TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1379186
16 | M R EP O RT COVER FEATURE Sean Cahan President, Cornerstone First Mortgage M // What is the best career advice you have received during your time in the mortgage industry and why? CAHAN // Become a mortgage geek! Know your paperwork, know your disclosures, know your guidelines. You need to understand the products you're selling and what is being asked in order to find the best financing for your clients. Take the time to learn the details of different prod- ucts, because that's truly the best way to increase market share. M // What advice would you pass on to someone entering the mortgage industry? CAHAN // Do your homework so you can educate the consumer. Learn the different products and get away from just selling a rate, sell knowledge. It's about sharing your expertise and knowhow, so your customer never comes back to you and says, "I didn't know about that." M // What are 2-3 ways you believe the mortgage industry needs to innovate or evolve? CAHAN // Technology and teamwork. We need to do a better job adapting to technology and use technology to not only update loan guidelines, but also make the mortgage process more efficient for everybody on the transaction. I believe lenders and agents need to strive to work better together, not against each other. At the end of the day, it's about providing the best possible experience to the consumer. You can only do that with teamwork. Every consumer deserves a strong team behind them supporting their goals and getting them to the finish line with ease. Tai Christensen Diversity, Equity & Inclusion Officer, CBC Mortgage Agency M // What is the best career advice you have received during your time in the mortgage industry and why? CHRISTENSEN // I started my career in 2003 as a contract loan processor working from home. A dear friend of mine who was also a processor who worked from home counseled me to have a daily hard stop on my work hours. She said the mortgage industry is fast-paced and filled with long hours, and when you work from home, you can potentially end up working all day and night without realizing it. In order to avoid "burnout," she advised I give myself a firm time to walk away from my desk each day. This one piece of advice has proven to be invaluable. Taking a break and walking away often gave me the recharge I needed to come back the next day (or later that night) more refreshed and clear-headed. M // What advice would you pass on to someone entering the mortgage industry? CHRISTENSEN // Learn to "ride the wave." The mortgage industry is a cycle of feast and famine, always ebbing and flow- ing. Save money like crazy when the market is hot and business is booming, so when the market dips, you will have resources to pull from during leaner times. M // What are 2-3 ways you believe the mortgage industry needs to innovate or evolve? CHRISTENSEN // Our industry needs to make a considerable effort to train up minor- ity mortgage professionals. We need more minority originators, underwriters, and brokers. Per the U.S. Census, currently 50% of American children under the age of 18 belong to a minor- ity group. By the year 2045, the United States will be a "majority minority" nation. We need mort- gage industry professionals who understand this demographic and can authentically speak to the unique needs of these communi- ties. Since we are entering into a new "majority minority" nation, the mortgage industry must understand that many minorities view purchasing a home with heavy skepticism and make concerted efforts to change this perception. Whether it was redlining, "contract lending," or predatory lending prior to the Great Recession, there is a considerable amount of financial trauma embedded in the DNA of minorities. Folks just don't trust the mortgage industry to "do right" by them. The time is now to extend outreach and housing education to communi- ties of color and begin to build trust. This can be done by marketing campaigns designed to increase financial literacy, grassroots homebuyer events that teach about the importance of homeownership, or simply good old-fashioned conversations. It is incumbent upon the mortgage industry to begin to fully engage with the minority community in a meaningful way. The longevity of our industry depends on creat- ing a new generation of Black and brown borrowers who become sustainable homeowners. Kevin J. DeLory SVP Wholesale Lending, Carrington Mortgage Services, LLC M // What is the best career advice you have received during your time in the mortgage industry and why? DELORY // As a leader, I had a mentor tell me, "Never ask your team to do something you wouldn't be willing to do your- self." Today, even as an SVP, I still love to sit on the sales floor with my team and pick up the phone, talk to brokers, and do exactly what I am asking my team to do. The loyalty, trust, and respect that I have earned from my team over the last 20 years is priceless. Speed of the leader creates the speed of the team. M // What advice would you pass on to someone entering the mortgage industry? DELORY // The first word that comes to mind is "empa- thy." Always remember you are helping a customer through the biggest purchase most will ever make, so there are a lot of emo- tions involved. It is important to listen to your borrowers and put