Florida Originator Issue Two 2024

A Family Man With Fancy Cars

How Christian Rodriguez Balances Success, Sanity, Saturdays, And Shiny Vehicles

> Christian Rodriguez, sales agent at New American Funding, and some of his collectible cars:

1970 Ford Bronco on the left,

1990 Range Rover Classic on the right.

It’s All Effed Up

These days in the mortgage industry, a lot of “F” words are getting tossed around. “Frantic” is one. “Frenetic” follows suit. “Frightful” keeps reappearing. And, too many times, “failed” is the word of the day.

But there’s another “F” word that also keeps flexing its muscle: Fighter.

Think of the frigates of old, where storms were an inevitability and crews had to brave through severe conditions to keep their ships afloat. Lashed by wind and water — the very elements that propelled them to fortune — the hands on deck would work furiously to trim sails, secure the holds, and keep the vessel from flailing uncontrollably through the seas. That’s not unlike what’s been happening in the mortgage world. The interest rate ocean, once calm and comforting, has become an undulating menace, while gusts of buyers who once gave speed to the market now are in the doldrums.

It’s enough to make anyone fearful.

The promise of substantial interest rate reduction seems continually out of reach. The real estate sales market was already in a dread state before the National Association of Realtors agreed to a legal settlement that will upend how consumers purchase homes. The government seems helpless to institute programs or policies to buttress the residential real estate market in its time of need. Where once home financing was a feast, it’s now famine.

And yet …

When we look around, we see those in the industry who are fighting these elemental forces and winning. There are rookies putting up substantial sales numbers because they never got stuck in the old ways. There are mavens who are making bank because they’ve been through stormy markets before and are confident in the skills they’ve learned to succeed.

Here, we tell those stories. We feature those whose fortitude inspires and motivates. In our work life, these are our friends and family, the ones we can lean on and learn from, the ones who help us find the way.

Eventually, all storms ebb, and the one tossing the mortgage market will, too. Together, we will stay ready as this market finds its footing. And when it does, the future will no longer look quite so forbidding. It won't be long, frankly, before the “F” word we're using is “fantastic.”

Vincent M. Valvo CEO. Publisher, Editor-in-Chief vvalvo@ambizmedia.com

STAFF

Vincent M. Valvo CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick ASSOCIATE PUBLISHER

Erica Drzewieck ASSOCIATE EDITOR

Katie Jensen, Ryan Kingsley, Sarah Wolak STAFF WRITERS

Regina Morgan ADVERTISING SALES EXECUTIVE

Nicole Coughlin ADVERTISING ASSOCIATES

Alison Valvo DIRECTOR OF STRATEGIC GROWTH

Julie Carmichael PROJECT MANAGER

Meghan Hogan DESIGN MANAGER

Stacy Murray, Christopher Wallace GRAPHIC DESIGN MANAGERS

Navindra Persaud DIRECTOR OF EVENTS

William Valvo UX DESIGN DIRECTOR

Andrew Berman HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Krystina Coffey, Matthew Mullins MULTIMEDIA SPECIALIST

Alan Nero MEDIA SPECIALIST

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST

Submit your news to editors@ambizmedia.com

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Florida Originator News Bites

A look at the news that’s important for the mortgage industry across the Sunshine State.

People On The Move

A Roundup of Floridians landing new jobs or being awarded promotions.

From immigrant hustle to top producer, his secret? Work smarter, not harder.

Data Bank

Learn some facts about the leading real estate markets in Florida

Rx for Home Success!

Sunshine State beckons with special mortgages for aspiring healers.

Thursday, May 30, 2024

Embassy Suites Tampa

Wednesday, July 11, 2024

Hotel Monteleone

Thursday,

FLA. ORIGINATOR

Condo Prices Fell Through 2023

A Redfin report showed Florida condo prices falling year over year in January, with sales declining simulta-

40%

> Percentage increase in homeowners insurance in 2023.

neously. This is in contrast to the rest of the country, where condo prices are rising and sales are holding steady. Redfin agents attributed this to the fact that the cost of buying and owning a condo has shot up, with the average cost of homeowners insurance in Florida increasing by 40% in 2023 alone.

Compass Acquires Attorneys Key Title

Residential real estate brokerage Compass is set to buy the Fort Lauderdale-based title company Attorneys Key Title, which will close by the end of the first quarter. Terms of the deal were not disclosed, but the acquisition by Compass expands upon the company’s settlement services portfolio, which has grown to include partners in Colorado, Florida, Pennsylvania, California, New Jersey, Maryland, Washington D.C., Texas, and Virginia.

More Listings, Higher Prices To Begin 2024

Compared to January 2023, the first month of this year saw the statewide median sales price for single-family existing homes rise to $405,000, up 3.8% from the previous year. For condo-townhouse units, the median sales price was $320,000, up 3.2%. This also came with a significant increase in new listings of single-family homes, which were up 16.7% year over year. Listings of townhouses and condos rose even higher, up 31.4% from the previous year. On a statewide scale, inventory increased by 24.8% YOY for single-family homes, and a whopping 62.9% for condo-townhouse properties.

The rate of home price growth has returned to pre-pandemic levels, per Redfin’s Home Price Index (RHPI), covering the three months ending February 29, 2024.

The growth follows a three-year rollercoaster ride in which home prices spiked when ultra-low mortgage rates fueled a homebuying rush, and cooled when

mortgages rates jumped due to the Federal Reserve’s effort to calm inflation.

In February, U.S. home prices continued their upward trajectory, increasing by 0.6% compared to the previous month, mirroring the average monthly gains observed over the eight years preceding the pandemic. Throughout the pandemic, prices experienced fluctuations, reaching a high of 2% month-over-month growth in January 2022 and dipping by as little as 0.2% in August 2022.

When examining year-over-year shifts, U.S. home prices surged by 6.7% in February compared to the previous year, reminiscent of the average annual increase of 6.9% pre-pandemic. By comparison, prices rose by as much as 22.9% year over year in March 2022 and by as little as 3.4% in June 2023.

Several Multi-Million-Dollar Housing Developments Funded In Florida

$405,000

> Statewide median sales price for single-family existing homes, an increase of 3.8% from 2023.

$320,000

> Statewide median sales price for condo-townhouse units, an increase of 3.2% from 2023.

Announcing it had completed $3.1 billion in financing transactions in 2023, Madison Realty Capital noted several large projects of note in Florida metros. These included a $262 million construction loan for E11EVEN Residences Beyond, an ultra-luxury, dual-tower development in Miami; a $340 million construction loan for The Ritz-Carlton Residences in Palm Beach Gardens; a $55.1 million loan for the development of Olara, a luxury waterfront condominium tower in West Palm Beach, and a $95 million mortgage loan for the development of “Encore at Tradition,” a 55+ age-restricted multifamily development in Port

ORIGINATOR NEWS BITES

“As traditional bank lenders pulled back from real estate lending and transaction volumes slowed in 2023, borrowers sought experienced lenders with proven track records lending throughout cycles.”

> Josh Zegen, managing principal and co-founder, Madison Realty Capital

St. Lucie.

“As traditional bank lenders pulled back from real estate lending and transaction volumes slowed in 2023, borrowers sought experienced lenders with proven track records lending throughout cycles. Over the course of our 20-year track record, we have developed a deep understanding of our borrowers’ needs and ability to deliver customized financing solutions with speed, certainty of execution, and strong underwriting throughout every stage of acquisition, development, and leasing,” Josh Zegen, managing principal and co-founder said. “As we enter our 20th year, our business is well positioned to continue executing alternative financing solutions for both new and existing borrowers. We are pleased to continue growing our lender financing business and expanding our lending to branded hotel residences, leveraging our deep hospitality market expertise to complete significant transactions with

iconic luxury hotel brands. We look forward to continuing to execute on behalf of our global investor base as we broaden our institutional relationships and further scale our business in 2024.”

HOA Fees Double In Some Neighborhoods

Condominium prices and sales have seen a decline in the New Year, as Home Owners’ Association fees have increased significantly, at the same time the state is going through a property insurance crisis. The average homeowners’ insurance cost rose by more than 40% in 2023 alone. This is believed to be driven by a number of factors, but most notably stricter regulations governing condo lending following the June 2021 condominium tower collapse in Surfside, Fla.

ATTOM Report Reveals High Foreclosure Activity In Some Florida Cities

Florida has emerged with the highest foreclosure rates nationwide, with one in every 2,632 housing units having a foreclosure filing in February 2024. Major metropolitan statistical areas with populations greater than 200,000

Empowering Women In Mortgage

Welcome to the Mortgage Women Leadership Council

A warm welcome to you! I’m Kelly Hendricks, the Managing Editor of Mortgage Women Magazine and Senior Vice President of Delmar Mortgage, and it brings me great joy to extend this invitation to you. Throughout my career in the mortgage industry, I’ve been fortunate to have leaders and mentors who played pivotal roles in shaping my journey. I am thrilled to introduce a transformative initiative – the Mortgage Women Leadership Council, created by Mortgage Women Magazine.

In my role, I’ve experienced the challenges that women face in leadership within the mortgage sector. These challenges led to a profound realization — the need for a dynamic network to empower women in our industry. This realization is the driving force behind the creation of the Mortgage Women Leadership Council. I believe in the power of collective support, and I am excited about the opportunity to share and benefit from each other’s experiences.

Our mission is clear: to promote and empower women’s leadership in the mortgage sector. The council aims to create a supportive environment for professional growth, mentorship, and networking. Joining the

Our

council comes with various benefits, including networking opportunities and access to industry-specific professional development resources. We understand the unique challenges women face in mortgage leadership and have tailored mentorship and support systems to address them.

I invite you to join this movement to empower women in the mortgage industry. The Mortgage Women Leadership Council is committed to fostering a welcoming and supportive environment. Your involvement will not only contribute to your personal and professional growth but also play a crucial role in advancing women’s leadership in our industry. To join or get involved, simply click here to apply.

Thank you for considering this invitation to join the Mortgage Women Leadership Council. For further inquiries about the council and details on how to join, please contact Beverly Bolnick at bbolnick@ambizmedia.com. Let’s work together to advance women’s leadership in the mortgage industry — because collective action brings about meaningful change.

Kelly Hendricks Managing Editor, Mortgage Women Magazine

Our voices

As a valued member, enjoy these benefits:

Access to a Powerful Platform: Amplify your voice and influence through Mortgage Women Magazine, exclusive sponsored programs, email newsletters, and impactful events.

Editorial Opportunities: Showcase your expertise and insights through editorial features in Mortgage Women Magazine, gaining visibility and recognition among industry peers.

Awards and Recognition: Receive well-deserved recognition through our award programs, celebrating your achievements and contributions to the mortgage industry.

Community Support: Become part of a dedicated community committed to celebrating and driving meaningful progress in the mortgage sector. Connect with likeminded women leaders, share experiences, and foster collaborative initiatives.

Mortgage Women Magazine: Enjoy your complimentary digital subscription to Mortgage Women Magazine, the premier publication for women in mortgage. Read advice, learn about industry updates, and take in the inspiring stories of your peers.

Become a member today.

Join us and be a driving force in creating a more inclusive and thriving mortgage industry. Together, as a united community, we believe we can make real change.

Enjoy 1 year of your individual membership free! Use code MWM2024

mwlcouncil.com

Native Of Colombia Joins New American Funding

New American Funding has hired a new producing sales manager who was ranked in Scotsman Guide’s Top 1% of mortgage originators for the past four years. Christian Rodriguez, who is originally from Colombia, will be based out of the company’s office in Tampa, Florida. Rodriguez comes to the role with 18 years of experience, specializing in serving the home financing needs of Latino borrowers. Rodriguez most recently served as a loan officer with Embrace Home Loans, with previous roles at Homeowners Financial Group USA, New Penn Financial and Bank of America.

A&D Mortgage Welcomes Rebecca Chaney

A&D Mortgage has a new face overseeing all its legal, regulatory and compliance business within mortgage operations.

The Hollywood, Florida-based mortgage company welcomed Rebecca Chaney as its new General Counsel.

ON THE MOVE

Chaney, who holds a Doctor of Law (J.D.) degree from The Catholic University of America, Columbus School of Law, brings 17 years of experience to the role.

“Rebecca’s appointment is a testament to our commitment to the highest standards of compliance and legal excellence,” CEO Max Slyusarchuk said. “Her proven track record and depth of knowledge in the field will be invaluable as we continue to grow and innovate. We are thrilled to have Rebecca on board and look forward to her contributions in shaping our future.”

Rebecca Chaney

Christian Ridriguez

Doug Long

Jeff Nelson

“[Rebecca Chaney’s] proven track record and depth of knowledge in the field will be invaluable as we continue to grow and innovate. We are thrilled to have Rebecca on board and look forward to her contributions in shaping our future.”

> Max Slyusarchuk, CEO, A&D Mortgage

Chaney served previously as Atlantic Coast Mortgage’s General Counsel, as senior vice president of Mortgage Regulatory Compliance and Administration at LenderSelect Mortgage Group, and as senior executive vice president of Legal Affairs, Regulatory Compliance, and Administrative Control at Atlantic Bay Mortgage Group.

Seasoned Mortgage Banking Veteran Brings Over 40 Years Of Experience To His New Role At Planet Home Lending

Planet Home Lending welcomed Doug Long as its new senior vice president and divisional sales manager. With over 40 years of experience in mortgage banking, Long’s expertise in retail network development and product innovation is poised to bring significant value to Planet Home Lending. “Joining Planet Home Lend-

ing goes beyond a mere transition,” Long said. “It’s a strategic alignment with a fully integrated family of companies backed by stable capital and distinguished by innovative products and visionary leadership.”

John Bosley, president of mortgage lending at Planet Home Lending, expressed excitement about Long’s addition to the team. “We’re excited to have Doug join our team. His depth of retail experience and leadership will leverage our platform’s capabilities to expand retail market share in a shrinking market,” Bosley said.

Long emphasized how Planet’s unique home loan offerings underscore the company’s collaborative and forward-thinking culture. “Planet is pioneering the future of mortgage lending with novel products like Cash 4 Homes, 1st Year Flex, Purchase EDGE, one-time close construction loans, and bridge, renovation, and manufactured home loans,” he said.

Before joining Planet Home Lending, Long held key positions such as southeast divisional president for AmeriFirst Mortgage/Union Home and president of National Lending for Prospect Mortgage, LLC in Orlando, Florida. He also served as CEO and co-founder of Pinnacle Financial, where he successfully grew the company into one of the largest privately-held U.S. mortgage companies of its time.

Industry Veteran To Lead Guaranteed Rate’s Teams

In Florida, Eight Other Southeastern States

A 30-year industry veteran is returning to Guaranteed Rate to become Southeast Divisional Manager, the company announced in February. Jeff

Nelson is set to lead expansion efforts across nine states, overseeing sales operations and guiding teams in Florida, South Carolina, Georgia, Tennessee, Alabama, Mississippi, Virginia, West Virginia and North Carolina, the latter of which will serve as his home base.

“Jeff Nelson is one of the best mortgage executives in the nation,” Guaranteed Rate Chief Retail Growth Officer Ron Bergum said. “It’s a telling story for Jeff to rejoin the Guaranteed Rate family. We look forward to his tremendous growth and the leadership he brings to the Southeast division.”

Nelson’s long career in the mortgage industry spans three decades and he held previous roles at Movement Mortgage, Nation’s Lending, and Wells Fargo.

“It’s a telling story for Jeff [Nelson] to rejoin the Guaranteed Rate family. We look forward to his tremendous growth and the leadership he brings to the Southeast division.”

> Ron Bergum, Chief Retail Growth Officer, Guaranteed Rate

“I am so happy to be returning home to Guaranteed Rate,” said Nelson. “Over the past couple of years, I have learned that Guaranteed Rate is truly the company with all the tools and the platform to help originators grow their business and provide the best service for customers and clients.” b

THE LO DOWN

For the State of Florida

SUNSHINE STATE MARKET INSIGHT

Being prepared for the housing market to come means knowing where it’s been recently and what those in the know are predicting for the coming months.

We’ve compiled the latest data and charts available before this issue went to print, for loan originators who get their kicks calculating how to tackle any market using home

sales, prices and mortgage rates as a compass.

It will come as a relief to many if rates decrease gradually throughout 2024 as is predicted by Redfin and other industry analysts, especially since the average sale price rose 9.7% this January, over January 2023.

That’s excluding condominium

Haveanydatasourcesyouwouldliketoseefeatured?Sendustherequestat editors@ambizmedia.comandwewillseewhatwecanfindoutforyou.

sales prices, which rose by 8.4% year-over-year in the U.S., but actually decreased in Florida metropolitan areas that are typically popular homebuying havens, including Jacksonville (-6.5%) and Miami (-2.5%).

Check out the data compiled on these pages to get a handle on what’s happening in Florida’s mortgage market. b

Condo Prices Fall In Florida

Mortgage Rates Will Gradually Decline In 2024

SALE PRICES

MONTHLY DISTRESSED

MARKET

—JANUARY 2024 (SINGLE-FAMILY HOMES, FLORIDA)

HOME SALES AND INVENTORY

The Right Prescription

‘Doctor Loans’ making healthy strides in Florida

By Erica Drzewiecki, Associate Editor, Florida Originator Magazine

The Sunshine State is enjoying an influx of particular newcomers this season. Not birds of prey, manatees, or theme park enthusiasts, but migratory healer-hopefuls who landed placements in Florida teaching hospitals and need a place to lay their heads for the next few years.

Tens of thousands of medical school students will relocate to residency programs across the nation by mid-summer, where they will spend the next three to eight years learning a specialty.

Last year saw a record number of residency positions filled in the U.S., at 40,375, according to the American Medical Association. Physician loans are a little niche product that forgives their student loan debt to get them settled into new homes with the option of zero down payment and no private mortgage insurance.

THE DEMAND

The demand for healthcare in Florida is growing exponentially due to the state’s growing population of baby boomers, so it’s becoming a popular place for medical and dental professionals to settle.

“The amount of healthcare professionals that are coming to Florida to fill that kind of void is pretty huge,” says David Krebs, a licensed mortgage broker and president of DAK Mortgage in Miami.

A prime example of this trend is in the area surrounding The Villages, a sprawling retirement community just north of Orlando.

“You have all of these medical practices that have kind of been built around The Villages because of the aging population and the need. Before it was desolate farmland, and now it’s like a whole new area.”

Banks and brokers offer different financing options to MDs, DOs, OMSs, and

DPMs, depending on the remaining length of their training, how much of a down payment they are willing to put forth, also factoring in their credit score and income.

“The banks that are larger, they say, either you fit the box or you don’t. And if they don’t, the clients are going and searching elsewhere,” Krebs says.

“I only know a couple bankers that really focus on this on a full-time basis. Most just kind of chase the next deal rather than focusing their book of business on a specific niche.”

Many of the prospective borrowers who come to him have been turned down by another firm, for various reasons.

“We typically get deals that are people shot by risk, looking for the best terms. So if you go to a bank and the bank’s saying they’ll give you a 4% interest rate, but you don’t have any real money saved up, you’re probably not going to get that 4% interest rate.”

Krebs has built strong partnerships with lenders and bankers in this footprint, so he is able to mirror the right clients with the loan that fits their needs.

I think getting the first couple through and learning the ins and the outs of what they look for just smooths out the process for the fourth, the fifth, the sixth, and so forth.”

THE MATCH

The National Resident Matching Program (NRMP), also known colloquially as The Match, uses a mathematical algorithm to place qualified applicants into residency and fellowship positions. Each year’s new class of students anxiously awaits their placements on the third Friday of March, also known as Match Day.

“We see a big increase in physician mortgage inquiries and applications in the following weeks,” says Carlos Carvajal, vice president and senior mortgage loan originator at First Horizon Bank in Miami-Dade County.

Florida has the second-largest population of elderly people and more teaching hospitals than the national average. To ensure more of these new residents stay long-term, the state legislature expanded funding for graduate medical education by 48% in the 2023-24 fiscal year.

Carvajal works with medical recruiters and institutes of higher education to get referrals for

physician loans, which he estimates to be between 80–85% of his residential loan portfolio.

“It’s definitely worthwhile pursuing here in Southwest Florida, where the typical physician loan tends to be about $900,000 to $1 million,” he says.

THE PRODUCTS

There are no reserve requirements, a perk that Carvajal calls “huge” since jumbo loans typically require a borrower to carry anywhere from three to 18 months’ worth of cash reserves.

Physician loan programs can afford them 100% financing up to $1.5 million and no PMI.

First Horizon is also changing its guidelines in regard to student loan debt.

“Now we’re looking at half a percent of the principal balance versus one percent,” Carvajal explains.

“That’s going to hopefully raise the ceiling for some of our borrowers.”

What makes this particular loan unique, he adds, is the leverage it affords.

“In this day and age, you’re not going to find another product that offers 100% financing unless it’s in the lowto moderate-income space or you’re getting a community second or some type of grant to fill the gap above and beyond what FHA or conventional conforming can offer.”

On some occasions, the loan can also be used the same way a bridge loan might, affording the buyer the ability to leave their current residence and purchase a new home with little out-of-pocket costs. Then once they sell their old house, individuals can apply the sale proceeds to the principal balance to their new mortgage.

“Then we can perform a recast and calculate your new payment based on your reduced principal balance,” Carvajal says. “So with that, you can kind of use it as a bridge loan without the headaches or the cost of a bridge loan.”

These products are geared towards individuals earning at least $100,000 annually, so they can also be utilized

by postgraduate healthcare professionals, attorneys, or other high-income earners. It’s the idea of “less risk, more reward” that lenders in this space are banking on.

“Most doctors just don’t know that these types of products are even available or that they’re able to qualify,” Krebs says. “But if I tell them there’s special ways to calculate your debt that maybe will help ease the situation, it opens up doors.”

Terms are still in line with other bank

products, from 30-year amortization to variable Adjustable-Rate Mortgages (ARMs) and interest-only options.

“I think there’s different layers of risk and different layers of appetite,” Krebs says. “So it’s just knowing the borrower’s profile as well as possible, from a credit, income, and historical sense. Then also knowing, this bank has an appetite for this. They don’t have an appetite for that. And just really placing it with the right institution.”

They want to buy the most house that they can technically afford, but also are trying to tackle their student loans at the same time.

> David Krebs, Mortgage Broker and President, DAK Mortgage

Medical or dental students who haven’t finished their training can be eligible for 100% financing up to $1 million with certain programs, as long as they have documents verifying their education and income. This is a welcome reprieve from housing worries as they mount a large amount of debt from school.

“It’s kind of a niche product that not a lot of people are talking about,” Krebs says.

HIGH EARNERS, STEEP INCLINES

Carvajal has been originating residential loans since 2016 and he started working at First Horizon — formerly Capital Bank — shortly after it had introduced a physician loan offering.

“The residential space is really noisy on the conventional, conforming and agency side; you have to find something that helps you stand above your competition and this is one of those programs,” he says. “Our particular program is one of the more aggressive in the region that I’m aware of. Just by trial and error or repetition, organically it’s become that much of my business and it’s all through referrals from physicians I’ve helped in the past, hospitals or medical recruiters. Here in South Florida, we have the University of Miami or UHealth, Jackson and Baptist Hospitals — heavy recruiters for talent across the country. We partner with recruiters and use this MD loan as a recruitment tool.”

A doctor in Oklahoma, Texas or any other state has an incentive to

relocate to Florida for a new job with the ability to purchase a primary residence with 100% financing.

The company has a team of professionals to service their physician clients, who tend to be more limited by time constraints than the average borrower.

“One of the reasons we target the physician community is that they are high-income earners,” Carvajal explains. “But typically they need a lot of hand-holding, so we have private client groups dedicated to servicing our MDs. They can help not only with the mortgages but also on the business side with asset and estate planning, equipment financing, etc.”

Much of Krebs’ time is spent educating consumers who are not familiar with this loan.

“Whenever I tell a medical doctor this is available, they’re like, what did you say? Because they just didn’t know. Rates are a little bit high, inflation is a little bit out of whack, values may be a little crazy, but you need a place to live, right? So if you’re paying rent currently, here’s an opportunity for you to basically get 100% financing, just pay out-of-pocket costs for closing and such. And now you’ve earned a little piece of America, like the dream.”

Krebs often encounters people who just finished medical school and have a high starting income on a steep incline.

“They want to buy the most house that they can technically afford, but also are trying to tackle their student loans at the same time,” he says. “I want to knock out my student loans as quickly as possible because I want to get rid of that burden, but also I want to live in a nice house because I just finished four years of medical school, maybe another four years of residency, and I don’t want to pay rent anymore. I want to get all of that excess debt out from underneath me. And so, for those individuals who just don’t have a ton of cash, it works out perfectly for them. They can buy as much of a house as they can get through underwriting.”

This is in contrast to a typical

borrower, who doesn’t have the same privileges by using a conventional loan.

“If you’re using all of your down payment money towards closing costs, reserves, things of that nature, then there’s not enough money for you to get approved through underwriting. Whereas the medical doctors are given little exclusions that you and I would not qualify for.”

The 100% financing option is also available to other types of professionals who work in or are studying for high-in-

come professions.

He worked with a law student who hoped to purchase the unit he had been renting, but was denied by his bank.

In this day and age you’re not going to find another product that offers 100% financing unless it’s in the lowto moderateincome space.

> Carlos Carvajal, MLO, First Horizon Bank

“We were able to use a simple contract in lieu of his tax returns and more of your traditional type underwriting procedures to get him the financing that he needed,” Krebs says. “It was like the perfect deal — all the pieces of the puzzle kind of lined up and now he’s a homeowner and doesn’t have to worry about being evicted because the landlord was cool enough to give him first right of refusal rather than just sell it out from underneath him.”

LOs looking to get into this space must be aware of a few things first.

“It’s no secret that medical doctors don’t have the best track record as far as timely payments go, because they’re too busy working,” Krebs says. “So when you have those types of situations, there’s little scratches here and there on the credit and you have to counsel them.”

However, he adds, the niche is a potentially strong source of income for an LO.

“Most medical doctors have a lot of medical doctor friends, so once you did good for one medical doctor, then you get referred to the rest of the practice and so forth, which I’ve experienced in the past. They’re humble, they’re very thankful for you helping them. It makes everything worthwhile.”

Carvajal encourages LOs to prepare to be flexible.

“Physicians’ hours are very sporadic; their time is extremely valuable; they tend to be very short,” he says. “You need to be very much to the point and receptive to communicating with them in the early morning, the evening, on weekends, whenever their time allows. These individuals, most of the time, require a lot of hand-holding. Their mind is focused elsewhere so they rely on a lot of third parties to assist them. You need to be very basic and very straightforward with how you convey information to them.” b

The

Originators

FRIDAY NIGHT RECEPTION

FEATURING THESE EXCLUSIVE EVENTS:

The Great Balancing

By Sarah Wolak, Staff Writer, Florida Originator Magazine

Christian Rodriguez wakes up on a Saturday to his phone buzzing.

Quickly glancing over at the caller ID and seeing a real estate agent is his de-facto morning alarm; he hits decline, deciding that the call can wait until Monday.

Rodriguez isn’t lazy — it’s just how he operates. As the 2023 Top Dollar Volume producer for Tampa, Fla. at his former Homeowners Mortgage Financial Group post, Rodriguez, who originated over $80 million in loans across 257 units in 2023 per Modex data, is also ranked the number one Hispanic loan officer in Florida. Rodriguez gets to be choosey after almost two decades in the mortgage business, starting

from the bottom of the barrel as a bank teller in 2007 to most recently, being named a Tampa-based producing sales manager with California-based New American Funding. His journey from being a 21-year-old immigrant from Colombia and working up the ranks of the mortgage business is why Rodriguez has the power to only work 9 a.m. to 5 p.m., Monday through Friday, and never on the weekends.

THE OL’ RELIABLES

Rodriguez’s lack of weekend availability isn’t to say he doesn’t prioritize his referral partners. Rodriguez has discov-

Christian Rodriguez:

Balancing Act

Rodriguez: Loan Officer, Enthusiast,

Family Man

ered how to weed out the best referral partners for his sales, and his sanity.

“When you begin in the mortgage business, you want to say yes to every single person, but you [have] to study every single relationship in different aspects: Do they have the same values as me? Do they understand and respect those values, and that doesn’t mean they have to copy how I live my life,” he explains. “When I meet someone, I tell them immediately how I work. If you need me on a Saturday or Sunday, unless it’s super important, I’m not going to pick up the phone. If their reaction isn’t [receptive], they’re probably not who I want to work with anyways.”

When approaching mortgage and referral partnerships, Rodriguez says that he considers real estate agents his clients. “My clients are the realtors because my job is not to do a mortgage, my job is to go and get relationships [and] develop those relationships,” he says. “Obviously, with mortgage, you have to have the knowledge; you could have all the knowledge in the world but if you don’t have the relationships, it doesn’t mean anything, and vice versa.”

Viewing agents as clients rather than companions in a transaction has changed the way Rodriguez markets himself to consumers. “I don’t have a one-way preference on how I market.

“I’ll admit I’m not huge on social media but at [my company] they’re marketing-driven, so

> Christian Rodriguez, sales agent, New American Funding (far left); Christian with one of his collector car Mini Cooper (left); with his wife, Claudia, and daughters, Bella and Luna, in Rome.

I have an assistant that does my marketing,” he says. “My approach is personal relationships. I see a lot of people out there with different strategies or coaching, things like that. They like to do cold calls, but I just create relationships with people I’ve been working with for so long and those relationships just refer me to other relationships.”

At this point, Rodriguez admits that he sticks to working with a specific group of real estate agents that he’s been working with for over 15 years. “Saying no [to people] isn’t a bad thing; you don’t want to work with someone who is eating you alive. Why don’t you do business with people you enjoy working with?” Rodriguez says. “All my [real estate agents] I talk to [daily], we share a lot of memories, traveling experiences … we get lunches and we don’t always talk about business. We talk about our goals and how we can be better people.”

HUMBLE BEGINNINGS

Before Rodriguez started at New American Funding, he had a trail of jobs in the mortgage industry dating back to 2007. But before his prowess in mortgage lending, Rodriguez studied electrical engineering in his native Bogota, Colombia. He was in the program for three years before immigrating to Framingham, Mass. at age 21 in 2001. His parents and sister continued living in Colombia while Rodriguez reconnected with high school friends who had also immigrated to the Boston metropolitan area. He worked odd jobs to survive — as a busboy and a server, a mechanic and a car inspector. Eventually, Rodriguez landed a job working for Bank of America as a bank teller.

flights,” Rodriguez says. He was able to transfer to a Florida Bank of America branch to keep his job, eventually working his way into personal banking. “By then it was around 2007 and everyone was getting into mortgages. I expressed interest in doing that too, and I had a friend [at Bank of America] who was from Venezuela and he convinced me to transfer into mortgages. I got a call from Chase with an offer to work as a mortgage loan officer. They wanted me because I spoke Spanish and Portuguese. But the same day that I tried to quit Bank of America, they offered me a mortgage loan officer job.”

Rodriguez stayed with Bank of America for three more years. “You have to see the good in the bad,” he says. “It’s bad because the market crashed shortly after, but it was good for me because I learned in a very difficult situation in a difficult economy. I never saw the days when everyone was getting approved.”

After a short six-month stint at Wells Fargo, Rodriguez made the conscious decision to move into smaller companies. “Smaller companies

“Working alongside Christian has been a transformative journey. His leadership has been a guiding light, shaping not just my professional development, but also my character.”

> Maria Gomez, business development associate, Embrace Home Loans

Around the same time, Rodriguez met his wife, Claudia, and discovered that they both grew up in Bogota about one mile apart. The two decided to move to Tampa and stay with a relative of Claudia’s. “We missed the warm weather and Florida is closer to Colombia in terms of

offered more flexibility with getting clients approved,” he reasoned. From there, he went to work for New Penn Financial, FEMBI First Equity Mortgage Bankers, Inc. (FEMBI Mortgage), and Homeowners Financial Group USA.

“I made the decision to leave Homeowners because I realized I was missing out on oppor-

> Christian, and his family, take in some nature with Loki, their French bulldog.

tunities out there,” Rodriguez says. “I thought I had everything but there are more programs out there that are better for my clients.”

DIVING HEAD FIRST

With every new job comes challenges, and Rodriguez admits that this year marked the first time he’s had a managerial role with an official title and a team working for him. Rodriguez started the year working

for Embrace Home Loans as a producing branch manager based in Tampa, and was given the task of structuring a team.“What I’m tackling first is teaching [my] team new scenarios, new marketing strategies … I don’t want to impose my strategy, because what works for me doesn’t mean that’s the only method, but I just share my experiences,” he says. “When I retire, I don’t want to lose what we’ve built up. I want my team to be equipped with the tools they need to keep the business going.”

> Christian Rodriguez, sales agent at New American Funding with his DeLorean.

Rodriguez says he’s taking inspiration from a mentor at a previous post.

“My manager at Homeowners took us to new levels, he was a big key for my current success. Part of why I left is because he was about to retire and I didn’t want to be with any other manager. What makes a good manager is being someone willing to listen, available to help, and who looks out for your best interest. And the best way to

Loans’ Tampa office. “His commitment to not just building relationships but maintaining them is something that I often strive for.”

What drives Rodriguez as a top Hispanic loan officer and as a continual top producer?

“When you start out you always want someone to tell you how you became successful and there is no one specific way,” he says. “I have an amazing team and multiple assistants, a processor, and a few LOAs. I wouldn’t be able to do what I do without my operations.”

“Saying no [to people] isn’t a bad thing; you don’t want to work with someone who is eating you alive. Why don’t you do business with people you enjoy working with?”

> Christian Rodriguez

measure how good of a manager you are is by seeing your team’s success.”

Despite Rodriguez not working around the clock like a typical loan officer, his employees don’t feel neglected.

“One of the things I really appreciate about Christian is that he always makes himself available. Whether that is to help with structuring a loan, career advice, or on a personal level,” says Diana Lopez, a senior loan officer at Embrace Home

Maria Gomez, a business development associate who worked with Rodriguez at Embrace Home Loans, touted his commitment to making his coworkers feel valued. “Working alongside Christian has been a transformative journey. His leadership has been a guiding light, shaping not just my professional development, but also my character,” she says. “I admire his unwavering commitment to excellence and his dedication to fostering a positive work environment where everyone feels valued.”

OUTSIDE THE OFFICE

Rodriguez believes in a healthy balance of work and play which is why he set the boundary of having strict, set business hours as a loan officer. Outside of the office, Rodriguez runs a car dealership in Tampa called TAG — which stands for The Auto Group — with his business partner, Juan Hernandez. The dealership does bodywork, sales, and mechanic work, as well as classic car restoration. Rodriguez makes it a point to work from TAG on Fridays, doing loans behind the counter while delegating tasks to his mechanic staff. With cars being a passion, it’s no surprise that Rodriguez has a few toys of his own. “I have a 1970 Porsche 911, a 1970 Mini Cooper Classic — those are super small — a 1972 Ford Bronco, a BMW 2002 1958, a Deloreon that we’re making electric, a 1958 MGA Convertible, and we’re also fixing a 1982 Ferrari Testarossa,” Rodriguez rattles off.

But above all, he is passionate about family. The father of Bella, age 13, and Luna, age 10, Rodriguez has fostered a love of traveling in his whole family. And whether he’s visiting relatives back home in Colombia or with them at a school event, both girls know that Rodriguez’s weekend time is all theirs. b

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