April 17, 2024
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April 17, 2024
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Linking Northern and Central NJ, Bronx, Manhattan, Westchester and CT

I’m not the biggest producer in the mortgage industry. I’m not proud of that nor am I not proud of that. I may get opposition for saying this, and it may be construed as sour grapes, but I certainly hope not because that’s not where I’m coming from. I just want to understand why companies and loan officers post the volume of deals that they close. Granted, it certainly is a way to let people know that they are busy and that clients use them.

Awards given and received for the number and volume of deals closed is certainly important to the company giving them and the salespeople receiving them, and, I would imagine that it’s certainly a great feeling, but let me ask you something: Why would a client or potential borrower really care about how much money the company and loan officers make and about the volume of deals that they close? Isn’t it a kind of bragging disguised as marketing?

Is volume to be associated with quality, care and good advice? Certainly, I would think that it’s an indication of a loan officer or salesperson hustling and working hard to drum up business, and I admire that, but if you go back in history, you’ll find that there were lenders and loan officers who did tremendous volumes and trillions of dollars of closed loans. I can tell you there were decadent parties, celebrations, pep rallies and awards galore, but may I remind you of the result of all those volumes of closed loans? They wound up in the dumpers, with borrowers and clients who couldn’t hold on to their houses and investors who lost tons of money.

History shows us that closed loan volume is exactly that—closed loan volume, and certainly not an indication of great advice, care or ethical concerns. Far be it from me to deprive those who feel “honored,” “flattered,” and “humbled” for receiving those awards. Kudos to all my fellow mortgage industry competitors and friends.

I have never worked for another mortgage company, and I founded Greenback in 1989 with the sole intention of making sure that my clients received the best mortgage financing advice for their situation. I can’t give myself an award for volume, because in my own company and outside my own company, I’m not the biggest producer. What if I did give out a company award? What award would I give myself?

Answer: The award I would give myself, if I gave out awards, would be—The man who went to sleep at night for over 32 years without once doubting his ethics and advice, knowing that his clients were also able to sleep at night because they never had to worry about the mortgage and advice I gave them. The man who came up with solutions when the bottom fell out from the deal and yet managed to close because of my expertise and guidance.

My real award/reward are the clients who come back to me and the referrals I get; and I’m happy for that because I couldn’t fit all the words above on the trophy, I would give myself (lol).

Remember: Quality not quantity—Now it’s time for a walk.


Carl Guzman, NMLS# 65291, CPA, is the founder and president of Greenback Capital Mortgage Corp., a Zillow 5-star lender. He is a residential and reverse mortgage financing expert and a deal maker with over 32 years of industry experience. Carl and his team will help you get the best mortgage financing for your situation and his advice will save you thousands. Visit him at www.greenbackcapital.com or [email protected].

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