How Much House Can You Afford? ft. Tan Karim | Coffeez for Closers with Joe Shalaby Ep. 18

May 10

Tan Kareem stands as a prominent figure in the mortgage industry, reshaping mortgage accessibility and enhancing broker partnerships nationwide. With over two decades of experience in finance, Tan has significantly boosted his company's market presence and client relationships as the Vice President of Change Wholesale. His relentless hustle, dedication to client service, and innovative approach to non-QM lending have made him a pivotal force in the industry.

Tan Kareem's Professional Ascent

Tan's journey in the mortgage industry began in 2000 while he was a student at UC Riverside. He started as a telemarketer, earning $10 an hour, and quickly learned the ins and outs of the industry. His early exposure to consumer direct lending and his subsequent work at major banks like Pacific Mercantile and Bank of California provided a solid foundation. In 2019, he made a significant shift to wholesale lending, joining Change Wholesale. This transition allowed him to leverage a broader array of products, including non-QM loans, which have been instrumental in his career growth and impact.

Strategic Insights for Business and Investment

Tan emphasizes the importance of resilience and adaptability in the mortgage industry. He highlights the need for continuous learning and understanding market dynamics. His strategic move to wholesale lending in 2019 exemplifies his ability to identify and seize opportunities. Tan's approach to business is rooted in providing exceptional service, being accessible to clients, and continuously improving processes to make mortgage lending more efficient and less stressful for brokers and borrowers alike.

Scaling New Heights through Innovation

Tan's leadership at Change Wholesale has been marked by significant innovations in non-QM lending. Under his guidance, Change Wholesale grew from a small team to over 1,500 employees, becoming the number one non-QM lender in the nation in 2022. Despite market challenges, Tan's strategic vision has kept the company at the forefront of the industry. The recent reintroduction of the community mortgage product, which allows borrowers to use cash from the loan as reserves, is a testament to his innovative approach.

The Power of Mentorship and Relationships

Tan credits his success to the support and mentorship he received throughout his career. He acknowledges the impact of professional relationships and emphasizes the importance of surrounding oneself with supportive and inspiring individuals. His hands-on approach and commitment to helping smaller brokers grow demonstrate his dedication to fostering a collaborative and growth-oriented environment.

Envisioning the Future of the Non-QM Industry

Tan shares a forward-thinking outlook on the non-QM industry, predicting significant growth similar to the early days of non-QM lending in 2019. He believes that the industry's future will be shaped by innovative products and a clearer understanding of loan valuations. Tan's goal is to see Change Wholesale double its current volume within the next 90 days and eventually return to its peak origination levels.

Final Reflections

Tan Kareem's journey offers unique insights into the mind of a visionary leader in the mortgage industry. His path, marked by resilience, innovation, and strategic risk-taking, serves as an inspiring model for success. Reflecting on Tan's experiences and unwavering commitment to excellence provides valuable lessons for aspiring mortgage professionals. Success in the mortgage industry involves overcoming obstacles, seizing opportunities, and continuously striving for improvement. Tan's story reminds us that achieving greatness is a journey fueled by determination, innovation, and the support of a strong network.

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