Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Mortgage

2018 HW Vanguard: Al Velasco

PrimeLending executive vice president, western region

Al Velasco is an industry veteran with more than 26 years of mortgage experience whose intangibles and strengths have contributed to PrimeLending’s success.

Under his watch, the company has been able to expand its presence rapidly. In 2018, Velasco led the company’s branch expansion initiative to open 31 Vanguard logobranches and add 250 producers.

Ali VafaiVelasco is all about building a top-quality team, unconcerned with being the smartest person in the room and wholly concerned with having the smartest people in the room pushing PrimeLending forward.

To that end, Velasco has retooled the hiring process for retail mortgage lenders at PrimeLending with a philosophy centered on growth and the desire to take initiative to pursue excellence.

Velasco cultivates an “owner” mentality in his team, pushing team members to leave complacency behind and take ownership of their futures and legacies along with the company’s success.

His methods get results, and under his watch, PrimeLending’s Pacific Northwest operations went from generating virtually no volume to $1 billion-plus per year.

Velasco’s efforts have also resulted in higher retention rates for employees and loan officers and nearly perfectly satisfied customers. Imbued with the mandate of ownership, Velasco’s team of go-getters has won the favor of its customers and earned a 96% customer satisfaction rating.

Velasco has created change at PrimeLending not through chest thumping, but by empowering his team to become stakeholders on a mission to chase excellence with everything they’ve got.

What has been your secret to success?

“Surround yourself with great people and let them do their jobs. I am not concerned about being the smartest person in the room, I am concerned about having the smartest people in the room. Leadership is about collaboration.”

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please