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Residential Department: Featured Top Originator: Thuan Nguyen, Loan Factory Inc.: June 2017

 

Featured Top Originator: Thuan Nguyen, Loan Factory Inc.

Prior to entering the mortgage industry, Thuan Nguyen was a software programmer, but not a very good one by his own admission.

“I was afraid when I got older, [it was] going to be difficult for me to switch, to get another job,” he says.

So, he chose a field that seemed lucrative: mortgage origination. He learned the business himself, online, and got his broker’s license. “There’s no mentor, no company. I’ve never worked for any company before,” other than the company he started, Loan Factory Inc., he says.

Nguyen shot up in Scotsman Guide’s annual Top Originators rankings — most recently published this past April and based on 2016 performance. In the Top Refinance Volume category, Nguyen jumped from the No. 10 spot in 2015, with $165.5 million in refi volume, to No. 1 last year, with a refi volume of $337.1 million.

Nguyen’s 2016 performance also earned him the No. 2 ranking on the Top Volume Gain list; the No. 6 position in the Top Dollar Volume category; and the No. 8 ranking on the Most Loans Closed list.

More than anything, Nguyen says, he owes his refi success to the field he left behind: software.

Most brokers can’t afford expensive software to help run their businesses — Nguyen included. So rather than purchase an expensive program, four years ago, Nguyen enlisted the help of a friend to create his own software.

“It’s my competitive advantage. … It helps me with every single aspect of my business,” Nguyen says.

How does software help Nguyen close refis? The answer is in the data he maintains on some 4,000 clients. Nguyen’s software knows each borrower’s current interest rate, and it automatically sends them an alert whenever rates drop. They call Nguyen, and he closes more loans.

While last year was kind to Nguyen, he acknowledges the future doesn’t look as good for refis, because of rising interest rates. He says he’s changing his strategy to go after more purchase volume, but Nguyen also is expanding his reach beyond mortgage origination.

“My strategy is to train a lot of loan originators, and I will give them all the tools and the knowledge — and the software — to help them be as successful as I am,” he says.

Nguyen said he’s teaching at least one class each month. The classes are offered at Loan Factory’s branches and are focused on helping new originators get into the business. Additionally, Nguyen is expanding his business beyond its original corporate office in San Jose, having opened new branches in southern California, Minnesota and Washington state.

Nguyen knows technology has paved the way for his success, and he hopes other originators will follow in his footsteps.

“Technology is the way of the future, and I would really encourage all loan originators to improve, to learn and to adopt technology in order to be successful,” he says.

For the eighth year in a row, we compiled the industry’s most comprehensive list of the nation’s top mortgage originators. The rankings include not only the originators who are closing the most dollar volume and the most loans, but also the leaders in niche areas, like Federal Housing Administration, U.S. Department of Veterans Affairs and U.S. Department of Agriculture loans as well as home equity lines of credit.

View Scotsman Guide’s Top Originators 2016 at ScotsmanGuide.com/Top2016.


 

Steven Wyble is online content editor of Scotsman Guide Media. Reach him at (800) 297-6061 or stevenw@scotsmanguide.com.

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