Senior Mortgage Banker, Capital Bank
When Capital Bank’s Brad Cohen was just 13 years old, he had started a door to door auto detailing business in the Bethesda Palisades. By 16, he had saved $8,000 and bought a 1984 Toyota Celica GTS, which allowed him to expand his business into other areas. Eventually, he had over 100 regular standing clients, and by 25, he had sold his client list and van for $40,000, which he turned into $400,000 in the stock market. When he bought the wrong stock on margin, he lost it all.
The stock snafu didn’t stop Brad from reaching success. After selling the auto detailing business in July 1997, he was looking for a job in sales when he was introduced to four mortgage business owners who encouraged him to give the mortgage business a try. When he first got into the mortgage business, having no experience, one of the owners asked him how he was going to get business? Brad told him he would pass out fliers, just as he had done with the auto detailing business. That owner looked at him like he had three heads. His first year, he closed 155 loans, 148 of which were refinance loans and he earned $131,000. By 2010, he was ranked #8 in the country for loan volume in Scotsman Guide, a leading trade magazine for the mortgage industry.
In the past three years since he joined Capital Bank, he’s closed over $600 million in real estate loans and well over $2 billion in loans since getting into the business. What tips does Brad have for mortgage loan bankers who are new in the industry? “You’ve got to be a self-starter. You also need to treat people the way you’d like to be treated. When I was washing cars, I’d treat the car as if it was my own and I treat clients’ money the same way,” he says. “Everybody has the same tools and is offering the same interest rates. What matters is your ability to get the loan done and how effective you are.”