Perseverance pays off
Having said that they don’t hire anyone without experience, Phippen returned 4 more times before finally being allowed to coach on the NVR Mortgage brokerage house. Phippen recalled the stockbroker’s reluctance to coach him. “I learned every little thing,” he said. After staying there, he joined two small brokerage houses.
He said finding the mortgage industry got here at a time when he quit his job for an exporter after learning the owner was engaged in distasteful business practices. Prior to this job, Phippen worked in cell phone sales. “I actually got a level in Mandarin from the University of Utah because I believed I used to be going to be doing international business. But I actually liked the mortgage industry. After school, I believed to myself, “I’m going to remain on this industry.” I like this.”
Today, he owns Infinity Mortgage, which opened in 1999 in a profession that began 28 years ago. It booked $30 million in volume in 60 units last 12 months and $52 million in 140 units in 2021.
“For size, it’s me and five other loan officers and one processor.” This austerity approach is the important thing to its success – a holdover from the Great Recession. “After going through the disaster and all the way down to practically nothing, a variety of people think it’d occur again. If that happens, I would like to ensure I can react quickly. We didn’t should adjust much.”
He admitted he had a tricky time last 12 months with inflation and mercury mortgage rates. “We knew in some unspecified time in the future the rates would go up,” he said. “We didn’t know they might grow 4% in a single 12 months. It was a bit dramatic.”
