says. “Most operations fail because (that mentality) doesn’t carry through processing and closing.” 

He also stresses the importance of building lasting relationships – not just with clients, but with realtors and builders. Price notes that nourishing these connections is often more fruitful than a purely client-driven approach. This dovetails with his calls to set goals for yourself and your business, and then attack those methodically. “My goal is to do 450 transactions this year – I’m not going to get 450 clients. I’m going to get 15 realtors and 3 builders, and get 20 loans from each of them.” 

To Breon Price, face-to-face is still the crux of the business. He has no fears about the internet killing the broker business. He believes a good broker is an inimitable resource, a wealth of knowledge and support for the client. His approach is to use the tools technology provides, but to never lose that personal touch. He emphasizes the importance of building up local influence, within 15 miles or so. “Be the mayor of your local sphere” he says. 

Price sees his role in the homebuying process as more than just a broker. He is a coach, a cheerleader, the guy you call to recommend a plumber or an appraiser. He is a professional facilitator, the lender clients know they can trust. Parting advice? “Don’t forget you’re in the service industry… I know I’m not going to make money on deals 1 and 2. But I will on deals 3, 4, 5, 6, 7, 8, and 9.” 

Timestamps:

3:15 – Personal Investment and Attitude

9:20 – Why Rates Aren’t Everything

16:00 – Dominating the Local Sphere

27:00 – Providing Value to Clients

This episode is sponsored by PRMG

The post Building Connections and Creating Value (With Breon Price) – Episode 122 appeared first on AIME.

Since 2018, Carrie Johnston has been the top producer in the state of Indiana. Carrie’s constant commitment to growing her brand is an inspiration to upcoming brokers nationwide. For over two decades, she has reigned as an unrivaled authority on the ever-changing world that is the wholesale mortgage channel. In this episode, we get her perspective on realtor relationships, staying up to date with industry trends, and the attitude required to succeed in a competitive field. 

Ms. Johnston left her native Pennsylvania for the midwest while in pursuit of a Psychology Ph.D. A summer job selling airtime door-to-door led her into a brokerage office, where she was quickly scouted by the owner. “I’m a natural salesperson, and I’m very good with numbers,” she says. Carrie fell in love with the job, and 20 years later, her success speaks for itself. A stellar track record with Approved Mortgage granted Carrie a shop of her own, which she has piloted to steady acclaim. 

As a broker, Carrie is known for her meticulous attention to detail and unparalleled mortgage expertise. The key to staying successful for two decades? “Embrace the change,” she says. “Treat change as an opportunity, not a challenge.” The common denominator amongst top producers, according to Carrie, is that, “Everyone is 99% purchasers. They are all competitive, they don’t make excuses, and they seek to control their own destinies.” 

The other factor in generating record revenue is forming and sustaining relationships with realtors. This, says Carrie, is what is going to provide your business with the greatest consistency. She stresses the importance of demonstrating confidence and authority, of making yourself someone people want to know. “Toot your own horn… don’t ask for business, just make it happen.” When it comes to staying top of mind for realtors, Carrie says that showing up at the right times – i.e closings – is huge. But she also says that once you’ve established trust, to let the results do the talking. 

Her advice to upcoming brokers is twofold. Point number one: “Track everything.” Ms. Johnston uses a detailed spreadsheet system to keep tabs on every aspect of the process, increasing efficiency and eliminating errors. The other? Be genuine in your relationships, place your expertise at the forefront, and highlight your value. After all, that’s the greatest point of separation between you and your competition. “I try to approach realtors as I would want to be treated,” she says, “and I can buy my own lunch.” 

Times: 

(1:25) – Introduction To The Wholsale Channel

(6:45) – Embracing Change

(11:00) – Taking Initiative 

(19:00) – Common denominators for success

(22:00) – Quality over quantity

(29:00) – Parting thoughts 

This episode is sponsored by Guaranty Home Mortgage

The post Quality Over Quantity: Developing your Broker Brand (With Carrie Johnston) – Episode 121 appeared first on AIME.

We are joined this week by Dario Medrano, Broker/Owner of Home Field Lending in Las Vegas, Nevada.

Mr. Medrano has enjoyed tremendous success, excelling as both a broker and a mortgage content creator. His TikTok videos regularly accrue thousands of views, with rookie and veteran brokers alike seeking out his insights. Dario and Marc also discuss that while homeowners of the future all have eyes on TikTok, the real value proposition currently comes from its recruiting power, which is especially beneficial for Dario’s growth-first mindset. 

A former D1 baseball player, Dario starred on the popular reality TV show, “The Challenge.” Looking to turn his fledgling personal brand into a career, he moved to LA to pursue real estate. Working for a large retail shop proved unfulfilling, with little guidance and few leads. 

A change to Bank of America provided the opportunity to start working with real clients and authoring deals. In 2017, Dario attended an AIME conference, where he saw Mat Ishbia speak.

“I still have his business card in my wallet,” Medrano says. “I never looked back.” 

Medrano started his own shop from the ground up, committing fully to the wholesale channel. He was attracted to the self-starting, entrepreneurial lifestyle of a wholesale broker. To him, independence is the key to scalability. He stresses that starting from scratch might seem daunting, but that it’s more than possible with the right mindset and help from AIME. “There are guardrails up,” he says. “I knew nothing when I first started.” 

Now, he gets “3 to 4 emails a day” from loan officers looking to join his growing company. He has refined his process and believes that letting green brokers learn on the job is crucial to their success. Dario’s goal is to grow his company and achieve massive impact. The key, he says, is an influx of talent. “From day one, I wanted to scale,” he says. “The only way we’re going to grow as a channel is if somebody can give these guys an opportunity.” He wants prospective brokers to know that success is well within reach if they’re willing to work for it. “You can be a loan officer and overnight have a legitimate asset – not just a cell phone with a couple realtors in it. 

Tune in for Dario’s expert advice on how to develop your personal brand and create engaging content. Authenticity, he says, is the deciding factor. People don’t want advice on how to be a broker – they want to know what it’s like to be a broker. Let your true self shine through, and success is sure to follow.  

(2:32) – Entrance into the Industry 

(8:10) – Getting Guidance

(12:42) – Creating Compelling Content

(21:30) – Onboarding and Developing Green Brokers

This Episode is Sponsored By EPM

The post Reality TV, TikTok, & Marketing To The Masses: Scaling The Ladder To Independence (With Dario Medrano) – Episode 120 appeared first on AIME.

Two powerhouse lending leaders of the wholesale channel sit down for this monumental meeting of the minds to discuss the history and the future of wholesale mortgage lending and why they have given up on a retail division, deciding instead to go all-in on mortgage brokers. UWM President and CEO Mat Ishbia and Homepoint President & CEO Willie Newman talk about the facts that prove why the wholesale channel is not just better for brokers, but better for REALTORs, real estate agents, and, most importantly, better for borrowers. 

But Mat and Willie aren’t just here to SAY that brokers are better. They have the irrefutable evidence to prove it. 2018, 2019, and 2020 HMDA data shows that lower upfront costs and lower rates leading to lower payments over time lead to an average of $8,000 in savings for each consumer who uses a mortgage broker instead of a retail banker. Mortgage brokers also go out of their way to help those disproportionately ignored by the big retail banks. Whether it’s loans that take more time and are harder to close as a result of borrowers’ bruised credit scores or low-moderate incomes, or if it’s borrowers who are disproportionately ignored during the homebuying process like BIPOC or military veterans, brokers consistently go above and beyond to help their neighbors. Independent mortgage brokers are located in the communities they serve, sitting alongside the same little league games and waiting in the same lines at the grocery store as the homeowners with which they helped purchase their dream home. 

Willie Newman likes to say, “I was there at the beginning.” Before Willie’s mentor Stan Rhodes molded the concept of the modern-day mortgage broker in the 80s as a result of the Savings & Loans crisis, most mortgage brokers only did hard money loans for unique loan scenarios. Understanding that dislocation creates opportunity, Rhodes utilized the influx of loan officers let go after the S&L crisis to catapult his small lending institution into a top 5 national originator. 

Mat Ishbia shares a similar story when it comes to the growth of United Wholesale Mortgage. When Mat came aboard, UWM had a staff of 12 people. After learning every side of the business, working in operations, marketing, and as an AE, Ishbia purchased the company. Deciding to focus exclusively on wholesale, Mat has since grown UWM to 8,000+ employees.

The fallout of the 2008-2009 financial crisis and market crash disproportionately affected mortgage brokers compared to retail banks. And while it’s always easier to point fingers and blame outside sources, mortgage brokers instead looked inward and have since built back their book of business around tighter restrictions and lower margins. These mass layoffs we are now seeing from retail banks and lending institutions are a result of their infrastructures being built around bloated margins and higher interest rates. 

Before the crash, back when each brokerage was on its own with little to no support, mortgage brokers held a 50%+ market share. Now with the support of AIME and broker-focused lenders like Homepoint and UWM, mortgage brokers are set up to succeed long-term like they never were before. They have the technology, service, support, and partnerships of the leading lenders in wholesale and will be able to utilize these advantages to take back the majority of the market share. And unlike retail, where the banks and lenders hold their employees accountable, it’s the brokers who have the power. Ishbia and Newman both agree that it’s up to them to win each broker’s business, not the other way around. If a broker doesn’t like a certain lender’s pricing, technology, or servicing, then there are dozens of other lenders through which brokers can shop their loan.

Mat and Willie also understand that it’s not exactly easy to make the transition from retail-to-wholesale when you have lots of loans in your pipeline, but they emphasize that now is the time to make the switch. And if you don’t like it after a year, there are dozens of retail lenders who would happily welcome you back, but “no one ever goes back,” Matt says.  Whether you want to open up your own shop or join a pre-existence brokerage, wholesale is the place to be. You have more options, better rates, and can create a better lifestyle for you and your family. 

Mat Ishbia calls Willie Newman the Godfather of the broker channel because he was there at the beginning and helped shape the origins of wholesale. Willie Newman credits Mat Ishbia as the architect of the current state of the wholesale channel by being the first lender to go all-in on brokers before anyone else believed in them post-crisis. Together, they don’t just want to help bring more loan officers to the wholesale channel but help all current mortgage brokers be able to do more loans. With a singular focus in mind, Homepoint and UWM plan on spearheading the future of wholesale mortgages by exclusively supporting the independent originator.

At the end of the day, it’s all quite simple. The people preach it. The facts prove it. Brokers. Are. Better. 

NOTES:

This Episode Is Sponsored By AIME, Homepoint, & UWM

The post The Godfather & The Architect: The History & Future of How & Why Mortgage Brokers Are Better (With Mat Ishbia & Willie Newman) – Episode 119 appeared first on AIME.

At age 22, Jonathon Haddad had become the youngest banker promoted to director at Quicken Loans. By 27, after helping build out their online chat service, Jonathon was promoted to Vice President. Now, at age 30, having transitioned from retail-to-wholesale over 2.5 years ago, Jonathon leads a team of 80 employees and is using his marketing and SEO expertise to bring in 250+ organic leads a month. 

Jonathon admits that leaving Quicken was not all “rainbows and butterflies” but at the end of the day, they did what was best for business. Utilizing the AIME and Brokers Are Better platforms, Jonathon wants to share his expertise and leadership style with the entirety of the Wholesale Channel. Jonathon wants to give back to other brokers and believes this to be the ultimate opportunity to do so. He wants to teach those green to the industry that the broker space is the place to be and make sure that everyone knows that brokers are here to stay.

WIth custom drip campaigns, proper data-tracking efforts and a $300,000 budget for his marketing team’s salaries alone, Jonathon’s major push is for the combination of marketing efforts and realtor referral relationships. His head of marketing, a former content creator for ESPN, the NFL, and the Superbowl, leads an 8-person team of videographers, editors, and SEO experts. Operating under the idea that “you don’t know what you don’t know,” Jonathon and his brokerage’s marketing team welcome new realtor partners by offering to help them with any weaknesses in their marketing plans. Instead of just getting a cup of coffee with a realtor, Jonathon comes to the table with multiple marketing packets for different types of realtors and finds the best marketing plan to match each realtor’s weaknesses. 

Jonathon’s greatest passion within the broker space is leadership. He is addicted to helping others and, in this podcast, shares advice for both fellow trainers and their trainees; Give more, expect less, and adjust your training style to fit the trainee, not the other way around. Provide visual, auditory, and hands-on training, and do your best to give everything you can to every employee, realtor, and homeowner. Knowing guidelines and how to close loans is simply the barrier to entry into this industry. If you don’t go above and beyond to set yourself apart you’re going to fall behind. You have to show up each and every day expecting roadblocks and speed bumps, so don’t just prepare, but embrace these hardships. “My life has not been easy, it does not matter,” Jonathon shares. Independent originators have options. They have full control of their destiny. That’s what makes brokers better. 

NOTES:

This Episode Is Sponsored By Mobility Market Intelligence (MMI)

The post How To Intertwine Leadership Skills, Marketing Efforts, and Realtor Relationships To Bring in 250+ Organic Leads A Month (With Jonathon Haddad) – Episode 118 appeared first on AIME.

After 22 years in the industry, Mortgage Broker/Owner Jason Glass has finally decided to stop overthinking and take action. Instead of waiting for the perfect situation or over-analyzing every little detail, Jason has decided to take the time to invest in himself and his business with a growth-first mindset, all by being his true authentic self.

Not too long ago, Jason would dress up in a suit and tie and try to be a salesman, but that just doesn’t cut it, and it just wasn’t Jason being Jason. “You have to be yourself,” he shares. You can’t just bank on speed and rate anymore. You have to set yourself apart. Jason believes that our true authentic personalities are the only unique commodity we all have and we have to utilize ourselves for everything we’re worth. There is only one YOU so be yourself. 

Growth is top of mind these days for Jason. Having hired a new LO with a grow-first mentality, Jason has shifted focus from outward selling to inward growing. Jason has stopped wasting time on overthinking and instead, is just doing. His most monumental change has been switching from Calyx to Arive. Jason has been running his pipeline the same way for two decades and understands that change is hard and nothing is ever going to be 100% perfect, but Jason compares the switch over to Arive as switching from a rotary phone to an iPhone 13. You might not have missed a single call on that rotary phone, but the doors that new technology can open for your brokerage are indispensable.

As a part of his parting advice, Jason shares that he doesn’t believe that mortgage brokers are going to be completely replaced by technology, but they should use technology to speed up and better their processes and procedures. He also makes sure to note that referral relationships are just that, relationships. You can’t treat them as dispensable numbers or transactions. Real Estate Agents and client referrals are all people with wants and needs and families. Get to know them. Create an actual relationship with them and success is sure to follow, for everyone. 

NOTES:

This Episode Is Sponsored By Homebot

The post Don’t Push Product, Push Personality: How To Level Up By Being Authentic (With Jason Glass) – Episode 117 appeared first on AIME.

After a dozen years of being restrained by limited options in the retail channel, Southern California Mortgage Broker Jerry Avila decided to finally make the transition to wholesale. Jerry believes that no deal should die and that there is always a way to fight and figure things out for the borrower. 

Jerry started out in a similar rate environment as we find ourselves now (Q2 of 2022), and was forced to swink or swim. Instead of focusing on selling basis points, Jerry quickly realized that his path to success was through mastering Non-QM products. He knows that not all families’ financials look the same or fit into the boxes predetermined by the big banks. Being able to take the time to curate the best possible loan scenario for a borrower is one of the biggest attributes that make brokers better. 

While Non-QM is Jerry’s original niche, he has since zeroed in on helping military veterans. As one of the first moderators for VettedVA, Jerry has put in the hard work to be respected by his peers, whom Jerry credits as the main driver of his success. Jerry encourages everyone to look at who they associate and surround themselves with and note whether they are representative of who you want to be. He implores everyone to align themselves with those that passionately care about what they do because Jerry has found these groups reverberate positivity and success between each other. Everyone benefits and grows together. 

And that leads us to Jerry’s parting advice: Nobody here is each other’s enemy. We’re all family, and we should treat each other with respect and help each other succeed. Whether it’s your LOA, Broker/Owner, or fellow Loan Officer in the same town or across the country, we should all be working together to benefit the homeowner, and in turn, each other.

NOTES:

This Episode Is Sponsored By REMN Wholesale

The post Navigating Non-QM, VA Home Loans, & Successfully Transitioning from Retail-To-Wholesale (With Jerry Avila) – Episode 116 appeared first on AIME.

Being an Independent Mortgage Broker is in Andy Treno’s blood. With his dad opening the first broker shop in Minnesota in 1987, loans and title companies were a part of nightly dinner table conversations, and making spreadsheets and stuffing envelopes was Andy’s summer job. After going to school to become a financial advisor, Andy got a job at a bank but quickly realized that mortgages are what he loved, and a bank was not the place to best put together home loans. 

Andy, as a Mortgage Banker, was ranked top 10 in the state for selling home loans, but he got called into a manager’s office for not cross-selling enough checking accounts. A homeowner’s dream home and an entire family’s generational wealth should not be treated with the same respect given to food that’s about to expire at a chain restaurant. Andy understands that mortgages are not something you just sell. You don’t tell the client what they need. You listen to them, learn their wants and needs, analyze their financial situation and look over their 1003s. You sit families down face-to-face and have conversations about their life goals and then take the time and effort to explore multiple different loan products from multiple different lenders to find the option that works best for each individual family. It is for this exact reason that Andy has made it his life’s mission to educate and advise homeowners everywhere. Andy knows it’s their money and their decision, he just wants to help them make the best possible choice for their family’s future. 

One of the biggest things that make brokers better are options, and Andy makes sure to take advantage of all the options at his disposal. Whether it’s using multiple Brokers Are Better Network partners like leadPops, LendingPad, Homebot, and Pre-Approve Me, or becoming an expert in everything from first-time homebuyer FHA to reverse mortgages (with a specialty in VA as a member of VettedVA), Andy is always looking for new ways to help more people. And it’s up to each and every individual independent mortgage broker to make sure they’re helping as many homeowners as possible by taking advantage of everything at their disposal.

As a member of AIME’s ethics committee,  Andy stresses the importance of taking the time to not just educate your borrowers, but educate yourself. You are the expert, clients are going to look to you for answers. As rates rise, don’t slack off or cut back. Take advantage of the extra time and reinvest in yourself and your business. 

NOTES:

This Episode Is Sponsored By leadPops

The post Ethics & Education: For Homeowners AND Mortgage Brokers (With Andy Treno) – Episode 115 appeared first on AIME.

Within 6 months of transitioning from retail-to-wholesale, Los Angeles Broker/Owners Dustin Rosenberg and Jonathan Yoo were ranked #14 in Non-QM originations by Scotsman Guide. They have 200 loans in their pipeline at any given time and are signed up with 80 different lenders. With a strong support staff, a solidified tech stack, and an assembly line system, Convoy Home Loans is able to personalize loan experiences for everyone from traditional first-time homebuyers to self-employed jumbo investment property holders.

Understanding that they couldn’t grow without a sturdy foundation, Dustin and Jonathan focused on building a strong support staff before onboarding a bunch of loan officers. A converter belt set of processes and procedures were put in place that makes sure no part of the loan process goes untouched. 

Dustin and Jonathan are the very first people a homebuyer talks to, but instead of just handing them off to the next person in line, Dustin and Jonathan make sure to remain transparent. They let the client know that for a loan to be done as effectively and efficiently as possible, they will need to hand off the next part of the process to a trained and trustworthy LO. However, they also make it clear that they are both available at any time if any questions arise. Whether it’s about figures or terms or cost or rate, their clients can call them directly. Dustin and Jonathan make it very clear that the last thing they want their consumers to feel is hesitant to reach out for assistance. Mortgage Brokers are not just paper pushers. They are advisors whose responsibility it is to carry a homebuyer through their entire transaction. 

While they use LendingPad as their LOS and Shape as their CRM (both Brokers Are Better Network Partners with AIME-exclusive pricing), Convoy Home Loans also utilizes their own in-house spreadsheet to price out all 80 of their lender partners. Dustin and Jonathan admit that it is time-consuming, but optionality is a huge part of what makes brokers better. It’s just not something they were able to provide as retail bankers.

With their focus set on optionality, customization, personalization, and freedom, Dustin Rosenberg and Jonathan Yoo of Convoy Home Loans are the epitome of what it means to be an independent mortgage broker. And for all the other brokers out there, especially those new to the wholesale channel, Dustin and Jonathan want to remind you that you should always be trying to perfect your craft, but don’t get caught up in the day-to-day. Hire to help focus on long-term goals and always remind yourself that anything is possible if you bet on yourself. The worst thing you can do is NOT try. It’s going to be hard work, but bet and believe in yourself and run with it. 

Notes: 

This Episode Is Sponsored By AmeriSave Wholesale Mortgage Solutions

The post Homeowner Education, Unlimited Options, and Exploring Non-QM (With Dustin Rosenberg & Jonathan Yoo) – Episode 114 appeared first on AIME.