Plant his roots
Stone started the industry at just 27 years old and quickly named himself, taking on a variety of projects, including residential plots, warehouses and even clinic apartments.
“I actually had a real estate license,” he said. “I did a home, I did a commercial, you gave it a name. That practical experience taught me the full scope of the real estate ecosystem.”
However, his first major test took place in the mid-1980s during the savings and loan crisis. This is a time when the mortgage market was exhausted and title companies were hit hard.
“I had just taken over a local business in Portland (Oregon),” recalls Stone. “We went from seven offices and 93 offices to three offices and 17 people in six months. There was no business.”
Rather than retreating, Stone was innovated. He helped launch the Contract Services division to facilitate the seller’s fundraising transaction.
“It was probably the smartest move I’ve ever made,” he said. “We’ve been extremely profitable in one of the worst markets ever.”
Stone has previously served as vice-president of Metrocities Mortgage As Austin-based chairman Stone Group. In addition to several other leadership roles, he spent time on the board Fidelity National Financial and First American Financial Corp.
His career admiration includes receiving housingwire2019 Vanguard Award, 2021 again.
A vision caused by the crisis
Before “retiring,” Stone continued to work as president and chief operating officer at Fidelity National Financial. When the 2008 financial crisis hit, what he saw worried him.
“The industry shrugged and said, ‘It’s a lender’s problem. It’s a real estate agent’s problem.’ And I thought, we’re all part of the same deal,” he said. “Title companies must start thinking of themselves as partners in their client’s processes.”
The idea was the foundation of WFG, and launched in 2010 with the goal of establishing a title company that emphasized collaboration and “client-centered innovation,” Stone said.
“If the real estate agent has a contract, we’re part of their process,” he said. “It’s the same as lenders and lawyers. We have to treat it that way. I don’t think anyone in the industry really did that before WFG – not in the same focus.”
Deliberate growth
WFG grew steadily, but recklessly.
“We’ve never chased market share,” Stone said. “We’re not public. We don’t have to meet our quarterly goals. Instead, we were very strategic.”
WFG operates its own title plants and offices in seven western states. We maintain partnerships in the top US housing markets to ensure our clients are serving nationwide.
“We’ve studied the earning loss ratios for each state. There are a few states that don’t want to deploy capital,” Stone explained. “So we remained lean, we became smarter and focused on where we could add real value.”
He added that WFG will destroy trends in the top-heavy corporate hierarchy.
“There’s nothing like a flat organization, but we’re probably the closest you’ve ever seen,” Stone said. “Steve Ozonian and I always talk directly to revenue producers. I want to know not just what someone on the chart wants to hear, but what our clients think.”
Lessons in 50 years
Stone didn’t hesitate when asked about the most important lessons he learned in his 50-year career.
“I’m a stoic philosopher,” he said. “Epictetus said the key to life is knowing what you have control and what you can’t do. That’s how I tried to lead.”
One of Stone’s most proud professional traits is adapting to tough markets.
“You don’t complain about the market. You’re not going to change that. Adapt, find opportunities and focus on what you have control,” he said.
Stone believes that both the title and mortgage sectors are long behind in reform.
“When I first started in 1975, it took me 45 days to close. It still takes 45 days today. That’s insane,” he said. “Everyone is silent — lenders, appraisers, title companies, real estate agents. There is minimal interaction, overlapping processes, inefficiencies.”
He sees some promises from that National Association of Realtors Settlement and other market shifts.
“Now there’s a real motivation to innovate, ultimately create streamlined systems, reduce costs and reduce closing times,” Stone said. “We hope that the industry will finally take collaboration seriously.”
He also issued a warning about the national housing shortage.
“We have not been produced for the last 15 years. We don’t have enough homes,” added Stone. “It’s the basic supply and demand. Until we build more, and soon, that means the price is out of reach of too many people.”
Personal reflection
Looking back on his career, Stone expressed his deep gratitude – not only for personal success, but for those who shaped his journey.
“This isn’t about me. It’s about mentors, teams, partners, clients, everyone I’ve worked with. You don’t build a career or a company like this,” he said.
“There’s a lot to do, but by staying close to our clients and avoiding the ego and working together, we always do the same.”
His message to his colleagues, partners and peers?
“We’re all together, let’s act that way,” Stone said. “Let’s finally break down these silos and make the home faster, cheaper and more accessible for everyone.”
