Rachel Jiang is introverted, quiet, humble — and a force to be reckoned with. The Bay Area loan officer has only been originating loans for five years, but she’s worked tirelessly to build her business. It’s paid off. This year, she took the No. 1 spot in Scotsman Guide’s Top Women Originators rankings.
Jiang’s first year in the business was difficult. Needing a career transition, she left a data analytics position to join a mortgage company a successful friend had started. She had no knowledge of the industry, but she put her nose to the grindstone learning guidelines and got her license.
“In the first year, my personality was not really like a salesperson personality,” Jiang said. “I’m very into the book. I’m into guidelines, so I want to know everything before I’m confident or comfortable selling the product. I spent my first year learning all about the different products. But the first year’s production was not good. I think I only closed one loan in that year.”
“You’ve got to know your position in the market and take advantage of it.”
She laughs it off now, but Jiang’s introversion was one of her biggest challenges. It was also her biggest opportunity. She said that getting to talk to new people every day changed her personality, bringing her out of her shell and expanding her horizons.
“Being in the business helps me to make a lot of friends that I never would have met,” she said. “…It’s opened my mind to many things that I would never have known if I wasn’t in this industry, if I didn’t change my career.”
Once Jiang got her feet under her, she started to bring in business — first, coworkers from her previous company who then referred others to her. She also worked long hours befriending real estate agents, speaking at homebuyer seminars and sponsoring local events. Perhaps most importantly, she saw an opening in her local market and took it.
“There are not many people around me in the Chinese community who are in this business,” she explained. Jiang, who speaks Mandarin and understands Cantonese, knew she could be a bridge to homeownership for her community. Eliminating the language barrier not only allows her clients to better understand complicated mortgage concepts, she said, but also helps to soothe anxiety around the homebuying process.
Most of her client base is from the Chinese and greater Asian community of the Bay Area, and she connects with many Asian real estate agents as well. She’s put down roots, positioning herself as a mortgage authority in her community, which is thriving in Northern California.
Jiang scaled up her business at a speed she said she can’t even believe, and she did it with just one assistant during a difficult time for the industry. She credited her long hours of hard work, but also acknowledged that the economics of the Bay Area market — and her average loan size of over $1 million — played a large role as well. Her clients, often engineers and other high-tech workers, are well paid and purchase expensive homes. Still, closing over 200 loans in one year with a single assistant is nothing to scoff at.
Jiang said the housing market in the Bay Area is competitive this year. Thanks to climbing tech stocks, more buyers are entering the market. Jiang’s former buyers are starting to pick up investment properties and second homes in cheaper states, too.
She just hired a second assistant and hopes that it will allow her to spend more time with her family in the coming year now that she’s well-established. She’s struggled with work-life balance, and though she finds her work deeply rewarding, she wants more time with her sons before they grow up.
“I think we all work hard for our families,” Jiang said. “My sons — one is 11, one is 8 — they’re what I’m working hard for every day. To provide a good life for my family.” ●
Tips of the Trade
Prepare to sacrifice some work-life balance but know that the business is rewarding; it’s a fun journey. Be ready to answer calls at off hours and be responsive. The more knowledgeable you are, the better; learn the guidelines, and work somewhere with borrower-friendly programs. Be honest with the borrower about their file and what they can afford. Look closely at the file, identify problems early.
