L.A. Land profile: Kal Wayman, "Not your mother's mortgage broker"

Who remembers Kal Wayman from the early days of this blog? Uncle Billy, you remember Kal, right? That's him pictured, partying recently at the Playboy Mansion in Holmby Hills.

Here's the back story: in May 2007, I wrote a snarky post about Kal, an Atlanta mortgage broker and party promoter who came to my attention because he used a babes-in-bikinis video on YouTube to promote his mortgage business.

After I climbed on my high horse and labeled the video "disturbing," a surprising thing happened: Dozens of Kal's mortgage clients came on the blog to comment in his defense. I learned that he had lots of clients who were remarkably loyal to him. This little chapter taught me a valuable lesson -- often a blog post is just the beginning of the story; the readers write the ending.

But that's the back story. The reason for this post is that Kal was in L.A. recently to party with Hef at the Mansion. No, I didn't go. But I did have lunch with him and one of his L.A. clients, and was so impressed with his marketing skills, and enthusiasm, that I thought he might spice up a dull day on the blog (falling prices, no sign of a bottom, falling prices, no sign of a bottom, etc). So I invited Kal to share his ideas and insights on marketing and building a mortgage business that targets younger borrowers.

Here's a teaser, with more below: Kal says one of his most successful marketing efforts was very old-fashioned: he printed 20,000 matchbooks advertising his business, and delivered them to the hottest bars and nightclubs in Atlanta. The word of mouth continued long after the matches were gone, he says. "As a matter of fact, I was at SkyBar in Los Angeles last year," Kal told me, "and two girls screamed out, 'Hey Kal, where's your matches??' "

Here's more from Kal on how he went about building a personal brand in Atlanta:

I have done all kinds of advertising -- television, radio, print and online. When it comes down to the most effective forms I've used, it is out-of-the-box guerrilla tactics. ... For example, I had a phone number called "Kal's Party Line" -- You would call it to find out where the party was, and at the end it would say, 'If you need a mortgage or refinance, call Kal." At its peak, it would receive 4,000 calls a week.

I created matchbooks and gave them out to bars in Atlanta. One side had my face and the other side said, "Got Mortgage? Call Kal!"  I spread 20,000 of them around bars in the city of Atlanta.  I still go out and find them ... People come up to me and say, 'Hey, you're the Matchbook Mortgage Guy!' As a matter of fact, I was at SkyBar in Los Angeles last year and two girls screamed out, 'Hey Kal, where's your matches??' "

I use MySpace as a huge medium for my advertising as well. ... I have my infamous commercial on there, and my MySpace friends know me as "Got Mortgage Kal." You already know about the commercial on YouTube -- I still receive calls from as far away as Canada and Great Britain.

I'm also the main mortgage broker for FSBO.com ... You know why? Because I met the president out at an event, I did his mortgage, and now we're friends. A good example of how going to restaurants, bars and clubs can really get you business if you do it tastefully.

People always ask me how many people have called you for a mortgage after they pick up your matchbooks? Or has your YouTube commercial brought you business? Or was the Party line ever responsible for someone doing a refinance through you? Do you really get clients by going out to clubs? My answer is, yes, of course. ... Tens of thousands of people know me from my antics and they always think of me as "that mortgage guy." The first thing they think of when they think of buying a house or refinancing is, 'Oh yeah, I'll call that Kal guy!" Especially in this declining market, my business has increased substantially.

My tactics may have been out of the ordinary, or weird, or controversial to some -- but people know who I am and what I do. It's kind of like the movie "Troy," where the little kid tells Brad Pitt he would never risk his life against the barbarian, and Brad Pitt says, "That's why no one will ever remember your name."

I've gotten the same type of publicity that a several hundred-thousand-dollar advertising budget would produce. I do it at a fraction of the cost and have fun at the same time. I never feel like I am working. I am just a loan doctor on call, when people who have heard about me need my help.

My niche is people from age 24 to 38. They are usually fun, social people. A lot of them are first-time home buyers that want to use a friend they can relate to, as opposed to a banker in a suit. I can wear a suit with the best of them but I can show up to a closing in jeans and a t-shirt, and my clients are much more comfortable. ... Although I deal with younger adults, the majority of them have relatively high incomes. There is a huge group of movers and shakers out there that financial professionals do not focus on. ... My motto has always been 'Not your mother's mortgage broker, but probably your daughter's."

Kal Wayman works for Atlanta-based Amerisave, a direct lender licensed in all 50 states. How does he end up with clients in Los Angeles? In this case, the client found Kal through www.mtgprofessor.com, the site run by Jack Guttentag, which designates Amerisave as an official "upfront mortgage lender."
The designation is given to lenders that -- in Guttentag's judgment -- disclose fees up front and guarantee them, and allow borrowers to price their specific loan on the Internet.

--Peter Viles
Photo Credit: Kal Wayman

Comments

[MyLessThanPrimeBeef]

His target age range is 24 - 38???

Hmmm....

I wonder if any Harvard intellectual has done a study to show that people from puberty to say, 55, have done more damage to the world than any other group?

In particular, it's my suspicion that more troubled mortgages belong to this group, as a whole, or per age within it, than any other group.

But to be comprehensive, the study can be broadened to look at other areas as well ,like, for example, which age group manufactures more financial mass weapon of destruction, which age group emits more carbon, etc.

At the end, I believe we will realize that we can only trust pre-adolescents and old folks well over 60, like say, over 70.

That means, in about 20 more years, I will be able to trust myself and maybe even vote myself into office.

[dwr]

Let me guess, 99% of Kal's former clients are no longer "credit worthy"?

Excuse me while I go puke.

[Hangemhigh]

He looks like a real tool.

[Brent Brooks]

See Kal in latest video!

[plasticfantastic]

Peter, you run a great blog. This post makes me feel soiled, however. After seeing that pic of kal and friend, I need a hot shower with lots of soap. Maybe a shot of penicillin, too.

[Brent Brooks]

In Atlanta Kal is an enigma. Fascinating article and unbelievable you two could meet eye to eye on this, truly unbelievable. How many times has that ever happened? Nonetheless, we discovered Kal in his latest role as "Cool Guy" in "We're Bringing Hairy Back" http://www.youtube.com/watch?v=q3IUqLeCVUA

[TrojanDLA]

I don't doubt Kal's marketing savvy but talk about lacking substance and professionalism. Yes, I know it's only the surface, nevertheless, I'm curious to see the crowd who are considered "loyal" to Kal.

[Joey Gouge (Giovanni)]

As an event photographer/promoter in Atlanta and the Southeast, I have come in contact with tens of thousands of individuals, most of them incredibly nice but somewhat forgettable. Kal Wayman is NOT TO BE FORGOTTEN! Not that he is any "nicer" than others. His outgoing nature refuses to allow you to do anything but remember him. He is relentless in his marketing efforts and enthusiasm. A combination that will undoubtedly serve him well in all his endeavours!

[J. Keel]

Apparently, it's a buyers market right now. I find it funny that anyone attacking this man for his business is posting under a pseudonym. Humor as a sales tool??!? Who would ever think that would work? Word of Mouth??! Social Networking? How ever could one become succesful with a simple and classic strategy? You would think this guy actually worked hard for his reputation, with a such loyal customer base. What a concept.

[John Whittinghill]

While many of you are still busy hating, Kal is probably out writing another mortgage as you speak....and might I add, getting some more exposure for the next deal in the meantime! I applaud Kal's guerilla marketing tactics, and would definitely have to agree that his personality is second to none. customer service is what generates repeat business, and marketing is what compells you to call in the first place. Maybe you owe it to yourself to call Kal and see why others continue to provide him with their business. While you're at it, you should call me to find the best real estate deals in Atlanta. Cheers, Kal !

[E]

Nice pants Kal.

[Nelcisco]

I knew a kid like this in Tacoma Washington, he was charming, agressive, handsome as hell, talking about a player,he reminded me of me 20yrs ago, the problem with
him was just because he was a superstar closing 10 deals
a month which is good in mortgages @ 3500 to 4k a pop @ the age of 22 selling option ARMs, you could'nt say anything to him he was so arrogant.

I wander if he's still in the business now that those neg am loans recasted.

[Suzi]

It's really hard to predict where the market is going so I usually just use other resources to help me in dertermining if my home is going to stay at it's current price or go up..

I check the trends on this website:

http://www.homepricetrend.com

[keith]

That book of matches is probably all that some of his clients have left of their dreams and savings. This guy was part of the problem, salute him if you want, but I bet he crammed more than a client or two into mortgages that ate them alive.

[Jonathan D. Orozco]

As owner of Haute Couture Media, I have found many of our clients to be in need of "identity" and/or branding to set them apart from the competition. Kal has accomplished this by celebrating his own identity and using it as a well known brand that is respected in our community.

It makes me laugh to see some of the hateful comments about his age and target demographic. No need to worry Kal, these guys just wish they could have as much fun, enjoy what they do, and live life like we do while being successful.

Before you judge him, dust off your Barrel of Monkeys game and get to know Kal. Not only will you find a smart business minded individual but you just might get a chuckle from something new and appealing. It's fun...try it.

Oh and for those wanting to see proof of his "loyal target demographic" please feel free to view images posted here... http://s161.photobucket.com/albums/t208/
askJonathanOnline/VIA/2008%2008%2001/?start=all
Be warned you might not be able to take your eyes off some of these people and I guarantee you they probably have a better credit rating than you do.

Cheers!

[Kristy Rae]

Kal is a very intelligent and personable guy. He has made his success around Atlanta being a very nice genuine guy. He is 26 years old! Most guys at 26 are still figuring what do to with their life and out focusing JUST on partying. I am not saying Kal is ready for marriage...but he is way beyond his years on maturity. Kal does party AND works very hard. Kal goes in for 12 hours days and sometimes at 10pm he is still working (then of course goes right to to some local hangout). He has a nice balance between the two. He has figured out how to mingle personal and business together which many people can't do and don't think is a good idea. Some people may be offended by him, but sometimes you have to take a few chances to be successful on a whole. I am glad Kal who he is. I am not sure about dating him..but I would ABSOLUTELY get my mortgage from him.

[Paulo R]

You know, I have to laugh at the people above this post that were so quick to slam Kal. Sheer ignorance. One reader posted: "I wonder if any Harvard intellectual has done a study to show that people from puberty to say, 55, have done more damage to the world than any other group? In particular, it's my suspicion that more troubled mortgages belong to this group, as a whole, or per age within it, than any other group." Another reader posted: "Let me guess, 99% of Kal's former clients are no longer "credit worthy"? Excuse me while I go puke."

Now, I work for one of the world's largest financial institutions through which your mortgage was probably funded - directly or indirectly. Well guess what? I got both my mortgages through Kal and I will return to him for my next. I'm 27 now and ever since puberty have never been late in paying any debt. Did I study at Harvard? No. I preferred more of a challenge and attended a top 3 engineering school at which I double majored in Mechanical and Aerospace engineering and minored in Biomedical engineering.

With that said, if you want to talk statistics you're speaking my language. If I am a sample data point in Kal's population of clients, in measuring "credit worthiness" I am neither above the mean nor the median, yet as I have already mentioned I have never been late in repaying debt.

So if you want to sound educated when voicing your opinion, ask questions about borrowers who didn't read their closing documents because they needed to buy a house they couldn't afford in order to keep up with the Jones as well as the infamous Community Reinvestment Act that placed non-credit worthy people into homes. If you're wondering what the default rates are like in those populations I can answer you with one word: Tragic. Our servicing portfolio is worth over $700 billion in loans and I have those statistics on my desk seeing that I have to work on the problem. Lastly, guess what? Kal is my customer and his company gets a lot of funding through mine. Neither of those populations do business with Kal.

[Tara Frankel]

I cant believe people can be so rude and classless Kal , they are just jealous of your success!!

Did'nt anyone care enough about you to teach you not to JUDGE ! If you would take a chance to get to know Kal instead of saying mean hurtful remarks , Not only will you find a smart business minded individual but he is also a very nice man!

[Kristy Rae]

I also wanted to respond to the comment "I'm curious to see the crowd who are considered "loyal" to Kal." from TrojanDLA. I just started a modeling business part time and also work full time for a local bank here in Atlanta. I might not make millions, but my credit score is 805 which is better than some people who have million dollar homes and are in financial trouble. The crowd that is "loyal" to Kal is smart, outgoing, hard working, attractive, upcoming and credit worthy people."

Kristy Rae
www.myspace.com/kristyrae25

[Tim K.]

Joey wrote: "He is relentless in his marketing efforts and enthusiasm. A combination that will undoubtedly serve him well in all his endeavours!"

There is a not-so-subtle undercurrent of respect for this kind of business style that I dislike. America is unique like this - we see it on our competitive reality TV shows, where the winner is a total slimeball, ends-justify-the-means, but even when the game is over his competitors still stand back and admire him - "he's played a good game."

"You stabbed me in the back! But my, what excellent form! Good show! Now, I must die..."

Seriously?! Sales folks like this are doing a tremendous disservice to their clients! If it takes trickery and smoothness to sell your product, maybe it's a product that is WRONG FOR YOUR CLIENT. While you admire his amazing sales techniques, it's the rest of us who are paying for this housing bubble mess. Still admire him now? Maybe your fan base should include all those brokers who "earned" $10K per loan they got to unqualified buyers.

[Shnaps]

This is SHOCKING to me - someone actually went to see the movie "Troy".

Wow.

[Bridget Cantrell]

To clear up Kal's "demographic"...I'm a 30yr old Atlanta female. I'm also an engineer and project manager for a global energy company--far from a club rat.

He found me a 30 yr fixed with a low rate--simple as that. I've had my house for five years, and I'm as stable as they come. I recommend him to every friend who mentions a mortgage because he does his homework, answers questions, lays out and helps you weigh your options, and then makes the closing process easy.

Yep, I see him out at various places around town, but his party lifestyle is of no concern to me. My checkbook is what matters, and he delivers.

Just because you (the commenters above) hate what you do for a living, don't knock someone who's found a way to be successful...and enjoys going to work every day.

[dustin sadeghy]

I have done business with Kal and I can definitly say that professionalism is not and was not lacking. I have gotten about 15 mortgages in my life and dealing with Kal was probably my best experience. I never got a matchbook or saw any of his creative marketing besides his myspace page, but the oldest and most effective method of word of mouth reeled me in. I now consult with him on a regular basis to discuss future aquisitions and financing options. And for all of these guys who are throwing daggers at a guy you may or may not know... This isnt the guy to throw them at. I've been an entrepanuer for 13 years or so and things have changed in the market place from both ends of the spectrum, and I can tell you that honesty, integrity and a strict code of ethics is going to keep this guy in business for a long time.

[MyLessThanPrimeBeef]

Your honor, even with the defendant's absence, but as the witnesses have demonstrated, you can't trust anyone between puberty and 55.

In closing, I submit my assertion above is the only verdict you should vote for.

Thank you.

[Party Boy]

Kal is an awesome person/proffesional, I myself party harder than any one I know in Atlanta!!! I have attained a Bachelor and Masters Degree, and consider myself very successful at 26 years of age. If you can mix business with pleasure I say do it, Kal does exactly that to perfection. I would trust my finances to Kal, a friend, and equal, over any "stuffy banker" type any day...