Positioning himself as an ultra-reliable expert in his field has not only downplayed the rising-rate discussion but also paid dividends for Maimon and his team, even when refis continued to trail off and competition got tighter. Last year, they closed $174 million in team production and are currently on pace for $210 million.
“I’ve never been a believer that your volume has to float with the market and that when rates increase and refinances dry up that it should be used as an excuse to allow your volume to fall off,” Maimon said. “It should be used as motivation to rise up and find new ways to adapt and attract more referrals and closings. There are no excuses allowed on our team when it comes to meeting our goals. Blaming the market as a scapegoat just means that you haven’t gotten creative enough to find ways to replace that refi business and exceed your prior production.”
The top originator said another key to overcoming market volatility is never shifting your focus away from purchase business. Take advantage of refinances when they come, but don’t lose contact with your referral partners. Maimon said he would gladly sacrifice two refi loans for one purchase loan. He’s also not afraid to let others outperform him and take his spot at the top while he’s looking the other way.
“If you want a long career in this industry, you can’t take the bait of refinance booms to an extreme degree, but that’s a common mistake that loan originators make – sacrificing long-term relationships (which are annuity that pays indefinitely) for short-term commissions,” he said. “In my opinion, those who over-focus on refinances are the ones that exit the business when rates rise and enter when there are easy pickings. That’s indicative of someone who has a job, not a career. If you want a career in this industry, then stay focused on building relationships that will drive purchase referrals.”