Mortgage Women Magazine 2022 Issue 1 by ambizmedia

IS S U E 1 , 202 2

A MB IZ MEDI A

Recruiting Success ADENNA HUGGINS CREATES CONNECTIONS TO NURTURE LONG CAREERS > PAGE 4

Distinguishing Yes Tasks From Nos > PAGE 12

Honoring A Mother’s Legacy And Making Her Own Mark > PAGE 21

INSIDE: IDENTIFYING OPPORTUNITIES TO SAVE COSTS > PAGE 16 CAN INCREASING LLPAS ON SECOND HOMES, JUMBOS HELP? > PAGE 18 DEMYSTIFYING ANNUAL LOAN-LIMIT INCREASES > PAGE 26 NEW YEAR’S RESOLUTIONS: YAY OR NAY? > PAGE 28 A PUBLICATION OF AMERICAN BUSINESS M EDIA

You’re invited! Live, in person!

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This July, rise above the rest at Mortgage Star, a speciallydesigned hands-on immersion event centered around superior results. Hone your skills, build relationships, and learn from other successful women in the industry — because we all know when women collaborate, great things happen. As a reader of Mortgage Women magazine, register for free using the promo code MWM F R E E

July 6 — 7, 2022

New Orleans, LA

www.mortgage-star.net LIVE CONFERENCE

IS S U E 1 , 202 2

A MB IZ MEDI A

Recruiting Success ADENNA HUGGINS CREATES CONNECTIONS TO NURTURE LONG CAREERS > PAGE 4

Distinguishing Yes Tasks From Nos > PAGE 12

Honoring A Mother’s Legacy And Making Her Own Mark > PAGE 21

L E T T E R F R O M T H E E D I TO R

OUR MISSION Mortgage Women Magazine is dedicated to providing quality informational/educational content that betters women in the mortgage process at every step. The content is oriented to help women progress their understanding of the residential mortgage banking business and develop their skills at improving efficiency, effectiveness and profitability at all levels. CEO, PUBLISHER & EDITOR Vincent M. Valvo ASSOCIATE PUBLISHER Beverly Bolnick MANAGING EDITOR Kelly Hendricks EDITOR David Krechevsky SENIOR CONTRIBUTING EDITOR Keith Griffin STAFF WRITER Katie Jensen ONLINE CONTENT DIRECTOR Navindra Persaud

Resiliency

s COVID-19 continues to rage on for a third year, we are still trying to find solutions for our workforce. Are we really more efficient at home? Should employers push to have employees back in the office? Will volume pick up to ease the ongoing layoff fears, or will the great resignation continue on? Time will tell what hybrid models prove to be the most beneficial for our industry. I do know one thing, our industry is built on resilience and we will find ways to push through whatever adversity is thrown our way in 2022.

Kelly

Looking ahead at what is shaping up to be a year more in Hendricks line with seasonal trends, we grapple with ever-changing FHFA loan-level pricing adjustments, which will certainly create challenges for lenders trying to find affordable second-home outlets. Are Non-QM mortgages going to shape the market for 2022? As we try once again to find our new normal, we push forward with a new year, new goals, and new challenges. I hope this issue helps you shape your goals and keeps you on track as we all try to get ahead in 2022.

DIRECTOR OF STRATEGIC GROWTH Alison Valvo GRAPHIC DESIGN MANAGER Christopher Wallace MARKETING MANAGER Michael Castro

Kelly Hendricks Managing Editor Mortgage Women Magazine

GRAPHIC DESIGNER Stacy Murray USER EXPERIENCE DESIGNER Billy Valvo MARKETING & EVENTS ASSOCIATE Melissa Pianin

Morgage Women Magazine welcomes your feedback. If you have comments, questions, criticisms, praise, or information to share with us and our readers, please write us at Khendricks@ambizmedia.com.

HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman FOUNDING PUBLISHER Ben Slayton www.ambizmedia.com

© 2022 American Business Media LLC All rights reserved. Mortgage Women Magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313, West Hartford, CT 06117 Phone: (860) 719-1991 | info@ambizmedia.com

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

TRAILBLAZERS

TR AILBL A ZERS

Relationships are the key to a long and successful career

T By LAURA

BRANDAO, Mortgage Women Magazine Contributing Writer his month I had the honor of interviewing Adenna Huggins. Adenna is a Mortgage Mastery Coordinator at DHI Mortgage based in Austin, Texas. Her role is to recruit specifically for the Mortgage and Title Mastery Program. She seeks out and recruits recent college graduates to help them build a flourishing career within the mortgage industry. “If you are offered a seat on a rocket ship, don’t ask what seat! Just get on.” – Sheryl Sandberg

BLAZING A PATH … RAISING THE BAR Adenna Huggins , Mortgage Mastery Coordinator at DHI Mortgage

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There are so many things that are important when choosing a career. One of the most vital is to choose something that you love and are passionate about. Many people wouldn’t initially think of a career in the mortgage industry. But when they do, they come to understand that it is a career of helping people to succeed and realize their dreams and that can inspire a desire to be part of something bigger than themselves. Adenna is passionate about the mortgage industry and its

contribution to her community. She utilizes that passion in her role recruiting young people who are finishing their formal education and making one of the most critical decisions in their lives. They are deciding what kind of work they want, what their career goals will be and where that is going to take them. Adenna believes that strong relationships are the key to a long and successful career. Relationships are crucial; they need to be nurtured and maintained with thought and care. Networking is only the beginning of the process. Holding on to important and beneficial business relationships through communication and willingness to learn helps when, and are the key to, fulfilling a successful career in our amazing mortgage industry. it is essential. That must be coupled with a desire to help people with their financial decisions and transactions. You can learn the financial skills through your schooling and being trained by the company you end up working for, but having the ability to guide people through the complicated process of purchasing a home or a property they need for investment or business is something that needs to be innate and that you are passionate about.

Adenna, please outline how the concept of the Mastery Program started and how you approach it. How long have you been involved in this program? AH: The program started about 10 years ago in our company, DHI Mortgage. During that time, it has evolved and become more specific and targeted about who we approach and our method of guiding them into our industry as they close out their formal education years. We provide a high-level overview of our industry. We explain who we are, what we do and how all the pieces of the mortgage puzzle work together. Our goal is to provide them with a roadmap of a successful and a rewarding career in the mortgage business, and what they will need to accomplish to get as far as they want to go. Please tell us how you got into the mortgage industry. AH: I had worked in other areas of the financial industry for a few years. I was in banking lending first and then transferred into the mortgage side of finance. It was truly a whole different world with a language all of its own. I was intrigued by learning another type of financial work, but recruiting has always been my ultimate career goal. I have had the great fortune to be employed in some of the roles that I recruit for, and it has given me a wealth of experience to draw from when I am talking to potential new hires. I feel like I can sit down with them and paint them a true picture of the position they are seeking and may also have an easier time explaining

roles they never thought of applying for previously. What skills do you consider important to have a successful career in the mortgage industry? AH: The number one most important facet of a rewarding and successful career in this industry is a genuine interest in financial services. That may be more of a mindset than a skill, but

New hires need to come in feeling secure and supported as they go through the onboarding process.

Adenna, what have you found is a great way to onboard and bring new people into our industry? AH: I firmly believe in setting expectations properly and being transparent about working in our industry. The key to recruiting and retention is being up front and honest with people who express an interest. You will either love or hate working in this industry, so letting new hires discover for themselves how they feel about financial services goes a long way to retaining those who have or develop a passion for the business and not wasting time with those who would be better working in another sector. I also make a point to let the latter know that if they discover this is not the industry for them, that is completely okay. Another vital factor to successful onboarding and retention is having a good, solid, and thorough in-house training program. New hires need to come in feeling secure and supported as they go through the onboarding process. Giving them a clear roadmap with an CONTINUED ON PAGE 6

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the retention. It’s one thing to hire someone who is a good fit for the employer, but it is another thing entirely to be able to keep that person with the organization and have the employer benefit from a long-term and valued employee. I want those who are following the career path I took to look at what I do, and how I do it, and learn from that so they can succeed and avoid some of the tough lessons I had to learn on my path.

CONTINUED FROM PAGE 5

honest overview of how their career can progress means less turnover and happier, more productive staff. I have a saying I like to use. I tell those who come in eagerly stating that they want to be the CEO in two years that they need to practice “professional patience." I make sure to help them set reasonable expectations for their career path that includes pointing out the steps they will need to complete to continue to progress and not become impatient and frustrated. I have found that young people right out of school want to move quickly and have big dreams. I want their reality to be acceptable to them even if the time it takes is longer than they might have anticipated. That brings me to a question about Gen Zs. How do you communicate with them and what do you see that is different from dealing with other generational groups? AH: I see change as positive. And bringing in a younger age group with a different energy level and expectations is a good thing. But it must also be balanced with the current staff and their expectations. There are challenges associated with mixing generations in one workplace and one industry. Younger hires bring a huge energy and drive, but also a set of expectations that has been tempered by their experiences with technology and the changes in the world as well. They have an eagerness to learn, but may have a lack of patience when it comes to setting goals and reaching targets in a way that is slower than they feel is necessary. It is all about learning and experience. Different generations have a different approach to the work ethic as well. Neither is lazy or unproductive, but they may look at the workday in dissimilar fashion. Gen Zs may feel that overtime is not a necessity and will head out at five to socialize with their friends as opposed to staying at their desk slogging to get their work done. I find older employees tend to work more overtime and take the

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completion of tasks as more of a timesensitive issue. They see overtime as a necessity of their job as opposed to younger workers who value their downtime and view it as valuable to be more productive in a shorter number of work hours. Between the two groups, the diversity makes the organization stronger. Adenna, what do you think about when you hear the word “Trailblazer”? AH: When I hear that word, I think about someone who is paving the way for others to follow. Trailblazing is one piece of a larger puzzle, but a critical one. It is a big title to have, trailblazer. But I think it is so important to have someone to set the expectations and precedents so that others can benefit from that and have a smoother path to walk on as they work toward their goals. The trail I feel I am blazing in our industry is recruiting and retaining talented people, with the emphasis on

What changes have you seen in our industry in terms of collaboration and people being more open to change as a result? AH: I have seen teams collaborate and grow as our industry has joined the march toward diversity, equity, and inclusion. I think it is like the “good, better, best” mentality. We’re good today, we’ll be better tomorrow, and we are always striving for our best. Collaboration and teamwork are the lynchpins of growth and when you add in the differences in the generational makeup of workers and their shared goals and experiences, it is a recipe for greater success. Keeping knowledge and experience to yourself helps no one. Sharing that wealth and helping others to climb the ladder with you is key to team success and to making sure that valuable and invested people are retained and kept motivated and moving forward. Being open to change and flexible is so crucial to succeeding in this industry. My personal story started with me wanting to be in recruiting, but beginning as a loan processor. You

must start where you are and work your way to your dreams. The titles and promotions will come, but only with a willingness to work where you are needed and learning the industry from many different angles. It was important to me to be with a company I can be loyal to. I understand where my new recruits are coming from and how eager they can be to move ahead at a breakneck pace. I am not just handing résumés to hiring managers, but I am actively working to get them the best fit for their needs and for the new hire to be successful in the role they are applying for. All those pieces must work together for a strong and lasting employment. My success as a recruiter came from learning the industry from different roles and viewpoints and that knowledge and experience is now paying off for me and for the people I hire and hire for. Doing something you love is so important to success and fulfillment in a career. What advice do you give to people looking for those attributes in the mortgage industry? What kind of questions should they be asking in an interview to ensure they are going to be a good fit and feel they have made the best choice for themselves? AH: I want people to understand how important it is to ask good questions in an interview. Questions that will help them decide what is best for them and what is going to make them happy and feel valued and respected. The interviewer is going to ask a lot of direct questions about skills, attitudes, and tailor those questions to the needs of the employer. Asking questions about company culture, workplace health and safety protocols, expectations for work hours and other similar issues should be clarified prior to agreeing to accept a job. The applicant has a right to understand what will be expected of them and in what way they may be personally affected by the work environment. The person being interviewed should remember that their questions are important and deserve consideration and preparation. Even simple things like benefit packages, sick leave and vacation allowances

I have had the great fortune to be employed in some of the roles that I recruit for, and it has given me a wealth of experience to draw from when I am talking to potential new hires. are things that should be discussed prior to making any important career decisions. Those items can directly impact family and life outside of the work environment and can be crucial to determining if the role and the employer itself are a good fit for you. What was going on in the mortgage business during COVID? AH: The one word I would use to describe what our industry maintained during COVID was resilience. The mortgage business was booming in that period, and we had to learn to work harder, smarter, and faster than ever before. My sector of the business was constantly short staffed. We all had the challenges of learning to work remotely and over video instead of in person. It was tough and the learning curve was steep. What we all had to learn the most was how important teamwork was in the face of the overload of work and the need to get the job done for our customers. Having that common goal and being able to focus on that while collaborating and pushing through the logistical difficulties presented by the pandemic was both exhausting and invigorating. I am very proud of the work we have done and the fact that we maintained and even exceeded the expectations of our customers during such trying times. We got the job done and discovered that the teamwork has paid off for everyone. How do you see the role of women in our industry today? And where do you see it heading in the next five years in terms of women in leadership roles in the mortgage industry?

AH: I see the sky is the limit for women in our industry. Women have climbed so many mountains within the last few years and it is inspiring and empowering for all of us. I feel strongly that the most important thing women in business need to do is be seen and represent our gender with professionalism, pride, and strength in the face of tough circumstances when they arise. I have been approached many times by people who want to tell me how wonderful it is to see a woman at the top of her field speaking to and championing other women who are working their way up the corporate ladders. So many people don’t know just how important women are to the mortgage industry until they are presented with the examples of those who have made the climb and are visible. We want our industry to mirror the community it is living in. That means having both men and women in important roles, offering guidance, experience, and meeting and exceeding expectations in equal measure. I see the idea of inclusion and diversity being more ubiquitous in our society today and in business. That makes me hopeful that we are moving in the right direction and will see true equality sooner rather than later. Women in business are asking themselves what they need to do to be in a leadership role and are following through with programs and taking the initiative. Adenna, could you speak a bit about mentorship in our industry? AH: My company has a mentorship program already in place specifically for new hires. There are so many CONTINUED ON PAGE 8

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TRAILBLAZERS

I also really enjoy outdoor water sports. I am passionate about volleyball. It gives me an outlet for energy, frustration, and keeps me healthy.

CONTINUED FROM PAGE 7

benefits to mentorship — both for the mentor and those they are offering their experience and guidance to — that it is hard to narrow it down. I wish I had been able to have a mentor early on in my career. Seeing the effect that having a mentor has on our new hires, I realize how much I could have reaped that benefit, but I am so glad we are in a position now to offer it. Being a mentor is a wonderful experience for the mentor as well. Mentors can learn from their young charges and grow in ways they hadn’t imagined. As I spoke of earlier in the interview, being open to new ideas and collaborating across generations is an exercise in strengthening the organization as well as helping individual employees to grow within the industry and on a personal level.

That’s awesome! Next question: Adenna, if you had to choose one takeaway for our readers what would it be?

When you started as a loan processor, did you speak up and tell the person hiring you that your goal was to be a recruiter? AH: I did speak up. I was very transparent about my goal to be a recruiter and I told the guy who was hiring me that someday I would be helping him do his job. My manager wanted me to be a team lead loan processor, but I was clear about where I wanted to go in my career. I have been with DHI seven years now and I am doing my dream job. It is extremely gratifying, and I am very happy with the role I am in today.

What do you like to do for fun outside of work, Adenna? AH: I love to travel. And while I do get to travel a fair amount for business, getting away with my family is more fun. My family is from the West Indies, Saint Vixen Grenadines. Traveling to the islands is like going home in many ways and I greatly enjoy my time there. I am also an avid outdoors person. I love walking, hiking, and running.

Collaboration and teamwork are the lynchpins of growth and when you add in the differences in the generational makeup of workers and their shared goals and experiences, it is a recipe for greater success. 8

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AH: I have learned that our relationships, whether they are professional or personal, are the most valuable thing we have in our lives. I believe that networking and relationships are symbiotic. Networking begins the relationship and communication and teamwork keep it strong and healthy. Having a good, equal business relationship makes it more likely that when you need help, the other person is going to pick up the phone when you call and be willing to assist. You need to be a team player to make that relationship work. It is not a solitary activity and if it becomes too one-sided, the relationship is guaranteed to fail. Taking the initiative to approach someone and ask to get to know them is something that many people fear, but overcoming that fear and growing your network of contacts is vital to a flourishing career. It is important to treat your relationship with your employer as you would any other relationship in your life. There needs to be mutual respect, open communication, and a willingness to listen and learn with an open mind. There are going to be good seasons and bad ones, and it is crucial that you treat the relationship with attention and kindness to make sure it stays strong and intact, no matter what the business climate on any given day. n

CHANGE

Change is scary and exciting, and something many of us dread.

By ASHLEY

GRAVANO, Mortgage Women Magazine, Contributing Writer

hange of seasons. Change of calendar year. All year long we go through change. Some of the change is no big deal, out of our hands. We deal with it like changing our clothes day to day. Unless you’re like me and hate the change from fall to Winter. Ol’ Man winter is not my friend! I want to sit outside, the sun in my face … with a good cup of coffee in 75 degrees all year long! Who’s with me? Some change however is a big deal. Lifealtering even. This could be changing jobs, a loss of a marriage, or even your kids leaving home for college. We must look at change as growth and not something super scary (even though it really is). Without the season change, would we see the change in the beautiful fall leaves or the blooming of your favorite flowers? No, we wouldn’t. So how do we make change less scary? We face it and embrace it. We dive right in and get uncomfortable. We grow through

When you realize that change is necessary for growth, you look at it differently.

what we go through! Three years ago I made a pretty significant job change. I left a part of the industry I knew like my coffee order at the local café. I went from title insurance (fireworks please) to mortgage technology. It took me weeks, and I mean weeks, to make the decision and the first several months were scary because I was afraid to fail or afraid I made a mistake. I honestly think that is why many of us stay put in certain situations, because it is comfortable and what we know! If I didn’t make that decision I wouldn’t be writing for this magazine or have met so many great people in another side of the industry, but most importantly I would have not learned all the new things! I wouldn’t have grown as a person professionally and personally. When you realize that change is necessary for growth, you look at it differently. As Wayne Dyer said, “Change the way you look at things and the things you look at change.” n Ashley Gravano is vice president of product solutions at Mortgage Cadence.

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

THE MODERN M ARKETER

ASK THE

EXPERTS WITH

SUE WOODARD

A REFLECTION OF THE SMALL THINGS THAT MADE A BIG DIFFERENCE IN 2021

hen I was a kid, I was “that” nerdy kid who went to the library religiously once a week, coming home with a huge stack of books to read. The librarians had long learned that the quota of three books per visit wouldn’t work for me, so granted me dispensation to bring home five, seven, sometimes more. I learned how to read at an early age — watching Sesame Street — and it was always a love of mine. But somewhere in the last x number of years, I stopped reading books quite as often, and rarely would pick up an actual paper book at all. Why? A combination of too much time reading email, text messages, social media, news articles — and all of it on digital screens. But one day last year, I noticed an actual real live bookstore not too far away from my new neighborhood here in Minneapolis — and decided to go in. As soon as I entered through the doors, my senses were overwhelmed with the

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sights of brightly colored covers, the unmistakable smell of paper pages and bindings, the hushed conversations of latest releases and overlooked treasures. I was immediately brought back to those days so long ago, and my long-lost love of actual books was almost instantly revived. So over the past year, one of the BEST things I have done is to step away from my screens, grab an actual book, and dive into an engrossing story, a biography of someone I admire, a business topic I want to learn more about. One of my favorites I’d highly recommend you read — in actual book form? "The Four Agreements" by Don Miguel Ruiz. Life changing. And that was my question, posed to an amazing group of professionals: what’s the BEST thing they did last year that YOU, dear reader, can consider doing too? I hope you enjoy reading about their adventures as much as I did, and find inspiration to take on something new for yourself during 2022.

KIM HOFFMAN

Chief Operating Officer SoFi In 2021 I started running! I can’t believe those words just came out of my mouth. I’m over 50 and find myself feeling better and looking better than I did in my 30s. BUT mostly I’ve found a way to silence all the demands and noise that lived in my head and kept me in thought chaos! I never in my wildest imagination thought I could run, nor did I think I would love it. I started walking on the treadmill; working from home had eliminated all steps except those to refrigerator and bathroom, I knew I needed to move. At first, I walked 2 miles in an hour. before I knew it, I was running 2 miles in 30

KIM HOFFMAN

LORALYNNE BALL

minutes daily. While I lost 35 pounds, that wasn’t the goal. I needed to move and, in the process, have learned to love the silence and calm in my mind. It’s like religion to me now.

LORALYNNE BALL

Senior Vice President of National Sales VanDyk Mortgage This year, I allowed myself and my team the time to breathe. In addition to expressing my gratitude to every member of my staff for an extremely successful 2020, I encouraged a sense of faith that we would continue to achieve great things. This meant giving everyone the time to reflect on where we came from and where we want to go, as well as spending time coaching sales and operations to focus on closing loans and providing an exceptional customer experience, every time. In my personal life, I also took the time to breathe. Though this past year has not been easy, I found that it brought me closer to friends and family and reached out to those who I wanted to spend more time with. I greatly enjoyed spending time with my family in our cabin we purchased in 2020, as well as the perks of working remotely.

ROSALIE BERG

President Strategic Vantage Marketing & Public Relations 2021 was a fantastic year to focus on learning. At my marketing and PR agency, we made sure we listened to podcasts and read blogs on the latest trends and techniques to better promote our clients. Much like the mortgage industry, the world of marketing is continually evolving, so it’s important not to get complacent.

ROSALIE BERG

MICHELE KRYCZKOWSKI

For instance, did you know that if your company’s website includes video, it’s 50 times more likely to bring organic search results as compared to a site with only plain text? That’s because Google rewards websites with captivating content by putting them on top search results. If you and your team didn’t focus on learning in 2021, there’s always 2022!

MICHELE KRYCZKOWSKI Senior Vice President, National Fulfillment Planet Home Lending, LLC

In the personal arena, I picked up a new habit. I invested in self-care, like so many others did in 2020 (yes, I was late to the party) and carved out time for myself and my health. I bought a Peloton, set weekly goals for myself, and pushed myself to beat my last best effort — every time. Viewing your personal stats up there on your Peloton every morning was a constant reminder that we need to continue to set visible goals for our employees and ourselves while we are at work. As they say, “the only easy day was yesterday” and to me, nothing rings truer when I think of where I want to head professionally. I set a professional goal for myself to let my C-Suite team know what my professional goals were while seeking constant feedback on how to get there. I have pushed myself to new heights, pressed out of my comfort zone and even published multiple articles. I am very proud of what I have done in 2021!

DAWN SHERBEYN VP Strategy Mortgage Coach

Did anyone anticipate the radical change that hit the world in 2020? What about when it continued

DAWN SHERBEYN

BOBBI JO DALLAS

into 2021? As I prepared for 2021, another year of uncertainty, doubt, and fear, it struck me, as a leader at Mortgage Coach, how my leadership skills needed an overhaul in the very different world we faced. As coincidence would have it, I received an announcement in my normal Darren Hardy motivational videos on his new program called the “Hero’s Journey, A Growth Adventure in becoming a modern leader." In January 2021, I made a huge step to invest in myself, my 21st Century C-Level leadership skills. With some hesitation I paid the fee, made the investment, and began the year-long hero’s journey. Twice a month, a community of like-minded people from all walks of life across the globe met and undertook the adventure to become leaders for the future.

BOBBI JO DALLAS

Customer Experience Manager Total Expert In 2021 I decided to start studying for my NMLS. I can honestly say that it was the best decision I have made for my professional career this year. Working in the financial technology industry, I was amazed at how little I really knew about the mortgage industry and day-to-day life of a loan officer. Having this realization, I figured the best way to really understand it was to do it myself. Over the course of the year, I embarked on my journey to get my loan officer license. Truth is, it has not been easy, and it has taken a lot longer than I expected, but it has also been extremely fulfilling and has helped me so much professionally. It has provided CONTINUED ON PAGE 13

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

Are You Living Your Life on a Treadmill? ANSWER THESE 3 QUESTIONS TO LEARN MORE.

‘T

By TINA

ASHER, Special To Mortgage Women Magazine

is the season where resolutions and treadmills both gain popularity, both with the hope of positive results. However, for many the treadmill of life is gaining momentum and its results don’t end well. Do you work hard but feel like you’ve accomplished little or nothing at the end of the day? Do the fruits of your labor leave you wanting more? Do you find yourself wondering, “Is this all there is to life?” If so, chances are you’ve been living as if you’re on an endless treadmill. Here are a few useful ways to further investigate: 1. Do you often feel overwhelmed and find it difficult to take action? Perhaps you’re no longer interested in trying anything new. Maybe your actions throughout the day are on “autopilot.” 2. Has it become more and more difficult to make decisions? Our modern world can be overwhelming, and choices seem to get more complex. Have you started to simply ignore your challenges, hoping they’ll go away? 3. Has tiredness become a constant companion? Whether it’s due to lack of sleep or just having less get-up-and-go, this is about more

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Our modern world can be overwhelming, and choices seem to get more complex. Tina Asher

than aging. There’s a growing feeling of depleted energy. If you answered “yes” to any of the questions above, take heart. Awareness is the first critical step to feeling better. Overwhelm, indecision and exhaustion serve as useful signals telling you that your life is out of balance and that something needs to change, that it’s time to feel more excited about your life. How can you step off the treadmill, regain equilibrium and a sense of positive and fruitful motion? Read on for a decision-making process that can reduce overwhelm, clarify your

decisions and re-energize you. Sort your decisions into 3 categories: “Yes,” “No” and “Maybe.” Should you, for example, take on that extra assignment at work? If your immediate answer is "No," honor it. Trust your instincts. What about the vacation you’ve been wanting for years? Probably the Yes pile, right? Next, without thinking about how each thing is going to happen, or what the consequences might be, go through your list of things you need to decide about, and sort. If it’s neither Yes nor No, put it in the Maybe pile. The Maybe pile is usually filled with things you’re uncertain about and is

Overwhelm, indecision and exhaustion serve as useful signals telling you that your life is out of balance and that something needs to change, that it’s time to feel more excited about your life. the category that seems to be the biggest and bogs you down the most. Here’s the kicker: Your Maybe pile is very likely an extension of your No pile. Big Maybe piles are only overwhelming if you think of them as Yesses—or “shoulds.”

JUST SAY ‘NO’

Until you’re clear that you’ve taken care of all the Yesses in your life, everything else is a No. It’s that simple. Working from a small, contained Yes pile helps you focus and let go of “what ifs.” Finally, the overwhelm starts to go away. A simple decision-making process like the above can be all it takes to reduce tension, help you breathe more calmly, and give you more energy. n

Tina Asher is a coach and founder of Build U Up Consulting.

ASK THE EXPERTS CONTINUED FROM PAGE 11

me with a new perspective on the industry and understanding of the role of a loan officer, which helps me better serve our customers every day. What I have learned throughout this process and my advice to you reading: If you really want to know what someone’s life is like, take a walk in their shoes. Things are not as easy as they look on the outside Never stop learning. n Along with her signature passion for people, Sue Woodard brings over 30 years of financial services and mortgage experience to her roles as an independent consultant, Senior Advisor with the STRATMOR Group and industry “Evangelist At Large!”

Grow with Us. Remote opportunities. Supporting leaders. Advocates for YOUR success. www.joinatlanticbay.com

This communication does not constitute a promise or guarantee of employment. Atlantic Bay Mortgage Group L.L.C. NMLS #72043 (nmlsconsumeraccess.com) is an Equal Opportunity Employer.

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

Now on tour! Join your fellow hard-working mortgage pros at one of our national Mortgage Expos.

ive your career a boost by attending one of our many regional mortgage events for loan origination professionals. Network with hundreds of mortgage brokers, loan originators and bank and credit union lending officers from

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Identifying Opportunities To Save Costs BROWN, CMB, AMP, CRU, Special contributor to Mortgage Women Magazine

love learning new nuggets of information about our industry. Fortunately (and unfortunately for some) “it is what it is” or “just because” are not acceptable answers for me. I always find myself digging deeper for better understanding of things I’m not as well-versed in because, as industry professionals and leaders within our organizations, we should never stop learning and growing. This brings me to sharing another discovery I made while on my quest for more information. As a mortgage company, the second-biggest expense (outside of people) is your creditreporting cost. Latest studies suggest that around 10-15% of leads in general turn into closed deals. It makes sense why credit is the No. 2 expense. Every lead has the natural next step of pulling a credit report (or Softqual). And this is where my interest in understanding the world of fees surrounding credit began. Too often we just assume things are the way they are because that is how they have always been. Why question it, right? Quite honestly, in many cases that is true. However, due to tech advancements throughout the mortgage industry, everyone is hyper-focused on cost — every dollar matters.

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CHRISSY'S

By CHRISSY

CORNER

Now let’s talk about the line item you see on your credit report invoices called the “Secondary Use.” I quickly started asking for specifics around this line item. As an executive of a mortgage company, one of my major responsibilities is process improvement. I feel directly responsible for ensuring that every dollar we spend is necessary, and if it is not, I am then dialed in to finding an improvement to the process that could reduce the cost. My initial finding was that this was an investor charge. Obviously, unable to be satisfied with that, I wanted to know which investors and when. This line item was representing 6% of our total credit activity. I then received a loan-level report of each loan to figure out if there was a

common investor. I thought, “Maybe this was something we could negotiate with them?” I was very surprised by my discovery. The “investor” was the United States Department of Housing and Urban Development, along with the U.S. Department of Agriculture. All this new information led me to the understanding that this is the fee to provide a credit report through Total Scorecard and Guaranteed Underwriting System (GUS). Here’s the kicker though: It rivals the cost of a tri-merge credit report. Albeit not the end of the world, but every dollar adds up. On top of that, why are the Government Sponsored Enterprises (GSEs) so much cheaper when the government products are supposed to be for the underserved community? These are the kinds of reasons I am so motivated to get involved and advocate within the mortgage industry. I am active in the Community Home Lenders Association (CHLA), and one of the changes we are really advocating for is to shorten the life of mortgage insurance (MI) charges on FHA loans. This seemed to be another example of how much more expensive it is to do an FHA loan verses a Conventional, when the mission should be in affordable housing. In trying to answer the question of “why are FHA loans so much more

expensive to do?”, I found my next and final piece of information. FHA and USDA were not getting this “Secondary Use Fee.” That was not going into the pockets of those agencies; rather this was going to the bureaus. They are justifying this fee since FHA and USDA need to view the credit report to purchase/ insure the loan. In my opinion, as an industry we should be paying close attention to the costs associated with affordable housing loans. While some of these issues may never change and/or exist for reasons

While some of these issues may never change and/or exist for reasons I am unaware of, I needed to find out exactly what every nook and cranny of this process looked like for our team. I am unaware of, I needed to find out exactly what every nook and cranny of this process looked like for our team. Because of all of this, I have been able to work closely with our team to create more effective processes and eliminate unnecessary spending. I think it’s good for the company and the consumer when we challenge some of the legacy ideals. For instance, “Always run AUS (Automated Underwriting Systesms) at the onset.” Maybe you should, maybe you shouldn’t, but every piece

of information helps determine the appropriate path for your company and your borrowers. Whatever happens with these initiatives, at least my digging into them was a good avenue to learn exactly where every dollar is going. Hopefully my discoveries will help others in their efforts to be more aware and cost-effective. n Chrissy Brown is chief operations officer for Atlantic Bay Mortgage

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

The Housing Market Is In trouble CAN INCREASING THE LLPAS ON SECOND HOMES AND JUMBOS HELP?

By TYNA-MINET

ANDERSON, special to Mortgage Women Magazine

e are in the process of hiring a new director for our company. He will be moving to Utah from out of state. With his six-figure salary he qualified for more than half a million-dollar loan. Four years ago, I bought a 4,600-square-foot house on a full acre within 10 minutes of our office within his price range. When I asked what he was finding, he told me he was driven 45 minutes away to look at townhomes or 2,000-square-foot homes that were more than 50 years old on less than a quarter of an acre that needed major renovations. To say he looked miserable after his weekend of house hunting would be an understatement. What can be done to help the situation? According to Fannie Mae and Freddie Mac, an increase on high balance loans of between 0.25% and 0.75% and a similar increase on second homes of between 1.125%

www.mortgagewomenmagazine.com

Tyna-Minet Anderson is vice president of Mortgage Educators and Compliance.

and 3.875% will help to ensure that they will have the funds to better help lower-income home buyers. On Jan. 5, 2022, Fannie Mae and Freddie Mac jointly announced their

loan-level price adjustments (LLPA) for high-balance and second home loans. Unlike their March 2021 announcement for non-owner-occupied increases, they are giving lenders time to prepare to make the changes. However, as this change could result in tens of thousands of additional dollars for high-balance loans, you will likely see it appear on your pricing before the April 1 deadline. In the press release announcing the change FNMA Acting Director Sandra L. Thompson stated the purpose of the increase would help facilitate “equitable and sustainable access to homeownership” while also increasing the GSEs' regulatory capital position. According to Thompson “[The] action represents another step FHFA is taking to strengthen the Enterprises’ safety and soundness and to ensure access to credit for first-time home buyers and low- and moderateincome borrowers.” By increasing the LLPAs on high-

balance and second homes, it will provide the GSEs' with a stable base that allows them to offer additional

programs to help first-time or lowerincome homebuyers. Before the change, the LLPA’s on

By increasing the LLPAs on high balance and second homes, it will provide the GSE’s with a stable base that allows them to offer additional programs to help first time or lower income homebuyers. 100%WomenOwnedACTAppraisalR3-OL.pdf

3/27/21

second homes were between 0–.25%. By comparison, if someone were to put 15% down and take out a $500,000 loan, the new LLPA would result in $20,625 more for the GSEs. When considered alongside last year’s similar increase on investment properties, it is easier to see that the government is working to do its part to build up reserves so that it will be able to help with the housing issue by opening up lending for those who need it most. n Tyna-Minet Anderson is an attorney and owner of Mortgage Educators and Compliance.

10:30 AM

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MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

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The Pursuit Of The American Dream WINDY LAFOND HONORS HER MOTHER’S LEGACY WHILE MAKING HER OWN MARK ON THE INDUSTRY

By KATIE

JENSEN, Mortgage Women Magazine Staff Writer

ou meet a lot of Uber and Lyft drivers when traveling across the country to attend mortgage conferences. Once, while taking an Uber through San Diego with a few colleagues of mine, our driver decided to relay his entire life story of how he emigrated to Southern California — “The most amazing place in the world!” — from Italy. Although some of us in the car wished this were another quiet Uber ride, we listened to him, with his thick Italian accent, tell us how wonderful and beautiful America is. He mainly spoke to my male colleague in the passenger seat, no doubt noting his fancy suit and shiny wrist watch. The driver turned to my colleague and said, “I came to this country with only $10 in my pocket.” My colleague widened his eyes and said, “Wow, really?”

“Could you do it?” The driver asked in a more serious tone.“If you were alone with $10 in your pocket, speaking no English, could you make it?” Looking away now, my colleague said, “No, probably not.” The immigrant experience is truly unique and can be hard for naturalborn Americans to relate to. It’s often a harrowing journey, and even harder for those who want to break out of the mold and do something extraordinary with their lives, like becoming a business owner. But there are people who actually do it and end up succeeding; people like Windy Lafond, CEO of Genie Notary Inc.

THE IMMIGRANT EXPERIENCE

Once upon a time, Windy Lafond was a 7-year-old immigrant from Haiti, arriving at JFK airport in New York

with her single mother, twin sisters, and nothing but the luggage they carried. Luckily, these girls had a strict mother, Marie Genie Pierre — known as Genie — who was determined to have her children succeed in this country, no matter how many working hours it took. As a child, Windy watched her mother struggle to provide for her and her sisters, working two to three jobs as a certified nursing assistant in Newark, N.J., just to keep food on the table. Most days when Windy came home from school, she’d know her mother had been home only because the house was clean and there was a homecooked meal on the table. “My mother was always working because our father passed away when I was a 1-year-old,” she said. “I never really saw my mother enjoy life — I hardly saw her at all — CONTINUED ON PAGE 22

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

HONORING LEGACY CONTINUED FROM PAGE 21

all I saw was her struggling and always working for everyone else.” Genie couldn’t afford to provide her family with healthcare, so Windy and her sisters never went to the doctor’s office growing up. Her mother insisted every sickness or ailment could be treated at home. Windy recalls her mother always coughing, though she never smoked. At first, her mother would shirk it off because more important things needed to get done around the house. Eventually, after much deliberation, Genie went to the emergency room. During that visit, she was diagnosed with stage 4 lung cancer. She passed away just nine months later, when Windy was only 22. When it came time for Windy to lead her own life, she started down the path her mother had planned for her. She decided to join many of her relatives and become a first responder. “That’s what many immigrants are taught to do: follow in the footsteps of your relatives,” Windy said. Her mother, like many immigrant parents, believed there was a formula to success: “Get a good education, get a nice union job with benefits and job security, get your kids a good education, and work until you die,” Windy said. After she received her Master’s in Criminal Justice from Curry College, Windy was put on the Civil Service waiting list. In the meantime, she worked as an overnight campus officer at Curry College and as an EMT. However, the jobs were not nearly as fulfilling as Windy had hoped. She was physically and mentally exhausted having to work long hours, especially when COVID-19 hit, and even longer hours as an EMT. “We were called out in all kinds of weather and put our lives on the line to look after our patients,” she said. “Every day it was chaos — long hours with low pay. I thought about how I could potentially die out there and there was so little respect given to us.” That was until a close friend, an attorney, recommended that she become a loan signing agent. In a matter of months, Windy quit

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it provides, Windy says one of the most interesting and exciting parts of being a loan signing agent is the ability to travel and meet different people. “I’ve met the CEO of DraftKings [Jason Robins],” Windy said excitedly. “His mansion was incredible!” Although she has met and connected with hundreds of clients over the past few years, one particular visit to a client’s house made a lasting impression. Christopher Dunleavy, chief financial officer of Brigham & Women’s Hospital in Boston, invited Windy into his immaculate home “with marble floors, walls, counters — everything,” Windy said. “His house is … across from a beautiful park, in a beautiful brownstone. Mr. Dunleavy met me and opened my car door for me. He was in a black suit and tie with a fancy gold watch — I remembered the sun shining on it and I was like, ‘sheesh!’” Windy was completely blown away by the beauty of the estate and the wealth this family had, describing it as a "surreal experience," but what truly left a lasting impression were Dunleavy’s two golden retrievers. “The dogs were very well behaved,” Windy said. “One was out and roaming around while the other one was laying down. I said he had a beautiful home and beautiful dogs. That’s when he said the one laying down was recovering from chemo. He explained that their dogs mean a lot to them and how they are part of their family.” Windy was caught off guard when Dunleavy said his dog had just finished his last round of chemotherapy. That conjured up memories of her mother catching the city bus to get her chemo treatments at the hospital. The picture draws a stark contrast to this dog lying in front of her, alive and well in a beautiful mansion, not even aware of how close it came to death. Surprisingly, she laughed, saying, “I

“After traveling around for my job and meeting so many people, I thought to myself, ‘What’s the difference between them and me?’” Windy said. “I just kept asking myself ‘Why not me?’” both her campus officer and EMT jobs to work for herself as a loan signing agent full time. At the time, in 2017, her sisters were completely baffled by her decision to give up a stable union job to become a notary with only a commission to rely on.“Are you serious?” one sister asked. “You must be the stupidest woman on Earth!” Windy had to explain that she wanted more for herself. “I definitely did not want my future children to see me in the same stage which I saw mother in,” she said. “I wanted to work for myself. I wanted to be happy. I want to enjoy life and watch my children grow. I want to show other Haitian women, Black women, women who grew up in poverty, women who grew up in Newark, N.J., women who grew up in Irvington, N.J., that there’s more out there. Make your own path.”

OH, THE PLACES YOU’LL GO

A few months after receiving her certification and undergoing a background check, Windy was a fulltime loan signing agent and notary. She immediately took to it, enjoying the flexibility and independence it afforded her. “You get what you give in this job,” she said. “I went from making minimum wage to making $100 off of one closed loan. You can do up to five closing a day, making up to $2,500 in a week.” Other than the substantial paycheck

didn’t even know they had point in their lives before chemo for dogs.” deciding to overcome it. According to the Texas A&M University MAKING IT IN Veterinary Medicine and THE INDUSTRY Biomedical Studies, dogs After about a year working are treated with the same as a loan signing agent, chemotherapy drugs that Windy decided to go the humans receive. extra mile and do something Dunleavy explained to extraordinary — start her her how cancer is common own business. among golden retrievers. “After traveling around Windy asked, “Why not get for my job and meeting so a different type of dog?” many people, I thought to Dunleavy replied, “Growing myself, ‘What’s the difference up, we’ve always had golden between them and me?’” retrievers, and that’s the type Windy said. “I just kept of dogs we want, so when asking myself ‘Why not me?’” they reach a certain age and At first, she merely wished get cancer, we’ll just treat it.” there were more of her to “The entire thing was travel and get these loans mind-blowing to me,” signed. That wish became a Windy said, recalling her reality after she obtained a mother’s brief and brutal license to run her own notary battle with cancer. “I business. The company, remember they [doctors] Genie Notary Inc., is named gave her samples of shots after Windy’s mother. to take home after each Genie Notary Inc. of her chemo treatments. provides loan signing These samples were free for agents (notaries and closing a month before the charges attorneys) to signers within kicked in. After the month a 1-hour notice. They are of free medication ran out, the backup when your we would have to pray we’d closing goes wrong or when get more. But here is this Windy and her father in Haiti shortly before he passed a notary and/or an attorney dog who got chemotherapy away. Following this, in an effort to give them a life with doesn’t show up. They are and he was able to live … . better opportunities, Windy’s mother moved her and her who you call when you I thought, there’s medicine siblings from Haiti to New York when she was 7. don’t think your loan is and resources out there, but going to be funded. “We are only for the rich or for those who have a rich one and a poor one. One was here nights, weekends, holidays, snow, access to it.” highly educated with a Ph.D., while rain or hail — we are your loan signing Then something caught Windy’s the other never finished the eighth service,” Windy stated. “We’ll be there eye. She saw a book on Dunleavy’s grade. Both made substantial incomes, anytime, anywhere!” shelf that she had on her own shelf at but they had diametrically opposing The beauty of becoming a loan home. The book was “Rich Dad, Poor philosophies when it came to managing signing agent is that there is little in the Dad” by Robert Kiyosaki. She told finances. The highly educated father way of qualifications. You need a high him she was reading that book and struggled with finances his entire life, school diploma; you must be able to was enjoying how profound it was. while the other father became the pass a background check, and you need Dunleavy said his own father made richest man in Hawaii. to have Error and Omission insurance. him read it over 20 years ago, when The rich father in Kiyosaki’s book Other than that, all you need is a it was first released, to teach him was actually his friend’s dad, though printer, a stack of paper, and ink. financial literacy. Windy and Dunleavy the two became close throughout their “People don’t realize how much then discussed how the book impacted mentorship. Kiyosaki recognized that money there is to be made,” Windy both their lives, driving them to it is primarily parents, rather than said, explaining that everyone else achieve things they never thought schools, that teach children how to involved in the loan process depends on were possible. manage money. So, if your parents the loan signing agent or notary to tie Kiyosaki’s books are well-known are poor, where does that leave you? up the loose ends before closing. Loan among professionals in the finance Impoverished, most likely. signing agents and notaries are hired by industries. For those unfamiliar, Kiyosaki, Dunleavy, and Windy Lafond Kiyosaki had two fathers growing up; all recognized this disparity at some CONTINUED ON PAGE 24

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

HONORING LEGACY CONTINUED FROM PAGE 23

mortgage companies, escrow companies, title companies, and signing services to identify loan documents, obtain signatures, or deliver the documents to the borrower. A loan cannot close without a signing agent or notary, so employees know they’re valuable. “Eighty percent of the notaries and attorneys at Genie Notary Inc. are women and minorities,” Windy said, not shying away from the fact she consciously seeks to hire minorities and women. “I’m not ashamed to say I go out of my way to do this. This is a very white industry — I mean you go to conferences around the country and look around — it’s very apparent. I want to bring in more people like me, who are ambitious.” When Windy travels around the country to attend conferences for entrepreneurs, agents, and mortgage professionals, she sees only a few other Black people in a sea of white. “It’s very lonely and it’s heartbreaking when you walk into a room and you don’t know anyone and you are the minority. My hair looks different, my clothes are way too bright. Apparently, I didn’t get the ‘black and blue dress’ memo. My words sound different because of my accent. People would look at me strange because English isn’t my first language.” Luckily, Windy has met a few people who have become mentors along the way to help quell her self-doubts, including the CEO of Dynex Capital Inc, Bryon Boston; the founder of Equilibrium Mortgage, Paul Campbell; the president and partner of American Finance Resources, Laura J. Brandao, and vice president of residential lending at IberiaBank, Tim Allen. Windy met most

Of course, being a female Haitain immigrant and aspiring entrepreneur in an industry dominated by white males comes with a few challenges. In Windy’s own experience, she said the racial tension could be felt at some conferences in the Sunbelt states, where her appearance truly stands out in the crowd. “You can’t hide big curly hair, dark skin, and the overwhelming differences between us,” Windy said. “This industry is somewhat appearancebased, and in this particular area, it’s hard to fit in.” While attending one of these southern conferences, Windy met a man whom she described as very articulate. He wore a navy blue suit that conveyed an air of professionalism. He spoke how she wanted to speak; he had connections she wanted to have; he exuded a confidence she wanted to harness in herself. He also happened to be white. After talking to each other for quite some time, the two decided to head to the bar, where Windy explained her company’s mission: she wanted to become the preferred loan signing agency for all major U.S. banks. The man showed interest and listened attentively before telling her: “I think you need me.” He explained how he had connections with bankers and potentially could help her reach her goals, if he could own 25% of the company. “When people see you, they won’t take you seriously,” he said. “I’m older, I’m white, and these people are more welcoming to that.” Windy took in the man’s words without getting defensive. He was saying things she had thought about a million times before, and she could not deny that she was different from most of the people in the industry. It would be harder to relate to them and build a lasting relationship. At

“Eighty percent of the notaries and attorneys at Genie Notary Inc. are women and minorities.”

www.mortgagewomenmagazine.com

of her mentors by reaching out to them on LinkedIn, and these people were kind enough to respond and help guide her through her entrepreneurial journey. “I was talking to a group of loan officers at a conference one time when my mentor, Tim Allen, grabbed my hand to drag me away from them. ‘You don’t need to talk to those people,’ he said, then started to introduce me to someone else. He always pushed me in a good way, and I’m so grateful,” Windy said.

the same time, it’s never fun to have someone put down your culture and identity, saying you cannot succeed in your goals because of your appearance. Windy spoke to her mentors; they reminded her that she did not need anyone like that working for her, that she could make it on her own. They reminded her to “follow the path of least resistance” and go along with the original plan of making it by herself. “I could see what the man said was somewhat truthful. It’s going to be harder for me, and I accept that,” she said. Today, Genie Notary Inc. is a 100% minority and women-owned small business (WOSB) that employs 70,000 remote agents and notaries (80% being minorities or women) and has partnered with hundreds of title companies, escrow officers, loan officers, lenders and banks thus far. Genie Notary Inc. was officially established in January 2021, and became classified as a WOSB eight months later.

Being a female Haitain immigrant and aspiring entrepreneur in an industry dominated by white males comes with a few challenges. Looking to the future, Windy said she sees herself married, “with beautiful chocolate babies.” But unlike her mother, she plans to enjoy life

and watch her babies grow and thrive. Ultimately, she wants to live life, enjoy it, and hire people who want the same things for themselves. “I still struggle with self-doubt,” Windy said.” Once a month, I take an hour-long drive. I don’t know where I’m going. Sometimes I end up in New Hampshire, sometimes it’s Maine or Connecticut or western Massachusetts, and I just cry. I allow myself one hour a month to drive somewhere and just cry. After 30 minutes to one hour of crying, I say, ‘Enough Windy, it’s time to move on.’” That is the kind of fortitude and strength it takes to be a business owner, and if anyone has it, it’s Windy Lafond. Those of you pursuing the same journey as Windy should perhaps consider these wise words from millionaire Robert Kiyosaki: “I wish I could say it was easy. It wasn’t, but it wasn’t hard either. But without a strong reason or purpose, anything in life is hard.” n

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Demystifying Annual Loan-Limit Increases PULLING BACK THE CURTAIN ON THE INS AND OUTS OF ANNUAL INCREASES 26

www.mortgagewomenmagazine.com

By CHRISSY

BROWN, CMB, AMP, CRU, Special contributor to Mortgage Women Magazine

he mortgage industry is vast, complex, and ever-changing. The best leaders strive to constantly learn all aspects of lending and how it affects our clients. I have been in the mortgage industry for 25 years and worked in many facets of the origination side, everything from originating to postclose to underwriting. I really settled into underwriting before moving into leadership. About five years ago, as I embarked on my leadership journey, I also began to invest heavily in my understanding of the industry in whole, from loan administration to current regulatory topics. There have been many realizations along this recent journey that have blown my mind. There have been many moments of “holy cow, that is how it works!” and “how did anyone not know this?” I would like to share some of these discoveries here. Given this is January, and we are all originating under the new 2022 loan limits, I thought it would be an opportune time to talk about how loan limits are decided, and what the heck happened in September with the “early release of $625,000.” As many of you know, the FHFA releases their annual loan limit increases usually at the end of every November. In September 2021, many companies were advertising early release of 2022 loan limits at $625,000. Most executives sat around and scratched our heads at how they were doing this. Did they have excess room on their balance sheets that they needed to fill up before the end of the year? Was there an insider that leaked some information? As we searched for answers, I stumbled upon something that shocked me because,

Chrissy Brown is chief operations officer for Atlantic Bay Mortgage

On Sept. 28th, the FHFA announced the Housing Price Index for July over July (remember it has to be Q3 over Q3) of 19.2%. how did I not know this? Many of us assumed that every November a bunch of executives from the FHFA sat around a table and discussed what the loan limits should be for the next year. That

is not at all what happens! In fact, it is a mere calculation. The 2008 Housing and Economic Recovery Act amended the laws surrounding the calculation and implementation of Conforming Loan Limits (in Section 1124). Fun fact: this is when we stopped seeing the $417,000 loan limit that we all knew oh so well prior to this date. I’ll save you the legalese and just recap what it says. By law, the FHFA is to compare the housing index increase or decrease Q3 over Q3. That index is applied to the current loan limits to create the next year’s limits. For instance, in 2020, the FHFA announced 2021’s loan limits. They increased from $510,400 to $548,250. As noted in the FHFA announcement, the 2020 House Price Index report indicated the increase in index was 7.415% (they rounded in their announcement to 7.42% for simplicity’s sake). So, what happened in September 2021? On Sept. 28, the FHFA announced the Housing Price Index for July over July (remember it has to be Q3 over Q3) of 19.2%. That is insanity, however. It has been a crazy year in real estate home prices, as we all know. If you look at the current loan limit in comparison to the $625,000, that index is 14%. It’s safe to say, $625,000 was a reasonable amount given we only had to account for two more months. Some of the industry waited on pins and needles for Nov. 30 to come and the new limits to be announced to see if they were safe in the risk they took. Luckily, we can all sigh a huge breath of relief as we all know the new loan limits are $647,200 for one-unit properties. However, now we know how it works and what to expect. n

MORTGAGE WOMEN MAGAZINE • Issue 1, 2022

Mortgage Moms

New Year’s Resolutions: Yay or Nay? ARE RESOLUTIONS WORTH THE HYPE? By ASHLEY GRAVANO Contributing Writer, Mortgage Women Magazine

an. 1! The start of a new year, a new chapter … the beginning of this year’s resolutions for many. Some people flock to the gym, cut down on TV time, participate in “dry January,” and some treat it like any other day. Are resolutions worth the hype? Or is it better to strive for improvements, trying new things or finding joy regardless of what day is on the calendar? I once was part of the resolution hype; each year I vowed to stick to something all year. “That’s it, this is the year.” What I found was within fourto-six weeks the motivation had waned and I totally did what I do every year, not follow through. Maybe it’s the pressure or the time of year it falls on (COLD AND MISERABLE ON THE EAST COAST) to make things stick … not sure. But for me. I am a NAY when it comes to resolutions. I think we all should work to make some improvements or find joy in things regardless of the time of year. I asked some of my #mortgagemom friends if they voted for resolutions: LEORA A RUZIN, CMB, AMP — SVP of Lending. Coloramo Federal Credit Union, calls them “life enhancements.” She promises to be present in every moment as it is happening and be more mindful of how her presence affects those around her, including her family. She often gets so hyper-focused on the future that she misses out on the moments right in front of her that are meaningful and impactful. LAILA KHAN, Assistant Vice President of Marketing and Communications at Guidance Residential, is focusing on making change in each facet of her life: professionally, spiritually, physically, socially, emotionally — all around — in hopes that this strengthens her ability to engage in more valuable connections, learn more, grow more, give back more, and live more.

Ashley Gravano

SUHA ZEHL, Chief Innovation Officer with BlackFin Group, stopped making new year’s resolutions in her 30s because she realized that setting goals once a year then failing was causing her more harm than good. Instead, she focuses on creating lasting change by truly knowing what her purpose is and following through on incremental goals that help her fulfill that purpose. MOLLY DOWDY, Co-Founder, NEXT Mortgage Events, wants to try to stop time. That’s going to be a hard one! She is going to try harder to live in the present moment, appreciate “down time," and plan for more “do nothing” days with her kids. Whatever makes it seem like time is moving slow — that’s what she wants to do in 2022!

In closing … If you are a believer — you do you! Each of us has to follow the beat of our drum. Don’t make resolutions without an action plan. Write things down. Use reminders on your phone or sticky notes. But whatever you do, don’t forget that you can do this without the change of a calendar year. Cheers to a healthy, happy, and prosperous 2022! Ashley Gravano, VP Product Solutions, Mortgage Cadence

www.mortgagewomenmagazine.com

Naomi Mathis

I AM A VETERAN AND THIS IS MY VICTORY. “My victory is facing my PTSD so I can be here for my children.” After returning from service in Iraq, Naomi could still hear the booms and see the tracer fire. With the right support from DAV, she began to heal. DAV helps veterans of every generation get the benefits they’ve earned—helping more than one million veterans each year. Support more victories for veterans®. Go to DAV.org.

You’re invited! Live, in person!

JUL

Y 6 — 7 NEW , ORL EAN 2 0 2 2 S, L A

July 6 — 7, 2022

New Orleans, LA

Mortgage Women Magazine 2022 Issue 1

Articles inside

NEW YEAR’S RESOLUTIONS: YAY OR NAY?

DEMYSTIFYING ANNUAL LOAN-LIMIT INCREASES

IDENTIFYING OPPORTUNITIES TO SAVE COSTS

CAN INCREASING LLPAS ON SECOND HOMES, JUMBOS HELP?