Seeing his immigrant parents buy their home alerted him to the possibilities
When Andres J. Munar, owner of Pennsylvania-based Co/LAB Lending, was recently appointed vice chair of the Hispanic Homeownership Committee at the Association of Independent Mortgage Experts, he more than understood the assignment.
He’s suited for the role innately as the son of Colombian parents who achieved the American Dream of homeownership when he was a child. “It made me realize I, too, can do this someday,” he told Mortgage Professional America.
The upshot: Catering to Hispanic borrowers is not to be guided by profit motive as the intangible rewards of helping the historically underserved are exponentially greater, he suggested: “Yes, I understand sometimes they may not have a great credit score or it may not be a high loan amount,” he said.
“But you have to understand the impact of what that does for that family. And so being the vice chair, that’s we try to do – let the broker community know that impact because that’s where financial freedom starts with a lot of people in the Hispanic community.”
Part of his job in the vice chair role also amounts to giving other brokers a glimpse into his personal narrative and world experience. “I was really excited to take it on being Hispanic and my parents migrating from Colombia. I completely understand the needs of what that looks like and me wanting to serve that community. What it looks like as far as the broker community is educating them,” he said.
Munar took time to speak with MPA during the annual Fuse conference staged by AIME that took place in Las Vegas. Along the cavernous halls of the Paris Las Vegas Hotel through October 1, the three-day gathering featured educational panel discussions and an opportunity for AIME members – some 3,000-plus strong – to collaborate with the spirit of collegiality. “Brokers are Better” served as the de facto theme of the event amid a backdrop of a heavy influx among brokers leaving the retail side of the business to work in wholesale.
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“Usually, Hispanics are a little poorer for the most part,” Munar, a 17-year industry veteran, continued. “We’re not as privileged per se. For the broker community and for the community in general, it’s educating them – letting them know they, too, can purchase a home. So many times, there’s just not enough education around homeownership for Hispanics.”
He offered a quick example of a common misperception. “So many people think you need 20% down! That’s basically what I do. I really try to advocate them, try to make sure they understand the impact of what that does to that family, their kids, and generations to come. It’s not just a commission check or transaction. It’s about the impact you’re having on that family.”
During the far-flung conversation with MPA, Munar described how his firm is adapting to a climate marked by rising rates as the Fed attempts to slay the inflation dragon in a world where the refi boom has passed and the purchase market is soft.
“In my organization as the rates continue to go up, first it was to double down on everything that we were doing then we tripled down on everything we are doing. As of last week, I said: Team, we need to quadruple down. That means customer services, that means videos, that means reaching out, that means phone calls, text messages, emails – everything. You have to quadruple down. That’s what we’ve been doing, quadrupling down.”
It's time to take advantage of the slowdown, he suggested: “Everyone’s a little slow right now,” he said. “You’ve got time to pick up the phone and just say hey do you need anything? Do you have any questions? Real estate agents the same way – you call them and say, hey, I just wanted to give you this update, anything you need.
“And my favorite one of course, is I make sure there’s always a call to action at the end of every conversation which is: By the way, if you know anyone who’s looking to buy or refinance…. Because when you’re planting that seed you end up getting referrals somewhere out of it. I think so many people miss the mark in asking for that referral.”
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Asked what he values about his AIME membership, he immediately invoked the diversity of its rank and file. “They’ve given me a seat at the table, which I think is very important,” he added. “They’ve also made other people realize they can become mortgage brokers too. A lot of people are afraid of coming to the brokers’ side because they hear the rumors – we lose control, we can’t do this or we can’t do that. So AIME has really put us on the map as mortgage brokers – they’re leading the way.”
Surviving the Great Recession has yielded a perspective that gives his AIME membership even greater currency: “They’re also giving us a seat at the government level,” he said, alluding to the launch of a political action committee – the Broker Action Coalition Political Action Committee (BACPAC) – that is the conduit for its lobbying efforts in Washington, DC. “Back in 2008, we kind of disappeared and only the big banks were left and they’re the ones who got to make the rules and the laws. And now, we’re taking back that control.”
