The president of a mortgage banking firm with nearly $30 billion in production during 2005 recently talked about how his company more than doubled its volume from the prior year.
Gary Bierfriend, president of MortgageIT recently shared with listeners at Executive Podcast some of the corporate ideals that lend to the success of his company.
Bierfriend said with almost $30 billion in wholesale, retail and correspondent loans production last year, the company ranks no. 10 on the wholesale list of top companies -- and it's a traditional hard working ethic that earned them their place.
"A lot of companies out there try to reinvent the wheel and think there is a new silver bullet out there that will bring them to a top ten lender status but as we have learned nothing replaces hard work with great people and requisite opportunity," he explained. "You have to maintain a corporate culture ... which you are building around people that know the business and have relationships with other people within the wholesale industry and as well as with the customers."
Bierfriend explained that the company, founded in 1998, searches for the framework of its corporate culture before investing additional time or money, and base their investment decisions around the people not just location.
"If we see a great opportunity where we can invest in an investment banker in the mortgage banking business, that's where we will decide to open our next branch" he explained. "We don't look at the map of the United States and say 'gee, it would be nice to have an office here', if we don't have the right game and the right people to build around."
And those people are the ones who fit the corporate philosophy in terms of commitment, credibility and track record, he said, adding that the company's name is never more important than the individual's.
"And if you focus on what motivates people and how to make them successful together in a very innovative and entrepreneurial way you are going to enable them to achieve great success."
The New York City-based lender says it has more than 2,200 employees in 50 branch offices and is licensed in all 50 states.