“We don’t really think that doing business for the sake of doing business is optimal. So here at CBC, we’ve built a business plan that’s sustainable for the long run.”
USA Cares Mortgage Heroes Norman Zolkos of Menlo Park Funding By Jennifer Robinson
willing to give up easier and easier and not live up to the obligations to which they commit. It really makes me worry about long-term viability of banking and mortgage banking in our country. The second is obviously the regulatory burden. It’s definitely adding to the cost of doing business. It is adding to the cost the consumer pays. I worry about where’s that line … where’s the balance? Has the pendulum finally swung too much? I think the audits and exams are great. My key staff learns from every one of them. But the fact is that each one of those represents one to two weeks of taking your eye off the ball.
ing while I’ve been running the mortgage bank for CBC.
What else would you like our readers to know? We want to take care of the customer; we want to manage risk. We want to be very profitable. We don’t really think that doing business for the sake of doing business is optimal. So here at CBC, we’ve built a business plan that’s sustainable for the long run. We’re five-plus years into this business. I think back to when we capped it out at $25 million, and now we’re somewhere between $150 and $180 million.
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David J. Coster is senior editor of National Mortgage Professional Magazine. He may be reached by phone at (919) 559-2171 or e-mail davidc@nmpmediacorp.com.
COLORADO MORTGAGE PROFESSIONAL MAGAZINE
Who have some of your mentors been? There are two people who have been my mentors over time. One is my dad. As I grew up, he instilled a hard work ethic and character. He was a banker, he instilled financial disciplines. And today, it’s the CEO of our bank, Mike Sanchez. He’s that banker who empowers you to make good business decisions and supports you after you make them. He has really done a lot of investment in teaching me about the bank–how to make sure our mortgage bank fits inside the bank and how to grow our business. Frankly, I’ve learned more in the past five years than I have the previous 10 years of my career. At the end of the day, I got a PhD in bank-
Be a Mortgage Hero! This recognition is free to Certified Military Housing Specialists. Take the FREE Certified Military Housing Specialist course offered online by USA Cares and tell us how you are “Helping those who defend our homes, preserve their own.” Jennifer Yopp Robinson is the vice president of programs and services at USA Cares, where she has worked since 2007. She may be reached by phone at (800) 773-0387, ext. 115 or e-mail jrobinson@usacares.org.
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What are your thoughts on where the mortgage market is headed? We are absolutely going to move to a purchase market. Over the last year or two, we’ve seen small strides toward that. More importantly, the question we have to answer is, “Where is the new talent coming in our industry?” We’ve gotten such a black eye over the last few years. Will there be new talent in our industry to handle this business? Over the next five to 10 years, I think it’s going to be a purchaseminded business that’s going to need to be done more in local or regional Tell us about your relationship with businesses I think you’ve got to be able to manage your business better the bank? This bank was a construction and both from a risk management and development lender pre-2007. For all from an execution standpoint. I think intents and purposes, this bank prob- the big banks are going to turn off ably should have failed at one point the consumer. The smaller more based on the non-performing assets regional banks or mortgage banks it built up. But over the last five are going to actually step in and fill years, our earnings and taking a that void. I think the customer is small amount of TARP has saved this going to be willing to pay a slightly bank. So that accomplishment of higher rate to get a much better level actually not just being just a mort- of service than they do today with gage banker, but buying into the the big banks. I continue to hear horbank as a partner and realizing it’s ror stories about how customers are who we are, has really made a differ- treated. We think that that’s a big ence. We like to say there’s going to deal. If you move to a purchase be a book written about CBC as one transaction that has a deadline, I just of the few banks that really should don’t know how the big players are have failed, but made it. I think we’re going to be able to adjust to that and make that happen. still writing the story.
Menlo Park, N.J. is a good source of inspiration. It’s the home of inventor Thomas Edison’s Laboratory and is where he invented the light bulb. With hard work, innovation and dedication, Edison made lives easier. Menlo Park Funding uses the same philosophy, to make homeowner’s lives “easier” financially and that includes homeowners who happen to be a part of the U.S. Armed Forces. It’s also the belief followed by this month’s mortgage hero Norman Zolkos of Menlo Park Funding. He recently completed the USA Cares’ “Certified Military Housing Specialist Course” and is using his new training to make the lives of our veterans a little easier. Norman has literally given hundreds of hours of his time to helping military borrowers get lower-rate VA mortgages and eliminate PMI, this saving a borrower hundreds of dollars. This year, Norman assisted more than 40 veterans, helping each of them to save an average of $240 a month. That savings is meaningful to veterans and their families. “Originating a VA mortgage may mean more paperwork, more training and spending more time than loan originators are accustomed to,” said Norman. “However, knowing we are giving a service to our nation’s military is a personal reward. I encourage all originators to become a “Military Housing Specialist” through USA Cares so they can give back something to the military that defend our freedom on a daily basis.” Norman Zolkos One veteran who inspired Norman was a recentlywounded warrior of the war in Iraq. Norman helped to close his mortgage in nine days by galvanizing the Department of Veterans Affairs and his team at Menlo Park Funding. “He had sustained multiple injuries while serving in Afghanistan, and had endured several surgeries,” said Norman. “I was amazed and inspired by his great spirits, even though he suffered a horrific injury and will have pain for the rest of his life.” If you want to connect with Norman about how you can make the lives of our worthy veterans a little easier, please e-mail him at nzolkos@mpfunding.com. USA Cares salutes Norman Zolkos for giving our military, “A Hand Up!”