Meet Matthew Scott and Bob Barlow of MBA Mortgage Corporation in Braintree

Today we’d like to introduce you to Matthew Scott and Bob Barlow.

So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.

MBA Mortgage Corporation was founded in 2005 by Bob Barlow and Ron Milton. We started as a four man operation in South Boston, and are now a 25-plus employee company.

In 2017, there were some positive changes – a new executive office in Braintree and Bob (now sole owner) welcomed Matt Scott (a member of original four-man operation) as a partner. However, throughout the years, our focus has not changed. When we started, we wanted to set ourselves aside from the rest. We took the focus off volume and closings, and instead, focused on client experience, customer service, and satisfaction. Based on our growth rates to date, we think it is working. This philosophy has helped us develop our simple mission statement:

To create a seamless process that is customer forward by increasing visibility, communication, and accountability throughout the process, thus providing the best customer service possible for the client.

 

Has it been a smooth road? If not, what were some of the struggles along the way?
It has most definitely not been a smooth road for us. Opening a company at the tail end of historically low rates and a housing bubble, we almost saw it all come apart with the market crash between 2008 and 2010. With new regulations, compliance, and licensing, as well as over-the-top underwriting guidelines, we considered closing our doors like the other 80 percent of the industry. Instead, we banded together and decided to go back to basics. We took the knowledge we had and re-energized ourselves into making sure we always took care of first-time home buyers and that we helped people who needed to rebuild their lives that were damaged due to the crash. We took a slow and steady approach to building relationships and educating clients. From this point on, we grew each and every year.

In 2015, we suffered a d tragic event, when Bob Barlow, who was the sole owner, was seriously injured in a diving accident, leaving him on life support. He was unable to breathe on his own and was paralyzed from the neck down. Because of the close relationships and training that are part of MBA Mortgage’s culture, where each person participates with those above them and below them, Matt Scott was able to take control and make sure that the company continued to operate with minimal to no affect to our clients. This was made possible because of Bob’s dedication to MBA Mortgage, his employees, and his clients. He made every effort possible to be accessible, and also continued to pass along critical information throughout his ordeal. With Matt Scott at the helm, MBA Mortgage rallied around him. We actually had another year of growth, when we could have just as easily crashed.

Tell us about your business/company. What do you do, what do you specialize in, what are you known for, etc.? What are you most proud of as a company? What sets you apart from others?
Since Bob, an Air Force veteran, and Matt, with military family ties, had always felt strongly about supporting veteran organizations, they began working jointly with the Disabled America Veterans (DAV) of Massachusetts. Through the years, Bob and Matt have raised thousands of dollars in support of the DAV of MA and most recently was name the #1 Fundraising team by the DAV in their most recent 5K to support Veterans.

Community involvement is extremely important to all of us at MBA Mortgage. We support our communities by volunteering our time coaching youth sports, being on numerous local boards, and giving to charities.

Currently, members of MBA Mortgage are members of numerous organizations, including:

• BNI 1st Choice in Watertown
• BNI Hockomock in Mansfield
• Disabled American Veterans of MA
• American Legion
• Winthrop Elks
• Beachmont Yacht Club
• Weymouth Elks
• Marshfield Youth Lacrosse and Flag Football
• Boston OKTA Korean Business Association
• National Unification Advisory Council
• Boston College Graduate Management Association
• Boston Young Professionals Association
• Northeastern Center for the Advancement of Veterans and Servicemembers (CAVS)
• Athol Orange Rotary Club
• Rutland Business Association
• North Quabbin Chamber of Commerce and Visitors Bureau
• North Central MA Association of Realtors
• Brookville Basket Food Pantry
• Holbrook Cares Coalition
• Paralyzed Veterans of America
• Bancroft Boxing
• CrossFit Magnitude

Along with community involvement, MBA Mortgage Corporation, as a company, brings extensive background and knowledge of the mortgage industry to provide dedicated, unmatched service and professionalism to our clients.

We are local mortgage brokers working with over 100 lenders to provide options to our clients. With a strong focus on “over-the-top” research, analysis and education, we help our clients make educated decision that matter for them. We work quite often with first-time home buyers, as well as homeowners who would like to see options that fit their needs. There is never any cost or obligation as we will provide free pre-approvals and mortgage analysis to anyone who would like to see options available to them. We treat everyone as if they were our own family. We can currently broker loans in MA, NH, ME, RI, and AZ

Branches in Braintree, MA (headquarters), Athol, MA, Falmouth, MA, Worcester, MA and Phoenix, AZ.

NMLS # 2880

MA License #MB2880

RI License #11440-MBR

ME License #2880

NH #20072210LB

AZ License #MB0940220

VETERAN OWNED AND OPERATED!

“Mastered the Business of Mortgages.”

Where do you see your industry going over the next 5-10 years? Any big shifts, changes, trends, etc?
As we have seen in the past, predicting the mortgage market over years to come can be very difficult, but being a Massachusetts-based company and seeing all of the improvements to employment in the Boston market, we think there is a great opportunity for consistency.

The past few years were solid for housing, with many positive trends. It is our belief that home prices and rents will rise faster than incomes. The rental market remains strong with low vacancy rates, while the inventory of single-family homes for sale continues to be very tight in many cities across the country. Prices and rents will rise in the 3 – 6% range nationally, thanks to more demand than supply; however, we do not believe that the lack of inventory we currently see will continue.

Mortgage rates will continue to rise, perhaps by half a percentage point a year for several years. While rates are notoriously hard to predict, the Federal Reserve is forecasting increases of between 0.5% and 1% in 2018, partly because low unemployment is finally starting to cause an acceleration in wage growth. Historically, rising rates only caused temporary, mild slowdowns in sales of 5 – 10% while home prices still increased, but at a lower rate.

In recent reports, we see that there is a prediction that residential construction will increase 5 – 15% per year. Based on an estimate of the growth in the total number of households, total construction of new single-family and multifamily units needs to keep ramping up for several more years. We estimate construction needs are closer to 1.4M units per year, compared to actual housing starts now of around 1.2M, up from 1.0M in 2015. Purchase originations will grow 10 – 15% a year as cash purchases decline and construction increases. On top of that, there is also some pent-up demand from Millennials that will add to demand as wage growth finally picks up with the tightening labor market.

Overall, we feel good about how we are positioned in the market. We have always focused on helping clients purchase homes and have traditionally closed more new purchase loans than refinances per year, which is not the model of most mortgage companies. We do not want to be dependent on a low interest rate market as many companies were in the past.

Pricing (Optional)

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FREE PRE-APPROVAL AND MORTGAGE ANALYSIS

AROUNDTHECLOCK, NIGHT, AND WEEKEND SERVICE

NO COST AND NO OBLIGATION ASSESSMENTS

Bob Barlow, President/ Co-Owner

In 2002, Bob Barlow returned home from active duty in the Air Force. With a math and physics background, he had worked on software development teams and eventually network administration/engineering, but he was not sure what was next for him. One of his closest friends offered him a job in the mortgage industry at ABC Mortgage, while he was determining what he wanted to do.

At that point, Fannie Mae and Freddie Mac had been using online, software-based underwriting. Bob did not know anything about mortgages, but he always enjoyed tinkering around with software. As he learned the software, he began to understand the mechanisms of mortgages and how they were underwritten. He enjoyed working with clients, researching all the variants, and then structuring solid loans. Bob learned that clients did not want to be told what product they should be in, and “sold” on it. They wanted the information to compare their options in an apples-to-apples, side-by-side way. They were more than capable to decide what was best for them once they were provided with the information they needed. MBA Mortgage grew from this concept. Bob has been in the mortgage business since then, opening MBA Mortgage in 2005. MBA Mortgage now has branches in four cities in the Boston area and one in Phoenix, Arizona, and employs XXX people.

Bob says the people at MBA Mortgage set it apart from the competition. They are extremely conscientious, experienced, and competent. The staff works within their own communities, for their communities. They show their clients and partners great empathy – their motivation is their clients and partners more so than any monetary compensation they receive. This compassion is evident in their involvement within their communities – from joining community organizations to being very active in local charities.

Bob also shares in staff’s involvement, saying that his passion is his business. When MBA Mortgage was started, he quickly realized that when something is yours and your responsibility, it becomes a passion and more. It is like being a first-time parent, obsessing over every detail, every victory and every setback. Bob strives each day to be better for his partners, clients, and just as importantly, his employees.

Outside of work, Bob expands this passion to his community as well as to his family. He, his wife, and children spend a great deal of time with their family and friends. And they have traditions that they continue – from hosting Thanksgiving to annual getaways to the Cape, New Hampshire, and Vermont.

Matthew Scott, Vice President/ Co-Owner

Matthew Scott and Bob Barlow met when they were both working at ABC Mortgage. Matt joined Bob at MBA Mortgage in 2005, as a loan officer. Since then, he has held several positions at MBA Mortgage, including senior loan officer, team leader, branch manager, and vice president, becoming partner in July 2017. As vice president, he is responsible for the company’s operations – which includes sales, processing, payroll and budgeting, compliance and training.

Matt says MBA Mortgage’s desire to be an industry leader in service is what sets it apart from their competition. They treat every client like they are family. They prefer to act as advisors rather than salesmen. They are educators and will always make sure they provide the most comprehensive research and analysis. F

He agrees with Bob that having a stake in something that is yours really wants you to assure that people can always rely on you to take care of them. You want to create a work environment that your staff and your clients enjoy.

Matt is passionate about coaching and educating others. He is involved with Marshfield Youth Sports, where he coaches flag football and lacrosse, as well as serving Marshfield Youth Lacrosse as a board member. In addition, he coached football at Weymouth High School and lacrosse at Catholic Memorial for nine years. He also spent time as a substitute teacher and considered teaching. His passion for coaching translates well into MBA Mortgage’s policies because the staff is always educating home buyers and clients on what is available to them and why each option may or may not be beneficial.

Matt graduated from Fairfield University in 2002 with a BA in Economics. For the four years that he was at Fairfield, he was a member of the school’s Varsity Men’s Division 1 Lacrosse team that was nationally ranked in 2002. Now, he participates in his men’s lacrosse team, the South Shore Womps.

When he is not coaching or playing lacrosse, he enjoys spending time with his wife, three children, family, and friends.

Both Bob and Matt are members of local BNI groups, where they have held leadership roles and actively participate in this successful organization. Since MBA Mortgage’s business is primarily referral based, Bob and Matt rely on current and past clients as well as BNI members to acquire their future clients.

Contact Info:

• Address: 2 Adams Place Suite 410 Quincy, MA 02169
• Website: www.mbamortgageco.com
• Phone: 781-849-1118
• Email: mbamortgage@mbamortgageco.com
• Instagram: https://www.instagram.com/mbamtg/
• Facebook: https://www.facebook.com/MBAMortgageCo/
• Yelp: https://www.yelp.com/biz/mba-mortgage-corporation-quincy

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