Customer service is what differentiates the top sales people from the rest of the crowd. For Christopher Vincent Hussain, his dedication to customer service is shown in the name of his company, WeFit2U Inc.
In the Origination News survey of the top mortgage originators of 2009, Hussain was ranked 25th, with volume of $91 million, up from $43 million for 2008. Over 60% of his business was FHA/VA, with most of the rest being conventional originations.
Hussain said he just "fell into" the mortgage business coming out of college. He started out working for a bank, where he discovered he was good at originating loans.
After working for another bank where he was a top producer, he found himself disagreeing with its practices and in 2005 started "learning how to do things as a broker."
In 2006, he opened up his own mortgage broker business.
Currently, he works out of Napa, Calif.; until recently he was located in Sacramento. The relocation was for personal relationship reasons.
Hussain has accomplished a lot for someone who is still only 28 years old.
That being said, he added that he also makes sure to continue to educate himself. Hussain adds he is computer savvy and those factors have contributed to his success.
When account executives come in, he shows them how he operates and processes files and "they are just blown away."
He does business all over the state, including the Bay Area and still in Sacramento.
From 2006 through the end of 2007, he did have a 50-person office, but found that wasn't for him.
Hussain said he spent much of his time handholding.
Indeed, he said he got fewer files done in the 50-person office than he did doing it himself.
He was looking for another originator who would be his equal, but in reality, "your equal does not want to work for you, even at the highest possible split."
Besides the energy of youth being a factor in his success, Hussain said that communication is also important.
"Whenever I get a new Realtor or any new referral source that is doing business with me, I tell them you can get a hold of me by phone, by fax, by e-mail, by cell. I also have instant message on my website. Just about any way, shape or form that you can get a hold of me, you can," he said.
He has heard from people that they had used other originators in the past, but they were not able to stay in contact with them or they did not seem to know what they were doing or they were overwhelmed.
Besides Realtors, he also gets past client referrals. The majority of his marketing is through the Internet and search engines. He also keeps e-mail databases that he finds to be helpful to keep in consistent contact.
Hussain does not specialize in any one particular product set.
"When somebody comes [in] with a loan, I've always stuck with the saying 'if I can't do it, no one can,'" he said, adding that is the genesis behind the WeFit2U name.
At one point he was doing marketing through a radio station and came up with the slogan "We fit the bank to you."
From there, he created the company name around that, adding it is a simple e-mail address.
Still, after trying radio advertising, he found that it did not work in bringing in business.
Among the products Hussain does are stated-income loans, 100% loan-to-value loans, Fannie Mae's Community Seconds program, construction loans, FHA 203(k) loans, "just about anything you can come up with I can do."
What gives him the most satisfaction about being a mortgage broker is that he is his own boss, he can make his own hours and "if I put in the hard work and the effort I can make not just a little bit of money, I can actually make quite a bit of money."
It is also getting to meet different people and growing his sphere of influence.
"You send your files to me, I'll get it done, I'll get it done fast. I'm not going to charge you an arm and a leg. I don't really try any gimmicks," Hussain said.
Besides the mortgage brokerage business, Hussain has also opened up a contract processing services firm.
The reason why, he said, is loan files are getting complicated and things are getting bogged down in the process.
He acts as a broker of processors around the nation. He collects a $100 fee off the top, which is disclosed to both the broker and processor. It is a source of residual income for him.
Hussain also does some real estate as well as loss mitigation services.
For those having difficulties, many are better off short selling.
He also handles short sale negotiations, and he does not charge until he gets a resolution, which is part of the new laws governing such activities.
In the survey, he projected his 2010 volume to be $102 million.
Home purchases are increasing and that is what he concentrates his business on.
For a mortgage originator to concentrate on refinancings is a difficult proposition, he notes, because consumers aren't qualifying because home values have dropped, incomes have declined and credit scores are falling.
A large percentage of 2009 volume was in FHA/VA loans.
This year he is seeing an increased percentage of VA loans but it was something he was not marketing for.
He also is seeing an increase in Community Seconds (a Fannie Mae program which allows a borrower to obtain a second-lien mortgage that typically is funded by a federal, state, or local government agency; an employer; or a nonprofit organization and may be forgiven).
This product is getting to be a big thing with downpayment assistance programs. The thing is "not that many people know how to do them or necessarily want to do them, because realistically you are processing two files," one of which has to be submitted to the county and another to the lender and each needs to be approved, Hussain said.
As for FHA, Hussain finds it has become popular among consumers because it has more lenient guidelines.
But it is not just that, he added.
People have less money for a downpayment.
They want to take advantage of the lower prices and lower interest rates, and that is where the FHA program comes in.
This may also be behind why the VA and Community Seconds programs are increasing in his shop.
On the commercial side, he is still doing loans that nobody else does, such as stated income, but the buzzword today is "compensating factors," especially for the niche lending programs.
The client comes in and says they are doing great, have great credit and the like but doesn't want to send in the documentation to back it up or have a great story to support the reasons for the loan, his advice is not to waste the time on it.
Hussain said he knows how to put together a very clean package for a commercial lender, but it is a waste of his time to do one unless he is confident on what is he is selling to the lender.
