Even in the midst of uncertainty, he knew one thing for sure: “As rates started to rise, I knew there was nothing but upside,” he said. There was nowhere to go but up.
It’s all about gaining market share
Finding himself with poor timing no-one could have foreseen, he remembered advice from a mentor about gaining market share. “When markets contract, that’s when market share can be gained. So I was laser-focused. In a challenging market, how can I grow?” he recalled asking himself. “And if I’m able to survive this market – which hasn’t been easy – then I know when we get through this I’ll be ahead of the pack.”
By August, he and his staff will move to exponentially greater offices – a tangible illustration of success in spite of a tough market. You might call the bigger digs a brick-and-mortar rebuke to the softened market. “I didn’t have the 2020 year,” he said. “I didn’t have the 2019 year that was so phenomenal when rates were in the 2s and 3s.”
His ambition doesn’t end there, as James conveyed plans to go nationwide next: “We’re not even a national player yet, but we plan to take it national in the next six to 12 months,” he said. “We’ll go from two to 15 states. Now that we have that depth of vision, that’s the roadmap. But as a regional lender, a regional mortgage company, we’ve done $20 million in one of the hardest times in the mortgage industry. And not only have we done $20 million, our head count as far as growth, as far as employees and loan officers, we’re up 226%.”
Other measures track the growth “As far as lock volume, we’re up 113% compared to last year,” he said. “This year is said to be a tougher market, but we are seeing a lot of success in this market. Our funded loans are up 96% over last year. I’ve already funded more in 2023 than I funded all of last year.”
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