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“The reality is this isn’t going to be the last challenging time in our industry,” Banosian said during a recent telephone interview with Mortgage Professional America. “It’s cyclical. Every 10 or 15 years, we’re going to have some really hard times and we’ll have some challenging markets in between too.”
It’s true of virtually every other industry, he added: “It’s part of any business. I don’t know of any business that just thrives nonstop forever,” he said. “It just comes with the territory. Longevity and success is being able to navigate the choppy waters.”
The tale of the tape
Back to that $2 billion man reference. Banosian posted just shy of $1 billion in residential loans in 2021, hitting $2.2 billion in volume last year. All told, his career total is some $9 billion in funded loans.
More fun Banosian facts: He’s the No. 1 loan officer at Guaranteed Rate eight years running, and the top loan officer nationwide for the fifth straight year. MPA has prominently featured him in its Global 100 list since 2020. Given such massive volume, it’s not surprising he’s licensed in all 50 states.
Notwithstanding the current industry woes, he said, the landscape is ripe for the picking: “I think it’s the best opportunity to grab market share,” he said. “It’s hard to grab market share when things are busy because everybody’s busy. In times like this when it slows down, not everybody stays busy – everybody’s busy on how difficult and challenging things can be, and not everybody moves into action.”
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