LOCAL PROFILES
Real Estate Exec: Matt Hennessy—Hennessy Financial Group

When Matt Hennessy was considering a career path, he knew it had to involve using numbers in a way that would help people. As head of Hennessy Financial Group, and a vice president for CitiMortgage’s Self Source division, he has plenty of opportunities to do just that.

After earning degrees in finance and accounting from UNLV, Matt became the manager for MGM-Mirage's entertainment division and eventually handled the finances for the department. But he knew there was something more he wanted to do. "I wanted to get out on my own and prosper," he explains. "And someone suggested I look into mortgage banking." It was the perfect fit for his career goals.

Although Matt admits there is a current credit crisis, he also sees it as having a beneficial side. "There's no better time to purchase property than right now," he says. "Loans are still available, but we've gone back to the basics of mortgage banking, which is a good thing." When just about anybody could walk in and qualify for a home loan, the pride of ownership got a little watered down. Matt believes that when buyers have to plan and even sacrifice a little to raise a down payment, they have more sweat equity and a significant sense of satisfaction and dignity in their ability to reach their goal.

Reputable mortgage bankers are looking at a borrower's income, assets and ability to pay rather than pushing them into a financial situation that may later prove unstable. “True mortgage professionals are more accepting of the cleansing taking place in our industry,” Matt says. “This tends to filter out those individuals who conduct business without taking into account the best interests of their clients.”

Whether he's dealing with a first-time homebuyer or an investor, Matt takes an all-inclusive look at his clients' total financial picture. He advises them to put as much down as they possibly can in order to get the payment down as low as it can be. "I always ask them, 'Everything else aside, what is the maximum payment you ever want to have?'" he explains. "I never want to advise people to live beyond their means."

In addition to just helping clients pre-qualify for a loan, Matt and his team take the time to find out what long-range plans the borrower has and whether they have given enough thought to long-term financial goals like asset protection and estate planning. "Our aim is to help them out today and for the future," he says. "It's not just about incurring debt, it's about debt management."

With the current interest rates, refinancing may be a good option if homeowners need to lower their payments, do some remodeling, consolidate debt or finance a college education. Many years of experience enable Matt and his team to help their clients make the choice between a new first mortgage or a home equity loan based on personal goals, tax rates and a variety of other factors that borrowers alone might not think about. "Our job is to stay informed," Matt explains. "There are lots of places that offer mortgage loans, but we go the extra mile in our customer service." Treating clients with honesty and respect is their highest priority.

Born and raised in Las Vegas, Matt is proud of the city's evolution and expansion. He sees the developments in merchandising trade, medicine, and the arts not only as healthy changes for the community, but as the kind of progress that will attract more people to the area. Translated into the Real Estate industry, it means increased sales of primary homes and vacation homes to people from all over the world. "Non-gaming revenue well outpaces gambling now in Las Vegas," he says, "and that can only be good for the area."

As a preferred lender for several high-rise condo projects in the area, Matt stays on the cutting edge of the vertical revitalization of Las Vegas. And he's passionate about helping clients realize their dreams of home ownership. "My best recommendation to folks who don't think they can qualify for a home loan these days," Matt says, "is to seek the advice of a certified mortgage planner who can guide them into saving the money for a down payment or show them how to repair their credit over the next 12 months." He and his team are dedicated to doing just that. "We've been building relationships over the past decade, so people know we're not out for just a paycheck," he says.

In addition to all his other duties, Matt is also vice president of the Las Vegas High-Rise & Condominium Association (LVHCA), and a member of the Mortgage Bankers Association. He can be reached by phone at (702) 810-1522, or visit his Web site at www.hennessyfinancial.com.

Photography: Elisabeth Libby