People skills, premiums placed on client care were on full display
One might think launching a company during the spread of COVID=19 would be a bad thing, but you would be wrong. For one broker, cutting one’s teeth during that period proved fortuitous.
“It’s definitely been an interesting market,” Joseph Dionne (pictured), managing partner at appli Home Loans, told Mortgage Professional America in a recent interview. “As a company, we opened about two years ago right when the market changed a lot.”
Dionne was going through professional shifts himself, having taken the leap to the broker channel after having worked for a much larger correspondent lender. “One of the things that’s been advantageous for us is it’s an opportunity to get back to basics and understand how important basics are,” he said.
He spoke to MPA while attending the recent FUSE conference in Las Vegas organized by the Association of Independent Mortgage Experts.
Shining during the dark days of the pandemic
He recalled the incongruous good old days that weren’t that long ago against a COVID-19 backdrop, saying they helped showcase his company’s strengths: “Coming out of COVID was the best time ever in the mortgage industry. You didn’t even have to sell anymore. It was cool to see opportunities present themselves when you relied the most on your skills, your mortgage knowledge, your originations knowledge, your creativity on how to get clients to closing.”
Such skills were on full display when appli was launched, he suggested: “That has created better word of mouth for us,” he said. “It was kind of fun for us. It was an opportunity for us to show who we are and to shine through a lot more having focused on community involvement and just being a good person made a difference and you can see that now. That’s where it kind of allowed us to be who we are.”
Looking at options, different products to stay ahead
Affordability and interest rates continue to be the villains in a downshifted market. To mitigate that reality, it’s more important than ever to have access to multiple lending options for a client, Dionne said. “I always take the stance when I talk about interest rates - they are what they are,” he said. “There are situations when people are moving, and there are not a lot of things that can be done. But what can be done is taking proper action and activity to mitigate that affordability piece. It really comes down to being in the broker channel having not just one option but dozens upon dozens of options to really find the best term, the best product, for the client.”
Speaking of different products, he added, it might be a good idea to start showcasing them in a down market. “Being able to be knowledgeable on those things and educate not only your clients, but your realtor partners,” he said when asked for tactics that can be employed in a higher interest rate environment. Look at tools such as the 2-1 buydowns, or permanent rate buydowns or structures, and utilizing different programs for VA loans when you can sell off credits to pay off debt so they can put themselves in a better position after the fact. Education and knowledge has allowed us to focus on that and match the client on the best option.”
Giving advice to those entering the field
What advice would he give to newcomers just entering the field? “The biggest advice I have is get connected, get plugged in. If you’re going to be an originator at a broker shop, make sure to find a broker shop providing resources and tools and training and knowledge. Or if you’re going to open your own company, you’ve got be able to find those resources and opportunities for you to learn and grow. That’s going to be vital.”
He credited AIME with helping his company grow. Before coming across the group, he had not been able to find a group as supportive, he said. “I got involved in AIME the moment I found out about it,” Dionne said. “Up until that point, I was on the broker side since I started in this industry 12, 13 years ago fresh out of college and it was always ‘figure it out yourself.’ There was no support, no nothing. I know there are other organizations out there, but I feel like AIME was the first with a gut punch saying ‘hey brokers are better. We’re really focused here’.”
AIME’s accessibility has made an impact on his business, he added: “There were people and an outlet for me to reach out to,” he said. “Having the people, the resources, the training - we use everything they provide to the fullest advantage because we see the value of what it’s helped us do on a personal level.”
Eager to give back for all he’s gained at AIME, he noted he now is one of two “state captains” in his Florida base along with Laura Ray, of Liberty Mortgage Lending Group Inc. Advocacy state captains are volunteers who are active in their local community and are a driving force for state-level legislative efforts. Community state captains, for their part, are volunteers who are active in their local community and are a driving force for amplifying AIME’s initiatives on social media.
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