WFG’s Patrick Stone has stamped his mark on real estate

Planting his roots

Stone got his industry start at just 25 years old, quickly making a name for himself while taking on a variety of projects including residential subdivisions, warehouses and even a medical office condominium.

“I actually had a real estate license,” he said. “I did residential, I did commercial, you name it. That hands-on experience taught me the full scope of the real estate ecosystem.”

But his first big test came in the mid-1980s during the savings and loan crisis — a time when the mortgage market dried up and title companies were hit hard.

“I had just taken over a regional operation in Portland (Oregon),” Stone recalled. “We went from seven offices and 93 people to three offices and 17 people in six months. There just wasn’t any business.”

Rather than retreat, Stone innovated. He helped launch a contract servicing department to facilitate seller-financed transactions.

“That was probably the smartest move I ever made,” he said. “We became highly profitable in one of the worst markets ever.”

Stone has previously served as vice chairman of Metrocities Mortgage and as chairman of Austin-based The Stone Group. In additional to several other leadership roles, he has spent time on the boards of Fidelity National Financial and First American Financial Corp.

His career accolades include receiving HousingWire’s Vanguard Award in 2019 and again in 2021.

Vision sparked by crisis

Stone went on to work as president and chief operating officer at Fidelity National Financial before “retiring” — only to dive back in with a new mission. When the 2008 financial crisis hit, what he saw alarmed him.

“The industry kind of shrugged and said, ‘That’s a lender problem. That’s a Realtor problem.’ And I thought, no — we’re all part of the same transaction,” he said. “Title companies have to start thinking of themselves as partners in the client’s process.”

That idea became the foundation of WFG, launched in 2010 with the goal of creating a title company that emphasized collaboration and “client-centric innovation,” Stone said.

“If a Realtor originates a deal, we’re part of their process,” he said. “Same with a lender, or an attorney. We have to treat it like that. I don’t think anyone in the industry really did that before WFG — not with the same focus.”

Growth with intention

WFG has grown steadily but not recklessly.

“We’ve never chased market share,” Stone said. “We’re not public. We don’t have to hit quarterly targets. Instead, we’ve been very strategic.”

WFG operates its own title plants and offices in seven Western states. It maintains partnerships in the top U.S. housing markets to ensure national service for its clients.

“We studied loss-to-earnings ratios by state. There are some states where you just don’t want to deploy capital,” Stone explained. “So we stayed lean, stayed smart and focused on where we could add real value.”

He added that WFG also bucks the trend of top-heavy corporate hierarchies.

“There’s no such thing as a flat organization, but we’re probably the closest thing you’ll ever see,” Stone said. “Steve Ozonian and I talk directly with revenue producers all the time. We want to know what the client’s thinking, not just what someone on a chart thinks we want to hear.”

Lessons after 50 years

When asked about the most important lessons learned over his 50-year career, Stone didn’t hesitate.

“I’m a stoic philosopher,” he said. “Epictetus said the key to life is knowing what you can control and what you can’t. That’s how I’ve tried to lead.”

One of Stone’s proudest professional traits has been adapting to tough markets.

“Don’t complain about the market — you’re not going to change it. Adapt, find opportunity and focus on what you can control,” he said.

Stone believes both the title and mortgage sectors are long overdue for reform — especially when it comes to closing efficiency.

“When I started in 1975, it took 45 days to close a deal. Today, it still takes 40. That’s insane,” he said. “Everybody’s siloed — lenders, appraisers, title companies, Realtors. There’s minimal interaction, duplicated processes and tons of inefficiency.”

He sees some promise in the wake of the National Association of Realtors’ settlement and other market shifts.

“There’s now real motivation to innovate, to finally create streamlined systems, reduce costs and shorten closing times,” Stone said. “I hope the industry finally gets serious about collaboration.”

He also sounded the alarm on the national housing shortage.

“We’ve underbuilt for the last 15 years. There just aren’t enough homes,” Stone added. “It’s basic supply and demand. Until we build more — and I mean quickly — prices will stay out of reach for too many people.”

Personal reflection

Looking back on his career, Stone expressed deep gratitude — not just for personal success but for the people who’ve shaped his journey.

“This isn’t about me. It’s about everyone I’ve worked with: the mentors, the teams, the partners, the clients. You don’t build a career or a company like this alone,” he said.

“We’ve got a lot more to do. But we’ll do it the same way we always have, by staying close to the client, avoiding ego and working together.”

His message to his colleagues, partners and peers?

“We’re all in this together. Let’s act like it,” Stone said. “Let’s finally break down these silos and make home buying faster, cheaper and more accessible for everyone.”