1 Mortgage and Sales Internship: Cherry Creek Mortgage

Mortgage and Sales Internship

Cherry Creek Mortgage Co., Inc.

Reed Tack

Winona State University

2 Mortgage and Sales Internship: Cherry Creek Mortgage

As a college student, I have heard from many different people that the best way to prepare for a

career after graduation, is through interning. I always knew I wanted an internship, but I never really

gave it much thought. It wasnt until I realized I wouldnt be graduating on time if I didnt have one, did I

start to look. I knew that I wanted to intern back at home in the suburbs of Chicago, and I knew I

wanted to do something with sales and communication. I asked my dad, who has some connections in

the area if he had heard about anyone looking to hire an intern, or if he could make a call or two on my

behalf. He told me that he would look around and try and find something. In April of this year, my dad

came home from work and said someone he knew from church was looking for some summer help. He

then handed me the business card of Larry Bettag, Regional Vice-President of Cherry Creek Mortgage.

I called Larry that next morning and left a message introducing myself. I said, Hey Mr. Bettag,

my name is Reed Tack, Paul Tacks son. I understand that you are looking to fill an internship position

this summer. I am just calling to introduce myself, and try and get a bit more information on what type

of position this would be, and to see if I would be a good fit. He called me back a few days later and

apologized for the delay, and then he briefly explained what the job entailed. Larry told me I would be

starting with learning the mortgage business from the ground up, with the potential opportunity for

sales and other business experience. His description sounded great to me, and I explained to him that I

am very interested in sales and business, and that I would love to be considered for the position. At that

point, I expected Larry to ask me to send him a resume, or come in for an interview, but he said that

when he hires people he skips the boring interview process and has candidates fill out a personality

profile. I was a bit thrown off guard by this, because I have had to interview for every job I have ever

had in the past. For obvious reasons didnt object, or tell him that I thought his methods were

unconventional. I gave Larry my email address, and he sent me a link to fill out the personality profile.

The test relied on self-disclosure, and consisted of a list of about 150 adjectives. I had to select the ones

that I believed applied to how I conduct myself in the workplace, and then I was given the same list of
3 Mortgage and Sales Internship: Cherry Creek Mortgage

words and I had to select which ones I thought were idea for the workplace. After I completed the

personality profile test, I received a follow up email with a graph depicting how I had scored. To be

honest, I had absolutely no idea what it was telling me. The following day Larry called me and said that

he loved my profile and that I was hired. I was quite shocked to say the least, but I was extremely happy

to have received the job offer.

Cherry Creek Mortgage is a nationwide privately owned mortgage banking company that started

in 1987 with 3 people. Today Cherry Creek has over 800 employees, and recorded over $3 billion in loan

volume in 2013. The companys purpose is To build and become a great company and in this process

we aspire to positively impact the lives of those individuals who come into contact with our organization

and to honor God in all we do. Cherry Creek prides itself on great customer service, and the ability to

create the best home loan options for each and every customer.

When I arrived at Cherry Creek on my first day I didnt know exactly what to expect. I knew that

Larry was my direct supervisor, but he had told me that I wouldnt be working with him every day. I had

been in contact with Amanda Spizziri, his personal assistant, for about a month prior to my first day. She

had sent me the new hire packet, told me about the dress code, and the hours I would be expected to

work. What I didnt know, was what specific duties I was going to be expected to handle.

Before I can explain what I was responsible for, I need to explain the norms of the office. The

loan originators (sales people) are responsible for bring new business in. They go out and make

connections with realtors and/or builders in the hopes that they will refer them clients who need a

mortgage. There are 16 loan officers at the St. Charles location. Once a loan officer gets a commitment

from a customer, hundreds of pages of paperwork are filled out, including: credit score, a list of current

debt, insurance info, employment history, social security info, appraisal requests, home purchase

contract, and many more. All of this info is put into a folder and given to the processors. The processors

take all the info and add it into the company database called Point. Once the info is entered it all has to
4 Mortgage and Sales Internship: Cherry Creek Mortgage

be verified by calling insurance companies, employers, etc. There are three processors, Amanda

Partipillo, Suzi Witt, and Edna Robles. Once all the information is verified and completed, the file is

submitted to underwriting. Once underwriting accepts the file, it is cleared to close, and the happy

customer is able to move into their new home.

My initial responsibility was to work with the processors and get files clear to close. All the

paperwork is extremely technical and there was so much information to learn. During my first week, I

learned all the different processes and procedures by observing and imitating all three of the

processors, but particularly Amanda Partipillo. She was the one who took the time to walk me through

everything. A theory to describe this training method is Social Learning Theory. The theory explains

that people learn from each other through observing, imitating, and modeling the behaviors, attitudes,

and emotional reactions of others.

Once I started to get the hang of things, I was tasked with follow ups. Follow ups were required

when a file was submitted to underwriting and then sent back, because something was missing. There

were usually a few things that were left out for whatever reason, and I was responsible for tracking

down the missing information and adding it to the file so it could be resubmitted. Follow ups sound

fairly straight forward, but many times they became quite time consuming due to a lack of workplace

communication. Files would be placed on my desk that needed some sort of follow up, but I wouldnt

have any idea what was missing. I would have to flip through hundreds of pages of technical documents

searching for the missing information. After a few weeks of slowly getting through follow ups I decided

that a change was needed.

All of the other processors were so familiar with the file format and order that they were able to

flip through and easily find the missing information. I was not as familiar, and I proposed that a checklist

was created to help speed up my work, and help better organize the files from the start. I drafted a

basic checklist that included everything that was need for a file to be approved to close and I took it to
5 Mortgage and Sales Internship: Cherry Creek Mortgage

Larry. Larry loved the idea and he used his power to make the use of the checklist mandatory. I felt a

great feeling of pride, because I was able to create something that would not only help me, but it would

help everyone else stay more organized. I wasnt sure why something like this hadnt been created

before. It could have been a spiral of silence in which no one wanted to change the normative way of

doing things. Here is what the checklist I created looks like.

Items Requested

Barrower:___________________________________________

Loan#:______________________________________________

o Appraisal
o Payoff
o LDP/GSA
o SS Verification
o 4506T
o 3rd Party Verification
o VOE
o Flood Cert
o USPS
o Title, CPL, Wire, and Deed
6 Mortgage and Sales Internship: Cherry Creek Mortgage

o Insurance

As you can see, if I were to receive a follow up file, I could open it up to the checklist and see which one

of the items wasnt competed. These checklists were also used for note taking. For instance, if I called

on the insurance, and left a message, I would write a note saying left message with the date before

putting the file back in the filing cabinet.

This experience taught me to not be afraid to propose something new. Once I had the idea to

create the checklist, I wasnt sure if I was over stepping my boundaries. I was nervous that the other

processors wouldnt support my idea. But then I thought to myself, whats the worst thing that can

happen, they tell me no? I learned that employees that look to innovate operating procedures should

never be hesitant to express their ideas.

Once the other processors believed that I had mastered follow ups, they instructed me with

opening new files. This task was much more extensive and time consuming. This is what the processors

primarily did. Opening a new file involved making numerous phone calls in order to verify customer

information, and entering countless amounts of customer data into government databases to check for

fraud or misinformation. The data entry was the easy part, the phone calling was a more challenging

task. The hardest part about calling insurance companies, employers, title companies, etc. was learning

technical jargon. When I would call whomever it was, they would usually ask me something specific

about the file or the customer that I was just simply not familiar with.

One experience I had involved calling the customers home owners insurance agent to ask for a

copy of the declaration page. After I asked her for the copy, she asked me if the customer would be

paying now, or at the closing. I had absolutely no idea how to answer her question, and I tried to

explain to her that I was relatively new and wasnt sure. As I started to ask if she would hold so I could

find the answer to her question, she said, Next time be a little more prepared before you pick up the
7 Mortgage and Sales Internship: Cherry Creek Mortgage

phone and then she hung up. That experience didnt exactly fill me with warm fuzzy feelings. I pushed

past the few negative encounters that I experience and just kept trying to master opening new files.

This taught me that not everyone you come in contact with at work is going to be thrilled to talk to you.

I learned to work through negativity, and to not let others bring you down.

Now that I had relatively low uncertainty regarding my processing tasks, Larry wanted to start

exposing me to the sales side of the business. I talked previously about how I received this internship

due to my excellent score on the personality profile. Apparently my results were almost exactly the

same as Larrys test results. He told me that I have a great sales personality, and he wanted to mentor

me. One Tuesday, Larry came over and told me that on Friday we would be going on realtor rounds. I

had no idea what that meant, but I was excited. When Friday came, Larry handed me a bunch of mini

American flags and business cards that stated Cherry Creek takes care of our veterans. We got into his

car, and he explained that every Friday he drives to different realtor offices and gives out a different

cheesy gift (this one happened to relate to Memorial Day) as a foot in the door technique. This helps

with relationship development and it builds the Cherry Creek brand awareness. As we drove to the first

place Larry shared with me that the best way to grow a mortgage business is through creating

friendships with realtors. He went on to say that you only have so many friends that will refer you

business, its important to create a realtor pipeline. When we arrived at the first office, Larry started

mumbling something under his breath that I couldnt make out. I asked him what he was saying, and he

responded with, Im going over my talking points. I didnt understand what that meant at the time,

but a few minutes later it all made sense. At each office we went into Larry would ask the agent how

their sick mother was, how their sons baseball team was doing, or how their new car was driving.

Larry wasnt the best of friends all of these people, but he put in an extra effort to remember

small things about them in order to make an impression and gain their trust. After we left, I told him

that was impressive how he remembered all those things about each person. He laughed and told me
8 Mortgage and Sales Internship: Cherry Creek Mortgage

to open up the glove box. When I did, he had me pull out a little black book that was filled with pages of

scribbled notes. Each page had a different persons name on it with details about their personal lives

that he had picked up on during small talk conversations. He then said to me that you dont have to

have a great memory you just have to write it down and then refresh your memory. When we arrived at

the next place, he had me grab his book and refresh his memory on two of the realtors. When we

visited each person and gave them our cheesy gift, they all seemed delighted. He told me later that

people will be much more willing to do business with you when they feel like they know you on a

personal level. When I am able to know enough about them to ask how their sons travel baseball team

is doing, Im well on my way. Its the little things that matter the most. This experience showed me that

attention to detail is important. I had no idea that Larry, or anyone else for that matter, kept notes on

different people they did business with. I intend to utilize this practice when I start my own sales career.

I absolutely loved learning about this side of the business. I told Larry that I wanted to learn

everything he could possible teach me, and he told me that he would. He went on to say that I am

receiving a unique perspective of the mortgage industry. Most loan officers have no idea how the

processing aspect of things work, and the processors dont know how the sales part works. I was getting

to experience both. He also told me that if I decide to work in this business I would have a tremendous

advantage, and more credibility over other loan originators because I know what is required to get a file

to close.

My normal day to day responsibilities continued as a processor, but Larry started to include me

in more and more sales practices. He had me sit with him for preliminary client meetings. During these

meetings a potential customer would come in and discuss their current situation. Some of the topics

discussed included: credit score, new home cost, housing taxes, different loan possibilities, interest

rates, down payments and lastly, gaining commitment. Then Larry had me come and observe a few

house closings, these were extremely boring. Closings are where the home buyer and seller sit down
9 Mortgage and Sales Internship: Cherry Creek Mortgage

with their attorneys and sign all the final paperwork. It is a Cherry Creek policy that all loan originators

are required to attend their clients closings to show great customer service and to help prevent any last

minute issues from delaying the process. Another thing that Larry included me in, were the monthly

loan originator meetings. Once a month all the loan officers would come in for a meeting, (many of

them work from home) where Larry would discuss the previous months performance, and discuss next

months goals. During one of these meetings, Larry put me on the spot and had me get up in front of

everyone and discuss one way I could try and bring in new business. I was caught completely off guard

by this. I nervously stood up and somehow presented an adequate idea. I said that I would heavily

market myself and Cherry Creek through my personal social media accounts. Then once I gained

commitment from a customer, I would spend all my time making sure that they had painless mortgage

process. This way they would be more willing to refer me business in the future.

I continued with sales by making follow up phone calls every Monday. I was tasked with going

into the company database and calling the clients whose closing anniversary was approaching. I worked

with Larry to create a script asking the customers if they were happy with our service, and if they were

content with their loan rate. If they said they werent happy with their rate, I would invite them to come

in to discuss refinancing options.

The last sales task Larry assigned me was to go out on realtor rounds on my own. Larry oversees

over twenty different offices in eight different states, this particular week he was traveling to some of

the Wisconsin offices, and he wanted me to go introduce myself and Cherry Creek on behalf of him to a

few builders who were starting new subdivisions in the St. Charles area. The week leading up to what

Larry called my big day happened to be rather slow and I took my down time to see what I could find on

the people I might encounter when I walked in. Uncertainty Reduction Theory does a great job of

describing this practice. The theory states the when strangers meet for the first time, their primary goal

is to reduce uncertainty. Uncertainty meaning unaware of what to say or how to behave. During that
10 Mortgage and Sales Internship: Cherry Creek Mortgage

week I almost felt grossed out by how much information I had found out through linked in, and other

social media platforms about the different people who worked at each development. At Heritage

Homes in Elgin, I discovered that Veronica, one of their in-house realtors and the front desk attendant,

had played volleyball at Wisconsin-Whitewater and has a 6 year old daughter. Then I learned that her

boss and the owner, Bob Myne, owned a home dcor shop with his wife called Myne and Yours, and

the list goes on and on. The Cheesy gift that I was to give out had a business card that read Working

with Cherry Creek is the sweetest and it came with a $5 ice cream shop gift card.

When I got to Heritage Homes I walked in and Veronica was sitting at the front desk and I said

hello and introduced myself. I explained that I was there on Larrys behalf and that I wanted her to get

to know us and our culture. I took a look around the place and complimented their dcor. She thanked

me, and then I asked if it had been decorated by her boss Bob Mynes dcor business (Myne & Yours).

She seemed surprised that I knew that information, and then shook her head, and said, yes, how did

you know? I responded by saying that I had heard great things about the dcor shop and the housing

development company and somewhere along the line I made the connection. At that point I gave her

the gift and explained how we go around and give out cheesy gifts every week. We briefly chatted and I

noticed a picture of a little girl on her desk. Because of all the research/creeping I had done I assumed it

was her daughter. I asked if it was, and after she said yes it was her daughter, I gave her another one of

the gift cards so that they could get ice cream together. I grabbed Veronica and Bobs business cards on

my way out and told her that Larry would be calling to follow up later to give them the hard sell. I went

to two other builders offices and had similar experiences. Larry was pleased that my rounds went well.

When he called to follow up about a week later, he was thrilled to discover that Heritage Homes was

looking for a new lender, and he was able to set up a meeting with Bob Myne.

This experience really showed me that there is no substitute for preparation. I dont think my

experience would have gone nearly as well if I didnt know a little bit about each person I was going to
11 Mortgage and Sales Internship: Cherry Creek Mortgage

encounter. The days of pushy salespeople trying to push a product down your throat are over.

Customers want to be able to trust a salesperson, and as a salesperson, it is important to learn about

what a potential customer values. Its about what I can do for you that my competitors cant. This

experience really opened my eyes to that.

As my internship was nearing the end, I started to reflect on everything that I had learned and

experienced. Working with everyone so closely allowed me to learn the dynamic between superior and

subordinate, and how each persons relationship was different. Leader-Member Exchange Theory

explains this dynamic. It states that the relationship between a leader and each subordinate considered

independently, rather than on the relationship between the superior and the group. Each linkage, or

relationship, is likely to differ in quality.

I also got to know many of my coworkers on a personal level. There were a few events outside

of the office I was able to attend. I really enjoyed socializing with everyone, and not having to talk about

work. I have continued to keep in contact with many people from the Cherry Creek family to this day.

Above everything else, I think the most important thing that I learned over the summer was becoming a

part of an already cohesive group. I have studied about management, and proper work place behavior,

and other things of that nature, but there is no substitute for experience. I learned so much more than

any book could teach me. I now know about fluctuating mortgage rates, how to cold call potential

clients, why the housing market crashed in 2008, what the government has done to prevent it from

happening again, and the list that goes on and on. I gained a ton of industry specific knowledge, but I

dont think that was the most important aspect of my overall learning experience. My biggest takeaway

was learning about becoming a part of something so much bigger than myself.