Andrew Marquis is our guest this week. Andrew is a senior loan officer with Guaranteed Rate and is one of the top 20 Loan Officers in the United States. He and his team process between 40-50 loans a month, totaling over 200 million a year in volume.
Andrew talks with Scott about how he got started in the industry, what his processes are like, and how he builds and keeps referral partners.
Stats
- Location: Boston, MA
- Brokerage: Guaranteed Rate
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
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- [4:25] After 6 months it clicked.
- [5:00] Anyone who wants to succeed in this industry has to have a desire to win.
- [8:45] To keep the processes moving, you need to specialize everyone’s tasks.
- [12:00] How much time do you spend on each file?
- 30-35 min per file.
- [12:15] How many many files do you process a month/year?
- Most of our business happens between Mach to October. 70-80 loans a month.
- [13:30] How much staff do you have and what do they do?
- I have 2 sales assistants.
- 4 processers that work in a pod system. Each pod has an operation assistant and finally, there is 1 operations manager.
- Altogether, with the underwriter, 10.
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- [16:55] How does this pod system work?
- They take a loan from start to finish.
- They contact the customers, gather documents, and submit to the underwriter.
- When you specialize, you reduce the peaks and valleys in your process.
- [21:05] Realtors just want to know that they will get a prompt response and make sure you keep working on these relationships even after the file is done.
- [22:40] What percentage of your business comes from Realtors?
- 50%
- The other 50% comes from accountants, financial advisers, etc.
- We send a gift to both Realtors. You have to reinvest in the business.
- [28:10] I treat this job like a profession.
- [30:10] When you take a holiday, do you actually take time off?
- 8 years ago it would not have been possible. Today I can unplug; I will check my emails quickly but most of the time I can relax.
- My vacations are more like long weekends 4-5 days. 7 days is still a bit too much.
- [31:20] What advice would you give us for the 100 Million Dollar Journey?
- You have to get a sales assistant.
- You need to know where the business is coming from.
- When approaching referral partners, you need to bring value.
- [16:55] How does this pod system work?
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More About Andrew
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- Web: guaranteedrate.com/loan-expert/andrewmarquis
- Tel: (781) 897-5213
- Email: andrew@rate.com
Host
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- Scott Peckford
- Scott Peckford
More Shows
See more notes and other episodes at the I Love Mortgage Brokering website. -
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