Mortgage Connects an MGIC Podcast

"When you do the right thing, the money will come"

July 06, 2021 MGIC MI
Mortgage Connects an MGIC Podcast
"When you do the right thing, the money will come"
Show Notes Transcript Chapter Markers

We interview top producer Joel Mahakian of Premium Mortgage Corporation, who explains why “When you do the right thing, the money will come.” We also discuss his words of wisdom and advice to others in pursuit of a successful career, including staying “in the know” when it comes to originating loans, noteworthy industry trends and developments, how homeowners have changed over the past several years (and why it matters), and effective ways to stay connected to referral partners.

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Stephanie Budnik (00:03):
Welcome to Mortgage Connects by M G I C, bringing you the latest insights from top mortgage professionals around the industry. I am your host Stephanie Budnick, and today we'll be talking to Joel Mahakian. He is a loan officer from Premium Mortgage. He has, uh, 16 years experience and has consistently been one of the top producing loan officers in the area. His business was built around relationships, which were built by trust, honesty, accountability, and respect. When Joel puts his name on something he says it's going to happen. He must delivered. He prides himself on that. And from that, he's gained loyalty from his business partners in life. He enjoys traveling and food abroad, cooking and spending time with his friends and family. He's an absolute son lover and something he's lived by is when you do the right thing, the money will come. Joel, thank you so much for being a guest center episode today.

Joel Mahakian  (00:55):
Stephanie, thank you so much for inviting me.

Stephanie Budnik (00:57):
Yeah, I'm really excited to learn more about some of your successes and I'm sure other listeners are looking for the same. So, one of the first things I wanted to cover is, as a top producer in your market, how do you continue to learn and stay successful? And in the know?

Joel Mahakian  (01:13):
Honestly, I, I believe you truly learn by doing. Being that I, I got into the business at a young age, I had to earn the respect of my peers and business partners and put in the time. This might sound a little nerdy, but I live by reading product guidelines. If there's something I'm unsure of, I always try to find the answer myself before going to an underwriter or a peer. Believe it or not, you can Google just about anything. <laugh> all product guidelines are right there at your fingertip fingertips to find. And usually in my search for the answer I find, I find and learn something I didn't know or I remind myself of something that I might have forgotten or got pushed in the back of my memory.

Stephanie Budnik (01:47):
Okay. That, that sounds a lot like me. I am a doer instead of, and then I'll ask later, or I ask, Forgive this later cause I can learn from it then.

Joel Mahakian  (01:56):
Absolutely.

Stephanie Budnik (01:58):
So with the industry and it's ever changing, what type of trends are you seeing today that you think others should be taking note of?

Joel Mahakian  (02:05):
Well, I mean, I, anybody in in the industry today, I'm sure feels what's going on. Um, you know, it's been, we had a crazy ride last year in 2020. Definitely no one knew what to expect after, after Covid hit. Um, but I, from what I hear from peers across the country, I mean, if you were in the mortgage business, you thrived last year and this year is not as, as crazy with rates have ticked up a tiny bit. Um, but so some of the refinance volume has dropped off, but still an absolute crazy time to be in the business. Um, as far as trends, you know, I mentioned as far as as, uh, mortgage rates, um, everything that we hear from the experts, you know, mortgage rates will continue to rise throughout the next few years. Nothing drastic from what we're hearing, but anything in the twos really is not the norm. Ok. Um, another big issue is just the housing shortages. Um, again, I hear from peers across the country, it's, it's everyone's experiencing pretty much the same thing. Um, and it appears that it's gonna continue. There are just a lot of highly qu qualified buyers in just not enough homes for sale, which continues to drive up prices.

Stephanie Budnik (03:07):
That makes sense. How are you, how do you think people can continue to thrive as things are starting to slow down? You know? Yes. Last year was insane. I mean, you couldn't hear about how not the CSUN was, they were just off the walls. So with it kind of slowing and the market being the way it is, how do you think others can continue to thrive or stay on top?

Joel Mahakian  (03:28):
It, it, I, I think, you know, you said it in as part of my bio and I've always lived by, it's just always do the right thing. Um, you know, that and staying in contact with, with the partners that you work with, um, in the business, um, your referral partners, um, I mean is I think just the biggest thing and just staying in front of them as much as possible.

Stephanie Budnik (03:47):
Okay. Now, have you seen a big change in the type of home buyer? You talked in your, in your last, uh, sentence that you had said that they're very qualified buyers, You know, the home buyer has definitely changed what it looks like over the last several years. Do you see that changing in the future? Do you see, like what do you see the home buyer like in the next coming

Joel Mahakian  (04:08):
From what we've, from what I've seen personally and peers that I work with in my office, um, home buyers definitely seem to be a lot more educated, um, which is excellent. Um, with the internet, you can do your research, you can gather some basic knowledge before you jump in. I just always caution people that you need to pay attention to the source from where you're getting the information from to make sure it's accurate.

Stephanie Budnik (04:29):
Mm-hmm. <affirmative> that education is a thing that I didn't really think about. I kind of talked, I thought about like being prepared or knowing financially you might have to overbid, but I didn't think about the educational aspect and, and how things are at your fingertips. Connections with referral. Um, relationships are a big thing and you mentioned that about how to thrive and stay successful. Who, how are way, what are ways in which that you do stay connected with your partners and which ones do you feel are the most effective?

Joel Mahakian  (05:03):
Um, so everybody, I hear all kinds of different things that that loan officers do out there. Um, and, and in other, other sources of bur other businesses that where people stay in contact with their partners for whatever their work is. Um, but I, I think, you know, truly when you become a top producer, you eat, breathe, sleep, mortgage, um, speaking specifically to the mortgage industry, um, it becomes a way of life. Many of my referral partners are close to your friends. Most were at my wedding and we've just, we've, we've uh, we've stayed close and friends for, you know, a decade or more. Um, my husband and I have an annual cookie party at our home every year and we make hundreds if not thousands of cookies. Um, it's an all day process and then we deliver them over the next week after that, right before Christmas to probably 25, 30 different, um, referral partners that I work with who again are dear friends. Um, I also put together bags throughout the year, deliver them to their homes, um, and to their personal residences again, cuz we're friends. Um, the last one I just did was a summer survival, uh, kit with some things that were in there just to help you get through and smooth out, out all the rough edges in this, in this industry. You

Stephanie Budnik (06:08):
Can send one anytime. I,

Joel Mahakian  (06:13):
Um, also working for a relationship driven company like Premium Mortgage Corporation just makes it simply easy. Premium is a very forward thinking organization led by one of the best and we're always trying to stay on top of the newest technology to keep everyone informed throughout the process.

Stephanie Budnik (06:28):
Okay. Are you strictly thinking of your partners being agents or do you have other types of relationships that you are working with?

Joel Mahakian  (06:37):
Um, I, between, um, agents and then New York is an attorney state where we have attorneys involved on every side of the transaction. So attorneys are a great source of referral business as well. I've got some of my, the top two, um, real estate attorneys I've worked with for my entire career for 16 years. So it's just wonderful.

Stephanie Budnik (06:54):
Okay. Um, what advice could you offer somebody wanting to pursue a career similar to yours?

Joel Mahakian  (07:01):
I think, you know what? I alluded, I alluded to it, I think, and maybe, uh, the first question you had asked as far as with taking the time to, to read, I mean, I think investing in yourself take the time to do your research at, at when you, when you do the research independently and you go to an underwriter with some questions and it makes you really sound like you try to do your research up front. So reading product guidelines, it can be very dry and boring at times, but it really helps you stand out, especially within your own company. Um, take the time to cross train and learn all of the other working mechanics that go into mortgage. Um, so you have a full understanding of what happens, why and how there's so many pieces to the puzzle and it's important that you can gather as many as you can. I've, like, I been in the business 16 years, but I'm still learning things every day.

Stephanie Budnik (07:47):
You just referenced kind of what people would do to pursue a career similar to yours, but do you have any advice that you could provide to an individual kind of on the cusp of that next level?

Joel Mahakian  (07:57):
I think on Addison, um, I, Stephanie I tell peers of mine when they look, you know, people come to me and ask me, Joel, how do you do what you do every day? And I think really it's, it, you have to, it's slow and steady, um, is as, as far as I truly believe that you, I've seen people in the industry that try to grow too quickly, try to tick on too many new referral partners. Um, and it it, you, you can't make 50 people happy in this industry. It just, it it's impossible. Um, and I think it's also finding, finding your relationship partners that you work well with. Um, there are not everyone is for everyone, right. And, and all aspects of your life. And it's, it's the same thing with, with working with referral partners. You have to work with people that you trust and you like, um, and that you respect as well.

Joel Mahakian  (08:43):
Cuz if you don't respect them, they're not gonna respect you. Um, and it's gonna make it challenging every day to continue to grow. But I think, you know, especially when it comes to, you know, in mortgage specifically, um, it's doing the right thing and staying in constant contact with, um, and as far as sticking to the basics in it sounds like a very simple thing, but not in, not many people do it is making sure you keep everyone in, in the loop throughout the entire transaction. So not just your, your buyer, not just the buyer's realtor from maybe where you got the referral from, but also the listing agent and the attorneys. Um, and also it helps premium does, we do a great job with that through technology. Um, so it really helps. It makes my job easier.

Stephanie Budnik (09:24):
Okay. That's, I think that that's some great advice, um, and ways to do that. I know we've worked on different types of programs here and it's like, and we teach people that not every partner is the best partner for your time. So that, that makes sense with either adding too many or or analyzing what your relationships are. I asked a lot of what advice you could give to other people, but my my last question to you is what's the best piece of advice that you've ever received from someone?

Joel Mahakian  (09:51):
I truly, well, it was something that I, I feel that I've always, my business was built around as far as do the right thing and the money will come. And a dear friend of mine a couple years ago, um, actually just articulated it very clearly and it, it just, it was like, Oh yeah, that's really, that's me. That's how I run my business. So I think really that's like the, I mean, honestly, it's, it's what I would tell anyone. It's just do the right thing always and the money will come. Um, be honest and truthful and it's all you can do.

Stephanie Budnik (10:19):
I, I like it. I think it's a really good model to the standby and standing by your word. Thank you Joel, so much for your time today. I greatly appreciate it and I know that others will enjoy hearing some of the insights that you have to offer.

Joel Mahakian  (10:32):
And thank you Stephanie for inviting me. This was wonderful.

Stephanie Budnik (10:35):
Great. Have a good one.

Joel Mahakian  (10:37):
You too. Have a great day.

Speaker 3 (10:38):
Thank you so much for listening. For all the latest industry insights, subscribe to Mortgage Connects with M G I C on Apple, Stitcher, or Spotify, or

Stephanie Budnik (10:47):
Check out mortgage connects.com. Until next time,


How do you continue to stay successful and in the know
What industry trends are you seeing that we should take note of?
How has the type of homebuyer changed over the past several years? Do you see this changing again in the future?
In what ways do you stay connected to your referral partners, and which relationships are the most effective?
What advice would you give someone who wants to pursue a career like yours?
What is the best advice you've ever received?