Rio Grande Valley Mortgage Spotlight on Kathy Woolam

Kathy was included as an honored professional in the nationwide Register Who’s Who. She is also a member of The Harlingen Planning and Zone Board, The Ronald McDonald House Board, and The Cameron county Appraisal District Board.

Kathy thank you for agreeing to an interview with RGV Pride.com.

Tell us about yourself before you started working in the Mortgage industry. Did you have to overcome any challenges when you were younger?

Thank you, Tim. Prior to working in the mortgage industry I had a real estate license. With interest rates above 15% it was a challenge to sell real estate. I was also a stay at home mom with 5 children. In 1990, I decided that I needed to look in a different area to support my children. With the real estate background I was offered the opportunity to learn the mortgage business. I had 5 children to support and feed and I looked for an opportunity to make a man’s income…the mortgage company was my avenue.

How did you decide to start the Mortgage Industry? Was it a logical decision or was it an emotional decision?

In 1992, after working for a company for two years, I decided that I wanted to have my own company rather than work for someone else. It was a difficult decision and one that my entire family supported.

Did you encounter any hardships when first starting your company? What were they and how did you overcome them?

My brothers and Mother co-signed a note that helped me obtain financing to open The Mortgage Market. I have never been afraid of hard work but it required more hours than I realized from the initial onset of opening. When you area small company you have to do some many more job descriptions than in a large company. I wore and still wear many hats during the course of a day. Each time I would grow weary I would look over at my children and realize that I had a little more to give and that pulled me through any hard day.

What have you done differently from others that made you a success?

What has made me successful is my desire to help others and quality customer service. I try to put myself in the customer’s place and it helps me have the empathy needed to work through difficult loans. I take on loans that seem impossible and pull out information that takes time but will make the difference in how an underwriter will judge the borrowers ability to repay the loan.

What mistakes have you made and what did you learn from them?

I made many mistakes. As any person starting out I was continually learning about bookkeeping, quality control, and how to manage employees. I learned that bigger is not better and that running lean and mean is the best way. You can spend much of your profit by not being lean enough.

What kind of support did you get when you first started out?

Everyone supported me from my children, family members, friends and Realtors. They knew that I may not have all the answers for each loan but I would work extra hard to find out the answers and I delivered. I did not have one person not support me that I know of and was very blessed in the amount of encouragement I received. Nathan Winter, President of San Benito Bank and Trust took me under his wing and helped me from day one. He would make me bring my profit and loss into his office once a month and we would have a board meeting. He was a wonderful friend and mentor while starting the business.

What advice would you give someone that wanted to start their own business?

If someone wants to start their own business they need to do a business plan, research about the business and all of the expenses that you could incur and just know what you are getting yourself in for. While the rewards can be great, it is also a great risk that not all people can handle. Just be prepared and have enough capital behind you.

How do you handle rejection?

I do not take rejection personally. I know that there are many other people in my industry that are good at what we all do and that it is a choice for that customer. Personalities play a large part in who a customer chooses to be their loan officer. I know that I cannot possibly take care of everyone’s needs. I work by referral and the clients that come to me are already sold on my service by those that referred them. Rejection is not a part of how I do business.

What makes your company different than other mortgage companies?

My company is different in that we work hard to give accurate quotes, accurate rates, and accurate programs. While that is not always easy to do, we have a reputation for being hones and honorable. We work hard to deliver closing documents on the closing day and communication is one of our top priorities. If you keep both selling and buying Realtors and customers in the loop then it is a smoother transaction with fewer surprises.

What plans do you have to elevate you and your company to higher success?

The Mortgage Market is continually looking for ways to improve our services. We listen to our Realtors and Customers to see how we can improve. We stay on top of the technology so we can be more productive in a shorter period of time. We strive to be the top mortgage company working by referral only.

Kathy, thank you again for interviewing with RGV Pride.com