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NAHREP names top 250 Latino originators.

On June 28, the San Diego-based National Association of Hispanic Real Estate Professionals (NAHREP) released its annual Top 250 Latino Mortgage Originators report. The originators were from 50 companies and 27 states.

A press release announcing the results said that Des Moines, Iowa-based Wells Fargo Home Mortgage for a second year in a row accounted for the most origination employees on the list.

Collectively, the 250 top originators on the list accounted for more than $8.1 billion in originations. That was an increase of more than $3 billion over last year's results.

More than 700 originators from 261 cities nominated themselves for consideration. The candidates submitted their total number of closed transactions in 2015 to be considered for the rankings. Membership in NAHREP was not a requirement.

Commenting on the report, NAHREP President Joseph Nery said, "Hispanics were responsible for 69 percent of the homeownership growth in the country in 2015."

He added, "NAHREP is proud to recognize these mortgage professionals whose cultural competencies in working with Latino consumers helps them to more effectively guide their clients through the most significant financial transaction of their lives."

The top 10 Latino mortgage originators from the list were: Carlos Larrazaball, WashingtonFirst Mortgage, Fairfax, Virginia; Manuel Corral, Golden Empire Mortgage, Inc. Pomona, California; Sergio Corona, Wells Fargo Home Mortgage, Des Moines, Iowa; Alex Varela, PrimeLending, Bedford, Texas; Rodrigo Ballon, Crosscountry Mortgage, San Diego; Donald Ambrose King IV, Wells Fargo Home Mortgage, Des Moines, Iowa; Maria Salas, Texas Bank Mortgage, Fort Worth, Texas; Robert Decontreras, Wells Fargo Home Mortgage, Burlingame, California; Jorge Montoya, Guild Mortgage, Reno, Nevada; and Tom Ramirez, New American Funding, Downey, California.

Mortgage Banking interviewed the No. 2 top Latino originator Manuel Corral about his career and the progress that's been made in tapping the Latino homeownership market. Corral told us he got into the origination business on March 17, 1985, and his first loan was originated with Home Savings of America, a large thrift that, following a series of acquisitions, became part of Chase.

He started his career in residential real estate as a 19-year-old and was a real estate agent from 1979 to 1985. He was very successful in real estate and was among the top agents for Century 21 in his market before he made the switch to the mortgage side.

An employee of Home Savings told him he should apply for a job as a loan officer at the thrift. She told him that if he worked as a loan officer there for two years, it would be the equivalent of earning a college degree. He says that appealed to him because he had not gone to college.

Corral says he ended up "taking to it like a duck takes to water." He adds, "I liked the real estate business, but I loved the loan business even more."

He says one of the things he is most proud of is that he is still among the top producers even at the age of 57, when he's surrounded by a lot of originators much younger than him.

Corral told us that 50 percent of his business is in Federal Housing Administration (FHA) loans. He says that about 60 percent of his business is done with first-time buyers and he adds that's a conservative estimate. He also says that roughly 60 percent of his business is with Latino buyers.

Corral says he was a top-three lender for the state of California for doing down-payment-assistance loans. He notes that lenders don't make a lot of money doing those kinds of loans. But he says he does them anyway because it is not all about the money.

He says his average loan balance last year was $215,000 and his total production volume in 2015 was roughly $87.5 million.

He says a lot more can be done in educating Latino homebuyers. And he says one of the biggest misconceptions about Latino borrowers is that they are not going to make their payments on time. He says they are actually among the most hard-working groups and "they are solid buyers."

He noted that things are getting better for Latino homebuyers and they are becoming more educated because of Latino originators who are skilled professionals focusing more attention on that niche. Corral says that in his net branch, there is a 50/50 split of Spanish speakers and strictly English speakers.

He says of his team, "We're here to make a difference. Ultimately, it's about helping as many people as you can."
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Title Annotation:NEWS ROOM
Comment:NAHREP names top 250 Latino originators.(NEWS ROOM)
Publication:Mortgage Banking
Geographic Code:1U4IA
Date:Aug 1, 2016
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