"I've never had a support system like this before"
It’s fitting that broker Maria Phelps (pictured) lives in Montana, known as Big Sky Country. Nestled in the north part of a region referred to as the Western United States, she’s doing big things there.
Celebrating her seventh year as a broker, Phelps became co-owner of Black Diamond Brokerage Corp. in December 2021. Mentor and co-owner David Boye brought her into the fold after the two met at a marketing function in 2012, and she credits him for her trajectory in the business.
She acknowledges having had misgivings when Boye said “If you want to get into the mortgage industry, let me know because I think you would be really good at it,” she recalled him saying. “At that time, I didn’t want to work 8am to 5pm because I was homeschooling my kids,” she told Mortgage Professional America during a telephone interview.
So she started off low, helping Boye with marketing. Gradually, she warmed up to the idea of being a broker. “I immediately fell in love with it,” she said. “Not that I was good at actually doing the job, but I could figure out how to do it.”
She credits Boye with allowing her to learn at her own pace: “I’ve been allowed to fail a lot,” she said. “He’s allowed me to learn by making mistakes.” Phelps noted she also had to mull over the offer to co-own the shop even as she excelled in her new role as a broker. “I was hesitant because it’s a big deal,” she said. “There’s money involved, and then there’s the team dynamic. It was something I really had to think about.”
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She said it’s become one of the most rewarding things she’s ever done. The confidence is reflected in the $150 million in volume across 427 loans the shop posted last year. Consistent growth also illustrates the team’s success, Phelps added, noting the firm had a 5% increase in market share (up from 2% the prior year), and 18% volume growth in 2021 from 2020.
“I owned a small marketing company before I started at Black Diamond in 2015,” Phelps recalled. “But I had little to no support and could not continue with the company. The growth we have had at Black Diamond Mortgage has been phenomenal! We have an amazing team and processing system (CRM, or Customer Relationship Management system) and my decision to become co-owner was based off my incredible business partner David Boye, who has taught me everything I know.”
Phelps also credits the Association of Independent Mortgage Experts, or AIME, with providing invaluable support as she learned the ropes of the industry. “I’m not just out here on my own anymore,” she said. “I have a great support network from all over the country. Having our support team internally and then having AIME additionally really helps. The team Dave and I have built, and the support of AIME! I have never had a support system like this before!”
Phelps told MPA she derives great fulfillment in helping others achieve the American Dream of homeownership, particularly because her own experience buying a home was somewhat rocky. “Personally, I had to go through the mortgage process, and my loan was really hard. I was self-employed at the time, and my credit wasn’t the greatest. I had a hard loan,” she explained.
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Now, she’s able to help others find their homes. “When the opportunity came, I realized this is the biggest decision of somebody’s life, and I could be a part of it. Just being a part of that has been the most rewarding thing I’ve done. That’s what keeps driving me forward.”
The only thing left to ask was: What’s up with the company name? Phelps helpfully sent a Facebook video hosted by Boye that explained its origins as part of a community naming contest. Perrey Sobba won the competition in 2008 as a 13-year-old competitive figure skater. He’s seen interviewing the winner – now a young woman who was coached by Boye’s wife during her skating years – several years later.
It's a reference to skiing, one of Boye’s passions. A black-diamond run is the steepest in the ski area, and rides narrower than surrounding slopes. But such runs also are the most hazardous, with skiers having to contend cliffs, high winds and trees among other dangers. That, too, seems fitting as it’s clear the Montana brokerage shop in general, and Phelps in particular, have overcome hurdles with aplomb.
