Former LenderLive CEO takes over Cherry Creek
Last Friday’s jobs numbers continue to drop below estimations. Nonfarm payrolls increased by 245,000 in November, down from 610,000 in October. The total was below the Wall Street estimate of 440,000. Many of the current job losses are in the hospitality and retail industries, which usually see an uptick of activity going into the holidays, but not this year.
Rick Seehausen has been appointed to president and COO of Cherry Creek Holdings, where he will oversee all company operations, including IT, human resources, legal, accounting, marketing, and compliance divisions. Prior to joining Cherry Creek Mortgage in 2019 as executive vice president, Seehausen was the founder and CEO of LenderLive, which he grew into the mortgage industry's largest provider of outsourced fulfillment services.
The announcement comes as the company restructures its ownership position. Under the restructuring, the company is 100 percent owned by the family of its co-founder, Jeffrey May. Previously, the company was owned by the families of May and its other co-founder, the late U.S. Sen. Bill Armstrong.
Seehausen said in a statement: “Even though our corporate structure is changing, our mission remains the same—to provide consumers with all the mortgage services they need to achieve and sustain homeownership.”
Cherry Creek Mortgage provides FHA, conventional and jumbo purchase and refinance mortgage loans through more than 70 retail branches, a consumer-direct channel, wholesale, and a number of joint ventures.
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Meet the mortgage industry’s first billion-dollar salesman
By his own count, Shant Banosian is set to become the mortgage lending industry’s first billion-dollar salesman. The loan officer is personally set to originate a staggering $1.5 billion of home loans by year’s end from his office outside of Boston, a record in a year of records for the mortgage business, according to Bloomberg (metered paywall).
“Set alight by the Fed’s low interest rates and bond purchases, the mortgage industry is on fire. Lenders this year are projected to originate $4.1 trillion of loans, eclipsing the 2003 high, thanks mostly to borrowers refinancing to reduce their house payments, according to Fannie Mae,” according to the multi-authored Bloomberg report.
With profit margins the widest on record, mortgage lenders are on a hiring spree and taking advantage of the pandemic housing boom to raise money from investors, the article said. At least nine have either gone public this year, such as Rocket Cos., or are planning to do so in the coming months.
Shant Banosian is Guaranteed Rate’s #1 Loan Officer nationwide for 4 years running with 1,215 closed units and $536 million in funded loans in 2018 alone, according to his LinkedIn profile.
Last year, Banosian originated $916 million in mortgages, according to Scotsman Guide, which began producing its rankings in 2009. This year, he says he reached $1 billion in September. He expects to make 3,000 loans this year under his name, totaling at least $1.5 billion.
While the Bloomberg report goes to long lengths to credit the Fed for giving Banosian the ability to push over the billion-dollar mark, it should go without saying he is an incredibly hard worker who posts to social media updates with regularity. Indeed, it could be argued that he was destined to tip over the billion-dollar mark anyway, just by looking at the steady growth of his business. Check out his LinkedIn for more info on how Banosian Shows Up. Hustles. Repeats. Every. Day.
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Viral TikTok skateboarder Nathan Apodaca buys new house
America is the best country in the world, Reason #78,189: Nathan Apodaca just bought his first house and paid for it in cash.
Most of us know Apodaca as the “skateboarder” who posted a video of himself on TikTok rolling on his way to work at a potato farm, drinking Ocean Spray cranberry juice and listening to Fleetwood Mac’s “Dreams.” He also posted to YouTube and
that post is reaching 9 million views.
Prior to going viral with his video, Apodaca had been living in an RV that was situated near the potato farm where he and his now fiance worked at.
Thanks to donations from his sympathizing, fellow Americans, Apodaca was recently able to purchase 5-bedroom, 3-bathroom home in Idaho Falls, ID, for his family.
Reports say that Nathan liked the cute bungalow because it's got enough room for him and his family … his new fiancée, Estela Chavez and his 2 daughters and stepson — 15-year-old Angelia, 14-year-old Makyla and 15-year-old stepson Andreas Chavez.
While Apodaca is said to be saving the money and, clearly making wise spending decisions, we will say he did spend a little to get his teeth fixed in time for his holiday meal at his new home.
Well done, sir!
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