"It's the best opportunity to grab market share," superstar loan officer says
Pearls of wisdom – tried-and-true gems of guidance not only suffused with knowledge but actionable – are increasingly hard to come by amid a cacophony of voices. Yet words from a mortgage industry veteran on how to negotiate a tough housing market are worth a listen.
And this is no mere loan officer but Shant Banosian (pictured) – who one might call the $2 billion man (more on that later). Marking his 20th year in the roller-coaster industry this year, he’s been through it all – from the Great Recession to the current inflation-doused market shifts.
“The reality is this isn’t going to be the last challenging time in our industry,” Banosian said during a recent telephone interview with Mortgage Professional America. “It’s cyclical. Every 10 or 15 years, we’re going to have some really hard times and we’ll have some challenging markets in between too.”
It’s true of virtually every other industry, he added: “It’s part of any business. I don’t know of any business that just thrives nonstop forever,” he said. “It just comes with the territory. Longevity and success is being able to navigate the choppy waters.”
The tale of the tape
Back to that $2 billion man reference. Banosian posted just shy of $1 billion in residential loans in 2021, hitting $2.2 billion in volume last year. All told, his career total is some $9 billion in funded loans.
More fun Banosian facts: He’s the No. 1 loan officer at Guaranteed Rate eight years running, and the top loan officer nationwide for the fifth straight year. MPA has prominently featured him in its Global 100 list since 2020. Given such massive volume, it’s not surprising he’s licensed in all 50 states.
Notwithstanding the current industry woes, he said, the landscape is ripe for the picking: “I think it’s the best opportunity to grab market share,” he said. “It’s hard to grab market share when things are busy because everybody’s busy. In times like this when it slows down, not everybody stays busy – everybody’s busy on how difficult and challenging things can be, and not everybody moves into action.”
Not him: “I tend to move into action when things get challenging,” he said.
He’s constantly on the move
A glimpse at Banosian’s social media accounts illustrates a prolific use of videos in getting his message across – an increasingly important component for loan officers seeking to stand out from the crowd.
Wrapping up last week, he led a pair of so-called “collab lunches” with a dozen real estate agents from Massachusetts working with buyers and sellers – the highlights of which he posted in a short video. Such in-person meetings are also tactics being utilized more in a tough market.
“They came together and shared all the important things going on in the market and also what’s helping them win,” he reported back. “We talked about mindset, lead conversion, lead strategy, how to keep buyers motivated and how to win in the fall market and market when things are changing a little bit.”
His all-out attack on an unforgiving market is not his alone, but part of the culture at Guaranteed Rate, he said. “We’re actually doing more business development, more branding, more market development, value proposition to our partners and clients. We’ve increased our activity and action from ten-fold from what we’ve done in the past, and it’s totally working.”
The strategy also includes not shying away from those complex deals that may take some extra time to close, he added. “I love them,” he said. “It helps us establish a reputation and relationships we otherwise would not be able to establish by giving us credibility in handling the tough deals.”
Some pearls of wisdom
Wrapping up the conversation, he encapsulated four key tactics toward achieving success in a challenging market. Those additional pearls of wisdom are:
- “Right now, for loan officers, what’s most important, in my opinion, is how to navigate this market. Stick to the basics. The basics work.”
- “Focus on what you can control. You can control your activity and actions. You can’t control the economy; you can’t control interest rates; you can’t control inventory.”
- “Figure out ways to outvalue your competition and figure out how you can stand out in the crowd.”
- “Maintain a very positive mindset and take care of yourself. In order to take care of your team, clients and partners, you have to take care of yourself first. Having extra positivity right now is a secret weapon that people can use.”
Here endeth the lesson from the $2 billion man: “Those are the four principles I’m really focused on right now.”
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