Rene Russell has been a mortgage broker for RE-Source Capital Mortgage for a year. Prior to that, she did payroll and accounting at Fidelity and ATS Staffing.
HER START IN MORTGAGES
“My friend is an account executive for one of the lenders and she had been trying to talk me into doing it for a long time. I was kind of hesitant because it is all commission, but I ended going to meet with Bill Williams and Mark Rafferty, the owners of the RE-Source Capital Mortgage, and liked them very much. I looked at other companies, but decided to go with this company. They spend a lot of time with me, are very approachable and made sure I got the right training.”
WHAT DO YOU LIKE ABOUT LENDING?
“I’m kind of strange actually because I enjoy doing paperwork. I also like working with people. There have been a few people who have been turned down elsewhere and I have been able to get them a loan for 100 percent.
“I think it’s more rewarding when I have someone who has been turned down and I am able to get them into what they wanted.”
COLLEGE
Russell has two bachelor’s degrees, one in psychology and one in criminal justice from University of North Florida. She was planning on being a forensic psychologist, but realized the job might be too risky. “I just realized I didn’t want to put myself in that position.”
HOW HAVE YOUR DEGREES HELPED?
“They helped me become a lot more disciplined and open minded. With psychology, I use that every day. Everyone has different ways that they want to hear something and you kind of figure out what kind of person they are when speaking to them. That way, they are more comfortable with what you are telling them.”
BEST ADVICE YOU’VE RECEIVED?
Russell said she was told to go to Realtors and have them send her customers that have been turned down for a loan, so she can show them what she can do.
ADVICE FOR OTHER BROKERS?
“A lot of Realtors complain to me that they don’t get phone calls returned and don’t know what is going on with the loan process. I always call my Realtors at least once a week to let them know what is going on with their loans and where we are in the process. They basically set the closing date with the contract, but I’ll call them to let them know that if they want to close a little bit earlier, we can or whatever.”
ADVICE FOR REALTORS?
Russell said she has had a lot of customers who think their closing costs were going to be lower than they were because the Realtor quoted them a price. She said if you are a Realtor and you are going to quote closing costs, please quote at least three or four percent of the purchase price, then that way the quote it is a little high and most likely the closing cost will be lower.
BEST WAY TO GET CLOSE TO REALTORS AND BUILDERS?
“Networking. Also, I tell Realtors if they are having an open house that I’ll do the open house with them. That way, they have a mortgage broker there in case someone is serious about purchasing the house. It becomes like a one stop shop since there is someone there who can qualify them.”
HOW ARE REALTORS IMPORTANT TO YOU?
“We have referrals and refinances, but in order for us to get more referrals and more customers, Realtors are the most important aspect of that.”
LESSONS LEARNED?
“I always read the guidelines, especially when there is a new program coming out. That way, if you have a new customer, you will know what kind of program is best for them. I also educate my customers on the loan process so they have a better understanding of what will happen. I explain the fees and the difference in the rates and their payments. I always ask them how long they are staying in the house and what their actual goal is with the house. Many people are going to either retire in the house or just stay there for a couple years and then move up a level. There are different programs for each situation.”
- by Michele Newbern Gillis