NewsLink Q&A With Embrace Home Loans’ Patrick Holland: Mortgage Originator Success in Uncertain Markets

Patrick Holland serves as the Fairfax, Va., Branch Manager and a Vice President for Embrace Home Loans. He is among the top 1% of mortgage originators nationwide. Earlier this year, Holland surpassed $1 billion in career loan originations, all during his tenure at Embrace. He may be reached at pholland@embracehomeloans.com.

MBA NewsLink: What are the key skills and traits that distinguish top-performing loan officers in today’s market?

Patrick Holland: I think it comes down to two main things: building a strong network and becoming a trusted member of your community. Top-performing loan officers usually have multiple avenues of referral partners. And you can’t just rely on having real estate professionals as referral sources. You also need to form strong relationships with financial planners, attorneys, insurance agents and anyone else who might have clients looking for a mortgage. But it’s not just about getting their names. You have to really listen to their needs and provide real solutions.

Potential referral partners like these folks are likely being reached by other loan officers and may already have existing relationships with some of them, so you need to set yourself apart from them. Taking the time to actually find out their needs will help put you at the top of their list.

And then there’s the community aspect. Successful loan officers are typically very involved in their communities. So, I’m always involved in local events, volunteering and just getting to know people in my area.

MBA NewsLink: The new rules that overhaul the way real estate agents get paid went into effect on Aug. 17. How do you think the changes will impact the way loan officers do business with real estate agents?

Patrick Holland: Communication is going to be even more important than ever. Loan officers need to make sure they understand exactly what fees are being covered and by whom. 

I think this new rule is going to lead to a more collaborative relationship between loan officers and real estate agents. We’ll need to work together more closely to ensure that everyone is on the same page and that the transaction goes smoothly.

If there are any gaps between what a home seller is paying in terms of compensation for professional fees, we need to know so we can make sure the buyer has sufficient assets to qualify for the mortgage. I’m sure there will be some muddying of the waters for the first few months, but then I’m confident that everyone will adapt to the new rules. They will become the new normal.

MBA NewsLink: What are some significant challenges loan officers face in the current lending environment and how can they overcome them?

Patrick Holland: I believe the biggest challenge for loan officers right now is the intense competition and the limited number of transactions. With so many loan officers chasing after every deal, pricing competition is fierce. 

To stand out, loan officers need to focus on providing true value, not only to the consumer, but also to their referral partners. That means offering something unique, like a specialized solution or a streamlined process that sets them apart from the competition. While great customer service is essential, it’s not enough. You have to be willing to do more and go the extra mile to tailor your approach to each individual’s needs.

MBA NewsLink: Since the pandemic, technology has become an integral part of most loan officers’ business. How can professionals best leverage it to enhance their productivity and client service?

Patrick Holland: That’s a great question. While technology is great for streamlining mortgage processes and speeding things up, it should never be a substitute for personal attention with clients. I still offer all my clients the option to meet in person or virtually via a video or phone call, because I believe it’s important to build a genuine connection. A handwritten card or a face-to-face meeting can go a long way in establishing trust and building rapport.

However, technology can definitely add value when it comes to the mortgage process. It can help streamline paperwork, improve communication and even deepen relationships with clients. The key is to find the right balance between technology and your personal touch.

MBA NewsLink: What is your outlook for origination activity for the remainder of the year and into 2025?

Patrick Holland: I’m cautiously optimistic about the remaining months of the year and beyond. The recent decline in rates has sparked an increase in applications, for both refinances and purchase mortgages. I think we’ll continue to see this momentum throughout the rest of 2024 and into 2025.

However, it’s important to point out that the market is still very competitive. The demand for housing continues to outpace supply and there are many factors that could influence the overall economy. While we’re nowhere near out of the woods, I believe that improving interest rates and the potential increase in home sales will provide opportunities for growth in the mortgage market. I’m optimistic that as the market gets revitalized, we’ll have a better fourth quarter than recent quarters.

Looking ahead to 2025, I’m energized and anticipate that the trends we are seeing now will continue to play a significant role. If interest rates remain low and the housing market remains strong, we could see a significant increase in origination activity. By staying informed, adapting to changing conditions and providing exceptional service to our clients, loan officers can position themselves for success in 2025 and the coming years.

(Views expressed in this article do not necessarily reflect policies of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes your submissions. Inquiries can be sent to Editor Michael Tucker or Editorial Manager Anneliese Mahoney.)