| $10 Million Broker Seeks Future Millionaires
Leif Thomsen, Mortgage Masters adding to staff August 5, 2004 By PATRICK CROWLEY |
| Let other mortgage companies cut jobs. Leif Thomsen, an east coast mortgage broker who made national news by earning more than $10 million last year, is looking to create more millionaires.Thomsen, founder and operator of Mortgage Master of Walpole, Mass., plans to hire 40 loan originators or more over the next six months.
“It’s easier right now for consumers than any time in American history” to buy a home, Thomsen said in an interview. “My company can grow in this environment.” Even as an industry giant such as Washington Mutual is shedding jobs — Seattle-based WaMu is cutting 2,500 jobs on the heels of 3,500 layoffs last year — Thomsen is advertising for new mortgage originators. “We’re definitely trying to grow,” he said. “We’ve already had 25 to 30 inquiries, most of them from people on the East coast. I’m totally looking for experienced originators who aren’t afraid to leave their current situation, people who aren’t making enough money.” Thomsen’s company has not been completely immune from the industry’s employment downturn. “We have done some cutbacks. I had to let some people go in underwriting, closing and processing. Most were part-timers and temps, but some were also regular layoffs.” But when it comes to hiring loan originators, Thomsen wants to “grow aggressively.” Thomsen believes the best opportunities for growth is the Alt-A and subprime markets. “There has been a lot of consolidation in the industry,” he said. “The market is perfectly suited for consumers looking for the best price. “We offer the best service but still pay people well and we can still be profitable,” Thomsen said. Thomsen is growing at a time when massive job losses are predicted for the mortgage industry. The Mortgage Bankers Association (MBA) estimated in June that the industry will lose 100,000 jobs over the next two years, with 65,000 jobs cuts coming before the end of this year. In this week’s mortgage activity report, MBA said the number of mortgage applications fell by 0.2%, its Purchase Index increased by 1.6% while the Refinance Index dropped by 2.9%. Most industry experts have blamed the run up in interest rates for job losses and slowing mortgage activity. But Thomsen, whose has loan officers earning six and even seven figure salaries, is undaunted by the interest rate hike. “Rates have gone up a little, but that still shouldn’t preclude almost anybody from buying a home if they want to buy a home,” he said. Thomsen said his company will do about 20,000 mortgage loans this year totaling about $5 billion. His secret is no secret — beat the competition at price. “We offer sales people a better price and product to go out on the street with,” he said. “We never lose deals to the competition due to price. The little old lady may want to deal with the bank on the corner, but my sales people use price to beat the competition.” Related: $10 Million Broker is MortgageDaily.com Icon of 2003 |
