Meet Risha Kilaru, a Founding Member and Senior Vice President of Mortgage Lending at OriginPoint. With a wealth of expertise and an unwavering commitment to excellence, Risha is your go-to partner for a seamless and stress-free home loan experience.
As a seasoned loan professional, Risha offers a comprehensive range of home loan options tailored to meet your unique needs. Whether you’re a first-time homebuyer or a seasoned investor, she possesses the knowledge and attention to detail required to guide you through every step of the loan process, from application to closing.
With Risha as your trusted guide, you can rest assured that your mortgage journey will be handled with the utmost care. Her professionalism, coupled with her courteous approach, ensures that your questions are answered promptly and your concerns are addressed thoroughly. She understands that obtaining a mortgage is a significant financial decision, and she is dedicated to providing you with the personalized guidance you deserve.
Below are highlights of the interview:
How long have you been working in the mortgage lending industry?
Around 15 years in various facets of the mortgage industry
What motivated you to pursue a career in mortgage lending?
I think of myself as the Benjamin Button of mortgage lending. I started my career in reverse, starting with banking and then gradually progressing to foreclosures, bankruptcies, buybacks, and underwriting. It made sense to use this vast backhand knowledge in loan origination. Hence the career switch to loan origination.
What are your key responsibilities as the Senior Vice President of Mortgage Lending at OriginPoint?
I finance mortgage loans on homes up to four units. I work closely with buyers to help them get pre-approved and use my full force to get their offer accepted. Once in contract, I help them obtain the best financing for the new home.
How do you stay updated with the latest trends and developments in the mortgage industry?
I have a background in underwriting. It is second nature to understand complex underwriting guidelines and product changes. I keep myself informed on every new loan product release or guideline update. It is my job to know what is available so that I can offer the best options to the buyers. I think of it as a jigsaw puzzle. I have to put the pieces together to create the best picture.
What strategies do you employ to ensure effective communication and collaboration within your team?
We use an internal proprietary system to update all team members involved with loan processing on all updates. Outside clients like buyers, agents, and title agents are routinely updated on all key milestones via emails and texts. We have a simple mantra that we all follow: If you have to call us for an update, we did not do our job.
Can you tell us about a challenging project or situation you faced in your role and how you successfully overcame it?
An agent reached out to us on a Friday evening to help with a $3.4 million purchase that was denied by another lender just 4 days before closing. It was a complex loan as the buyers were self-employed. We stepped in, worked all weekend, figured out a solution, and got final approval in 4 days. The buyer and agent were shocked at the speed at which we executed this transaction.
What are the most important qualities you look for in potential mortgage lending professionals when hiring for your team?
Willingness to work hard and do anything and everything to make the process seamless for the buyers and the agents. You can have the best resume, but if you are rigid in your ways, that does not work in our industry. My employees are ready and available when I need them, as this business is not 9-5.
How do you approach risk management and compliance in the mortgage lending processs?
Very seriously. The company monitors risk management and makes sure we are compliant. We are required to take the mandatory licensing and compliance classes.
In your opinion, what are the current challenges and opportunities in the mortgage lending industry?
There is a lack of inventory as sellers want to hold onto the homes due to the low interest rates they have on their current homes. Buyers are eager to buy. Volume is down almost 40% compared to the last few years. This has created desperation among the not-so-seasoned loan officers. I am seeing buyers getting pre-approved when they don’t qualify, and I am seeing buyers writing offers far above the list price and then panicking when the appraisals come in short.
Can you share a notable achievement or milestone you have accomplished during your career in mortgage lending?
Being ranked the #1 Female loan originator in the country is a huge accomplishment.
Website: https://www.originpoint.com/
