Russell Petty Jr. is the owner of Grow Home Loans, a new kind of mortgage for today’s world. He founded his company on two principals; providing an environmentally conscious, 100% paperless mortgage and giving back to the communities he serves. Recognizing the mortgage process to be complicated and involving hundreds of pages of complex paperwork, Russell is bringing the mortgage industry into a new, paperless era. Through his groundbreaking mobile system, borrowers can escape the tedious application process and still experience personalized service with a competent mortgage consultant, who will find the best possible loan for their unique situation.
Russell states, “It’s absolutely crazy how much paperwork is involved in a typical loan. This industry is killing thousands upon thousands of trees every year. I wanted to give back and help the environment. Hence, the name, Grow.”
Grow Home Loans is the ONLY 100% paperless mortgage company in the US; the offices do not even have printers. From application to closing, not a single piece of paper is used. The first loan that Russell closed upon starting Grow was for a borrower who had been to six other lenders, all of whom rejected the deal. Russell closed the deal in 18 days, allowing the borrower and his daughter to move into their new home a week early!
Russell is a seasoned mortgage professional with a unique background in IT. Earlier in his career, he held titles of Sr. software engineer and director of IT before transitioning to mortgages and finance. This advanced technological knowledge, coupled with extensive experience in the financial sector, has allowed Russell to develop this innovative approach to the mortgage process. He states, “I want to be there for people for their first home to their kids’ first homes. We want to be that ‘neighborhood’ lender, but also enable everything to be done virtually and on your phone. That’s the way things are moving, we’re just one of the first to accept and adapt to it. The fact that people can close on their new home while waiting in line at the movies is something we are extraordinarily proud of. While all states have not approved electronic closings, it is quickly being passed across the US and we are rolling it out in each state as they approve it.”
As the owner of Grow Home Loans, Russell is charged with responsibility over its compliance, operations, and development. In this pursuit, he actively engages with realtors, builders, and investors to introduce his one-of-a-kind system, which decreases typical timelines by 10 days or more AND completely removes the waste of paper. “Realtors are even able to pull real time pre-approvals for clients on their own, up to the amount the borrower is approved for. While originators are not always available 24/7, the system is. It keeps everyone involved and updated as to the status of the loan and the next steps that need to be taken.” he says. In addition to preserving the environment through paper reduction, Russell donates 100 trees to be planted for each closing, as well as to charities of the borrower’s and realtor’s choices. So far, thousands of trees have been planted across the country thanks to Russell and his efforts. His system even sends his borrowers photo updates of their trees and information on the effect it’s had on the environment.
Russell is highly regarded within the industry for his ingenuity, dedication, and commitment, which is evidenced by the impressive number of closings that the fledgling company has already added to its portfolio. When asked about his career choice and inspiration, Russell says “I’ve always loved finance. I’m just so happy that now, not only can I help clients obtain their new homes or better the situations they’re currently in, but I can also give back to real causes that are affecting people on a daily basis. We are helping raise awareness on suicide prevention, the environment, blindness, dementia, and so much more. It just feels great to be able to give back.” At just 22 years of age, Russell is not only the youngest owner of a mortgage company in the United States, he is one of the most ethical and accomplished.
Russell attended Berklee College of Music and plays several instruments. When he is not engaged with the obligations of his business or involved in a philanthropic pursuit, he enjoys spending time with his family and his two bulldogs.
“A special thanks to JP, VW, CJ, RJ, LJ, & HJ. I wouldn’t be who I am today without you.” - Russell Petty Jr.