He proves you're never too "Jung" to make a change
At first blush, it seems implausible to think of someone with a master’s degree in psychology – later spending a year as a guidance counselor – becoming a mortgage loan originator. And yet it’s a true story.
Mortgage Professional America reached out to Andrew Russell (pictured), mortgage loan originator and owner of RCG Mortgage, and learned more about his intriguing journey. Russell was one of only 24 US mortgage professionals making the cut for inclusion in the Global 100 list of the best in the field, a list vetted by MPA and its sister publications.
Although he studied psychology, he was no stranger to the mortgage industry – having encountered it early on. “In high school, I had a stint as a telemarketer in the mortgage space in the late 90s, and thought it was really cool,’’ he told MPA during a telephone interview. “I really liked sales and speaking to clients.”
After a year, he embarked on guidance counselor work to put the knowledge gained in college to practical use. But the lure of the mortgage industry brought him back into the fold. “Luckily, I thought I’d give the mortgage thing a try again,” he said, noting he got a job at Connecticut-based Sterling National Bank – which would later become part of Webster Bank in February 2022. “I started with them and really loved it.”
Only one hiccup: He began his career in earnest as the Great Recession emerged. Still, he barely experienced the economic event’s most corrosive effects. “I did one subprime loan ever my life,” he said. “I don’t have any of those experiences. But the good news is I’m definitely war tested,” he said, meaning that all other market cycles have been somewhat anticlimactic. “I only say that because ever since I started, it’s been difficult month over month. I’m used to this type of environment, which is good.”
In the throes of the Great Recession, he took a pivot: “We got into purchase in 2008 – purchase clients versus refinancing clients,” he said.
Psychology background would pay dividends
As fate would have it, that psychology degree came in handy during those volatile, stress-inducing times, he recalled. “My psychology background was a huge advantage. Granted, we’re salespeople at the end of the day, but I don’t consider mortgage to be sales. I consider it consultative and almost therapeutic at times. The best mortgage guys – besides being great as a mortgage technician – have to be a great consultant and a great therapist at times and almost a great friend to the client. I think it really helped,” he said of his psychology training, “and I really took a liking to the purchase journey.”
The tactics of delayed gratification from a psychologist’s perspective in helping people cope, change and thrive over time also comes in handy as a loan originator in New York – specifically in the hamlet of Hauppauge, on Long Island, where Russell is based.
“In New York, it takes a long time to close because it’s an attorney state,” he said, referring to the intense regulatory backdrop to the state. Consequently, a process that elsewhere may take a month from signing to close typically takes two to three months in New York, he explained. “It’s a journey,” he said with the clear-eyed lucidity of a mental health professional. “There’s a lot of things that happen and a lot of people involved. So, I found the psychology background really helps versus just a straight business background.”
Better opportunities would emerge
As he proceeded in his career, Russell said he would be presented with new opportunities about every couple of years. “I was never afraid of change or an opportunity,” he said. “Ironically, each time I found a new opportunity, I was doing financially better than I had been doing previously. My family always thought I was crazy taking on a new job when I was doing better financially, but I believe in myself and if I find a good opportunity and believe in something, I jump for it and know I’ll succeed.”
That innate confidence would guide him in launching RCG Mortgage in April 2017. “It took about two years for the licensing,” he said. “In the state of New York, they do a very high level of scrutiny to make sure you’re fit to open a mortgage company. It was me and two people. Fast forward to now and we have, at any given moment, between 40 to 50 people working here.”
Since then, he’s been named broker of the year two years in a row by the National Association of Mortgage Brokers and recognized as one of the top 10 mortgage loan originators nationwide. Russell singled out another accolade of which he’s especially proud: “In the local area, we’ve left our mark as the tried-and-trusted company. So, I think we’re doing pretty well.”
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