Billion dollar loan officer shares path to success – RISMedia
For the mortgage industry, 2021 has been a binge eating. Refinances and new purchase loans broke all time highs as interest rates were at historically low levels. Even in these positive market conditions, however, success was not guaranteed, and it took a keen, innovative mind and a prescient, futuristic understanding of the lending process to take full advantage of the opportunities.
Sitting on an impressive turnover of just over $ 2 billion in loan origination this year, Guaranteed Rate’s Shant Banosian apparently had the right tools, the right team, and the perfect approach to face a year. rich in positive conditions for mortgage loan professionals. but also particularly difficult.
“It was a great ride,” he told RISMedia.
Distributing enough dollars to rival the GDP of a small country, Banosian’s low-key assessment of his success is the result of both his constant and experienced optimism as well as a market that has seemingly rewarded those who have been able to. stay focused on their larger goals. With the industry breaking records and half a dozen other loan officers joining Banosian in the billion dollar club, this year opened up a whole new world of possibilities as consumers sought loans and demanded more from their customers. lenders.
With around 12 years at the guaranteed rate, Banosian attributes both a culture of support to his business and his ability to anticipate trends and prepare accordingly for his huge numbers this year.
“We really learned a lot from 2020,” Banosian says. “We have staffed, we have systems in place, and we have processes in place. 2021 has been the reward for all of this. Our level of service, execution, communication with our customers and just overall delivery, return, brand and reputation increased with our volume and not at the expense of it which was great.
While he describes 2020 as a surprise that “caught some people off guard,” Banosian also didn’t miss the opportunities available last year, racking up $ 1.7 billion in creations. But as technology advances and in the context of a fiercely competitive seller’s market, loan officers have been challenged to support customers more and in new ways.
Sacrificing service for speed in order to compete with cash offers and serve rushed buyers just wasn’t an option, Banosian says. To provide the same service and experience while increasing their speed, the only answer was to grow, train and innovate, he says.
“The # 1 goal with which we set ourselves this year was to find out how much business we can do, but also how much we can make our customers happy and, simultaneously, how quickly can we create a loan. He said. “At the end of the day, if your customers are extremely happy, they’ll tell everyone about you… I’ve built my business entirely on referral.”
Speeding up his process to deliver a much more detailed and concrete pre-engagement letter instead of a pre-approval or pre-qualification was one way for Banosian to say that he was able to simultaneously increase the speed of the process. loan approval without letting customers want it. He denounced the lack of speed innovations in the industry, with the approval process still taking an average of over a month.
Another way is technology, with Banosian praising how some in the industry have capitalized on the pandemic to revamp tired, sluggish habits that have remained unchanged for decades. He says he was often able to offer loan close for two weeks, or as little as 10 days, and hopes to be able to offer this consistently and across geographies.
“It’s helped our customers a lot and really helped us get a lot of market share,” he says. “It really caught the attention of buyers, as well as REALTOR® Reference Partners. “
This technological orientation will be particularly important in the long term, according to Banosian.
“We have always invested in technology and I feel like we are proud to continue to be an industry leader,” he says. “Loan officers who maximize technology will replace loan officers who don’t.”
The platform he works on is the foundation of it all. Banosian says his priorities – staying focused on the team, well connected and technologically advanced – are shared by the Guaranteed Rate, which has kept him in the business even as his star has risen nationwide.
“is a company that ultimately understands where businesses are going and constantly seeks improvement,” says Banosian. “It’s not just one thing, it’s all of those things.”