“Then came the advent of technology like LP and DU, which changed the game. I vividly remember spending around six hours trying to figure out how to run LP for the first time. Eventually, automation kicked in, and that’s when technology started to make its mark in our industry. In 2001, I graduated with a degree in finance and transitioned from the back end to the front end, and my brother gave me a real challenge – handling all the manufactured home packages. It was a steep learning curve, but I tackled it head-on.”
However, Volpe’s journey isn’t just defined by technological shifts; it’s a story intertwined with market turbulence and resilience. The seismic events of 9/11 and the 2008 market crash cast their shadows, adding layers of complexity to his narrative.
“When the financial crisis hit, it was a tough time for the industry. However, we weathered the storm because we didn’t focus on risky loans like many others did,” he said, revealing the mindset that carried them through the market chaos. “Our approach during that was pretty lean and focused.”
The allure of stated-income subprime loans held little appeal for Volpe’s team. Instead, they embraced a strategy of one loan at a time, minimizing risk and ensuring their longevity even as others faltered.
“Had we chosen that route, we might not have survived,” he said. “Many companies went under because they had a plethora of loans tied up in warehouse lines without investors to support them. Despite the challenges, our team, which we humorously dubbed the ‘bulky team,’ remained the top originating team in Arizona and even among all loan officers nationwide during those years. It was a period of keeping our heads down, finding innovative solutions, and continuing to assist clients.”
Source: mpamag.com