Lessons Learned at Home
Lindsay LaBonte recalls how she felt growing up, watching her father, who owned an independent mortgage broker company, help people get into homes.
“He always came home from work so satisfied with being able to help people reach the American dream and own a house,” she said, adding that she decided early on that she wanted to do the same. “I knew I had to go to school and get that done, but I really wanted to work. So when I was 16, I started as an intern with him, and the rest is history. I worked my way up, got licensed as a loan officer, happened to be good at it — and I enjoy it.”
These days, LaBonte enjoys that work as branch manager of the Applied Mortgage team at the Northampton branch of HMA Mortgage, the most recent national company Applied Mortgage has been affiliated with.
“We’ve had different parent companies. In the mortgage world, it’s a franchise model, where branches often run as a team name and feed up to a larger parent company,” she explained. “So we’ve had different parent companies over the decades, but always the same Northampton-based Applied Mortgage team.”
Her father entered the business in 1987, and LaBonte’s success over the past two decades — she’s one of the top loan originators in Western Mass. — has turned this family success story into a multi-generational one.
“For people who are buying a home, no one’s process is the same as the next person because everybody’s got different goals, different financials. We take those goals and financials and put them together, figure out the mortgage that’s going to work, and get them into that home.”
“A lot of family businesses don’t work out, but I’m really fortunate — my dad is an awesome dad, an awesome mentor, an awesome boss at the time. I ended up being his boss. Now he’s retired, so it’s been a good run.”
That run continues with LaBonte and her team serving a variety of clients in Western Mass.; the business is licensed in more than 30 states, but about 99% of its business is centered in Hampshire, Franklin, and Hampden counties.
The focus is residential mortgages, she explained — purchases, refinances, and renovations of primary or second homes, and some clients who rent out homes as entrepreneurial enterprises. About a third of her clients are first-time homebuyers, while the rest are either upsizing, downsizing, repeat buying, or renovating.
With that volume of clients navigating the process for the first time, LaBonte said strategic planning and financial education are important parts of what Applied Mortgage brings to the table.
“What I love the most, at least professionally, is getting to meet with and speak to people from all different walks of life,” she said. “For people who are buying a home, no one’s process is the same as the next person because everybody’s got different goals, different financials. We take those goals and financials and put them together, figure out the mortgage that’s going to work, and get them into that home.”
For this issue’s focus on women in business, BusinessWest sat down with LaBonte for a wide-ranging talk about the mortgage business, why she enjoys it, and how she connects with the community in a number of different ways.
Sharing the Love
It’s called Local Love Days.
That’s a program recently created by Applied Mortgage as a way to give back and support local businesses. On select days, the team will partner with local small businesses and invite the community to stop by, explore what they offer, and show their support. To spark participation, Applied Mortgage will cover the cost of a small thank-you item, such as a coupon for the first set of shoppers, a free drink or appetizer, or another offering tailored to the partner business.
Lindsay LaBonte (center) with HMA Mortgage colleagues Bob Petrelli (left) and Jess LaMothe.
“We’ve always, throughout the years, supported nonprofit organizations,” LaBonte said. But at the same time, “we’ve got a lot of business owners we work with. So, while we want to continue to give back to the nonprofit sector, I was trying to brainstorm, how do we directly impact and help businesses?
“If if we’ve got a network of about 10,000 to 15,000 homeowners that we’ve helped over the last 35 years, how can I mobilize those people to come out and support businesses and also give them a cool incentive or coupon or something? So the Local Love Days really came from trying to tie that all in together,” she went on.
“We’re selecting some businesses to partner with and having a day where maybe the first 50 people get a free donut on Tuesday morning at such and such donut shop, or maybe something at a happy hour at a bar, or a free yoga class. We’re trying to span the three counties that we work in, span all different types of restaurants and retail, and use this as an opportunity to mobilize our network and help connect people and bring them out to support businesses.”
As she noted, the company supports dozens of nonprofits as well through volunteerism and philanthropy, and LaBonte also serves on a number of local boards. That, like her business goals, was partly due to her father’s influence.
“I think my dad was maybe a little ahead of his time, starting in the ’80s, being in a mortgage company and raising his hand for corporate social responsibility. We’ve always had that ingrained in our core values. And I picked that up from him when I started.
Lindsay LaBonte
“I think my dad was maybe a little ahead of his time, starting in the ’80s, being in a mortgage company and raising his hand for corporate social responsibility. We’ve always had that ingrained in our core values. And I picked that up from him when I started.”
“He said, ‘you’ve got to get out there,’” she added. “So part of it was business networking, and another part of it was, what do you want to support? In the financial world, we’re in a spot where we can financially support causes, as well as volunteering and lending our expertise.”
As for that volunteering, LaBonte — now the mother of two kids, ages 4 and 3 — has had to learn how to balance work, family, and her passion for the community.
“I got engaged with some of the local young professional organizations originally, and it kind of grew from there. I was probably 20 at the time that I served on my first committee, and once you raise your hand as a young professional, you get pulled by a lot of different organizations. So most recently, it’s been figuring out where it makes sense and learning how to not say yes to everybody, even though it’s really hard to do that.”
That said, she finds as much time for all of it as she can, and laughed when asked what her typical day is like.
“Typical is not really in my vocabulary anymore. It used to be,” she said, noting that she was “very type A” at one time, but having young kids changed that.
“About 10% of our homeowners actually are entrepreneurs. And a lot of my time is speaking with other entrepreneurs, business owners right here in the Pioneer Valley. And we do a lot of work with nonprofit organizations, giving back to over 30 organizations a year. So my day kind of bounces between actually working on mortgages to just meeting and networking with folks, and then also doing a lot of the community support that we get to do.”
Changes and Challenges
LaBonte said the mortgage field has changed in some ways, especially through new technology, which now incorporates everything from electronic portals to share information to clients using FaceTime to view houses.
“There’s just so much more video and photography and text messaging and all these different aspects. I think that’s the biggest change. And what we always try to do is use technology and social media and all those other support tools to enhance relationships rather than to replace the relationship.”
Of course, the biggest challenge for clients these days is the fact that home values have soared, inventory is tight in most areas, and mortgage rates are higher than they have been in the recent past.
“I was just speaking with somebody earlier this week, and they said, ‘wow, this just isn’t my mom’s housing market.’ I’m like, I need to make a T-shirt that says that. Because it’s hard, right? I mean, where do you typically go for your advice? Probably your parents or close friends or someone else who bought a house five or 10 years ago. And really, in the last five years, there’s been a big switch.
“It’s attainable for some people, but not for everybody. And it’s less affordable to buy a house than it has been,” she went on. “So we’ve always incorporated an element of education into everything we do. I always tell people, it’s never too soon to contact us to just start making a plan.”
For many clients, especially first-time homebuyers, that’s crucial, LaBonte added.
“There’s not really financial 101 kind of stuff in schools. Sometimes, when we’re talking to people, it’s their first time ever seeing their credit score or really sitting down and making a budget. So we have those conversations that are just a base plan, all the way up to people who own five, six, seven investment properties, and they’re trying to figure out how to structure things to make their next move. So it can be basic or intricate.
“We consider ourselves their debt advisors,” she went on. “Financial advisors are managing the assets, and we’re trying to figure out how do you best structure this debt? Because a mortgage is usually attached to somebody’s biggest asset, but it’s probably their biggest debt, and they’ve got to be able to pay it, and it’s got to make sense and be comfortable.”
That’s another quality she said she absorbed from the way her father conducted business.
“I learned from my dad originally to give people the time of day, to sit down with them, meet them where they are, and just help them. And I think, through that mindset, we get repeat customers. People who worked with my dad before send their kids, even their grandkids now. And it’s really wonderful.
“It’s a great community,” she added. “We’re really fortunate to have a community that values supporting local folks. And we just stick to that mission of just doing good. Good business begets good business. And it just grows from there.”
Like her father, LaBonte is gratified when she comes home having helped someone secure a home in a region she’s clearly passionate about.
“I always ask homeowners, because I am curious, ‘why now? Why are you moving here? What’s the draw?’ And mostly what I hear is we kind of have the perfect area,” she told BusinessWest. “We have the Five Colleges system. We have great public schools. We have great hospitals. We have all these little downtown areas with great retail, great restaurants. People value that. Plus we have a good environment for hiking, biking, whatever outdoor activities that people like.
“So I do think it’s really a perfect landing place for a lot of folks,” she went on. “And that makes it trickier with our low supply and high demand of housing inventory. But that’s a whole other conversation.”
Success Stories
LaBonte has been a Banker & Tradesman top loan originator across the four Western Mass. counties for eight consecutive years, has been named among Scotsman Guide’s top 1% women originators nationally, and was featured in Mortgage Banking’s Powerful Women in Mortgage Banking in 2022.
“I think, when it comes down to it, those are just accolades, right? she said. “It’s the actual people that we’re helping who motivate me — making sure that we’re actually serving people’s best interests.”
When LaBonte was named to BusinessWest’s 40 Under Forty class of 2018, she was asked what three words best describe her, and she replied, “goal-oriented, efficient, planner” — and judging from the recognition from the publications noted above, those traits have certainly served her well.
But she’s also personally evolved quite a bit since 2018.
“What’s that, seven years ago? That was before I was married, before kids, before I was actually managing my own group. My mindset was so much more individual — and you can see that in the words that I picked.
“So yes, I think that foundation definitely got me here, but I think I’ve also learned a lot more empathy and sympathy and leadership skills and everything else since then,” she went on. “And I have such an awesome team now. I’m thankful for that. So I think now it would be a lot more team-oriented.”
She’s also more grateful for each individual client success.
“It’s harder now, and it’s not just helping people get to the finish line of owning the home —that’s really the starting line. It’s everything we do after that to support people and the conversations we have and making sure that they’re continuously able to stay in their home. It’s got to be one of the coolest jobs.”
