Arts & Entertainment  May 14, 2004

Former court reporter finds fit in mortgage industry

FORT COLLINS — Real estate agent Laurel Buchanan doesn?t have to refer her clients to Across Colorado Lending.
Still, she can?t think of a mortgage lender she?d rather trust with her business.
?They?re always first on my list,? Buchanan said.
Evidently, Buchanan?s not alone among Northern Colorado real estate agents.
With loyalists like Buchanan, Across Colorado Lending saw its revenues grow 259.9 percent from 2002, its first year in business, to 2003. The rapid pace put Across Colorado on top of the Mercury 100 list of fastest-growing businesses in the region last year.
The lender?s sudden success reflects its level of service, said Buchanan, an agent for Re/Max Action Brokers in Fort Collins.
?One thing I really like about them is you can call them and they will go to somebody?s house to meet them and get somebody pre-approved,? Buchanan said. ?And I can reach them any time. I really like that. And I would say with a majority of lenders you cannot.?
Across Colorado Lending was launched by Kim Martin, a one-time co-owner of a court reporting business who discovered the mortgage lending profession nine years ago.
?With court reporting, I was the quiet person,? Martin said. ?I didn?t get to have any feedback. I just had to listen.?
And there was a lot of negativity in court reporting. ?In a deposition no one was ever happy ? I just wanted to do something where I could interact with people.?
Martin had a friend in the mortgage business who suggested it was a good fit. She found her opportunity with Team Finance, where she spent seven years as a loan originator before striking out on her own.
Across Colorado Lending started with three employees, including Martin. From the beginning, Martin?s business plan called for a heavy dose of advertising to help make a name for the company. She cast out her message in newspapers, on bus benches, radio, local cable television spots, and even in direct-mail coupon books.
?I really believe in advertising and marketing,? she said. ?You just need to keep your name out there so people will say, ?I know that company.??
Equally important are Martin?s alliances with real estate agents, homebuilders and financial planners, networking, and forms of service that generate extra business.
For instance, Martin and her staff take pains to conduct credit counseling with customers who may not be immediately eligible for a mortgage.
?We work with homebuyers who are maybe not ready to buy a house for a year or more ? we help them clean up their credit,? she said.
Martin praises her staff?s loan processor.
?She knows more than most underwriters,? Martin said. ?I know if there?s any way to get somebody approved, she?ll get ?em approved.?
The interest-rate environment ? mortgage rates have stayed largely below 6 percent over the past two years ? has also been a factor in the success.
During 2002, Martin said about 65 percent of her business was attributable to refinancing. That demand for refinancing has slackened since last summer, but Across Colorado is making up for that decline with increased business from home sales.
?They?re just so great with first-time homebuyers,? Buchanan said. ?I work with one builder where that?s strictly what we do ? the entry level. Those are the hardest to get loans for.?
Across Colorado has managed to get a foothold in the Northern Colorado market at a time when the mortgage industry has grown increasingly competitive.
For instance, membership in the Colorado Mortgage Lenders Association increased 20 percent from 2002 to 2003. The crowded marketplace has also caused some bigger lenders to cut back on their staffs.
Not so for Martin. Across Colorado finished 2002 with five people and now stands at 13.
Buchanan, for one, expects that to continue.
?They?re fast-growing because they just really do what they?re supposed to do,? she said.

FORT COLLINS — Real estate agent Laurel Buchanan doesn?t have to refer her clients to Across Colorado Lending.
Still, she can?t think of a mortgage lender she?d rather trust with her business.
?They?re always first on my list,? Buchanan said.
Evidently, Buchanan?s not alone among Northern Colorado real estate agents.
With loyalists like Buchanan, Across Colorado Lending saw its revenues grow 259.9 percent from 2002, its first year in business, to 2003. The rapid pace put Across Colorado on top of the Mercury 100 list of fastest-growing businesses in the region last year.
The lender?s sudden success reflects its…

Sign up for BizWest Daily Alerts