NMP National Mortgage Professional February 2022 by ambizmedia

FEBRUARY 2022

Volume 14, Issue 2

y Chest Communit E THIS ISSU HED TO S A W E T I WH VALUE. S T I E S A INCRE

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TAKE STOCK OF YOUR STAFF PAGE 8

MAKE REALTORS LOVE YOU

DATA DRIVERS PAGE 22

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A PUBL ICAT ION OF A ME RICA N BUS INE SS MEDI A

The Leader in Non-QM

Visit AngelOakMS.com | 855.631.9943 ©Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-tobusiness communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS_A723_1221

FEBRUARY 2022

Volume 14, Issue 2

y Chest Communit E THIS ISSU HED TO S A W E T I WH VALUE. S T I E S A INCRE

LE. PAY DOUB AGE 32 P

ALSO INSIDE:

TAKE STOCK OF YOUR STAFF PAGE 8

MAKE REALTORS LOVE YOU

DATA DRIVERS PAGE 22

PAGE 16

A PUBL ICAT ION OF A ME RICA N BUS INE SS MEDI A

FEBRUARY 2022

Volume 14 Issue 2

CONTENTS

nationalmortgageprofessional.com

4 Black House, White Market We can’t hide from the facts: minorities are getting the short end of the stick in terms of housing fairness. 6 Saying What You Mean. For Real. Your sales team will respond better when they know they’ll get honest answers from management. 8 The Biggest Investment You Can Make Build all the new technology you want, create the strongest system you can. But don’t skimp on finding out what best motivates your employees, and in making sure they know you respect and appreciate them.

COVER STORY PAGE 32

The Color Of Money Think all mortgage transactions are color blind? A raft of recent studies show that’s not true. Minorities are finding out the hard way that the best way to get full value for their homes is to make sure it looks like a white family lives there.

11 People On The Move See who the movers and shakers are in the mortgage industry. 12 Build-A-Broker: Making The Most Of Many How to effectively manage and grow a multi-branch brokerage.

14 My First Million: Pride And Joy Be confident and appreciative of your accomplishments. But make sure your pride works for you, not against you. 16 Be A Friend, With Benefits When you’re building or maintaining a referral network, be sure you’re bringing real value to the relationship.

22 DataBank 24 Non-QM Lender Resource Guide 29 Wholesale Lender Resource Guide 36 Resource Directories 38 Facebook Thoughts: AKA, ‘Music To My Ears’

nationalmortgageprofessional.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

FEBRUARY 2022

Volume 14, Issue 2

Chest Community E THIS ISSU SHED TO WHITE-WA ITS VALUE. INCREASE

PAY DOUBLE.

PAGE 32

ALSO INSIDE:

TAKE STOCK OF YOUR STAFF PAGE 8

MAKE REALTORS LOVE YOU

DATA DRIVERS PAGE 22

PAGE 16

A PUBL I CAT I ON OF A ME RI CA N BUS I NE S S ME DI A

Volume 14, Issue 2

LETTER FROM THE PUBLISHER

A Mission, In Black And White

ast month, our sister publication Mortgage Banker Magazine published a cover story about Ben Slayton, an industry legend who is building the nation’s largest Black-led mortgage lender. In the interview, he goes into painful detail about the indignities, discrimination and dehumanizing treatment minorities often have had to endure throughout the home-buying process. When we sent out that issue, we got some nice notes. But we also got a fair number of responses about why in the world we were highlighting someone trying to create a company focused on minorities. When we suggested the respondents read the interview (rather than just respond to the headline), we were told that we were the real racists.

DUCK AND HIDE We have thick skins around here, so that kind of retort just rolls off. But it doesn’t roll off actual minority consumers trying to buy and sell real property. Because catcalls like that are only misdirection to hide malicious intent, and those minority consumers are the ones who pay for that. This is, after all, not mere hyperbole. This is, unfortunately, born out by facts documented now in numerous studies. Nor are we talking about historical wrongs. We’re talking about discrimination that pervades the industry right now, whether intentional or rote, conscious or conditioned. It doesn’t matter: what does matter is the harm that comes of it. Lew Sichelman, who wrote our cover feature, has been a keen observer of the housing industry for decades. He is not someone who is easily deceived, nor one who hypes up minor skirmishes. But even after all his time chronicling the zeniths and nadirs of the market, he felt compelled to talk about the whitewashing of the housing market that’s still going on. As NMP puts this topic on its cover, we expect we’ll get some pushback, too, as Mortgage Banker Magazine did. Frankly, we welcome it. Because whenever we think we’ve conquered racist practices, it’s good to be reminded that there are those who embrace them, and that the fight for equality isn’t one we can ever back down from or, sadly, declare over.

VIN CEN T M. VALVO Publisher, Editor & CEO

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

STAFF CEO, PUBLISHER & EDITOR Vincent M. Valvo ASSOCIATE PUBLISHER Beverly Bolnick EDITOR David Krachevsky SENIOR CONTRIBUTING EDITOR Keith Griffin CONTRIBUTING WRITERS Dave Hershman, Erica Lacentra, Harvey Mackay, Nick Roberson, Mary Kay Scully, Lew Sichelman STAFF WRITER Katie Jensen ONLINE CONTENT DIRECTOR Navindra Persaud DIRECTOR OF STRATEGIC GROWTH Alison Valvo MARKETING MANAGER Michael Castro GRAPHIC DESIGN MANAGER Christopher Wallace GRAPHIC DESIGNER Stacy Murray USER EXPERIENCE DESIGNER Billy Valvo MARKETING & EVENTS ASSOCIATE Melissa Pianin HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman FOUNDING PUBLISHER Joel Berman Submit your news to editorial@ambizmedia.com If you would like additional copies of National Mortgage Professional Call (860) 719-1991 or email info@ambizmedia.com

www.ambizmedia.com

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

SHORT-TERM VACATION RENTAL FINANCING

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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

RECRUITING, TRAINING AND MENTORING CORNER

Keep The Communication Going Make sure your interactions are open and honest

DAVE HERSHMAN

BY DAVE HERSHMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

ast month we spoke about the importance of communication skills for leaders. There is no arguing the fact that communication is important. Communication is one area in which a leader can provide a great level of support for their employees. Yet, the goal of great communication seems to be the most elusive in the industry. We have interviewed hundreds of mortgage personnel through the years and almost all of them give the same response to the question: What is the greatest problem with your present company? Lack of communication! That is a pretty consistently damning response. Why is delivering communication so difficult? Part of the reason for this is the rapidly evolving industry: program changes, technical changes, legal changes, and business changes. The industry is always mutating — sometimes very rapidly and unexpectedly — and employees sometimes feel the company has to know what is going on. Many times, we do not. If this is the case, then our employees need to know what we don’t know, as we convey to them the fact that while we don’t have the information to impart, but we will do so as soon as it is available.

HONESTY This brings us to another key to great management: Honesty. Honesty includes admitting when you don’t know and having credibility so that your employees will accept this fact. Do you remember a situation when your employees were looking to you for answers on a particular event or change and you just didn’t have the information? How frustrating was this? You need to make them comfortable about the situation, regardless of the information you have.

KNOWING The key to great communication is to know what to communicate and the best way to achieve this communication. What areas must we communicate? Here are just a few examples: • Company and office goals • Their responsibilities and our responsibilities • How to obtain certain information • Industry trends and legislative changes • Changes in products and legal requirements • Corporate news • How well we are doing with regard to our goals.

CONSISTENCY It looks as though this seemingly simple task of communication is quite a job. Another key to great

communication is consistency. If you communicate on an as-needed basis you will never be effective and the employees will expect communication only when you perceive that there is something important they should know. Whether we choose meetings (verbal communication) as our main method or emails (written communication) — we must do so regularly. It is just as important to communicate the small things that help our staffs perform their functions (such as a change in the computer system), as it is to communicate major company changes (mergers). Many managers within this industry are producing. They are also recruiting, coaching, and fighting fires — among other things. Proactive and consistent communication can fall way down on the list of priorities. However, whether you are managing a pipeline, hiring a candidate, or leading a sales force — communication is the key to success. n

Senior Vice-President of Sales for Weichert Financial Services, Dave Hershman is the top author in this industry with seven books published, as well as the founder of the OriginationPro Marketing System and the OriginationPro Mortgage School — the online choice for mortgage learning and marketing content. His site is www. OriginationPro.com and he can be reached at dave@hershmangroup.com.

The key to great communication is to know what to communicate and the best way to achieve this communication.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

RECRUITING, TRAINING AND MENTORING CORNER

Try To Build A Super Staff Invest in what matters: Your employees

ERICA LACENTRA

BY ERICA LACENTRA, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

s we start to get more into the swing of things for 2022 and the plans your company had set for the new year are well underway, any corporate goals should either be holding firm or starting to fray. Going into the new year, many companies most likely invested in new technology to help automate manual processes and improve efficiencies. Or maybe they decided to overhaul and develop new workflows that are finally starting to pay dividends. Whatever the case may be, it’s always satisfying to see when the areas your company has invested in start to pay off. However, it can often be easy to overlook investing in an essential part of your business — your employees — as you focus on achieving your annual goals. While your plan for the upcoming year most likely included hiring projections and timelines to onboard new employees, did you include plans to empower the staff you currently have? If your answer was no, here is why you need to change that immediately and what you can do to protect some of the greatest assets your company currently has.

THE GREAT RESIGNATION There is a movement going on in the U.S. that is currently being referred to as the “Great Resignation,” where record numbers of employees are voluntarily quitting their jobs. In November 2021 alone, 4.5 million Americans gave their notice and there appears to be no signs of this trend slowing down. This should be a major cause for concern for businesses because when an employee quits, it puts a significant burden on a business. There are the initial obvious reasons; for instance, other employees will have to take on additional work and responsibilities until a replacement is found, which could cause potential burnout and also increase the likelihood of other employees leaving. But there are also monetary burdens. Typically replacing just one employee can cost between one-half to twice the amount of a worker’s salary. So, for businesses that think they can save money by not increasing salaries here and there and just hire someone new, think again. While it is inevitable that all businesses will experience turnover over the years, there are certainly things that can be done to reduce the frequency of employees leaving and increase employee satisfaction. So, in a time when it seems to be more important than ever to try to retain your top talent, what are the things that employees really care about that make them want to stay working for a company year after year?

MONEY ISN’T EVERYTHING (BUT IT’S A BIG PIECE OF THE PUZZLE) I remember when I was job hunting right out of college that the companies that were attracting top talent were stereotypical “cool Millennial offices.” The type of places where the pay wasn’t great, but they had

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

Beyond pay and benefits, think about what matters to your employees.

fun perks like pingpong tables in the break room and beer at their happy hours. Let’s just say, that’s not going to cut it these days. Paying employees more, especially in the current tight labor market, is going to be a significant factor to keeping your staff. Businesses should be factoring in pay increases and bonuses as part of their overall budget. Also, companies may want to consider looking at the general compensation structures for their employees overall, as well as benefit packages to ensure they are competitive in the current landscape. An employee’s salary alone is only part of the full picture, make sure to look at benefits like paid time off, health insurance, 401k match, quarterly and annual bonuses, etc. If your company can’t provide a large salary upfront there are other ways to potentially satisfy your employee and keep that talent onboard. Beyond pay and benefits, think about what matters to your employees. The pandemic has put a lot of things into perspective for people. Many employees now value flexibility and the ability to work

from home. Also, the pandemic kick-started many folks to reevaluate just what they were doing with their lives. Make sure you are giving your employees the opportunity to grow and advance professionally. The reason so many people leave their current jobs, aside from money, is because they don’t have room for advancement. Also, simply make sure you are engaging your workforce regularly to improve employee satisfaction. Another reason employees often leave their jobs is due to dissatisfaction with their bosses or with company leadership. Conduct anonymous employee satisfaction surveys to regularly gauge how employees are feeling about the company and what can be improved. Make sure to address the survey results and see what items can be acted on. Acting on suggestions posed by employees, shows that management is invested in their workers and that their opinions matter. Finally, show gratitude and recognize your employees regularly. As obvious as that seems, so many companies simply don’t. Regular team-building and employee appreciation events can go a long way towards improving employee morale and improving communication and interactions throughout the company.

SET YOURSELF UP FOR SUCCESS A company really is nothing without the employees that come to work every day. While it’s impossible to prevent every employee from leaving, there are things you can implement immediately to ensure you avoid high turnover and your own Great Resignation. So, set your company up for success in 2022, and invest in your staff. n

Erica LaCentra is Chief Marketing Officer for RCN Capital.

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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

When you want a dedicated team to grow your business,

When you want access to a dedicated team that knows you and your business and helps you close loans with certainty, you want the Crew from Rocket ProSM TPO. You now have access to underwriters, closing specialists and purchase title coordinators. Your own Crew Director works directly with you, knows the nuances of your business and gives you insights into making your business stronger. Our East and West Coast Crews mean you get support during your working hours – from New York to L.A. To ensure consistency and focus, you’ll have the same Crew for all your loans. No questions – no being bounced around. Just direct access to the team that knows your business best. When you want to grow and strengthen your business, Rocket Can. Learn more at RocketProTPO.com. Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226 Licensed Mortgage Banker-NYS Department of Financial Services; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply. ©2000-2022 Rocket Mortgage, LLC. All rights reserved. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906

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5. Build team camaraderie. Once your brokerage starts growing, it’s much harder to maintain a cohesive brand. Since your employees are an important part of your brand, you need to build team spirit. Regularly bring staff from all your locations together for business meetings and fun events where everyone can meet face-to-face. Have off-site outings and set up store-vs.-store competitions to motivate workers. 6. Simplify operations with technology. You’ll make your life and your employees’ lives a lot simpler if you have the right tools to manage multiple locations. Using cloud-based apps, such as time-tracking software, project management tools, inventory management and accounting programs, can save you time and free you up for more one-on-one meetings and big-picture thinking. Make sure all employees know how to use the technology their duties require, either by holding in-person training sessions with a professional or hosting online webinars. If part of your staff is mobile, make sure they have the tools necessary to stay in touch and get their jobs done through mobile apps. Whether you’re opening one new location or a dozen, these steps will put you on the right track to success. n

IS FIX & FLIP THE FUTURE OF REAL ESTATE INVESTING?

n recent years, it’s proven to be a profitable strategy for savvy real estate investors. With homebuyers experiencing difficulties in purchasing homes due to low housing inventory and shortage of new homes for sale, this is a great time for investors to take advantage of this opportunity. Acra Lending has a range of programs suited for investor needs, including our recently launched business purpose and fix & flip offerings. These programs are designed to make investing in fix & flip projects simpler and more efficient. We’re able to fund loans for a Single-Family Residence (SFR) from 1–4 units, as well as Multifamily properties from 5–29 units.

> Sagent

appointed Courtney Thompson as chief product officer.

> Popular

Bank named Adam Dejak as its national director of residential lending for Popular Mortgage.

We are committed to ensuring that our simple, efficient, and transparent (S.E.T) process will help achieve your and your customers’ goals. Whether your clients are seeking Purchase Loans, Purchase & Rehab, or Refinance on investment properties; you can count on our team of experts to help meet your real estate investor’s needs. For more information visit:

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BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE SPONSORED BY YOUR FIRST MILLION DOLLARS

An Egotist Has ‘I’ Trouble

How to acknowledge your achievements, but keep humility in sight. BY HARVEY MACKAY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

im Tunney, the dean of National Football League referees, wrote a blog recently that caught my eye. He mentioned how when an NFL defensive player intercepts a pass, most of the defensive unit on the field runs to an end zone for a photo op. These players and many others feel the defensive unit is just taking pride in making a big play. However, a fan wrote to Tunney, describing such tactics as showmanship and unnecessary. Then he asked how he should explain to his teenage son what pride is and how to define it. Tunney had a great response: “Pride is like faith. You can’t touch it, but you can see it if you know what to look for. A simile might be that it is like carbon monoxide — colorless, odorless and tasteless. Intoxicating might be an apt word in that pride can be good or bad.” Tunney created a PRIDE acronym. “P” was for personal power; “R” for responsibility (not blaming others); “I” for innovation (you predict the future by creating it); “D” is design (an action plan to achieve); “E” for everyone (as in T*E*A*M -Together Everyone Accomplishes More). Each of us needs all of us! Pride is a complicated emotion. It can propel people to great accomplishments while also causing some to behave horrendously. Some people believe pride is the only disease

that makes everyone sick except the one who has it.

Hall-of-Fame coach of the Minnesota Vikings, who told his players to “act like DARK SIDE you’ve been there before” Jessica Tracy, a psychology when they made a big play. professor at the University In other words, the person of British Columbia, says the who has the right to boast darker side of pride traces doesn’t have to, because back to ancient religious the quality of their work scholars. She said: “In the Harvey Mackay demonstrates the pride they Bible, pride is deadly. Dante take in a job well done. saw it as a deadly sin.” These are the elements of positive In her book, “Take Pride: Why the pride that I recommend: Deadly Sin Holds the Secret to Human • Build a reputation for good work. Success,” Tracy writes about two My father Jack always told me, “You different kinds of pride: “Hubristic pride spend your whole lifetime building and authentic pride.” The problematic a good name and reputation, and hubristic pride is about arrogance and one foolish act can destroy it.” egotism. Insecurity is a chief culprit. • Embrace your role. Find meaning Tracy says authentic pride “is what in what you do and see the motivates us to work hard and achieve. big picture of how you fit in. I like to think of it as a carrot, this thing Teamwork is critically important that we want to feel in our sense of self. in business and many parts of life. We feel it when we’re doing or working • Continue to improve. I’m a big or putting in the effort to become the believer in continuous education. person that we want to be.” You’re not in school once in a Most often, pride has a negative lifetime; you’re in school all your perception. With Tracy’s definition, it life. should be a positive. There is nothing • Stay true to yourself. History is full negative in taking pride in your work, of people who showed great pride your achievements or your employees. in working hard, but when they Pride to me is being self-confident, reached the top, they forgot the but not egotistical. Pride is having a people who helped them get there. positive, can-do attitude because you Craig Brian Larson tells the story of will settle for nothing less than your Pali, a bull that killed Jose Cubero, one level best. I always admired Bud Grant, former CONTINUED ON PAGE 18

PEOPLE ON THE MOVE //

> Ross

Mortgage Corporation named Ericka Staton as the company’s executive vice president of marketing.

> Rocket

Mortgage announced Tim Birkmeier, the company’s chief revenue officer, is also assuming the role of president.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

> Total Expert

hired Chad Gaydos as the company’s president.

> Open Mort-

gage named Scott Harkless to the newly created position of chief revenue officer.

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE SPONSORED BY YOUR FIRST MILLION DOLLARS

Make Your Pitch With Credibility When you connect with referral partners, make sure you have something to say

MARY KAY SCULLY

BY MARY KAY SCULLY, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

ast month, we focused on getting in contact with some important groups to help kick off the year properly. Now that we’ve established when to talk, I’d like to lay out some important items to discuss with each of your groups and the reasons to stay in touch. It’s important to note that your outreach should not be one-sided. You shouldn’t only be looking for new business, but rather sharing helpful information that could be useful to who you’re reaching out to. The key to building relationships is to make sure you’re always providing value.

REALTORS With Realtors, it’s important to stay in touch not only for referrals, but to keep tabs on what’s happening in the market. Realtors are keeping a pulse on buying trends and what homebuyers are looking for and they can be a very important resource for helping forecast where your business is going. It seems hard to imagine the market needed more buyers,

but it’s critical to understand where the concerns and roadblocks are to convert renters to homeowners. When speaking with Realtors, keep them informed on your business, what you offer and how you can help their buyers get into homes. It may take a renovation loan to convert their undesirable inventory or aging home into a dream home. They will often be more open to helping you when they understand how you also can help them.

BORROWERS I mentioned last month that 71% of borrowers forget about their lender. When you’re planning to reach out to your borrowers, ask yourself why they’re not coming back and that could help you find a solution to gaining more repeat business. Borrowers are now staying in their homes for closer to 10 years, as opposed to the standard five to seven that we’ve come to expect. With that in mind, most of your previous borrowers are still in their same home and likely not looking to move. We’ve seen the benefits of refinances over these past few years, but offering other options like renovation loans can help you meet the needs of your borrowers while drumming up repeat business. This also helps with providing solutions to the inventory issue, as most houses on the market tend to be older. According to Eye on Housing, the median age of homes as of 2019 was 39 years and 38% were built before 1970, which tells you that there may be a sizable population of people that need to renovate or upgrade their existing homes.

BUILDERS When checking in with builders, it’s important to share what you’re seeing in the industry. Many builders are focusing on large homes, but there’s a shortage of first-time homes in many areas. It may be helpful to share the needs of buyers and borrowers, so builders are more aware of the needs in your community and understand how to meet them. At the same time, talking to your builders can help you get a pulse on new builds and what to expect for the coming months or year. This gives you a small glimpse into the future and can help you plan and prepare.

RELATIONSHIP BUILDING For all groups, how and when you reach out will look different. The way you reach out to borrowers will be fundamentally different from how you communicate with your Realtors. Connecting on social media is an easy way to stay connected with any of these groups, but if you want to see results, it goes beyond a simple “follow.” As far as frequency goes, start by reaching out to your realtors and builders on a quarterly basis, so you stay top of mind. For borrowers, begin by reaching out once a year, since their needs are different. Once those relationships are formed, you may notice that certain individuals like to communicate more often, while some will prefer to hear from you a bit less. Be attentive to each person’s communication preferences and adapt accordingly. The same goes for your method of communication. Some will prefer emails; others will want phone calls while others prefer to meet in person. You can start with a simple email, CONTINUED ON PAGE 18

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

There’s a lot more to say about

Unite Mortgage:

We’re growing in the TPO space and expanding our sales team across the country. With our competitive compensation plan and sales-oriented company culture, you could say it’s time to join Unite. Consider: > We Offer Mortgage Brokers the Best

Agency and Government Pricing in the Country > We’re an Industry Leader in Wholesale Lending across 45 states! > We’re Home to The Non-QM Product Series Bank Statement | Alt Doc DSCR | Foreign National

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We also can say, proudly, that Unite Mortgage has fast become a top-tier

Wholesale Lender. Come work with Unite!

Our New 12-Day Purchase Pledge Gives You Even More Advantages. Ask For Details. 800.777.1207 | info@unitemortgage.com unitemortgage.com ©2021 Unite Mortgage is a DBA of Home Mortgage Alliance Corporation (HMAC) 4 Hutton Centre Drive | Suite 500 | Santa Ana, CA 92707 800.900.7040. HMAC is an Equal Housing Lender. NMLS License # 1165808. www.nmlsconsumeraccess.org. 02.2022 NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE SPONSORED BY

CREDIBILITY CONTINUED FROM PAGE 16

then determine the best method to maintain that relationship based on how people like to communicate. Getting in touch is the first important step, but what you have to offer in your communication is key. Keeping in contact with your realtors, borrowers and builders is the best way to keep in touch with market trends and enables you to make the right connections. n

Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum. The statements in this article are solely her opinions and do not necessarily reflect the views of Enact or its management.

EGOTIST HAS ‘I’ TROUBLE CONTINUED FROM PAGE 14

Some people believe pride is the only disease that makes everyone sick except the one who has it. of Spain’s most brilliant matadors. Only 21 years old, Cubero had been enjoying a spectacular career. However, in this 1958 bullfight, Jose made a tragic mistake. He thrust his sword a final time into a bleeding, delirious bull, which then collapsed. Considering the struggle finished, Jose turned to the crowd to acknowledge the applause. The bull, however, was not dead. One last time it rose and lunged at the

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

unsuspecting matador, its horn piercing his back and puncturing his heart. Just when we think we’ve finished off pride, just when we turn to accept the congratulations of the crowd, pride stabs us in the back. We should never consider pride dead before we are. Mackay’s Moral: Pride is the only poison that is good for you when swallowed. n

In 2022, opportunity runs deep. Everything is changing. Shouldn’t your loan options? The number of homebuyers unable to qualify for a traditional mortgage is expected to hit an all-time high in 2022. Entrepreneurs, the self-employed, business owners, property investors — millions of creditworthy homebuyers will need a Non-Agency/Non-QM loan. Deephaven is there for them with a full suite of programs and products, each with its own set of flexible features and terms. By joining our network of independent mortgage bankers and brokers, you can be there for them too.

deephavenmortgage.com Deephaven Mortgage® LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Terms subject to qualification. Nmlsconsumeraccess.org NMLS #958425 Deephavenmortgage.com

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

ive your career a boost by attending one of our many regional mortgage events for loan origination professionals. Network with hundreds of mortgage brokers, loan originators and bank and credit union lending officers from throughout your region for events full of education, networking and fun. These events includes a broad array of event partners from throughout the mortgage community, multiple education sessions and top speakers. You’ll be growing your business and your contacts in a setting packed with passion, professionalism and fun. Plus, earn your NMLS continuing education credits at FREE classes, happening the next day and open to all conference attendees.

O R I G I NATOR CO N N ECT N E TWO RK .CO M

Attend for free,* use code:

NMPFRE E

Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to expo attendees only, other restrictions apply.

UPCOMING EVENTS

FEB

08 MAR

MAR

08 MAR

MAR

22 APR

19 MAY

04 MAY

MAY

24 JUN

06 JUN

23 JUL

Texas Mortgage Roundup AU ST IN , TX N MLS R EN EWA L CL A S S

Atlanta Mortgage Expo AT L A N TA , G A N MLS R EN EWA L CL A S S

Coastal Connect Mortgage Expo JAC KS O NVIL L E , F L N MLS R EN EWA L CL A S S

Mid-South Mortgage Expo N AS HVIL L E , T N N MLS R EN EWA L CL A S S

Carolinas Connect Mortgage Expo C H A R LOT T E , N C

JUL

07 JUL

21 AUG

AUG

19 AUG

N MLS R EN EWA L CL A S S

Mid-South Mortgage Expo

SEP

C H ICAG O, IL N MLS R EN EWA L CL A S S

California Mortgage Expo IRVIN E , CA N MLS R EN EWA L CL A S S

Utah Mortgage Show PARK C ITY, UT N MLS R EN EWA L CL A S S

Suncoast Mortgage Expo TA M PA , F L N MLS R EN EWA L CL A S S

Motor City Mortgage Expo D E T RO IT, M I N MLS R EN EWA L CL A S S

Great Northwest Mortgage Expo P O RT L AN D, O R N MLS R EN EWA L CL A S S

Mortgage Star N EW O RL E A N S , L A N MLS R EN EWA L CL A S S

01 SEP

08 SEP

13 OCT

OCT

18 NOV

08 DEC

Ultimate Mortgage Expo NEW O RLE A NS , L A NM LS R E NEWA L C L A S S

Arizona Mortgage Expo PHO E NI X, A Z NM LS R E NEWA L C L A S S

California Mortgage Expo SA N DI EG O, CA NM LS R E NEWA L C L A S S

Originator Connect L A S VEG A S , NV NM LS R E NEWA L C L A S S

Non-QM Summit L A S VEG A S , NV NM LS R E NEWA L C L A S S

Texas Mortgage Roundup DA LL A S , TX NM LS R E NEWA L C L A S S

Great Northwest Mortgage Expo SE AT TLE , WA NM LS R E NEWA L C L A S S

California Mortgage Expo PA SA DE NA , CA NM LS R E NEWA L C L A S S

California Mortgage Expo OA K L A ND, CA NM LS R E NEWA L C L A S S

Colorado Mortgage Summit DE NVE R, CO NM LS R E NEWA L C L A S S

Texas Mortgage Roundup HO USTO N, TX NM LS R E NEWA L C L A S S

OCN Mortgage Holiday Party I RVI NE , CA

DECEMBER NATIONAL STATS RATE LOCK VOLUME

MARKET MIX

Rising interest rates hit purchase volumes hard and rate/term refinance locks continued to fall, driving an across-the-board drop

-18.3%

52%

Purchase

48% Refi

AVERAGE CREDIT SCORE

MONTH-END CONFORMING RATE

Average refi credit scores are 20 points lower than this time last year, as higher-credit borrowers tend to sit out rising-rate environments, bringing down the overall average

729

3.35%

FICO Score

740 720 700 680

120

*Pull data from Market Analytics

660

Best Efforts vs. Mandatory 30-Year Conforming 15-Year Conforming 30-Year Government

140

Basis Points

Credit Score Conforming FHA VA

760

100 80 60 40 20

640 Ja

Black Knight’s OBMMI daily interest rate tracker showed December’s month-end conforming 30-year rate at 3.35%, up 8 BPS from November

160

780

9 n-1

A 22.5% decline in purchase activity and continued demand for cash-outs increased the refinance share of the market

9 r- 1

9 y-1

19 u l-

9 1 0 0 1 0 1 0 1 19 21 20 20 21 r- 2 r- 2 v-1 v-2 v-2 n-2 n-2 y-2 Ju ly-2 Ju lpppJa Ja No Se No Se Ma Ma No Se Ma Ma

FHA

Conforming

0 Ja

9 n-1

1 0 9 1 0 9 1 0 9 1 0 9 1 0 20 21 19 l-2 l-2 l-1 r- 2 a y-2 r- 2 a y-2 r- 1 a y-1 v-2 v-2 v-1 n-2 n-2 pppJu Ju Ju Ma Ma Ja Ma Ja Se M M M Se No No Se No

Credit Score by Product

Current Score

1-Month Delta

3-Month Delta

12-Month Delta

Conforming

744

-2

-13

FHA

660

-1

-2

709

15-Yr Conf

Best Efforts vs. Mandatory

30-Yr Conf

30-Yr Gov

Current Spread

1-Month Delta

3-Month Delta

30-Year Conforming

36 BPS

6 BPS

(1 BPS)

12-Month Delta 7 BPS

-13

15-Year Conforming

32 BPS

5 BPS

(4 BPS)

(5 BPS)

-13

30-Year Government

34 BPS

2 BPS

(2 BPS)

2 BPS

750

3.5%

740 Credit Score

Mortgage Rates

760 3.7%

3.3% 3.1% 2.9%

Credit Score Purchase Cash Out Refi Rate/Term Refi

730 720 710

*Pull data from Market Analytics *Rate/Term includes Govvy Refi Options

2.7%

700

2.5%

690

2.3% Ja

1 n-2

21 bFe

1 r- 2 Ma

1 -2

1 r -2 Ap

y Ma

30-YR Conforming Rate

Market Index

1 n-2

1 l-2

21 gAu

30-YR Jumbo Rate

21 pSe

30-YR FHA Rate

1 t-2

1 -2

v No

1 -2

c De

9 n-1

9 0 1 0 1 9 0 1 9 0 1 19 20 21 19 20 21 r- 1 r- 2 r- 2 v-1 v-2 v-2 n-2 n-2 y-1 Ju ly-2 Ju ly-2 Ju lpppJa Ja Se No Ma Se No Ma Se No Ma Ma Ma Ma Cash Out Refi

30-YR VA Rate

Rate/Term Refi

1-Month Delta

3-Month Delta

12-Month Delta

Cash-Out Refi

726

-3

-19

41 BPS

Purchase

730

-1

20 BPS

74 BPS

Rate/Term Refi

734

-1

-17

21 BPS

67 BPS

1-Month Delta

3-Month Delta

12-Month Delta

30-Year Conforming

3.35%

8 BPS

15 BPS

58 BPS

30-Year Jumbo

3.23%

(1 BPS)

6 BPS

30-Year FHA

3.45%

7 BPS

30-Year VA

3.02%

6 BPS

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

Credit Score by Purpose

Purchase

Current Score

Current Rate

DATABANK

Metropolitan Statistical Area (MSA)

% of Lock Volume

MoM Growth

Avg Loan Amount ($)

Avg Rate

Avg Credit Score

Avg LTV

Purchase

Refi

NATIONAL

100.0%

-18.3%

340,939

3.296

729

52%

48%

Los Angeles-Long Beach-Anaheim, CA

5.7%

-15.9%

636,640

3.232

743

42%

58%

New York-Newark-Jersey City, NY-NJ-PA

4.6%

-16.9%

475,156

3.246

737

55%

45%

Washington-Arlington-Alexandria, DC-VA-MD-WV

3.9%

-21.0%

465,224

3.113

738

53%

47%

Phoenix-Mesa-Scottsdale, AZ

3.3%

-17.0%

361,721

3.380

729

49%

51%

Chicago-Naperville-Elgin, IL-IN-WI

2.9%

-22.2%

291,707

3.272

732

54%

46%

Dallas-Fort Worth-Arlington, TX

2.8%

-14.2%

336,874

3.320

729

56%

44%

San Francisco-Oakland-Hayward, CA

2.7%

-14.6%

724,559

3.178

753

41%

59% 54%

Seattle-Tacoma-Bellevue, WA

2.3%

-23.8%

513,974

3.225

740

46%

Riverside-San Bernardino-Ontario, CA

2.3%

-14.1%

402,115

3.302

720

43%

57%

Atlanta-Sandy Springs-Roswell, GA(MSA) Metropolitan Statistical Area

2.2% % of Lock Volume

-15.2% MoM Growth

308,414 Avg Loan Amount ($)

3.300 Avg Rate

719 Score Avg Credit

Avg78LTV

54% Purchase

46% Refi

Miami-Fort Lauderdale-West Palm Beach, FL

2.2%

-13.7%

410,606

3.401

728

57%

43%

Denver-Aurora-Lakewood, CO

2.1%

-20.3%

422,729

3.235

737

44%

56%

Houston-The Woodlands-Sugar Land, TX

2.0%

-18.2%

301,343

3.328

722

64%

36%

San Diego-Carlsbad, CA

1.9%

-13.8%

599,228

3.157

747

42%

58%

Boston-Cambridge-Newton, MA-NH

1.9%

-29.0%

469,802

3.164

742

46%

54%

Austin-Round Rock, TX

1.5%

-17.3%

406,268

3.251

745

57%

43%

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

1.4%

-22.9%

296,763

3.268

727

54%

46%

Sacramento-Roseville-Arden-Arcade, CA

1.3%

-15.4%

418,929

3.237

736

44%

56%

Tampa-St. Petersburg-Clearwater, FL

1.3%

-14.4%

315,664

3.324

724

54%

46%

Las Vegas-Henderson-Paradise, NV

1.2%

-19.9%

339,055

3.363

728

53%

47%

90% 4.0% 3.5%

80%

3.0%

Pull-Through Rate 2.5%Pull-Through Purchase Refinance Pull-Through

75%

Rates

Pull-through Rate

85%

70%

2.0% 1.5%

65%

1.0%

60% Ma

9 r- 1

9 y-1

19 u l-

9 0 0 0 19 r- 2 v-1 n-2 y-2 pJa No Ma Se Ma

20 u l-

Purchase Pull-through

Pull-Through Rate

0 1 1 1 20 r- 2 v-2 n-2 y-2 pJa Ma No Se Ma

21 u l-

Refi Pull-through

0.5% 0.0% Jan-21

Feb-21

Mar-21

Apr-21

May-21

Spread

Jun-21

Jul-21

10-YR Treasury

Aug-21

Sep-21

Oct-21

Nov-21

Dec-21

OBMMI 30-YR Conforming Rate

Current Rate

1-Month Delta

3-Month Delta

12-Month Delta

Market Index

Current Value

1-Month Delta

3-Month Delta

12-Month Delta

Purchase Pull-Through

82.6%

34 BPS

(75 BPS)

(137 BPS)

10-Year Treasury

1.52%

9 BPS

0 BPS

59 BPS

Refinance Pull-Through

70.4%

(299 BPS)

(631 BPS)

(917 BPS)

30-Year Conforming

3.35%

8 BPS

15 BPS

58 BPS

10-Year to 30-Year Spread

1.83%

(1 BPS)

15 BPS

(1 BPS)

450

100%

5.0% OBMMI 30-Year Conforming Rate (Month Average)

400

90% 80%

4.5%

350

Product Share

70%

300 Index Value

1 21 v-2 pNo Se

4.0%

250 200

3.5%

150 100

Rate

9 n-1

3.0%

Rate/Term Refi

30%

Ja n Fe -1 9 b M - 19 ar Ap 19 r M -19 ay Ju -1 9 nJu 1 9 Au l-1 9 g Se -1 9 p O -1 9 ct No -19 v De -1 9 c Ja -1 9 n Fe -2 0 b M - 20 ar Ap 20 r M -20 ay Ju -2 0 nJu 2 0 Au l-2 0 g Se -2 0 p O -2 0 ct No -20 v De -2 0 c Ja -2 0 n Fe -2 1 b M - 21 ar Ap 21 r M -21 ay Ju -2 1 nJu 2 1 Au l-2 1 g Se -2 1 pO 21 ct No -21 v De -2 1 c21

Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21

Market Volume Index

Cash Out Refi

40%

10%

2.5%

Purchase

50%

20%

50 0

60%

OBMMI 30-Year Conforming Rate (Month Average)

Conf orming

NonConforming

FHA

USDA

Current Value

1-Month % Change

3-Month % Change

12-Month % Change

Current Value

1-Month Delta

3-Month Delta

12-Month Delta

Purchase

102

(22.5%)

(25.2%)

1.5%

Conforming

65.3%

(57 BPS)

(12 BPS)

(448 BPS)

Cash-Out Refinance

(9.7%)

(12.2%)

17.6%

Nonconforming

14.8%

43 BPS

107 BPS

630 BPS

Rate/Term Refinance

(17.1%)

(42.4%)

(73.9%)

FHA

10.5%

2 BPS

(35 BPS)

128 BPS

Total

196

(18.3%)

(26.8%)

(34.9%)

8.6%

19 BPS

(48 BPS)

(303 BPS)

Refinance Share*

48%

285 BPS

(109 BPS)

(1874 BPS)

USDA

0.7%

(8 BPS)

(11 BPS)

(7 BPS)

(Total Volume indexed to 100 in January 2018)

Loan Product Mix

*Refinance Share changes reflect inter-period delta

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

N O N - Q M L E N DE R RE SOU RC E GU IDE

Acra Lending

Angel Oak Mortgage Solutions

Lake Forest, CA

Atlanta, GA

Arc Home LLC

Mount Laurel, NJ Multi-channel mortgage leader with

Acra Lending is the leader in Non-

We offer alternative mortgage solutions

QM Wholesale and Correspondent

for originators throughout the country

lending programs. Offering a range of

helping borrowers who don’t fit Agency

mortgage solutions.

programs and services geared toward

guidelines. We are pioneering a fresh

helping mortgage professionals and

approach to today’s mortgage lending

When it comes to choosing your

borrowers achieve their purchase and

challenges helping partners to grow

investment goals. We are committed

their business.

to providing simplicity, consistency and an optimal customer experience.

angeloakms.com (855) 631-9943

acralending.com

info@angeloakms.com

(888) 800-7661 sales@acralending.com

LICENSED IN: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, IL, IN, IA, KS, KY, LA, ME, MD,

LICENSED IN: AL, AZ, AR, CA, CO, CT,

MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC,

DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME,

ND, OH, OK, OR, PA, RI, SC, SD, TN, TX,

MD, MI, MN, MT, NE, NV, NH, NJ, NC,

UT, VA, WA, WV, WI, WY, Puerto Rico, U.S.

OK, OR, PA, SC, TN, TX, UT, VA, VT, WA,

Virgin Islands

WI, WY

exceptional service and comprehensive

lending partner, there are many things to consider. Our products set the standard in the industry for innovation. Since that innovation is in our DNA, we will always be on the cutting edge of what matters most to you and your borrowers. At Arc Home, our priority is to provide the best customer experience from registration to closing, and we continue to invest in that philosophy every day. business.archomellc.com (844) 851-3600 sales@archomeloans.com LICENSED IN: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

Road Trip! J

oin Originator Connect Network as we traverse the country, bringing together hundreds of mortgage brokers, loan originators and bank and credit union lending officers, for an event full of education, networking and fun.

See our partial sample of upcoming events here, or visit our site for our full calendar at originatorconnectnetwork.com.

NO N - Q M L E N D E R RE S O UR C E GU IDE

Civic Financial Services Redondo Beach, CA

CIVIC delivers fast, honest, simple lending for real estate investors. Description of your products or services. CIVIC Financial Services is a private money lender, specializing in the financing of non-owner occupied residential investment properties. CIVIC provides Mortgage Brokers and Real Estate Investors with a fast and cost effective funding source for their real estate investment needs.

Deephaven Mortgage Charlotte, North Carolina Founded in 2012, Deephaven is a national, Non-Agency/Non-QM mortgage provider. A full-service innovator in the NonAgency/Non-QM mortgage space helping millions of Americans unable to qualify for a traditional, governmentbacked mortgage to achieve their dreams of homeownership. Available through both wholesale and correspondent channels, our differentiator is our borrower-centric culture and service delivery model.

civicfs.com (877) 472-4842 info@civicfs.com LICENSED IN: AZ, CA, CO, FL, GA, HI, ID, IL, IN, LA, MD, MA, MI, MN, NV, NJ, NC, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WI

Don’t miss this upcoming mortgage expo!

Particular strengths include our own in-house underwriting and collaborative teams that directly

MAR

Atlanta Mortgage Expo ATL AN TA , GA

support our national network of independent mortgage brokers and loan officers. deephavenmortgage.com (800) 983-0457 info@deephavenmortgage.com LICENSED IN: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI,

NMLS RENEWA L CL ASS

ATLANTAMORTGAGE EXPO.COM

Attend for free,* use code: NMPFREE

SC, SD, TN, TX, UT, VT, VA, WA, WI, WY Non-QM Lender Resource Guide cont’d. next pg.

FEB

Texas Mortgage Roundup AUSTIN, TX TITLE SPONSOR

SHOW PRODUCER

N M LS R E NEWA L CL A SS

Complimentary registration available to NMLSlicensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to expo attendees only, other restrictions apply.

N O N - Q M LE N DE R RE SOU RC E GU IDE

First National Bank of America

FundLoans

Global Integrity Finance LLC

East Lansing, MI

Encinitas, CA

McKinney, Texas

With over 65 years of lending

Insignia is our Jumbo Prime program.

experience, First National Bank of

Apex Prime is meant to meet the needs

America specializes in Non-QM loans,

of your alternative doc borrowers with

nationwide.

a focus on self-employed borrowers.

• Alternative Income Documentation Options • 12 months only of income history • Self-Employed/1099

Montage Prime is great for your near miss prime borrower. Spectrum Prime is the perfect tool for your seasoned investor borrowers. We focus on jumbo and super jumbo loans.

• ITIN or SSN • Recent Credit Events

(760) 388-5888

are designed to help people turn

info@fundloans.com

homeownership dreams into a reality in the Retail, Wholesale or Correspondent

LICENSED IN: AZ, CA, CO, CT, FL, GA, HI,

space

ID, IL, MD, MT, NV, NC, OR, SC, TN, TX, UT, WA, WY

Visit:

As a direct, private lender, Global Integrity Finance takes a commonsense approach to underwriting, with all approvals made in-house. We are dedicated to providing quick responses to time-sensitive loans, often times with the ability to close in as few as 3 business days. At Global

fundloans.com

Our alternative mortgage solutions

DSCR Rental NO DOC Loans

Integrity Finance, we value referrals and our brokers are protected. We are committed to the highest level of customer service, because our success thrives in building relationships. globalintegrityfinance.com (214) 548-5190

www.fnba.com/wholesale

toby@globalintegrityfinance.com

www.fnba.com/correspondent LICENSED IN: AL, AR, CO, CT, DC, DE,

www.fnba.com/mortgage

FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME,

Equal Housing Lender

MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC,

fnba.com/wholesale

TN, TX, UT, VT, VA, WA, WV, WI

(800) 400-5451 requests@fnba.com LICENSED IN: Continental U.S.

MAR

Coastal Connect Mortgage Expo JAC KS O NVIL L E , F L N M LS RENEWA L CL A SS

MAR

Mid-South Mortgage Expo NA S HVIL L E , TN NMLS RENEWA L CL A SS

N O N - Q M LE N DE R RE SOU RC E GU IDE

LoanStream Mortgage

Luxury Mortgage Corp.

Oaktree Funding Corp.

Irvine, CA

Stamford, CT

Chandler, AZ

LoanStream Wholesale is the “One”

Non-QM, Wholesale, Delegated

The Non-QM experts Oaktree

lender for the wholesale market. We

Correspondent, Non Delegated

Funding are proud to offer innovative

span both Prime and Non-Prime

Correspondent

solutions for diverse borrowers. We

lending effortlessly and make it easy for our broker partners to get their loans funded for their clients and real estate partners.

offer products and services through

The Simple Access® Non-QM suite of

our three channels of operation:

products was built around the idea

Wholesale, Correspondent and Retail

that it doesn’t have to be complicated

Lending. Oaktree is not tied to any one

to finance a home. We have created a

Programs Include:

investor securitization, which allows

diverse selection of borrower friendly

• Full Doc / Alt Doc

us to consistently offer flexible and

programs that are simple, innovative,

• ITIN

expanding guidelines to adapt with

and flexible. For more information on

• DSCR

borrower’s needs.

our Correspondent division, visit www.

• Bank Statement • Fixed, ARM, and Interest Only Programs • High LTVs and Lower FICOs • Business Owners, Investors loanstreamwholesale.com (800) 760-1833 inquiries@lsmortgage.com LICENSED IN: AZ, CA, CO, CT, DE, DC,

luxurymortgagecorrespondent.com

nonqmexpert.com (800) 968-5773

luxurymortgagewholesale.com

contact@oaktreewholesale.com

(949) 516-9710 tpomarketing@luxurymortgage.com

LICENSED IN: AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, MD, MA, MI, MN, MO, NJ,

LICENSED IN: AL, AK, CA, CO, CT, DC, DE,

NM, NV, NC, OH, OR, PA, SC, TN, TX, UT,

FL, GA, IL, LA, ME, MD, MA, MI, MN, NV, NH,

VA, WA, WI

NJ, NM, NY, NC, OH, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WY

FL, GA, HI, IL, IN, KY, LA, ME, MD, MA, MI, MN, MT, NV, NH, NJ, NM, NC, OH, OK, OR, PA, RI, SC, TN, UT, VA, WA, WI

Non-QM Lender Resource Guide cont’d. next pg.

MAR

Carolinas Connect Mortgage Expo CHARLOT TE , NC N M LS RENEWA L CL A SS

APR

New York Mortgage Expo NEW YO R K CITY, N Y NMLS RENEWA L CL A SS

N O N - Q M LE N DE R RE SOU RC E GU IDE

PCF Wholesale

Quontic Bank

Sprout Mortgage

Tustin, CA

New York, NY

East Meadow, NY

Build your 2022 pipeline with

No Ratio & Lite Doc — Owner Occupied

We successfully deliver uncommonly

PCFWholesale.com , the home of

& Investor

good solutions to customers whose

the EZ DSCR and Alt Choice Non QM Products. We make NonQM E-Z. Direct Wholesale Lender Licensed in 38 States. We love 1-4 and 5-8 unit properties. Ask about our Preferred Lender Program and our on time closing commitments to you! pcfwholesale.com (714) 955-5700 Marketing@pcfwholesale.com LICENSED IN: AL AK AZ AR CA CO CT DC DE FL GA ID IL IN IA KS KY LA ME

home financing needs aren’t

Our unique Community Development

commonly met elsewhere. iQualifi,

Loan programs help historically

our proprietary pricing engine, helps

excluded borrowers look beyond

mortgage professionals quickly and

income documentation to help make

easily identify Sprout loan products

homeownership dreams a reality.

that may work for their customers.

Quontic is exempt from Dodd Frank’s

iAnalyze, our proprietary bank

ATR requirements. This enables us to

statement assessment tool, efficiently

offer our unique Owner Occupied -

analyzes complex bank statements

No Ratio (no income stated & no DTI

to quantify and recognize income

calculated) and Lite Doc (borrower

from those who don’t receive W-2s.

prepared P&L) loans to credit-worthy

ACORN, our proprietary automated

borrowers. Quontic also offers a Fast

underwriting system (AUS), originates

Track underwriting process.

MD MA MI MN NV NH NJ NM NC OH

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Find the full list of Non-QM Lenders on page 36

APR

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04 28

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

California Mortgage Expo IR VINE , CA NMLS RENEWA L CL A SS

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approach to today’s mortgage lending challenges helping partners to grow their business. angeloakms.com (855) 631-9943 info@angeloakms.com LICENSED IN: AL, AK, AZ, AR, CA, CO, CT,

Freedom Mortgage Specialty/ niche: VA and FHA As the #1 VA and FHA lender*, Freedom Mortgage Wholesale is dedicated to serving the needs of brokers, wholesale correspondents, banks and credit unions with a wide variety of products. Our local Account Executives, three Regional Operation Centers, and seasoned underwriters are committed to providing an unparalleled experience *Inside Mortgage Finance, Jan-Jun 2020

freedomwholesale.com LICENSED IN: All 50 U.S. states, the District of Columbia, Puerto Rico and the Virgin Islands.

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The Money House, Inc. Specialty/ niche: Direct HECM Lender — GNMA Issuer

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Find the full list of Wholesale Lenders on page 37

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

HOW DOES THE UNDIVIDED ATTENTION OF AN UNDERWRITING MANAGER SOUND?

NEW NAME. NEW BRAND. NEW LEVELS OF GREATNESS. PennyMac Broker Direct is now Pennymac TPO. This is a stake in the ground for our partners in the wholesale and non-delegated channels as we deepen our investments in the people, technology, products and services you need to thrive. Learn more at TPO.PENNYMAC.COM.

Equal Housing Opportunity © 2022 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. NMLS ID # 35953. For licensing information, go to: www.nmlsconsumeraccess.org. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Information is intended solely for mortgage bankers, mortgage brokers, and financial institutions. Arizona Mortgage Banker License # 0911088. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Colorado office: 700 17th St, Suite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Massachusetts Mortgage Lender License # MC35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) & (4). Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228, 112874, 112877, 113746. Rhode Island Lender License # 20092600LL. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Washington Consumer Loan License # CL-35953. For more information, review https://www.pennymacbrokerdirect.com/state-licenses. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. The information included in this communication is considered confidential and proprietary, and any unauthorized reproduction is prohibited. All rights reserved. (01-2022)

NEW NAME. NEW BRAND. NEW LEVELS OF GREATNESS. BY KIM NICHOLS SENIOR MANAGING DIRECTOR, PENNYMAC TPO Pennymac has long served as one of the mortgage industry’s leading partners. Having shown steady growth since opening our doors in 2008 and sustained profitability across varying market conditions, Pennymac has become the nation’s #1 correspondent investor and has grown to become the nation’s #6 wholesale lender. We know a thing or two about sustained success in the mortgage space. Chiefly, that true greatness is not merely a moment in time or one year out of many. True greatness is sustained. It’s built on a foundation that’s steady in any climate, that marries values with vision with execution. To ensure that 2022 forms the foundation for long-term value for our wholesale partners, we are changing the name of our wholesale division from PennyMac Broker Direct to Pennymac TPO. For Pennymac, the rebrand heralds a major recommitment to our wholesale partners, deepening our investment in the wholesale channel. Just as we built the industry standard in the correspondent channel, we intend to set the same gold standard in wholesale -- with superior client experience, consistent execution, great technology and access to some of the best talent in the industry. PennyMac Broker Direct is now Pennymac TPO This is much more than a name change for the company. It’s a stake in the ground for our broker and nondelegated partners. We’re deepening our commitment in this channel to help them on their own journeys of greatness. As Pennymac TPO, we will extend our foundation of greatness to our partners, giving them the resources they need to grow, however they want to grow. Next Generation Technology We’re making a major investment in our technology with POWER+. We’ve worked closely with our partners to understand what they need and have designed technology enhancements that will roll out in phases during 2022. These new features will drive greater speed, efficiency and transparency into the loan process, ultimately creating a better experience for our broker partners and their clients. We are first pushing these enhancements into the broker channel with a later phase driving expanded services and capabilities into the non-delegated correspondent segment. Customer Care with a Long-Term View Where your borrower is serviced matters. The quality of the loan servicing experience is just as important as the borrower’s journey to the closing table. We retain servicing on all our loans, and are one of the few top wholesale lenders who has not sold bulk servicing over the past few years. Our partners appreciate the fact that we hold servicing. It gives them peace of mind knowing that Pennymac will care for their clients after closing and that borrowers will not be subjected to the possibility of servicing transfers and the administrative burden associated with that experience. We know what stable, sustainable growth looks like, feels like, and how to extend it to our partners. Whichever way our partners want to grow, we’ll be with them providing the resources and commitment to help them achieve greatness.

NMLS # 35953

COVER STORY

APPRAISING RACISM

The Term “White Washed” Is Here to Stay Black home sellers say their valuations shoot up when white friends pose as the property owners. BY LEW SICHELMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

nless you’ve had your head in the sand, you’ve heard of the instances where African American families have been short-changed when it comes to appraisals. And a few of them have taken it upon themselves to prove it. In the latest reported case, a Black couple in Northern California suspected their appraisal came in too low. After all, they had spent something on the order of $40,000 over their tenure in their home to upgrade the place. Yet the appraisal came in at $995,000, close to a half-million less than a previous valuation 10 months earlier. The couple purchased their 1,248-square-foot, four-bedroom, two-bath house in Marin City in 2016 for $550,000. Since they renovated — among other things, they added new appliances, replaced the windows, refinished their hardwood floors, refurbished the bathrooms, redid their backyard deck — the house had nearly doubled in size. So the couple “white-washed” the place, removing anything and everything that would indicate African Americans lived there. And they asked a white friend to stand in their stead when a second appraiser came on the scene to value their house when they applied a second time to refinance. This time, the appraisal came in at $1,482,500! Similarly, a Black Indianapolis home owner did not reveal her race or gender on her loan application. She kept communications to emails and told the appraiser that she would be out of town and her brother would be at her home during the appraisal. Then, a white friend posed as her sibling and met the appraiser instead of her. And wouldn’t you know it, the value more than doubled from a previous valuation.

COLOR BIAS Get used to that term, “white washed.” You’re going to be hearing it a lot in the coming months. Because these situations, sadly to say, are just the tip of the proverbial iceberg. And now, Black loan applicants know how to get the highest value; simply remove

all your photos and anything else indicating your race, not to mention yourself, and let a White guy or gal sit in your home when the appraiser arrives. Easy peasy. But as the California couple told CNN, “We shouldn’t have to go through this, we shouldn’t have to have our white friend standing in.” And last year’s president of the 17,000-member Appraisal Institute seems to agree. “I’ve said it publicly, and I’ll say it again: Bias has no place in appraisal,” said Rodman Schley, an appraiser from Arvada, Colo. Artificial Intelligence in appraisal calculations is working feverishly to combat appraisal discrimination. But Schley concedes the effort is a work in progress. Still, he said, “I believe that overwhelmingly, that there are more good people in this world than bad, including in the valuation profession — and that today, more than ever, people are committed to listening, learning and changing.”

to renegotiate with a seller, but it could also mean families might miss out on the full wealth-building benefits of home ownership or may be unable to get the financing needed to achieve the American Dream in the first place,” said Freddie’s Michael Bradley when the preliminary report was released in September. “This is a persistent problem that disproportionately impacts hundreds of thousands of Black and Latino applicants.” More recently, Illinois Realtors, the state association of realty professionals, commissioned a study that found African Americans are significantly more likely to be denied funding because of low appraisals. The study looked at millions of mortgage applications from the Home Mortgage Disclosure Act database from 2007 to 2020, focusing on the term “lack of collateral,” which researchers took to mean the appraisal was “substantially lower” then the mortgage amount being applied for. In every year studied, a “substantial disparity” in the denial rates of Black and white applicants was found. On average, the gap was only 1 to 2 percentage points. But the 1.05 point difference in 2019 works out to more than 8,000 Black borrowers being turned away. And based on some 600,000 applications in Illinois alone in the most recent three years of data, researchers found Blacks were rejected more than twice as often as Whites due to lack of collateral, 8.7 vs. 3.5 percent.

The evidence of bias in valuations — unconscious, covert or even overt — is mounting.

PROBLEMS PILE UP Hopefully, he’s right, because the evidence of bias in valuations — Schley is convinced its “unconscious” as opposed to covert or even overt — is mounting. In a study of some 12 million appraisals from 2015 to 2020, for example, Freddie Mac found appraisal gaps — that is, the difference between valuations and contracted sales — for both Black and Latino applicants. The data set wasn’t nearly as large as the survey size, less than 1,000 loans. Nevertheless, Freddie found that 9.5 percent of Latino loan applicants received an appraised value lower than their contract price when compared to whites, and 8.6 percent of Blacks received the same. Moreover, about 6 percent of the appraisals showed a Black vs. white gap of 10 percent. “An appraisal falling below the contracted sale price may allow a buyer

FED FINDINGS Just before Christmas, meanwhile, the Federal Housing Finance Agency published examples of overt references to race, ethnicity, and other prohibited classes under federal fair housing laws. They come from a keyword search for race-related red flags in million of valuations. Many of the instances found were false positives, but here are CONTINUED ON PAGE 34

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

WHITE WASHED CONTINUED FROM PAGE 33

some of the comments it found within the free-text form fields in appraisal documents that should send a shiver down your spine: • Observing the foreign birthplaces of residents as part of the neighborhood description: “The county was 94.85% white, 0.9% Black or African American” and so on down the line. • Pointing out the language spoken in the area: “The most common language spoken is English. Other important languages spoken here include Italian and Spanish.” • Noting amenities specifically geared to race or religion: “Commercial strip featuring storefronts supplying Jewish Households.” • A town was described as having a “Black race population above the state average.” • “One spicy neighborhood” is the way a section of town heavy in ethnic groups was described. Another report noted that the

“This is a persistent problem that disproportionately impacts hundreds of thousands of Black and Latino applicants.” – Michael Bradley, Freddie Mac

number of foreign-born residents was “considered high compared to the city as a whole.” And a third referred to a neighborhood as being a “White-Flight-Red-Zone” to explain why it is now mostly inhabited by “Working-Class” African Americans. You can’t make this stuff up. And the FHFA offered nearly an entire single-spaced page of comments like these. Clearly the appraisers thought these observations were important to establishing value. But, says the agency, the racial and ethnic composition of the neighborhood

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

“should never be a factor in influencing the value of a family’s home.” Can a Yiddisha Brother get an Amen? n

Lew Sichelman is a contributing writer to National Mortgage Professional magazine. He has been covering the housing and mortgage sectors for 52 years. His syndicated column appears in major newspapers throughout the country. He also has been the real estate editor at two major Washington, D.C., dailies and spent 30 years on the staff of National Mortgage News, formerly National Thrift News.

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022 |

FACEBOOK THOUGHTS

Sweet Music Of The New Year

NICK ROBERSON

Nick Roberson

Nick Roberson is a long-time mortgage industry veteran and a board member of the California Association of Mortgage Professionals. He’s a forthcoming and giving guy, who shares his … unique … perspective on work and life on his Facebook account. Here are some of Nick’s FB thoughts this month:

avannah and I stopped by an antique store today. When we walked in it had multiple booths that were way too close together and had tons of breakable things around. I looked at Savannah and said, “Woah, I need to be careful in this place. Wide load coming through.” Savannah replied, “I hear you! I need to be careful too. I am all up in here like Kim K.!” I seriously couldn’t stop laughing.

him how attached they were to their windows. My work here is done. Old guy wins are the best! ••• Well just learned something completely worthless. Savannah asked me what Absolute Zero was. I had to Google it, so I thought I would share: Absolute Zero noun noun: absolute zero; plural noun: absolute zeros the lowest temperature that is theoretically possible, at which the motion of particles that constitutes heat would be minimal. It is zero on the Kelvin scale, equivalent to –273.15°C or –459.67°F, or Missouri in the wintertime. ••• A good friend of mine asked me if I had any resolutions for the new year. Frankly, I don’t really make resolutions. I have goals set for myself and I work each day towards achieving them. I pretty much try to live each day to the fullest. Life is too short, and there are no promises of tomorrow. There is a quote from David Cassidy, reported by his daughter to be his last words, these words have changed my life and haunted me at the same time. “So much wasted time.” I have this written on a mirror in my bedroom, and I read it every day as a reminder that time is a precious gift.

••• Ahhh, the world’s best alarm clock. Being awakened from a deep slumber by the wonderful sound of the garbage truck, and then suddenly realizing you forgot to put the garbage out. Nothing like an early morning barefoot dash out into the damp cold darkness. The feeling of rocks, twigs, leaves, and who knows what else on your feet, as you run semi-naked and unafraid while dragging a garbage bin the most direct route possible to the curb. Thank you, garbage truck, for the early morning wake-up call. ••• I went out to my car to grab a few things, and the lady that lives next door asked me if her music was too loud. Her boyfriend and she had the music turned up pretty loud. I told her I could hear it, but no worries. I could always drown it out with my own if I didn’t like it. Then I laughed and went back inside. After about 20 minutes I decided I didn’t like her music, so I introduced them to my system and Mr. Eddie Van Halen and the boys. After side one played, I flipped the album and headed outside to check the mail. Their music was no longer playing, and she said, “You Win! My boyfriend likes your music better.” He then asked me if I could turn it up even more. I told him it wasn’t even at a quarter of its volume and asked

••• So, my wish for you, my family and friends, is for you to find something that fills your soul, lights a fire in your heart, inspires your creativity, and reminds you every day how blessed we are to be alive. Support and inspire those around you, and make each day a good day, or put up a hell of a fight trying. If a day is getting the better of you, pick up the phone and give me a call. I will do my very best to lift your spirits, even if for just a moment. Happy New Year! I hope your 2022 is an amazing adventure. Enjoy the ride! n

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | FEBRUARY 2022

To see more by Nick, just go to www.facebook.com/nickroberson.

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