Top originator shares his tale of overcoming housing crashes and technological shifts
Imagine starting your career in the mortgage industry tucked away in a break room, surrounded by stacks of paperwork, title documents, and appraisals – all done manually. That’s precisely where Paul Volpe (pictured) began his career, which is about to mark an incredible 25-year milestone at Nova Home Loans.
Reflecting on the journey, Volpe recounted the twists and turns that have shaped his path. “I’ve actually been with the same company for the entire 25 years, which is quite unusual from what I understand,” he said.
“I started out as a processor assistant, working on verifications, getting title paperwork in order, and handling appraisals. That’s when we also began to embrace technology. Before that, the mortgage world was quite different. We relied heavily on underwriters to make decisions, and everything was presented to them manually.
“Then came the advent of technology like LP and DU, which changed the game. I vividly remember spending around six hours trying to figure out how to run LP for the first time. Eventually, automation kicked in, and that’s when technology started to make its mark in our industry. In 2001, I graduated with a degree in finance and transitioned from the back end to the front end, and my brother gave me a real challenge – handling all the manufactured home packages. It was a steep learning curve, but I tackled it head-on.”
However, Volpe’s journey isn’t just defined by technological shifts; it’s a story intertwined with market turbulence and resilience. The seismic events of 9/11 and the 2008 market crash cast their shadows, adding layers of complexity to his narrative.
“When the financial crisis hit, it was a tough time for the industry. However, we weathered the storm because we didn’t focus on risky loans like many others did,” he said, revealing the mindset that carried them through the market chaos. “Our approach during that was pretty lean and focused.”
The allure of stated-income subprime loans held little appeal for Volpe’s team. Instead, they embraced a strategy of one loan at a time, minimizing risk and ensuring their longevity even as others faltered.
“Had we chosen that route, we might not have survived,” he said. “Many companies went under because they had a plethora of loans tied up in warehouse lines without investors to support them. Despite the challenges, our team, which we humorously dubbed the ‘bulky team,’ remained the top originating team in Arizona and even among all loan officers nationwide during those years. It was a period of keeping our heads down, finding innovative solutions, and continuing to assist clients.”
The market crash of 2008 was a defining moment that tested the mettle of mortgage professionals like Volpe. “People were still interested in buying homes, thanks to reasonable affordability,” he recalled. “While interest rates were probably similar to today’s rates, it was the affordability aspect that drove purchases. Buyers were asking if it was a good time to buy, but the uncertainty of market prices made it feel like trying to catch a falling knife. Figuring out when prices would stabilize took a few years, but eventually, the market settled.”
Amid the chaos, programs like Obama’s refinance initiative played a pivotal role in supporting underwater homeowners. “Getting loans approved also became more challenging compared to before,” Volpe said, describing the shift from leniency to stricter standards. The shift from loose lending practices to a more robust mortgage market was a positive transformation.
Fast forward to 2012, and Volpe stepped into the vice president role. By 2013, he secured the top spot as the number one loan officer in the country in terms of the number of loan units handled.
“I managed to reclaim the top spot in 2015 as well,” Volpe said with pride, proving that success is not defined by market size. “This achievement was remarkable given that I was working from Tucson, Ariz., a smaller market compared to some of the larger ones.”
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As he gazes ahead, Paul offers advice that captures the essence of his journey: “Our business is all about relationships.” He underscored the significance of prioritizing relationships with agents, partners, and clients, a principle that has been integral to his success.
“I treat every deal almost like I’m in fear of letting down the consumer,” Volpe said. “You don’t want that to happen. You want to make sure it’s a smooth transaction from start to finish and that there’s communication and you’re available.
“And it takes a lot of sacrifice to do that. It’s a lot of weekends, a lot of after-hour calls, and coming in early to make sure stuff is done. You have to sacrifice now for later, is what my dad always said.”
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