The Most Lasting Change Comes From Within
Houtan Hormozian learned the mortgage business by example. When he was looking for a house, Hormozian felt the very experts who were supposed to be leading him through the process were providing subpar service. For some, a sour experience might evolve into a poor business review online. For Hormozian, a senior mortgage advisor at Crestico Funding in Woodland Hills, Calif., he turned that experience into a personal teaching moment and when he struck out in the industry, he made a promise to himself that he would improve the experience for those with whom he would work.
Hormozian is unintimidated by loan scenarios that require greater attention than the average Fannie Mae mortgage, and welcomes the challenge to provide an enriched loan origination process for his clients and the underwriters who put their time and energy into his loans.
His commitment to enhancing the environment around him extends beyond his chosen vocation: Hormozian's motivation stems from an overwhelming desire to leave for his children and theirs a better world.
This is Hormozian's first appearance on the Top Producers list. Last year, he originated 208 loans for a combined dollar volume of approximately $141 million, ranking him No. 29 on the 2016 Top Producers list.
Tell us about your most creative or successful marketing strategy. How did you come up with the idea? What were the results?
Being an active community member and serving the public helps me with my business. As a first time home buyer before I entered the mortgage industry, I did not like how I was being treated and always kept in the dark about the process. When I started in this business, I promised myself I'd be an exceptional mortgage originator and provide the best possible service for my clients.
I am currently the president of the California Association of Mortgage Professionals — North Los Angeles Chapter. Also, I am an active member of my local neighborhood council as well as our Neighborhood Watch group. I believe that two heads are always better than one and am committed to working with others to improve first, my local community and then the overall society within which we all live.
What's unique about the local market that you serve and what do you do to address those needs?
Since the average home price in the area that I serve is approximately one million dollars, most of the consumers that approach me would be considered high-net-worth. As the saying goes, "more money more problems," and I have often found that serving this niche requires greater attention to detail and problem-solving skills as their financial situations and documents are far more involved and complex than those of the average consumer. Also, these individuals tend to be used to a higher level of service and attention, and given the complexity of their affairs — much more of my time and knowledge is required to seamlessly close their transactions. Finally, because of this complexity, I often find myself thankful to be so well-versed in the program guidelines and to have such excellent working relationships with my lenders and vendors.
Tell us about an unusual or difficult loan scenario and what you did to ensure a successful closing.
I have several clients whose holdings include multiple businesses with varying structures (entities such as corporations, partnerships and limited liability companies) with subsidiary, operating and partnership agreements, the terms of which may vary on an annual basis. Such constant changes in their structures makes it difficult to fit these type of clients into standard Fannie Mae loans since their source of income is constantly changing based on their controlling agreement changes and sometimes underwriters have difficulty connecting the dots on the employment or income situations of these clients. As a result, it becomes my responsibility to create a clear and concise presentation of the client's financial status in such a manner as to satisfy an underwriter's requirements.
What do you know about the mortgage business now that you wished you knew when you started out?
Educating clients about the overall loan process and making sure they understand what it takes to complete a process without any issues or surprises is very important. Most often clients decide to purchase large items such as vehicles or boats using financing methods while in the process of obtaining a mortgage. Occasionally, a client may co-sign for a family member, change employment or go on vacation and use the available funds which were intended to be a down payment which could disqualify them for the mortgage they were attempting to get. One of the most challenging aspects of my job is managing client expectations while advising them of their rights and obligations throughout the financing process. Although it may seem that the government is moving towards a more transparent method of securing a mortgage, it is still a course that must be navigated with an expert like myself in order for the average consumer to fully understand and know what to expect.
Who is someone in your life, either personally or professionally, who helps contribute to your success?
My family is the reason I do what I do. I want to pay it forward so my children and their children will have a good future in a better society.