Being a broker owner means sometimes wearing HR shirts or IT shirts, said mortgage pro
For two decades, Adam Smith (pictured), founder of Just The Tips Coaching, has been at the helm of his brokerage, The CORE Finance Group, building experience across the mortgage origination landscape and wearing every hat from HR to IT. And in today’s complex market that is no small feat.
“Being a broker owner means sometimes wearing HR shirts or IT shirts,” he told MPA. And while his passion lies equally in coaching, which he has dedicated the last 15 years to, Smith is equally as forthright in helping originators sharpen skills in lead generation, client retention, and personal branding through social media, writing and video content.
Smith’s coaching philosophy aims to create loan originators who can build a business fueled by repeat clients and referrals.
“Our goal,” he explained, “is getting to a point where their business is strictly repeat and referral… we want to make sure that nobody is ever reliant on a referral partner, like a real estate agent, doing their lead gen work.” From there, he encourages his clients to focus on activities they love or that bring high financial returns, moving into strategies like team structure and task delegation to build a business that can thrive independently of their presence.
Shifts in the mortgage sector
Reflecting on his extensive industry experience, Smith commented on the tumultuous shifts in the real estate and mortgage sectors over recent years. His entry into the business, prior to the 2007–2008 financial crisis, taught him resilience early on, and he has seen comparable challenges resurface. In recent years, 2020 and 2021 saw booming loan volumes, driven by low-interest rates, only to be followed by rising rates and changes in loan pricing that shook the industry again.
The market became more challenging, with 2023 and 2024 revealing the contrast: “It’s been a 180-degree perspective on what went on in the first portion of these last five years,” he said, noting the shift from low-interest booms to today’s higher rates and elevated real estate inventory. Denver, where Smith operates, exemplifies this change.
“We are at an all-time high,” he noted, for inventory within the last decade, despite continued issues with housing availability.
Smith encourages originators to diversify their offerings as a way to navigate today’s unpredictable market. Residential loan originators, he said, must now understand non-QM loans, products traditionally seen in commercial spaces, to serve specialized client needs like ITIN loans for foreign nationals, bank statement loans for self-employed individuals, and debt service coverage ratio loans for investors.
“If you are a residential loan originator and you are not taking advantage of these additional products…you’re missing out,” he advises, pointing to underserved market opportunities that demand this broader expertise.
Particularly, Smith stressed the importance of Home Equity Conversion Mortgages (HECMs) as an underutilized tool. With baby boomers staying in homes longer, the need for reverse mortgages is growing, yet many consumers shy away due to misunderstandings.
“There’s a lot of misinformation, a lot of misunderstanding,” he acknowledged, urging originators to learn about these loans to better serve aging homeowners who could benefit.
Untapped potential
Smith also sees untapped potential in serving immigrant communities, particularly Denver’s large LatinX population.
“Denver was once the fourth most popular bus destination out of Mexico,” which has contributed to a high LatinX demographic in the region. He noted that bilingual realtors and ESL professionals are becoming more visible, adding “I don’t see enough activity from the local loan origination population helping these people.” In Smith’s view, loan originators should be stepping up to assist, especially with ITIN loans, to help immigrants achieve the American dream of homeownership.
Despite these strategies for growth, Smith emphasized the critical role of adaptability. Recent events have thinned the field, and Smith noted that many who entered the industry in the past five years have left.
“If you’re still in the mortgage business today, good for you. You’ve survived it,” he said, noting that while higher interest rates have curbed some business, they have left those who remain with larger market shares. Smith believes those still in the industry are poised to succeed but stresses that diversification is crucial. With more products to serve varied client needs, loan originators can position themselves to grow even in today’s shifting market.
For Smith, his coaching philosophy revolves around achieving a balanced, satisfying career.
“If you want to step that up,” he said, “the non-QM space, the Home Equity Conversion Mortgage space, these are places where there is a significantly underserved population that needs a lot of help, guidance, assistance, expertise, and is both financially and intrinsically rewarding.”
