NMP - July 2018 - 41

nal of the Month

As you mentioned earlier, you
came into the industry as a
young person. Do you see a
new wave of young individuals
coming into today's industry?
No. The average age for our
industry is 54-ironically, my
age. They're not coming in
because they do not know a lot
about it, or they may have seen
their parents lose their homes in
the recession and they don't
want to have anything to do with
the industry that they believe was
partially responsible for that.
New American Funding is
working hard to change this. On
our campus in California, we
bring in young people and teach
them the industry from the
ground up. After they complete
their training, they can select a
career path, whether it is sales or
operations. We call this STEP,
"Specialized Training
Empowering People."
What are the housing markets
like in the three states that you
cover?
Colorado has one of the tightest

inventories in the country. Utah
is similar, but the prices are
lower and the inventory, although
tight, is not quite as bad as in
Colorado. In Alaska, the cost of
housing is higher, but Alaska and
Utah have aggressive housing
assistance bond programs that
help first-time homebuyers get
their dream homes.

The greatest accomplishment
would have been my work with
New American Funding. I opened
in Colorado as a Correspondent
Lender with no brand recognition
and built it out to a region
encompassing three states. Last
month, we closed 444 loans
totaling $115 million and we
continue to grow.

labor shortages. It will be more
and more difficult to build
affordable housing as material
and labor costs rise. In my
markets, we are seeing more
vertical building, high-rise condos
are making a comeback. The
issue with this is high-density
housing creates other problems
such as increased traffic.

In looking back on your career,
what do you see as your
greatest challenges? And, for
that matter, what do you see
as your greatest
accomplishments?
The greatest challenge would
have to be getting newer Loan
Officers to understand how
markets will always change and
how quickly it can happen.
Typically, when rates rise, there
is not a lot of warning. In
addition, you rarely have
advanced warning of inventory or
guideline changes. The mortgage
industry is like the weather here
in Colorado, if you don't like it,
just wait a few hours and it will
change.

What do you see as the nearterm future for the housing
market?
For the remainder of 2018 and
into 2019, I see the market being
very tight and similar to what we
experienced in the first half of this
year. Rates will be slightly higher,
but they will not dramatically
increase. I also believe that
builders will not be able to build
as fast as they would like due to

Outside of the workplace, how
do you like to spend your
leisure time?
I am glad that you asked that. I
enjoy spending time traveling with
my wife Romi and spending time
with our children who are grown.
Golf is definitely part of this. We
were in Italy last year and are
planning a trip to France, there is
still a lot of the U.S. that I would
love to see.

Phil Hall is Managing Editor of National Mortgage
Professional Magazine. He may be reached by e-mail at
PhilH@MortgageNewsNetwork.com



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