Uncover the principles and practices that have cemented her as mortgage leader
The day after she graduated from college, Lauren Maxwell (pictured), interviewed for a position in the mortgage industry, encouraged by her mother’s friend who had long thrived in the business. That was back in 1987 and since then Lauren has built her own legacy in lending.
“I wanted to learn more because I was taking the business in, but only about 10% of what I brought in was closing, and I kept hearing the underwriter doesn’t like it,” she said. “The processors are throwing your files back when they introduce you to sales. They do not show you the guidelines. They are not showing you what you need to close the loan.”
“I was young. I was ambitious. I could sell anything. If they would not tell me what they needed, I would have to find out for myself, so I decided I was going to go back and work for a bank and become a processor.”
Over the years, Maxwell climbed the ranks, working in various capacities from a processor to closer, to underwriter, to operations manager, and eventually back to sales. “Where I’m at today is because I literally learned the life of the loan,” Maxwell said. But like many, Maxwell faced the harsh realities of the market crash.
Learn more: Does a processor do underwriting?
“By the time I left my old company in 2007, I was closing $60 million a year. I was at the top of my company and thought it was great. Then the market crashed, and I lost everything. I started from nothing because the company I worked for went under. I was there for 11 years. I lost all my deferred compensation. I had properties under construction in Florida that all the builders walked away from the projects.”
Yet her resilience shined through. “People would ask, ‘What are you going to do now?’ This is all I knew. I learned to live with less. I sold my big house and downsized my life. I was super happy. I kept going, and I kept what I do best. Eventually, I got busier and busier.”
“Today, I close over $200 million a year. For the past 10 years, I have never closed less than $100 million. This volume quadrupled what I did when I was considered successful back in the day.
“But I am not money motivated. I do it because I still love doing what I do every day. I love mortgages. I come to work every day. I absolutely love getting deals closed. One of the things that gives me satisfaction is saving people from another deal that is not working. For example, when you get a panic call from people who are working with a large bank or another competitor who get denied a week and a half before closing. We help them out and are able to get everything closed that we commit to closing.”
The team behind the scenes
Behind every successful leader is a team that shares their vision. Maxwell’s expertise in building and leading a high-performing team is a testament to her leadership skills.
“You surround yourself with the same people with the same mentality you have, who have different strengths that complement each other and it’s a great fit,” she said.
Maxwell told MPA she fought the idea of growing her team for a long time. “I just wanted to be responsible for me,” she admitted.
The idea of delegating and trusting others with tasks can be daunting. However, as Maxwell learned from various mentors throughout her career, building a team is essential. “You just need to build your team around you so we can get bigger and better every day.”
Secret sauce of success
What truly distinguishes Maxwell in this cutthroat industry? It’s he unyielding dedication and an insatiable passion for her work.
“I’m super busy. I will not lie,” she said, highlighting her hands-on approach to her business. This commitment extends beyond the confines of her office. “When I go on vacation, I’m still connected. I’ve never just taken a day off. It’s not in my DNA,” she shared.
But it’s not just about the hours she puts in; it’s about the value she brings to every deal. “It’s about accountability. I have a history of making deals work, so they come to me when they need a deal that works, that’s why I am the backup lender for so many national home builders.” she said.
When interviewing potential team members, she often encounters individuals eager to replicate her success.
“They want to know how much money I can make and when will I be like you? Don’t try to be like me, be yourself. Success does not happen overnight. You must put in the work, be the first one here and the last to leave. Most importantly answer your phone. REALTOR’s and Customers never call after hours just to say hello, they call because they need you,” Maxwell said.
