For loan officers handling countless mortgages each day, another mortgage can feel like business as usual. But for that borrower, it marks a huge moment for them – personally, financially and emotionally.
At Newrez, we always recognize and focus on the personal element of mortgages, and that’s reflected in our broker partners like Phana Par.
Phana is a Newrez partner who heads up the Phana Par Group, one of the top Newrez Retail Division teams. She runs her business with the freedom and flexibility of an independent loan officer, backed by our cutting-edge technology, direct access to underwriters and servicing, and the operations and funding systems that make us an industry leader.
To mark the first episode of our brand new podcast series, Newrez Voices, we welcomed Phana to hear about her experience of working with Newrez, her background in the mortgage industry, and what’s most important about her business. She sits down with Chief Revenue Officer, Dave Schroeder, to give us the highlights and some practical advice for other loan officers who want to enhance the client experience.
Phana Par’s Business Philosophy
We know that mortgages are about much more than transactions. Helping people buy a home is a life-altering personal decision, and our approach is always to lend that human support to borrowers. Phana shares that philosophy, and a key part of her approach is a focus on building relationships.
She hosts events and invites clients to her home to ensure they feel comfortable with her and with the mortgage process. Phana gets to know her clients personally so she can better support them with a tailored loan experience.
Events and personal meetings may not have the kind of ROI you can mark on a spreadsheet, but that doesn’t mean they’re not valuable. Phana believes this human approach to mortgage sales is the main practice that’s kept her in business. Swift operations and technical assistance certainly help, she said, but it’s the relationships and trust she’s built that keep people coming back.
Phana says 90% of her business partners have been clients themselves, and she gets a lot of repeat clients. Her approach means that referrals are always coming through the door.
Establishing trust early on is important in the mortgage business because, as Phana explained, you’re dealing with clients’ sensitive personal information. Their home purchase, whether or not it’s their first, is incredibly personal for them and having a broker they can trust is key to making that experience unforgettable.
“A mentor shared with me a long ago that not everything of value can be measured and not everything you can measure is a value.” – David Schroeder
Why It's Personal for Phana
Phana shared that she came to the US from a country that didn’t offer the same opportunities. She regularly makes trips back to Cambodia to help the communities there and keep herself grounded, humble, and grateful – a lesson she’s keen to pass on to her children.
When she came to the U.S., she initially wanted to be a doctor because her driving force was helping people. After deciding that wasn’t for her and realizing she was always good with math, she turned to the financial world and found a home in the mortgage business. Helping people find their dream homes quickly became a passion for her.
Phana says what keeps her motivated is her goal to help others and her gratitude for everything that makes that possible.
How Newrez Empowers Partners Like Phana
After leaving her old partnership with another company, she searched for a new one that she could really see herself sticking with for the long haul. She found Newrez and it checked all the boxes for her, but more importantly, it became the best choice for her client experience.
Phana’s favorite parts of working with Newrez include:
1. Operational Excellence
Phana says operations at Newrez are a big reason why she wishes she had made the decision to join the Newrez family earlier. As a Newrez partner you have direct contact with your underwriter, and that close collaboration often makes servicing loans a very quick process.
The efficient funding process is another benefit Phana rates highly. At Newrez, loan documents are issued and a wire request is sent before the borrower has even signed the documents, so everything is ready to go as quickly as possible. Loans are approved and processed quickly with regular communication from Phana throughout the process to ensure the best possible experience for borrowers.
The operations team is invested in helping partners and borrowers, sometimes even if it means working extended hours. This is something Phana does personally too, often working late into the night as part of her work-life integration philosophy. After all, if a client is calling at 8pm, it’s probably something important, so Phana tries to make herself available whenever someone needs support.
2. Pioneering Technology
Newrez’s proprietary H2O system is a core part of Newrez’s DNA.
It enables our partners to set up seamless communication between different departments and is designed specifically for Newrez workflows and processes. Phana’s husband Peter, who works with Newrez supporting technology and salesforce initiatives, found the H2O system to be simple and user-friendly even when he had just entered the industry.
Customer relationship management (CRM) is a fundamental part of Phana’s system. Having the ability to track interactions with clients, as well as the status of applications and approvals, means that everything is located in one handy dashboard for her and her team to access. She uses it every day to check on client birthdays so she can send them a personal message.
“CRM plays a huge role in my business because it creates a lot of efficiency. So, my team would completely be lost without the CRM.” – Phana Par
3. Flexibility for Partners
As a business owner, Phana appreciates the flexibility that partnering with Newrez offers her. She has control of her own marketing, finances, and business structure and has access to further support from leadership whenever she needs.
Phana’s highly personal approach to business is a key part of her success, so having the flexibility and trust to stay true to that style has been a game changer. Close contact with different departments across Newrez means she can get answers quickly so clients aren’t left waiting around.
“I can't imagine myself being anywhere else that gives me that flexibility to run my branch based on how I want my branch to be run.” – Phana Par
Operations Efficiency & the Personal Approach
For real estate and mortgage professionals only and not intended for distribution to consumers or other third parties. Equal Employment Opportunity.