Behind the success of a $130 million mortgage banker

by Rachel.Norvell03 Oct 2014
Last year, Supreme Lending’s Rodney Anderson originated $136.6 million in home loans, again making him one of the top-producing mortgage bankers in the United States. Yet his motto has had nothing to do with making money – and everything to do with building relationships.
“I look at our business as a one where we need to have a relationship with customers,” says Anderson, producing manager at Supreme Lending in Plano, Texas. “I’ve gained so much business by telling people when it’s not worth it and people keep coming back again and again.”
Anderson, who has been with Supreme Lending for six years, says he believes that one of the reasons his company is able to stand apart is because the entire loan process is done in one place, offering his clients the speed they need to close on a house.
“One of the things that makes us successful at this is that everything is done in one office on one floor in one building,” he says. “We sell our speed. Where most lenders are able to close in 30, 45 or even 60 days, we can close our loans much more quickly.”  Anderson says his average turnaround time is 16.8 days.
Anderson prides himself as a mortgage banker who educates his clients and is focused on helping people get out of financial disaster. During the last few years, he has been on a mission to change the laws surrounding medical debt.
Working with politicians, Anderson created the Medical Debt Responsibility Act, a bill that amends the Fair Credit Reporting Act and would only allow medical collections to stay on credit reports for 45 days, as opposed to the current seven years, he says.
In 2009, the bill was passed in the U.S. House of Representatives, but Anderson ran out of time before it could reach the Senate. “The number one issue people have is access to credit, so the Medical Debt Responsibility Act helps consumers whose credit scores have been unfairly damaged,” says Anderson. 
He says many medical bills are sent to collection agencies before those with debt are notified. “I have a front row seat to the economy, and in my office, every day, I see people with this issue.” Earlier this year, Anderson looked at the credit records of 51,000 applicants and found that 40% had medical debt in collection.
Another way Anderson stays successful is by investing in himself and his business. “The number one mistake that a mortgage banker can do is not tithe to their business, and you can do that through marketing.” He says he has spent around $1.5 million on advertising, direct mail and investing back into Supreme Lending.  He also sends around 40,000 mailings a month to past clients.
He says one of the biggest challenges mortgage bankers face today is lack of integrity. “We don’t do what we say we are going to do. We are missing closing and just not caring,” Anderson adds. “At the end of the day, it’s not about how much money you’re making, but how many people you are helping.”


Should CFPB have more supervision over credit agencies?