Milestones
1993
1995
1997
1999
2007
2020
Entered the industry
1993
Started first company
1995
Sold first company
1997
Started ACC Mortgage
1999
Like many companies, deleveraged balance sheet and avoided collapse
Jan. 2007
Again avoided collapse by anticipating and preparing for COVID-19
Mar. 2020
A good loan puts people in a “better situation”
Just as in any business sector, nothing stays stagnant in the mortgage space. Taking this into account has helped mortgage professionals navigate uncharted lending territory, through financial downturns and market corrections and, for the better part of the last two years, over a bumpy pandemic path.
At the outset of the pandemic, predictions were predominantly dire for the US housing market. A drop of as much as 18 percent in housing values was anticipated.
However, the reality was very different. Despite negative forecasting, the housing market has experienced a dramatic upswing over the last 24 months.
Arguably, competing market factors helped create the perfect mortgage storm. With inventory very tight, demand remaining high, and borrowing rates very low, mortgage volume numbers were impressive.
Still, regardless of the rosy US housing picture, most lenders were hesitant to originate offerings that deviated from traditional, agency-based, Fannie-and-Freddie-structured mortgage loans. As a result, the non-QM space took a hit.
This, however, did not deter Robert Senko, president of ACC Mortgage, one of the country’s leading non-QM lenders, based in Maryland. As lenders hesitated to negotiate non-QM loans, Senko stayed the lending course, determined to ride out the COVID storm.
“We were one of the only lenders – the only lender that I know of – that continued to lend throughout COVID. I am very proud of this accomplishment,” Senko reflects.
A pioneer in the non-QM sector, ACC (All Credits Considered) Mortgage has blazed a resilient trail through the private lending sphere.
Having established his company in 1999, when non-QM was still in its lending infancy, Senko points out that he has witnessed firsthand the evolution of non-QM borrowing options to the current non-QM lending model that is clearly defined, subject to regulation, and considered a solid financing route for many borrowers.
“I was exposed to the concept of refinancing, saving people money, and, for me, that was fascinating because I could make a good living and people walked away from the transaction richer.”
Although he had been gaining valuable experience in the refi space, rates spiked northward, putting a halt to refinancing demand a few years later, which prompted another change in direction for Senko.
This time, he stayed put in Maryland, but made the brave decision to branch out and become his own boss.
“A week after my 26th birthday, I had kind of an epiphany moment and I felt like I wanted to be my own boss. I looked in the mirror and said, ‘The only thing that is going to satisfy me is to try to do something on my own’,” Senko says.
Having experience running things from the top put Senko in good stead to open the doors to what is today ACC Mortgage.
Leading with empathy
With increased regulation in the non-QM space came “sensibility in the market,” Senko argues.
“Back in 2007 when rules were put in place, I thought this was good. I thought it kept out some of the bad actors up and down the origination channel,” he says.
“There was a lot more discipline. So when the [non-QM] market started to grow in 2019 and into early 2020, the product was real, and it was performing. Myself and my capital partners were committed to staying in this space,” Senko reflects.
“We were able to hit the ground running when the capital markets came back because we had expanded our sales and expanded our operation and were out front.”
“We were able to navigate those difficult times and keep our heads about ourselves and keep our core philosophy and products,” he adds.
Senko emphasizes that resilience was the core ingredient that enabled ACC Mortgage to pull through the ups and downs of the non-QM market. This stick-to-it philosophy is what enabled the company to perform when others drew back throughout the pandemic.
“I realized early on that even doing Fannie Mae traditional-rate mortgages had become very commoditized. It was hyper rate-sensitive and fee- sensitive,” Senko says.
“So as great as a loan officer is, if someone was an eighth of a point better, they [clients] were going over there. There was no value put on the originator.”
Senko argues that in the non-QM space, what ACC Mortgage strives to do daily is offer a “product that can differentiate you [from other lenders].”
Leading lending qualities
When asked what unique qualities are needed to thrive in the non-QM space, Senko reflects before answering.
“Empathy. You need to put yourself in the position of the borrower. I am selling a solution,” he answers.
“People have problems all the time. You need to look at yourself as being a problem-solver. It’s not about the rate. I have to solve a problem for that person. Who are the people that others go to when they are in trouble? They go to doctors and lawyers. No one thinks about their loan officer,” Senko elaborates.
The ability to understand clients’ situations and their financial needs, and to listen to them, rather than sell, are also key traits Senko zeroes in on to provide leading lending results.
“We are creating solutions where the banks and a lot of the industry either don’t know how to do it, don’t want to do it, or it is not their strength,” Senko says.
Clearly, for Senko, providing lending alternatives that are designed with the client in mind comes naturally.
“It makes me feel appreciated for what I have done,” Senko says.
“This is part of my DNA.”
Spotlight
All roads lead to non-QM
The path to Senko’s enviable position as president of ACC Mortgage has been a diverse one marked by career highs and lows.
Eager to make an impact in the financial world, Senko headed to New York straight out of college. Timing was not, however, on his side. As he tried to make inroads in the Manhattan financial world, he found companies reluctant to hire during what was a recessionary period in the early 1990s.
After Senko did manage to land a job in New York, the company was forced to shut down – instigating a move back to the Maryland area to continue his career path.
“A lot of my friends were having success selling mortgages and, for me, my strong suit had always been math and an interest in real estate,” Senko explains.
ACC (All Credit Considered) Mortgage was formed to provide non-traditional funding for those who could not secure funding through traditional banks and lenders. ACC began as a Washington, DC metro area-focused broker that grew into a mortgage banker to be able to provide fix-and-flip lending post-2008 crash. As the market normalized, ACC developed into a national wholesale lender providing the most cutting-edge non-QM products to the lending community. ACC Mortgage is the rare company that has been able to stay true to its mission over 23 years of providing non-traditional funding.
Company Profile
23
Years in business
79
Number of full-time employees
$30,000
Stake with which company was started
29
Number of states in which company is approved
$ 1 billion
Projected pace for 2022
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years in the industry
29
favourite quote
“Poor men want to be rich,
rich men want to be kings. Kings are never satisfied until they rule everything.” I feel that this is a great line [from Bruce Springsteen] that captures the spirit of people’s desire to improve and always wanting more. Both a virtue and a flaw.
Robert Senko
President at ACC Mortgage
Robert Senko has mastered the art of non-QM solutions with an “understanding” approach
Read on
“We were one of the only lenders – the only lender that I know of – that continued to lend throughout COVID. I am very proud of this accomplishment”
Robert Senko,
ACC Mortgage
“I was exposed to the concept of refinancing, saving people money, and, for me, that was fascinating because I could make a good living and people walked away from the transaction richer”
Robert Senko,
ACC Mortgage
Share
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
YEARS IN BUSINESS
79
NUMBER OF FULL-TIME EMPLOYEES
$30,000
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
29
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
years in the industry
29
FAVOURITE QUOTE
“Poor men want to be rich,
rich men want to be kings. Kings are never satisfied until they rule everything.” I feel that this is a great line [from Bruce Springsteen] that captures the spirit of people’s desire to improve and always wanting more. Both a virtue and a flaw.
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
Milestones
2011
2012
2015
2016
2019
2021
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2012
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2015
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
1983
YEARS IN BUSINESS
79
NUMBER OF FULL-TIME EMPLOYEES
$30,000
PROPORTION OF WOMEN AMONG FUNDSERV EMPLOYEES
29
PROPORTION OF WOMEN IN LEADERSHIP
63,514,128
NUMBER OF ORDERS PROCESSED IN 2019
years in the industry
29
FAVOURITE QUOTE
“Poor men want to be rich,
rich men want to be kings. Kings are never satisfied until they rule everything.” I feel that this is a great line [from Bruce Springsteen] that captures the spirit of people’s desire to improve and always wanting more. Both a virtue and a flaw.
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
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