Coffeez for Closers with Joe Shalaby — Episode 47 Summary

Episode Title: Mortgage Mastery ft. Jeff Leinan
Release Date: October 23, 2024
Guest: Jeff Leinan, Co-President of Plaza Home Mortgage

1. Introduction

In Episode 47 of Coffeez for Closers, host Joseph Shalaby welcomes Jeff Leinan, Co-President of Plaza Home Mortgage. With over thirty years of experience in the mortgage industry, Jeff has played a pivotal role in steering Plaza Home Mortgage's national sales operations and production, particularly through turbulent market cycles. The episode promises to deliver invaluable insights on mortgage banking, leadership, and growth strategies from an industry veteran.

2. Morning Routine and Work Ethic

The conversation begins with Jeff sharing his morning routine, emphasizing the importance of prioritizing daily tasks to ensure continuous progress.

• Jeff Leinan [01:10]:
  “I really try to prioritize at least two or three things that I want to get done every day because I think most of us in life, we let life get in the way.”

• Jeff Leinan [02:18]:
  “Day turns into a week turns into a month. And if you're not progressing the things you got to get done, then you'll look back, you'll say, where did the time go?”

Jeff underscores the significance of disciplined time management and consistent effort to avoid feeling perpetually busy without meaningful progress.

3. Journey into the Mortgage Industry

Jeff delves into his unexpected entry into the mortgage industry, highlighting the blend of finance, marketing, and sales that drew him in.

• Jeff Leinan [03:34]:
  “This is a great combination of sales, marketing, and finance. So you're out, you're speaking to people, you're selling, you're marketing your products. But at the same time, you also are solving some fairly complex financial problems.”

He reflects on how his academic background in finance and marketing perfectly aligned with the demands of the mortgage sector, making it an appealing career choice.

4. Joining and Leading Plaza Home Mortgage

Jeff joined Plaza Home Mortgage in 2008, a period marked by the financial crisis. He discusses the challenges and opportunities he encountered upon his arrival.

• Jeff Leinan [05:13]:
  “It was the absolute worst. So we, I started right after that and I began and then about two weeks later, they started the interest rate cuts.”

Despite joining during a downturn, Jeff's strategic leadership contributed to Plaza's resilience and growth, transforming it into a top contender in the wholesale mortgage market.

5. Challenges in the Mortgage Industry: Past vs. Present

Jeff contrasts the challenges faced during the 2008 financial crisis with those in the current market landscape.

• Jeff Leinan [11:31]:
  “2008, 9, and 10, you know, the mortgage broker industry as a general was kind of under fire. Obviously, compliance was a really big deal. Underwriting was really tough.”

• Jeff Leinan [12:19]:
  “Today's challenge is, people need to realize that the world's changed. You can’t walk into an office and find six or seven people anymore. You have to go find the people.”

He highlights a shift towards remote work and the evolving methods of sourcing and maintaining client relationships, emphasizing adaptability as key to navigating industry changes.

6. Leadership and Team Building at Plaza

Jeff attributes Plaza's success to relentless effort and effective team management, especially during fluctuating market conditions.

• Jeff Leinan [06:41]:
  “It’s a tough industry. You know, it's feast or famine, as you know.”

He emphasizes the importance of sourcing business and fostering a collaborative environment to sustain growth, especially when industry peaks and valleys create talent turnover.

7. Use of Technology and AI

Jeff discusses Plaza’s forward-thinking approach to technology, particularly the integration of AI to enhance operational efficiency.

• Jeff Leinan [18:02]:
  “We're actually formulating our AI plan right now. We'll probably use a lot of it internally first just to source information.”

• Jeff Leinan [18:54]:
  “When you order an FHA case number, that request used to come over and somebody would type in all those fields and how a bot does that and then takes the case and uploads it sends to the client, all automated.”

Plaza has already implemented robotic process automation for administrative tasks, saving time and resources, and is exploring further AI applications to maintain a competitive edge.

8. Personal Insights and Philosophy

Jeff shares his personal philosophies that drive his professional and personal life, including mentorship and continuous learning.

• Jeff Leinan [24:54]:
  “Bad news doesn't get better with age. Just tackle it, be done. You'll feel better and, and, and you'll go on.”

• Jeff Leinan [25:55]:
  “Talent wins games, but teamwork and intelligence wins championships.”

These quotes reveal his proactive approach to challenges and the value he places on teamwork over individual talent.

9. Personal and Business Goals

Jeff outlines his aspirations for both Plaza Home Mortgage and his personal life, demonstrating his commitment to growth and balance.

• Business Goal [30:14]:
  “Our goal is to try to see if we can, you know, go up one more chain on that ladder, get to three.”

• Personal Goal [31:09]:
  “To continue to be the best version of me every day. Continue to exercise and work out and contribute to the company, contribute to my family.”

• Family Goal [32:01]:
  “Continue to support him and make sure he knows that we're here to help him and do whatever he needs to do himself.”

These goals reflect his dedication to advancing Plaza's market position while maintaining personal well-being and family support.

10. Closing Thoughts

In the final segment, Jeff offers advice for aspiring professionals and reflects on the importance of continuous action and seizing opportunities.

• Jeff Leinan [27:55]:
  “I would probably tell my 20-year-old self to buy real estate and just keep buying and…”

• Jeff Leinan [28:05]:
  “Find the value. Do your homework, find the value and I think it'll always make sense for you and do your home; know what you're buying.”

He encourages adaptability, thoroughness, and strategic investment as keys to building wealth and succeeding in the mortgage and real estate industries.

Notable Quotes with Timestamps

• Jeff Leinan [01:10]:
  “I really try to prioritize at least two or three things that I want to get done every day…”

• Jeff Leinan [12:19]:
  “Today's challenge is, people need to realize that the world's changed. You can’t walk into an office and find six or seven people anymore. You have to go find the people.”

• Jeff Leinan [18:54]:
  “When you order an FHA case number… all automated.”

• Jeff Leinan [24:54]:
  “Bad news doesn't get better with age…”

• Jeff Leinan [25:55]:
  “Talent wins games, but teamwork and intelligence wins championships.”

Conclusion

Episode 47 of Coffeez for Closers provides a comprehensive look into Jeff Leinan's extensive experience in the mortgage industry, his leadership at Plaza Home Mortgage, and his personal philosophies that drive success. Jeff's insights offer valuable lessons on adaptability, the importance of teamwork, embracing technology, and maintaining a strong work ethic—all essential for thriving in today's dynamic mortgage landscape. Whether you're a seasoned professional or an aspiring entrepreneur, this episode delivers actionable advice and inspiration to propel your business endeavors forward.