NMP National Mortgage Professional March 2022 by ambizmedia

MARCH 2022

Vol. 14, Issue 3 $20.00

TAKING

A STAB AT THE C-SUITE

How To Get Women To Support Women In The Mortgage Industry

GREEN ACRES IS THE PLACE TO BE WHY RURAL LENDING PROGRAMS MEAN BIG OPPORTUNITY

ALSO INSIDE:

OPEN EARS, OPEN MIND CONNECT WITH MORE CLIENTS

PREP FOR MARKET MAYHEM GETTING YOUR SALES GAME ON FOR SPRING

MONEY MISTAKES BROKERS MAKE 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

MARCH 2022

Vol. 14, Issue 3 $20.00

TAKING

A STAB AT THE C-SUITE

How To Get Women To Support Women In The Mortgage Industry

GREEN ACRES IS THE PLACE TO BE WHY RURAL LENDING PROGRAMS MEAN BIG OPPORTUNITY

ALSO INSIDE:

OPEN EARS, OPEN MIND CONNECT WITH MORE CLIENTS

PREP FOR MARKET MAYHEM GETTING YOUR SALES GAME ON FOR SPRING

MONEY MISTAKES BROKERS MAKE A PUBL ICAT ION OF A ME RICA N BUS INE SS MEDI A

MARCH 2022

Volume 14 Issue 3

CONTENTS

nationalmortgageprofessional.com

4 Rate Me We are all obsessed over interest rates. But that’s just one obstacle to the lending process — and maybe not the most important one. 6 Rapid Response Team Rates are moving up (and moving down, and moving up again). Originators need to be on top of the facts, and the opportunities, to keep volume strong. 8 This Land Is Your Land Rural lending programs are not well known, and certainly underutilized But they’re an important product, and not as limited as some might believe.

COVER STORY PAGE 34

Women Holding Women Back Does the mortgage industry have a problem of women who won’t help other women succeed?

13 People On The Move See who the movers and shakers are in the mortgage industry. 14 Build-A-Broker: Hitting The Books Brokers of all stripes tend to concentrate on building sales. But don’t ignore these Top 10 bookkeeping mistakes if you want to keep your business healthy.

18 My First Million: The View Isn’t Just A Talk Show Don’t be closed-minded. The way your colleagues or your clients approach a challenge may open your eyes to significant new possibilities. 20 Basic Training, Again It’s time to take a look at your product offerings, your wholesale relationships, and every other tool in your sales kit.

26 DataBank 28 Non-QM Lender Resource Guide 32 Wholesale Lender Resource Guide 32 OriginatorTech Resource Guide 36 Resource Directories 38 Facebook Thoughts: AKA, ‘Nothing But Dad Jokes’

nationalmortgageprofessional.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

MARCH 2022

MACRH 2022

Vol. 14, Issue 3 $20.00

TAKING

A STAB AT THE C-SUITE

How To Get Women To Support Women In The Mortgage Industry

GREEN ACRES IS THE PLACE TO BE WHY RURAL LENDING PROGRAMS MEAN BIG OPPORTUNITY

PREP FOR MARKET MAYHEM

ALSO INSIDE:

GETTING YOUR SALES GAME ON FOR SPRING

OPEN EARS, OPEN MIND CONNECT WITH MORE CLIENTS

MONEY MISTAKES BROKERS MAKE A PUBLICATION OF AMERICAN BUSINESS MEDIA

Volume 14, Issue 3

LETTER FROM THE PUBLISHER

STAFF

Please Don’t Rate Me

Beverly Bolnick ASSOCIATE PUBLISHER

very. Single. Day: Are interest rates about to go through the roof? Every. Single. Day: Who knows? Every. Single. Day: What’s going to happen with mortgage production? Every. Single. Day: What we really mean is, what’s going to happen to our pay? Mortgage originators are swimming in uncertainty over mortgage rates. They’ve popped up recently. Then they slid back for a week or so. Then they moved ahead again. It’s sure they’ll likely increase. But they may also push downward depending on whether investors fly to mortgage-backed securities as they worry about other economic aftershocks of the Ukraine invasion. What’s important to keep in mind is that, if an originator is selling on rate alone, they are going to be in for a rough ride. They also aren’t likely to be long-term participants in this industry. Mortgage rates ebb and flow. So do people who come into the business looking to make a quick buck. They’re the ones who worry about rates. The long-term professionals know that rate isn’t the final arbiter of success. Sure, refinances are down by half over this same period last year, but they’re still happening. And a good originator can still demonstrate to a refi prospect how, even with rates a quarter or half-point higher, that borrower can benefit from a mortgage re-do. If the rate is killing a purchase deal, it’s likely those borrowers are a little stretched on their choice already. Sage counsel from an originator (if not their Realtor) could help guide that potential buyer to a more rational price and loan amount. As several of our columnists point out this month, the easy path is getting covered in branches, bramble and mud. But the path is still there. The right attitude and the right tools will clear the way to the destination. Don’t give up just because rate is a highway that’s had speed bumps installed.

Vincent M. Valvo CEO, PUBLISHER, EDITOR-IN-CHIEF

Christine Stuart EDITORIAL DIRECTOR David Krechevsky EDITOR Keith Griffin SENIOR EDITOR Mike Savino HEAD OF MULTIMEDIA Katie Jensen, Steven Goode, Douglas Page, Sarah Wolak STAFF WRITERS Rob Chrisman, Dave Hershman, Erica LaCentra, Nick Roberson, Lew Sichelman, Mary Kay Scully, CONTRIBUTING WRITERS Alison Valvo DIRECTOR OF STRATEGIC GROWTH Meghan Hogan DESIGN MANAGER Christopher Wallace, Stacy Murray 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 MULTIMEDIA SPECIALISTS Melissa Pianin MARKETING & EVENTS ASSOCIATE Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST Michael Castro MARKETING MANAGER

V INCEN T M. VALVO Publisher, Editor & CEO

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

Joel Berman FOUNDING PUBLISHER

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 88 Hopmeadow St. Simsbury, CT 06089 Phone: (860) 719-1991 info@ambizmedia.com

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DAVE HERSHMAN

RECRUITING, TRAINING AND MENTORING CORNER

Things Your Loan Officers Should Do With Rates Rising It’s all about sphere of influence now

BY DAVE HERSHMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

he market is definitely changing in 2022. Higher mortgage rates (thus far), drastically fewer refinances and a shortage of inventory for purchases. The one thing I have found in my 35+ years in this industry is that it is always changing. As a leader, you must help your loan officers adapt to change so that they can continue to succeed in any market. What should you be suggesting they do? Here are just a few areas of focus that I consider critical. Finally build a complete database of their entire sphere. How long have they been promising themselves that they would compile a complete database? Your sphere is not just your previous customers, but what I call a compendium of your life. It is every aspect of your life — experiences, background, education, interests and more. If you don’t codify your entire sphere, then you will not be able to effectively implement the next steps. Note: if you don’t have an idea of the composition of your entire sphere, then email me at the address below and I will send you a recorded webinar — Maximum Sphere Marketing. Tell everyone in your sphere what you do for a living. Then ask for

their help and tell them how to help you. Do not assume that your sphere knows how to help you or that you are interested only in their purchase or refinance referrals. For example, your next-door neighbor does not know that you would like to meet their brother who is a financial planner. Prioritize your contacts. Now that you have the universe of possibilities, you need to decide who is more important within your sphere. You can’t have lunch with 3,000 contacts (yes, your database should be this large). Lunch is a prioritization decision, and you can’t make the best decision unless you consider all the possibilities. If you compile your complete sphere, I guarantee you will see many contacts that you should prioritize. Add value to your sphere. Yes, I understand you would like to focus on real estate agents. But what kind of value will you deliver to them? Great service and competitive pricing should be a given. How are you going to help real estate agents increase their business? Yes, you must become a partner, not a vendor.

Focus on Cash-Out. Rates are still reasonably low. There is plenty of equity out there and plenty of consumer debt and home improvements to undertake. Focus on solutions for your previous clients and entire sphere. You can deliver value by improving your clients’ financial situations. Become a trusted advisor. Certainly, I could add 10 more items to this list. Cold calling is not going to cut it in this market. Your loan officers must leverage their relationships and — above all — they must deliver value to these relationships. Value is comprised of what your target is interested in — not what you are interested in. n

Your sphere is not just your previous customers — but what I call a compendium of your life. It is every aspect of your life — experiences, background, education, interests and more.

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.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

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

LEW SICHELMAN

RECRUITING, TRAINING AND MENTORING CORNER

Rural Lending Covers A Lot Of Ground

Time to look at a different kind of farming system for originators. BY LEW SICHELMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

hen the late night talk-TV hosts start joking about Fannie Mae and Freddie Mac — as they did after the housing meltdown in 2008 and beyond after the two secondary market enterprises would have gone belly up had they not been bailed out by Congress — you know they have reached the public consciousness. But there are two other federal housing programs hardly anyone in the general public knows about. One is from Farmer Mac, a governmentsponsored outfit similar to Fannie and Freddie. The other is from the Department of Agriculture. Not only do most people not know about these alternative lending options, most mortgage professionals don’t talk them up. But they should.

HEARTLAND LENDING Both are aimed at “rural” home buyers (and refinancers). And that’s key. Places like New York City have made a comeback, for sure. According

to reports from Big Apple brokerages, Manhattan real estate enjoyed a banner year in 2021. The fourth quarter alone was one of the most potent on record, with $8 billion in sales on an 89% increase in closings. But the data suggests people are still moving out, not in. For example, nearly 90% of agents polled by the National Association of Realtors said their buyers are heading to the suburbs, small towns and rural communities. And while the gap that favored lower density locations over higher density markets has shrunk somewhat of late, the National Association of Home Builders reports, the exurbs of large metropolitan areas still are recording the highest growth rates for its members. Combine that with the latest from United Van Lines, which tracks its customers’ state-to-state migration habits, and you can see why you might want to give the USDA and Farmer Mac a look-see, if you haven’t already. Vermont had the highest percentage of in-bound locations, followed by South Dakota, South Carolina, West Virginia and Florida. On the flip side, spots like Illinois, New York and Connecticut registered the most outbound movers.

you normally ply your trade than you realize. Consider Prosper, Texas, a 40-minute drive from Dallas, or Shady Side, Md., less than 20 miles from Annapolis, the state capital. How about Bainbridge Island, a ferryride across the sound from Seattle, or Weaverville, N.C., less than 10 miles from bustling Asheville. Only one of Ohio’s 88 counties — Cuyahoga, which encompasses Cleveland — is not rural by USDA’s standards. At least part of the rest are considered rural. At least parts of every Texas county are rural, too, including Dallas and Houston. And ditto for every county in California, even Los Angeles and San Francisco. There are many spots like these throughout the country. According to the Housing Assistance Council, a nonprofit devoted to improving housing conditions for the rural poor, 97% of America’s landmass is rural. And its occupied by one-fifth of our population — plus 48% more if you count suburban and exurban locations.

No one needs a down payment. And as of January 1, the rate was a paltry 2.5%.

RURAL NEIGHBORS Now you may have noticed I put quote marks around the word rural a few paragraphs above. That’s because rural may be much closer to where

PLANTING HELPFUL SEEDS That’s exactly why you might want to consider loans from USDA’s Rural Housing Service (RHS). That’s what Toni Church and Marquil JonesWalker did when they moved from downtown Wichita, Kan., to Mulvane, a community of some 6,500 people about 20 miles south of the city. “We liked going downtown,” Church told me. “We’re still not too far away, but

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

being away from people is better.” Same for Johanna Diaz, a single mother who took a loan from USDA’s Rural Housing Service to build her own place in Imperial, Calif. Actually, she used RHS twice, once for a grant to hire staff and pay administrative costs to help build the house and second to actually finance it. “I’ve always lived in apartments, and this is my dream house for my kids,” says Diaz, who broke into tears when she was handed the keys. “We have a playground in the back. I can paint it whatever colors I want, and even plant a garden.” RHS offers a variety of loans, grants and loan guarantees to buy, build or improve both single and multi-family properties. It also offers the same for housing for farm laborers, child care centers, fire and police stations, hospitals, libraries and schools. The Section 502 Direct Loan Program is aimed at low and moderate-income home buyers who cannot qualify for financing elsewhere. To qualify,

borrowers must have adjusted incomes that are no greater than the lowincome limit for their particular areas. But don’t let that fool you. While folks in Cook County, Ill., where Chicago rests, don’t qualify, some in DeKalb, the next county over, do, and RHS will give a qualified borrower up to $303,600 if he wants to buy one. Similarly, Suffolk County, Mass. (think Boston) is out of bounds, but not parts of nearby Worcester, where the limit is $291,600. Denver is off limits, too, but in parts of Boulder County, the max loan amount is $523,400. No county in Maryland is ineligible, including parts of Baltimore County, where the ceiling is $430,500. In other parts of the Free State, the lid is a whopping $657,900.

SIZE MATTERS There are other parameters as well. Houses generally must be under 2,000 square feet, for example. But successful very low-income applicants can have up to 38 years to pay. Others have

33 years. Also, no one needs a down payment. And as of January 1, the rate was a paltry 2.5%. Another RHS program, the Guaranteed Loan Program, provides a 90% loan note guarantee to approved lenders to reduce the risk of extending 100% financing to rural folk who want to build, rehab, improve or even relocate a dwelling. Guaranteed loans can be for new or existing residential properties as long as they are used as a permanent residence occupied by the borrower. Even closing costs and reasonable and customary expenses that have to do with the purchase can be included in the loan amount.

BIG PLAYERS PLAY, TOO Here, it is worth a reminder that both Fannie Mae and Freddie Mac also are players in the rural sector. Under the Housing and Economic Recovery Act of 2008, the law born of the Great Recession, the two governmentCONTINUED ON PAGE 10

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

RECRUITING, TRAINING AND MENTORING CORNER

RURAL LENDING CONTINUED FROM PAGE 9

sponsored enterprises have a “duty to serve” rural markets but also manufactured housing, a substantial part of which is rural. Indeed, “trailers,” as many people still call them, are a staple of country life. Earlier this year, Fannie and Freddie were told to rethink their next threeyear, 2022-2024, duty to serve programs by their overseer, the Federal Housing Finance Agency, which said their plans were insufficient. The agency wouldn’t say why. But in the interim, their rejected platform will stand. Meanwhile, Farmer Mac, the “other” GSE, is ready to serve. Fannie and Freddie’s smaller sibling, Farmer Mac stands for the Federal Agricultural Mortgage Corp. It started life in 1988 when it was created by Congress to build a secondary market for ag real estate and rural housing mortgages,

just like F&F do in the conventional sector. (Unlike F&F, which, in case you are too young to remember, were originally known as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., Farmer Mac never formally changed its name to the shorter, snappier handle used most everywhere by everyone.)

FARMING SYSTEM Be that as it may, one of its programs targets buyers who want to move to the country and do a bit of farming, either full-time or on the side. Gentlemen farmers who pass muster are eligible for financing of up to $12 million — or even $30 million on “high-value” properties of less than 1,000 acres. There are no minimum or maximum acreage requirements. But if the property is less than 5 acres — not a lot of land in most outer-suburban markets — it must yield a minimum of documented $5,000 annually in

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

gross sales. If it is larger than 5 acres, though, there is no sales minimum. Borrowers must be either U.S. citizens or permanently admitted for U.S. residency. And eligible properties must be owner-occupied, singlefamily, detached houses or second homes with enough ground to support agricultural production. There are no geographic restrictions, meaning that if you can find a by-passed 5-acre lot in a close suburb, go for it. But the property can’t just be a house somewhere on a larger lot or a place off in the woods. It has to produce. Marijuana, anyone? Hemp? n

Lew Sichelman 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.

“I cannot express how grateful I am to have a broker relationship with Ridgewood. Time and time again, you’re the lender I count on for personal attention and unparalleled service.” Mary Ann Scaggs Sr. Mortgage Loan Originator Purchase, NY

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your smaller receipts — one allows you to maintain a paper trail in the event of an audit; the other allows you to track the financial health of your business. 3. Failing to properly classify employees. With so many independent contractors, consultants and freelancers around these days, it can sometimes be difficult to determine who is on staff and who is not. Don’t neglect this, however. Misclassifying employees and contractors can have significant consequences, including tax penalties and lawsuits. 4. Not communicating. Whether you choose to hire a part-time bookkeeper or outsource the work to a professional, communication is the key to effective bookkeeping, because it keeps everyone on the same page and minimizes errors. One of the more common mistakes, for example, is paying someone a bonus and not reporting it to the bookkeeper. Another is buying supplies and not telling the bookkeeper or supplying receipts. 5. Neglecting to reconcile. Reconciling your books with bank statements is a fundamental aspect of determining your financial health. It’s important to make sure it’s done properly and consistently. Reconciling your books helps you identify how much money you have on hand at any given time, and it also allows you to discover bank errors before they become major problems. Reconciliation can be complicated, however, which is why hiring an experienced bookkeeper is highly recommended.

Maintaining a clear and organized chart of accounts is critical for your bookkeeping.

6. Not having a paper backup. When it comes to audits, a paperless office can actually be a major liability, especially in the event of technical problems. CONTINUED ON PAGE 16

> Kevin G.

Chavers was elected to Freddie Mac’s Board of Directors.

> Planet

Home Lending hired branch manager Ruben Moreno to lead its new Las Vegas team.

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BOOKKEEPING MISTAKES CONTINUED FROM PAGE 15

Taxing authorities like the IRS want to see a paper trail that includes clearly visible documentation and a wellorganized system of paper backups. Apps that save your receipts can make day-to-day operations easier, but it’s still important to keep a backup of your financials for at least seven years. 7. Failing to collect or deduct the appropriate sales tax. Due to the explosion of ecommerce over the last 10 years, sales tax has become a complex issue for many small businesses. Historically, the mistake they most often made was simply failing to deduct sales tax from total sales, which would translate into lump-sum surprises come tax time. While that’s still true, recent changes to federal law have made sales tax collection more complicated when it comes to online, state-to-state fulfillment. Make sure you and your bookkeeper are familiar with the latest rule changes, so you can remain in compliance and limit your overall tax liability.

8. Petty cash nonchalance. Every small business that uses petty cash should have a dedicated custodian, who can manage it and approve purchases. This ensures accountability and limits the potential for fraud, theft and abuse. To that end, businesses should have clear policies regarding petty cash purchases and every purchase made with petty cash should have an accompanying receipt for the expense to maintain clear documentation for deductions come tax time. The receipts and remaining cash should equal the original dollar amount designated to the fund. When the fund is exhausted, a check can then be written to cash to set up the full amount again. Not having a petty cash policy, custodian or receipts can create headaches for your bookkeeper and may result in serious problems when taxes are filed. 9. Miscategorization or overcategorization. Maintaining a clear and organized chart of accounts is critical for your

bookkeeping. While most expense categories are fairly standard and straightforward, the mistake many business owners make when doing their own bookkeeping is creating duplicate categories or failing to enter expenses into the appropriate category. Use general bookkeeping guidelines for standard categorizations and create as few new categories as possible. A professional bookkeeper can help you clean up your books and ensure your chart of accounts are lean and clean. 10. Trying to do it yourself. Most small business owners hate doing their own books yet insist on doing it themselves. Competent, professional bookkeepers have the required skills to do the job quickly and efficiently, and they have the necessary expertise to locate subtle errors that might otherwise be missed. As professionals, they’ll also be aware of the tax changes that could affect your day-to-day financial practices. In the long run, having a second set of eyes on your financial records is extremely beneficial and will save you time and money. n

PEOPLE ON THE MOVE //

> Luke S.

Hayden was elected to Freddie Mac’s Board of Directors.

> Panorama

Mortgage Group named Sarah Gonzalez as the company’s president and CEO.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

> ReverseVision named Scott Shepard as the company’s new head of marketing.

C LO S E M OR E . C LO S E FAST E R .

CLOSE THE PRIME LOANS THAT YOUR COMPETITORS CAN’T. The Change Company has a range of products as diverse as your borrowers to help you serve more people than your competitors. As a CDFI, we create our own portfolio of products and guidelines that are exempt from complex underwriting rules and regulatory restrictions. Instead, we make smart credit decisions and use leading-edge technology to increase the number of loans you can close. There are no overlays of any kind, and no headaches caused by the stuff that makes your underwriter feel good but just isn’t necessary.

Start closing more loans, faster at ChangeWholesale.com Change Lending, LLC dba Change Wholesale. NMLS ID # 1839. Headquartered at 16845 Von Karman Avenue, Suite 200, Irvine, CA 92606. AZ: Arizona Mortgage Banker’s License # 0925326; CA Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and Consumer Finance Lender’s Law; GA: Georgia Residential Mortgage License # 48010. For a list of other state licensed visit www.changewholesale.com/licensing. To verify licenses, visit www.nmlsconsumeraccess.org. All loans must meet current underwriting guidelines which are subject to change without notice. This information is intended for the exclusive use of licensed real estate and mortgage lending professionals in accordance with local laws and regulations. CHANGE WHOLESALE AND ITS LOAN PRODUCTS ARE NOT SPONSORED OR ENDORSED OR BEING OFFERED BY THE U.S. TREASURY DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY.

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

YOUR FIRST MILLION DOLLARS

Respect Different Perspectives

Keeping an open mind will also lead to keeping more clients. BY HARVEY MACKAY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

n eccentric philosophy professor gave a one-question final exam after a semester dealing with a broad array of topics. The class was already seated and ready to go when the professor picked up his chair, plopped it on top of his desk and wrote on the board: “Using everything we have learned this semester, prove that this chair does not exist.” Fingers flew, erasers erased, notebooks were filled in furious fashion. Some students wrote over 30 pages in one hour attempting to refute the existence of the chair. One member of the class, however, was finished in less than a minute. A week later when the grades were posted, the rest of the group wondered how he could have gotten an “A” when he had barely written anything at all. His answer consisted of two words: “What chair?”

A DIFFERENT VIEWPOINT I’ll let you be the judge: Was this a smart-alecky, clueless student who was toying with his professor, or was he seeing through the futility of the exercise with a brilliant answer? My assessment is that he understood the purpose of the professor’s challenge: What you see is what you get, or is it? Can you judge a book by its cover? Can you believe your lying eyes? “It is the obvious which is so difficult to see most of the time,” wrote Isaac Asimov in “I, Robot.” “People say ‘It’s as plain as the nose on your face.’ But how much of the nose on your face can you see, unless someone holds a mirror up to you?” I have no doubt that the chair existed. And I have no doubt that people

can see things from a variety of perspectives. When you are in business, you need to remember that every day. What you think is obvious, Harvey Mackay clear and easy to understand may be none of the above to a customer or co-worker. So many misunderstandings result from failing to see things through another’s eyes. The only way to fix that is to understand that perceptions, no matter how seemingly flawed, are reality to those who hold them. Your job is to work with those thoughts.

LISTEN TO LEARN Yes, that’s a tall order. But ask any successful person how they have worked around a diversity of opinions, and you will likely discover that person has learned how to listen and apply what they hear. Author and therapist Shannon L. Alder said: “Most misunderstandings in the world could be avoided if people would simply take the time to ask, ‘What else could this mean?’” Perspective dominates much of how we present ourselves and our products: Which attributes do we think will appeal to an audience? How do we perceive our customers? Will people see what we think they should see? Are we thinking broadly enough? Focus groups offer great perspectives on those questions

and help shape the direction of ad campaigns and website design. Asking for another opinion is almost always a good idea. Pay attention, especially if you are trying to sell chairs, but your customers ask, “What chair?”

SEEING WHAT WE WANT One of my favorite explanations of perspective comes from English biologist and archaeologist Sir John Lubbock: “What we do see depends mainly on what we look for ... In the same field the farmer will notice the crop, the geologists the fossils, botanists the flowers, artists the colouring, sportmen the cover for the game. Though we may all look at the same things, it does not all follow that we should see them.” How simple is that? At our MackayMitchell Envelope Company, customers may see an advertising opportunity, an eye-popping color, a novel shape or an efficient way to send a bill. They are all correct, of course, but we need to know what the customer is looking for and how best to convey their message. We offer suggestions, present options, and listen to their specific needs so that we can satisfy their requests. We still sell more #10 white window envelopes than any other, but only because that’s what our customers want. I have a “kitchen cabinet” of advisors whom I consult on every imaginable topic. The only request I make of them is that they provide unfiltered honest advice. I want to hear what I haven’t seen for myself. Sometimes, I have to swallow my pride, but believe me, it’s kept me from losing my shirt. And my chairs!

So many misunderstandings result from failing to see things through another’s eyes.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

Mackay’s Moral: Is the glass half-full or halfempty? Or is it just the wrong size? n

The only owner-occupied loan that doesn’t require income, employment, or DTI documentation to qualify. Only Change Wholesale dramatically simplifies the loan process, opening the door to more prime borrowers. Our innovative, market-leading Community Mortgage program fills the void limiting borrowers’ access to lending by eliminating unnecessary documents that are not part of the credit underwriting decision. Close in three easy steps:

CONFIRM LTV

CONFIRM FICO

VERIFY RESERVES

Start closing more loans, faster at ChangeWholesale.com

Change Lending, LLC dba Change Wholesale. NMLS ID # 1839. Headquartered at 16845 Von Karman Avenue, Suite 200, Irvine, CA 92606. AZ: Arizona Mortgage Banker’s License # 0925326; CA Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and Consumer Finance Lender’s Law; GA: Georgia Residential Mortgage License # 48010. For a list of other state licensed visit www.changewholesale.com/licensing. To verify licenses, visit www.nmlsconsumeraccess.org. All loans must meet current underwriting guidelines which are subject to change without notice. This information is intended for the exclusive use of licensed real estate and mortgage lending professionals in accordance with local laws and regulations. CHANGE WHOLESALE AND ITS LOAN PRODUCTS ARE NOT SPONSORED OR ENDORSED OR BEING OFFERED BY THE U.S. TREASURY DEPARTMENT OR ANY OTHER GOVERNMENT AGENCY.

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

MARY KAY SCULLY

YOUR FIRST MILLION DOLLARS

What’s In Your Origination Toolkit? Make sure you’ve got expertise in more than standard plain-vanilla mortgages. BY MARY KAY SCULLY, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

here’s been a lot of talk already about what to be prepared for this year, but I think there’s a key area that’s missing. We can talk all day about the trends we expect to see in 2022 — what’s going to be more popular and what’s going to go away — but the fact of the matter is, those who want to be successful must be prepared for anything. With your goals set for the year, it’s time to go back to the basics and brush up on all your products, even the ones that may be less popular, in order to ensure you can deliver for borrowers of all types.

KNOW YOUR PRODUCTS Sure, you know your popular products up and down, inside and out. While that is good, it is only a start. It’s time to take a look at your entire product inventory and think about ways you can serve unique borrowers or solve for any challenges the industry may be facing.

Adjustable-Rate Mortgages (ARMs): While the MBA reports that only 3.4% of purchase transactions were ARMs in 2021, that may change in 2022 with fixed rates forecasted to increase. So, how much do you really know about adjustable-rate mortgages? The past several years, less than 10% of mortgage loans were adjustable rates, so you might not have paid these products much attention, but adjustable-rate programs are changing. Do you understand how these new programs work? We have a new index, secured overnight financing rate (SOFR), that will be commonly used to recast future interest rates. The SOFR ARMs may come with a six-month adjustment period rather than an annual change. Are you able to communicate to your customers how these

ARMs work and how they may be beneficial to them? It may be time to read that Consumer Handbook on Adjustable-Rate Mortgages (CHARM) booklet and refamiliarize yourself with how they work. Also, review the timing of the additional ARM disclosures, as these may differ according to how the application was received. Check in with your Compliance Department for guidance. Whether you see a lot of ARMs or not, it is important to understand them well so you can effectively communicate all options to your borrowers. Renovation Loans: Another important area of lending that could use some more attention is renovation loans. For years now, we’ve been talking about how there’s an inventory issue. It’s a valid concern, but people forget about the inventory that’s left — what some call the “ugly inventory.” There are houses out there that just require a little extra TLC. It may not be the traditional homebuying route, but it may be the best one, depending on the borrower’s needs. Are you prepared to explain this option to customers? Reno programs often get overlooked, but they have the power to help the inventory issue and get borrowers into their dream homes. It just takes a little extra work and a little extra knowledge. Reno loans also have the added benefit of bringing in repeat business. You may have already put someone in a home years ago, but their needs have changed, possibly due to the pandemic or a growing family. Many homeowners want to love the CONTINUED ON PAGE 22

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

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

TOOLKIT

CONTINUED FROM PAGE 20

home they have, it just needs some minor updates or perhaps even a major renovation. Renovation loans can help you serve previous borrowers and help make their homes work for them without having to put their homes up for sale and venturing back out into the homebuying market. Refinances: We hear it year after year that refis are going away, but somehow, they always find a way to stick around. Cash out refis have recently become more popular due to the state of the market. Historically, homeowners have tended to overvalue their houses, but these days, many families are now undervaluing their homes. With recent home price appreciation, lots of homeowners

It’s time to go back to the basics and brush up on all your products.

are sitting on more equity than they thought. Cash out refis are very appealing to them as a way to easily access funds for a large consumer purchase or to pay off costly debt. For many homeowners, cash out refinances are a relatively easy way to obtain money. This is just one example of how understanding products is crucial for helping present and former borrowers. Refis are not always about locking in a better rate. You must understand the

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

refi options in order to meet each borrower’s unique needs.

HIT THE BOOKS

It’s time to start studying. This isn’t just a homework assignment to keep you busy, though. Brushing up on all your products — not just the popular ones — allows you to be able to anticipate your customer’s needs and be prepared to meet those needs, no matter what they are. 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.

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

APR

19 MAY

MAY

24 JUN

JUN

23 JUL

JUL

21 AUG

Mid-South Mortgage Expo 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

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

Arizona Mortgage Expo PH O E N IX , AZ N MLS R EN EWA L CL A S S

California Mortgage Expo S A N D IEG O, CA N MLS R EN EWA L CL A S S

AUG

19 AUG

19 SEP

SEP

OCT

SEP

13 OCT

18 NOV

DEC

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 OA K L A ND, CA 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

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

NATIONAL PAYMENT-TO-INCOME RATIO* Payment To IncomeRatio (Left Axis)

40%

Freddie 30-Year Fixed Interest Rate (Right Axis)

34.1%

35%

27.5% 7%

23.3%

25%

Freddie 30-Year Fixed Rate

Payment to Income Ratio

30%

20% 5% 15%

3.9% 10%

2022-02

2021-02

2020-02

2019-02

2018-02

2017-02

2016-02

2015-02

2014-02

2013-02

2012-02

2011-02

2010-02

2009-02

2008-02

2007-02

2006-02

2005-02

2004-02

2003-02

2002-02

2001-02

2000-02

1999-02

1998-02

1997-02

1996-02

5% 2%

Source: Black Knight Home Price Index, FHLMC PMMS, Census Bureau *The National Payment-to-Income Ratio is the share of median income needed to make the monthly principal and interest payment on the purchase of the average-priced home using a 20% down 30-year fixed rate mortgage at the prevailing interest rate

JANUARY 2022 FORECLOSURE STARTS (PERCENT CHANGE FROM JANUARY 2020) -12%

-42%

-17%

+11%

+19% +32%

-56%

-39%

-30%

+5%

-41%

0% +20%

-12%

+1%

-26%

-33% -17%

-56% -91% -13% -28%

-23%

-8%

-5%

-18% -21%

LOANS ROLLING TO A MORE DELINQUENT STATUS

NATIONAL DELINQUENCY RATE – FIRST LIEN MORTGAGES 2000-2005 Average

-52%

-25%

-35%

GREEN = ABOVE 2020 LEVELS BLUE = BELOW 2020 LEVELS

Delinquency Rate

-81%

+6% -20% +2%

-42% +20%

-28%

-5%

+5%

0% -48%

-36%

-12%

Current to 30 Days Delinquent

Record Low

11.00%

30 to 60 Days Delinquent

60 to 90 Days Delinquent

2,000,000

10.00% 9.00%

1,500,000

8.00% 7.00%

1,000,000

6.00% 5.00%

4.77%

500,000

4.00%

Source: Black Knight, McDash

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

Source: Black Knight, McDash

2022-01

2021-12

2021-11

2021-10

2021-09

2021-08

2021-07

2021-06

2021-05

2021-04

2021-03

2021-02

2021-01

2020-12

2020-11

2020-10

2020-09

2020-08

2020-07

2020-06

2020-05

2020-04

2020-03

2020-02

2020-01

2019-12

2019-11

2019-10

2019-09

2019-08

2019-07

2019-06

2019-05

2019-04

2019-03

2019-02

2001-01 2001-07 2002-01 2002-07 2003-01 2003-07 2004-01 2004-07 2005-01 2005-07 2006-01 2006-07 2007-01 2007-07 2008-01 2008-07 2009-01 2009-07 2010-01 2010-07 2011-01 2011-07 2012-01 2012-07 2013-01 2013-07 2014-01 2014-07 2015-01 2015-07 2016-01 2016-07 2017-01 2017-07 2018-01 2018-07 2019-01 2019-07 2020-01 2020-07 2021-01 2021-07 2022-01

2.00%

2019-01

3.30%

3.00%

Source: Black Knight, McDash -5% -1.0%

Source: Black Knight Home Price Index

6.6%

4.3% 5.6%

3.8%

2.0% 2.7% 7.5%

6.1%

6.8%

4.0%

4,000,000

2,000,000

1,500,000

1,000,000

6.5%

4.4% 5.1%

DARK BLUE INDICATES A HIGHER SHARE OF SDQS BEING REFERRED TO FORECLOSURE

MORTGAGE DELINQUENCIES BY SEVERITY

4,500,000

Total Delinquent

3,500,000

80%

3,000,000

70%

2,500,000

60%

500,000

10%

4.0% 3.6%

5.3% 5.2% 6.1%

4.1%

All Other Serious Delinquencies

5.0%

5.1%

5.8% 1.0%

In Active Loss Mitigation

5.1%

In Forbearance

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

2022-01

2021-10

2021-07

2021-04

2021-01

2020-10

2020-07

2020-04

2020-01

2019-10

2019-07

2019-04

2019-01

2018-10

2018-07

2018-04

2018-01

Single Family

2017-10

2017-07

2017-04

2017-01

2016-10

2016-07

4.0%

2016-04

2016-01

2015-10

2015-07

2015-04

2015-01

2014-10

0.0%

2014-07

2014-04

BLACK KNIGHT HOME PRICE INDEX

2014-01

0.5%

2013-10

1.0%

2013-07

+5%

2013-04

1.5%

2013-01

2.0%

2012-10

+10%

1/ 20 2 2/ 0 20 6 /2 2 0 /2 6 /2 0 20 3/ 2 7 /1 02 4/ 0 20 8 /4 2 0 /2 8 /2 0 20 5/ 2 9 /1 02 5/ 0 2 1 0 02 /6 0 / 1 0 2 02 /2 7/ 0 1 1 20 /1 20 7/ 2 1 2 0 20 /8 / 1 2 2 02 /2 9/ 0 2 1 /1 0 20 9/ 20 2 /9 2 1 /2 0 3 /2 21 /2 3 /2 0 21 3/ 20 4 /1 2 3/ 1 20 5 /4 2 1 /2 5 /2 0 21 5/ 2 6 /1 02 5/ 1 20 7 /6 2 1 /2 7 /2 0 21 7/ 2 8 /1 02 7/ 1 20 9 /7 2 1 /2 9 /2 0 21 8/ 1 0 2 02 /1 9/ 1 2 1 1 0 21 /9 / 1 1 2 02 /3 0 1 1 2 /20 /2 21 1/ 2 1 /1 0 21 1/ 20 2 /1 2 2 /2 02 2

2.5%

5 /1

3.0% 1-Month % Change in Average Home Price

3.5%

4 /2

+15%

2022-01

Annual Home Price Growth Rate

2021-12

+20%

2021-11

7.8%

2021-10

2021-09

2021-08

2021-07

90+ Days Delinquent

2021-06

2.8%

2021-05

5.0%

2021-04

3.9%

2021-03

2021-02

2.8%

2021-01

60 Days Delinquent

2020-12

1.9%

2020-11

Annual Home Price Growth Rate

1-Month Home Price Change

2020-10

2020-09

2.1%

2020-08

2020-07

2020-06

2020-05

30 Days Delinquent

2020-04

2020-03

2020-02

2020-01

2019-12

2019-11

2019-10

2019-09

2019-08

2019-07

2012-01 2012-04 2012-07 2012-10 2013-01 2013-04 2013-07 2013-10 2014-01 2014-04 2014-07 2014-10 2015-01 2015-04 2015-07 2015-10 2016-01 2016-04 2016-07 2016-10 2017-01 2017-04 2017-07 2017-10 2018-01 2018-04 2018-07 2018-10 2019-01 2019-04 2019-07 2019-10 2020-01 2020-04 2020-07 2020-10 2021-01 2021-04 2021-07 2021-10 2022-01

DATABANK

YEAR-OVER-YEAR CHANGE IN MEDIAN SALES PRICE (COLLATERAL ANALYTICS)

30%

Condominium

25%

20%

15%

10%

-0.5% -5%

Source: Collateral Analytics

(AS % OF SERIOUSLY DELINQUENT MORTGAGES)

JANUARY 2022 FORECLOSURE STARTS

4.3%

4.2%

3.6%

2.4% 0.3% 4.3%

2.8%

4.5% 3.6%

3.6% 4.2%

3.8%

DISTRIBUTION OF SERIOUS DELINQUENCIES (90+ DAYS)

100%

In Bankruptcy

90%

50%

40%

30%

20%

Source: Black Knight, Un-Extrapolated Data Observations from McDash Flash Dataset

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.

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

First National Bank of America

Charlotte, North Carolina

East Lansing, MI

Founded in 2012, Deephaven is

With over 65 years of lending

a national, Non-Agency/Non-QM

experience, First National Bank of

mortgage provider.

America specializes in Non-QM loans, nationwide.

A full-service innovator in the NonAgency/Non-QM mortgage space

• Alternative Income Documentation

helping millions of Americans

Options

unable to qualify for a traditional,

• 12 months only of income history

government-backed mortgage to

• Self-Employed/1099

achieve their dreams of homeownership.

• ITIN or SSN

Available through both wholesale

• Recent Credit Events

and correspondent channels, our

Our alternative mortgage solutions

differentiator is our borrower-centric

are designed to help people turn

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

homeownership dreams into a reality in

Particular strengths include our own

the Retail, Wholesale or Correspondent

in-house underwriting and collaborative

space

teams that directly support our national network of independent mortgage

Visit:

brokers and loan officers.

www.fnba.com/wholesale www.fnba.com/correspondent

deephavenmortgage.com

www.fnba.com/mortgage

(800) 983-0457

Equal Housing Lender

info@deephavenmortgage.com

fnba.com/wholesale

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

(800) 400-5451

DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA,

requests@fnba.com

ME, MD, MA, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC,

LICENSED IN: Continental U.S.

SD, TN, TX, UT, VT, VA, WA, WI, WY

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

APR

Mid-South Mortgage Expo C HI CAGO. IL N M LS R E NEWA L CL A SS

MAY

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

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

Global Integrity Finance LLC

LoanStream Mortgage

Luxury Mortgage Corp.

McKinney, Texas

Irvine, CA

Stamford, CT

DSCR Rental NO DOC Loans 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 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 toby@globalintegrityfinance.com LICENSED IN: AL, AR, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC,

LoanStream Wholesale is the “One”

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our Correspondent division, visit www. luxurymortgagecorrespondent.com luxurymortgagewholesale.com (949) 516-9710 tpomarketing@luxurymortgage.com LICENSED IN: AL, AK, CA, CO, CT, DC, DE, FL, GA, IL, LA, ME, MD, MA, MI, MN, NV, NH, NJ, NM, NY, NC, OH, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WY

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

JUN

Motor City Mortgage Expo DETRO IT, M I N M LS RENEWA L CL A SS

JUN

Great Northwest Mortgage Expo P O RTL A ND, O R NMLS RENEWA L CL A SS

WHO L E S A L E L E N D E R RE S OU RC E GU IDE

ORIGIN ATOR TECH RE SOU RC E GU IDE

ReadyPrice San Jose, CA

ACC Mortgage

Angel Oak Mortgage Solutions

Rockville, MD

Atlanta, Georgia

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Acra Lending Lake Forest, CA

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First National Bank of America East Lansing, MI Bio: FNBA is a portfolio lender with over 65 years of experience. We understand that in the NonQM business, service makes all the difference. That’s why we are committed to providing you with the fastest turn times, exceptional service and loan programs that make growing your business easy! fnba.com/mortgage-brokers LICENSED IN: All 50 U.S. States

Find the full list of Wholesale Lenders on page 37

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

Find the full list of Originator Tech on page 37

COVER STORY

Does The Mortgage Industry Have A Problem?

Why women need to help other women BY ERICA LACENTRA, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

o many of the women that have been able to make a name for themselves in the male-dominated mortgage industry are often well-recognized company figureheads who inspire other females in the space and show them that there are opportunities for women to climb the corporate ladder. However, for every inspirational woman in the space, there seems to be several of her bullying counterparts in positions of power throwing out any and all sense of loyalty to her fellow females and doing whatever they feel necessary to stay on top. This may seem like a gross exaggeration, but it’s not confined only to the mortgage world. According to a new study from the Workplace Bullying Institute, women bully women up to 80% of the time. I have experienced this type of incivility from female colleagues numerous times in my career, and I would bet that if you asked other women in the mortgage industry if they have had similar experiences, the answer would probably be yes. So, in an industry where women are already in the minority and have to work harder to prove their worth, why are women not supporting each other?

IT’S TRUE, POWER CORRUPTS Unfortunately, it seems that because women have to fight so hard to get their seat at the table in the mortgage industry, once they get there, it isn’t as appealing to leave room for others. Women who get into positions of power in the industry who then bully other women they work with often do so because they feel threatened or insecure. Rather than viewing their colleagues as assets and working with them, they tend to view them as competition and as someone gunning for their role. It may also be that a woman is struggling with her own self-worth and the fight she had to go through to get to their final position of power. By making it easier for other females to climb the ladder, maybe in their eyes, it somehow makes what they had to go through to achieve success less meaningful. Another cause of these toxic bullying behaviors could be caused by the fact that women feel that, because they are in a leadership position in a maledominated industry, they need to model their behavior on their male peers. Seeing that acting more aggressive or intimidating works for their male counterparts in order to be taken seriously — or not seem incompetent — can be a driving factor for displaying these types of behaviors.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

Whatever the reasoning may be for acting this way, there is no real excuse for using these tactics to get ahead and this behavior shouldn’t be tolerated in workplaces. In the end, all it does is hurt female progress in the mortgage industry. Instead of normalizing women being successful in the industry, it perpetuates a lack of female leadership and discourages women from seeking mentorship from their female bosses.

HOW TO FIX THE QUEEN BEE PROBLEM While the old adage may be one bad apple spoils the bunch, that’s far from true and the mortgage industry is starting to make strides with its efforts to recognize women in the space. There are many more women’s events that promote empowerment, mentorship, education, and community within the industry. However, when the events are over, and women go back to their respective companies, how can they deal with incidents of bullying that may lurk at their workplace, and more importantly, prevent these types of instances from occurring in the first place? Much like conferences are developing women-specific events, companies need to develop better ways for their female employees to interact and develop a sense of community and trust with each other. Just like our industry is male-dominated, most workplaces at the companies within our industry are male-dominated, which create these feelings, as mentioned above, that women are pitted against each other and vying for positions of power and working against each other rather than with each other. If companies can develop mentorship programs and a better sense of culture and community for their female employees, it would go a long way toward dissolving these feelings of me vs. you when it came to working on projects together. Women tend to value the importance of relationships, not just transactional interactions, so having the ability to connect in a more meaningful way and build relationships with team members would go a long way not only toward eliminating the queen bee problem we are seeing in the mortgage industry, but also towards drawing more females into the industry and making it more appealing to women in the future. n

Women who get into positions of power in the industry who then bully other women they work with often do so because they feel threatened or insecure.

Erica LaCentra is Chief Marketing Officer for RCN Capital.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

S P E C I A L A D V E R T I S I N G S E C T I O N : N O N - QM L E N DE R DIRECTORY

CO M PA NY

A REA O F FO CU S

STATES LIC ENSC ED

WEBSITE

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UT, VA, VT, WA, WI, WY AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, IL, Angel Oak Mortgage Solutions

Angel Oak Mortgage

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Solutions is the leader in

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angeloakms.com

WY, Puerto Rico, U.S. Virgin Islands Multi-channel mortgage Arc Home LLC

leader with exceptional service and comprehensive mortgage solutions.

Civic Financial Services

ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, UT, VT, VA, WA, WV, WI, WY

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simple lending for real

MA, MI, MN, NV, NJ, NC, OH, OK, OR, PA,

estate investors.

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Deephaven is a national, Non-Agency/Non-QM mortgage provider.

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

Civic delivers fast, honest,

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AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA,

civicfs.com

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,

deephavenmortgage.com

ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WI, WY

Flexible mortgage Finance of America

solutions designed with

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unconventional borrowers

Virgin Islands

FOAmortgage.com

in mind.

First National Bank of America

Non-QM

Continental U.S.

fnba.com/wholesale

AL, AR, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, Global Integrity

DSCR Rental NO DOC

IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO,

Finance LLC

Loans

MT, NE, NH, NJ, NM, NY, NC, OH, OK, OR,

globalintegrityfinance.com

PA, RI, SC, TN, TX, UT, VT, VA, WA, WV, WI AL, AK, AZ, AR, CA, CO, CT, DC, FL, GA, HI, Impac Mortgage Corp.

ID, IL, IN, IA, KS, KY, LA, MD, MI, MN, MS, Non-QM

MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH,

impacwholesale.com

OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI AZ, CA, CO, CT, DE, DC, FL, GA, HI, IL, IN, KY,

LoanStream Mortgage

Non-QM / Jumbo

LA, ME, MD, MA, MI, MN, MT, NV, NH, NJ, NM, NC, OH, OK, OR, PA, RI, SC, TN, UT, VA,

loanstreamwholesale.com

WA, WI Non-QM, Wholesale,

AL, AK, CA, CO, CT, DC, DE, FL, GA, IL, LA,

Luxury Mortgage

Delegated Correspondent,

ME, MD, MA, MI, MN, NV, NH, NJ, NM, NY,

Corp.

Non Delegated

NC, OH, OR, PA, RI, SC, TN, TX, UT, VA, WA,

Correspondent

WI, WY

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

luxurymortgagewholesale.com

S P E C I A L A D V E R T I S I N G S E C T I O N : N ON - QM L E N DE R DIRECTORY ( C O N T ’ D . )

CO M PA NY

A REA O F FO CU S

STATES LIC ENSC ED

WEBSITE

AL AK AZ AR CA CO CT DC DE FL GA ID PCF Wholesale

Non QM Made EZ, DSCR

IL IN IA KS KY LA ME MD MA MI MN NV

and Alt Doc

NH NJ NM NC OH OK OR PA RI SC TN

pcfwholesale.com

TX UT VA

Quontic Bank

No Ratio & Lite Doc — Owner Occupied & Investor

All 50 U.S. States

quonticwholesale.com

AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, Sprout Mortgage

Sprout Mortgage is a

HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI,

nationally recognized

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

leader in Non-QM lending.

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

sproutwholesale.com

VA, WA, WV, WI, WY Full-service correspondent Verus Mortgage

investor offering residential

Capital

Non-QM and investor rental

Continental U.S.

verusmc.com

programs

S P E C I A L A D V E R T I S I N G S E C T I O N : WH OL E SAL E L E N DE R DIRECTORY

CO M PA NY

SPECI A LTY/NI CHE

ACC Mortgage

Non-QM

Acra Lending

Non-QM / Jumbo

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WEBSITE

ACCMortgage.com

AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME, MD, MI, MN, MT, NE, NV, NH, NJ, NC,

acralending.com

OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, Angel Oak Mortgage Solutions

Non-QM, Non-Agency

KS, KY, LA, ME, MD, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT,

angeloakms.com

VA, WA, WV, WI, WY, DC First National Bank of America

Non- QM

All 50 U.S. States

fnba.com/mortgage-brokers

S P E C I A L A D V E R T I S I N G S E C T I O N : ORIGIN ATOR TEC H DIRECTORY

CO M PA NY

A REA O F FO CU S

WEBSITE

Calyx

Loan Origination Software Solutions

calyxsoftware.com

Capacity

ReadyPrice

AI-powered mortgage support automation platform that connects your entire tech-stack.

capacity.com

readyprice.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022 |

FACEBOOK THOUGHTS

Dad, To The Max

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 were listening to music as we drove home from our Nick Roberson Costco excursion last night, suddenly Savannah started flailing her arms and legs around and moving all over her seat. Me: What the heck are you doing? Are you having a seizure or something? Savannah: No, I am interpretative dancing. Me: Oh really? Savannah: Yes! Don’t you keep up on the latest trends? (The beat of the music was really picking up, and her movements were becoming more and more dramatic) Me: You had better be careful. You are going to break a window or something. Savannah: (slightly giggling, she elbows me twice and smacks me in the back of the head without breaking out of her interpretative dance character) Me: Ow! What the heck was that for? Savannah: I was interpreting how I would react if you missed our turn. Me: Wait, what?! Oh crap, I missed our turn! Why didn’t you say something? Savannah: I thought the interpretive dance slap in the head would be sufficient. (Savannah laughing hysterically while still dancing). I will get even. I am going to buy her a big mirror so that she can see just how ridiculous her interpretive dancing looks. This interpretive dance battle is not over! ••• I was watching Animal Planet tonight, and I learned something new. You can distinguish an alligator from a crocodile by paying attention to whether the animal sees you later, or in a while. ••• It was not a bad Sunday. Savannah and I stopped in Target yesterday, and she asked me why we were there. I told her I didn’t have enough toilet paper to build a T.P. fort in my home office. She thought I was kidding until I started pulling the big packs off the shelf and stacking them up in the aisle. I was about nine packs in before we started drawing attention. Savannah made a run for it. A nice young man, who clearly drew the short straw, came

over to ask me if I needed any help. I asked him where he was five minutes earlier when the fort was under attack. Then I casually placed the T.P. back on the shelves and walked away. Savannah was halfway to the door laughing her butt off. ••• If you boil a funny bone it becomes a laughing stock. That’s humerus. ••• Last night Savannah and I were just settling in to watch a show on TV. She walked into the room, gave me a hug and a kiss on the top of my head, and thanked me for being the best dad ever. I smiled and did what any dad would do in that situation. I jumped up, spiked the remote control on the ground, thrust my arms into the air, and yelled (in the deepest dad’s voice I could muster), “YES! I KNEW IT! I’M THE BEST!” Then I took a victory lap around the interior of the house with arms thrust into the air and shouting, I was number one. I came back into the living room at full speed, dropped to my knees, and did a soccer-style victory slide across the wood floor. As Savannah rolled on the couch laughing, I came to a couple of realizations. I was lucky I had a spare remote control, my favorite pair of jeans were now incredibly drafty in my nether regions, and my knees were probably going to be punishing me for my joyous celebration for the next few days. It was all worth it though. I am going to miss those jeans, which, as Savannah said, “No, you can’t still wear those pants!” I should probably save them just in case though. It might be a very hot summer. ••• If anyone gets a message from me about canned meat, don’t open it. It’s Spam. ••• When you drop something when you’re young, you just pick it up. When you’re older and you drop something, you stare at it for a bit contemplating if you actually need it anymore. n

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | MARCH 2022

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

Fi n

LANS WITH P RC R U N YO C L ITA AP

ELE VA T

NEW CONSTRUCTION FINANCING

Yo u

he r Pr t oj e c t s f ro m

ou r G

The Leader in Non-QM