Executive shares his priorities in the current market environment
What makes a mortgage transaction unforgettable is “the people, not the loan,” said Steve Abraham, president of Neal Communities Funding.
“There have been a few [memorable loans], but there’s this one when I fell into the position of salvaging a loan that was going in the wrong direction at the last minute,” recounted Abraham, whose mortgage career spans 20 years. “The family was not native speakers of English, had a complicated income situation, and we needed to add an additional family member to make it work. They started out frustrated and distrustful, which was understandable.
“We worked through it and got them closed. Two years later, they still call me with questions about mortgages, the junk mail that goes with a new home and questions around taxes and escrows when that time of year comes around.”
Read next: CEO launches his own mortgage company in 10 years: What’s his secret?
Mortgage Professional America recently spoke with Abraham to get his perspective on the cooling housing market and what mortgage originators can learn from this downturn. What follows is an edited version of our interview.
Mortgage Professional America: Can you give me an idea of how, when, and why you started the mortgage business?
Steve Abraham: I started in 2002 in Orlando, Florida. I had a background in commercial lending and teaching English as a second language, plus a family member who sold new homes for a builder. The idea of helping someone get into a new home is appealing, and my background seemed to fit.
MPA: What are some of the biggest challenges you have encountered throughout your experience in the mortgage industry?
SA: The most obvious was living through the bubble, and the bubble burst in the 2000s. On a more day-to-day level, I always watch my communication with people to ensure I’m effective in my explanations and requests and that I have done a good job listening to the other person.
MPA: Name three career highlights.
SA: Being offered my current position. Winning the ACE award for Loan Consultants in my previous position.
MPA: What are the best books new loan officers should add to their reading list?
SA: If you’re looking for self-improvement, I’ll always recommend Covey’s Seven Habits of Highly Effective People. There are plenty of other books that are slightly different, but this consistently hits the mark for me. The other one that’s more focused is Atomic Habits by James Clear. If you want to think about communication, I still like The Inner Game of Tennis by Gallwey. It’s from my language teaching days. It’s a good explanation of the importance of leaving space in your explanation or instruction for the listener to absorb and learn. It points to focus on the picture you’re painting in your counterpart’s mind or skillset and less about your role as the fountain of knowledge.
MPA: What’s on your to-do list for the rest of the year?
SA: Learn about inflation, refine my conversations about construction delays and the intricacies of locking interest rates for a home under construction and close as many homes as possible in the fourth quarter.
MPA: What is your market outlook for the mortgage space in 2022?
SA: The mortgage business is never the same for very long. The next year or so is going to provide lots of change and lots of opportunities to learn.
Read more: Wells Fargo and JPMorgan Chase see slowdown in home lending
MPA: What are the most important skills every loan originator needs to have in the current market environment?
SA: Equanimity. There is a daily stream of things to worry about and/or panic over in the current environment. You don’t do your clients any favors by participating in the panic of the moment. You’ll be better served by clearly explaining the choices available, how to evaluate the ups and downs of those choices and helping your customers maintain perspective.
MPA: What advice would you have for any originator who is either starting in the business or who has been in the industry for a long time and is having difficulty boosting their production?
SA: Do an honest evaluation of your trustworthiness. Make sure you are doing what you say, even in the little things. Find the ways you can add value to your customer’s or partner’s efforts. Both are key to a reputation that pushes your name to the top when the need arises.
