"We need to provide expert advice and guidance to that customer to set us apart from the average LO"
When mortgage rates rise, loan officers have no choice but to up their game as well.
How do top originators stay ahead of the fierce competition? Mortgage Professional America asked Erik Elsasser (pictured), senior mortgage loan officer at Real Genius (previously ConsumerDirect Mortgage). Elsasser talked about how he navigated the rollercoaster years that were 2020 and 2021 and shared his perspective on what it takes to really succeed in the mortgage space, given the current market conditions.
Read next: Real estate crash in 2022 – how likely is it?
MPA: When and how did you get started in the mortgage business?
Only by God’s plan did I end up in the mortgage business. I was working for Bank of America (BOA) and had just started a new position in investments when, a few months later, BOA purchased Merrill Lynch and laid off our whole division. BOA wanted to convert the space we were in to a mortgage call center and asked if I would want to start as a mortgage loan officer. That was in early 2009 and the best career move that ever happened to me.
MPA: What are some of the biggest challenges you have encountered throughout your experience in the mortgage industry?
EE: The constant changing in guidelines, I would say, is the biggest challenge, but it also keeps things interesting as you cannot stop learning in this business. I started in the business right when “no-document” loans went away, so I have always been working in an environment where guideline-required documents have been in place. Also, the crazy volatile market is always a challenge; seeing rates spike and drop over the last few years and now rising again is enough to make you pull out your hair sometimes. But at this point in my life, I have absolute faith that the Lord has a plan for everything, and I have no worries. He will provide.
MPA: Name three career highlights.
EE: First was finding Real Genius seven years ago. I’m so thankful every day to be working with this family. I can’t even call it just a company. Second is becoming the top producer nationwide with Bank of America, Roundpoint Mortgage, and Real Genius within 60 days of starting with each of those companies. Lastly, helping my parents, my pastor, and numerous other family members and friends get mortgages and refinances that I KNOW they are getting the best rates with the best costs.
MPA: Can you give me any quantification of your success in the past year, and what is your target loan volume this year?
EE: In 2021, I funded 556 loans for $196,443,792. The goal this year is to close over 600 loans and over $200,000,000.
MPA: What is your market outlook for the mortgage space in 2022?
EE: I think it is pretty obvious that the amount of refinances will be significantly down this year, but the number of purchase mortgages will be at record-breaking numbers. So, I am confident we will be closing the same or more this year as we are very well equipped to help our customers in the purchase mortgage space.
Read next: The “new normal” – Doug Duncan’s mortgage industry outlook
MPA: What are the most important skills that every loan originator needs to have in the current market environment?
EE: Without question, an LO in this environment has to be disciplined, consistent and listen. Disciplined in making calls and emails aggressively every single day. Consistent in their work ethic and positive attitude. And most importantly, LISTEN. We are no longer in a transaction-based business, where refinance-hungry consumers are jumping on board with one emailed quote. We have to hear what the customer wants and needs and provide expert advice and guidance to that customer to set us apart from the average LO.
What’s on your to-do list for the rest of 2022?
EE: Go to Hawaii with my wife, mentor my eldest daughter to advance in the company (she also works for Real Genius), and make Real Genius a name that is recognized as the best mortgage company in the country.
MPA: What’s the one piece of advice you’d give any originator who is either starting in the business or has been in the industry for a long time and is having difficulty boosting their production?
EE: It may be a cliché, but control what you can control, and everything else will fall in place. I am fanatic about efficiency and completing every task to the best of my ability so that the work on my files done by my fulfillment partners is made easier. I believe if I stand up for my teammates and go above and beyond what is expected of a loan officer, then those fulfillment partners will work harder for me and our company than anyone else.
