Welcome to another installment of Inside the Lenders’ Studio, where we get to know top-producing lenders from their start in the industry through their rise to the top.
Our latest guest is Marc Edelstein, a Detroit-based loan officer at Ross Mortgage. Founded in 1949, Ross Mortgage has built a strong reputation for professional and quality service in the Midwest.
How did you get started in mortgage banking?
In the late 90’s I was in the financial services industry. When the dot-com bubble crashed, I lost most of my book of business. While trying to figure out my next move, a friend of mine in the mortgage industry reached out and offered me an opportunity. I haven’t looked back since.
What motivates you?
My family, referral partners and clients motivate me. I constantly strive to be a better father, husband and provider for my family. My current clients, past clients and referral partners keep me accountable. I don’t like to leave anyone behind, so I always stay front and center years after the original transaction. The recent refinance boom is a great example of the value of staying in touch with past clients over the years. I was able to educate my clients on the opportunity, whereas years ago it might not have been a good time for them to refinance.
Who is your digital mentor?
My digital mentor is a gentleman by the name of Michael Fisher. He’s created multiple communities within Facebook and around the industry to educate LOs. The two communities I admire most are Michael’s Mortgage Loan Officer Network and Military Mortgage Bootcamp on Facebook. The Mortgage Loan Officer Network brings over 6,000 LOs together for collaboration. The Military Mortgage Bootcamp is a group where Michael and guests educate loan officers and realtors on the VA home loan program. There are a lot of myths and misconceptions about the VA loan program, and Michael has done a fantastic job of debunking them. I admire his work a lot.
What is your top marketing trick?
My top marketing trick is to find a niche; find an area to specialize in, whether that’s renovation, lending, new construction — anything. For me, it’s divorce. I put my resources into marketing to referral partners and cultivating new relationships in the family law community in my area. Find a niche you’re passionate about and exploit it.
What is an on-the-job experience that made you especially proud?
I recently helped a veteran purchase a home. They were slated to close on the 23rd of December. There was no issue with the loan, and it closed on time, but what was meaningful to me is their kids were concerned if Santa would know about their new address. I thought it was adorable. They moved in time for Christmas, and Santa did arrive.
Where would you go on your dream vacation?
I am a sports fanatic, so I would love to go on a major league baseball park tour or just travel around the country, exploring different ballparks and watching games. Any baseball team would be a dream vacation to me, it doesn’t have to be a major team.
Show us your most treasured possession.
My son is as big of a baseball fan as I am. When he made his first home run during a game, he gave me the ball, and that’s my most prized possession.
Who’s the most famous or interesting person you’ve ever met?
After I graduated high school, I took a job working at The Palace of Auburn Hills, which is a venue the Detroit Pistons used to play before it was torn down. I was posted near where the players would run on and off the court to use the restroom. I happened to be in the restroom and met Michael Jordan while washing my hands at the sink. We had a brief conversation.
If you weren’t a mortgage banker, what other profession would you like to attempt?
I would be a teacher or have some kind of job in sports. I think being an educator is an admirable profession that truly impacts so many lives. I also love sports, so anything along the lines of broadcasting or within an athletics department I think I would enjoy.
Rapidfire: You’ve just won an Oscar. Give us your top-3 acceptance speech shout-outs.
My family of course would be number one. I wouldn’t be where I am today without them. Secondly, would be Jim Clarkson. He gave me my first chance in this business back in 2001. And lastly would be Tim Ross, the owner of my current company. He’s an outstanding gentleman with deep morals who cares for his employees. He’s created a great work culture.
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