Michigan broker-owner thrives after opening shop amid pandemic

Largely due to a career in banking, Chanel Shaba was presciently prepared for the changes in the mortgage industry that are occurring now. Today, those past lessons are reaping dividends as others in the industry scramble to reinvent themselves.

“I’ve always worked in the banking industry,” she said in a recent interview with Mortgage Professional America. “I’ve always been skills-oriented but also in the banking world.”

Following stints at various banks, she ended up at LoanDepot. “That’s when I found the passion strictly with mortgages,” Shaba said. “Before, I was doing all kinds of banking – checking account, savings account, advising, HELOC – when I moved over to LoanDepot. I really gained knowledge as regards to strictly lending, and strictly mortgages, and residential lending. And I loved it.

“At that point, I really developed relationships with my clients where they became returning clients. It wasn’t just a burn-and-turn where you talk to somebody today and never talk to them again. Follow-up to me was a big deal, relationships to me were a big deal.”

That penchant for customer service prompted her to open her own mortgage shop, circumnavigating the traditional step of working at another company first before hanging her own shingle. “Because I had such a good client base – I built such a good client base in the five years that  I was working for that company – that’s when I decided, maybe I should take this on my own and go broker and develop from there and help others whether it’s Realtors or loan officers.”

She vividly remembers the moment she decided to venture out on her own: “I knew I wanted to leave the corporate worked when you become a number. I didn’t want to be that anymore.”

Which is not to say the path to broker/owner status was easy. By the time she launched Michigan-based Beyond Lending in 2020, the scourge of COVID-19 reared its ugly head. “We were fortunate enough to be deemed essential [workers], which was good. Being under the direct lender side, everything I was doing was phone-based. It wasn’t in person anyway, so it wasn’t as difficult for me.

“But the challenges were definitely there. How are we going to close? How do we get you to sign documents where someone can watch you sign those documents or notarize those documents? We are in an ever-changing industry, so we always have to roll with it and we have to be adaptable to whatever is happening.”

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Notwithstanding those challenges, the refinancing boom –fueled by record-setting levels of home value – yielded low-hanging fruit of which many in the industry (Shaba included) liberally availed themselves.

“Was it tough? Absolutely,” she said of launching a business in the middle of a pandemic. “But it was great because the market was so good at the time. It was phenomenal. When people are in such doubt with what is going on with COVID, to know they’re saving money or have someone on the financial side, that really helped as well.”

Securing necessary licenses to run her business also proved problematic as her state virtually shut down to promote the tactic of physical distancing. “Everything was at a standstill for four months, and I kept my borrowers on board,” she said. “I told them, ‘Listen I’m working on something. If there is benefit for you somewhere else, my fiduciary responsibility is to you to make sure you’re getting the best deal. And if I don’t have it to you because I’m not up and running, it’s okay. Nothing is ever permanent.’”

Fortunately, most of her customers followed her as she struggled to open her business in earnest by March 2021 – with branding and related preparations finally achieved. Free of bureaucratic shackles, she posted $87 million in volume while pulling out between $6 million to $8 million per month.

She’s since backed away from the selling aspect to a managerial role, overseeing five licensed loan officers (including herself) and two processors. Even thus removed from the front lines, Shaba said she still pulls in some $2 million in volume monthly.

While many in the industry scramble in pivoting to the purchase market or non-QM lending, the premium placed on customer service from in her former incarnation in the banking industry is guiding her through the choppy waters amid rising interest rates and inflation. What’s more, she plans to have 10 loan officers by July and double the number by year’s end, she said.

Asked to point to the secret of her success, she emphasizes her origins in the banking industry. “I just like to treat people as if they’re my own family,” she said. “I want to advise them the right way. I would never want someone to come to me later and say ‘You screwed me over.’ I wouldn’t sleep at night.”

Yet for all the currency she places on customer service, more deep-seated ideals may have been at play in ensuring her success – something not taught in school or on the job. She spoke proudly of being the daughter of Catholic immigrants from Iraq who fled their native country to escape from religious persecution. The example demonstrated by her parents, coupled with their unflagging support, looms large in her trajectory and continues to guide her to this day.

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“I was raised by two brilliant parents who urged me to be in the medical field,” she said. “Yet due to the tragic death of my father when I was 19, I opted out of medical school and pursued business school at Wayne State University. From there, I found a liking to diversifying my knowledge in global business and accountancy. I realized I was a numbers person. I’ve always had a business mindset where the sky is the limit, and that’s due to watching my parents become successful entrepreneurs adapting to challenges and learning quickly.”

Now, it’s all about the yes.

“I took the responsibility of managing my father’s businesses and properties, ensuring that my siblings didn’t have to face the challenges others would from losing their father and primary breadwinner,” she added.

“I’m fortunate to have such a strong family upbringing, morale throughout my daily life choices, and faith to keep going! I’ve convinced myself that yes is always the best answer, as those three letters open up doors that many are frightened to walk past.”