| Sushil K. Tuli, chairman and sole owner of Leader Mortgage Co. Inc., and president and CEO of Leader Bank, is a self-proclaimed entrepreneur.
He certainly fits the description. Undaunted by potential pitfalls, he organizes, operates and assumes responsibility for business ventures that focus on – and ultimately achieve – success.
In 1986, Tuli, who came to the United States from India in 1976, saw a need within the immigrant, low-income and first-time homebuyer population for personal guidance through the mortgage process. To assist this demographic, he started Leader Mortgage Co. The Arlington-based mortgage lender is also licensed in New Hampshire and Florida. Leader Mortgage’s success with its approach is apparent – the company originated $750 million in loans last year.
Continuing its efforts to aid first-time homebuyers, Leader Mortgage partnered with Allston Brighton Community Development Corporation in May 2011 to offer comprehensive training to 40 individuals looking to purchase their first homes. The program involved education in a number of areas — from qualifying for a mortgage and handling credit matters to managing debt and creating a budget.
Based on his success with the mortgage company, Tuli launched Leader Bank in 2002. The bank, which is also based in Arlington, has a very active mortgage department, with three loan production centers. Its Needham office has 25 loan originators; the Burlington location, 18, and the Arlington center, five.
“Last year, Leader Bank was the seventh-largest residential mortgage lender in Massachusetts,” Tuli said, noting that the bank originated $1.5 billion in loans during 2010.
Giving Back
Launching Leader Bank and Leader Mortgage are his two biggest professional achievements, according to Tuli. He has grown the bank to five branches, with more than $400 million in assets, and firmly established a foothold in the Commonwealth’s mortgage market.
“Entrepreneurs love to challenge themselves,” he said. “I surround myself with very intelligent people who help me grow business.”
A firm believer in giving back, Tuli and Leader Bank and Leader Mortgage have contributed to more than 35 nonprofit organizations.
“We choose organizations that advocate for low-income families, housing issues, education and other causes that benefit the underprivileged,” he said. “We do a walkathon for the Arlington Housing Authority, which provides low- and moderate-income housing. We are also a big supporter of healthy eye care for children and encourage our employees to perform charitable work.”
Tuli and his wife, Rita, reside in Belmont, and have three grown sons: Jay, Shawn and Neil. Tuli received his bachelor’s degree in 1971 and a master’s in public administration in 1975 from Punjab University in India. He also completed the certificate program at the Massachusetts School for Financial Studies through the Massachusetts Bankers Association. Most recently, Tuli graduated from the Harvard Business School Owner/President Management Program.
In 2003 and 2005, Tuli was selected as a finalist for the Ernst & Young Entrepreneur of the Year Award. He chaired the Massachusetts Mortgage Bankers Association (MMBA), the largest mortgage banking industry association in New England, in 1999. That year Banker & Tradesman named Tuli one of 125 leaders making a difference and Leader Mortgage also received the Fannie Mae Technology Leadership Award. Tuli served on Fannie Mae’s Regional Advisory Council from 1994 to 1996 and again holds that position. In 1993, then Gov. William Weld recognized Leader Mortgage for its contributions to the community. Most recently Gov. Deval Patrick appointed Tuli to the Massachusetts Home Ownership Advisory Committee.
