If you want to boost production, seek out areas where you can provide a solution,” says Robert Senko, president of All Credit Considered Mortgage and one of MPA’s 2021 Housing Industry Icons.
Senko is a firm believer in innovative problem solving. He’s built ACC Mortgage on the idea that it won’t just sell mortgage loans but deliver solutions.
“During a refinance wave, you are selling a product where people come away spending less money each month, and that seems pretty easy to me,” he says. “But rates will go up, so you need to offer what I did early in my career, and that is selling solutions. Learning to be a problem solver makes you extremely valuable.”
Senko’s commitment to underserved borrowers dates back to 1999, when the world was coming out of a long-term capital management financial crisis. A 26-year-old Senko, a loan officer at the time, made the self-employment leap to open a retail mortgage brokerage, Senko Financial Services.
“I was making great money and was not happy. I found the corporate world and particularly my direct boss to be stifling,” he says. “I wanted to be my own boss. So, two weeks before my 26th birthday, I tendered my resignation. I figured I was single, and if I failed by the time I hit 30, I would only set myself back and wouldn’t have to worry about a family.”
Senko took all the lessons learned from his short career to grow his first business. A few years later, he sold the brokerage and started ACC Mortgage, which would open a door of opportunity for self-employed and credit-challenged borrowers.
“Early in my career, I gravitated to the B&C products offered by companies like GE and Ford,” he says. “When conventional rates were around 6% to 8%, it was easy to sell those refinances, but some people could not qualify for those because of credit or some issue. I wanted to help those folks more. Finding solutions for people ignored by traditional banks and lenders, I found more satisfying.”
ACC Mortgage has never stopped lending nontraditional mortgage products. Even when the housing market crashed in 2007, Senko’s company was able to survive by remaining true to its DNA.
“In January 2007, my primary purchaser of loans offered a very non-competitive bid on our loans,” Senko says. “After some haggling and discussion, I learned the markets were getting skittish. I sold these loans, deleveraged our balance sheet and six weeks later, the market imploded.”
“In February 2020, while news of COVID was spreading, I made similar moves. By making these adjustments, I was able to not only keep ACC alive but continue to lend.”
What’s next for ACC and the industry icon? Senko sees strong growth ahead for his company and more time to play golf.
“ACC has continued to grow because we create solutions and a positive experience for the borrowers and brokers that others can’t replicate,” he says.