ISSUE 5, 2022 AMBIZ MEDIA $20. 00 INSIDE: CONFLICT CONFIDENCE > PAGE 12 LOCK & SHOP > PAGE 14 MOTIVATIONAL SKILLS > PAGE 16 UNCERTAINTYWEATHERING>PAGE10 A PUBLICATION OF AMERICAN BUSINESS MEDIA A EMBRACINGTRAILBLAZERCHANGE>PAGE4 SUCCESS COMES FROM SEEING THE CHANGING LANDSCAPE > PAGE 22 MIRROR YOUR COMMUNITY
JAN 2023
New England’s top gathering for mortgage professionals returns to Connecticut on January 12–13, 2023. Don’t miss this exciting, informative event. NMP readers like you can attend for free by using the code NMPOCN.
Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. www.nemortgageexpo.com
Produced ByTitle Sponsor ORIGINATORCONNECTNETWORK.COM
12–13
NEWMORTGAGENGLANDTHEE
ISSUE 5, 2022 AMBIZ MEDIA $20. 00 INSIDE: CONFLICT CONFIDENCE > PAGE 12 LOCK & SHOP > PAGE 14 MOTIVATIONAL SKILLS > PAGE 16 UNCERTAINTYWEATHERING>PAGE10 A PUBLICATION OF AMERICAN BUSINESS MEDIA A EMBRACINGTRAILBLAZERCHANGE>PAGE4 SUCCESS COMES FROM SEEING THE CHANGING LANDSCAPE > PAGE 22 MIRROR YOUR COMMUNITY
OCT 18 2022
Produced ByTitle Sponsor ORIGINATORCONNECTNETWORK.COM NMLS RENEWAL CLASS OCT. 19
Colorado’s top gathering for mortgage professionals returns to Denver on October 18, 2022. Don’t miss this exciting, informative event. NMP readers like you can attend for free by using the code NMPOCN.
Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. www.comortgagesummit.com
MULTIMEDIA SPECIALISTS
Submit your news
FOUNDING PUBLISHER
CEO, PUBLISHER, EDITOR-IN-CHIEF
Julie Carmichael PROJECT MANAGER
William Valvo
Ifeditorial@ambizmedia.comtoyouwouldlikeadditionalcopies of
Call (860) 719-1991 or email info@ambizmedia.com www.ambizmedia.com
The Game Has Changed
Kelly Hendricks Managing Editor
MANAGING EDITOR
Steven Goode, Katie Jensen, Douglas Page, Sarah Wolak
Meghan Hogan DESIGN MANAGER
HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT
Melissa Pianin
EDITORIAL DIRECTOR
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.
Christine Stuart
CONTRIBUTING WRITERS
Mortgage Women Magazine
Stacy Murray, Christopher Wallace GRAPHIC DESIGN MANAGERS
UX DESIGN DIRECTOR
American Business Media LLC 88 Hopmeadow St. Simsbury, CT 06089
Vincent M. Valvo
DIRECTOR OF EVENTS
Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST
MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 3
W
FROM THE EDITOR
If we take away the past two years, a fantasy land of lending, we are in a stable purchase focused market. The outlook continues to show strong growth in the purchase sector. So, now is the time to adapt to the market trends and stay ahead of the curve. The sale is just as important as the product, so find ways to set yourself apart. This is the time to find your focus, refine your skills, and set your goals for a successful 2023. Find the ways to give a little extra and set yourself apart and you will find success and a referral base to keep your book of business going strong.
Don’t become complacent, find your why, set your goals, and then learn how to achieve the goals you set. Be authentic to yourself and do the things that you do well, not what someone else says they think you should do and you will find success in this ever changing market.
Phone: (860) info@ambizmedia.com719-1991
David Krechevsky EDITOR
Mike Savino
MARKETING & EVENTS ASSOCIATE
© 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:
Tina Asher, Tyna-Minet Anderson, Laura Brandao, Chrissy Brown, Ashley Gravano, Tara Healey, Dr. Vanessa MontaÑez, Erum Nayani
Tigi Kuttamperoor, Matthew Mullins, Angelo Scalise
Ben Slayton
Kelly Hendricks
Kelly Hendricks
STAFF
Beverly Bolnick
OUR MISSION
Alison Valvo
Navindra Persaud
SENIOR EDITOR
e’ve all seen the staggering headlines: rates on the rise, inventory still down, lenders small and large closing, and layoffs by the thousands. There is no way around it; the markets we have had for the past two plus years are gone. The staff we are left with are struggling with fears of continuing layoffs and reduced compensation after two years of working nonstop resulting in lags and errors in the process flow. It would seem we are an industry in crisis. However, with a change in perspective many are coming to terms with the opportunity ahead if we learn to adapt, embrace technology, and find our market.
DIRECTOR OF STRATEGIC GROWTH
Mortgage Women Magazine
Keith Griffin
HEAD OF MULTIMEDIA
I recently attended the Originator Connect™ conference in Las Vegas and came away with a more optimistic outlook for our industry than ever before. The resonating message was to be true to your authentic self. More than ever, companies have to find ways to market to their (like it or not) changing customer bases. The days of drop-in sales calls and delivering flyers to real estate offices are not reaping the rewards they once did. Millennials still are the largest buying base nationwide, however do you know the second largest? Freddie Mac research shows it is single women and what’s more there is little to no marketing targeting them. As a woman in the mortgage industry this is the data I need to know. Who knows how to relate to this demographic better than women?
Andrew Berman
ASSOCIATE PUBLISHER
STAFF WRITERS
HerChangedChangeEmbracingHasLife TRAILBLAZER ANDERSON-TOMPKINSBROOKE WANTS PEOPLE TO REACH THEIR FULL POTENTIAL, PERSONALLY AND PROFESSIONALLY 4 www.mortgagewomenmagazine.com
A. In the next five years, I expect the waves of positive momentum to continue. This comes in the form of working toward personal goals, successfully navigating industry shifts and working in communities to foster progress, I foresee a bright future.
We will need to embrace new technologies as they continue to evolve and utilize tools that simplify the loan manufacturing process to the benefit of those we serve.
A. I see a trailblazer as someone who is driven to succeed and embraces the mantra “We never give up; we always find a way.” They would be someone open to learning as well as willing to share their knowledge gained with others, and chart new
We need to continue to pay close attention, as a business community, to
We will work to bridge the homeownership gap regardless of market conditions. It is important to note that this goes beyond direct industry challenges. It speaks to the real collaboration that will be required to truly address systemic change and make a meaningful difference in the generational wealth continuum.
I applied to a local law firm for an open position. While waiting for a response, however, I was offered a position as a loan processor in a small mortgage brokerage company, one of the first in New York State. I accepted that job and worked directly with the owner of the company. He was a great mentor, not only in teaching me the business, but also providing introductions within both the banking and real estate industries. I found the work challenging. I loved learning the ins and outs of the business.
I then took a position with one of the investors with whom we did business. A short time after the owner of the brokerage company came to me and offered me an opportunity to do a buyout of the company. Fast forward 20 years, and I merged my company with 1st Priority Mortgage to take on my current role.
change you wish to see in the world.”
Where do you see yourself and women in the mortgage industry in the next 5 years?
A. I started my career after receiving an associate degree in paralegal studies. My initial plan was to use it as a stepping stone to law school as I was responsible for my tuition. You could say I got sidetracked with mortgages.
I can’t say as I thought of myself as a trailblazer. Although, when I look back at having acquired a mortgage company in my early twenties and continuing in the industry to have a successful and rewarding career, I can see how it may fit. I am committed to working with people in our business to help them reach their full potential, personally and professionally. If they see me as an example of what inspires them, I am happy to be called a trailblazer.
– Mahatma Gandhi
ways to solve challenges.
How did you get your start in the mortgage industry?
his month I had the pleasure of speaking with Brooke AndersonTompkins, the president of 1st Priority Mortgage, Inc. She and her family live in Buffalo, N.Y.
What does being a trailblazer mean to you?
By LAURA BRANDAO, Contributing Writer, Mortgage Women Magazine
T
CONTINUED ON PAGE 6 MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 5
A. I have been very fortunate to have a village of support. Family, friends,
One of the most critical parts of my success is having an amazing mentor, Joe Gianni (2Logical). Joe has been both a coach and a mentor to me for over 20 years. This guidance has been instrumental in my ability to achieve my personal and career goals.
TRAILBLAZERS
CONTINUED FROM PAGE 5 6 www.mortgagewomenmagazine.com
An important part of having a mentor is finding someone you can trust. I was taught that you can listen to what anyone says, but you should
Tell us something about your career in the industry that was pivotal to you achieving your level of success?
He helped shape my existing practices into best practices while also teaching fundamental success principles. These success principles have continued to be the guideposts of my personal story and of 1st Priority.
What is your superpower?professionalA.
I am a highly organized, actively engaged listener.
Being an organized thinker gives me the ability to maintain a more flexible train of thought as changes occur, then to pivot should the need arise. Being an active and engaged listener provides the ability to make connections that lead to better, innovative solutions.
trends and changes that will move our industry to greater awareness and be a positive force in the greater community. We can achieve this through building relationships with our clients in their communities, continual listening, learning and intentional action.
and colleagues who have answered my questions, supported me and were willing to invest in my potential.
More than just physically organized, I thrive on taking vague or seemingly disconnected thoughts and arranging them into a clearer, more precise
picture. This is beneficial in an industry that has so many tentacles with a constant cascade of guideline, legislative, and regulatory changes.
for myself early on to have my organization recognized as a leader in our industry. Meeting financial goals is important for any company, and having your firm be held as a standard for excellence within your industry is something I will continue to work toward.Within the company, I feel it is important to share identified goals and to reach them as a team. Our organization follows a five-stage process with an objective of helping our clients attain their dream of homeownership. Feedback is provided by stakeholders at the end of our Delivering the Home Loan Experience. This feedback is critical. It allows us to learn and to create raving fans.
You may find that you connect with someone who has great experience and a willingness to share their story. It’s also been said that the teacher far out learns the student … when willing to listen.
toward them, continuously learning, and accepting and applying feedback from clients and colleagues. Ultimately, to make a difference.
I believe the very definition of success is setting goals, working
only act on the advice of someone with subject matter expertise that you know cares. I have taken that to heart and would pass that advice on to anyone looking for a mentor.
What do you do for fun outside ofA.work?
MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 7
Outside of work, my family and I love to travel. One of my favorite trips was to Portugal. My husband, daughter and I went on the trip together for a milestone birthday. It was magical. The food, the people and the scenery were breathtaking. Time together as a family is priceless to me.
What advice would you give a woman entering the business
One way of finding a mentor is by attending events geared to making connections in the mortgage business or any specific field of interest. I would highly recommend attending events and to spend time meeting and talking with well-rounded knowledgeable people.
CONTINUED ON PAGE 8
A. Be curious. Be a lifelong learner. Work hard. Ask questions. Also, as noted, seek out advisors and or a mentor to help you sort through issues in a pragmatic and rational way. Surround yourself with those that speak candidly and support you at the same time.
A. For me, success means achieving my goals and continuing to work toward achieving what matters most to me. Having a roadmap (plan) helps along the way but the journey is just as important, whether it be long, short, perfectly straight or filled with curves and hills. The roadmap is the key when things don’t go according to plan — it provides you a reference to aid in navigating a new route to the desired destination.Isetagoal
today or trying to move forward in their mortgage industry career?
I was taught that you can listen to what anyone says, but you should only act on the advice of someone with subject youexpertisematterthatknowcares.
What does success mean to you?
One of the most difficult things to navigate in the mortgage industry is the constancy of change. Add the unexpected challenge of the pandemic, which dramatically altered the way many of us conducted business. It forced us to learn new ways to connect and carry on in a new normal that continues to evolve.Our industry did not slow down during the pandemic as some others did, but, rather, our pace picked up and there was an unprecedented upsurge in the needs of our clients, while simultaneously with our employees addressing the personal pandemic cascade. We were not the cause (COVID was), but it was an
How do ouroccurringthenavigatingrecommendyouchangesinindustry?A.
I am a big believer in embracing change and learning from it. I also understand that change can be daunting and especiallyoverwhelming,inan industry like ours. This work has pressuressignificantwhich can drive wide swings in the flow of business.
TRAILBLAZERS
Few would disagree that there is injustice and inequality in our world. While we may see signs of hope in given arenas, there remains a great need for us to stand up and speak when recognizing that the cause is greater than a fear of being corrected
I find the lessons contained in the short passages resonate and I have always found comfort, validation, and inspiration within them.
When I want to read something mindless for fun, I have an electronic reader but this book I have in the original paper form. There is something more substantive and timeless about a physical book. Yes, I still love a great bookstore.
CONTINUED
FROM PAGE 7 8 www.mortgagewomenmagazine.com
A. I have never really had trouble with this one, those who know me are laughing as they read this! I learned early to speak up, being mindful of doing so in a respectful way. It is important to listen to our inner voice, then speak.
A. Kindness is so vital. It is especially important in these troubled times that we remember to think of others more than ourselves.
How do you find your voice?
or chastised for it.
If there was one message, you would like to be remembered for what would it be?
I have been involved with delegations that travel to Washington regularly to speak about mortgage industry regulations and legislation. Now more than ever to address what can be done to bring about better equality and accessibility for everyone. The very fabric of our industry is providing people with the opportunity to own a home. The reality that some remain left out of that process due to a gap in affordability and availability is something I feel passionately about. I want to help find effective, long-term solutions.Ifeelstrongly about having a seat at the table. I go because I have learned my voice has value. Yes, schedules are difficult for most of us, and each time I go, I am glad I made the effort. As much to share my perspective as to learn from others in the room. We can affect positive outcomes. We already are.
enormous challenge. We learned to manage expectations in ways that we could not have dreamed!
As tough as it was, we did it. While now having a valuable lesson in learning to adapt, adjust and still achieve our goals directly and for our clientele. It was both a terrifying and gratifying ride.
Do you have a favorite book and why would you recommend it to others?
Never underestimate the power we each have to make a difference. n
A. I have many favorites. One is Words to Live By written by Eknath Easwaran. It is a collection of daily affirmations. I no longer read it daily, but I have opened it often over the many years since I was given my now well-thumbed copy.
2022 CE IS NOWIS AVAILABLENOWAMBIZDISCOUNTUSECODE Would you like to know more about our corporate programs? Or are you a branch manager? Contact Us. VISIT : MORTGAGEEDUCATION.COM (317) 625-3287 TRAIN YOUR COMPANY CALL OR
packed full of low interest rate loans. A lot of companies are borrowing from their MSR asset (much like an equity line of credit on your house) and utilizing that to offset theThelosses.kicker is that most MSR lines do not allow you to borrow more than 60%(ish) AND the value of the asset that is totopaythenwarehouselimit.theyoudown,dropsWhenchanges,thatcollateralizingMSRlineoften.thevalue(ratesgoetc.)andmightbeovermaxborrowingThelendersrequireyoutoitbackdownyourmaxloanvalue.Thisis
to learn how a large company finds themselves in an “overnight shutdown,” as we have seen with a couple of lenders in the last several months.
An interesting result of these market dynamics is that lenders (large and small) may begin to exit sectors of the market and sometimes altogether.
As an industry, we are also seeing an uptick in repurchases, refusal to purchase, recourse and other negative post-close events. Most companies experience those events in a normal market, cost of doing business. In those cases, an IMB must sell those loans on the Scratch and Dent market. Typically, a scratch-and-dent bid pays $.90 to $.95 on the dollar. In this market, they are paying $.60 to $.80 on the dollar. That is a substantial loss.
Funds rates. This is what you call Quantitative Tightening. That is where you started to see that massive rate hike that felt like it was overnight. Rates being high is only one battle that we are facing in this “storm.” Life will move on at any interest rate, as history has shown us time and time again.Another challenge we are facing as an industry is simply in the fact that the volatility in the market is still there. inflation,Betweenfearof a recession and the unknown of whether rates will rise or fall, cause investors in the secondary market to take a approachconservativetowards buying Mortgage Back pairedThisSecurities.issue,withthe reduction in volume, has caused the spread between revenue and expenses (what a company must make to stay open and profitable) to be reduced dramatically. Therefore, we have seen so many layoffs across the industry. Everyone is affected by the price tag (or lack thereof) of the MBS’.
companies are either minimalmakingprofit or running at a loss, their expenses in line with their
The good news is this business is cyclical. We will come through the storm, like we always do. The instability will calm down and life in mortgages will, yet again, settle into our new normal. Until then, I really encourage everyone to lean on their peers. It is helpful to be reminded that others are experiencing the same challenges as you are. Hey, they may even have some creative solutions that could help. n
A company’s greatest especiallyassets,since
called a margin call. If you do not have the cash to pay it, you find yourself in a very difficult situation.
One of the outcomes might be to close your doors. Unfortunately, it doesn’t end there. Any lender that has taken out a best-efforts lock with
There are many factors that could lead to that decision. Some of which are the combination of running at a loss and the concern of the potential of a margin call on their MSR lines.
An interesting result of these market dynamics is that lenders (large and small) may begin to exit sectors of the market and sometimes altogether. This inadvertently affects many lenders and causes a domino effect. I was amazed
For example, I was talking to a lender the other day. They are a moderately sized shop at about $1.5B of closed volume a year. They had 22 loans locked with FGMC at the time their doors were closed. These loans were locked as Best Efforts and left unhedged, since the rates offered by FGMC weren’t offered with any other investor/agency. These were all agency qualified loans, closed/funded and cleared for purchase. Since they had to go to current market pricing on the Friday that FGMC closed, they lost $70,000. That is simply just from being unhedged and pricing at market.
There are many more factors at play, but overall, these are the highlights. Every lender I speak to has stated they are seeing a decrease in quality (which is most likely attributed to their staff being slow and not fully focused on what they are doing), an uptick in back-end requests, a struggle to keep expenses in line with profit, the desire to offer every product and program to be competitive yet weighing the risk of being stuck with those loans at a 20-40% loss. If you are feeling like this is a company problem, rest assured you are not alone.
that investor and is left “unhedged,” essentially must go to market with the loans that they have locked with said investor that no longer exists.
Chrissy Brown is chief operations officer for Atlantic Bay Mortgage.
MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 11
confrontation probably ranks lower than standing in line at the DMV or, yes, even oral surgery.
If you picked a root canal, you’re not alone. Most people will do anything to avoid conflict and all the accompanying feelings of anger and frustration. On the list of things people love to do,
Tina Asher
T
In this month’s article, we look at where conflict has occurred in your life and discover where you can find the rainbow during your storm.
But conflict doesn’t have to be like that. Not only is conflict a normal part of life, but it can also be managed and even made into a positive jumpingoff point for becoming a stronger and calmer person. Confronting someone — be it a business partner or a family member — and feeling that both of you “won” can be as exhilarating as jumping out of a plane. And in the case of conflict, your life-saving parachute is a set of tools that help you survive any encounter or conflict situation.
By TINA ASHER, Contributing Writer, Mortgage Women Magazine
his past month has been nothing short of a challenge for me. Our family experienced a couple of deaths and some family conflict causing
me to reflect and re-align.
FIND THE RAINBOW IN THE CLOUDS
I’m happy to start a new month with renewed insights and revelations. Through these unforeseen events, I’ve chosen to look at these experiences as an opportunity to learn and grow.
“In many ways, conflict can be productive,” writes Sam Deep, coauthor of What to Ask When You Don’t
Confidence And Self-Respect Through Conflict
12 www.mortgagewomenmagazine.com
Question: Would you rather go to the dentist for a root canal or go to a friend and confront her with something that bothers you?
• Admit your role. If you are even partly at fault, be sure to
“Anger is a secondary emotion,” he writes. “Many people — men in particular — react with anger when they’re really feeling shame, embarrassment, pain, frustration, fear, confusion, or helplessness. When you feel angry or find yourself in a conflict with someone who appears angry, pause and ask yourself why.”
It’s in fact, difficult for most people to skillfully handle kind of conflict — at home or in the workplace.
• Start by finding something that you both agree on (even if it’s only 1%).
it’s
any
Our pain can be our gain with the right perspective. What perspective will you bring to light? n
Tina Asher is a coach and founder of Build U Up Consulting
not unusual for most people to hate confrontation;
Know What to Say. “Like a grain of sand in an oyster, it can produce ‘pearls’ by encouraging creative thinking, risktaking and entrepreneurial spirit.”
acknowledge your mistake up front.
With women representing more than half of our top Originators, Atlantic Bay is proud of these (and more!) honors for 2022: “Top 4 Best Large Mortgage Companies to Work For” NATIONAL MORTGAGE NEWS (TWO CONSECUTIVE YEARS) “50 Best Companies to Work For” and “Top 100 Mortgage Companies in America” MORTGAGE EXECUTIVE MAGAZINE “Top Mortgage Lender” SCOTSMAN GUIDE ATLANTIC BAY PROMOTES WOMEN’S CAREER GROWTH AND LEADERSHIP, AND IT SHOWS IN OUR SUCCESS. JOIN US. This communication does not constitute a promise or guarantee of employment. Atlantic Bay Mortgage Group LLC NMLS #72043 (nmlsconsumeraccess.com) is an Equal Opportunity Employer. When Women Succeed, Everyone Wins. MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 13
It’s not unusual for most people to hate confrontation; in fact, it’s difficult for most people to skillfully handle any kind of conflict — at home or in the workplace. And yet, the benefits of doing so include more self-confidence, less anger, greater self-respect, and more intimacy, according to Tim Ursiny, author of The Coward’s Guide to Conflict:
• Focus on the upside. Conflict avoiders often perceive only the downside. They need to see the positive side of confronting someone.
Empowering Solutions for Those Who Would Rather Run than Fight. His book outlines practical tips for dealing with conflict with family members, friends, and coworkers, including the following:
• Don’t react with anger. This is vital! Realize that you might behave like the other person if you were in their shoes. Look objectively at your behavior as well as the other person’s. Where there’s conflict, there’s usually anger. Yet it’s the angry reactions that often get in the way of a peaceful solution to a problem. Ursiny advises people to look beneath their anger.
• Estimate of the value of the property, and
(§ Nothing1026.2(a)(3)(ii))intheexisting mortgage laws and rules specify that the locking of a loan with a TBD address triggers the disclosure requirements, including the Loan Estimate (LE). It seems like a simple solution. You don’t have the six pieces of information to form a full application, so don’t issue an LE.
Tyna-Minet Anderson is vice president of Mortgage Educators and Compliance.
ith the recent rapid rate changes, we have started to see innovative programs hitting the market. One such program allows a borrower to lock and shop. In other words, the borrower can lock in the rate while still shopping for a home to get under contract. It all sounds great, until you start reviewing the TILA-RESPA Integrated Disclosure Rule (TRID).
The Perils Of Lock And Shop
W
An application is considered received when the consumer supplies the following information:
the creditor cannot subsequently claim that the receipt of the property address is a changed circumstance … ” Emphasis added.
LOCKING IN A RATE CAN BE A VALUABLE TOOL
If rates happen to go down during the shopping period, the borrower is often allowed to decrease the rate one time. It seems like the perfect solution for a tumultuous market. Most programs charge an upfront lock-in fee at the time of the lock. It may be a flat dollar amount or a percent of the loan amount.
• Address of the property,
as to when and what needs to be disclosed to the potential borrower.
There are several creditors that are using a variety of terms, including “program fee” a “hold fee” and “upfront closing costs, refundable at closing” to collect an upfront lock-in agreement fee. There are some creditors that require a signed financing agreement in conjunction with locking the loan. This fee is often non-refundable if the loan does not close. It may be refundable at closing, paid towards closing costs,
14 www.mortgagewomenmagazine.com
The mortgage application process typically begins after the borrower has found a property, not when locking in an interest rate with a creditor. This has caused uncertainty and ambiguity
• Consumer’s income,
• Consumer’s Social Security number to obtain a credit report,
By TYNA-MINET ANDERSON , Contributing Writer, Mortgage Women Magazine
• Consumer’s name,
When using this program, a loan is locked with all the borrower’s information except the property address. A To Be Determined (TBD) property address is used on the lock agreement with the creditor. Depending on the program, this allows the borrower to shop around for the next 90 days knowing that the rate is locked for 120 days.
• The mortgage loan amount sought.
The problem with that is found in 12 CFR 1026.19(e)(2)(i), which prohibits an entity from charging anything other than a credit report fee before issuing the LE and receiving an intent to proceed from the borrower. If you opt to issue the LE, you are bound to the disclosure without knowing about the property. In fact, comment 19(e)(3)(iv)(A)-3 states that an LE may be issued on a TBD, but “ … if a creditor provides the disclosures required by § 1026.19(e)(1)(i) prior to receiving the property address from the consumer,
Tyna-Minet Anderson is an attorney and co-owner of Mortgage Educators and Compliance.
depending on the creditor.
Open and operate your brokerage with confidence.
It is virtually impossible to separate the initial fees associated with locking the loan from the actual loan product that will be the end result once the property has been identified.
Regardless of the terms used it seems clear that the lock-in process is associated with a mortgage loan once the property has been identified. It is virtually impossible to separate the initial fees associated with locking the loan from the actual loan product that will be the end result once the property has been identified. Additionally, creating a separate financing agreement or disclosure, signed by the borrower, does not make the transaction separate from the future mortgage transaction. Even if the borrower is aware and agrees to the fee, they are paying an upfront fee associated with a mortgage loan.
Starting business doesn’t
The rules do not address this specific situation, but the official commentary prohibits collecting a check at application to be held or a credit card number to keep on file until the LE is issued and intent to proceed is given. Comment 19(e)(2)(i) (A)-5. From those examples, this is an
area that is not intended to have leeway. Locking in a rate while allowing a borrower to continue to shop can be a valuable tool for loan originators to provide their clients in a fluctuating market, but the ambiguities and potential legal pitfalls make it impossible for me to recommend. I have submitted an official request for an Advisory Opinion from the CFPB
have to be daunting. Build-A-Broker is a half-day bootcamp designed to help you establish the solid foundation needed to launch your business, or streamline and strengthen your existing one. WWW.BUILDABROKER.COM MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 15
related to Lock and Shop programs, but to date they have not responded. Until they issue additional guidance, I urge you to use caution before you offer a Lock and Shop program that requires an upfront fee. n
a
F
By ERUM NAYANI
THE MODERN MARKETER 16 www.mortgagewomenmagazine.com
MORTGAGETEAMSMOTIVATINGINTODAY’SMARKET
ostering motivation and morale in a hybrid work environment of office and telework is a tricky proposition. We’ve all heard the expression, “You don’t quit a company, you quit a boss.” That is both more and less true in today’s complex combination of working in-office and remotely.
WHAT LEADERSHIP SKILLS ARE NECESSARY TO MOTIVATE YOUR TEAM IN THE BUSINESS/ECONOMICCURRENTENVIRONMENT? ASK THE EXPERTS
During the past couple of years, more fully remote positions were created due to COVID. Our market,
how they’re handling the current challenges asking:
One last but important factor is to be honest about company limitations and goals, including market projections and regulatory challenges, and to be transparent about the ways you and the team are working to succeed in this environment.
That said, I reached out to my peers across the industry to find out
By making clear goals and engaging all members of the team
In today’s hybrid work environment, effective communication is paramount for leaders. Whether it is one-on-one by phone, email or online meetings, it helps me understand an individual team member’s productivity and emotional well-being. Still, it remains a balancing act to make myself available as a sounding board and allow my team to tackle tasks in the order and manner they prefer, while also trusting that the tasks are completed in a timely manner and with a quality that meets myRegularexpectations.management and team meetings help me to understand the challenges and hurdles my team faces and the support they require from me, whether it is pushing for
I also believe in leading by example. Outreach and introductions are a wonderful way to both welcome new people into the company and build positive lasting working relationships. I build my own network within our organization through a willingness to expand my knowledge and skill sets.
Being able to not thewhenwithincanaembracechange,withstandonlybutit,isqualitythatbefosteredateamyouwalkwalk.
CONTINUED ON PAGE 18 MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 17
MARIA LAMAS VP, Assistant General Counsel, Mr. Cooper
enhancements or clearing obstacles as they escalate. That support leads to high morale, a positive attitude and the trust and motivation that continues to help my team perform at peak levels.
Employees were truly quitting companies and not their bosses. New-hire turnaround seemed to increase as well, with the availability of new positions around every corner. If someone found the first few weeks or months at a company wasn’t a great fit, or if they found a slightly more competitive wage somewhere else, they jumped ship.
The ability to create a true partnership is one of the best ways to motivate teams you support and work with on a daily basis. The key is not to solely advise on legal matters or to provide an array of options without clear direction, but to work with your team to identify which options make sense for the business unit, the company and your customers, and to find creative ways to achieve solutions together.
In doing so, I’m giving my team the confidence to do the same, so that they, too, have the resources and resolve to ask questions to those who may be in a better position to answer them. I find that being able to not only withstand change, but embrace it, is a quality that can be fostered within a team when you walk the walk.
In the last couple of months, however, the situation has changed. With an increase in interest rates leading to a tightening of belts across the mortgage industry, and even the closure of a handful of prominent lenders, more people are staying put. For myself, I am incredibly fortunate not only to hold onto my existing team during this time of transition, but also to grow it by exercising flexibility and support for them.
Leaders must also make sure all team members have a voice and that they are prompted to provide input. There may be times when team members will not share ideas or collaborate because they don’t feel comfortable doing so. As a leader, you have to ensure everyone is given a voice and feels relaxed in a team environment, so that they not only feel confident in themselves and their ideas, but also become active participants in meetings and discussions. Diversity in a team is a potent asset when you take advantage of the backgrounds, points of view, and experiences of all team members, not just a few.
in large part, was truly open to hiring workers with little to no expectation of travel. Companies, leaders, and people have shifted around significantly, and even more so during the “Great Resignation.”
MARIA LAMAS
MARISSA M. YAKER, ESQ. Deputy General Counsel — Regulatory Affairs, Padgett Law Group
within an open environment, your team will feel they are a true partner in what is happening in the company and within your own department. Most importantly, they will play a more active role in their everyday work life, which ultimately benefits the organization.
Self-awareness requires an honest assessment of work styles and how they translate to hybrid work environments. Because we have the ability to empower but also disempower our teams, how we show up as leaders is essential. Leaders who recognize problems but focus on solutions typically use emotional intelligence (EI) to self-regulate and better understand team members,
In the beginning of the pandemic, people needed to be reassured that they had job stability and that everything was going to be OK. Professionally and personally, leaders had to adjust and be more creative, flexible, and most importantly focus on their employees
Tammy Richards
Erica Acie
ASK THE EXPERTS
CONTINUED
TAMMY RICHARDS LendArchPresident,
When you are personally driven and enthusiastic about your company, you’re better able to speak to the success of the organization and explain why everything we do has a purpose. Most importantly, you’re better able to provide the “big picture” that we all contribute to the success and failures of the company. If an employee feels that they are making a difference, and that their voice is heard, they are much more likely to be motivated. Maximizing motivation promotes employee job satisfaction and business success!
Leading by example and servant leadership are the best ways to lead a high performing team. Amazing leaders love what they do and love those they serve—both customers and the people they work with. Valuing individuals and their unique superpowers can motivate the entire team and bring everyone to the next level.
There is an array of leadership skills necessary to motivate teams in hybrid work environments created since the pandemic. My primary focus includes self-awareness, transparent communication, and accountability and productivity.
during an unprecedented time.
For many reasons, motivation remains one of the harder leadership skills. The key is that leaders must be motivated themselves, and truly believe in and be passionate about what they are doing. If you are not motivated as a leader, how are you able to motivate others? If, on the other hand, you are motivated, the second part — motivating others — should come naturally.
FROM PAGE 17
Because the work environment changed drastically during the pandemic, most of the leadership skills that we were utilizing in 2020 and prior have gone out the door. The industry has transitioned to a telework environment or a hybrid office/remote schedule, thereby changing the skills and techniques leaders use to motivate staff.
The best leaders that I have seen also have a strategic view and a plan in place, and understand how to deploy the tactical aspects of that plan in what they are asking their team to do. That includes listening to ideas from the team for continuous improvements. The best leaders are also adept at mentoring their team to achieve their goals and prioritize promoting people from within the organization. They realize that rewards and recognition are important to all team members and lead to better employee retention.
Marissa M. Yaker, Esq.
While communication skills have always been crucial, many of us are still working remotely or in hybrid environments, so communication and connecting with our teams is more important now than ever. Great leaders know how to leverage all the tools
ERICA ACIE Executive Vice President — Head of Fulfillment, Truist
18 www.mortgagewomenmagazine.com
that are available to them, including Microsoft Teams, Zoom and other video conferencing systems, to build stronger connections with their teams.
For example, most of us had to become familiar with video calls and working from home, and dealing with the stresses that this brought. Most importantly, we had to adjust to not seeing our work families in-person daily. However, we still needed to show employees that we believe in what we are doing and that we care about them as professionals and as people, just like we did before the pandemic.
In the end, happy professionals provide better customer service, which eventually leads to happier customers — which is the foundation for success.
OPS &
Global DMS’ EVO™ appraisal management platform seamlessly facilitates both residential and commercial real estate appraisals via intelligent, AI-powered automation and innovative features, like its digital appraisal forms, comprehensive reporting, and 100% self-configurablility that allows the end-user to customize all aspects of the software on the fly, including its fields, forms, reports, user-permissions, statuses, communications, automation, and more — no IT or development work required. The platform’s role-based design, with custom dashboards and task lists, and advanced review technology, further ensures compliance and helps deliver the most optimal appraisal process imaginable, regardless of one’s unique business
The pandemic forced leaders to trust their teammate’s commitment to performance. This means they must clearly articulate their expectations and how team performance will be measured, and let everyone track the team’s performance. These actions not only create greater trust, accountability and transparency, but also a sense of purpose and achievement for the team, which in turn creates more meaningful working relationships.
MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 19
which promotes effective team dynamics. As an example, a leader with strong EI skills will put in place opportunities for human connection, such as face to face or video conference meetings, which may lead to cues from their teammates that they’re not happy. Only by finding problems within the team can leaders achieve a mutually beneficial solution and show an appreciation for the team in its entirety.
Lansdale, PA
What tech solutions/ products does your company offer?
creative ways. In most companies, leaders walk the floor and visit teammates in their cubicles.
RESOURCETECHGUIDEGlobalDMS
accountability inperformanceandnewand
Erum Nayani is senior vice president, general counsel — mortgage banking, chief compliance officer & secretary, BSI Financial Services.
Because we have the ability to empower but also disempower our teams, how we show up as leaders is essential.
Thirdly, leaders must drive
Founded in 1999 and headquartered in Lansdale, Pennsylvania, Global DMS® is a leading provider of cloudbased commercial and residential real estate appraisal management software. The company’s solution set is cost-effectively delivered on a software-as-a-service (SaaS) transactional basis that ensures compliance adherence, reduces costs, increases efficiencies, and expedites the entire real estate appraisal process.
evoinfo@globaldms.commodel.globaldms.com
The second skill is open, trusted communication with demonstrated transparency. Prior to the pandemic, I enjoyed visiting different fulfillment centers each quarter to listen and understand issues first-hand, which prompted action and built trust. In our new hybrid working environment, I host virtual meetings with front line teammates without their leaders to ensure clear lines of open communication without subconscious barriers. I also attend intentional meetings scheduled and structured by the team. Said differently, I meet the team where they are and encourage their feedback to produce an engaged and motivated staff instead of expecting them to fall back into traditional patterns.
With any workplace model, driving a culture of purpose, passion, and care for teammates produces highly engaged teammates. However, in a hybrid model these same pillars are even more critical. To achieve the goals we set forth, I also like to emphasize greater collaboration around teammate development and empowerment. Listening to each other and creating solutions together for the challenges ahead will not only get us through the change curve, but will forever create more successful interactions with our teams. n
Mortgage Star — The Premiere Event For Mortgage Women
20 www.mortgagewomenmagazine.com
all attendees of the Mortgage Star conference. It featured multiple training sessions and a vendor exhibit hall. This was followed by the “Definitely Not A Speakeasy” party set to a Prohibition era theme and attendees enjoyed indoor and patio festivities with the authentic musical entertainment provided by New Orleans performers, The John Wolfe Trio. By all accounts, the event was a huge success. Originator Connect looks forward to returning to The Big Easy in 2023 with this outstanding event for women in the mortgage industry. n
MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 21
ortgage Star, the premiere event for women in the mortgage successescelebratedindustry,theiraswell
product and data operations at Veros Real Estate Solutions; Tiffany Fisher, producing regional manager at Supreme Lending; Karen Klemcke, senior vice president, regional president, mortgages at DHI Mortgage; and Kari Rebehn, director, global contact center strategies at TheSourcepoint.conference opened with a panel discussion and closed with keynote speaker Amanda Beard, Olympic medalist and New York Times best-selling author. The next day kicked off the Ultimate Mortgage Expo, which was open to
as created outstanding educational and networking opportunities.
M
Scan the code to view our July issue and learn about all of our Mortgage Stars
Held on July 6 in New Orleans, Mortgage Star was presented by the Originator Connect Network and sponsored by Rocket Pro TPO. Among those captured on camera at the event were Sarah Acosta, vice president of
22 www.mortgagewomenmagazine.com
CONTINUED ON PAGE 24 MORTGAGE WOMEN MAGAZINE • Issue 5, 2022 23
stay relevant and thrive,
strategy needs to occur immediately to pivot and thrive in the changing landscape. For example, the average age of loan officers is 44 years old. The most common ethnicity of consumer loan officers is white at 67.8%, followed by Hispanic at 14.5% and Black at 8.6%. (Consumer Loan Officer Demographics and Statistics [2022]) We need to grow new talent. The loan officer of today needs to be younger. The loan officer of today needs to be more diverse.
understand the market needs. If the buyers are younger and more diverse, the lender needs to hire accordingly.
Los Angeles lenders looking to grow their teams can ask the following questions:Isthesales force in Los Angeles diverse? Are most of the employees Hispanic? Are the employees younger? How is one growing new talent? How is one hiring diverse talent? A new
The Joint Center for Housing of Harvard University said, “In 2015, Millennials headed only 16 million of
DR. VANESSA MONTAÑEZ , CONTRIBUTING WRITER, MORTGAGE WOMEN MAGAZINE
LENDERS NEED TO MIRROR THE COMMUNITIES THEY SERVE TO SURVIVE THE NEXT WAVE OF BUYERS
changesneedsto
For example, we will look at the population of Los Angeles, roughly 3.8 million. Hispanics account for 48.5% of the population, white population for 28.5%, Asian population for 11.8%, and Black population for 8.8%, leaving 2.8% as other. (U.S. Census Bureau QuickFacts). Common sense would lead the lender to look at who their employees are in the Los Angeles
The Face Of The Lending Landscape Is Changing
market. All financial institutions understand that Los Angeles is the second-largest city in the United States, making this the mecca for mortgage lending. The average sale price in Los Angeles per realtor.com is $998,000, making originating a lucrative business. Los Angeles has near-perfect weather, cultural diversity, and sprawling businesses. Los Angeles has the third-largest GDP, followed by Tokyo and New York.
What is a reality in the workplace of a typical loan officer now is not what is the reality of the population in Los Angeles. Lenders need to mirror the communities they serve to survive the next wave of buyers. Buyers are younger and diverse. Buyers want to be understood and represented. If one adds language needs, that adds another layer of complexity. Not only does one need to mirror the community one serves, but it also meets the language and cultural nuances to complete the transaction. One solution is hiring, training, and making changes.
The face of the lending landscape is changing. Is your company making the necessary changes to thrive?
CONTINUED FROM PAGE 23
in 3 Hispanic/Latino are in their prime home buying age. (NAHREP 2020 State of Hispanic Homeownership Report) Millennials and Hispanics are the waves of new buyers and homeowners.Companies, lenders, employersandneed to take stock and reassess their hiring companyHavingstrategies.adiversemakes sense and provides a higher return on researched&McKinseyinvestment.Company1,000
One solution for growing a diverse workforce is interviewing, hiring, and training a diverse workforce. The recruiter or manager needs to interview 3-5 candidates for every position open. Are the candidates women diverse candidates and a representative of the community they serve? Is the candidate mirroring the community’s needs? One needs to be fair and equitable when interviewing and hiring a candidate.
24 www.mortgagewomenmagazine.com
We need to grow new talent. The loan officer of today needs to be younger. The loan officer of today needs to be more diverse.
CONTINUED ON PAGE 26
— and shows that this business case continues to strengthen. The most diverse companies are now more likely to outperform less diverse peers on profitability.” (Dixon-Fyle et al.)
(Joint Center for Housing of Harvard University, State of the Nation’s Housing 2019) Additionally, another study found that between 2020-2040, 70% of new homeowners will be Hispanic/Latino — with the median age of 29.8, nearly 1
MIRROR YOUR COMMUNITIES
companies in 15 countries in their report for 2020, and the numbers were staggering. “Our latest analysis reaffirms the strong business case for both gender diversity and ethnic and cultural diversity in corporate leadership
Those companies with gender, ethnic and cultural diversity had a 36% return on investment. The greater the representation of the diversity of an organization’s management and staffing levels, should provide greater the return on investment. The reports, articles, and data show that companies need to change as the times change. Those companies that do not change will face challenges. The gap will deepen, and the losses will be experienced.
the nation’s 124.5 million households. By 2035, however, they are projected to head 49.8 million households and thus reshape demand in a profound way.”
8
Produced ByTitle Sponsor NMLS RENEWAL CLASS NOV. 9 ORIGINATORCONNECTNETWORK.COM
Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. www.txmortgageroundup.com
TE XA S
MORTGAGE ROUNDUP
NOV 2022
Texas’s top gathering for mortgage professionals returns to Houston on November 8, 2022. Don’t miss this exciting, informative event. NMP readers like you can attend for free by using the code NMPOCN.
CONTINUED
talent by understanding the markets one is Takingserving.itone step further, are the managers and recruiters mirroring the communities they serve? It is enough to hire diverse candidates and have the decision-makers look like their community. Many companies do not have women or diverse representation on executive teams. In the McKinsey report more than a third of the companies in the data set had no women at all on their executive teams. The lack of diversity is
This is a wake up call. The numbers show a compelling story. The face of the lending landscape is changing. Is your company making the necessary changes to thrive? Or is your company decaying? Business and the buyers are changing. It is up to you to stay relevant and informed. n
26 www.mortgagewomenmagazine.com
How well does the candidate know the community and market they are applying for? The candidate needs to look at the part and understand the market they are applying for the role. Who are they currently doing business with? Who are their top centers of influence? What organizations do they belong to or are a member of? As the interviewer, keep all the questions the same and consistent. Having consistency will provide a range of answers from the candidates. The example provided of Los Angeles shows that most of the population is Hispanic/Latino. If the role of a loan officer in Los Angeles was open, who would you hire? Data shows that the majority of the population is Hispanic. Would the ideal candidate be bilingual, Hispanic, or millennial? The answer is it depends. Did you interview 3-5 candidates? Were the candidates diverse? Who is the best candidate? Who answered the questions the best? There are no easy solutions, but there can be a road map to hiring the best
Vanessa Montañez is a contributing writer on diversity and CEO of LeadHER Talks
FROM PAGE 24
MIRROR YOUR COMMUNITIES
Millennials and Hispanics are the waves of new buyers homeowners.and
Finally, what training is being provided? Are you keeping up with your regulatory training? Are you providing training on fair lending? Discrimination? Unconscious Bias? It is important to develop and retain skills, knowledge, and understanding of our business. By training our employees it boosts productivity, employee turnover, and improves company culture. The better your loan officers are trained the better equipped they are to originate and provide excellent service. Training will enhance their knowledge and skills.
evident when you look at the executive teams, middle management teams, and management teams across the industry.
MORTGAGENEWSNETWORK.COM
And Action!…
Mortgage News Network’s mission is to use the power of video and podcasts to compliment the written word and inform, educate, enable and empower mortgage professionals with the most relevant, up-to-date information and advances in the mortgage industry.
PRODUCTIONS OF AMERICAN BUSINESS MEDIA
It is our goal to offer worthwhile information to our viewers while delivering it with the utmost professionalism.
New England’s top gathering for mortgage professionals returns to Connecticut on January 12–13, 2023. Don’t miss this exciting, informative event. NMP readers like you can attend for free by using the code NMPOCN.
12–13
Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. www.nemortgageexpo.com
JAN 2023
NEWMORTGAGENGLANDTHEE
Produced ByTitle Sponsor ORIGINATORCONNECTNETWORK.COM