The story behind one company's inception and success
The world of mortgage brokering can be a challenging yet rewarding venture. As the mortgage industry continues to evolve, brokers like Andy Price (pictured), owner of Phoenix-based Price Mortgage, have emerged as trailblazers, driven by a desire to offer exceptional service.
Price’s journey in the real estate industry began back in 2001. Inspired by his mother, a realtor, he delved into the real estate business but soon realized that it wasn’t his true calling. However, it was the allure of the numbers and the desire to make a significant impact on the lending process that led him to become a mortgage professional.
“The numbers side of real estate fascinated me, and I was keen to ensure a smooth lending experience for clients. I realized I could do a better job of it myself,” he said.
Recognizing the potential to improve the lending process, Price transitioned from being a real estate agent to an assistant in the mortgage industry. In 2017, he started his own brokerage.
Find out the pros and cons of being a real estate agent in this article.
“We opened up Price Mortgage so that I could do things how I wanted to and have an ideal place as an originator,” Price said. “I really didn’t have any intentions to get too big or anything. We’re just trying to get a couple of other loan officers and help offset costs and move on.”
Little did he know that his venture would lead to staggering growth. What started as a modest endeavor to get a few loan officers on board quickly evolved into a thriving enterprise. Through word-of-mouth referrals alone, Price Mortgage has grown to house over 90 loan officers and boasts a remarkable employee count of over 100, including operational staff.
Price Mortgage’s unique selling proposition is its widespread licensing across 26 states. While many mortgage companies operate within specific states, Price recognized the potential of serving clients across the nation.
“We decided to expand our footprint and get licensed in multiple states to capitalize on opportunities outside our local region,” Price said. “It opened up avenues to serve clients from various states, and it indeed helped us weather fluctuations in volume.”
Still, like any thriving business, Price Mortgage faces its share of challenges.
“Interest rates have been a significant challenge for us, impacting affordability and qualifying processes,” he explained. “Guideline changes and varying appraisal processes also add complexity to transactions.”
Price Mortgage’s success lies in its systematic processes, cutting-edge technologies, and customer-centric approach. A dedicated marketing director oversees the tech stack, ensuring streamlined customer relationship management (CRM) and seamless communication with loan officers.
Read next: Five ways mortgage originators can leverage AI: Lessons from Austin Lampson
“I’m a real big fan of getting it in underwriting as fast as you can,” Price said. “Speed is crucial in the mortgage industry. The more time you work on things or issues, the better. So, I think that’s always the number one goal for us. Let’s get approval to work off of it. Let’s see what we need to do to get things done in a timely manner. I think a lot of it is being responsive and continuing to make the process as seamless as possible. That’s always an ongoing target and goal.”
As the accolades and recognitions pour in, Price remains grounded, recognizing that they are a byproduct of the commitment to excellence. Price Mortgage supports local kids’ teams, sponsors events, and contributes to veterans’ causes.
“Whenever I get those types of awards or recognitions, those are great,” Price said. “To me, all those things are nice extras, but at the end of the day, it’s all just a result of doing what you can to help people and get things done.
“Anytime customers ask or high schools, we always do some kind of sponsorship to help support the local community that we’re in - that helps have more of a grassroots business. I’m a big fan of that stuff.”
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