A Vegas-based Niche Lender Serious About Growth
If you’ve been watching the mortgage industry news, you know that homebuyers came out in droves during the first quarter of this year. According to the National Association of Realtors, the first quarter saw the strongest quarterly sales pace in a decade. Even if you’ve been in the industry long enough to take NAR statements about industry strength with a grain of salt, we’re hearing a similar story about great real estate markets from Realtor groups in California and Florida.
I expect we’ll start hearing stories about lenders expanding to meet the increased need for home financing soon. Actually, we’re already hearing that from one niche-based lender, Alterra Home Loans based in Las Vegas.
Tom Middleton was just tapped to serve as Senior Vice President of Business Development and National Expansion for Alterra. His focus at the company will be recruiting new branches to grow the company’s lending business across the nation. This will include securing new talent through the implementation of strategies designed to attract top level mortgage professionals.
Middleton developed a proven track record while in his previous roles as VP of Talent Acquisition and Business Development at On Q Financial, Senior Real Estate Tax Consultant at AVS Tax, Inc, and was Senior Tax Auditor for the city of Scottsdale, Arizona.
In a release announcing the news, Middleton said his vision was, “to grow and reinforce the Alterra brand and mission of building wealth through homeownership. The Business Development and Sales Teams throughout the nation are key gatekeepers to our organization’s overall success. My goal is to develop and grow new and existing Business Development and Sales teams that are accountable, innovative and take pride in everything they do. This is what we expect from every single person that joins Alterra. This is how we serve our communities. This is who we are.”
Top Level Expansion Continues
This isn’t the first heavy hitter the company has hired lately. Far from it. Just last month, Alterra announced that it had recruited Gerry Hernandez, an industry sales vet and past president of National Association of Hispanic Real Estate Professional’s Orange County Chapter to serve as Vice President of Sales. Fernandez also has over 20 years of experience and will head the national sales team and its continued expansion.
Last year, Alterra recruited Rene Rodriguez into the Chief Learning Officer role at the company. Rodriguez brings more than 20 years of experience with him, with a specialty in applying neuroscience to expand leadership in order to increase sales. He was also CEO and founder of BetterLoanOfficer.com. I’ve known Rene for years and I can tell you that this was a huge win for the company.
This is all part of a huge expansion wave at Alterra Home Loans that could see them move into the top spot for Hispanic-owned mortgage companies. Currently, the firm is ranked second largest in the nation.
Alterra Expands While Still Focusing on Hispanic Communities
Alterra Home Loans also opened a brand new headquarters at the end of 2016 as they continued to expand into several new states. Their mission is to help others “build wealth through homeownership,” and they focus specifically on helping Hispanic community members become homeowners.
This is an important emerging market, many members of which have felt marginalized over the course of the last year or two. Mexican immigrants accounted for 27% of the US immigrant population in 2015, according to the Migration Policy Institute. That’s roughly 12 million people and that’s only the Hispanic population from one country. This is a huge market and Alterra is poised to serve it.
Alterra is currently in 26 States and looking to continue growing across the nation, which will be a major focus of Middleton in his new role. While expanding, Alterra plans on sticking to their core values which include offering a higher level of service to their clients, and offering strong support to loan officers that it works with. The firm’s management believes that by helping underserved communities achieve homeownership, the company can offer them a chance at a higher quality of life.
For this population in particular, that’s likely to have a positive ripple effect. By increasing the quality of life of homebuyers, the benefits will also extend to the homeowner’s family as many of those households are multigenerational.
Disclosure: RGA Public Relations, Rick Grant’s company, offers occasional PR support to Alterra.