Mortgage Women Magazine 2022 Issue 6

MALLORY

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.

www.nemortgageexpo.com

Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility.

Produced By

Title Sponsor

MALLORY

How Fairway Empowers Her

Fairway Independent Mortgage Corporation is committed to cultivating, fostering and preserving a culture of diversity and inclusion. In fact, our executive team is 55% female. We believe fair representation across leadership and throughout the employee population is vital for a bias-free workplace.

As a woman, how has Fairway empowered you to succeed?

“Fairway is a great foundation for women! I have personally witnessed so many women become great leaders and mentors to others here. The possibilities are endless at Fairway!”

— Julie Fry, Chief HR Officer

“ W hen a company has more women than men serving on its executive board and in leadership positions across the company, that speaks volumes.”

— Louise Thaxton, AWI Chief Executive Officer & Branch Manager

“I am truly honored to work for a company where both me and my teammates are given every opportunity to succeed. I feel respected and well received when sharing my opinion. I couldn’t ask for more!”

— Ashley Hickmon, Branch Manager

“T hrough our charity, Fairway Cares, Fairway has created a platform that allows me to share my heart for others — leading, loving, growing, caring and challenging others to go further than they thought they could. Fairway has given us a wonderful purpose. Thank you, Fairway.”

— Sherri Anderson, Fairway Cares Chief Executive Officer

STAFF

Vincent M. Valvo

CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick ASSOCIATE PUBLISHER

Christine Stuart

EDITORIAL DIRECTOR

Kelly Hendricks

MANAGING EDITOR

David Krechevsky EDITOR

Keith Griffin

SENIOR EDITOR

Mike Savino

HEAD OF MULTIMEDIA

Steven Goode, Katie Jensen, Douglas Page, Sarah Wolak STAFF WRITERS

Tyna-Minet Anderson, Tina Asher, Laura Brandao, Chrissy Brown, Ashley Gravano, Lorie Helms, Dr. Vanessa Montañez, Grace Ragan, Dawn Ryan CONTRIBUTING WRITERS

Alison Valvo

DIRECTOR OF STRATEGIC GROWTH

Julie Carmichael

PROJECT MANAGER

Meghan Hogan DESIGN MANAGER

Stacy Murray, Christopher Wallace GRAPHIC DESIGN MANAGERS

Navindra Persaud

DIRECTOR OF EVENTS

William Valvo UX DESIGN DIRECTOR

Andrew Berman

HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Tigi Kuttamperoor, Matthew Mullins, Angelo Scalise

MULTIMEDIA SPECIALISTS

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Ben Slayton

FOUNDING PUBLISHER

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The Power of One

Iwas recently catching up on one of my favorite shows and there were a few lines from the dialogue that struck a chord. During one scene, the main female character was talking to a supporting character about a major accomplishment when the supporting character said, “I don’t know how you managed it.” The lead responded, “I was lucky,” and the supporting character’s response was “Women always say that when they’ve done something extraordinary.” As women we often take the back seat to taking credit for accomplishments or brush it off as a “team effort.”

Don’t get me wrong, many of our accomplishments should be shared with the success of a great team, but why is it that when we really have done something extraordinary, we are hesitant to accept the credit? As leaders, I challenge you to recognize the outstanding accomplishments of your staff, peers, and yourself and celebrate them!

As we put together the final issue of 2022, I’ve been reminded how much of a difference one person can make. I had the opportunity to meet Theresa Carrington, founder of Ten by Three. Learning about the difference she has made to help end global poverty has inspired me to rethink my efforts to give back both professionally and personally. As bad as things may seem there is always an opportunity to make a difference in someone’s life. I hope you are as inspired as I am by this amazing company and find ways to support causes such as Ten by Three in your community.

Managing Editor

Mortgage Women Magazine

Mortgage 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.

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.

Kelly Hendricks

Christy Moss Focuses On Fixing The Industry

SHE’S OPTIMISTIC TREND OF WOMEN ADVANCING WILL CONTINUE IN YEARS TO COME

By LAURA BRANDAO, Contributing Writer, Mortgage Women Magazine

This month, I have the pleasure of spotlighting Christy Moss. Christy is chief customer officer at FormFree, a company whose technology gives lenders the information needed to understand borrowers’ ability to pay and process mortgage loans in a timely and efficient manner. FormFree is based in Athens, Georgia.

Christy, how did you get your start in the mortgage industry?

A. My first industry role was as an account executive with GE Capital in 1987. While there, I specialized in marketing non-agency products, initially to brokers and later to correspondent lenders and bulk acquirers.

Believe it or not, I literally started because I needed a job and was able to get one from an old-school ad in the paper.

What does being a trailblazer mean to you?

A. A trailblazer is a leader with a clear vision for the future. They are

someone whose determination and drive will push others to achieve great things and who will serve as an example and offer support along the way. This person will clear a path for others to benefit their communities.

Where do you see yourself and women in the industry over the next five years?

A. My current focus is on improving the industry-wide adoption of technologies that expand home financing opportunities for underserved communities and educating lenders and borrowers with respect to equitable lending practices. Part of achieving that goal is working with

legislators and regulators to enact policies that will enable more families to purchase their own home.

I see women becoming far more visible in our industry. Over the past five

years I have seen a significant uptick in leadership opportunities for women in the higher levels of our industry, and

“If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.”

– Zig Ziglar

TRAILBLAZERS

I am very optimistic that trend will continue over the next five years.

The doors of many organizations are opening wider for women in part due to the efforts of the Mortgage Bankers Association (especially with its creation of mPower) and Mortgage Women Magazine. These platforms are elevating the voices of women in what is still predominantly a male-dominated industry, and it is so encouraging to see the greater professional mortgage community come together to support women in advancing their careers and achieving their goals.

What is your professional superpower?

A. I believe my professional superpower is my ability to connect like-minded people with each other so they can combine their best attributes to the benefit of others in the industry and the community at large.

Being a great “brag buddy” is part of my process for making lasting and successful connections. A brag buddy will impart to others the strengths and achievements of a person they should know better. This is also a wonderful way to encourage colleagues to advocate for themselves and be proud of what they have accomplished.

Tell us something about your career in the mortgage industry that was pivotal to your achievements today.

A. In 2018, I attended an mPower event about finding your voice and advocating for your own worth. The amazing speakers opened my eyes to the potential we all have for controlling our own futures and convinced me that it takes active planning to achieve your goals. I came to realize that not asking for what you need and deserve is being passive, and that means settling for whatever happens to come your way.

Another career milestone for me was earning my CMB (Certified Mortgage Banker) designation from the Mortgage Bankers Association. This is the highest professional designation in our industry. Completing the required

coursework helped me see our business more holistically and got me thinking about new opportunities to improve how we serve our clients.

Another pivotal item was the introduction of Fannie Mae’s Day 1 Certainty, which invigorated my sense of professional purpose. When I worked at Fannie Mae, I had the great pleasure of educating lenders about Day 1 Certainty

and providing technological direction for an initiative that has changed the way we all do business today.

What advice would you give to a woman entering or trying to move up in their mortgage career?

A. First, you must understand your

“why.” You need to discover what motivates you. Only when you know the destination can you map out where you want to go and how you plan to get there.

Next, become an expert in whatever area interests you. Learn how your field of expertise interacts with the industry as a whole, then develop that expertise to the point that you can position yourself as a trusted advisor to your colleagues and peers. This will inevitably lead to more and better opportunities as you move through your career.

What does success mean to you?

A. I think of success as both a team sport and an individual sport.

If I am helping my team to reach our goals and grow professionally, I consider that a successful outcome.

On a personal front, success means being able to say I am proud of the work I have done and the contributions I have made to my industry and the people in my life (and that I’ve had fun and made new friends in the process!).

What do you enjoy doing outside of the office? Tell us about your family.

A. I have been married for 37 years, during which time we raised a son and a daughter. Our daughter, Jenny Moss is also in the industry working with Depth PR as client services director. Our son,

Morgan, lives in south Georgia with his wife. We have a huge extended family, so much of our off-work time is spent with them. We enjoy family dinners, time at our lake home and watching SEC football with friends and family.

How do you recommend navigating change in an industry that is always changing and growing?

A. I only have one piece of advice for this: keep learning. Read, listen to podcasts, and talk to people. Keep up with technology, market and policy changes and how they impact the needs and challenges of clients. You cannot allow your knowledge base to stagnate if you want to grow professionally in the ever-changing mortgage industry.

Do you think it’s important to have a mentor? Do you mentor and what does it give back to you?

A. Having a mentor is critical to succeeding in any profession, especially the mortgage industry. In fact, having several mentors is even better if you are lucky enough to find them. Mentors offer guidance, perspective and advice that can broaden your base of knowledge and provide you with a way to make better decisions both professionally and personally. A good mentor will use their influence and experience to pull others up the ladder and teach them to

advocate for themselves in a strong and confident voice.

Beyond mentors, we should each have a tribe of people we lean on as we navigate our careers. And, most importantly, we should remember to pay it forward and act as mentors and coaches to each other. A strong network benefits everyone in the circle in many different but essential ways.

What do you want to be remembered for in our industry?

A. I want to be remembered as someone who played a role in democratizing lending and expanding access to home ownership. I want to leave our industry better than I found it, and, for me, that means increasing the number of people who can purchase a home without increasing risk. There is a balance and I want to be remembered for leading the innovation charge to improve access to credit for all.

I believe in a holistic approach to determining creditworthiness that reaches beyond a credit score and tax receipt to consider the entire spectrum of a potential borrower’s financial portfolio. I want to see a person’s income, spending history, rent payments and other factors considered when assessing whether they can borrow and how much. The current narrow scope of assessment limits

opportunities for many who might have no trouble affording a home but are denied because they don’t check all the traditional boxes on a lending form.

How do you find your voice?

A. Surround yourself with people who root for you so you can learn to see yourself the way they do. As you gain confidence from your successes, you will begin to understand your worth and be better able to communicate that to others.

What is your biggest fear and why?

A. My fear is that by failing to pivot rapidly, our industry will fail to reap the benefits of policy and technological advancements. These changes appear so quickly, but I fear our industry does not always embrace them in a timely fashion and may risk falling behind as a result.

There are approximately 109 million renters in our country right now. Polls indicate that a full 76% of them want to own a home rather than pay their

landlord’s mortgage. I am concerned that we are not moving fast enough to serve the people who can afford a mortgage because we are mired in old and outdated processes and mindsets when we should be switching to more creative and inclusive policies.

The current market is particularly challenging, with interest rates and inflation in conflict at a federal level. Now is the time for our industry to lead the charge for affordable and fair lending practices using technology we already have at our fingertips and common-sense policies that consider our clients’ entire financial picture, not just outdated plot points on a graph.

We have the tools to make the dream of ownership possible for so many more people if we can only embrace the notion of financial data aggregation and understand our clients in a financially holistic way.

What is your favorite book or podcast that you would recommend and why?

A. Most recently, my favorite book

has been Mel Robbins’ The High 5 Habit. She shares the idea that for others to see the greatness in us, we need to see it in ourselves. The act of high fiving yourself can help you affirm and invigorate you and reminds you of how much you can achieve when you have a positive and motivated mindset.

How do we propel more women into leadership roles within our industry?

A. It is vital that as colleagues and mentors, we take an active interest in the advancement of our peers and helping them to achieve their professional goals.

We should all be watching for opportunities for women to advance and sharing that information with each other along with offering our advice, guidance, and experience. Holding out your hand to pull another up the ladder is a privilege and an obligation that we need to meet to encourage more young women to work toward leadership roles in the future. n

The State Of The Mortgage Operational Employee

NAVIGATING THE UPS AND DOWNS OF THE MARKET

By CHRISSY BROWN , CMB, AMP, CRU, Special contributor, Mortgage Women Magazine

The mortgage industry has been experiencing some of the most challenging times we have seen. This is due to many factors, but mostly the dramatic swings in volatility. There are countless articles out there surrounding the impact of this market on borrowers, loan officers, fintech, and companies. There are also countless articles out there regarding the numerical stats surrounding layoffs.

The elephant in the room, or the topic no one is truly talking about, is the current mental state of the mortgage operational employee. The anxiety, the “quiet quitting,” the difficulty of the loans coming in, the burnout from 2020/2021 and the impact of the current mental state of sales. All paired with the incredible need for impeccable

quality in this environment.

What do you say? How, as a leader, do you stay transparent with many unknowns? How do you guide them to rise above the turmoil and maintain their jobs? How, as sales folks, do you help your beloved ops staff during these times?

For many of the operational staff, this is their first rodeo with such a market. For those of us that survived the 2008 crash, this feels all too familiar but also very different. What feels the same? The uncertainty of the future of the mortgage divisions of your organizations, the uncertainty of income, and the fear of being laid off. I emphasize “mortgage divisions’’ in that last sentence for a specific reason. During the previous crisis, banks (depositories) had twothirds of the market share. As of 2021, Independent Mortgage Bankers (IMBs) have two-thirds of the market share. There are major differences between the two during hard times.

When I personally was laid off from a bank, in 2008, I was an underwriter at the time. It was very sterile in my organization. None of what was

CORNER CHRISSY'S

occurring to operational staff felt personal. In fact, I was listed on the layoff roster as #197. I realized at that moment I was just a number that had to be eliminated. It can be good and bad to work in such a sterile environment. Again, I didn’t take it personally, but I surely wished someone cared about me and my contributions.

IMBs, for the most part, are privately held. They tend to be the product of the owners’ blood, sweat, and tears. Owners of IMBs truly care about their employees and the culture they have created. If you look at the 2022 Q2 profit report, IMBs

that they do not have depositories to lean back on, higher cost to fund rates and truly at the end of the day, everything they have built and worked for could be dwindled down to nothing. Hard decisions must be made.

This feels very inauthentic to the IMB cultures that have been built. Most IMBs have built a culture of care surrounding their employees and borrowers. Hence why they have been so successful over the years. The “vibe” as a mortgage operational IMB employee feels very “off” during this time. They are questioning the very core of the

wondering why them? They see some of the most respected operational folks in the industry showing “open to work” on LinkedIn. It’s scary.

They are coming off a two-year stint where these folks dedicated their LIVES to closing as many loans as they could. Sacrificing nights and weekends. Balancing at-home learning with the most insane market they have ever experienced. More dedication than I have ever seen in my 26 years. At the end of that rainbow, there wasn’t a pot of gold. Instead, there is intense worry and stress. The biggest concern is, if I get laid off, where will I go? If everyone in the industry is cutting, what will happen to me? The answer, like most things going on right now, is unknown.

DEMAND FOR PERFECTION

lost money per loan whereas banks made a profit. Why is that? They care so much about their employees. It’s hard to bear the realities and make the hard decisions. It feels personal.

IMB CHALLENGES

Some of the challenges that IMBs face, that banks do not, are in the fact

companies they work for. Who are these people I work for? I thought they cared about all of us. They seem so secretive.

The operational employee sees what is going on in the industry. They feel the lack of loans coming in. They see the layoffs. They see some of their competitors merging or closing. They are watching their peers get laid off and

Now let’s pair this with the rising demand for impeccable quality. Quality in this market is VERY important. If a loan is unable to be sold to an investor or an agency, it must go to the scratch and dent market. That market usually runs at anywhere from a 1-8% loss. Some loans right now are running at a 40% loss. We had a loan that closed, and the credit was expired at the time of closing. The S&D bid was a 30% loss. That is a lot of pressure on an already terrified staff. Unfortunately, it doesn’t matter. The average company cannot afford to eat that magnitude

For many of the operational staff, this is their first rodeo with such a market. For those of us that survived the 2008 crash, this feels all too familiar but also very different.

of loss often. The demand for salable quality in a market where the origination/loan quality is down is also very challenging. I swear to you, in the last two months I have been brought into some of the most unique scenarios that I have ever seen in my entire career. It’s challenging for borrowers and sales right now. We need to make every loan that can work, work.

The moving interest rate market and the restructuring of loans during this environment makes it very challenging to maintain that impeccable quality. As an operational employee, when you are hyper focused on not making a mistake, you tend to lose the forest for the trees, over condition and become fearful to make a risk decision. That kind of decision-making tends to add to the stress of sales.

STRESSED SALES

The last factor contributing to their strained mental state is the stress that sales are under. Most operational

employees truly care about making their sales partners happy. Most are pushing through these fears to ensure they are taking care of their sales partners and borrowers. Unfortunately, sales folks are under more pressure and stress than they are used to.

In a very generalized statement, I would say that the average Ops employee is more of an introverted personality. They are detail oriented, diligent, organized, factual, reliable, supporting, trusting, objective, consistent, considerate, etc. This is what makes them great at their jobs. In the same generalization, most salespeople are extroverted personalities. They are dynamic, interactive, bold, fast-paced, action-oriented, sociable, focused, friendly, bold, etc. Again, it’s what makes them great at their job.

What we fail to ever talk about is the difference between these two generalized personalities when they are under stress. Under stress, the average operational employee becomes bland, suspicious,

reserved, cold, indecisive, stubborn, docile, etc. Meanwhile, the average sales employee, under stress, becomes controlling, overbearing, intolerant, dramatic, hasty, aggressive, frantic, etc.

The operational employee doesn’t understand those characteristics as stress, as they do not personally deal with stress in that way. They tend to view those characteristics as “personal attacks,” which compiles everyone’s stress. (Disclaimer, there is a difference between natural stress responses and abusive behaviors. We will not tolerate abusive behavior from anyone). Same with sales. When sales see the “stress qualities” from ops, they see them as “not caring”. If both sales and ops could understand how both sides show up when stressed, we might be more gracious with each other and probably more efficient.

OPERATIONS STRUGGLES

The operations employee is feeling all those things. In some cases, they have experienced a loss of income, the perceived “personal attacks’’ from sales, anxiety about their future and their company’s future, pressure of quality, challenging loans, and the feeling as though they do not feel like they are

So, try and put the anxiety aside. Rise up and push through that final mile. On the other side of this, your beloved cultures will be restored, and life will finally balance out.

working for the “same company” they once prided themselves on.

So, what do you say, as a leader, to an ops employee during this time? I would say that most companies will make it through this storm. People will always buy/sell houses and mortgages will always be needed. We are an industry that provides one of the three basic human needs: food, clothing, and shelter. Everyone will not lose their job during these times.

As hard as it is, I encourage every operational employee to wake up every day and remember that they are professionals being paid to do a job. As an op’s employee, it is our job to extend amazing customer service, despite how the client or sales partner is responding. It is our job to read our AUS feedback, look at the documents, restructure loans and ensure salability and ability to repay.

It is our job to show up and give that 100%. It is our job to continuously improve and demand excellence out

of ourselves. It is our job to realize the difference between sales stress and ops stress. To understand your clients’ needs and frustrations. To understand your sales partners’ needs and frustrations.

‘READ THE ROOM’

As I say to my team, read the room. That is your job. If you find yourself with an abundance of free time, ask to help even if it’s outside of your department. Ask for educational classes and opportunities to learn more about your industry and various positions. Go the extra mile. I know pushing yourselves to go the extra mile, after what felt like a marathon for the last two years, is hard. Unfortunately, no company is choosing hard right now. The market is dictating the hard and it is completely out of our control.

Remember, the market will stabilize, and life will return to a new normal. The anxiety will, once again, dissipate. This industry has unique ebbs and flows. Some refer to it as a feast or famine industry. That is the

reason this industry pays very well.

So, try and put the anxiety aside. Rise up and push through that final mile. On the other side of this, your beloved cultures will be restored, and life will finally balance out. If sales and ops could appreciate and respect the simultaneous stress we are all under, we could truly help each other through these times, instead of harming each other.

As for those of you who are leading an operations team during these times, my heart goes out to you. I have never felt pressure and stress like I have this year. Keep making the hard but necessary decisions, keep leading in confidence and keep acknowledging the daily realities of your operational staff during these times. As an industry, let’s show our leaders some grace. These are some of the toughest decisions they will ever have to make, and I believe everyone is truly doing their best. n

Chrissy Brown is chief operations officer for Atlantic Bay Mortgage.

Feeling The Pressures Of Overcommitment

THREE TIPS TO STAY ENERGIZED

By TINA ASHER, Contributing Writer, Mortgage Women Magazine

Irecently slipped back into some bad habits of overcommitting, that held me captive for a bit. As we head into a season of food, fun and festivities, it’s important to remember to take things in carefully, physically, and mentally.

Last month I had to put myself on a “yes” diet. No more filling my plate with saying yes to things that aren’t in alignment with what’s best for me, my family, or my lifestyle. I had a large helping of overcommitments on my plate and it weighed me down. I noticed I became reactive instead of proactive, and I wasn’t enjoying the things I had said “yes” to. I decided to go on a diet and cut some things out of my life.

Maybe you’ve felt that too. This time of the year can be exciting and stressful. Organizations, fundraisers, and activities have ramped up needing volunteers, donations, and commitments to hit their goals, help those in need, and to serve on top of family commitments, and — oh yeah, you probably have a job too!

Fortunately, I was able to make the pivot and you can too.

Here are three simple ways to stay energized when you feel the pressure of overcommitment creeping up.

REFLECT:

• When did you commit to this and why?

Tina Asher

• Choosing to say yes to something in the future because you think you have time later is a trap. There will always be something on your calendar begging for your attention.

• If you aren’t prepared to say yes as if it would begin tomorrow, then it’s a clear no. The things you’re passionate about will be a no-brainer to say yes to and you’ll want to do them right away.

RESET:

• Examine your core values. I spend a lot of time on this with clients to make sure decisions are in alignment with who they say they want to be.

• What are your most important priorities in life? Will this new position, activity, or program enhance your priorities in life or hinder them? For a deeper dive on this I’ve developed a Change Cycle tool to help with this — reply to me and I’ll send you a copy of it.

• Decisions become clearer when you are in alignment with your core values and priorities.

RECHARGE:

• Recognize that if you say no, you’re doing the program, activity, or organization a favor by saying no when you’re not 100% committed to it.

• When you know it’s not the right thing for you and pass on it, the opportunity opens for someone who’s eager to serve. You’ve helped them more with your no than you would have with a half-hearted yes.

• Once you’ve lightened the load and only committed to the things you care most about, you’ll serve at a deeper level and feel more connected to your cause or position.

When I recently let go of a role that I enjoyed but couldn’t fully commit to, I felt I had lost 15 lbs. That was the fastest diet I’d ever been on, and it was done tastefully. I’ll still be able to help the cause, support the team, and be able to be more involved at a different level. What will you take off your plate this year to lighten your load and stay energized? n

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

that aren’t in

with what’s best for me, my family, or my lifestyle.

Strength In Numbers

SEEKING ADVICE FROM THE CFPB

By TYNA-MINET ANDERSON , Contributing Writer, Mortgage Women Magazine

Istarted working in the mortgage compliance world shortly after the creation of the Consumer Financial Protection Bureau (CFPB). As I read through the new rules being implemented, I often discovered ambiguities in the law.

In those early days, I regularly reached out to the CFPB through a reg inquiry. To do so, I would send the law that I believed needed clarification in an email along with my question.

The most frustrating part quickly became the phone call that followed with a CFPB attorney. Expecting clarification, I was surprised the first few times as the attorney on the other end read the law to me word for word, with no additional explanation, the same law that I had sent over in my email and spent days or weeks studying before submitting the question. As they read, I would often interrupt, hoping for clarification, and they would

continue reading or start over.

Needless to say, it didn’t take long before I stopped submitting reg inquiries.

In 2020, the CFPB created a new program, known as the Advisory Opinion Program, which provides written guidance to assist regulated entities to better understand their legal and regulatory obligations. Entities can submit requests for advisory opinions regarding any issue under the Bureau’s jurisdiction that can be resolved through an interpretive rule. Per the CFPB, the purpose of this new program is to help the bureau comply with one of its primary functions, which is to issue guidance to implement Federal consumer financial law. They stated that “providing clear and useful guidance to regulated entities is an important aspect of facilitating markets that serve consumers.”

We recently submitted a couple of questions, going through the process of drafting up the questions, along with any applicable laws.

Then we waited and waited. After the first month passed with no response, I

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

wondered if I would ever hear from them.

Around that time, my friend, Audrey Boisseneu, reached out to let me know they were having someone from the CFPB as a guest on her Mortgage Pros411 podcast and she asked if I had any questions.

Finally, I thought, this is my chance to get some answers. I presented the general topics I had questions about, but I also asked Audrey and Kevin to address the silence from the bureau.

A couple of weeks later, I received a single sentence follow-up to my inquiry asking to set up a call with a gentleman named Mark.

This call was definitely different from the CFPB calls of the original Richard

The first step in seeking clarification is to use the online tool found at https:// reginquiries.consumerfinance.gov.

Simple questions can often be sent in a few minutes’ time. The bureau says that they will respond within 10-15 business days, and if they need more time than that, they will let the inquirer know. Keep in mind that they can’t provide guidance on state or Federal law that is not under the Bureau’s authority; nor can they accept comments on pending rulemakings. Those should be submitted to the public docket.

If you have a more serious, longterm issue that needs clarification, consider utilizing the Advisory Opinion Program. Not many requests are taken

sector. The CFPB looks for trends in the comments as well as areas that may need additional guidance.

Recently, there was a request related to the automated valuation model (AVM) and compliance requirements related to it. It is likely the rules related to AVMs will have a regular impact on you in the business.

Another request that is currently open relates to needed mortgage loan programs. The CFPB is trying to find new opportunities for borrowers to utilize in an effort to promote competition and support household financial stability. If you are interested in commenting on this request or others, you can do so by going to consumerfinance.gov/

Cordray days. Although not an attorney for the CFPB, Mark was helpful in answering my questions to some degree with what he knew, and then guiding my requests down the proper channel. He also volunteered to follow up on outstanding items and future requests to make sure they were answered.

Between the rapid changes in the rates and the program adjustments, the industry needs clarification now more than ever.

up through this new program, but for the ones that are, this program provides written guidance to help those in the industry better understand their legal and regulatory obligations.

A third way to get more clarification is to make your voice heard early in the rule-making process. As part of the process, the CFPB solicits public comments from the public, professionals in the industry, and organizations that support the industry

This experience has taught me that although we can continue sending anonymous requests for our students and clients, there is strength in numbers. Reg inquiries and other requests are tracked; if the CFPB gets a lot of requests, they are more likely to provide an official written FAQ or advisory opinion. n

Tyna-Minet Anderson is an attorney and co-owner of Mortgage Educators and Compliance.

Not many requests are taken up through this new program, but for the ones that are, this program provides written guidance to help those in the industry better understand their legal and regulatory obligations.

ASK THE EXPERTS

By LORIE HELMS

Considering lenders just experienced two massive market shifts from historiclevel refi volumes and swift increases in rate hikes, what technologies will be most effective in the coming year?

From boom to bust and back again,

the mortgage industry is no stranger to economic cycles. This cycle, however, has been a seismic wave of uncertainty due to rapidly rising home prices, increasing mortgage rates and low inventory of homes. Through all this, technology is playing a new role for companies across the board. While mortgage companies are being forced to cut back on their

budgets, some are keeping technology investment at the forefront.

Remote work, for example, has become a talent recruitment tool for all businesses, including mortgage companies. As this trend continues, lenders will continue to need automated communications and processes to make sure nothing slips through the

cracks. It means creating queues for each milestone that let the consumer and the operations teams know when action is needed, or a file is ready for review. It means integrating CRM systems with loan origination systems with telephony solutions.

In a higher rate environment with tighter profit margins, lenders will need technologies that minimize the number of touches on a loan file and squeeze every ounce of efficiency from origination to closing to reduce per loan costs. For instance, optical character recognition is a maturing technology that could help the industry start automating some underwriting decisions, speeding the process and reducing costs.

Lenders with technologies that help loan officers continue producing will also have an advantage in today’s more challenging environment, especially when it comes to recruiting. Loan officers are fighting for every loan they can get and are demanding better access to data and lead information, and many are actively looking for innovative lenders that can provide them with an edge.

Because mortgage companies are minimizing their spending in some areas, there is a renewed effort from hackers and cybercriminals to try to find companies with weaker security infrastructure. While the ROI might be difficult to quantify, all mortgage lenders continue to need cybersecurity protocols to prevent system downtime and data breaches. The risks — both reputational and legal — are always going to be there.

Proactive lenders recognize the opportunity technology provides to improve communication, increase efficiency and reduce risks to scale their businesses for the future. So, I’ve asked

other mortgage technology professionals what technologies they see that will benefit their companies and clients into the next year and beyond.

JULIA CURRAN Senior Director, Product & Client Solutions, SitusAMC

The refi boom and the recent rate hikes caused two different problems in the mortgage industry. The historic refinance volume we saw early in the pandemic required lenders to process, underwrite and close loans at a volume no one was staffed for, resulting in massive hiring pushes and signing bonuses to meet demand. The subsequent rate hikes dried up loan application pipelines, forcing lenders to reduce the staff they worked so hard to hire just months earlier. The resulting shift from an incredibly robust market to a near standstill has put budgeting restrictions on mortgage lenders, forcing them to be more selective with where they are spending their dollars — technology and human capital alike.

As the industry finds a new normal, we have an opportunity to become less reliant on manual processes and embrace automation to be able to better handle these market shifts in a rapid and cost-efficient manner and cause less disruption to staffing levels. Implementing tech to automate certain processes will also free up staff to focus on their best use and overall deal making.

In the rising rate environment, originators have had to get more creative with their loan products. This variety helps with volume but puts a strain on the underwriting team to be familiar with multiple guideline nuances. Technology that

can absorb data and run calculations and test thresholds in accordance with guidelines will prove useful. These rules engines can be used independently or in conjunction with data that is sourced electronically from primary sources and fed directly to these engines. This automation reduces the need for human capital while minimizing errors and increasing efficiency.

This coming year, technologies that allow for the automated review of applications to varied guidelines and technologies that support HELOC lending will be a smart investment. People who currently have very low rates on their homes will not want to refinance, but in the coming year, HELOC volume will likely increase dramatically.

As the market shifts from closed end, high interest rate products, origination systems that manage the necessary documentation for HELOCs and correspondingly servicing systems that can handle draws and repayment on these products are two forms of technology that will be in high demand. We’ve seen our own offering in this area — BRES AUS — help support numerous lenders.

ANN GIBBONS

Managing Director, Evolve Mortgage Services

When volumes decrease rapidly, companies are faced with “rightsizing” personnel and reducing expenses to stay profitable. Taking advantage of the slowdown in loan volume to make important shifts in operations can set companies up for success today

JULIA CURRAN

ANN GIBBONS

ASK THE EXPERTS

and tomorrow. When production levels shift, however, it’s the perfect opportunity to adapt digital processes.

A MarketWise Study recently reported that lenders transitioning from paper to hybrid eClosings saved $211.97, or 37%, per loan. Additionally, lenders who closed with a fully paperless remote online notary (RON) eClosing saved an average of $444, or 91%. A full SMARTDoc loan package (not just the eNote) also creates a secure, immutable data set that can be held in an eVault and accessed by warehouse lenders, buyers, and investors to deliver electronic proof of compliance for both the data and the docs.

Shifting costs from fixed to variable also makes sense when volumes have decreased. For this reason, outsourcing origination processes, like underwriting, allow them to be done more efficiently and at predictable costs. In addition, a quality diligence provider can integrate their services with a client’s LOS, allowing for loan files, data and results to be easily transmitted with less risk of error. The use of customized automated underwriting systems created for nonQM markets can also help originators manufacture alternative types of products with certainty while providing users an “agency-like” experience.

Any lender or investor taking advantage of this unique opportunity to expand product lines and aim for a true digital end-toend solution should partner with a trusted, experienced vendor. This vendor should provide an insurance policy that protects investors against

diligence errors and mitigates risk. However, it’s important to shop around for the most effective partner and solutions that provide for more efficiency, flexibility, and scalability and utilize state-of-the-art technology platforms and services.

These market disruptions are an opportune time to review current operating methods and take advantage of the changing environment to adapt new technologies. If now is not the best time to invest in operational efficiencies for the future—following some of the most robust years in mortgage financing—then when?

MARIA MOSKVER CEO, CloudVirga

For lenders to succeed, they must get back to the core principle of our industry — people. Both 2020 and 2021 were a constant race just to keep up, so everything was about managing volume. Moving forward, that paradigm needs to shift to the individual experience of both the borrower and the loan officer if lenders want to be successful long-term and effectively manage the ebbs and flows of our industry. To make that shift, technology should have two key areas of focus: user experience and maintaining existing relationships.

Rates come and go, but lenders will always win with a good experience. A positive experience, and the technology that supports it, will create customers for life and retain the great talent all lenders need to succeed. The focus needs to shift from how we have been doing it to what our people expect and need. The largest lenders have been successful not because they

can momentarily manipulate rates, but because they create a seamless experience and assist loan officers in a way that their competitors have not. In fact, the loan officer experience is the core principle behind the design of our new TPO Platform, which helps lenders level the playing field and compete on a higher level.

The second technological focus should be on managing existing client portfolios and ensuring that the original relationship remains strong. It’s no secret that servicing and past clients are a lender’s strongest hope for continual success, but most have not focused on this as diligently as they should. The past two years have been about managing the moment and not the future. By properly leveraging technology that serves to keep those relationships fresh by alerting loan officers to new loan opportunities, lenders will be able to improve customer and LO satisfaction and set themselves up for success even in the toughest of markets.

Our industry has always been about people, which is easy to overlook during both frantic and slow periods. The key to success is to recognize the importance of people by implementing technological solutions that help create the experience borrowers and loan officers deserve, while maintaining relationships that will carry into the future. n

As CTO, Lorie leads Cherry Creek Mortgage’s IT operations, software development, customer relationship management and security teams. She brings more than 20 years of experience in mortgage technology, as well as a passion for empowering her teams.

Maria Moskver

Your Network Is Your Net Worth

By DR. VANESSA MONTAÑEZ , Contributing Writer, Mortgage Women Magazine

Have you ever heard of the saying, “Your network is your net worth?”

This is a common saying that many of us take for granted because we do not feel it applies to us as women. I firmly believe that using social capital is critical for women’s career success. In a male-dominated work environment, women tend to have fewer and weaker connections than men in the dominant coalitions that provide essential resources and opportunities for top executive positions.

While men use “networking, ingratiation, and self-promotion strategies” (Val Singh et al. 77) to further their careers, women, to their detriment, “prefer to rely on extra high performance and commitment for visibility to their seniors” (Val Singh et al. 77). Women need to cultivate relationships at work and use social

capital to climb the ladder of success. Social capital has gained popularity in business and leadership for the past few decades. Using social capital provides a return on investment through social relations. In addition, there is a benefit from networks or belonging to a membership of sorts. Social networks are valuable to those who belong to them because they provide a return on investment. Roberts (2013) explained,

“High levels of social capital have been shown to have a positive impact on multiple facets of organizational life, including individual career success, compensation and placement, employee recruitment and retention, team effectiveness, interdepartmental resource exchange, product innovation, and entrepreneurship, as well as external relationships with suppliers, regional production networks and other firms” (Roberts 54).

Social capital is made up of nodes connected by a set of ties. Nodes are connected by ties. This creates a network between two individuals.

As more individuals convene, the network expands. Social capital is a structure of how leaders and followers interact and how relationships evolve within the individuals. Some structures are better than others. The ideal structure of social capital is open and diverse.

Within the social capital structure, the network or group must be an open platform where anyone can join. For example, a woman who wishes to join an organization, network, or group to grow her social capital should be allowed to join. Also, the individual or members of the network should be diverse, from different age groups,

ethnicities, genders, and backgrounds. A diverse organization provides the diversity of thought and ideas.

Where the individuals meet or connect is called a network. The network is the structure of social capital. A network is a group of interconnected individuals. Social interaction is essential to an individual because the greater the number of contacts, the more likely the individual network grows. Individuals can use their networks for personal or professional use, gain access to information, create awareness, influence, or possibly find employment. Social networks are an ongoing process and “provide another avenue for turning resources into capital” (Lin 192). Networks take time to cultivate and grow trust. Keele (1986) defined networks as being composed of weak social ties, exchanging information, and providing support.

Networks enhance the social position and contacts of the individual based on their position and influence. Furthermore, there is a common phrase, “it is not what you know, but whom you know.” The power of networking and building one’s social capital can create benefits. For instance, networks support women’s integration into a maledominated culture while giving them an opportunity for shared powers and confidence to advocate and act for organizational change.

ERGS & MASTERMINDS

Women must join organizations to grow their networks, contacts, and career advancements. For those women that work in large companies, I encourage you to join a business resource group (BRG) or employee

resource group (ERG). Employee resources groups are an employee-led group that fosters inclusivity and builds internal community. Typically, ERG provides personal and professional support to its members. ERGs are meant to be supportive rather than exclusive. Most ERGs are based on volunteers and support organizers with opportunities to create events, educational classes, and networking. For example, you are a woman loan officer who just started at a large bank. The bank has several thousand employees whom you do not know. You only have met your team of ten but not the other departments of the bank. You are a small fish in the immense ocean. How do you venture out safely to meet other team members? You join the women’s ERG. You want to meet other women team members from the bank. Not only do you meet other like-minded professional women but you meet potential new clients. As you grow your lending career, you must grow your networks. Joining an ERG is one solution to meeting others in your organization. Another option, if you work for a small

organization and do not have the resources, is to start your mastermind group of women. A mastermind group is a term coined by the infamous Napoleon Hill. Creating a mastermind group comprises people (usually six to eight) who come together regularly — weekly, biweekly, and monthly to share ideas, thoughts, information, resources, feedback, and contacts. Imagine creating a loose group of leaders you meet regularly for problem-solving, career advancement, brainstorming, networking, or motivating each other, holding each other accountable, and taking action for your goals.

A mastermind group can be composed of people in your industry or profession — or individuals from different walks of life. The choice is yours — just ensure the group is diverse in thoughts and individuals. It can focus on business, personal issues, or both. Nevertheless, for the mastermind group to be influential, those in the group need to be honest and comfortable enough to receive feedback for growth to develop. Therefore, I encourage you to join an ERG or Mastermind group to further your career.

VALIDATE YOUR NETWORK

Networks are at the core of social capital — leaders grow their networks because of their relationships with others. Beyond the size of the network, one needs to validate the quality and structure of the network. First, is the network open, which means there is structural diversity in the network where the members do not all know each other. Second, networks need to be diverse. Wilburn and Cullen-Lester explained that “Much of the work of leadership involves working across vertical, horizontal, stakeholder, demographic, and geographic boundaries for a group and organizational success” (Center

for Creative Leadership et al. 3). Next, networks are profound and leaders who build profound and quality networks are more likely to share and exchange information, resources, and services with actors from varied backgrounds. Finally, women use networking as a tool to grow their social capital.

Research shows that those with more connections and networks get more job opportunities. As a result, they get promoted faster, making more money. They are seen as top talent within their organizations. However, it can be challenging for women to network. Networking is vital for a woman to participate in. In networks, the exchange of information, collaboration, development alliances, attainment of knowledge, visibility, and encouragement are part of a network’s dynamics. (Margaret Linehan and Hugh Scullion)

However, some networks are challenging to penetrate. “Women who have been largely excluded from the informal network, which are traditionally composed of men, cite the existence of the ‘old boy’ network as a primary reason why women are ignored and indeed discouraged from seeking top management positions.”

Women traditionally have been excluded from male outings, which are part of the “old boy” networks, such as golfing, sports activities, hunting, fishing, cigar-smoking, athletic clubs, adult clubs, and drinking. “The negative effects of these covert barriers included blocked promotions and career development, discrimination, occupational stress, and lower salaries” (Margaret Linehan & Hugh Scullion, 2008, p. 35).

Not all exclusions are because of the “old boy” networks. According

References:

to Parker and Welch (2013), women were less likely to connect with people with power and authority. Women have fewer connections and networks because they are less assimilated in male-dominated networks where men are in closely held positions of command and influence. “Even where women have few conflicts, they can

duties” (Weiss 5). Some findings suggested that as female networks become more robust and have more power, more females will reach senior positions with their organizations.

One’s network is one of the most competitive tools for career advancements and breaking the glass ceiling. As women, we need to attend

be hampered in the acquisition of social capital through exclusions from informal male networks”(Fitzsimmons and Callan 361).

DOMESTIC RESTRAINTS

Many constraints of women are also based on additional domestic commitments that interfere when networking events take place. Most networking events occur after working hours, and some women do not have the time to socialize and attend networking events. “Women may not have the same access to social networks as men, Eagly and Carli theorize, because they take on a disproportionate amount of family

Center for Creative Leadership, et al. A Leader’s Network: How to Help Your Talent Invest in the Right Relationships at the Right Time. Center for Creative Leadership, May 2014. DOI.org (Crossref), https://doi.org/10.35613/ccl.2014.1056.

Fitzsimmons, Terrance W., and Victor J. Callan. “CEO Selection: A Capital Perspective.” The Leadership Quarterly, vol. 27, no. 5, 5, Oct. 2016, pp. 765–87. ScienceDirect, https://doi.org/10.1016/j. leaqua.2016.05.001.

networking events that advance our careers. Who is attending? What is the function or event about? What is your purpose for attending? Is there someone you would like to meet? Is the speaker or event relevant to your career? Successful women also put a lot more structure in their day, being proactive with their time, calls, events, and goals. For instance, they set aside time for reflection. That’s when you are envisioning new ideas, goals, and managing your networks and reaching out to relationships that you may have lost contact with. Maintaining authentic relationships is key as your network grows. Remember, your network is your net worth! n

Lin, Nan. Social Capital : A Theory of Social Structure and Action. Cambridge University Press, 2001. EBSCOhost, http://search.ebscohost.com/login. aspx?direct=true&AuthType=sso&db=nlebk& AN=74320&site=eds-live&scope=site&custid =s8865349.

Margaret Linehan and Hugh Scullion. “The Development of Female Global Managers: The Role of Mentoring and Networking.” Journal of Business Ethics, vol. 83, no. 1, 1, 2008, p. 29. EBSCOhost, https://doi.org/10.1007/s10551-007-9657-0.

In a male-dominated work environment, women tend to have fewer and weaker connections than men in the dominant coalitions that provide essential resources and opportunities for top executive positions.

A Veteran Move

TIPS AND BEST PRACTICES

FEMALE MORTGAGE PROFESSIONALS CAN USE TO EMPOWER FEMALE VETERANS TO USE THEIR VA LOAN BENEFITS

By GRACE RAGAN , Special to Mortgage Women Magazine

veterans and female VA users are expected to double again in the next decade. Unfortunately, despite growing numbers, female veterans continue to underutilize VA care and benefits. As a society, we are quick to thank members of the military for their service, but perhaps a more meaningful way to show our respect and appreciation for their time in uniform would be to make sure they are receiving the full extent of the veteran benefits they have earned and most assuredly deserve.

looking to empower more female veterans to leverage their VA Loan benefits and close more VA loans.

STEP ONE: ASK

This may sound simple, but the first step in making sure a borrower takes advantage of their VA benefits is to ask if she is a veteran! Too many lenders forget or neglect to ask, especially when the borrower is a woman. Many vets don’t even know that they have a VA loan benefit available to them.

According to Military.com, women now make up 15% of active duty and 18 percent of Guard/Reserve service members. Based on recent trends across all branches of the armed services,

As female mortgage lenders, we can do and should do our part to make that goal a reality. As a loan officer who specializes in VA loans, I’ve witnessed some of the lack of education and unfortunate stigmas that contribute to the underutilization of this valuable benefit.

What follows are some tips and advice — based on my own experiences in this important and rewarding market space — for female mortgage lenders

Transitioning out of the military into civilian life can be a chaotic and overwhelming process, and service members have so much information thrown at them that it’s not surprising when they don’t know about or recall learning about their VA loan benefit. Starting the conversation by asking if they are veterans and, if so, helping them understand what that benefit looks like and how it applies to their circumstances,

Grace Ragan, loan officer at Ross Mortgage Corporate

is an all-too-often neglected first step.

CATCH THE TRAIN

Mortgage professionals who aren’t educated about VA loan benefits or are uncertain about how to navigate in this arena, will inevitably steer clients away from them — simply because they themselves aren’t comfortable in that space. That is why lenders who want to get involved in closing more VA loans need to first make sure that they have a strong grasp of the program. You cannot educate clients and fellow professionals until you yourself are comfortable in this specialized product. I was fortunate enough to learn from my mentor Mike Fischer on the Veteran Lending Council, which offers programs for loan officers to educate and advocate for smarter and more engaged military lending.

FIND YOUR PEOPLE

Don’t just educate yourself about VA lending benefits, strive to surround yourself with others who are enthusiastic and passionate about this program. Having a team who is all pulling in the same direction can make an enormous difference. To the extent that you can, look for professional opportunities and environments where you are working alongside supportive fellow mortgage professionals who share your passion and admiration for military service, and who are motivated to help female veterans and educate and empower both borrowers and fellow lenders.

GET OUT THERE

Don’t miss out on valuable opportunities to connect with female veterans through conferences and other special events. I recently attended a conference in Lansing, Mich., focused on the female veteran experience. It was both informative and inspiring.

As a former military brat who grew up

interacting with members of the armed forces, I have a great deal of respect for veterans, and taking proactive steps to learn more about their experiences and to begin to forge great relationships with fellow attendees was both personally and professionally rewarding.

PUSH BACK

To the extent that you can, do your part to address common myths and misconceptions surrounding VA loans. The VA home loan suffers from a lack of understanding, and it is incumbent upon us as mortgage lending professionals to make sure we are doing our part to correct those misunderstandings. That starts with conversations, not only with borrowers, but with our fellow professionals, especially in the realtor community.

experiences of my career. Helping female veterans take full advantage of this benefit they have earned is the best part of my job. Seeing their faces, hearing about how much money they are saving — and what they can use that money for instead — truly never gets old.

For example, one of my recent female first-time homebuyers didn’t know she was eligible for a VA loan benefit, and subsequently, we discovered she had a disability rating that led to even more savings. These firsthand experiences are reminders that the work we do has an incredible impact on the lives of our clients.

I believe that as mortgage professionals it’s not just our job to educate and advocate for VA loan benefits, it’s our duty. For a deserving and fast-growing community of female

The more we can close the information gap, the more all parties will benefit from this unique program.

GET INSPIRED

About 17% of my own customers are VA loan benefit candidates — and that group includes some of the most rewarding and inspiring professional

veterans, I feel like that is the least we can do to give back. n

Grace Ragan is a loan officer who specializes in VA Loans at Michigan-based Ross Mortgage Corporate, one of the top independent lenders in the Midwest.

Don’t just educate yourself about VA lending benefits, strive to surround yourself with others who are enthusiastic and passionate about this program. Having a team who is all pulling in the same direction can make an enormous difference.

Capturing The Market

KEYS TO MARKETING TO SINGLE MILLENNIAL WOMEN

By DAWN RYAN , Special to Mortgage Women Magazine

When it comes to finding lending opportunities in today’s mortgage climate, smart originators leave no stone unturned. They need all the business they can get, and that means appealing to the broadest number of potential homebuyers as possible.

Yet there is a particular market that no lender or mortgage sales professional should ignore right now — the single woman between the ages of 26 and 41. And with this demographic, traditional marketing methods will not cut the mustard. However, there are ways originators can build long-lasting relationships with this audience if they are willing to think outside the box.

GRASPING THE OPPORTUNITY

According to the National Association of Realtors, women are second only to

married couples as the largest segment of homebuyers. This has been true for the past 40 years, in fact. However, as

a customer segment, their numbers have grown while the ratio of married borrowers have actually decreased.

In 1981, roughly three out of four homebuyers were married couples, according to the National Association of Realtors (NAR). Today, only three out of five are. Meanwhile, in 1981, 11% of buyers were single women and 10% were single men. Today, 19% are single women and 9% are single men — which means you are twice as likely to have a single woman borrower than a single man.

There are several reasons why lenders are seeing more single women buyers. One of the most obvious is that the marriage rate has been declining for several decades, and that more people are putting off marriage until they have developed a career or achieved some level of financial stability.

However, family is a motivator for women borrowers. According to NAR,

Dawn Ryan, senior loan officer with Embrace Home Loans

single women who have children or are taking care of siblings or their parents are also more likely to buy a home, so they have a stable place to live. Women are also more likely to sacrifice some of life’s luxuries to purchase a home, such as forgoing entertainment and travel plans.

MARKETING DO’S AND DON’TS

While single women represent a growing segment of homebuyers, lenders and mortgage professionals need to understand that they approach buying and financing a home much differently than men or married couples do. That means mortgage originators need to market to them differently, too.

For example, when marketing to single women, you cannot rely on a single message — you have to include women from all walks of life. Building cookie-cutter marketing messages based on generalizations about single women or Millennials not only doesn’t work but will likely lead to these borrowers ignoring you altogether.

You also should not use traditional messaging about the value of homeownership. Since the beginning or time, homeownership looks different through the eyes of different people. Again, the reasons why a single woman buys a home are often completely different than married couples. For example, a woman may choose to buy a home to be close to family members, whereas the married couple is looking to start a family and the single man is looking to build financial wealth.

Millennials in particular embrace inclusivity more than any previous generation, and truly look at life and their own situation through a very wide and all-encompassing lens. All of this is to say that you should not rely on traditional types of marketing. You need to focus your message not just on the person, but also other aspects, such as the local market or the type of home they want. In general, the greater diversity you have in all aspects of marketing, the better.

It’s also important to view single women not solely through their role as “homebuyer,” but also as working professionals capable of choosing their own path. Think about the mortgage and real estate ads we’ve all seen, where a Realtor is handing the keys

over to a new homebuyer. Too often the Realtor is a man, and while there are certainly many male real estate professionals, this image is not exactly empowering to women, many of whom want to work with other women.

GETTING YOUR MESSAGE ACROSS

When creating your marketing message, think about its significance to your audience. If it’s not relevant to their personal situation, it’s likely to be missed.

Your messaging needs to be concise, too. In fact, this is applicable to most homebuyers. We are all deluged by an enormous amount of marketing

reach borrowers is generally a good idea, the most effective and efficient way to market to single women

Millennials is through social media and other Internet platforms. Millennials in general also view companies that have a strong online presence and use social media, such as Facebook, more favorably than companies that don’t bother to maximize these channels. That means offering to connect on social media, so they can see what you and your company are all about.

They also value companies that share their culture and values, and social media is an invaluable tool for originators to point out the things they care about,

messages daily, so much so that it’s almost impossible to weed through it all to find information that’s truly useful or applicable to our situation. But single women and Millennials

whether it’s extending homeownership to underserved consumers or giving back to the community. Simply knowing that the lender they choose is in business not just to make money is appealing to this group because they believe life is more than that.

particularly appreciate marketing that gets to the point quickly.

While using multiple channels to

Younger borrowers and women also want to know that they are valued as a customer. After receiving a lead from a single woman borrower, that lead should be assigned to one person, so the borrower talks to the same person for every interaction.

While single women represent a growing segment of homebuyers, lenders and mortgage professionals need to understand that they approach buying and financing a home much differently than men or married couples do.

Source: National Association of Realtors (NAR)

NOT JUST A SALES FOCUS

While the goal is to sell a loan, making the sale should not be the focus of the relationship with the customer. Instead, the focus should be on offering value and approaching the relationship on the basis of “What can I do for you?” This extends to the types of loan options you’re presenting the borrower, too. You want to always suggest improvements or a superior product that works in their favor. If the

borrower is interested in one loan but a better option is available, bring it up.

Finally, if your borrower “ghosts” you — in other words, you don’t hear from them for a while — follow up with them on social media and ask if they found what they are looking for. Keep in mind that plenty of other originators are competing with you for that customer’s business, and perhaps they did find better financing — or possibly a life or a family situation simply got in the way. Following up

with them shows that you care about the relationship and that you want to make sure that customer was able to reach their goals. Relationship building may not always result in a sale, but it does make building a lasting bond much more likely.

At the end of the day, single women Millennials represent the fastest growing homebuyer segments our industry has ever seen. They deserve our industry’s time and attention, and originators who adjust their marketing to help women reach their goals will find their efforts pay off ten-fold in terms of loyal customers and referrals. No originator can afford to ignore any potential customer. But if they’re looking for growth, the single woman Millennial is where they’ll surely find it. n

Dawn Ryan is a senior loan officer with Embrace Home Loans, a topranked national mortgage lender She can be reached at dryan@ embracehomeloans.com

Millennials in particular embrace inclusivity more than any previous generation, and truly look at life and their own situation through a very wide and all-encompassing lens.

ROCKET ACCELERATOR WANTS TO SEE MORTGAGE INDUSTRY WOMEN ACHIEVE PARITY

By KATIE JENSEN

Mwho has come up through the ranks at Rocket Pro TPO from loan officer to director of strategic partnerships, is spearheading

mortgage industry to achieve higher level positions and higher paying roles.

as a shy, young woman trying to stand out in a room full of men. Even after she attained a leadership position, she

MORTGAGE WOMEN MAGAZINE • Issue 6, 2022 29

needed to work on letting go of her insecurities and shyness.

“I had to come out of my shell a little bit,” Myers said. “I had to learn how to say yes before no, to raise my hand if I thought I’d be a good fit for something or had something to contribute. I had

together and share their struggles and advice with one another.

“We do recognize that women in business face extraordinary challenges — primarily in the mortgage industry,” Myers said. “This is clearly a maledominated industry. Right now only

companies, Myers says they accept all feedback and operate on an open door policy within all areas of the company, but others in the industry may not have the privilege of working in such an environment and need to learn to stand up for themselves.

Whether someone is a sales professional, executive assistant, processor, underwriter, etc., they need to be confident enough to communicate problems and offer solutions. Rocket Accelerator offers an internal platform, called “The Cheese Factory,” allowing every team member within the organization to submit feedback and give responses. The purpose of the platform is to embrace feedback and strengthen the relationship between women in the mortgage industry.

“We want women in the mortgage industry to not feel like their lips must be sealed,” Myers said. “We don’t want them to feel like they can’t voice their opinions.”

to learn how to not be hesitant. I was pretty shy, but then I thought, ‘Hey, I’m working with a bunch of men who seem to be pretty outspoken,’ so I took on a similar behavior and learned to be one of those people.”

After two years in the making, Myers was one of several board members who got the Rocket Accelerator Program up and running. A program dedicated to elevating women in their careers regardless of what position they hold or what company they work for. Accelerator can help female loan officers, brokers, processors, real estate agents, and support staff attain the positions they want while maintaining a healthy work-life balance.

ACCELERATOR PERKS

Rocket Accelerator is primarily a mentorship program for women, but it comes with other perks as well, like conferences for women to attend, specialized communication, and career training.

Myers says the program not only empowers women to achieve their career goals, but also fosters a community where women can come

43% of business professionals in the mortgage industry are female.”

That gap may not seem too daunting, but if you look at the male-to-female ratio for higher-level positions in the industry, the female share declines dramatically. In 2021, women held 11% of all c-suite roles in the financial services industries and only earned 90% of what men earned, according to a survey by BoardEx. A Zippia demographics report shows slightly less than one-third of all mortgage brokers are women. By helping women advance their careers, Rocket Accelerator is also helping to close the pay difference between men and women.

“We’re trying to close that gap a bit,” Myers said. “But on average, for every dollar that’s made by a male counterpart, a female with the same experience, same knowledge in the industry, and same title, is making 88 cents.”

NOT RESPECTED

Yet, the challenge that most women are bringing up in meetings and with their mentor is being heard. In Rocket’s family of

External members can also use it to strengthen company culture within their own organizations. For example, Rocket often runs sales competitions to motivate their loan officers and bankers, but the prizes were usually male-focused. In the past, the winner would get a pair of Jordan sneakers.

“For some females, that might appeal to them, but to give them another option would be better,” Myers said.

The Rocket Accelerator committee was able to step in and offer prizes that would motivate more females in the company.

OTHER UNIQUE CHALLENGES

Women also face other unique challenges, like maintaining a healthy work-life balance and finding an employer that will respect the need for that balance. For instance, if a woman wants to attain a higher position but it requires a change of schedule, she might worry about whether she’s still able to take care of her kids after school. Depending on what position she’s striving for, there could be some very demanding hours that make it seem impossible to have a healthy work-life balance.

There are also other concerns women have when striving for higherlevel positions. At the time when most women are reaching the peak of their careers is when most are also

“I was pretty shy, but then I thought, ‘Hey, I’m working with a bunch of men who seem to be pretty outspoken,’ so I took on a similar behavior and learned to be one of those people.”

– Mallory Myers, director of strategic partnerships, Rocket Pro TPO

considering starting a family — in their 30’s. This creates a tough ultimatum for women: advance your career or fulfill your dreams of having a family.

This is what makes female mentorships so imperative. A female role model can demonstrate that it’s possible to excel in your career while being a good wife or mother to their family.

Yet, these dilemmas get misconstrued as an “ambition gap,” as McKinsey & Company calls it. This would make it seem as if women are not as ambitious as men, but their reasons for not striving for executive-level positions are backed by legitimate concerns. For example, concerns about balancing family and work commitments, the perceived pressure associated with the top jobs, and too much politics in the c-suite are the primary reasons. There’s also a lack of female role models since very few occupy c-suite positions in the industry. In all, this makes the path to leadership less appealing.

SELF-PERPETUATING CYCLE

“The lack of women in C-suite positions is a self-perpetuating cycle,”

Deanna Strable,

president

officer at Principal Financial Services. “Because we don’t have many females in the C-suite, young women don’t see role models or potential paths towards executive-level leadership and are more likely to deselect themselves out of higher-level leadership roles.”

Also, once women attain the position they want, the concern is whether they’ll be able to get the same respect as their male counterparts. Myers explains that this issue commonly arises in the sales departments throughout the mortgage industry where women loan officers are perceived as being less knowledgeable by clients or peers.

“For instance, when a female loan officer is selling a loan, they might not get the same level of respect in terms of their knowledge when they’re selling to a male client,” Myers said. “It’s important that we leverage that, we use real life examples of our knowledge, demonstrate what we know and our experience in the industry, as well as use our resources

to help make those sales and gain that level of respect we deserve.”

Sales departments in the mortgage industry are known for being male dominant, so the integration of men and women in male-dominated departments is a goal for the Accelerator program.

When Myers was working as a loan officer in the retail channel, prior to her current position, the department was between 90% to 95% male. The Accelerator program tries to push more females to apply for sales positions and create more diversity. Historically, there would be an entirely malecomprised team with a male leader and male senior leader, and then they’d attempt to recruit a female to fill a sales position. But that would make her “the only girl in a boys club,” as Myers put it, which is not as appealing.

INCREASING DIVERSITY

However, there has been more gender diversity in recent years. Today, Rocket’s sales teams are 30% to 40% female, and

executive vice

and chief financial

Myers is proud of the direction the company is heading in.

It’s also more advantageous to have more women in sales, since studies show that more and more women are becoming the financial decision makers of their household. According to a recent McKinsey study, women control a third of total US household financial assets, more than $10 trillion. Compared to just five years ago, 30% more married women are making financial and investment decisions. More women than ever are family breadwinners as well, spurring more growth in investable assets.

As more affluent women begin to control household finances, they’ll likely seek out new wealth management relationships that suit their needs. This is especially evident for widows; 70% of women switch their wealth relationship to a new financial institution within a year of their spouse’s death.

Myers says she is seeing this effect more and more every day. Rocket

sales teams are trained to focus less on interest rates and more on the client’s long term goals. So, in a way, these loan officers become similar to financial advisors and focus on building relationships with their clients.

Myers said. “And as a female, if you’re speaking to a female borrower, it’s important to be able to level with them one-on-one. You not only gain more understanding of what their challenges or worries may be entering that mortgage transaction, but also sharing your struggles as well.”

EMPATHY WORKS

Sharing personal struggles and being relatable to clients gives loan officers a huge advantage. For example, sharing your personal home buying struggles and the process it took to get your own home loan may comfort a client who is currently undergoing the same process.

Furthermore, a new trend is more women are buying homes before they get married, ditching the traditional

custom that marriage should precede homebuying. According to a report from the National Association of Realtors, there has been a 30% increase in the number of single women purchasing homes since 2010. In fact, single women are twice as likely to buy a home for themselves compared to single men.

Rocket supports and encourages more women to enter sales and achieve higher level positions through the Accelerator program, which is primarily a mentorship program. Rocket, in particular, has plenty of female role models for women in the industry to look up to.

“Let’s say you’re a broker owner,” Myers said. “We have a broker owner as one of our top five production accounts within our wholesale division. She also works as a real estate broker, so she operates at double capacity. She’s been great at sharing her knowledge with other loan officers as well as real estate agents.”

Mentors have the opportunity to share their best practices with other women in the industry. They address current topics like how to gain more purchase leads in a tough market, and analyze different marketing strategies.

ROCKET PRO’S “ISMs”

ROCKET ABIDES BY 20 “ISMS” THAT ALL ROCKET EMPLOYEES LIVE AND BREATHE BY. THE ACCELERATOR PROGRAM SHARES THESE “ISMS” WITH ALL THEIR MEMBERS SO THEY CAN INCORPORATE IT WITHIN THEIR OWN ORGANIZATIONS.

ALWAYS RAISING OUR LEVEL OF AWARENESS. As Yogi Berra said, “You can see a lot just by looking.” Keep your head up. Look. Be curious.

THE INCHES WE NEED ARE EVERYWHERE AROUND US. We are all empowered to find the opportunities to make an impact everywhere. One inch at a time, these inches all add up to greatness.

RESPONDING WITH A SENSE OF URGENCY IS THE ANTE TO PLAY. We take care of things, especially our clients … NOW!

EVERY CLIENT. EVERY TIME. NO EXCEPTIONS. NO EXCUSES. Clients don’t care how much you know until they know how much you care.

OBSESSED WITH FINDING A BETTER WAY.

If it’s good, let’s make it great. If it’s great, let’s take it to an even higher level.

YES BEFORE NO. We respond to all curiosity with the mindset of YES first. Our bias is to the YES side of life.

IGNORE THE NOISE. The noise may fluctuate in volume, but your determination to press on in spite of it (ignore it!) will make all the difference.

IT’S NOT ABOUT WHO IS RIGHT; IT’S ABOUT WHAT IS RIGHT. There is no place at our company for typical corporate arrogance. WHO is right (or WHO is wrong) is irrelevant and inconsequential to WHAT is the right decision.

WE ARE THE “THEY.” There is no “they.” We are the “they.” Just open minds and an open culture rooted in trust.

TAKE THE ROAST OUT OF THE OVEN.

Perfection is not the goal when it’s time to make a decision. Focus instead on constant improvement and innovation.

YOU’LL SEE IT WHEN YOU BELIEVE IT.

If we truly believe in something, we can — and will — affect the outcome. If we believe in ourselves first, we dramatically increase our odds of success.

WE’LL FIGURE IT OUT. We don’t need to have all the answers before we take on a project or launch a new and innovative idea. We’ll figure it out along the way.

EVERY SECOND COUNTS. Time, not money, is the most valuable commodity of all. Time can never be replaced. Never trade significant amounts of time for small sums of money.

NUMBERS AND MONEY FOLLOW; THEY DO NOT LEAD. Become great at something or build something great. Chasing numbers and money first will leave you chasing your tail.

A PENNY SAVED IS A PENNY. Invest in ideas, improving your skills, innovation, developing your talent, design, marketing and technology, and your return will be more than just pennies.

WE EAT OUR OWN DOG FOOD. Tying the threads and leveraging ideas and connections is what it’s all about.

SIMPLICITY IS GENIUS. Simplifying things in this fastmoving, complicated world isn’t just good — it’s GREAT.

INNOVATION IS REWARDED. EXECUTION IS WORSHIPPED. It takes both ideas AND execution to make things happen.

DO THE RIGHT THING. Stick to the highest standard of integrity, without compromise. Character is what you do when no one is looking over your shoulder!

THE PACKAGING IS JUST AS IMPORTANT AS THE CONTENTS. We don’t want our audiences just KNOWING something in their heads, we want them UNDERSTANDING something in their hearts. SENT does not always mean RECEIVED. Excellent packaging of the message makes all the difference.Pinnacle.

STRENGTHENING COMPANY CULTURE

The mentorship program can also strengthen company culture, Myers says. Rocket abides by 20 “isms” that all Rocket employees live and breathe by. The Accelerator program shares these “isms” with all their members so they

can incorporate it within their own organizations.

“In this market, it’s easy to get down on yourself,” Myers said. “It’s easy to question what you’re doing and if this is the right thing to do at the right time. So, it’s important to have that embraced and have people who can share best practices on what we

can do to overcome that struggle.” Mentorships are also individually focused to help women achieve their specific career goals. The program matches up mentees with mentors who work in the department or role they want. This isn’t just origination

ROCKET ACCELERATOR

focused; mentors also discuss marketing strategies and sales tactics that are useful to all mortgage professionals, no matter what position they currently hold.

Mentors and mentees are required to meet at least quarterly for a one-on-one meeting or a presentation. Mentors can create a powerpoint presentation that goes over generating purchase leads, marketing strategies, and overall best practices. Some mentors and mentees meet weekly, Myers said, and some even communicate daily.

MALE ADVOCATES, TOO

There are some male mentors in the program as well that have volunteered to be an advocate for women in the industry. Myers said some men have joined the program to strengthen their own company culture by incorporating Rocket’s “isms.” Myers said they welcome and applaud men for joining the program.

“We’re not going to tell you that you can’t join because you’re not a female or don’t identify as a female — that’s not the goal here,” Myers said. “The goal is to provide support and make sure there’s awareness within the

industry of some of the struggles that women face.”

Members can also benefit from attending Rocket Accelerator events, which are open to more than just Rocket employees. Currently, they offer 10 to 11 events per year, open to all women in the mortgage industry. External members, not part of Rocket, are encouraged to bring their account executives or direct account executives to help establish a relationship with the team.

Rocket Accelerator events are planned to be held quarterly. Because there are so many members in the Accelerator program already, not every member will be able to attend every show. Depending on the location and size of the venue, they limit invitations, but all members are encouraged to attend at least one or two events a year. Some events will be hosted in Rocket’s hometown, Detroit, but they will also be hosted nationwide.

These events also have exciting guest speakers, like Olympic athlete Molly Fletcher, to help motivate and empower women in the crowd. Fletcher gave a presentation, Climbing

In A Male-Dominated Industry, which truly resonated with the audience, Myers said, and got them interested in coming to more events.

Janae Fredline, mortgage loan officer of Success Group Mortgage and Servicing LLC, recently attended an Accelerator event and shared why she likes being a part of the program.

“It’s been great talking about the strengths and challenges that we endure every day, and networking and how we can be advocates for one another. It’s awesome,” Fredline said. Myers is currently planning for the next Accelerator event to be focused on women in the c-suite (date is TBA). KimArie Yowell, a career coach and Chief Learning Officer at Rocket Central, is lined up to be one of the speakers at the event. Yowell is on the board of several organizations within Rocket that focus on diversity and inclusion.

INTERNAL ROLE MODELS

Although Myers admits that it’s hard to find very many women in the c-suite across the mortgage industry, there are plenty of female role models at Rocket that women can look up to. Patty Gratto, vice president of client experience operations, and Rondah Abboushi, vice president of client experience operations, are both influential women

on the board of Rocket Accelerator. Keri Stichler, divisional vice president of national accounts at Rocket Pro TPO, is also a significant member on the Accelerator committee and encourages more female brokers to attend their events.

“We have extremely powerful women in our broker community that are here on our campus in Detroit, Michigan,” said Stichler, while at a recent Rocket Accelerator event. “We’re going to be motivating and inspiring these powerful ladies and Rocket Accelerator is all about recognizing women in a male dominated industry.”

For women who are looking to become leaders, Rocket Accelerator is catered to help you. Women don’t need to be more ruthless, calculating, or act out of character to be taken seriously as a boss. Myers says that there are other, more important characteristics, a boss can have that may come more naturally to women. Being empathetic and truly caring for your team is one important trait that successful leaders have, Myers said.

“I’ve had leaders in the past who were very metric focused. They cared more about results than the longevity of their team, and as a result they experienced a lot of turnover as well as low client and employee retention rate,” Myers said. “It’s important to

have empathy, especially if you’re working 12 or 14 hour days together. At that point, that’s your family and you should treat it as that. You’re spending more time with these individuals than you are at home with your own family. So, I think it’s

Even though leaders need to be respected, they can’t be afraid of a little vulnerability. Even the boss makes a mistake from time to time. Myers sometimes shares her struggles with her team and they work through them together.

really important to become close with those individuals and peers that are reporting directly to you.”

Myers also found through her own experience that good leaders are not afraid to run into the fire. Meaning, if there is a difficult situation, you take it head on. For example, if there’s an issue with a broker partner who is feeling frustrated, the leader needs to be willing and able to pick up the phone and deal with it.

“I’ve had phone calls where I essentially got my teeth kicked in — I’ve had bad sales calls. But, I embrace that. I share that with my team and I ask them for feedback the same way I would provide them feedback,” Myers said. “It allows you to be very real and very human with your team.”

Women in the industry can learn all these tips and more by joining the Rocket Accelerator Program at www. rocketprotpo.com. n

“This is clearly a male-dominated industry. Right now only 43% of business professionals in the mortgage industry are female.”

– Mallory Myers, director of strategic partnerships, Rocket Pro TPO

Mortgage Moms How to Define Branding

THE KEY TO BRANDING AND GROWING YOUR PRESENCE IS CONSISTENCY. CREATE A PLAN

By ASHLEY GRAVANO Contributing Writer, Mortgage Women Magazine

Marketing is so important to stay relevant in the mortgage industry — any industry in fact, as an individual and as a company. Many of us have rules and regulations based on our position or company as to what we can and cannot post on social media dictated by our employer, and some of the rules or guidelines we place on ourselves for many reasons. Some of us are only comfortable sharing our company posts and some of us are excited to record videos or post photos from personal and professional events. To each her own, right?

I personally started very small with marketing on social media many years ago. I would only share a picture or two at a conference until I started following a few major players in the real estate space. That is when I started really turning it up. I created a series around markets in the industry and interviewed local realtors.

Then I began visiting local spots and taking photos and sharing them and all the sudden found myself engrossed in branding, creating content, and picking up speaking engagements to local Realtors on how to do the same. I started doing retake after retake then decided to just GO LIVE which was crazy scary for a video interview, but it worked!

Ashley Gravano

It has evolved over the years with different positions I have moved into, but I still love doing it. So, let’s ask some other Mortgage Mom’s: how do you define “branding” and how can other Mortgage Moms get started or grow their presence?

CHRISTY SOUKHAMNEUT CMB

Chief of Staff/Director of Mortgage Strategic Initiatives Flagstar Bank

As with many things, it’s important to shape the message for your brand. The first step in getting started is to define your brand. Ask two or three business associates how they would describe you. That’s the brand you have today. To grow that brand and your presence, you need to be in front of your target audience in a way that allows them to see you as those five adjectives.

For example, if you want people to see you as a leader in the technology space, you could post two to three articles a week about technology and its impact on our business. You can follow five to 10 leaders in the fintech space and comment on their posts. Check with your local Mortgage Bankers Association and see if you can speak at their next event on fintech. Also, use #fintech in every post you make.

The key to branding and growing your presence is consistency. Create a plan. Ruthlessly execute on it. Don’t give up too soon. Stay the course and watch the growth happen over the next six to 12 to 18 months.

What are the four or five adjectives you would use to describe the professional you? That’s your brand. It’s how people describe you and what you do. Being in control of the adjectives people use for you is branding.

KATIE N. CLEMENTS, AMP Sr VP Mortgage Consultant First Horizon

I would define branding for myself personally as how can I set myself apart? A lot of times in the mortgage industry we can offer a lot of the same products, so it is important to identify what sets you apart. In my business, I pride myself on always being available for my referral partners and customers no matter what time of day it might be. Customer service and making sure our customers are at ease throughout the financing process is extremely important so making you or your team always available is very helpful.

I would encourage other Mortgage Moms who are just getting started to get involved and volunteer for as many things as you can. It isn’t easy with us being busy raising families but my business more than doubled when I became involved in both real estate boards and the local mortgage banker association board. This not only gives you so much industry knowledge, you also meet incredible individuals that will help grow your business. In the changing market that we are in now, knowledge and who you know is extremely important!

JEN PEACHMAN Manager of Strategic Partnerships Capacity

The way I look at it, branding is the opportunity for the authentic promotion and positioning of both you and your company. It’s the advertising, the image, and the sharing of your why. It’s the highlighting of your passions and your product, promoting your relevance and your involvement, sharing gratitude for and announcements supporting your partnerships and alliances, and being an ambassador to share your impact on your industry, your business, and the communities you support.

My advice for other Mortgage Moms looking to grow their presence is to get involved, tell your story and make connections! Social media is likely the easiest and most prevalent platform to begin your journey. Choose the channel that’s best for your target audience, start making connections, following folks that are important to you, and get out of your comfort zone. Engage with your connections’ posts with comments (not just likes), share information/updates on a regular basis, and commit to growing your audience, engagement and presence.

– Christy Soukhamneut CMB, Chief of Staff/Director of Mortgage Strategic Initiatives, Flagstar Bank

Watch those influencers that have branding that you identify with for ideas, and reach out to others for help along the way. So many of my best friends in this business I’ve met online or through social media, and so many of us are willing to help. Be open to really connecting and collaborating with folks, telling your story and growing your network, by being you! n

Christy Soukhamneut

CMB

Katie N. Clements, AMP

Jen Peachman

The Final Mile

TEN BY THREE’S MISSION TO END POVERTY

By KELLY HENDRICKS, Managing Editor, Mortgage Women Magazine

During our darkest times, the common, although often unhelpful, advice is that the experience will make one stronger and that the pain will be worth it. For Ten by Three founder Theresa Carrington, this suggestion proved to be true.

In 1999, while facing a personal crisis, Theresa received dozens of supportive letters, notes, and postcards which she read to get her through her most challenging days. Eventually, the support was overflowing and had to be held in a basket.

“When I got on the other side of this crisis, I realized I could never pay these people back for what they did,” said Theresa. “They saved my life, but I could pay it forward.”

In the meantime, Theresa had begun to speak at conferences using her basket as a motivational prop. Soon, women requested to purchase a basket of their own. This sparked an

idea of how she could use a basket to affect change in an area that she was already passionate about — poverty.

Theresa wanted to bridge basket weaving and curate a deeper connection with the maker of the baskets and the recipients while simultaneously uplifting both the makers and the recipients. Additionally, she wanted to ensure that the makers of the baskets would be adequately compensated without having to cede the majority of the profits to a middleman.

Through a

maze of chat room bulletin boards and conversations, Theresa was steered to Africa, where weaving was indigenous,

and poverty was at its greatest, to begin her work. Organizing a direct path from Theresa to impoverished artisans took more than a year. Nevertheless, by the summer of 2003, the first Blessing Basket Project (Ten by Three’s original name) product arrived stateside.

After almost 20 years of operation, Ten by Three is active in seven countries across Africa and Southeast Asia and has helped thousands of people. Ten by Three’s model has been so successful that students are intensely studying it at Washington University, St. Louis, as well as other top universities.

“Ten by Three does its best work along roads that have no name,” Theresa said. “They are where the final mile of those living in extreme poverty can be found.”

THE GAME-CHANGING FORMULA

“From my own lived experience of growing up in poverty, the food

Theresa Carrington, founder and CEO, Ten by Three

A GROUP OF TEN BY THREE ARTISANS AT THEIR GRADUATION IN 2013. A GRADUATE HAS TO SHOW THEY HAVE THREE VIABLE BUSINESSES, AND NO LONGER NEEDS THE ORGANIZATION’S PROGRAM. IN SHORT, THEY DECLARE IN FRONT OF THEIR VILLAGE THEY ARE FREE OF POVERTY AND SUSTAINING THEMSELVES.

stamps, et cetera, it’s not enough. Minimum wage is not enough,” said Theresa. “When we translate that to international work, fair trade, while it’s good and it keeps people alive, it’s not enough to prosper them.”

Theresa further explained that most handicraft organizations you buy from today will have built up workforces, but not necessarily people’s lives. Ten by Three has the mission to create more than a workforce. The Ten by Three artisan is on a path to prosperity.

Through Ten by Three’s formula to end extreme poverty, the artisans build their own prosperity out of poverty. This begins with their wages. Ten by Three pays a ‘Prosperity Wage,’ which starts at two-and-a-half times more than the Fair Trade wage. Higher wages usually have an immediate impact, enabling individuals to exit unhealthy situations and better support their families. But, a key difference with Ten by Three is that the higher compensation is intended to push

artisans to financial independence through entrepreneurship. The second step of the Ten by Three formula is that artisans are required to start three small businesses.

“We get a lot of criticism from people who say, ‘Oh my gosh, how can you have a poor person and ask them to start three businesses?’ We’re like, ‘Yes, that’s exactly what they have to do because if they just rely on making a handicraft, what happens if something happens to us? They have nothing left behind,’” said Theresa. “That is the large difference between Ten by Three and most other handicraft-based nonprofits. We are

not the first people in the world to think about using an artisan good to help someone living in poverty. It’s the how we do it that is different.”

POWER OF THE MODEL

Theresa has seen this method proven successful for years. During the organization’s beginnings, Theresa and her team watched who was succeeding and sustaining. Those people have started multiple businesses creating multiple streams of income. Her team also gathered that they could help get them the working capital they needed to start those three small businesses by buying at least ten products a month. Hence, the three and 10 in the organization’s name.

“That is the power of this model because when they are required to start those small businesses, those small businesses begin to churn in income, and pretty soon, the woman gets to the point where, ‘Oh, my gosh, I really want

PRODUCT FROM THE TEN BY THREE U.S. HEADQUARTERS IN ST. LOUIS, MO.

– Theresa Carrington, founder, Ten by Three

TEN

BY

THREE

CONTINUED FROM PAGE 39

to go over there and weave for them, but I got to take care of my cows and my chickens and my crops,’” said Theresa.

An artisan is ready to graduate from the program when they no longer rely on it for any income.

Graduations are public affairs. Each artisan stands before their family and village to declare that they are free of poverty. During the ceremony, graduates are pinned with a badge identifying them by name and the year they graduated. They also receive a graduate certificate. Those items are often vital components to obtaining additional funds from local banks and mico-lending programs.

Graduates’ micro-businesses jumpstart village economies, creating a roaring ripple effect. Program graduates are able to offer employment opportunities that uplift their fellow community members out of poverty. Almost 100% of program graduates become employers.

LIVING IN PROSPERITY

Theresa explained that the formula is sustainable without her

organization. While the money to begin the business may come from Ten by Three, the money sustaining the businesses comes from the community and stays within the community.

A shining example of the program’s success is a Bangladeshi woman named Majada Katoon. When Ten by Three first approached Majada, she earned the US equivalent of $1 for her baskets and lived in a natural fiber house crafted of banana leaves with a batch roof. The home was so small that the five-foot-tall woman couldn’t fully extend her feet.

Ten by Three enrolled her in the program and paid her $12.60 for the

same basket she had produced. She was ready to graduate after three short years of working in the program.

Theresa recounted a tender moment after Majada’s graduation when Theresa was taken out to Majada’s land.

Proudly, Majada showed Theresa her businesses, including her rice field. Showing Theresa her achievement, Majada said, “This is my field, and I’ve got my rice, and I’m fine.”

When Theresa asked Majada how the accomplishment felt, Majada had no words. Instead, she proudly spread out her arms in joy, safety, and contentment. Today, Majada lives in prosperity as an employer under the roof of her brick home.

This story is one of many that fuel Ten by Three’s work. Every day is driven by what is in the best interest

“Ten by Three does its best work along roads that have no name. They are where the final mile of those living in extreme poverty can be found.”

MAJADA KATOON, A TEN BY THREE 2013 GRADUATE, BOUGHT THIS PORTION OF A RICE PATTY FIELD. SHE NOT ONLY EATS THE RICE TO SUSTAIN HERSELF, BUT HAS ENOUGH EXTRA TO SELL. .

When someone gives a housewarming gift in a Ten by Three basket, it shows the homeowners that they are a part of a bigger picture. Their gift is providing housing on a global scale.

of the artisans and their communities.

“That makes really hard decisions a lot easier because sometimes the business and the social mission are at odds with one another,” said Theresa.

Theresa explained a current situation where they are expending more money than their products are selling for out of Togo. While a solely business-minded person would make the call to exit Togo, Theresa and her team act differently. They are steadfast in their commitments by doubling down on training and strategizing steps to care for the community.

“We’re not going to abandon them. Anybody can abandon them. That’s what they’ve lived for centuries experiencing, people who look like me, making a big promise that they never live up to,” said Theresa. “As leaders, it’s important that our Yes is Yes, our No is No.”

The United States has a plethora of private and public social programs and networks to support the poor. However, in these rural, developing

regions, there is no safety net to catch them. As a result, social needs in these communities are not being met. Ten by Three’s commitment to the overall community well-being is seen through their assistance in building schools and hospitals and improving roads.

HOW YOU CAN HELP

The most significant impact an individual can have on Ten by Three is to buy a basket. The more baskets sold directly equates to the number of humans helped.

Theresa shared that when someone gives a housewarming gift in a Ten by

Three basket, it shows the homeowners that they are a part of a bigger picture. Their gift is providing housing on a global scale.

“It’s one of the biggest things someone can do to grow the organization, and it could help someone else grow their business by providing a memorable and thoughtful gift,” said Theresa. “People are going to be more likely to come back and do business with them because they’re going to remember that housewarming gift.”

Baskets sales do not support Ten by Three’s annual budget alone. As the organization still raises 90% of its funding, donations are always appreciated.

Baskets can be found nationwide at Whole Foods, online at TenbyThree. com, and an exclusive product range with Room & Board can be found in-store and online at roomandboard. com. Visit the Ten by Three website for a complete list of stores.

A Ten by Three basket connects you to an artisan, a story, a community, and a bigger mission to end global poverty. n

TEN BY THREE ARTISAN MAJADA KATOON WITH SOME OF HER SMALL BUSINESSES IN FRONT OF HER BRICK HOME.

TEN BY THREE FOUNDER THERESA CARRINGTON CELEBRATING WITH ARTISANS IN SHIMULIA, BANGLADESH.

DELUCE JOINS DELMAR MORTGAGE AS BUSINESS DEVELOPMENT SVP

Victoria Deluce has joined Missouri-based Delmar Mortgage as senior vice president of business development.

DeLuce has been a key contributor to the mortgage industry for the past 14 years. She joined the industry as the office manager for a well-known hedge advisory firm. Since then, she has paved her way in the capital markets arena, a highly male-dominated sector of the industry, rising from office manager, to senior trader, to executive vice president of capital markets.

DeLuce is a highly respected capital markets professional in the industry. She is also a builder by nature. She developed and ran a successful and profitable direct-toconsumer platform. She has also overseen wholesale lending and has been a major contributor to recruiting and growth. At Delmar Mortgage as the SVP of Business Development, she looks to help build upon the success of one of the oldest independent mortgage bankers in Missouri.

A huge advocate of the mortgage industry, DeLuce gives back as much she can through active engagement with the Mortgage Bankers Association, the Mortgage Collaborative and serving as the current state board president of the Michigan Mortgage Lenders Association. She was part of the winning team for the 2019 future leaders program through the MBA. She is also a regular commentator for the Detroit News regarding the housing industry.

Outside of the industry, Victoria is active in her community and mother to three children.

MONTAÑEZ HIRED AS COMMUNITY LENDING MANAGER FOR CITY NATIONAL BANK

Dr. Vanessa Montañez has been named community lending manager for City National Bank. This is a new position for the Los Angeles-based bank.

As part of CNB’s continued focus on and investment in serving the community, the bank has created a new executive-level position, a senior vice president and community lending national sales manager to increase the bank’s mortgage lending to historically underserved borrowers.

The community lending national sales manager will be directly responsible for building and managing direct teams of self-sourced mortgage loan officers, including responsibility for setting and meeting production targets. She will report directly to Paul Weiss, executive vice president of residential lending and CEO of mortgage.

Montañez said, “I will create and monitor attractive compensation programs, manage sales team compliance and training activities, and make certain the business has properly aligned sales volume forecasting and achieves high-level production targets. I look forward to hiring a new league of community lending officers across the U.S.”

PLANET HOME LENDING HIRES LYNETTE HALE-LEE

Planet Home Lending, a national mortgage lender and servicer, has hired Lynette Hale-Lee as western regional manager. Hale-Lee will enhance Planet Home Lending’s market share by recruiting additional mortgage loan originators and opening new branches in the West,

the company said.

Hale-Lee is a long-time mortgage professional who brings extensive experience to her new role, having worked for numerous lenders during her career. Most recently, she was western regional manager at Wintrust Mortgage for six years, and prior to that served as president of Capstone Direct Mortgage Funding.

Michael Dubeck, president and CEO of Planet Home Lending parent Planet Financial Group, said Hale-Lee will be instrumental in advancing Planet Home Lending’s mission to help more homebuyers and homeowners across the country.

FIRSTCLOSE NAMES INDUSTRY VETERAN CHIEF MARKETING OFFICER

FirstClose Inc., an Austin, Texas, fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced that industry veteran Carol Crawford has joined the company as chief marketing officer. In this role, Crawford will lead strategy and manage execution for brand development, integrated marketing and multi-channel communications planning to enhance awareness of FirstClose and increase demand for its fintech offerings.

Crawford brings more than 20 years of experience in mortgage and financial services marketing and leadership. Most recently, she served as senior director at ICE Mortgage Technology where she was responsible for business strategy

WOMEN on the MOVE

Carol Crawford

Lynette Hale-Lee

Victoria DeLuce

Dr. Vanessa Montañez

and product marketing for ICE’s AIQ and TPO Connect solutions.

Prior to ICE, Crawford was the CMO of ClosingCorp where she led the account management and marketing teams and set the company’s go-to-market strategy for nearly eight years. During her tenure, ClosingCorp realized exponential client and revenue growth and was acquired at a premium by CoreLogic. Earlier in her career, Crawford held senior marketing roles at both CoreLogic and First American.

“Carol is a highly accomplished and visionary leader in data and technology marketing and sales with a proven track record of creating effective campaigns that drive revenue growth,” said Tedd Smith, CEO at FirstClose.

MCCONNELL JOINS NATIONS LENDING AS LEAD PERSONAL MORTGAGE ADVISOR

Following the opening of its newest branch in Arizona, Nations Lending recently opened a second location in Scottsdale, the company announced.

Nations Lending said Christine McConnell, an Arizona native and award-winning professional with more than 26 years of lending experience, has joined as lead personal mortgage advisor.

Specializing in an array of loan products — including New Home Construction, Jumbo, Conventional, FHA, and VA loans — McConnell is a proven top producer, including Top 1% Mortgage Originators in Scottsman Guide, Top Women Originators in Scottsman Guide, and a consistent President’s Club Member, Nations Lending said. Before joining Nations, she served more than 10 years as senior

mortgage advisor for Homeowners Financial Group.

“Nations is forward-thinking,” McConnell said. “The company has positioned itself for longterm success along with that of its mortgage advisors and their respective teams through strategically generated marketing and product offerings to its team. As a result, I’m better able to assist my clients including builders, realtors and other referral partners in an ever-changing and demanding lending environment.”

MONITORBASE

FIDELITY NATIONAL FINANCIAL NAMES CIRCELLI CHIEF HUMAN RESOURCES OFFICER

Fidelity National Financial Inc., a title insurance and real estate and mortgage transaction services provider, announced that Melissa Circelli joined the company as chief human resources officer.

PROMOTES

STANIFORTH TO VP BUSINESS RELATIONS

MonitorBase, a Utah-based mortgage fintech company that monitors prescreened credit information and real-time behavioral data to alert lenders when someone

is in the market to purchase or refinance a home, has promoted Lilly Staniforth to vice president of business relations.

In her new role, Staniforth will focus on improving the company’s brand awareness and value proposition, and building stronger client relationships, the company said.

Staniforth joined MonitorBase in 2019 as client success manager, where she managed client relationships and developed integrations between MonitorBase and its clients’ systems.

In addition to her other duties, Staniforth will be responsible for creating awareness around MonitorBase’s integration capabilities, developing publicity and marketing content, creating new business partnerships, and strategizing with clients during market shifts.

Circelli has more than 25 years of experience leading and managing human resources for several companies. She will assume responsibilities related to human resources, benefits, talent acquisition, employee onboarding and relations, diversity and inclusion, and community engagement.

Before joining FNF, Circelli held human resource leadership positions with Cigna, Volvo Commercial Finance, and Fortegra Financial. Most recently, she served as chief human resources officer at Black Knight Financial Services.

MOVEMENT MORTGAGE NAMES SMITH CHIEF PEOPLE OFFICER

Movement Mortgage, the nation’s sixth-largest retail mortgage lender, is expanding its leadership team with the addition of Shelley Smith as the company’s new chief people officer.

Before joining Movement, Smith served as vice president and HR business partner at TIAA. With 25 years of experience as a strategic human

Christine

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Lilly Staniforth

Melissa Circelli

Shelley Smith

resource leader in progressive and intellectually challenging environments, Smith has held leadership positions with several Fortune 500 companies including Hyatt Hotels, PepsiCo and Bank of America.

In her new role as chief people officer, Smith will lead Movement’s human resources team and is responsible for functions such as onboarding, talent management, total rewards (compensation, benefits and payroll) and engagement, the company said.

Smith holds a bachelor’s degree from University of Maryland College Park and an master’s from Johns Hopkins University..

SINGLESOURCE HIRES BELL AS VP OF NATIONAL SALES

SingleSource Property Solutions, a provider of residential property services supporting the U.S. housing industry, has hired Jodi Bell as vice president of national sales.

Bell will expand the company’s efforts to help home lenders,

mortgage holders, and residential servicers increase efficiency and reduce costs through the optimal use of effective valuations, title and settlement services, property preservation, REO asset management, and document management services, the company said. Bell, a veteran at developing strong partnerships, will utilize SingleSource’s platforms to provide customized solutions to promote successful operations, it said.

Bell, who has spent more than 25 years in mortgage servicing, has held executive positions at several companies, including vice president of business development at ServiceLink, WFG National Title Insurance Co., and The National Firm.

RISKSPAN NAMES INDUSTRY VET CHIEF CLIENT OFFICER

RiskSpan, a technology company and comprehensive source for data management and analytics for

residential mortgage and structured products, has appointed Patricia Black as its chief client officer.

Black takes over responsibility for managing client success across the full array of RiskSpan’s Edge Platform and services offerings, the company said. She brings over 20 years of diversified experience as a senior financial services executive. Her expertise ranges from enterprise risk management, compliance, finance, program management, audit and controls, to operations and technology, regulatory requirements, and corporate governance.

As a senior leader at Fannie Mae between 2005 and 2016, Black served in a number of key roles, including as chief audit executive in the aftermath of the 2008 financial crisis; head of strategic initiatives; and head of financial controls and SOX while the government-sponsored enterprise underwent an extensive earnings restatement process.. n

Jodi Bell

Patricia Black

TOP EMPLOYERS FOR MORTGAGE WOMEN

Company Mission Statement

At American Pacific Mortgage our core mission is to create experiences that matter while serving the home financing needs of individuals, families and communities where we live and work. We understand the importance of every transaction, and work hand in hand with everyone involved in the transaction to ensure timely, professional, unsurprising closings, all with the goal of making our loan officer, real estate agent, and all involved in the transaction look good in the eyes of a happy and satisfied consumer.

What

makes your company a Top Employer for Women?

At APM, we are committed to creating a diverse and equitable workforce, and we value our people. We know that fostering a diverse workforce makes us a better compa ny all around — and while our work here is never done, we’re focused on making consistent progress and impactful change.

Today, women represent 68% of our company. In addition, 59% of our management positions in the company are held by females, this includes our c-suite and executive positions. As a company, we are strategic and intentional about recruiting and retaining female talent and proactive in our support of their personal and professional growth.

How does your company support women in the workplace?

APM offers multiple leadership and employee education, as well as mentorships with leaders within and outside our organization. We have clear policies about bias and harass ment, as well as multiple ways for our employees to get help or report an incident.

As a company, we’re also partnered with national associations that accelerate personal and professional growth for women.

What contributions does this company make to women in the mortgage industry?

With leaders in many areas of the company, including

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sales leadership, tech, operations, and compliance, we find and attract women from many industries.

Women at APM do not feel like a minority — they have a seat at the table in all areas of the business and work to continue leveling the playing field for all women in our industry.

What programs, strategies or formal mentoring/sponsorship programs does this company have specifically aimed at developing women leaders?

We participate in the FNMA Future Housing Leaders Program by sponsoring college students from diverse backgrounds to expose them to careers in housing. We also sponsor employees yearly for the California MBA’s future leader program. These are not female-only, but we use this opportunity to nominate and provide valuable training that has advanced the careers of many women at APM.

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TOP EMPLOYERS FOR MORTGAGE WOMEN

George, CEO, President & Founder cmgfi.com

Company Mission Statement

Delivering the right loans for the right reasons in a way that exceeds all expectations. That’s our business.

What makes your company a Top Employer for Women?

Women succeed at CMG.

In 2022, 44 women at CMG Financial ranked as a Top 1% Originator by Scotsman Guide. One of these orig inators were in the top 150 highest production volume in the nation — women or men. Women succeed outside of origination as well. Over the past four years, we’ve had four different women named either a HousingWire Woman of Influence or HousingWire Insider. Women make up nearly half of our executive leadership team, our company is 62% women, and we offer equal pay for all employees.

How does your company support women in the workplace?

At CMG, we provide women all the tools, resources, and support they need to succeed in origination and beyond. Growth from within is prominent at CMG. One employee who joined CMG just eight short years ago started in licensing and is now our chief compliance officer and an executive leadership mem ber. No matter where women start, they can achieve anything here. Plus, they can expect equal pay, generous maternity leave,

flexible schedules, and work from home opportunities. We protect the importance of work-life balance and strive to help women feel their best both professionally and personally.

What contributions does this company make to women in the mortgage industry?

We give women a place to call home in the mortgage in dustry. A place they’ll get paid what they deserve. A place that understands the importance of family and work-life balance. A place where they can succeed no matter where they start. A place where they’ll be celebrated. A place where they will be the backbone of the company. And a place where they can make their name and business known to the entire industry.

What programs, strategies or formal mentoring/sponsorship programs does this company have specifically aimed at developing women leaders?

Our unique program, CMGAdvance, helps employees get what they need to reach the next level through training, live in struction, mentorship, on-the-job learning, and certification for their desired role. Mentorship between women is huge at CMG. For example, when our current chief compliance officer worked in risk, she was an instrumental aid to the career development of several risk managers, mentoring multiple employees who have risen into leadership roles and VP positions. Additionally, we often have departmental summits where people fly to corpo rate HQ to meet, and we had an offsite senior female leadership retreat in the spring of 2021.

Chris

TOP EMPLOYERS FOR MORTGAGE WOMEN

Jacobson, Founder and CEO fairway.com

Company Mission Statement:

Fairway’s objective is to provide an atmosphere in which all employees can make the “Fairway experience” be exactly what they want it to be for themselves and their families. Fairway provides the systems and the culture that enable each of its employees, its branches, and the corporate structure to grow in the residential mortgage finance industry.

What makes your company a Top Employer for Women?

Fairway Independent Mortgage is committed to cultivating, fostering and preserving a culture of diversity and inclusion. We believe having fair representation of women across our executive, leadership, managerial and throughout our employee population is important and supports a gender-bias free workplace. Women are a special group represent ing the fair representation we work towards for gender equality. We encourage our women to continue to grow and recently created an employee resource group called the Women’s Empowerment Group as a platform for all women to come together for support, network, share stories and resources/tools to succeed.

How does your company support women in the workplace?

We recently created a women’s empowerment employee resource group and it has proven very successful, based on member feedback. We currently have 445 members, and 100 of them will be attending our October women’s summit in Wisconsin. Our group is focused on creating opportunities for growth, leadership development, support, and elevation within our personal and professional lives.

What contributions does this company make to women in the

mortgage industry?

Two Fairway employees were named to the 2022 Mortgage

Professional America (MPA) list of Elite Women. This national award chose 67 women who demonstrated inclusivity in the mortgage industry, no matter their gender identity. Also, one of our top executive leaders was recog nized for being one of the 50 Women of Influence in Housing. Our women employees are making a difference in their communities everyday through the work they do and community service opportunities that they participate in. These awards recognize the efforts of our amazing female employees.

Does your company offer reimbursement for travel related to reproductive healthcare?

Yes but they must use a designated provider.

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TOP EMPLOYERS FOR MORTGAGE WOMEN

Company Vision

To create a one-of-a-kind banking experience grounded in relationships, nurtured through service, and measured by results. This is supported by our STAR values of service, trust, accountability and results.

What makes your company a Top Employer for Women?

In its earliest years, Flagstar was basically a mortgage company with women in key positions. That tradition of women in leading posi tions in mortgage continues today where Mortgage Fulfillment is led by a woman and six of her 12 direct reports are women. Today 66% of our employees are women, a statistic that supports Flagstar as a top employer for women.

How does your company support women in the workplace?

Led by Flagstar’s women employee resource group, Flagstar supports women through mentoring, networking and learning oppor tunities. Flagstar offers a structured mentorship circle program that provides participants with expert-run sessions relating to personal

branding, making connections and personal and professional development.

The Women’s ERG partners with the Michigan Association for Female Entrepreneurs to promote women in business and female entrepreneurship. The ERG also promotes Inforum, an organization that accelerates careers for women and is a catalyst for removing barriers and increasing opportu nity for its members.

What contributions does this company make to women in the mortgage industry?

Flagstar’s commitment to women in leadership is evident across the entire organization in mortgage and operations crit ical to mortgage. Female executives can be found in a number of strategic and influential roles including chief information officer; chief audit officer; director of the office of corporate responsibility; director of operations; mortgage fulfillment director; national sales director for direct-to-consumer lending; CRA director; and director, non-agency mortgage lending. Additionally, women hold four of the top positions at Flagstar: EVP of operations, EVP and chief information officer, chief compliance officer, and director of mortgage fulfillment.

Does your company offer reimbursement for travel related to reproductive healthcare?

Yes. Effective July 1, 2022

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TOP EMPLOYERS FOR MORTGAGE WOMEN

Aaron VanTrojen, CEO genevafi.com

Company Mission Statement

Our mission at Geneva Financial is to approach every aspect of our business from the “inside-out.” With a culture-forward mindset, we focus on our mortgage loan originators and support staff first in order to ensure an unbeatable experience for our customers.

Our core values were created as a daily reminder to operate with the inside-out approach in mind. Core Value #1 — “Be Human” is the backbone of all our core values, our mission, and our brand vision.

What makes your company a Top Employer for Women?

Geneva has worked hard to foster a diverse community with employees of all different backgrounds, ethnicities, and genders, creating a culture that is welcoming, supportive, inclusive, and empowering in a way that is unheard of in an industry that can be very uniform.

Being a woman in the mortgage industry is never easy, but Geneva is always striving to create an equitable, inclusive, and empowering environment for everyone. Geneva has empowered women at each level of the business from entry-level to C-Suite

How does your company support women in the workplace?

Geneva is busting down barriers in the mortgage industry and beyond, and has opened a doorway of equal opportunity rarely seen in our industry. Our model is built on an environ ment where women can share ideas, collaborate, and grow into leaders without fear.

What contributions does this company make to women in the mortgage industry?

Geneva Financial has one of the highest percentages of fe male employees and women leaders in the mortgage industry. Women come to Geneva for an equal chance at success and the support to get there.

We encourage all women to step into their power, through our Be A Good Human initiative, our GenevaGives Initiative, and other avenues, and we are consistently looking at ways to empower women with the platform we provide.

What programs, strategies or formal mentoring/sponsorship programs does this company have specifically aimed at developing women leaders?

At Geneva, we encourage and inspire growth at all levels for all individuals, with an emphasis on women leaders. Our workforce is over 50% women, with an outstanding number of women in leadership and C-level roles. Many of our women in leadership have taken on mentoring roles by supporting, encouraging, and educating other women growing in the company.

TOP EMPLOYERS FOR MORTGAGE WOMEN

Company Mission Statement

Building the foundation of homeownership by enabling Americans to achieve and sustain their aspirations of home.

What makes your company a Top Employer for Women?

Pennymac is a top employer for women because we are committed to creating an environment that encour ages, supports, develops and empow ers women to reach their full potential. We are committed to increasing gender diversity in our workplace and leadership teams. Through our programs and initiatives, we encourage women at Pennymac to remain intentional about their career goals, from our business re source groups to various events that are hosted throughout the year. Women currently comprise 52% of our employees company-wide, with 21% holding positions at the senior most executive level (senior managing directors and managing directors).

How does your company support women in the workplace?

Pennymac launched the wEMRG program (Women Empowering Mentorships, Relationships and Growth) in 2017 with a mission to promote an inclusive environment for women and allies that supports professional growth and leadership development

through connections, mentorships, seminars and discussions. In 2021, wEMRG expanded into a Business Resource Group (BRG), which current ly has nearly 400 members, to further bolster Pennymac’s commitment to attracting, developing and engaging an increasingly diverse workforce. Each BRG at Pennymac has an executive sponsor (at the senior managing director or managing director level), one or more advisors, and a six-member BRG leadership team consisting of various roles.

What contributions does this company make to women in the mortgage industry?

Pennymac is a Diamond Plus sponsor of the National Association of Minority Mortgage Bankers of America (NAMMBA), a national organization dedicated to the enrich ment and betterment of women and minorities in the mortgage industry. Through this partnership, our goal is to drive change in our industry by diversifying the next generation of minority mortgage and real estate finance professionals.

What programs, strategies or formal mentoring/ sponsorship programs does this company have specifically aimed at developing women leaders?

In partnership with our sales division leaders, Pennymac launched the E.D.G.E. (Engage, Develop, Grow, and Empower) Program in 2020. One of our key strategies to driving measurable progress is to support gender diversity by providing opportunities to further the careers and professional development of women. More recently, Pennymac has focused on specific recruiting ef forts for our Pennymac Corporate University program to ensure we bring more future female leaders into Pennymac.

Redlands, CA

Delehanty, CEO mwfinc.com

Company Mission Statement

Our success over the past 32 years is derived from offering sustainable homeownership solutions, doing right by our team, clients, partners; and continuously expanding our program offerings, systems, and tools. We constantly analyze and improve our processes, provide a top tier customer experience and build a deep connection to our communities.

What makes your company a Top Employer for Women?

Our team is more than just staff; we are family. We expect a lot and hold each other to high standards. We invest in our family with educational opportunities, financial planning, strong benefit packages, and growth opportunities. Our culture is condu cive to high standards of work, strong ethics, and teamwork.

How does your company support women in the workplace?

MWF emphasizes growth within the MWF family. With 58% women, we have many in our management team. We ensure that our MWF team members’ differences are valued, everyone is treated equally and feels supported. One of our core values is we are engaged, we embrace diversity and we are family.

What contributions does this company make to women in the mortgage industry?

We are investing in education for women’s issues in the workplace and by offering this we will communicate our company’s values to upper and lower management. We include inclusivity policies in our recruitment and hiring process so we onboard those who care about women.

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What programs, strategies or formal mentoring/sponsorship programs does this company have specifically aimed at developing women leaders?

MWF offers a peer group program connecting managers to groups of people with diverse back grounds in the company to bounce ideas off of and to gain different perspectives about the busi ness. Also forging some new friendships along the way.

We are also excited that our newest Executive Vice President Laura Martell is leading the way to women equally within the company as she has been named Powerful Women of Mortgage Banking, Women of Influence, and Mortgage Lending Women of Inspiration.

Michael

Company Mission Statement

NOVA Home Loans is committed to helping our clients obtain financial security by providing exceptional service while offering a wide range of mortgage, insurance, and investment products. We achieve this through cultivating the creativity and knowledge of dedicated employees who support our vision of effectively and efficiently serving our valued customers and referring partners.

What makes your company a Top Employer for Women?

NOVA has identified and initi ated an ongoing project to close the wage gap between men and women of all roles. A portion of this project includes replacing old compen sation policies and practices with more proactive ones to prevent a potential future disparity.

How does your company support women in the workplace?

In addition to offering flexible scheduling, paid time off, maternity leave, and remote working options, part of NOVA’s robust benefits packages include a free subscription to Headspace

and their partnership with Peanut to promote mindfulness and open conversations about the struggles and joys of womanhood.

What contributions does this company make to women in the mortgage industry?

NOVA provides recognition, financial, or scheduling support to all women seeking to further their careers and/or balance their personal and profession al lives. Many female employees have been recognized in publications Scotsman Guide’s 2021 Top Women Originators or by The National Association of Hispanic Real Estate Professionals. NOVA also provides special recognition to the exceptional women of our company, no matter their role, on our internal and external social networking platforms.

What programs, strategies or formal mentoring/sponsorship programs does this company have specifically aimed at developing women leaders?

NOVA invests in educational development for female employees in support and admin roles to ensure they remain enriched personally and professionally, aligning with our core value of promoting sustainable careers. Through the educa tional development policy, employees may select their courses, mentorships, or certifications to be paid in full by NOVA.

Ryan

TOP EMPLOYERS FOR MORTGAGE WOMEN

REGIONAL (25-500 MLOS) CONT’D. PacRes Mortgage | Beaverton, OR

Melissa Stashin, Founder/President pacresmortgage.com

Company Mission Statement

At PacRes Mortgage, we’re committed to improving and becoming better. From networking opportunities, to sales coaching, com prehensive training, and mentorship, we pride ourselves on creating an environment in which top-tier professionals can focus on their work, families, and communities. This results in minimal turnover, smooth operations, and the ability for each team member to build their careers while supporting overall organizational growth. We are service-minded and never compromise our guardian mindset.

What makes your company a Top Employer for Women?

Melissa Stashin helped to build PacRes on a foundation of deep experience in the mortgage industry and a focus on building relation ships and serving others. This is our guiding light and what sets us apart as a top employer for women across the country.

How does your company support women in the workplace?

PacRes prioritizes having women in visible leadership positions, from our founder and president, to our branch and department managers. This is an intentional act that starts with a conscious effort to identify and develop high-potential women and give them the tools and resources they need to grow into leader ship positions. We also train leaders across our department to offer team members specific, frequent, and actionable feedback.

We believe these acts are vital to our ongoing success—every thing we do is relationship-based, and if there is a lack of represen tation and opportunity in leadership, it hinders our talent pipeline.

What contributions does this company make to women in the mortgage industry?

PacRes helps to advance women’s careers in the mortgage industry by promoting a fair work environment — including equal compensation between genders — and a focus on elevating the most qualified yet most underrepresented team members. We also believe in the power of celebration — as we

continue to promote women in our workplace and recognize their achievements, we are helping to pave the way towards a more in clusive industry where women can thrive, share, and learn from one another instead of fighting for a seat at the table.

What programs, strategies or formal mentoring/ sponsorship programs does this company have specifically aimed at developing women leaders?

PacRes Mortgage is experiencing tremendous growth and is continually searching for additional opportunities to support women in our workplace; while we don’t have any formal programs in place at this time, we are actively seeking growth opportunities geared towards women’s leadership roles and continued growth.

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TOP EMPLOYERS FOR MORTGAGE WOMEN

Company Mission Statement

Social Mission: To operate our company in a way that recognizes and respects the important role that older Americans play in our society and actively strive to help improve their quality of life.

Product Mission: To develop and sell reverse mortgage products with a continuous commitment to product innovation, service, delivery, and excellence in customer satisfaction.

What makes your company a Top Employer for Women?

RMF has full-time remote em ployees as well as those with hybrid schedules. To foster connectivity in the virtual world, RMF has imple mented several solutions, including an employee experience intranet site that promotes engagement and greater efficiency online for the company’s nearly 600 employees, 60% of which are women. RMF’s employees say connection and camaraderie are important to them, and the site is not only a place for sharing important information but also for celebrating birthdays, work anniversaries, and promotions.

How does your company support women in the workplace?

RMF’s distributed workforce model allows us to compete for top talent through inclusive hiring practices. RMF invests in employee growth and learning opportunities with its internal weekly podcast, video learning, webinars, sales mentorship and coaching, and virtual and in-person training. RMF offers a continual flow of information, like a marketing drip campaign,

across all levels of the company to encourage learning and development.

What contributions does this company make to women in the mortgage industry?

RMF strives to influence the in dustry through educational webinars for financial professionals. Retirement Experts Network is an educational platform that provides no-cost webinars that typ ically provide continuing education credits to advisors with a CFP designation. Such webinars have discussed the importance of successfully representing diversity, equity, and inclusion in a financial services practice, including how to quantify and qual ify both the tangible and intangible advantages of embracing diversity. RMF is an advocate for bringing women to the table for important conversations.

What programs, strategies or formal mentoring/ sponsorship programs does this company have specifically aimed at developing women leaders?

RMF’s Leadership Development Workshop has been an effective tool for women in sales for professional development and career growth. The six-month workshop focuses on key areas of growth, including intentional goal setting, conflict resolution, problem-solving, mastering change, and accomplishing impossible goals. Additionally, RMF’s COO Michele Zachensky, is a known leader and coach to women across all departments. She continually acts as a mentor to women who strive to further their careers by offering one-on-one coaching to help them reach their goals.

MORTGAGE LENDERS: INDEPENDENT (LESS THAN 25 MLOS)

TruLoan Mortgage | Charlotte, NC

Daniel Jacobs, Founder/Managing Director

truloanmortgage.com

Company Mission Statement

We founded TruLoan Mortgage to create a lending experience that everyone involved will love. With a fundamental belief that the American Dream includes home ownership and that home financing can be as positive and enjoyable an experience as choosing your dream home, we formed TruLoan Mortgage. We love working here and you’ll love your home financing experience working with our team of experienced mortgage professionals.

What makes your company a Top Employer for Women?

We tailor the work life bal ance around each individual’s needs, disconnecting career advancement and leader ship opportunities from one schedule. Hybrid work and flexible hours to accommodate personal and family commitments are a TruLoan standard.

How does your company support women in the workplace?

Diversity and equality are cornerstones of the TruLoan cultural dynamic. Leadership roles are filled equally by wom en and men, ensuring the perspective of all are represented in everything we do.

Empowerment comes in many forms including career growth opportunities, education, recognition, flexibility in the workplace and respect.

What contributions does this company make to women in the mortgage industry?

We promote women to be the breadwinners of their house holds, while maintaining the flexibility they need to meet their whole life obligations.

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What programs, strategies or formal mentoring/ sponsorship programs does this company have specifically aimed at developing women leaders?

We offer internal and exter nal professional development coaching. Additionally, we offer paid attendance at women’s leadership conferences for further development of women team members.

Does your company offer reimbursement for travel related to reproductive healthcare? Yes

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TOP EMPLOYERS FOR MORTGAGE WOMEN

Company Mission Statement

To provide our clients with home loan options and services tailored to meet their specific needs at the best rates possible, while providing the highest quality of customer service. We empower our employees by providing them with the tools, knowledge, and support in order to provide their clients with the quality of service they deserve. We treat our clients like family, not transactions!

What makes your company a Top Employer for Women?

Twenty-five years ago a single mother of two entered the industry seeing few women in key roles and was determined to change that. Determination, hard work and tenacity brought her vision to reality when CMS was born 17 years ago. Knowing your leader goes beyond training, educating and promoting, but walks alongside of you rais ing you up so you, too, can see the “glass ceiling” is an open sunroof lifting you beyond anyone’s limiting beliefs! Family values are at its core and to know you are part of the CMS Family where your life, family and dreams matter is priceless.

How does your company support women in the workplace?

CMS provides opportunities allowing family to be a priority. If time is needed for a personal obligation, the team steps in to support your work needs, and knowing the CMS Family has your work

priority in good hands allows less stress on you. The industry is not a 9–5 for most, and allowing flexibility when needed creates a stronger and loyal team. Supporting women to work from home if a child needs them, or those needing be help an elderly parent with appointments, CMS has a go do what’s needed and trusts everyone will do their work and help others.

What contributions does this company make to women in the mortgage industry?

CMS supports several women-centered organizations providing opportunities for our team to learn, share and support one another’s development. As an NMLS provider, as well as educating peers in mortgage to include; getting more women licensed, organizing study groups and helping women at other companies to create their teams, build their businesses as a leader, and woman business owner.

What programs, strategies or formal mentoring/ sponsorship programs does this company have specifically aimed at developing women leaders?

Corrina/CMS conduct Lunch & Learns and events tailored to high school students providing insight and education on and about the industry, in an effort to encourage their interest to pursue a career in the industry.

CMS is about showing the way and sharing tools available to support others to serve their clients. We have them join our coaching calls, share our checklists, policies, templates, and our workflow, so they don’t have to start from zero or reinvent the wheel.

Submission Deadline: January 20, 2023

Mortgage Women Magazine is looking to highlight a list of the mortgage industry’s TOP ORIGINATORS

All nominations are welcome. A minimum of $50,000,000 loan volume or 50 total units is recommended. Only completed submissions will be considered.

Honorees will be showcased in Issue 2, 2023 of Mortgage Women Magazine.

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.

www.nemortgageexpo.com

Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility.

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