Heidi Bedgar | Regional Sales Manager | Union Savings Bank
Vola Siwakoti, MBA, is an accomplished Regional Sales Manager at Union Savings Bank, where he plays a pivotal role in overseeing mortgage operations across Pennsylvania, Ohio, Kentucky, and 48 other states. With a strong foundation in non-profit management, leadership, and education, Vola brings a unique and diverse skill set to his role, blending strategic vision with a deep commitment to ethical lending and customer satisfaction. His journey into the mortgage sector, shaped by years of experience in community service, reflects his passion for helping individuals achieve homeownership while fostering financial empowerment. Recognized by EliteX as one of the Prominent Leaders in the Mortgage Industry for 2024, Vola continues to drive innovation and operational excellence, leveraging his expertise to ensure success in a rapidly evolving market. His leadership is marked by a blend of transparency, technological advancement, and personalized client care, positioning him as a standout figure in the industry.
Vola’s journey into the mortgage industry began with community-level volunteering, where he assisted individuals in preparing and submitting their taxes. It was during this time that he discovered a passion for helping people achieve their dreams of homeownership. What started as a simple act of helping others secure loans gradually evolved into a career in loan origination. Over the years, Vola has made a significant impact on countless lives by guiding individuals and families through one of the most crucial financial decisions—purchasing a home. Vola’s motivation to pursue a career in the mortgage industry is deeply rooted in his desire to empower individuals and families to achieve the dream of homeownership while positively impacting community development. He is passionate about using his financial expertise and problem-solving skills to provide tailored mortgage solutions that enhance his clients’ financial well-being. Vola believes in building long-term relationships and advocating for fair lending practices, ensuring that every client feels supported and informed throughout their home-buying journey. The dynamic nature of the mortgage industry offers Vola continuous opportunities for professional growth and personal fulfilment, allowing him to combine his interests in real estate and finance with an entrepreneurial spirit.
“Success is rooted in resilience, continuous learning, and a deep commitment to serving both customers and the community.”
As a leader, Vola describes his leadership style as a blend of strategic vision, relationship-building, and results-driven management. He sets a clear direction for his team, coaches and mentors his staff to develop their skills, and emphasizes the importance of building strong client relationships. Vola is adaptable, resilient, and fosters collaboration across departments, ensuring a seamless process from loan origination to funding. His commitment to ethics and compliance is unwavering, and he motivates his team through recognition and inspiration, always maintaining a customer-centric approach. By leveraging data-driven insights, Vola optimizes strategies and drives his team towards achieving sales goals while upholding high standards of service and integrity. Union Savings Bank, where Vola works, is driven by a clear mission and vision. The mission of the company is “To be the premier financial institution, offering a diverse range of products that meet the evolving needs of our customers.” Its vision is “To lead the mortgage industry by consistently delivering high-quality products at the lowest possible cost, ensuring exceptional value for the customers we serve.”
Looking ahead to 2024, Vola identifies several major trends shaping the mortgage industry. These include the increasing role of technology and AI, with automation and digital mortgage processes enhancing efficiency and customer convenience. Rising interest rates, though in a correction mode, may slow refinancing and increase competition among new homebuyers. There is also a continued focus on affordable housing initiatives and expanded down payment assistance programs, which will address the affordability gap. Tighter regulatory scrutiny, particularly around fair lending and ESG criteria, will require lenders to ensure compliance, while the growth in non-traditional mortgage products and evolving consumer expectations will offer more personalized and flexible mortgage solutions. Additionally, demographic shifts and potential market consolidation will continue to influence the mortgage industry in significant ways.
Vola Siwakoti acknowledges the significant challenges currently facing the mortgage industry, which is known for its dynamic nature and complex regulatory environment. He highlights several key challenges that industry professionals must navigate:
• Rising Interest Rates: With increasing interest rates, affordability for homebuyers is decreasing, which in turn reduces refinancing activity. This has a direct impact on overall market activity. Housing shortage is increasing in an Alarming reality where a thoughtful intervention is a most.
• Housing Affordability and Supply Shortages: Limited housing inventory, coupled with high construction costs, is driving up home prices, making it harder for many individuals to achieve homeownership.
• Regulatory and Compliance Pressures: The mortgage industry is heavily regulated, requiring significant investment and resources to stay compliant with evolving regulations, including those related to fair lending and data privacy.
• Economic Uncertainty: Factors like market volatility and inflation are creating uncertainty in mortgage lending and eroding the purchasing power of potential homebuyers.
• Intensified Competition: Traditional lenders are facing stiff competition from fintech companies, which is putting pressure on profit margins and pushing the need for continuous innovation. Brokers are fuelling their industry supremacy but are draining a lot from the borrowers’ pocket in the name of the lightning fast processing and on the other hand depositories are sleeping with the file upto two months thinking they can win the customers charging less to none in the origination costs.
To overcome these challenges and seize new opportunities in the market, Vola emphasizes the importance of staying informed through continuous market research and competitive analysis. He believes in leveraging technology and innovation to streamline processes and offer compelling products. By adopting a customer-centric approach and understanding the evolving needs of clients, Vola ensures that his team provides personalized mortgage solutions. He also highlights the value of forming strategic partnerships to expand reach and explore cross-selling opportunities. Maintaining agility and being open to new ideas are also crucial in adapting to market changes and effectively capitalizing on emerging opportunities. Ensuring customer satisfaction and building trust with clients are top priorities for Vola. He achieves this through a combination of personalized service, transparency, and consistent communication. Vola emphasizes the importance of a localized approach, where understanding the specific needs of the community allows for tailored solutions that reflect local market conditions. He invests time in building genuine relationships with clients, understanding their concerns, and providing advice that suits their unique situations.
“In a world of constant change, staying informed and adaptable is key to seizing new opportunities in the mortgage market.”
Transparency and clear communication are fundamental to Vola’s approach. He ensures that clients are fully informed at every stage of the mortgage process by explaining loan terms, fees, and processes in a straightforward manner. By setting realistic expectations, he helps prevent misunderstandings and builds trust with his clientele. Vola also prioritizes responsive and reliable service. Quick response times and consistent quality in all client interactions show clients that they are a priority. Additionally, Vola offers low-cost value additions, such as educational resources and personalized follow-up messages, to maintain long-term relationships with clients.
Vola’s commitment to customer satisfaction is further reflected in the initiatives implemented by Union Savings Bank to improve the customer experience. The bank has introduced digital tools, such as user-friendly online platforms and mobile apps, which include features like e-signatures and secure document uploads. Personalized service is another key focus, with tailored mortgage solutions and dedicated support teams providing a more individualized experience. The bank also offers cost-efficient products that stand out in the market for their value and consumer-friendly terms. Enhanced communication, faster processing through automation, and regular customer feedback initiatives are additional ways the bank addresses pain points and enhances service quality. Vola’s dedication to these initiatives ensures that customers receive the best possible experience throughout their mortgage journey.
Technology is playing a transformative role in the mortgage industry, and Vola is at the forefront of leveraging these advancements. Automation, AI, and machine learning are streamlining underwriting and risk assessment processes, making them more efficient. Digital mortgage platforms allow customers to apply, submit documents, and track applications online, enhancing convenience and transparency. Innovative solutions such as e-signatures, remote closings, and blockchain technology are making the mortgage process faster, more secure, and more transparent. Union Savings Bank is developing and utilizing AI-powered loan processing tools and end-to-end digital platforms, while also exploring enhanced transaction security measures. Personalized customer journeys driven by data analytics and virtual assistants are improving customer satisfaction, ensuring that clients receive tailored mortgage solutions that meet their needs. Vola’s forward-thinking approach positions the bank as a leader in the evolving mortgage industry, always looking to solidify the future of mortgage services.
Vola Siwakoti recognizes the significant impact that recent regulatory changes are having on the mortgage industry. These changes are increasing the emphasis on compliance, requiring lenders to invest more in robust systems and processes to meet evolving standards. This is particularly important in areas like data privacy, fair lending, and consumer protection. For many lenders, especially smaller ones, this could lead to higher operational costs as they work to keep up with these requirements. Despite these challenges, Vola sees the positive side of stricter regulations. He believes that these changes, especially those focused on fair lending practices, are aimed at reducing disparities in mortgage approvals and pricing, promoting greater inclusivity in the industry. While the initial implementation of these regulations may be challenging and costly, Vola is confident that they will lead to a more transparent, equitable, and consumer-friendly mortgage market in the long run.
In terms of social responsibility, Vola is proud of Union Savings Bank’s commitment to community collaboration and education. The bank is deeply involved in affordable housing programs and community revitalization efforts, partnering with local organizations to support community initiatives. Through educational outreach, the bank works with stakeholders and non-profits to provide financial literacy and homebuying workshops, empowering customers with the knowledge and resources they need to make informed mortgage/financial decisions.
The bank also encourages sustainability through green mortgage initiatives, which support energy-efficient home improvements, helping homeowners reduce expenses. Additionally, Union Savings Bank focuses on making homeownership more accessible and sustainable by offering low-cost financing options and down payment assistance. These initiatives reflect Vola’s dedication to not only serving customers but also contributing positively to the community. Vola attributes his success to a set of daily habits and routines that keep him focused and motivated. He begins each day by reviewing his goals and prioritizing tasks, ensuring that he remains focused on what’s most important to him, his family, and his customers. Continuous learning is a priority for Vola, so he dedicates time each day to reading industry news or engaging in professional development.
“The mortgage industry is not just about numbers; it’s about building trust and making homeownership accessible to all.”
Building strong relationships is also key to his success. He makes it a habit to regularly connect with colleagues, clients, and peers, fostering strong professional connections. Vola understands the importance of physical and mental well-being, so he incorporates regular exercise or meditation into his routine to boost his energy and productivity. At the end of each day, he reflects on his accomplishments and considers how he can improve for tomorrow, always maintaining a forward-thinking and positive mindset. When asked about his biggest influence or mentor in his career, Vola reflects on his own journey. While it may sound unconventional, he believes that his biggest mentor has been himself. His approach to life, his education, his determination to support others, and his passionate dedication to his career have all played a pivotal role in shaping his professional path. Vola’s life journey, filled with challenges, transitions, and transformations, has provided him with the guidance, wisdom, and support he needed at crucial moments.
He credits his mother for teaching him the importance of endurance, which has helped him navigate challenges with calm and insight. These lessons have become an integral part of his leadership style. While he acknowledges the support and guidance from his wife and daughter, Vola emphasizes that his own resilience and strategic thinking have been the driving forces behind his success. For those starting out in the mortgage industry, Vola offers valuable advice. He emphasizes that the industry is highly rewarding, particularly in the USA, but it requires a deep commitment to learning and growth. Vola likens the industry to a diamond hidden in the depths of the sea, where shallow swimming won’t get you far. Instead, he advises newcomers to build the stamina needed to navigate the complexities of the industry, which is marked by diverse and dynamic layers of guidelines and regulations. Vola encourages them not to underestimate the challenges, as only those who are truly prepared will succeed.
Looking ahead, Vola predicts significant changes in the mortgage industry over the next 5 to 10 years. He foresees a widespread use of AI and automation in underwriting, processing, and predictive analytics, which will streamline mortgage approvals and allow for more personalized offerings. The shift to fully digital mortgages and the adoption of blockchain technology will enhance security, transparency, and efficiency in transactions. Vola also anticipates growth in non-traditional mortgage products, such as shared equity and green mortgages, which will cater to the diverse needs of consumers. With an increased emphasis on sustainability, driven by consumer demand and regulatory support, green mortgages, and ESG criteria will become more prevalent. Finally, Vola predicts that tech-driven competition from fintech and Big Tech companies will disrupt traditional lenders, pushing the industry towards more innovative, user-friendly mortgage solutions.
Celebrating Excellence: Vola Siwakoti’s accolades in the Mortgage Industry
A Prominent Leader in the Mortgage Industry (2024)
Top 50 Mortgage Professionals in America (2023)
World Leader’s 40 Under 40 (2023) Global
NMP’s 40 Under 40 in Mortgage (2022) USA
Marquis Who’s Who Top Executives (2022)
The Prestigious Marquis Who’s Who Biographical Registry – 2022
Marquis Humanitarian Award 2022
Most Innovative Mortgage Professional (2021)
Excellence in Mortgage Sales (2020)
Union Savings Bank NMLS 445047 you can find more about the bank at Low Costs. Low Rates. Honest Banking. | Union Savings Bank (usavingsbank.com)
