Today we’d like to introduce you to Tyler Hodgson.
Tyler, can you briefly walk us through your story – how you started and how you got to where you are today.
I stumbled into the mortgage industry when I was in college (University of North Texas Bachelors and Masters in Accounting) and was seeking to use my VA Loan to purchase my first house (Marine Corps Combat Veteran). Instead of getting a mortgage, I actually got an offer to work for a small local mortgage company. I handled Accounting, Finance, and assisted with compliance and operations for that company.
After a few months, I decided to get my Mortgage Loan Officer licenses, which would allow me to originate mortgage loans. I started getting involved with real estate investing, and soon took an Accounting and Finance opportunity with a Senior Living Developer, and had to part ways with the mortgage company. I also knew that I wanted to own my own company, and felt that I could create a better mortgage company.
In December 2016, Jason Vongsay and I co-founded NXT Mortgage Company. We committed to making NXT the best place for Loan Officers to work and the best place for clients to get a mortgage. Our goal was to simplify the mortgage process for all parties involved.
In just over two years, our team has grown to seven Loan Officers. We created our Progress Over Profits initiative, where we donate 10% of our profits from each loan to a not-for-profit organization of our clients choosing. Our goal in 2019 is to implement a stock program that will allow our Loan Officers an opportunity to own and share in the success of NXT.
Has it been a smooth road?
It was a struggle working a full-time job and starting NXT Mortgage on the side. Making the leap of faith in early 2018 to go 100% into NXT was nerve-racking, but I haven’t looked back since. As a young entrepreneur, it can also be difficult to gain respect.
So let’s switch gears a bit and go into the NXT Mortgage Company story. Tell us more about the business.
We are a mortgage broker. We help people purchase or refinance homes “from beginning to close.” We specialize in a consultative, one-on-one relationship, with our clients. As a mortgage broker, we can offer industry best rates and fees, by shopping many wholesale lenders for the best products and pricing, on our client’s behalf.
Progress Over Profits
How do you think the industry will change over the next decade?
Mortgage Broker market share is growing. Market share was up to 16% of all mortgages in 2018, AIME (organization) has a goal of mortgage broker market share to exceed 25% by 2020. In 2006, mortgage broker market share was as high as 56%.
With rising interest rates and smart consumers, we see more clients choosing mortgage brokers to get the best mortgage. Large lenders and retail shops are feeling margin compression, and the many layers of middle management and large overhead costs will make it difficult for them to survive in a shrinking market.
Contact Info:
- Address: 8951 Cypress Waters Blvd #160, Coppell, TX 75019
- Website: www.nxtmortgage.com
- Email: contact@nxtmortgage.com
- Instagram: www.instagram.com/nxtmortgage
- Facebook: www.facebook.com/nxtmortgage
- Yelp: https://www.yelp.com/biz/nxt-mortgage-company-dallas
- Other: https://www.linkedin.com/company/nxt-mortgage-company/
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