Today we’d like to introduce you to Karen Wood.
Hi Karen, so excited to have you with us today. What can you tell us about your story?
I fell into the industry about 20 years ago as a fluke and found that I had a natural flair for the work. The love of helping a family get into their first home, or an empty nester on a fixed income be able to refinance to afford a better lifestyle, came later as I began to get more comfortable with navigating the complexity of each individual transaction. At the end of the day, helping folks get and stay in their homes is what’s kept me in the business for so long- despite the myriad of constant guidelines and regulatory changes over the years.
I originally started out as a Loan Processor and did that solely for a few years before I began dabbling in the other aspects of operations; closing and post-closing primarily, then began assisting in more corporate-level activities like mentoring, training, and even participating in audits! I came to Republic State Mortgage in 2009 as a Processor, and after having my daughter in 2014 decided I needed a change of pace. I switched over to the originations side of things as a Licensed Loan Partner and step-by-step learned all the different tasks and responsibilities of being a Residential Mortgage Loan Originator. By year two of being a Loan Partner, my daily tasks and duties mirrored that of a Loan Originator, taking the client’s first call in all the way through our “thank you” as they closed.
On Sept 1, 2021, I decided to take a leap of faith and grow my career further by becoming an Originator myself. Of course, I picked the best time ever to do so- when the real estate market went a bit haywire and rates more than doubled- but I’ve been doing well, all things considered, and I still feel as though it was the right decision.
A 35+ year transplant of Houston, I live in Tomball with my two kiddos, two dogs, and a cat. I enjoy travel, music, art, good food, good company, and good conversation.
Would you say it’s been a smooth road, and if not, what are some of the biggest challenges you’ve faced along the way?
A smooth road in the mortgage industry? Never!
There have been many bumps in the road along the way over the past 20 years, most notably the crash of 2008 and the current state of the market. 2020 was difficult as well, simply because of the amount of volume we were having to handle on a daily basis. It was tricky to manage at times.
The biggest challenge I’m facing at this point is navigating clients through their reservations about buying or refinancing with rates where they are right now. We’re having very different conversations than we used to, and some people can’t/ won’t come to the conclusion that buying in the current market makes sense. At the end of the day, my job is to present the information to the client so that they can make an educated decision with regard to what is best for them and their family. Trying to educate and provide insight as a mortgage professional is really the only thing I can do.
That, and hope that rates come back down soon!
Thanks for sharing that. So, maybe next you can tell us a bit more about your work?
My day-to-day primarily consists of client consultations and pre-approvals, networking events, realtor meetings, and work on files already in process. A large part of what I do in the pre-approval phase, is reviewing a client’s credit and financials to determine the best loan product to fit their needs. Whenever I’m not able to issue a pre-approval to a client off the bat, I’m discussing the reasons why, as well as giving them some suggestions on how to get in a position to be able to purchase in the future. I try to never send someone on their way without a detailed “why”, so they have a thorough understanding of what may be preventing them from buying and how to resolve whatever that issue is.
With files in process, I remain the main point of contact on all my files from contract to close so I’m coordinating with clients to obtain any conditions or additional information needed to secure final approval, as well as updating agents or any other third parties involved in the transaction.
I also manage and create all my own social media content (at least for now!) so I spend at least one day a week or every other week working on that. Believe it or not, this tends to be the most difficult part of the job for me!
Right now, I’m brainstorming ideas for informational classes- both for consumers and Real Estate Professionals alike. I’m big on education and ensuring that everyone involved in the transaction understands everything going on in the transaction, so I’m hoping in 2023 I can get at least a few classes on the books to help share my knowledge with the community.
Networking and finding a mentor can have such a positive impact on one’s life and career. Any advice?
If someone doesn’t have access directly to a mentor through their own organization, networking is a great way to find one. Once I discovered the potential of networking, I tried a myriad of different groups and organizations until I found the ones that I felt were the most valuable in terms of making connections. My advice would be not to run out and sign up for the most expensive thing out there right off the bat because it “looks good” or “appears” to be elite. Most groups will allow you to visit or do a trial run or two before joining- definitely take advantage of that! There are tons of amazing people to meet at less expensive (or free!) groups and events. You just have to do some research to discover all the options available in your area.
Contact Info:
- Website: https://kwood.republicstatemortgage.com/
- Instagram: https://www.instagram.com/karenwood_rmlo_rsmc/
- Facebook: https://www.facebook.com/KarenWoodRMLO
