We caught up with the brilliant and insightful Sandra Cutrone a few weeks ago and have shared our conversation below.
Sandra, thanks for taking the time to share your stories with us today Let’s start with the story of your mission. What should we know?
The Story Behind My Mission
Having worked in the mortgage industry for 38 years, I’ve witnessed the industry’s many ups and downs. From the high interest rates of over 13% in the 1980s to the lower rates of the late ’90s during the dot-com boom, the landscape has continuously evolved. Deregulation was the primary goal during the ’80s, ’90s, and early 2000s, especially post-Y2K and 9/11. However, the Great Recession revealed the deep turmoil within the housing industry, with widespread fraud leading to 80% of mortgage brokers going out of business.
As we gradually moved out of the era of over-regulation, a new wave of loan originators emerged. Unfortunately, education shifted focus from skill proficiency to merely understanding laws and regulations. Newcomers were often forced to give up 50% of their commissions for mentoring by overburdened loan officers who lacked the time to properly train them in essential skills, such as reading credit reports, analyzing bank statements, and calculating income. The lack of comprehensive training on mortgage guidelines and loan structuring led to frustration and high dropout rates among new professionals.
Recognizing this gap, I decided to establish a cost-effective learning center where loan originators could acquire the necessary skills to excel. At Krimat Financial Learning Center, we provide live support, encouragement, and prioritize the development of our members. With live mortgage support rooms, interactive and recorded training sessions, and a comprehensive library of resources, we aim to equip loan originators with the expertise they need to succeed.
Great, appreciate you sharing that with us. Before we ask you to share more of your insights, can you take a moment to introduce yourself and how you got to where you are today to our readers.
When I went to college, I never imagined I would end up in the world of mortgage finance. I was a communications major trying to break into the broadcast industry. However, I had always been intrigued by the real estate industry and felt discouraged by the high rates and home prices that made homeownership seem out of reach. I started my career in Titles and was soon recruited by a local mortgage and real estate broker to manage their branch. I trained myself in mortgage financing, from income calculations to reading credit reports, quickly moving up to become a mortgage processor and ultimately a mortgage underwriter.
Over the course of my 38 years in the mortgage industry, I’ve seen it all. I’ve worked as a partner in a small local broker, moved to a national mortgage broker post-9/11, and navigated the tumultuous times of the mortgage meltdown. Each phase was both a learning experience and a history lesson. I discovered my passion for mentoring new originators and found great satisfaction in helping others succeed.
During the COVID-19 pandemic, when many were trying to get a piece of the booming market, I realized the urgent need for in-depth training in the industry. This led me to found Krimat Financial Learning Center, where we offer online training and live loan support for mortgage professionals. Our goal is to provide comprehensive education and live support, ensuring that loan originators acquire the skills necessary to excel.
At Krimat Financial Learning Center, we offer live mortgage support rooms, interactive and recorded training sessions, and a comprehensive library of resources. This approach ensures that our members receive the encouragement and expertise they need to thrive.
In addition to my role at Krimat, I hold several certifications, including Certified Divorce Lending Professional (CDLP) and Certified Veteran Lending Specialist (CVLS). I am also a member of the El Paso County Bar Association. My broad knowledge and experience allow me to help borrowers obtain the mortgage financing that best suits their needs.
I work closely with the real estate community, as well as with attorneys, accountants, and financial advisors. My dedication to providing outstanding, personalized service has earned me a reputation for excellence. I am committed to guiding my clients through the purchase or refinance process, ensuring they are informed and comfortable every step of the way. My “Concierge Service for Life” approach reflects my commitment to client satisfaction long after the loan closes.
What sets us apart at Krimat Financial Learning Center is our focus on practical skills and live support. We understand that new loan originators often face frustration due to inadequate training, so we prioritize hands-on education and real-time assistance. I am proud to offer a cost-effective learning center that prioritizes the development and success of loan originators. Our mission is to equip them with the tools they need to be proficient and successful in their careers.
Have you ever had to pivot?
Throughout my 38-year career in the mortgage industry, there have been several pivotal moments that required me to adapt and change course.
The first major pivot came in the aftermath of 9/11. The industry was increasingly dominated by negative amortization loans and other dangerous lending practices, which I saw as a recipe for disaster. By 2007, I chose to step away from these hybrid loans, anticipating the looming financial crisis. My intuition proved correct as the crisis hit globally, and my husband, also in the financial sector, lost his high-paying job. This period of upheaval led to significant changes in the industry, including the revamping of mortgage practices, Fannie Mae’s conservatorship, and the introduction of the Dodd-Frank Act and the NMLS system.
Determined to navigate this new landscape, I re-entered the workforce with a renewed focus on education and a commitment to understanding and compassion. I earned several certifications, leveraging my experience from surviving the financial meltdown. This not only enhanced my credibility but also deepened my resolve to ensure that every customer and originator I worked with had a thorough understanding of their responsibilities.
The flexibility of the mortgage industry has been a blessing, allowing me to prioritize my family. I took necessary steps back during crucial times, such as after a severe accident and during my husband’s battle with cancer. Each return to the industry was marked by greater determination and drive.
Another significant pivot occurred when I moved from the New York market to the Midwest market. I was struck by the different regulatory environments in each state. To adapt, I educated myself on state-specific regulations, divorce laws, and military financing. This effort was crucial in supporting the community I had moved into. I learned that teaching mortgage practices cannot be based solely on federal guidelines; state regulations and specific local nuances must be considered.
Understanding the diverse rules of common-law marriages and community property states, I adjusted my approach to account for these differences. Listening, researching, and staying informed about the current environment have been key components of my strategy to successfully pivot in the industry. Each time, I made the necessary adjustments to ensure that my knowledge and practices were up-to-date and relevant to the context I was working in.
These experiences have not only made me more resilient but also more dedicated to providing comprehensive education and support to mortgage professionals through Krimat Financial Learning Center. My journey underscores the importance of adaptability, continuous learning, and a commitment to excellence in navigating the ever-changing landscape of the mortgage industry.
Can you open up about how you funded your business?
Starting Krimat Financial Learning Center was a challenging but rewarding journey. I knew I wanted to develop an online learning center to support mortgage professionals, leveraging my extensive industry knowledge. However, I lacked the technical expertise to build a Learning Management System (LMS) on my own. Realizing the importance of having a robust platform, I decided to hire a company that could bring my vision to life.
This endeavor was expensive, and I faced a critical decision. I chose to invest the money I had inherited from my mother’s passing into this venture. It was a significant and emotional commitment, but I believed in the potential of my vision. Unfortunately, the first marketing company I partnered with dissolved, taking tens of thousands of dollars with it. This setback nearly shut down my company before it even got off the ground.
With only $10,000 left, I knew I had to find a partner who not only had the technical skills but also understood and believed in my mission. That’s when I connected with REPCLICKS MARKETING. They saw my vision and had the expertise to build the LMS platform we needed. We partnered together, pooling our resources and skills.
The journey wasn’t easy. It took two years of trial and error, countless hours of hard work, and a lot of sweat and tears. However, our perseverance paid off. We successfully created an online learning center with an affordable membership-based fee structure. This model allows the majority of loan originators to retain their commissions while gaining the support and training they need to be confident and proficient mortgage originators and processors.
Investing in myself and finding the right partner were crucial steps in bringing Krimat Financial Learning Center to life. Despite the initial setbacks, these experiences reinforced my belief in the importance of resilience and the value of a clear, unwavering vision. Today, I am proud to offer a platform that truly supports the growth and success of mortgage professionals.
Contact Info:
- Website: https://www.krimat.com
- Facebook: https://www.facebook.com/sandy.heinscutrone
- Linkedin: https://www.linkedin.com/in/sandracutrone/
- Youtube: https://www.youtube.com/@krimatfinanciallearningcen6365
- Other: Google Reviews : https://www.google.com/search?sca_esv=2a19a3414e05e997&sca_upv=1&authuser=0&hl=en&gl=us&output=search&q=Krimat+Financial+Learning+Center&ludocid=2589644469155443084&lsig=AB86z5XkmjxAxdWOQEvoGj9MTi29&ved=1i%3A0%2Ct%3A109124%2Ce%3A51%2Cp%3AJqKeZt-aCc-D0PEPkOqO-AQ%3A10