Scotsman Guide > Rankings > Top Originators 2012 > Randy Szabo #3 Top FHA Volume

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Top Originators 2012: #3 Top FHA Volume


Randy Szabo, Washington First Mortgage Loan Corp.
#3: 2011 Top FHA Volume
FHA-Volume Ratio: 88%
Volume Rank: #273


In 2011, Randy Szabo noticed that his leads from telemarketing companies were drying up, so he decided to act: He got a mail machine — and that remains the center of his marketing strategy. He also decided to focus on Federal Housing Administration (FHA) Streamline refinances that have no appraisal and no income verification requirements.

By the end of 2012, the two steps paid off handsomely, as he closed nearly $70 million in FHA loans out of his total volume of more than $79 million.

“What I did is, I sent out around 3,500 mailers a week — that is 14,000 mailers a month — and I was receiving every single call,” Szabo says. With this mailing strategy and the referrals that were rolling in, Szabo closed 297 loans in 2012, up from just 59 in 2011.

With refinances making up 99 percent of his volume, Szabo is unsure if this year’s volume will be equally high. “I don’t know if I will be able to match last year. I hope I could, but I won’t expect to,” he says.

Another big challenge this year could be the expected increase in FHA mortgage-insurance premiums and plans to make the insurance for the life of the loan. “This is going to steer a lot of people away from doing FHA Streamlines,” he says.

With the impact of these changes in mind, Szabo plans to focus on other government-backed loan programs, like those of the U.S. Department of Veterans Affairs. “When one door shuts, another one seems to open,” he says.

-- Rania Oteify

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