TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1379186
M R EP O RT | 17 COVER FEATURE yourself in their shoes. M // What are 2-3 ways you believe the mortgage industry needs to innovate or evolve? DELORY // The obvious answer would be "technology," but I think that every day we see a new piece of technology come into our space to make the process easier and faster. The problem with all of this technology is that we have relied too much on instant chat and email, and we have gotten away from one of the most pow- erful tools we have: conversation. We have increased the way we communicate with email, instant chat, bots, etc., but we have forgot- ten about the power of conversa- tion where we can actually hear one another. I will take conversa- tion over communication every day. I like to hear the emotions in people's tone and make sure the person on the other end leaves my conversation feeling secure and comfortable. Michael Fontaine Co-President and COO, Plaza Home Mortgage M // What is the best career advice you have received during your time in the mortgage industry and why? FONTAINE // Truth is always the right answer. Though sometimes it's not the easiest one to share. If you've analyzed a business situation or uncovered a problem, don't try to sugarcoat it; be direct and clear about it. That doesn't mean you should be insensitive in how you com- municate it, though—always be a professional and look at every side. At the end of the day, hon- esty and clarity will always be appreciated, even if the news is difficult for people to understand in the moment. M // What advice would you pass on to someone entering the mortgage industry? FONTAINE // Bring your passion! The mortgage industry is a tough business with difficult cycles. However, the opportunities are enormous if you can power through, and you'll be working with some of the most talented, dedicated professionals you'll ever meet. On top of that, you'll be helping families make what is often the biggest investment in their lives. For the right individu- als, it's a dream job, helping the American Dream come true. M // What are 2-3 ways you believe the mortgage industry needs to innovate or evolve? FONTAINE // Certainly, the industry needs to keep moving forward and to do it at a faster pace than ever before. So, it prob- ably will require innovation and evolution, with a heavy emphasis on embracing technology more now than ever before. Scott Gesell CEO and General Counsel, Gateway First Bank M // What is the best career advice you have received during your time in the mortgage industry and why? GESELL // Get to know your business—you are not born with the knowledge; you need to learn it. Be intellectually curious—if you don't know something, ask, don't assume. Know your role in the business and work to be a contributor to success. Know that you are in a regulated industry and work hard to understand the rules of the game. This is a high- volume, low-margin business, so it is not what you make but what you keep that will define long-term success. Know that that the house does not make the payment, the borrower does. M // What advice would you pass on to someone entering the mortgage industry? GESELL // Put people first—your customers, your peers, and your owners. What can you do to make their lives better? We promote homeownership, and that is more than just providing borrowers with loans. We need to better assist our customers in understanding the benefits and the obligations of homeowner- ship. This business is about more than just closing loans. You aren't doing anyone a favor by putting them in a house they cannot afford. Look at things through the customer's eyes and ask how can you make their experience better? Understand that for most of your customers, you are help- ing them finance their largest asset and their ticket into the American Dream. You get to con- tribute to make a real difference by strengthening families and communities. Finally, learn to love what you do, and know that if you are not having fun, you are not doing it right. M // What are 2-3 ways you believe the mortgage industry needs to innovate or evolve? GESELL // Customers have vary- ing preferences today in how and when they do business. The lend- ers and services that can strike the balance of offering the most practical, omnichannel solutions has a great chance of long-term success. This industry needs to remember that each customer has differing expectations on what level of service we should provide. We need to be adapta- "We need to improve all elements of digital execution—from taking the application, to closing the loan and throughout the servicing process." —Scott Gesell, CEO and General Counsel, Gateway First Bank