Real Estate Revolution: How Patrick Stone Transformed WFG

Establishing His Foundations

Entering the field at the age of 27, Stone quickly established himself by engaging in diverse projects, including residential developments, warehouse projects, and a medical office condominium.

“I was actually licensed in real estate,” he shared. “I worked in both residential and commercial sectors. This hands-on experience gave me a comprehensive understanding of the real estate world.”

However, the real test came in the mid-1980s during the savings and loan crisis when the mortgage industry collapsed and title companies suffered greatly.

“I had just assumed leadership of a regional operation in Portland, Oregon,” Stone recalled. “Within six months, we downsized from seven offices and 93 staff to just three offices and 17 staff. Business had virtually disappeared.”

Instead of stepping back, Stone innovated by starting a contract servicing department to handle seller-financed deals.

“That decision was probably the wisest I ever made,” he acknowledged. “It turned us highly profitable during one of the toughest markets.”

Stone’s prior roles include being vice chairman of Metrocities Mortgage and chairman of Austin-based The Stone Group. Besides other leadership positions, he has served on the boards of Fidelity National Financial and First American Financial Corp.

Among his career honors, Stone has received the HousingWire’s Vanguard Award in 2019 and 2021.

A Vision Born from Crisis

Stone also served as the president and chief operating officer at Fidelity National Financial before initially “retiring,” only to return with a new mission following the 2008 financial crisis.

“The industry tended to dismiss the issues, labeling them as problems for lenders or realtors,” he observed. “I saw it differently. Title companies need to see themselves as collaborative partners in the client’s journey.”

This philosophy became the cornerstone of WFG, founded in 2010 to be a title company that prioritizes cooperation and client-focused innovations, according to Stone.

“Whether it’s a realtor, a lender, or an attorney initiating a deal, we are part of their process,” he explained. “Before WFG, I don’t believe anyone in the industry embraced this mindset with the same level of commitment.”

Intentional Growth

WFG has experienced consistent, thoughtful growth.

“We never pursued market share aggressively,” Stone explained. “We’re not a public company; we don’t have quarterly targets. Our growth has always been strategic.”

WFG operates its own title plants and offices across seven Western states and maintains partnerships in major U.S. housing markets to ensure national coverage for its clients.

“We analyzed loss-to-earnings ratios by state. Some states just aren’t worth the investment,” Stone stated. “We’ve kept our operation lean and focused on where we can truly add value.”

He also noted that WFG challenges the norm of top-heavy corporate structures.

“While no organization is entirely flat, we come close,” Stone remarked. “Steve Ozonian and I regularly engage directly with those generating revenue. We want to hear what the clients are thinking, not just what someone on an organizational chart assumes.”

Fifty-Year Insights

When asked about the key lessons from his extensive career, Stone responded without hesitation.

“I adhere to stoic philosophy,” he stated. “Epictetus taught that the essence of life is distinguishing between what you can control and what you can’t. That’s how I’ve guided my leadership.”

One of Stone’s defining professional qualities is his ability to adapt to challenging markets.

“Don’t waste energy complaining about the market — you can’t change it. Adapt, seek opportunities, and concentrate on what you can influence,” he advised.

Stone is convinced that the title and mortgage industries are in dire need of reform, particularly in terms of closing efficiency.

“When I started in 1975, closing a deal took 45 days. Today, it’s still 45 days. That’s unacceptable,” he observed. “There’s too much siloing — lenders, appraisers, title companies, realtors. The lack of interaction, redundant processes, and inefficiencies are overwhelming.”

He sees potential for change following the National Association of Realtors’ settlement and other shifts in the market.

“There’s now a genuine drive to innovate, to finally streamline processes, cut costs, and shorten closing times,” Stone expressed hope. “I wish the industry would truly commit to collaboration.”

He also highlighted the pressing issue of the national housing shortage.

“We’ve not built enough homes over the last 15 years,” Stone added. “It’s a simple matter of supply and demand. Until we build more — and quickly — housing prices will remain unaffordable for many.”

Reflecting Personally

Reflecting on his career, Stone expressed deep appreciation not just for his personal achievements but for the people who have influenced his path.

“This career isn’t just about me. It’s about all the people I’ve worked with: mentors, teams, partners, clients. You don’t build a career or a company alone,” he stated.

“There’s still much to do. But we’ll continue as we always have, staying connected with the client, avoiding ego, and working collaboratively,” Stone concluded.

His message to colleagues, partners, and peers?

“We’re all in this together. Let’s behave accordingly,” Stone urged. “Let’s break down these barriers and make home buying quicker, less costly, and more accessible for everyone.”