For the second consecutive year, Christopher Vincent Hussain is tops among mortgage producers, with total volume of $289 million. His total production in 2010, both commercial and residential was $348 million; residential alone was $195 million.
Unlike 2010, where his commercial volume is what put him at the top, only 7% of 2011 production was from commercial loans. Hussain is the president of WeFit2U Inc., Napa, Calif. Besides being a mortgage banking firm, the company also offers contract processing services to other originators.
He said he does not specialize in commercial loans anymore. He found he was getting calls with deals that just did not make sense and that ended up being a waste of time. For now, he is concentrating on the residential end.
Hussain said in 2011 he put in more hours and streamlined the way his company processes loans. Another benefit was his appearance in a number of magazine articles, which led to people calling to do business.
Another key to doing more residential volume was that his turn times, in the past as long as 20 to 30 days, were much improved in 2011. “I tried to chose [the lenders] that were decently priced as well as decent turn times,” he said, especially keying on that second factor. Most of the time, the borrower would rather have the file done faster rather than save a few dollars, he added.
The majority of his residential business in 2011 was purchase, an area he has been concentrating on in recent years. Hussain said he did not market for refinancings, but did work with past clients who came into his shop.
His originations included a mix of all types of loans, with being able to offer all the niches helpful to his business. But at the same time it did slow the process down.
So while the “cookie cutter loans” are easier to do, when he speaks to clients, he makes sure to ask such questions as whether he or she is a veteran or if they live in a rural area.
One niche that has become more difficult to do is the hard-money loans, because of investor issues.
For 2012, he has seen his contract processing business increase, especially in March and April. Ironically, Hussain processes his own files, finding it to be easier for his systems rather than have to rely on someone else.
In the weeks prior to this interview, Hussain noted he has been up late most nights working. Bright and early the next morning, his cell phone rings with clients asking questions. “You give up a lot of your personal life to give customer service.”
