Mortgage Connects an MGIC Podcast
On Mortgage Connects, we explore the minds and experiences of mortgage industry and lending innovators to bring our audience candid viewpoints on critical mortgage industry developments and influential insights about the unique challenges that lie ahead. Our hosts interview top mortgage professionals and thought leaders across the industry – from proven LOs to established CEOs – who have wide-ranging expertise to provide the best insights into market trends, best practices, marketing and referral strategies, training opportunities, and the future of the mortgage industry.
Mortgage Connects an MGIC Podcast
Bridging cultures and building trust with Hispanic homebuyers
Ever wondered how cultural knowledge can skyrocket your success in the mortgage industry? Well, you're about to find out! Join us for this episode as we sit down with Daniel Gomez, a rising star at DHI Mortgage in Florida. Daniel takes us through his fascinating journey from being a loan officer assistant to his current role as a branch manager. We get personal, uncovering how his mother's industry experience paved his career path, and how his rich Cuban heritage influences his marketing strategies for the Hispanic community.
We also discuss tapping into the Hispanic market and creating generational wealth. Daniel sheds light on the integral role the National Association of Hispanic Real Estate Professionals (NAHREP) plays in this process. Looking to stay ahead in the industry? Daniel shares some insightful tips on leveraging technology and the importance of continuous learning. This episode is a goldmine for anyone seeking professional growth and a deeper understanding of the Hispanic market. Tune in, and let's bridge cultures together!
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Welcome to Mortgage Connects by MGIC, bringing you the latest insights from top mortgage professionals around the industry. I'm your host, concepcion Guerrero, and joining me today is Daniel Gomez, branch manager with DHI. Daniel began his mortgage career in 2015 at American Bank shares as loan officer assistant. From there, he went on to become mortgage loan originator at Lenore Mortgage. He has truly cultivated his career at DHI Mortgage, where he began as a loan officer in 2019 and has worked his way up to a branch manager position. Most recently, he has traveled to DHI's Orlando and Tampa markets, helping to improve processes and finding efficiencies. He aspires to become a regional manager, while continuing to grow within the DHI family and to keep bringing the best mortgage products and services to the great state of Florida. He strives to work as hard as he can to help families in the home buying process achieve their version of the American dream. In his spare time, danny will be cheering and yelling for the Miami Dolphins or finding some time to fish. Danny, welcome, it's great to have you here today.
Speaker 2:Thank you so much for having me. I'm really excited to kind of dive into some of the topics we have for today Excellent.
Speaker 1:Well, Danny, I have to be honest with you. I'm really impressed by the experience you have at such a young age. It's great to see another Latino succeed and want to continue to improve themselves. Now I read a brief bio about you, but tell our listeners a little bit more about your journey, on how you got into the mortgage business and why.
Speaker 2:Yeah, definitely. So definitely in the bio kind of explains a little bit. But I started kind of by accident in the industry. I was up in the Tallahassee area at Florida State for college. After leaving Miami After a couple of years I just kind of thought it wasn't really the lifestyle I wanted.
Speaker 2:So I did move back to Miami to finish studying down here and my mom has actually been in the industry for 30 plus years, probably 15 of those as a branch manager. So she said, hey, come on and kind of work with us as a loan officer assistant. See, if you like it, it might just be a career path for you. So I started in the industry. That was back in 2015. I started as a loan officer assistant and kind of fell in love with the industry altogether, so worked my way into the loan officer role and then, once I was kind of ready to move on to a new role, I actually started with Lennar Mortgage and that's kind of where my story almost really begins. After the basics of learning and we'll kind of dive into a little bit of that.
Speaker 1:But after the basics of learning, really just kind of perfecting my craft there at Lennar- Now, danny, you mentioned your mom playing a crucial role to your success and introduction to the mortgage world, and that's very interesting to hear this, because I bet many of those in the industry either fell into this path by some form of accident or thanks to someone else. So what are the things that you have done that have helped you grow professionally in your career?
Speaker 2:Thank you, yeah, so so definitely starts with the way I learned the industry. So as a loan officer assistant, my mom was very, very old school. You know she had these big Manila folders and and we'd have a stacking order of our W2s, our pay subs, and we turn our physical folder over to our our processor. So I think that kind of base knowledge you know old school rate sheets that kind of base knowledge kind of propelled me to take my next role at Lenard. And then taking that knowledge, coming into Lenard, you know, and really learning how to mass produce that knowledge right. So it's bigger pipelines, understanding pipeline views and and mass clientele closing a lot more volumes of those are the kinds of things I learned that Lenard.
Speaker 2:So you know, I think the base of where I started perfecting at Lenard and then coming into DHI and just kind of the culture we have was just so conducive to my growth. We are really a company that grows from within, so I think that's a really important part of my research. So I think the fact that I started in those two roles and then came into a company like DHI DHI, just, you know, is all about protecting their own we're I don't like to say one family. It's a little cliche, right, but we are people that look out for each other always, so I think that kind of helped propel me to grow within the company kind of quickly. So I started there in 2019, was a loan officer there for two years and now I've been a branch manager for two years, so kind of quickly developed my role there and that just is a testament to the culture we have at our company.
Speaker 1:That's right now. I'm curious is your mom still in the business? Does she still support? And root you on.
Speaker 2:Yeah, she, funny enough, she is one of the preferred lenders with DR Horton, so DHI's in-house lender she's one of the preferred lenders. So we actually compete against each other, funny enough. But yeah, she's still in the industry, still a branch manager and still kind of doing all the good things that she's been doing for 30 plus years.
Speaker 1:That's great to hear. Now, danny, we're celebrating Hispanic Heritage Month here at MGIC and, as a Latina myself, I do take great pride of my heritage background. But by now it's no secret, the Hispanic consumer is one to tap into, especially when you have 7.9 million Latinos who consider themselves mortgage ready last year. So, danny, tell me, are there any specific strategies or marketing techniques that you found effective when reaching and engaging with the Hispanic market?
Speaker 2:So, yeah, I think that's a great question. Our marketing techniques really comes from our home builder. As I mentioned, I work for DHI Mortgage and we're the in-house lender for DR Horton and in most of our DR Horton markets we really are an affordable home builder. So we're a home builder that we say we build a home for every stage of life. So we build your first starter home, you know, your move-in home once you've expanded your family, and even retirement homes. I mean we have kind of a home that fits every kind of budget and every kind of buyer.
Speaker 2:So, obviously, as we know, the Hispanic community in Nile Rep, which we'll talk about in just a second in 2022 already they put out a statistic that the Hispanic home ownership rate increased to 48.6%. So that marks an eight-year consistent growth, which is just incredible. So we're talking about a huge population of Hispanic homeowners that we are coming into the market. What we're forecasting is, in the next 10 years, one out of every three new home formations will be a Hispanic family. So we are really catered to that market. I think that kind of market really shows kind of family values, which I know we'll touch on in a little bit, but it's very important for our real estate professionals to understand that, that kind of buyer profile, because it's going to encompass a lot of the market share going forward within the next 10 years.
Speaker 1:Okay, so it sounds to me like it's about building that trust, building that relationship within you know your Hispanic clientele there to really truly, you know, kind of solidify that relationship building going forward.
Speaker 2:Oh, absolutely, absolutely Okay.
Speaker 1:Well, you know, hispanics are unique in the way our culture, like you did say, plays a big role in our decision making. So, for example, I would say that family is one of our top cultural values and you see that when we're buying homes, especially because we tend to typically look for homes that will cater to a multi-generational household, so meaning that we'll most likely have a grandparent, an aunt or an uncle living with us. So what advice would you give to those that are non-Hispanic mortgage professionals looking to tap into this demographic but they're really hesitant to do so because they don't speak Spanish or they aren't aware of our cultural values or differences?
Speaker 2:Yeah. So this is great, and in that question you did mention family, and family for most of our Hispanic population is, you know, the cataclysm of what moves us forward. So I think, for non-Hispanic professionals that are looking to kind of tap into the market, I think there's really two points, transparency being the key right. This is the biggest purchase most of our homeowners are going to make in their entire life. So when they're making this kind of purchase, they're not just, they're not seeing you as a loan officer, they're not seeing you as a real estate agent, they're seeing you as family. They're putting their trust in you. They're putting their money in you to guide them the correct way. So I think you need to understand that, first and foremost, to be transparent with them, but then to also treat them like a part of your family, you know, to treat them like a sister and on a brother, parents, because that's going to be a lasting relationship you're going to form with this home purchase and it's going to relay more clientele.
Speaker 2:A second home purchase, I mean once a and again. This is a little bit generally speaking, but as we see most of our Hispanic population, once you go through this process with them whether it was, you know, good, bad, indifferent. As long as that experience you can relay to them in the correct manner, they're going to see you as family. So for those professionals looking looking at that market, you need to really look to treat that clientele as family. As you continue to do that, you form those lasting relationships. Those referrals are going to come tenfold. You know they're going to refer you people they trust and they're going to look to use you again in the future. So I would say, transparency being one, make sure you explain the entire process to them with no real surprises. I think that's an obvious one. But second being to really treat that clientele as family because ultimately, when they're putting their trust and their money in you, that's what you become to them.
Speaker 1:Yeah, yeah, no, I agree, and I think, like I mentioned, I am Latina. Thinking back, when I bought my first home, it took me years and I went through various realtors, various loan originators, and while I truly found that one that I felt they truly care, they truly want to help me for the right reasons. They're not looking at me as hey, the next easy business transaction per se. And truly, I think really one of the most advice that I would say to those non-Hispanic originators or mortgage professionals is don't let Spanish or language be a factor that stops you from tapping into this really potential and powerful demographic. Many of the times, you will find out that, yeah, yeah, we're Latina, but we're also bilingual. We're also maybe more comfortable in speaking and English. So it's a lot of times, ask questions If you're unfamiliar of our culture and maybe, why do we have grandma, grandpa, mom, dad coming with us to look at homes? Is there a reason? Get to know your customers, build that trust.
Speaker 2:Yeah, that's great advice. Cause that people who care, I mean, and people who are genuine. Be genuine to yourself. If you're a certain way, people can sense you being disingenuous. So just be a genuine version of yourself, and I think that'll go a long way for you.
Speaker 1:Yeah, I agree. Now, in my conversations with non-Hispanic professionals, I do realize that they are aware of the huge opportunity in the Hispanic consumer. However, they don't know where and how to start to tap into this demographic. So I'm curious are there any certain things your team is doing differently to attract, like we said, that trust and that business from the Hispanic community?
Speaker 2:So our initial trust and our initial kind of referral point is does generate from our home builder, dr Horton, just their price point, their affordable monthly payments. You know, in the nation right now we are providing special discounted interest rates that help make buying affordable, especially in a market that it's really becoming almost unaffordable. So I think that kind of helps. But down in our Southeast Florida market for our DR mortgage team we are actually second in the nation right now customer service and I think that that customer service has generated 10-fold the leads that we should have been receiving, because we are getting repeat customers, we are getting referrals from those customers for their aunts or uncles. They're close family members that they trust us now.
Speaker 2:So we've kind of developed a niche in the market where people are now kind of trusting not only the builder, which they have for a long time as they are the biggest home builder in the nation, but now the mortgage company as well to say, hey, you know I might have not had a good experience with X, y or Z, but my loan officer, my loan processor, you know they were on top of it and whether it's new construction, non-new construction, I want to use that person. So I would say, like we kind of alluded to in the previous question, I think it's all about building those relationships. So that's kind of what we've done. It's difficult to market yourself without having a little bit of a track record. Once you have that track record built, then it's a little bit easier to kind of tell your clients, look, this is what I've done and this is what I continue to do, and I think consistency goes a long way.
Speaker 1:Yeah, I agree with you. I think you know I don't think nowadays it's not enough to really have the products for the Hispanic community. I think it goes, you know it does help, but I think it also has to go above and beyond. You know you mentioned the customer experience aspect of it as well. I think that plays a big, big role into the overall growing your reputation and growing the business, growing your success. It doesn't matter with the Hispanic community or anyone in general, I think yeah, yeah.
Speaker 1:Okay, so I you know now you did mention NARAP before and I know you're part of NARAP and they're the National Association of Hispanic Real Estate Professionals and, if I'm not mistaken, you're on the board, and I also noticed that DHI had the most originators listed on NARAP's top 250 originators list. So what an impressive accomplishment to have Explain to me why is it so important for your team, or any mortgage professional, be part of NARAP and is there a certain ways that you're leveraging this partnership?
Speaker 2:Yeah, absolutely so. Narap is is really an incredible organization and their mission very much aligns with ours. And their mission or you know, as a board member, our mission is to create generational wealth for Hispanic, for our Hispanic population. I should really say the fastest way to build generational wealth is to purchase a home. So it doesn't have to be your dream home, it just has to be to purchase a piece of real estate. So Freddie Mac actually put out some guidance on this and it shows the average net wealth of a renter is $8,000 versus and this is in this in, you know, all the states and all 50 states, united States of America. This was guidance provided by Freddie Mac. So $8,000 for a net wealth of a renter versus net wealth of a homeowner is $300,000. So it's a huge disparity just buying that, that first property.
Speaker 2:So I think we're able to align ourselves with that mission and I we thought what a great organization to leverage with, because these are professionals in the real estate market. You know, they're qualified, really qualified professionals that are looking to help their Hispanic population. And in this market where it's, you know, we have high interest rates, we have high sales prices. The biggest need right now is inventory. So we said, why don't we come and provide inventory to an organization who is dying for inventory, who has these qualified real estate professionals? So you know, we're leveraging them with some of their contacts, with some of their leads, but they're also leveraging us with some affordable housing and inventory in a market where it's very, very difficult to find.
Speaker 1:Okay, yeah, it's about leveraging and tapping into those community resources or trade organizations. I know MGIC just recently became a national, you know, into a national partnership with NARA, but it's really truly giving us, given us that platform and opportunity to, you know, spread the word of MI and really truly educate and connect with further real estate agents and loan originators on opportunities. So it's great to see everyone being on that same, you know, alongside that same mission and supporting and wanting to help each other out. So it's great to hear.
Speaker 2:Yeah and it really. It really is that that's honestly the mission is is just to continue. I mean, we said in a previous question that one out of three family formations in the next 10 years will be Hispanic. So what a great organization who is. Their sole mission is to help create that generational wealth amongst that Hispanic population. You know this, this Hispanic home ownership. You know, train is continuing to kind of trug along the tracks and I don't think it has any any kind of signs of stopping or slowing down.
Speaker 1:No, not at all. If anything, it's probably going to go much faster.
Speaker 2:Yes.
Speaker 1:Full force. So, danny, I mentioned earlier it's Hispanic Heritage Month and I, if I'm not mistaken, your cubano right. Are you Cuban?
Speaker 2:Yes, yes, I am.
Speaker 1:Okay, okay, perfect. So tell me, what is your favorite aspect of your Hispanic culture? Is there a certain tradition that maybe it's your favorite or that's really close to your heart?
Speaker 2:So so tradition the easy one is probably no Chewena, which is the day before Christmas, so that's kind of. That's kind of our Christmas, which is your entire family I mean you're talking cousins, second cousins, uncle lawns I mean the entire family is typically together and there is, you know, traditions that happen within every family, but I mean everybody is there All night usually. You know that's not something that ends early and it's just. It's just about being with your family. So I think that's probably the easy one.
Speaker 2:But one of the things I love most about the you know, cuban culture, cuban Cuban people, really is just that, their camaraderie amongst themselves. So really when you meet somebody who's Cuban, it could be a complete stranger. When you find out they're Cuban, they're all automatically I'm sorry held in a different regard. So they're just like a tough, resilient and very much family oriented group of people that have been through a lot in their culture that have made them resilient. And I think that's kind of what I like most about them is they are people that have each other's backs and there's some cultures that kind of align with that. There's, unfortunately, some other cultures that don't. But I think there's something to be said with. You know Cubans have Cubans backs and there's something about that camaraderie that just makes it kind of special.
Speaker 1:Totally agree. So I'm just curious I'm not, I'm not Cuban, so I'm a Mexican. So I'm just curious what's your favorite Cuban dish?
Speaker 2:Oh man, that's, that's a good question. There is a, I would probably say, lechoncito Place, this place here in Miami called Havana Harry's that does the best lechoncito in all of maybe, maybe the world, but definitely in Miami, and that's what we typically get on. No Chewena's out, it's very thinly shredded pork with onions. I mean it's. It's just an incredible dish.
Speaker 1:Oh my gosh, delicious. Yeah, I've heard ropa vieja, I've heard cafe guano. I, you know, it's when I'm when.
Speaker 2:I'm down in.
Speaker 1:Miami.
Speaker 2:I have to, I have to make a yeah, there's definitely, there's definitely the pick of the litter to to grab on that. Oh, I'm sure.
Speaker 1:Well, danny, to close, what is one thing you would like our listeners to walk away with when it comes to the Hispanic consumer?
Speaker 2:So so definitely, if you know, if you're in the real estate market, whether you're Hispanic or not, it doesn't really matter. Hispanic home ownership is on the rise and, like we said, there's no signs of it slowing down. So, you know, familiarize yourself with kind of the culture points, with kind of the family oriented points that we've made on the podcast and and kind of dive yourself into a way to obtain that business and create lasting relationships. So that would probably be my takeaway Make sure you're tapping into the market, you're creating real, authentic relationships, because the Hispanic home ownership movement is is just on the rise and and we're gonna continue to see it grow over the next you know, 10, 15, 20 years amazing advice.
Speaker 1:Totally agree with you, danny, danny Well, thank you very much for your time. We truly, truly appreciate it and thank you all for listening. For the latest industry insights, subscribe to mortgage connects on appcom, to mortgage connects on Apple, stitcher, google, podcast, spotify, amazon music or go to mortgage connects comm.