Name: William R. Hart
Title: Vice President of Mortgage Banking, Newtown Savings Bank
Age: 45
Experience: 24 years
Bill Hart is a consistent top-producing loan originator who likes a challenge. Keeping up with three hockey-playing boys wasn’t enough, so in 2016 he bought and opened a tapas restaurant in New Milford. He’s proud of having earned both his Series 7 and Series 63 licenses to be a financial advisor and, though he doesn’t do that kind of work, he believes the training continues to inform his approach to mortgage lending. The day after he spoke to The Commercial Record, he took his sons to three different hockey games in two states. He credits his “hugely supportive” wife with helping him keep it all running smoothly.
Q: How did you get into the mortgage business?
A: I was like a lot of people; you get a degree and then what do you do? I didn’t want to come up north honestly, but I felt it had the best opportunities. I thought I’d come here for a couple years and then move to New York City. My title has changed, but I essentially do the same thing today as I did when I started.
Q: How do you post such consistently big numbers?
A: I would say hard work. I focus a lot more on making sure people call me again after I give them a mortgage. Unfortunately, the industry is set up to reward people for bringing in new business and pays you less for repeat business, which is ridiculous. Also, if you look at when I started, the timing was such that the stock market was great, employment was going up and people were buying. My generation was employed. When 2000 came, people wanted to do something before Y2K. When 9/11 happened, I wasn’t a rookie anymore and the housing market took off.
I’ve been at Newtown for a long time. A lot of people jump around to who is paying them the most or giving a signing business. If I started today, would I duplicate the same success? I’d say no.
Q: Why do you think loan originators change companies so often?
A: It’s sad, but it’s the way it is. People will call another lender and see what kind of a deal they can get. Then they go back to their employer and ask them to match it and they won’t, so they leave. When the economy goes bad, if you can make more money somewhere else, you go. I think employers don’t look kindly on that. Something about banking that I’ve never understood: They won’t negotiate with existing customers, but they’ll give great deals to attract new customers. We’ll give away the ranch to get his business. I think what’s sad is that is how pay works, too. That’s been my experience and I think it’s true for others, too. The reality is that if you go back many years and you have good relationships with people, hopefully it means something. Some people value that more than others.
Q: What markets do you cover?
A: I’ll go statewide, but most of our business is in Newtown and Greater Danbury, northern Fairfield, New Haven and southern Litchfield counties. I’m doing one in Woodstock right now.
I think that one of the things that has helped me be successful is that I’ll do a lot of harder loans with lower returns and more work. Newtown was busier when the market was booming and people were priced out of southern Fairfield County. Today, it’s a different world; people want to live in Westport and Fairfield and be closer to the city. Now, Millennials want energy efficiency and smaller yards, and Newtown is the home of the long driveway and 5-acre lots. The demographics have changed. People are more into what lower Fairfield County offers. If prices there keep dropping it will push people toward Newtown. I’m hoping we pull more New Yorkers in – taxes are much higher there.
Q: Are you starting to see some price appreciation in northern Fairfield County?
A: Things are a little better. What I really love seeing is more builders willing to build homes. It’s a great value. It’s not like buying Apple stock. That’s what housing became from 2001 to 2007. In hindsight, I don’t think what happened back then will happen again in my career, but I know if I see it again, I’ll recognize it and be ready for it. It’s hard to recognize the devil when he’s putting his hand on your shoulder. Nothing goes up forever. Ask anyone who bought a house in 1972 if they thought they were going to make million dollars. Now people’s expectations are more in check, and it’s a sign that we turned a corner.
Q: What do you do when you’re not selling mortgages?
A: I bought a tapas restaurant and it’s been a lot of fun. I’ve learned a lot. It’s got its own set of challenges. It’s called Zaragoza in New Milford. We just got voted best tapas restaurant in Connecticut. There was a restaurant there and I bought and developed the space. Our chef is from Ecuador. What I like about the tapas concept is that we give big portions. We do craft cocktails, too. We can give you what you want a la carte. We opened April 30, 2016.
I did it for the challenge. It took me out of my comfort zone. … Friday night, you’re competing with every other restaurant in the area. It’s not enough to have great food and drinks. It’s like if you made the best movie ever that doesn’t make any money. Those “Fast and Furious” movies were terrible, but they made a ton of money.
We use social media, we advertise on radio stations and try to get people to come on out and try us. And people do, but you need to have people there every night, not just Thursday, Friday and Saturday. It’s also hard when you work at a bank. It’s professional and there is decorum. Restaurants are different. Everyone is younger.
I knew it would be hard, but it’s harder than I thought it would be. The owner gets paid last and it’s hard to make enough money to justify the risk and the outlay of money. That’s why restaurants fail. It’s also rewarding. I had Dustin Hoffman in there telling me he loved the food. He has a house in Roxbury. I didn’t even recognize him at first. When celebrities want to be seen, they go to the Hamptons; when they want to stay under the radar, they go to Litchfield County.
Hart’s Five Favorite Things:
- Athletes: Michael Jordan, Bo Jackson and Wayne Gretzky
- Vacation spot: Bald Head Island, North Carolina
- Movie: “True Romance”
- Pastime: Watching his kids play hockey
- Guilty pleasures: lifted diesel trucks, tattoos and loud mufflers
