"My husband nicknamed me 'Mortgage Mommy,' and I guess it rings true"
No failures or mistakes, just lessons learned. This mindset has helped Allison Rizzo (pictured) break out of the employee role and open her own brokerage with Motto Mortgage.
“When I look back, I would say there hasn’t really been any low lights in my career but more so moments that I learned from,” Rizzo said. “When I transitioned from a salaried position processing mortgages to originating my own loans, it was scary but exciting. I knew what I was supposed to do, but now it was all on me. I was recruited to another large bank, Wells Fargo, and that was when my business really started to kick off.”
Everything about her job was great, and her manager was amazing. So, when Rizzo was approached with the opportunity to run her own brokerage, she found it very hard to leave. It took time to settle in, but Rizzo knew it was something she couldn’t pass up.
“I would be given the keys to run the company the way I see fit, which meant worrying less about numbers and more about my clients. It was stressful, especially since I had my third son right in the middle of building this company, Motto Mortgage Success, but those are the moments that define who we are,” she said. “My husband nicknamed me ‘Mortgage Mommy’ during all this, and I guess it rings true. Somehow, with his help and a lot of great family members, I am running a company, producing more loans for more happy clients than ever, and teaching some new loan originators how to do this job the right way.”
Rizzo, top originator and co-owner of Motto Mortgage Success, shares more of her story in this interview.
MPA: Allison, tell us about your mortgage journey. How did you come into the industry?
Allison Rizzo: In 2007, I took an internship with Bank of America while in college. I was hired to learn and manage their new marketing system for their loan originators in the mortgage department. I had a really good manager who liked how I worked and wanted to keep me after the internship was over. There was an opening for a processor for a successful loan officer with Bank of America, and my manager hired me for it. I ended up working full-time at Bank of America while at Rutgers University full-time, finishing up my degree. At this time, there was so much going on because we had just started the housing crash, and everything was changing in the mortgage industry so rapidly. I think this was a great start for me for my industry because I learned how to navigate through when guidelines were changing daily. It really made me take my time and make sure I was doing everything correctly - especially because I was a processor, so I was working hand in hand with the clients, underwriters, and closers. It gave me great insight into how to cleanly submit a loan with everything needed to get us to close quickly and efficiently.
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MPA: What is your business philosophy, and where does it come from?
AR: I would say that my business philosophy would be growing through honesty and integrity. I truly care about each client and each transaction. This is a very personal business. You are guiding someone through, most likely, the biggest purchase they will ever make. As a loan originator, you are looking at the numbers for them. The debt-to-income ratio and their interest rates, but the clients are looking at the home they are going to spend holidays in and build memories. I keep that in mind and make sure I am very detailed and give them every scenario from the start. We go through income and assets so that when they get a pre-approval from me, I know it’s much more than an estimate. I really take my time with each client, which in the beginning made it hard to grow quickly. I always hit my goals, but I was more concerned about my client’s well-being than my own numbers. Over time, making each client my number one priority has given me so much success in this industry, but it also makes me love what I do.
MPA: What is the most memorable deal you’ve ever done?
AR: To be completely honest, every deal is memorable to me. I treat every customer as if they are my close friends and family. Each transaction becomes personal as it is one of the largest purchases a customer is making in their lives. If I had to answer the question, the most memorable deal I have done was for my best friend. It was one of the first deals I closed with my brokerage, Motto Mortgage Success. I have been a loan originator for over 15 years, but, with this deal, not only am I the main loan originator, but I am also part owner of my company. It was a learning curve going from bank to broker, but it was an amazing opportunity that I was blessed with. This one was just a bit more special to me because it solidified that I was doing this on my own.
MPA: Is there any popular mortgage advice that you agree/disagree with? Why?
AR: That’s hard to say because I don’t think there’s one piece of advice that fits everyone, especially in the mortgage industry. Like I said, this industry is very personal to me, so I like to make sure every avenue for each client is accounted for.
MPA: What’s on your 2022 to-do list?
AR: Every year in November, we put together a vision board for the following year. It’s something my mother-in-law does with her real estate company, and I love it because it helps me focus on what I want to do. This year my board has some industry goals, but my main focus is to spend as much time with my husband and three growing boys as I can. We have some beach trips planned and a couple of vacations. I work hard so that I can truly take off to do those things, along with the random days to go to the zoo and aquariums with them. If you work hard, you have to play hard to make it worth it. I also really want to focus on growing my company, even more this year. I have a couple of new loan originators coming on along with my current loan originators, and I want them to learn the right way to work in this industry. This way, they can have the success and longevity I’ve been blessed with.
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MPA: What is your market outlook for the mortgage space this year?
AR: I see the rates going up, as they already have since January. I still think the rates are low, especially from when I started, so it is still a good time to buy. Here in New Jersey, like most of the country, we are having an inventory shortage, and the market is crazy. I’ve read reports that say it’s going to continue to go up, and some have said it’s going to plateau. I’m not really sure. All I know is that every client is going to have a different need, and I’m ready to help.
MPA: What advice would you have for 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?
AR: If you’re a new originator, take your time and breathe. There’s a lot of new information that gets thrown at you, and no two transactions are the same. Time flies, and, before you know it, you’ll be five years in the industry. If you start to build on a foundation built on truly servicing your clients and doing business the right way, then you’ll always be pointed in the right direction. You will get clients through referrals which really is a great compliment. If you measure success by how many people you bless rather than dollars in your bank account, you will have an unbeatable business, and the dollars will still come. If you’re a veteran and you’re a bit stuck, then change it up a little. If you know your regulations and your job, you’re past the hardest part. You just may need to shake things up. That could mean getting some outside coaching, or it could mean something bigger like a new company or area change. The same rules still apply, do business the right way, and you will see the rewards. My motto is “stay humble, work hard, be kind.” I have stuck to this motto and have seen success – Motto Mortgage Success.
