NMP National Mortgage Professional November 2022

©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

It’s ‘Game On’ For Broker Biz

Perhaps it’s kismet that this issue is coming out right before national elections. Because there certainly seems to be quite a bit of political gamesmanship in the mortgage industry right now.

As interest rates have soared, originators have seen a massive drop-off in volume and income. This has crippled some. But at United Wholesale Mortgage, execs there saw an opportunity for a power play. Give brokers a chance to offer mortgages a half to a full percentage point lower than conventional rates. Brokers were ecstatic over this idea.

Let’s look at this like a campaign rally. Brokers could choose many different lenders. But one of them says, “Pick me and you’ll have more money in your pocket.” That’s the candidate who’s going to be leading in the polls.

Frankly, it’s a brilliant business move by UWM. It ties brokers more closely to the company. It tempts those who haven’t signed up with UWM to do so — and in so doing, have to agree not to do business with UWM’s biggest rivals. The rate cut will eat into UWM’s margins temporarily, but it will ratchet up market share. And UWM benefits for as long as it keeps the cut in place, and even beyond. It can shut down the program whenever it wants, and it has lots more brokers contractually obligated to it.

If you can buy UWM stock, you should do it. Those guys play to win.

COMMUNITY CONTRADICTION

But is this good for the broker community in the long term? Because the action is helping — not causing, but speeding along — the demise of many other wholesalers who not only see a huge drop in volume, but no way to match UWM’s disregard for profits, fleeting though it may be. That means that broker choice is being whittled down right in front of our eyes. And brokers without choice — or with nominal options — aren’t really brokers at all. They’re distributed retail branches, who have to pay all their own overhead.

Last year, UWM said it was taking the high road for brokers, by insisting that they shouldn’t work with certain other lenders. UWM contended that those wholesalers weren’t good for the industry in the long term, and it was working to correct the situation. But now, UWM says it’s only concerned with brokers’ immediate well being. It dismisses the idea that elimination of choice is bad in the long-term for brokers.

Every company has to protect its own. And there’s nothing intrinsically wrong with UWM’s latest stand. But its message is contradictory to what it said last year about protecting brokers. It said then what it thought brokers wanted to hear. It’s doing the same thing now, and expecting to reap the rewards of being inconsistent in the community, but consistent in its game plan to grab more market share.

That’s a lot like the politicians who say one thing and months later take a completely different spin on issues, saying whatever voters want in order to be elected. But watch the polls: that’s a winning strategy, in politics and in business. n

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Defining Company Expectations

Standards are set based on expected results upfront before problems arise

BY DAVE HERSHMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

We have spoken about developing a company/ branch culture.

We have also talked about

setting expectations upon hiring a loan officer. The lack of communication of expectations results in expectations that don’t match and thus turnover.

This is the proper juncture to bring up the issue of standards. The standards of your branch/company will be as a result of your expectations. In addition, they set the stage for effective coaching and monitoring — two topics that I have addressed previously.

THE MOST SIGNIFICANT STANDARD?

It is more likely that the branch or company will have a productivity standard than any other standard.

For loan officers this may include volume, number of loans or

gross revenue produced per month, quarter and/or on a yearly basis. For a processor or closer, it may be the number of files that go to closing each month. We will address the question mark after the above caption in a few moments. First let’s address a very central question:

For commissioned loan officers, should there be a production standard?

Some would argue that a loan officer on 100% commission that is not using a desk and is not being provided with benefits, costs the branch nothing. Therefore, any loan brought in is an additional revenue source without adding to the expenses significantly.

In reality, you cannot take a look

at the costs in monetary terms. The loan officer, especially if less productive, will use resources of the branch — from processing to the manager’s time. There are a limited number of resources and the use of these by a low-level producer may preclude the use of resources for other important tasks such as recruiting.

Another issue is the development of a company culture or atmosphere. Top producers tend to want to participate in an environment in which they are challenged. It is hard to be challenged by those producing one loan each quarter. That is why very productive branches tend to get stronger. And these branches are likely to have significant production standards.

Of course, during the refinance boom of the past few years, few contemplated the “resource” issue. When production wanes we are caught between keeping a loan officer because every loan counts more and realizing that we don’t have unlimited resources.

WHAT COULD BE MORE SIGNIFICANT?

Back to the question mark. What could be more significant than production standards? Believe it or not, there are many standards that are just as important, if not more important. For example:

• Standards for quality. Loan officers that hand in files that are incomplete use up a greater amount of company resources per loans closed. This is especially true if the fallout ratio is high. If the company is constantly processing “air” — then it will be hard to be profitable.

• Standards for ethics. It does no good to produce many loans and then lose your license or perhaps be suspended by a lender.

STANDARDS OF BEHAVIOR

A good example of a behavior standard would be attendance at sales meetings. Are they mandatory? You might point out that 1099 originators can’t be required to attend meetings because they are independent

who participate in the meetings?

Of course, meetings do not comprise the only standards of behavior. How are the employees to dress? Is the office business casual or suits? Can they come in any way they please, even if there are clients being serviced in the office? It may be disconcerting for a loan officer to meet with a top client and other originators are walking around in cut-off shorts.

THE KEY IS COMMUNICATION

It does not help to set standards if they are not communicated, especially up-front. You do not want a loan officer

contractors. You will note that the vast majority of Realtors are also a 1099 status. Yet, you will see that in some offices the vast majority don’t attend the meetings and in other offices, the vast majority do attend the meetings. Making the meeting mandatory is not the issue. The issues are:

• Did you set the expectations at the time of hiring?

• Did you hire the right people? Successful people do the right things and that includes attending meetings that will help in their success.

• Are the meetings helping them and are they interesting? The best people will quickly recognize that poor meetings are a waste of their time.

• Are these meetings imbedded in the culture? Are they held regularly? Are there rewards given out for those

informed of a behavioral standard only after they violate that standard. This issue should be covered as part of the hiring and orientation process. And communication “up-front” is not the only issue. Communication of these standards must be continuous. These standards will only be ingrained into the culture if they are reinforced on a regular basis. 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

It does not help to set standards if they are not communicated, especially up-front.

Improving Communication & Collaboration Across Your Organization

Warning signs to identify if your company is having communication issues and what to do

BY ERICA LACENTRA | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

veryone has heard the phrase communication is key, but this is especially true in organizations where each department is responsible for their own piece of the process, like in the mortgage industry. Especially when volume is high and deadlines are tight, it can be so easy for each department to put on their blinders, keep their heads down, and think only of the tasks at hand that they are responsible for.

However, as we all know, a loan cannot go through the entire origination process smoothly unless all areas of a

mortgage lending company or a mortgage brokerage are communicating efficiently and working in tandem to get that loan to the closing table and beyond.

Companies with siloed processes typically experience a lack of open communication across departments and little thought as to how their piece of the puzzle factors into the overall company vision meaning there is a greater likelihood of choppy processes, avoidable delays, and ultimately unhappy customers. The problem is many organizations don’t even realize they are working in silos until the cracks begin to show and customers and business begin suffering. So, what are some of the warning signs to identify if your company is having communication issues, and most importantly what can be done to improve communication throughout your entire organization before the damage is done?

SHARE YOUR VISION

Have you ever worked in a company where one department or certain employees seem to constantly receive all the accolades and recognition regardless of how much work others are doing to get to the finish line? It can be very easy for businesses to focus on who they view as the “money

makers” but this mentality is extremely detrimental to the overall success of an organization.

That lack of recognition across an organization is likely to cause animosity and cause departments to fight to share the spotlight, leading to reduced communication across departments and a greater unwillingness to collaborate. This is particularly dangerous to growing organizations as new hires are likely to take cues from more seasoned colleagues, leading to a deeper divide in a company and employees focusing on their task at hand rather than how their work fits into the bigger picture and how their work affects other departments.

If this sounds familiar, you were likely working for a company that lacked vision, or that vision was never properly articulated to its employees. Having a lack of vision in an organization is one of the top reasons why siloed workflows start occurring and communication and collaboration don’t happen. When employees don’t have a common goal to work towards and understand where each department not only fits into the process but the importance of how each department interacts with each other, collaboration and interdepartmental communication simply don’t seem necessary even when this couldn’t be farther from the truth.

Creating a vision and instilling the mentality that each department is critical to the organization’s success is one of the best ways to ensure departments don’t work in silos and are communicating and collaborating. Rather than focusing on individual goals for each department only and having those goals exist in a bubble, departments will develop their goals and objectives to benefit the organization. This often also allows organizations to not only recognize where bottlenecks are occurring, but it encourages departments to work together to figure out how each area can improve efficiencies to make the overall process more seamless and smoother. Working towards a common vision helps organizations look at the bigger picture and builds greater trust between departments because everyone

is looking towards how to reach that goal rather than how their department can be in the spotlight.

UNITE YOUR TEAMS THROUGH TECHNOLOGY AND SOCIALIZATION

Especially with a shift post-COVID to remote work or hybrid work models, many companies have simply failed to acknowledge that employees don’t have as many opportunities to easily communicate with their fellow colleagues. A lack of appropriate technology that encourages or allows for easy collaboration can also be a huge pitfall for companies because employees simply may find it too difficult to accomplish it. While video meetings or company chat services like Teams or Slack may be in use, those tools

projects are in process and providing greater transparency with tools like this can be key when teams cannot always easily collaborate in person.

In addition to adopting better technology, sometimes there really is no better solution than ensuring that cross-departmental interactions are happening. Joint department meetings, cross-departmental training and shadowing, and even good old fashion team-building events can be extremely beneficial to fostering a more cooperative workplace. Cross-departmental training and shadowing can provide new perspectives to improve efficiencies. It can also provide greater context as to how one department affects another and how departments can work together or make that interaction smoother. Encouraging these interactions leave

probably only scratch the surface as to how departments can better interact with each other.

Organizations should be looking at digital collaboration tools to help unite departments whether they are remote or not, foster greater communication, and most importantly develop clear workflows that can give greater visibility across teams. Project management platforms, like Monday and Trello, can be a great place to start for companies that are just dipping their toes into digital collaboration tools. Tasks across departments can be clearly seen so there is no question as to where something like notes can be left along the way to better inform departments that may be picking a task up mid-process, and collaboration can usually happen in real-time to improve efficiencies and keep things moving. Being able to see what initiatives and

lines of communication more open which will ultimately lead to greater collaboration.

DON’T WAIT, COLLABORATE

Lack of communication and siloed workflows can be extremely detrimental to an organization’s success. That’s why whether your organization is big or small, you should constantly be encouraging greater communication and collaboration. Small changes, like what was mentioned above can have a huge impact such as creating more efficient workflows, reducing duplicated work, and creating a much more enjoyable customer experience. So, empower your employees to work together, and get people talking. n

Erica LaCentra is chief marketing officer for RCN Capital.

Creating a vision and instilling the mentality that each department is critical to the organization’s success is one of the best ways to ensure departments don’t work in silos.

All Hands On Deck

Work with others to keep your clients in their homes

BY LEW SICHELMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

It’s no secret that borrowers don’t like it when their lenders, the ones they planned to pay, transfer their mortgages to third party servicers. But when a loan is traded from one servicer to another, it really yanks a borrower’s chain.

That fact was brought home again recently by J.D. Power, which found that the trust factor fell significantly when servicing is sold repeatedly. And that’s on top of the confidence people lose when the originator ships their mortgages off in the first place.

Power’s 2022 Mortgage Servicer Satisfaction Survey, which polled nearly 8,100 borrowers, found that their level of contentment slipped considerably — 130 points on a 1,000-point scale — when mortgages are passed off by the originating lender. And when loans are dispatched again, the satisfaction level sinks by 133 points more.

In total, that’s more than a 25% decline. And by that time, moreover, the level of satisfaction is only about half that of borrowers whose loans were written and administered by the same company, Power says. Indeed, after a mortgage was transferred, only 15 percent of those customers said they were “very likely” to consider

using the original lender sometime down the road.

HIDE, NOT HELP

Is it any wonder, then, that when a borrower finds himself in financial straits and is having trouble making his payments, no matter which outfit is collecting them, he tends to hide rather than come forward and ask for help?

Even when the lender/servicer reaches out, borrowers tend to ignore them.

Part of that, of course, is that many borrowers think they’ll be able to rectify their situations all by their lonesomes. Another part

is that some just bury their heads in the sand, hoping their problems will magically disappear on their own. But some folks just lose faith in the entire process, so much so they think they’ll just be spat upon again.

This all matters because more and more borrowers are finding themselves in financial difficulty of late. In August, the latest figures available as I am typing this on my old Royal Plus, foreclosure notices were filed against 34,500 properties country-wide, according to ATTOM, the real estate data company. That’s up 14% from July, and 118% from August a year ago.

Black Knight also reports that

foreclosure starts bumped up in August. Repo filings were still about half what they were during the pandemic, but up, nevertheless. And it’s likely to get worse, according to LendingTree. By and large, most people are not behind on their payments, the lender-borrower matching service said. But nearly one million face the threat of foreclosure “in the next two months,” the outfit reported in late September.

CONVENTIONAL DEFAULTS

Not to beat this horse to death, but consider a report from Milliman, which now expects conventional mortgages to default at some point in their lifetimes at an increased rate. Already, the actuarial firm says the rate at which loans are late by 180 days or more is rising, mainly at the hands of cash-out refis.

All this begs the question: How can services reach borrowers? And better yet, how can the various players in the home buying process help?

It seems to me that realty agents and loan officers could very well play an instrumental role in bringing clients who have run into financial difficulty to the table to discuss their troubles and figure a way out. After all, there are numerous options available, if only borrowers would sit down and talk about where they stand.

So I asked two different servicing executives — Darrell Neitzel, vice president of operations at Sourcepoint, and Allen Price, a senior vice president at BSI Financial Services — how they can enlist a borrower’s agent or lender (assuming they are trusted) to speak to their former clients on the servicer’s behalf. Both indicated they’d welcome any help they can get.

Of course, you’d need to secure the borrower’s permission to reveal his loan status to his agent or lender, as Neitzel rightfully points out. But it says here that you don’t have to disclose any details when calling them to ask them to reach out to their former clients. Yes, it might be a tacit indication that something’s wrong. But as long as nothing is actually verbalized, it seems kosher to me to make that effort in order to help borrowers save their homes.

Neitzel said the most success he

has had with this approach is when the underlying property is listed for sale. But still, he warns, “third-party authorization from the borrower is required for the agent to learn the details of the loan status.” And Price agreed. “Going around a borrower’s back and doing things they aren’t aware of won’t do the trick,” he said.

LINE OF DEFENSE

At the same time, though, Price believes a familiar presence might just help convince the borrower to speak with the servicer. Indeed, “receiving advice from a familiar voice is often the first step to trusting” the servicer, he said. That’s why agents and lenders might want to advise their clients in advance if they ever find themselves unable to make a payment — or even think they might miss a payment — their counsel is always available.

Tell them that the big bad mortgage company may be big but it isn’t so bad. Tell them the servicer is not interested in taking their homes away from them. Tell them the servicer will listen to their plight and offer different ways to help overcome whatever difficulties

You also can act as a first line of defense against unscrupulous mortgage relief operators who fleece unsuspecting borrowers out of millions every year. The Consumer Financial Protection Bureau has rules to do that, but Uncle Sam can’t stop them all. Like the guys the Federal Trade Commission and the California Department of Financial Protection want to stop from operating an alleged sham mortgage relief operation.

A federal court has temporarily shut down the operation and frozen the assets of the two defendants who supposedly targeted distressed homeowners with their deceptive claims in telemarketing calls, text messages and online ads, often promising that in just three months, they can get consumers’ mortgages modified. In some instances, they supposedly claimed to have ties to Uncle Sam.

NOT LEGIT

For what it’s worth, legit servicers shy away from social media when trying to make contact with bashful borrowers. BFI has found that tracking down borrowers through e-mails, texts and direct messaging doesn’t work

they may have. Tell them to give the servicer a call. And while you’re at it, tell them that servicing is transferred on almost every loan these days so they won’t be so pissed off.

The sooner servicers are able to make contact, the better, so every trusted advisor should not delay trying to help. “You want to reach a borrower and find the cause as early as possible,” Price told me. “It’s like a patient and his doctor; the sooner the diagnosis, the better chance there is for recovery. At the end of the day, building trust through empathy and education improves the chances of keeping borrowers in their homes, which is what everybody wants.”

because “consumers often find these methods suspicious and intrusive,” Price said. “Basically, it’s the opposite of building trust. In fact, they can even hurt a servicers reputation.”

Once contact is made, Sourcepoint operatives “steer away from starting calls with asking for a payment,” said Neitzel. The company starts by saying “we are here to help” and continues to emphasize that “we want you to stay in your home.” And Price said BSI has found that “the more we educate borrowers, the better chance we have to earn their trust and help them.”

You can at a minimum tell your former clients that several different options are available to keep them in their homes.

ALL HANDS ON DECK

That’s where trusted advisors can help as well. Though the specific details are best left to trained workout specialists, you can at a minimum tell your former clients that several different options are available to keep them in their homes, as are a couple of choices if they decide they can’t hack it anymore. At the very least, you can advise them that foreclosure is a process, not an event, that takes months or even years to complete. So depending on where they live, it could take a while. Not as long, perhaps, as the California couple who hadn’t made a payment since 2009. They were finally kicked out of their $1.7 million manse this summer. But they lived, rent free, ever since their mortgage was modified 13 years ago. Obviously, these are not the kinds of borrowers who want help fixing their situations. But there will be thousands of others who need help. And

it may just take a call from their agent or broker to push them along. 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 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.

Picture your dream home. Now look down. There’s a bright red line keeping you out. Join host Katie Jensen as we dive into redlining and the legacy of discrimination. You’ll hear first-hand accounts from those who’ve had to fight back to achieve their dreams. And we’ll challenge industry leaders on how to rewrite this legacy.

Listen by

> Texas-based Lone Peak Lending has joined the Panama Mortgage Group and Donovan Stamps will lead the company as president.

> Cenlar FSB, a mortgage loan subservicer and federally chartered wholesale bank, hired Ang Shen as vice president of model risk management.

> Nations Lending has hired Stacey Gross as branch manager for its new Scottsdale, Ariz., location.

> Sales Boomerang and Mortgage Coach announced the appointment of Rich LaBarca to the role of chief product and technology officer.

Selling Millennials A Mortgage

LOs find it’s more about the message than the technology

BY DOUG PAGE, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL

Millennials, those nearly 72-million strong digital natives, outnumber aging, analog baby boomers, meaning that if mortgage brokers, originators, and loan officers want to sell this dominating consumer group a loan, they better speak their language, understand their touchpoints, and

know where to reach them.

Born between 1981 and 1996, millennials, the U.S. Census Bureau estimated three years ago, surpassed baby boomers as the country’s largest living generation. They’re also considered the country’s first “digital natives,” meaning they’ve never known a day without the internet, email, and cellular phones. They learned to communicate with their friends and family via email while growing up

and extended it to text messaging and various social media outlets, including Instagram and SnapChat, becoming the country’s biggest digital users.

But there’s something else that gives them added importance for any mortgage broker or loan officer: These digital natives currently comprise 43% of all homebuyers, reports the National Association of Realtors, up from 37% of all homebuyers a year ago.

Often criticized for taking their time

> RiskSpan, a technology and compre hensive data management and analyt ics company appointed Patricia Black as its chief client officer.

> SingleSource Property Solutions, a provider of residential property, has hired Jodi Bell as vice president of national sales.

> Waterstone Mortgage Corporation announced the opening of a new branch in Tampa, Florida, led by Regional Manager Chris Smith

> Total Expert announced that Dan Catinella has joined the company’s executive leadership team as chief lending officer.

to grow up and slow to make decisions, millennials are similar to preceding generations: Like baby boomers, born between 1946 and 1964, and Generation X, born between 1965 and 1980, they, too, faced issues and experiences unique to them, including increased college tuition costs, which means they’re likely still paying off student loans, and continue to feel the fallout from the 2008 mortgage crisis and the recession that followed.

REACHING THE MILESTONE

“The 2008 financial crisis, student debt, and then the skyrocketing prices over the past two years have kept them from reaching that (homeownership) milestone,” said Chicago-based generational strategist Katherine Jeffery. “For many, home ownership is important, but some feel like renting is where they will end up.”

Her discovery of how millennials view the possibility they’ll become homeowners was backed up earlier this year by Bankrate, when, in a survey, it learned that 44% of millennial nonhomeowners cited high home prices as the reason they continue to rent.

Lisa Fenske, senior vice president for marketing and communications at Pewaukee, Wis.-based Waterstone Mortgage, echoed Jeffery’s views.

“Their age group — just like any generation — has seen its share of unique challenges. From student loan

debt to unpredictable job security, millennials continue to face some tough obstacles,” she said.

To better understand the best way to approach and sell millennials a mortgage, National Mortgage Professional Magazine surveyed over 300 mortgage brokers, originators and loan officers via email, soliciting them for their best suggestions on working with this generation, many of whom are now in their prime homebuying years.

IT’S THE MESSAGE

One Texas-based mortgage loan officer warns that brokers and loan officers who don’t change their message do so at their peril.

“Millennials are planners, researchers and spreadsheet builders,” said Dallasbased Claire Richard, who is also a millennial and a branch manager for Park Cities Mortgage. “They recognize the importance of building equity and have access to a vast resource, the internet. The best way to encourage millennials to take action is to take a step back and promote no action.

“What I mean by this is that we need to pitch the conversation, not the sale. Pitch your expertise, your likeability, and your availability. Take time to provide different down payment scenarios and define a goal to which they can work. Start by playing the long game,” she added.

For the loan officer that doesn’t recognize how millennials operate, Richard offers this warning: “We must adapt, and we must adapt quickly because if the rate of change outside of our business happens faster than inside the business, we won’t survive.”

MILLENNIALS ARE RESEARCHERS

While there are a variety of views on

> Cenlar FSB, a mortgage loan subservicer and federally chartered wholesale bank, announced that Gary Gaskin has been named vice president of transfer services.

> Planet Home Lending, a national mortgage lender and servicer, has hired Lynette Hale-Lee as western regional manager.

> Gateway Mortgage, a division of Gateway First Bank, an nounced the promotion of Steve Thomp son to regional vice president of the South Texas Region.

> HomeGuide Mortgage, a joint venture partnership between CMG Financial and RE/MAX Gold Nation announced its new venture president, Tim Carroll

Katherine Jeffery, generational strategist

Lisa Fenske, senior vice president for marketing and communications, Waterstone Mortgage

“We need to pitch the conversation, not the sale. Pitch your expertise, your likeability, and your availability.”

– Claire Richard, branch manager, Park City Mortgages

how millennials act before deciding to buy a home, one of the answers received most often from those responding to the survey is that the way millennials conduct research separates them from previous generations.

“We find millennials are information seekers and like to do plenty of research on their own before taking action to speak with a professional,” said Tucson, Ariz.-based Margaret Taylor, a senior loan officer with Nova Home Loans. “This is the generation that has grown up learning from Wikipedia and YouTube as much if not more than they have from traditional education.

“Online content helps them understand what they need to do to be prepared to make a purchase and understanding the steps necessary tend to resonate with them,” she added.

Another mortgage originator

PEOPLE ON THE MOVE //

> Repay Hold ings Corp., a provider of vertically integrated payment solu tions, added Erik Skinner as senior vice president, mortgage vertical executive.

describes millennials as knowing that the sooner they buy, the better off they are financially.

“They aren’t waiting for the marriage, white picket fences and 1.5 kids (before buying a house),” said Peoria, Ariz.-based Loan Consultant Matt Oliver, with the Lund Mortgage Team. “They understand, at a younger age, that buying property is a large step towards wealth creation.”

WHERE TO MESSAGE

While many responding to the survey

agree about where to reach millennials — online, especially on social media sites, like TikTok and Instagram — there are aspects of this generation some mortgage originators and loan officers might find surprising.

“They may be mobile-first digital natives who will expect a seamless online experience, but they also value human connection and one-onone guidance from a trusted advisor,” Anderson said. “First-time homebuyer seminars, workshops, podcasts and in-person consultations are particularly powerful for brands and advisors to demonstrate value and build relationships with potential customers.”

Dallas-based Richard says monthly emails, and the way they are presented, are essential for reaching millennials.

“When crafting your email, you should angle to avoid ‘the unsubscribe button,’”

SHARE CAREER NEWS WITH NMP™

> Consumer lending and real estate ser vices provider loanDepot has appoint ed Gregory Smallwood as chief legal officer and corpo rate secretary.

> Ross Mort gage Corpo ration, head quartered in Troy, Mich., is expanding into Tennes see with local mortgage leading expert Alex Jimenez

Have news of a major new hire or promotion in the mortgage industry? Submit the information to Senior Editor Keith Griffin at kgriffin@ambizmedia.com for possible publication. Announcements should include a headshot. NMP™ has the final determination on which items are published.

Matt Oliver, Loan Consultant, Lund Mortgage Team

Margaret Taylor, senior loan officer, Nova Home Loans

she said. “You achieve this by keeping your emails concise, visually pleasing, geographically pertinent and engaging. The unfortunate downside of all the wonderful resources millennials have at their fingertips is a short attention span.

“You must hustle harder to stay relevant. Remember, no one needs a loan officer until they need a loan officer and when they need one, it’s your name they should be seeing,” she added.

‘EMPOWER THROUGH EDUCATION’

Any message, says generational strategist Jeffery, must be genuine.

“They want to buy from brands that show authenticity and are somehow making the world a better place,” she said. “If something is going to improve their life or someone else’s, that is a very good thing.”

Adds Sacramento, Calif.-based Matt Gougé, the branch manager at UMortgage, “If you want them (millennials) to act, you have to empower them through education. In the mortgage and real estate space, the content that provides value and educates is the content that gets consumed, shared and engaged.”

But it’s not all about a website, he says.

“Millennials want a combination of high tech/high touch, which means you need to have technology to make

the application and home buying process smooth and easy (but) you also have to insert the human component to advise, listen and guide. It’s a multiprong approach.”

REMEMBER TO LISTEN

Eric Mitchell, an executive vice president with San Diego, Calif.-based Gold Star Mortgage Financial Group, also says listening is important when it comes to engaging with millennials.

“They don’t want to be persuaded or feel coerced,” he said. “They want transparent access to simple information so they can make a decision on their own terms. The company that listens will win them over.”

And the message is crucial, says Waterstone Mortgage’s Fenske.

“One of our biggest challenges is helping millennials understand that their financial situation doesn’t have to be perfect if they want to purchase a home — and that building longterm equity via homeownership is almost always worth the financial commitment,” she said. “This is where transparency comes into play — if we can be genuine, upfront and clear with our messaging, millennials are more likely

to trust us with their business.”

The message also needs to be to the point, says Jim Anderson, senior vice president of marketing at Plano, Texasbased Finance of America Companies.

KEEP IT SHORT

“Brands need to follow the ‘TLDR rule’ (Too Long, Didn’t Read) and build snack size content and video is effective here,” he said. “Finance of America Companies regularly launches campaigns that incorporate videos, infographics and social media to concisely highlight a myriad of financial subjects.”

Anderson also counsels that millennials, like other first-time homebuyers, can be confused about what it takes financially to buy a home.

“If a homebuyer doesn’t understand the different mortgage options available to them or has misconceptions of what it takes to buy a house — for, instance, believing that a 20% down payment is required to purchase a home — then they’re less likely to consider purchasing a home,” he said.

“It’s important to focus on providing guidance and education for these potential customers and work with referral partners like real estate agents and financial planners to reach them.” n

Matt Gougé, branch manager, UMortgage

Eric Mitchell, executive vice president, Gold Star Mortgage Financial Group

Jim Anderson, senior vice president of marketing, Finance of America Companies

5 Ways Smartphones Can Boost Your Productivity

Use these tips to improve your team’s efficiency and productivity

BY RIEVA LESONSKY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

If you’re a devotee of iPhones, it’s time to get excited—Apple just unveiled its new lineup of smartphones. Since the release of iPhones in June 2007, they have changed how we work and live.

Whether you’re a loyal iPhone user or a fan of Android, there is likely a lot you don’t know about how smartphones can improve your team’s efficiency and productivity.

Here are some tips for how smartphones can boost your business.

READ YOUR VOICEMAIL

A current TV commercial pokes fun at people who leave voicemail messages (“in most cases, a text will do”), implying voicemail is old school. While you may not agree with that assessment, we can all agree that listening to voicemail can

be time-consuming. You can remedy that by using visual voicemail, which instantly transcribes voicemails, letting you check them at a glance.

All iPhones and most Android phones come with a built-in visual voicemail app, or your carrier may provide one. You can get a third-party app if you don’t like the app supplied with your phone. The Android Guy says that while it’s likely, that you won’t need one, “if you’re running an older phone, or don’t have a phone plan,” check out their list of seven best visual voicemail apps.

Rieva Lesonsky

Alternatively, you can use the Google Voice app (available for Android and iOS) to convert your voicemails into Gmail (Google) emails or text messages that you can read later, suggests Todoist.

GET A SECOND LINE

Since weaning off my home landline, my mobile phone is constantly ringing, and I often don’t know if it’s a business or personal call.

To deal with the problem, I’ve considered getting a second smartphone but have hesitated because of the cost. I’m tough on my phones and didn’t want to get a cheap burner phone.

If you identify with this dilemma, you’ll be happy to know it’s not necessary to juggle two smartphones. Sideline, which has been around since 2016, allows you to get a second number for your phone.

Getting that second number saves you the cost of buying a new phone and allows you to separate your work and business lives. Or have another line for any side hustles you’re also operating.

The additional number is fully functional, offering unlimited calls and texts, separate voicemails and contacts, auto-reply, and more. Plus, you can choose your area code to project a local presence in any area you want.

In these days of remote or hybrid work, you might also consider getting a

second number for your remote workers, eliminating the expense of equipping them with a work phone in their homes.

STAY FOCUSED

Smartphones make you more efficient but can also rob you of productivity, constantly tempting you to check emails, social media apps, and news feeds. Focus Mode on Apple devices allows you to turn off notifications with one swipe, reducing interruptions from any Apple device like an iMac computer, iPad, or MacBook laptop. MUO (MakeUseOf) lists several focus modes you can choose from.

For anyone using an Android device, Online Tech Tips says, “if your device

runs Android 10 or later, you can enable Focus Mode manually or configure it to auto-activate on a schedule.”

AUTOMATE TASKS

MUO also shares how using the Shortcut app on your iPhone allows you to automate repeated tasks, saving you lots of time. You can create the shortcuts yourself or download some from the internet.

Samsung phone users can create routines using Bixby, the virtual assistant features.

MUO cautions that Shortcuts need to be updated occasionally due to API changes and the release of new versions.

ADD A VIRTUAL ASSISTANT

Speaking of shortcuts and saving time, adding a voice-activated personal assistant to your phone can save you significant time because the assistants do the work for you. Most can place calls or send texts on your command.

Many phones come with an included voice-activated assistant, like Samsung’s Bixby and iPhone’s Siri. You can add Alexa to your smartphone if you’re an Amazon Echo fan.

In addition to Alexa, there are several virtual phone assistants from thirdparty providers you can put on your smartphone, like Google Assistant and Microsoft’s Cortana. If you want to take it up a notch, check out DataBot, which speaks and understands 13 languages and, in addition to helping you with work tasks, can entertain you with jokes and riddles.

There’s no question that smartphones have significantly impacted small businesses, allowing us to collaborate better, communicate, and save time and money. They’ve made our businesses more efficient and productive, enabling us to do more with less. n

This piece originally appeared on SCORE. org. Rieva Lesonsky is president and CEO of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBusinessCurrents.com.

Education Is So Much More Than Just Training

There are many benefits to lifelong learning

BY HARVEY MACKAY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

Afather said to his son, “I’m worried about your being at the bottom of the class.”

The son responded, “Don’t worry, dad, they teach the same stuff at both ends.”

A wise sage once told me, “Education is what you have left over after you have forgotten everything you’ve learned.”

My good friend Nido Qubein, a fellow member of the National Speakers Association and president of High Point University, explained the difference in education vs. training, as he views it: “Training is imitative; education is creative. The difference between a trained person and an educated person is the difference between a parrot and an orator.”

His point was that once you learn a training procedure, you keep repeating it for as long as the task is useful. Training has a beginning and an end. Education, on the other hand, teaches you to develop your own procedures, solve your own problems and move on to other challenges. Education is a process that has a beginning, but no end.

Nido added: “In today’s business world, a well-educated person is far more valuable than a well-trained person. Employees who are welltrained but not well-educated may perform their tasks with skill, but they aren’t motivated to look beyond the specific task.”

MORE THAN A PAYCHECK

Researchers at the Pew Charitable Trust found that a four-year college degree helped protect young people from low-skilled jobs with lesser wages and unemployment. The U.S. Census Bureau estimates that a college graduate earns nearly $1 million more over a career than a high-school graduate.

Nido insists that education is more than a paycheck. He said: “When you get educated, you can become your best self in every possible way. Educated employees become partners. They see themselves as part of the organization. They share its goals, buy into its vision and exult in its success.”

I will go one step further than Nido Qubein. That is that school ends, but education doesn’t. You are not in school once for a lifetime. You should be in school all your life. Education is the movement from darkness to light.

The person who knows how to read, yet doesn’t read, is no different from the person who can’t read.

As you can tell, I’m a big believer in lifelong learning.

A NEW PRIORITY

There is a famous story about Oliver Wendell Holmes Jr., one of America’s most distinguished Supreme Court Justices. Holmes was in the hospital when he was more than 90 years old, and President Theodore Roosevelt came to visit him. As the President was ushered into the hospital room, there was Justice Holmes reading a book of Greek grammar.

President Roosevelt asked, “Why are you reading about Greek grammar, Mr. Holmes?”

And Holmes replied, “To improve my mind, Mr. President.” Ninety … and still trying to learn something new!

Harvey Mackay

Why not make continuing education a new priority?

Education is an investment and never an expense. Consider education a capital improvement. Don’t be ashamed to borrow, particularly to replenish your professional inventory. In fact, self-improvement is the one area in which you should really increase your spending, not decrease it. Please don’t misinterpret these words as pertaining only to a college education. Any education — in the trades, self-guided or purely for a change of pace — is a critical part of our ongoing development. Studies have shown that we use a very small part of our brains, so there is plenty of room for more learning. Don’t cheat yourself out of any opportunity.

UPGRADE YOUR SKILLS

Take courses, either in a classroom or online. Go to seminars. Listen to

educational and self-improvement podcasts. Network at trade group meetings. Upgrade your skills. You cannot ever afford to rest on what you learned in high school or college. Enhance what you already know and pick up new material. Computers. Language. Public speaking. Writing. Continue your education.

Think about it — once you have learned something, it’s yours to keep forever — and use however you wish. You have the capacity to adapt knowledge to various situations, to apply what you have learned and improve an outcome. Your education can pay for itself over and over.

It truly is a gift, perhaps one of the

best gifts you can give yourself. Be generous with yourself!

An anxious mother was questioning Princeton University President Woodrow Wilson, who later became president of the United States, about what Princeton could do for her son.

“Madam,” the exasperated Wilson replied, “We guarantee satisfaction, or you will get your child back.”

Mackay’s Moral: Education is the gift that just keeps on giving. n

The person who knows how to read, yet doesn’t read, is no different from the person who can’t read.

Healthy Networking Habits

This lost science needs to become part of a regular routine

BY MARY KAY SCULLY, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

Did you begin your day with a healthy breakfast or an exercise routine?

Maybe even both?

My guess is there’s an even split between those with a healthy routine and those that roll out of bed scrambling for the coffee — and run out the door at 8:15 a.m., hoping they’ll magically make it to work by 8 a.m.

Even still, some of you may be used to starting your day with a healthy routine, but it has fallen by the wayside for one reason or another. Can you think of any areas of your professional life that feel that way?

I think that for many people networking is that lost routine. Herminia Ibarra, a professor of Organizational Behavior at London Business School, said, “Networking is a lot like nutrition and fitness: we know what to do, the hard part is making it a top priority.”

The bottom line is many people are not networking like they once did, especially not in person. Even in 2022, as more people began to gather in person, virtual events

remain popular. A 2021 global survey by Kaltura found that at least 48% of organizations planned to host more virtual events in 2022.

While remote work and events provide us with great flexibility, we may have lost an important element of relationship building. Let’s talk about networking, how it’s changed and why you should get back out there and start meeting people again.

WHAT IS NETWORKING?

Investopedia defines networking as “ … the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting.”

While that is networking at the surface, it is actually so much more. Especially in our industry, networking is a critical source of business — and good business is something everyone is after right now.

HOW HAS NETWORKING CHANGED?

While you used to be able to meet people at conferences,

trainings, or local business events, many of us have lost that element. With many events being virtual even now, or at least having a virtual option, it’s so easy to opt for the choice to stay home, be comfortable and multitask — but that’s the very issue. It’s hard to network virtually — you don’t just run into people online and you can’t strike up a conversation as casually. It’s also harder to focus on networking if you’re at home and have other distractions pulling your attention away from making connections.

WHAT DO WE DO?

No matter your forum for networking, you must be intentional. Be it remote or in-person, you need to schedule networking time into your day, week, or month.

Be deliberate and purposeful in your communication. This not only goes for business partners, but customers, too — you never know who you may be talking to. While it’s critical to build relationships with realtors and builders, think outside the box too. Consider large employers, trade associations, the local Rotary club,

neighborhood watch groups, or even the new moms club. Connect with a broad array of people and you’ll be surprised at how things line up.

Whoever the person is that you’ve connected with, make a conscious effort to stay in touch and provide value in some way — your business will thank you for it. They won’t all become customers or partners right away, so be patient and persistent. The simple act of being present and intentional in your communication can pay off both in the short term and for years to come.

It’s time to get back out there. Start putting some thought and effort into how you’re connecting with people and building relationships with them. This may push us out of our comfort zone, but what we’ll gain is far more valuable than the comfort we must risk.

Just like you have to make a conscious effort to keep your body healthy, you must be intentional about keeping your business healthy, too. It takes effort, but in the long run, you’ll always be glad you took that extra step. n

Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum. In this role, she trains over 7,500 professionals per year on a wide range of topics, including TRID, updates to process improvements, and how to navigate and adhere to evolving compliance requirements. With over two decades of experience at Enact, Mary Kay also has served as an E-Business Development Manager, Director of Customer Education and Organizational

Effectiveness, and as a Service Center Manager. Mary Kay is a graduate of the National School of Banking and received an MBA in Business Administration/Management from Fairfield University, Fairfield, CT.

She has held Series 7 and Series 63 (Uniform Securities Agent License). She holds a Six Sigma Quality, Functional Black Belt Certification. Certified Trainer in DiSC Behavioral Profiling. The statements in this article are solely the opinions of Mary Kay Scully and do not necessarily reflect the views of Enact or its management.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 the opinions of Mary Kay Scully and do not necessarily reflect the views of Enact or its management.

While remote work and events provide us with great flexibility, we may have lost an important element of relationship building.

Acra Lending

Lake Forest, CA

Acra Lending is the leader in NonQM Wholesale and Correspondent lending programs. Offering a range of programs and services geared toward helping mortgage professionals and borrowers achieve their purchase and investment goals. We are committed to providing simplicity, consistency and an optimal customer experience.

acralending.com (888) 800-7661 sales@acralending.com

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Angel Oak Mortgage Solutions Atlanta, GA

We offer alternative mortgage solutions for originators throughout the country helping borrowers who don’t fit Agency guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

angeloakms.com (855) 631-9943 info@angeloakms.com

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Arc Home LLC

Mount Laurel, NJ

Multi-channel mortgage leader with exceptional service and comprehensive mortgage solutions.

When it comes to choosing your 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.

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sales@archomeloans.com

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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.

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Deephaven Mortgage Charlotte, NC

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, government-backed 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. Particular strengths include our own in-house underwriting and collaborative teams that directly support our national network of independent mortgage brokers and loan officers.

deephavenmortgage.com (800) 983-0457 info@deephavenmortgage.com

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First National Bank of America East Lansing, MI

With over 65 years of lending experience, First National Bank of America specializes in Non-QM loans, nationwide.

• Alternative Income Documentation Options

• 12 months only of income history

• Self-Employed/1099

• ITIN or SSN

• Recent Credit Events

Our alternative mortgage solutions are designed to help people turn homeownership dreams into a reality in the Retail, Wholesale or Correspondent space

Visit: www.fnba.com/wholesale www.fnba.com/correspondent www.fnba.com/mortgage

Equal Housing Lender fnba.com/wholesale (800) 400-5451 requests@fnba.com

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Global Integrity Finance LLC

McKinney, Texas

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

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Luxury Mortgage Corp. Stamford, CT

Non-QM, Wholesale, Delegated Correspondent, Non Delegated Correspondent

The Simple Access® Non-QM suite of products was built around the idea that it doesn’t have to be complicated to finance a home. We have created a diverse selection of borrower friendly programs that are simple, innovative, and flexible. For more information on our Correspondent division, visit www. luxurymortgagecorrespondent.com

luxurymortgagewholesale.com (949) 516-9710 tpomarketing@luxurymortgage.com

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PCF Wholesale Tustin, CA

Build your 2022 pipeline with PCFWholesale.com , the home of 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!

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THE COMPANIES AND TOOLS YOU NEED

BIAS DISCRIMINATION

URAR

Discriminatory Language Changes Barely Mentioned For New URAR

Focus is on making new form coming in 2024 more user friendly.

BY DOUG PAGE, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL

For all the talk about how critical it is to end biased and discriminatory language in home appraisals, there was little mention of how it would be accomplished during the GSE Update session at the Mortgage Industry Standards Maintenance Organization (MISMO) fall conference in Washington.

Instead, the presentations, given by a panel of Fannie Mae and Freddie Mac executives last week, focused on the structural changes that are expected in the Uniform Residential Appraisal Report (URAR), but didn’t delve much into the bias and discrimination descriptions the Federal Housing Finance Authority (FHFA) says were used in previous appraisals.

Changes to the form, said Denise Rivoal, Fannie Mae’s manager for single-family mortgage business — digital products, are expected to be finalized in 2024.

“The new URAR form will be very user friendly,” said James Babalitis, senior manager for single-family mortgage business — digital products at Fannie Mae. “It will be standardized, well-structured and readable.

“The key thing is the old form had

pages and pages of addenda. In the new report, all the data and photos will be contained in their relevant section,” he added.

He also said the new version of the URAR will be “machine readable.”

The idea behind the changes, Babalitis said, is to create a form that will identify “risk indicators with more discrete data.”

One of the problems with the current form, said Kasie Lynn, a Freddie Mac manager, is that it’s filled with “pages and pages of free form text at the end of the report,” making it difficult to read.

The changes will allow an appraiser “to tell the story of the subject property and (those properties considered to be its) comparables.

“It’s broken down by section so there are pictures of the comparables so you can easily read it and things are more specific. So, if there’s an ADU (accessory dwelling unit) on the property, you’d be able to pull in those fields,” she added.

In addition, Lynn said, the report’s previous pages of addenda will be replaced by commentary that’s relevant to each section of the report.

The only time bias and discrimination was mentioned was when she said, “We have updated the certification language

around bias and discrimination. They’ve been broken out into five different certifications.”

She did not describe what those certifications meant.

Late last year, the FHFA, in a detailed blog piece, provided examples of biased and discriminatory language in appraisals, saying it could be reduced if “more objective freeform text narratives” were used, an approach supported by Freddie Mac.

In its June 2021 Appraisal Update, Fannie Mae provided examples of appraisal phrases it considers “problematic” along with ways it suggests the same information could be described without bias.

The panel’s other topic was the Supplemental Consumer Information Form (SCIF), which the FHFA requires lenders to use for mortgages that are sold to the GSEs.

The purpose of the SCIF, said Rivoal, is to collect information about a prospective borrower’s language preference and any homebuyer education or housing counseling they received.

This will help lenders better understand a prospective borrower’s needs, she said, and lenders will also be required to keep a copy of the SCIF. n

ACC Mortgage Rockville, MD

ACC Mortgage is the oldest Non-QM lender that has never stopped lending in 22 years. We specialize in Bank Statement, ITIN, P&L, Foreign National and DSCR lending. Price, Product and Process are what make for Non-QM success.

ACCMortgage.com

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Angel Oak Mortgage Solutions Atlanta, GA

Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

angeloakms.com (855) 631-9943 info@angeloakms.com

Change Wholesale

Irvine CA

Change Wholesale gives mortgage brokers an unfair advantage to close more loans, faster. Our CDFI certification from the U.S. Department of the Treasury allows us to offer proprietary programs that are tailored to meet the needs of commonly overlooked prime borrowers. Our flagship Community Mortgage requires no income, employment, or DTI documentation. Prime borrowers looking for their dream home or vacation getaway can get approved with just the first page of the bank statement.

Acra Lending

Lake Forest, CA

Acra Lending is the leader in Non-QM Wholesale and Correspondent lending programs. Offering a range of programs and services geared toward helping mortgage professionals and borrowers achieve their purchase and investment goals. We are committed to providing simplicity, consistency and an optimal customer experience.

acralending.com

LICENSED IN: 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, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY

LICENSED IN: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, 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, VA, WA, WV, WI, WY, DC and the District of Columbia

ChangeWholesale.com (949) 255-6085 info@changewholesale.com

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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 Non-QM 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

Home Prices Drop But Stability Predicted In 2023

A ‘housing hangover’ after two years of overheated activity.

BY DOUG PAGE, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL

America’s boisterous house selling party — fueled by frenzied demand, increasing prices and cheap money — is kaput, replaced by staggering hangovers for homebuyers and sellers sobering up to high prices,

low inventory, and pricey debt.

Less than a year ago, home sellers received multiple offers and saw double-digit percentage increases on their homes. In fact, 2021 heralded a record for existing home purchases, with over 6.1 million, by one count, while the Mortgage Bankers

Association (MBA) reports 5.2 million home purchases and 8.3 million refis were completed last year. The MBA predicts purchases will drop this year by about 15% to 4.5 million and refis will fall about 75% to 2.1 million.

The median price on existing homes, in the first quarter of last year, was $317,600, jumping more than 15% to $365,800 in the first quarter of this year, the MBA says. In comparison, the median price of new homes went from $364,900 in 2021’s first quarter to $431,300 in the first quarter of this year, an increase of more than 18%, according to the MBA.

HOUSING HANGOVER

During the same time, the 30-year fixed-mortgage rate went from 2.9% in the first quarter of 2021 to 3.8% in the

George Ratiu,

first quarter of this year, says the MBA. But with 30-year fixed mortgage rates now nearing 6%, home sellers are seeing fewer offers today and will see less than a 3% jump in the value of their home, predicts the MBA.

“We’re in what I call a ‘housing hangover,’” Realtor.com Senior Economist George Ratiu said. “We’ve had two years of feverish, overheated activity.

“Last year and earlier this year, people were taking advantage of once in a generation low mortgage rates. We’re sobering up from that today,” he added, saying that inventory issues continue because the country is short on new single-family by homes by 5.8 million.

Also causing inventory issues are the fact that people 55 and older aren’t selling their homes, he says.

“They’re sitting on record amounts of equity and record low inventory rates,” adds Redfin’s Chief Economist Daryl Fairweather. “They can afford to sit out the market right now.”

WHAT’S HAPPENING

Despite the prediction from the MBA on housing prices, reality is different. While home prices are dropping this year, with two arch competitors, Redfin and Zillow, expecting them to fall for the remainder of the year.

That said, home prices this year, based on MBA’s numbers, have not dropped to where they were in 2021.

“We expect prices to continue to decline on a month-to-month basis,” Fairweather said. “By the end of the year, prices will inch down until there’s flat, 0% growth this year.”

In fact, she says, by the time January rolls around, “prices will start off where they were in January 2022.”

Said Zillow Senior Economist Jeff Tucker: “We expect to see home values continue to fall over the next few months. Most homeowners will continue to have significant equity in their homes, though affordability will still be stretched for home shoppers.”

All three economists — Ratiu, Fairweather and Tucker — report price cuts on those homes listed on their digital platforms.

“Nineteen percent of the active listings on our website had price reductions,” Ratiu said. “That’s relevant because in June it was 15%, in May, it was 14.7% and a year ago it was 7%.”

On Redfin, in July, “21% percent of the homes listed dropped their price” up from 10% from last year, Fairweather said.

“Sellers are having a harder time attracting a buyer than they were during the frenzied past couple of years, and the price cuts show how they are adjusting to the new reality,” said Zillow’s Tucker.

“In July, 18.6% of listings had a price cut, up from 14.8% in June and 11.1% in July 2021” but “the median price cut is only about 3% of the list price.”

PRICES IN 2023

While it’s hard to predict exactly where home prices are going, economists surveyed by National Mortgage Professional expect them to increase modestly in 2023. But as to how robust the housing market will be depends, in large part, on mortgage rates, they say.

“The biggest influence on the housing market is mortgage rates, and they’re high because of inflation,” Redfin’s Fairweather said. “That’s really where buyers are getting hurt. The mortgage payment today on a median priced home is about 40% higher than it was from last year.”

Using data from the MBA, a year ago, a median priced existing home cost $360,400. With a 30-year fixedmortgage rate of 2.9% (also from MBA data), the monthly payment, before taxes, is $1,500.09. This year, with that median priced existing home now costing 5.2% more, or $379,300, and the 30-year fixed-mortgage rate up to 5.3%, the monthly payment, before taxes, is $2,106.27, an increase of just over 40% from the prior year’s monthly payment.

“These increases take a lot of people out of the market,” said Selma Hepp,

CoreLogic’s deputy chief economist.

And because there may be further increases in interest rates, depending on what happens at the year’s remaining Federal Open Market Committee (FOMC) meetings, it’s possible the 30-year fixed-mortgage rate could move up.

As for next year’s home prices, the MBA predicts existing home prices between the fourth quarter of this year and the fourth of 2023 to increase by about 6.85%, from $376,200 to $402,000 while new home prices, the MBA says, will increase less than 1%, from $440,700 to $445,000.

Moody’s Investor Services predicts new home prices to drop 5% in 2023, saying, “with many potential buyers priced out of the market, we project new home prices to decline modestly over the next 12 to 18 months from the peaks reached this spring and summer.”

RETURN TO NORM

Zillow’s Tucker said, “We expect home value growth will return to something like the historical norm, which is about 3%–5% annual growth. The market is cooling off now, but there is plenty of demand waiting on the sidelines, and if prices or mortgage rates fall to a point where buyers can afford to jump back into the market, this demand will come rushing back and push prices right back up.”

CoreLogic’s Hepp agrees with Tucker’s prediction, saying, “While we’ve had sizable growth in home prices during the last two years, I expect home prices to go up 3–4% next year.”

Realtor.com’s Ratiu wouldn’t predict where housing prices would go next year because he sees too much volatility in the economy due to the actions the FOMC may take with interest rates.

“The Fed is committed to increasing borrowing costs and there’s a chance companies are going to overreact,” he said. “They’ll accelerate layoffs. This could put a bigger strain on housing, and we could see stronger downward pressure on housing prices.” n

Selma Hepp, deputy chief economist, CoreLogic

Daryl Fairweather, Chief Economist, Redfin

Jeff Tucker, Senior Economist, Zillow

This Brokerage Is Recruiting LOs, While Others Face Layoffs

CEO compares company to Navy SEALs: not all can make it

BY KATIE JENSEN, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL

While most of the headlines in today’s news report mass layoffs at big mortgage companies, smaller brokerages, like Petra Cephas, continue to grow.

Petra Cephas President and CEO Bishoi Nageh opened his boutique mortgage company in Central New Jersey in 2016, and since then the company has seen its fair share of business cycles — including record swings in supply and demand in 2018, the pandemic housing boom of 2020, and its subsequent fallout in 2022. Despite how bipolar the market has been, Nageh’s company has been

steadily building in strength.

“Success is not linear,” Nageh said. “I had one to three employees for what felt like forever, then three to five employees for forever, and now we have 15 employees and we’re going to get to 30 very soon.”

Nageh participated in this interview with NMP Magazine between job interviews with loan officers, many of whom respect the culture of his company and want to be a part of the family.

SPUN OFF

Petra Cephas was a branch under another company until 2015, when it was officially licensed by the New Jersey Department of Banking. It offers a variety of products, including conventional, FHA,

VA, Non-QM, and investor loans.

Petra Cephas means “Peter the Rock,” and is named after Nageh’s favorite disciple of Jesus, Saint Peter.

Despite Nageh’s religious affiliation, the company serves all homebuyers regardless of their beliefs. When it comes to hiring criteria, Nageh keeps it simple. “We hire good people,” he said.

“We’re like the Navy SEALs,” he said, describing the company’s culture. “From time to time, people won’t make it. But the ones who do, they’re truly family here.”

That isn’t an exaggeration. Nageh says his company literally tries to mimic the Navy SEALs, replicating their culture. He tells all employees, “When you walk in, you’re not sick, you’re not hurt, you’re

a Navy SEAL. We have a mission and a job to do — you’re a leader. There’s emotional intelligence involved, and people are relying on you.”

As intense as this working environment may seem, Nageh says the employees have each other’s backs. Instead of intense competition, the company takes teamwork and unity seriously. That doesn’t mean, though, that there is no room for empathy. On some occasions, Nageh has told employees not to work overtime, or that they can take the day off.

HUMAN POWER

Essentially, Petra Cephas is a humancentric business. This type of culture aligns with the company’s business model, using a human-powered customer relationship management (CRM) system. According to Nageh, this is what entices seasoned loan officers.

The human-powered CRM system provides loan officers with a support staff to handle all customer relations activity, allowing loan officers to focus more on getting loans processed, gathering leads, and getting referrals. Instead of clients receiving generic emails sent by bots, they appreciate speaking with a human. This makes communication much more authentic for both the broker and the client.

“If you’re a loan officer for Petra Cephas and meet 20 potential referral partners at a networking event, all you have to do is take a picture of those business cards and someone from the marketing team will put them in your software, and even your phone,” Nageh said.

The company does this through Google business suites. Once someone downloads contact information into

Google contacts, the loan officer should be able to download that contact through their phone with the mobile app. A simple, yet efficient process.

The marketing team also handles sending thank you letters to clients, and maintains those relationships so loan officers can focus on sales.

“Most loan officers, when they talk to me, say ‘That sounds like something my assistant would do.’ I say the whole company is built on assisting you,” Nageh said.

EASING BURDENS

Usually, loan officers are burdened with extra duties, such as this or weekly updates. At Petra Cephas, the marketing team intimately monitors the progress of each loan officer every week. After every month, loan officers

get an email of every single closing they completed and who referred them.

Nageh emphasizes that brokering is a relationship business, and borrowers want sincerity and authenticity. Petra Cephas specializes in developing personal relationships. Nageh says the company won’t send generic Thanksgiving or Christmas cards, because those phrases become saturated and diluted with the other vendors a customer uses. Even plumbers send out holiday cards, so in order to separate your business from the rest, it’s important to send substance.

“We don’t send fluff,” Nageh said.”We provide true value.”

Loan officers also are responsible for following up with their clients. Six months after a closing, the loan officer will check in on the client, and then once every year after that.

Petra Cephas likes to show its generosity in many ways. Every year, two weeks before Thanksgiving, any past clients may come by the office to pick up a turkey — tofu turkeys, kosher turkeys, and natural turkeys are available.

The company also holds an annual Petra Cephas Day, a festival-style event featuring face painters, ice cream trucks, massage therapists, and mediterranean food for all to enjoy. At the last annual Petra Cephas Day, 300 people attended to join in on the fun.

Additionally, every year Petra Cephas rents a cruise for its clients to sail the Hudson River.

AUTHENTICITY, NOT TECH

Nageh admits he’s investing more in technology at the moment, but he refuses to sacrifice authenticity for technology.

Currently, he is working on technology to replace menial tasks, such as data entry. “It’s a waste of time for loan officers,” he says, “and I don’t want them doing it.”

When loan officers hear about Petra Cephas and how well they’re doing in the current market, they can hardly believe it, Nageh says.

“They’re astonished; they’re flabbergasted,” he said. “Everyone is conducting mass layoffs, like Wells Fargo and loanDepot; First Guarantee filed for bankruptcy, and Sprout shut down. It’s surprising for loan officers who first join the company to see how much we’re growing.” n

“We’re like the Navy SEALs. From time to time, people won’t make it. But the ones who do, they’re truly family here.”

– Bishoi Nageh, Petra Cephas president & CEO

Inearly August, loanDepot — the nation’s fourth largest wholesale mortgage lender — dropped the bombshell that it would exit the wholesale channel entirely. Its retail operations would remain, but it was giving up on the broker channel, in part because the economy had quashed volume and in part because a price cut by the nation’s largest wholesaler had left it unable to provide originators with a competitive interest rate.

Presumably, in the Pontiac, Mich., headquarters of United Wholesale Mortgage, Melinda Wilner was smiling.

Wilner is chief operating officer for UWM, the largest mortgage wholesaler in the U.S. She’s the one responsible for implementing the strategies approved by Mat Ishbia, the company president and CEO. And in June, Ishbia announced that UWM was rolling out its “Game On” plan, which creates a temporary rate cut for loans initiated through the company. At a time when summiting rates are leaving borrowers stranded, it’s a critical tool for brokers who want to offer distraught homebuyers a financial lifeline.

But it’s also a tool that few other wholesalers can offer or are willing to. Company leaders are already under substantial margin pressure and cutting those margins even more is frequently unthinkable and impossible.

Of course, loanDepot wasn’t the first wholesaler to step out of the arena. In January, Stearns Lending shuttered its operations, a harbinger of the year

to come. Throughout 2022, out of control interest rate increases infected the industry like a cancer consuming its host. Refinance volume — at the end of 2021 nearly double the volume of purchase mortgages — has all but disappeared, wiping out most of the market. Originations have withered to a 25-year low.

Jamie Miller, marketing project manager at First National Bank of America, said that the wholesale market’s instability is to blame on interest rates, low application rates and brokers having to compete for customers. “The overall market is a factor. Application levels are down nationwide, and that may be due to interest rates or people being unable to find a home or even just deciding to wait,” she said. “There’s overall fewer customers in the entire industry. And so now you have all of these brokers who are now competing with the same people for less of the market share.”

“We’re never the ‘let’s go into wholesale because times are good’ and then let’s get back out and let’s hire a bunch of people and then let’s lay off a bunch of people.”

– Melinda Wilner, chief operating officer, United Wholesale Mortgage

CONTINUED FROM PAGE 41

Certainly, by mid-year, two truths were clear: Consumers were largely out of the borrowing business, and with volumes at their nadir, there just weren’t enough loans to support all the potential lenders. Some were going to fail.

And UWM was, and is, more than happy to help them along.

DOMINANCE ON DISPLAY

Mat Ishbia is no slouch when it comes to driving an organization to success. In the early 2010s, UWM was a top 50 lender. His goal was to make it into the top 15 by the decade’s end. But his drive pushed it to the top spot by 2016. In 2021, he took his company public, giving up approximately 10% ownership. But he still controls the vast majority, and he now has access

to capital markets unavailable to many of his rivals. And he is on a mission to garner even more market share. It’s not just that he wants UWM to be Number One. It’s that he also wants there to be a vast amount of daylight between the market share of UWM and any other wholesaler.

Because of that, UWM is not shy about taking dramatic action. It has forced brokers it works with to sign contracts with draconian penalties if they should do business with Rocket Mortgage TPO — the number two wholesaler — or Fairway Independent Mortgage. At the end of Spring this year, it launched its “Game On” plan, which allows UWM to offer mortgages at a lesser interest rate than most of its competitors.

While that is a good play for UWM — and does give brokers who work with it a temporary leg up to bring in business — it also has been a crippling weapon against other wholesalers.

“There’s no such thing as friendly competition,” is one of Ishbia’s maxims. In remarks he made during UWM’s second quarter earnings call in August, he proclaimed, “We continue to capture more market share, and not only position ourselves to win but dominate the future. And we feel great about the decision we made. As I said before, we control the margins, we decided to lower margins strategically to grow the broker channel and help us continue to grow our market share.”

WILL CHOICE BECOME A CASUALTY?

While UWM’s move is bringing it more immediate business, many of its competitors are unable to match its margin moves. That leaves them with little pipeline, suppressed demand and an overwhelming need to cut costs. loanDepot cited just those reasons, including the expense of trying to battle UWM’s margin haircut, when it said it was shuttering wholesale operations. But it’s been joined by multiple other lenders, including AmeriSave and Finance of America (each a Top 10 wholesaler) as well as companies such as Mountain West Financial, AnnieMac and Suburban Mortgage. Home Point Financial hasn’t exited the business but has substantially cut back. In an investor call talking about its decision to ratchet back, Home Point said it has given up

“And we continue to capture more market share, and not only position ourselves to win but dominate the future.”

– Mat Ishbia, UWM CEO

trying to engage in a price war with UWM. “Our bias right now is towards more margins and less volume. We’re not afraid to get smaller as an organization,” Home Point Capital CEO Willie Newman conceded to investors.

Between the exclusionary contract that UWM insists on and the price cut program helping to kneecap its competitors, UWM has “eliminated the ability for UWM brokers to do business with five of the top 10 wholesale lenders in America,” notes Austin Niemiec, executive vice president of Rocket Pro TPO.

He isn’t alone in his concerns. “I think UWM, when they made that [Game On] announcement, people were wondering how long it was going to last,” said New York-based Argus Research stock analyst Kevin Heal. “And, you know, I think the company is happy about putting others out of business in order to capture more market share.”

Because UWM is now a public company, Heal added, it has “more financing flexibility where a lot of the private wholesale mortgage lenders, their costs went up dramatically to finance loans.” He pointedly described UWM’s move on interest rates as a “scorch everyone else” strategy.

United Wholesale, however, disavows such talk. UWM is poking back at those wholesale lenders who have shuttered their doors. “We’ve never been a transient lender,” UWM’s COO Wilner argues. “We’re never the ‘let’s go into wholesale because times are good’ and then let’s get back out and let’s hire a bunch of people and then let’s lay off a bunch of people. That’s never been our strategy. We’re just doing our thing.”

Wilner has become the public spokesperson for the company on the margin slices and is wholly unapologetic about the strategy. When pressed over the interest rate cuts UWM implemented over the summer, Wilner described them as merely tactical.

“We’re strategic about it,” she said. “This is a way to pull more market share in … So, we’re continuing by offering great rates and, you know, we’re strategic about everything.” She was clear that her company is interested in promoting brokers but isn’t responsible for the welfare of other wholesalers.

FIGHTING BACK

Once UWM slashed its rates, Rocket Pro TPO offered a competing “rate buy down” program to also help brokers ease borrowers’ financial fears. “We’re blessed to be very well capitalized,” said Niemiec. “I mean, we’re public. Our financials are out there. We’re in an incredibly strong cash position. We’re willing to invest and have brokers’ backs, you know, while others are pulling out.”

But that’s clearly not an option for everyone. And while such competitive tit-for-tat may be helpful in the short run, broker choice in the long run may be dramatically limited.

Samir Dedhia, CEO of LemonBrew Lending, in Iselin, N.J., says the price war is forcing other wholesale lenders out of the historically lowmargin, high-volume business. “This will inevitably

“Mat Ishbia is deliberately and systematically destroying [the broker] model to enrich himself. And he isn’t shy to admit it.”

– Austin Niemiec, EVP, Rocket Mortgage

reduce the options that brokers have, when choosing a wholesale lender. So, although in the near term, this may provide better wholesale rates, it’s not beneficial in the long term. Many brokers that I have chatted with, feel that the “Game On” strategy was the onset of this,” Dedhia said.

The advantage of brokers is “they bring seven to 10 lenders to the table, and they shop those lenders, and they evaluate technology and evaluate service and they look at the client’s individual situation and what their hopes and dreams are. And they recommend the best wholesale lender to that consumer for that particular transaction,” said Michael Brenning, former president and founder of AmeriSave’s wholesale division. He’s worried the pricing war between the biggest entities puts brokers’ choice in jeopardy.

“When they take away choice, which is really what this pricing war is going to do and already has done. It’s taken away loanDepot; it’s taken away AmeriSave; it’s taken away GoPoint. The casualty list is brewing.”

Rocket’s Niemiec doesn’t wholly disagree. But the nation’s largest mortgage lender pins its efforts on only what it has the power to control,

Niemiec explained. The company focuses on understanding brokers, what they need, what they love, and what they hate. Niemiec points to raising conventional loan limits as an example, saying Rocket Pro TPO launched the initiative first and UWM immediately followed.

“When you’re seeing us roll out products, it’s not to follow, it’s to lead and we’ll continue to do that,” Niemiec said.

Niemec has been vocal in press interviews and on social media. He argues that brokers are beginning to see that the competition that’s being driven out of business are their lending partners.

“So, by driving out loanDepot and celebrating it, brokers lost an option. And by driving out AmeriSave and celebrating it, brokers lost an option. And as Mat Ishbia celebrates these things, brokers are being harmed by it. And the model he claims to support and promote, he’s destroying.”

Mike Cush, former vice president at Union Plus Mortgage, which also called it quits in July, sides with Niemiec. “With five of the top 10 choices for brokers gone it is worse for everyone — brokers

Samir Dedhia, CEO, LemonBrew Lending

and consumers — and it is only better for one entity: UWM.”

At Right Step Mortgage in Connecticut, owner/broker John Grad shared his feelings about the wholesale price war. “The free market will let things play out. It’s healthy for the consumer,” he said. “Free economies are going to do what free economies are going to do,” he said.

Asked if the current trend of wholesalers cutting back or getting out of wholesale altogether could be harmful to the industry, Grad’s brother and partner acknowledged that it’s important to have a “healthy balance of competition.”

But Jack Grad did not believe that had become an issue. “There’s enough players currently in the market,” Jack Grad said. “You have wholesale, you have retail, there’s definitely options out there.”

For Brenning of AmeriSave, the question is whether brokers are thinking through what the effect of all of this will be.

“I don’t know what percentage has thought forward a little bit,” he mused. “If they really looked themselves in the mirror at night and said, you know, ‘Can I forecast out into the middle of next year? What do I really think is going to happen when this pricing war is long since over with?’ I think they should be worried. I don’t know how many are thinking that way right now because they’re so mired in how do I grow, how do I replace the volume that I’ve lost? How do I manage my current pipeline? I think we all need to start looking forward and saying, look, what does the market look like a year from now?

“And it looks a lot smaller in terms of choice for the broker community and that’s a bad thing.”

MARKETS EBB AND FLOW

Still, the wholesale market has seen churn before. And UWM’s actions alone aren’t wholly responsible for other companies’ withdrawal. When the market improves, others will inevitably tip-toe back into the pool. Some already have. Jet Mortgage, for instance, announced in October that it is launching a new wholesale initiative.

In 2021, mortgage lending was a $4.2 trillion market. Estimates for 2022 and 2023 say it will be closer to $2 trillion. With market lending

capacity estimated at about $3 trillion currently, that leaves a lot of room for additional shrinkage, regardless of UWM’s rate moves.

And others argue that wholesaling may devolve into even more specialty niches. Keith Lind, CEO at Acra Lending, pointed out that the mainstream price wars “aren’t affecting us as much since we’re in the non-QM space. My opinion is that there’s been some capitulation for the people that were trying to drive volume throughout the last eight, nine months, and probably realized that the rate move has been violent.”

At Maryland-based ACC Mortgage, Chief Lending Officer Robert Senko is not as worried about the wholesale price war as others because its main product is Non-QM loans. “We’re not a direct competitor with UWM, but the pain is felt throughout the industry as a whole,” he said. Senko predicts that conventional lenders will

“The casualty list is brewing; we don’t see other names out there yet, but for sure they’re out there.”

– Michael Brenning, AmeriSave founder and former president

continue to be affected by the razor thin margins that are likely to shrink more and that some of them won’t make it through the next six months. Those that survive will have to join forces with others.

“You’re going to see a lot of [mergers and acquisitions]. People have had to take on more debt to ride out their mistakes.”

As for UWM’s tactics, Senko said their efficiencies separate them. “They are becoming a machine, the 800-pound gorilla in the room,” he said. “Not a great culture, just a machine.”

Anthony Simeone, chief lending officer for Ridgeway Savings Bank in Queens, N.Y., says his institution shares that approach of not rattling sabers with the big outfits. “We try to stay competitive within certain parameters, but I don’t tell my loan officers, ‘Hey, listen, go out there and see what the mortgage banks are offering and if we’re a little higher, go match it.’”

“We anticipate being close to $500 million by the end of this year,” he said. “About 70% of all of our [mortgage] business today is mortgage broker-driven.”

Andy Harris, president of Oregon-based Vantage Mortgage Brokers, sees a boom-and-bust situation.

“I can tell you that … price wars of the past have been temporary with these two lenders and always strategic by nature,” he said. “Historically, many other wholesale lenders have been priced more competitively at a consistent level and I see an opportunity for smaller and mid-size wholesale lenders that step up to compete in the future — as in the past —but many failed to do so. As we know, these cycles can massively change and today is an example of that. I anticipate we’ll see similar lender attrition to 2008, but for many different reasons.”

A TIGHTER GRIP

In the end, whether wholesale options increase or decrease for brokers, the net result is that UWM is expected to end up with an even greater share of the market. And that, say industry observers, is likely the whole point. Indeed, as analyst Brian Heal or Argus Research sees it, UWM is playing the long game.

“If they scratch out a couple of pennies or lose a couple of pennies [in the next quarterly earnings report], I think if they gain market share and then just say, OK, we’re going to return things to normal and we’ve put enough guys out of business, and we’re going from 35% of the wholesale market and we’re going to be at 50%, I think they’d be happy with that,” he said. n

MITIGATING MARGIN COMPRESSION

By Suresh Ramakrishnan, CMB, Senior Vice President and head of the mortgage practice

STATE OF THE INDUSTRY:

2022 has been an extremely challenging year for the mortgage industry. Coming off a record year in 2021, the general ex pectation was for rates to rise gradually through the year with the 30-year fixed getting to around 5% by year end.

Instead, mortgage rates jumped 1.5 per centage points during the first three months of the year, which was the biggest quarterly climb in 28 years. Rates have continued to spike, and the 10-year Treasury recently closed above 3.95% on September 27, 2022, along with the rate on a 30-year fixed conforming mortgage rate at 6.875%!

Housing Wire pointed out that after two record-setting years of mortgage origination volume, the mortgage industry is contracting sharply. Based on their read of 2021 Home Mort gage Disclosure Act (HMDA) data, they estimate that total origination volume in 2021 was $4.4 trillion. By comparison, Housing Wire is forecasting total volume of about $2.3 tril lion this year, with similar levels over the next two years. With higher rates and a slowing housing market, margin compres sion is accelerating for lenders and servicers. A recent survey showed that the cost to originate a loan is almost $10,000! According to MBA’s Quarterly Performance Report (QPR), net production income averaged 54 basis points since 2008. This production margin reached a record 203 basis points in the third quarter of 2020, as lenders were swamped with re finance volume. In the past three quarters, it has dropped below this historical average. At 5 basis points in first-quarter 2022, and at a loss of 5 basis points in second-quarter 2022, the industry is now struggling with the perfect storm of low er volume, lower revenues, and higher costs per loan.

A PATH FORWARD:

Lenders are faced with tough choices — reduce operation al costs to increase margins while ensuring faster approvals and closings. One of the ways to achieve this is to outsource many non-borrower facing functions across the manufac turing process. While cost savings of 35% or greater can be realized within a month or two, there are other significant benefits that go beyond cost savings.

• In this hyper-competitive market, what really differentiates one lender from another is customer service and speed of execution, assuming that rates are relatively similar. As the market becomes more purchase focused, faster approvals and closings provide a definite competitive advantage.

• Having a reliable vendor partner with offshore capabilities speeds up the entire manufacturing process from loan in take to processing, to underwriting and beyond. The result ing increase in borrower satisfaction impacts both revenues and profitability.

• The industry had to dramatically scale up in 2020 and 2021 only to have to reverse those decisions in 2022. In addition

to having to significantly pay up for talent, HR departments are now spread incredibly thin. Outsourcing shifts this fo cus to a proven vendor partner without impacting delivery (because of contractual SLAs). It allows lenders to focus on strategic priorities, while having the added advantage of saving infrastructure and staffing costs.

• Vendor partners will be able to bring suggestions to opti mize processes by suggesting best practices using their wide knowledge base. This can help further streamline ex isting operations and increasing efficiencies.

• A good vendor partner will provide loan level data on the processes that are outsourced to them. These actionable insights are only effective if operational changes are made within the lender organization. Having access to tailored big data analytics is a very useful tool in revamping operations. In addition, many partners use process optimization with RPA (Robotic Process Automation) that can further reduce costs while improving processing speeds and accuracy.

WHY ASCENDUM MORTGAGE SERVICES?

Ascendum’s recognition as the Most Loved Mortgage Em ployer is especially gratifying. It speaks to the dedication of Ascendum’s team and our commitment to serve in a proac tive and repeatable way. Each of our process associates are paired with only one client enabling them to become pro cess experts within the client’s workflow and being consid ered as an integral part of the client’s own team.

Our new client/process onboarding process requires a metic ulous eye to quality and a thorough understanding of the pro cess. As we assess and refine processes, our team works on a set of representative test files and shares results to get feedback. Once quality is ensured, the process then goes “live.” Typical ly, within 45-60 days, the Ascendum team’s productivity will be at least as good as that of our client. We also ensure that there are ongoing dialogues between the parties through regularly scheduled calibration calls and process reviews. In addition, our associates are typically connected with their cli ents over Microsoft Teams or other similar applications.

Our team documents each process through detailed Stan dard Operating Procedures (SOP) that are shared with client upon request. In addition, the daily, weekly, or monthly analyt ics provide the actionable intelligence our clients need to take the necessary steps internally to ensure process compliance.

The Ascendum leadership team has over 80 years of com bined industry sales and delivery experience.

For more information or a complimentary consultation, contact us at info@ascendum.com. You can also visit our mortgage services web page at https://ascendum.com/ mortgage-services.

ABOUT THE AUTHOR: Suresh Ramakrishnan, CMB is Senior Vice President and head of the mortgage practice. At Ascendum, Suresh is responsible for new client acquisitions, client maintenance as well as spearheading the development of new initiatives within the mortgage vertical. Suresh has been in the financial services field for almost his entire career. He spent several years at J.P. Morgan as an investment banker. He has been in the mortgage industry since 2002 in various capacities including origination and operations. He is a speaker at various industry conferences and has authored several articles about QC and compliance. issues in the mortgage industry. Suresh has an BBA from the Zicklin School at the City University of New York and an MBA from The Ross School of Business at the University of Michigan.

MILITARY LENDERS INTRODUCTION

For those lenders who work with military members and veterans, it’s not just about profit and losses. Rather, it’s an opportunity to serve the heroes who served all of us. For many lenders, finding homes

for these heroes is the most meaningful part of their careers.

In the following pages, help us celebrate those lenders who go above and beyond to serve military members, their spouses, and veterans.

ACADEMY MORTGAGE CORPORATION

Draper, UT

Company CEO/ President: James Mac Pherson States Licensed: All states except NY

Total VA Loans Closed in 2021 by lender: 3,334

Why does this lender serve those who serve to protect?

At Academy Mortgage, our vision is to Inspire Hope, Deliver Dreams, and Build Prosperity and we are committed to serve and lift others, whether by helping families achieve homeownership through our products and services or by serving those in our communities in need. We strive to give back to the service members and veterans who have given up so much for our country. As a company, we recognize our responsibility to give back to these service members, their families, and their communities.

Why is this lender the best at supporting the military/ military borrowers?

At Academy, we believe that the American Dream is built upon sustainable homeownership. We recognize that what we do has a noble purpose and that we exist to help make homeownership a reality for as many people as possible, especially those who have served or are currently serving our country. Academy’s mission is to create lifechanging experiences through lending and our branches are committed to helping active service members and veterans achieve the life-changing experience of becoming a homeowner.

What contributions is this lender making to the military community?

Service is at the heart of the culture at Academy, and many of our branches across the nation are committed to supporting campaigns that support our troops and serving active service members and veterans. We offer multiple VA products to serve the military community and help them attain homeownership. ★

AMERICAN PACIFIC MORTGAGE

Roseville, CA

Company CEO/ President: Bill Lowman

States licensed: All states except NY

Total VA Loans Closed in 2021 by lender: 6820

Why does this lender serve those who serve to protect?

American Pacific Mortgage’s values of Respect, Transparency and Scrappy are at the heart of our organization and define how we act and guide us in everything we do. This translates well with our military customers, as it’s all about what you do, not what you say. Our value of respect means we serve with our full attention, intention, and purpose. We communicate clearly, completely, and relevantly with transparency, and we’re willing to have difficult conversations when needed. Our relentless approach to serving our customers and teammates makes us scrappy — we are willing to fight for what’s right and seek solutions.

While we serve many communities, we prioritize Veterans and have several branches that are run entirely by and focus on Vets. They focus on education, outreach, and accessibility for Veterans and work closely with the military bases in their communities to provide valuable services.

We feel that for Vets, in particular, getting the word out and helping them gain access to the programs available to help them buy and home and create generational wealth is crucial and our honor in repayment for the many sacrifices they’ve made for us.

Why is this lender the best at supporting the military/ military borrowers?

Having a large contingent of active and retired military personnel working within our home office and branches allows us to do more outreach and have more experts available for our military borrowers. Our Veterans know what it’s like to

be deployed, to be in a foreign land fighting for your country while your family is at home, and to feel like they don’t have a permanent place when they return. They know the importance of home in the sense that it’s a sanctuary for families and a familiar place to return to, even when it’s not permanent. It makes all the difference for these families to feel they are “speaking the same language,” have a sense of connection and that they are understood. Owning property allows them to create a sense of place and to build traditions while building equity for their future.

What contributions is this lender making to the military community?

In addition to the educational and outreach opportunities APM offers, we also use our non-profit, APMCares to support Veteran organizations. APMCares is an employeefunded and employee-run non-profit that helps organizations in the areas of food, shelter, and clothing in the communities we serve. We donated over $380,000 to Veteran organizations in 2021 and have donated over $78,000 in 2022 to date.

Our branches have provided hundreds of Veterans opportunities to buy a home. They have conducted dozens of virtual and in-person seminars and workshops specific to the home buying experience for Veterans — both those using VA loans and those utilizing conventional options. ★

GENEVA FINANCIAL HOME LOANS Chandler, AZ

Company CEO/ President: Aaron VanTrojan States Licensed: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY and Washington D.C.

Total VA Loans Closed in 2021 by lender: 596

Why does this lender serve those who serve to protect?

Home to several veterans and veteran families of our own, Geneva Financial is a VAapproved lender passionate about serving those who have served on their path to homeownership.

For many veterans, a VA home loan is often overlooked, in many instances due to a lack of information or caveats to VA financing that some assume make it more difficult to obtain and utilize. Geneva’s mortgage professionals are actively invested in spreading accurate information and guiding vets step by step through the lending process so they can be confident in their homebuying decisions, from VA financing to Hero Advantage Loans and Homes For Heroes, and beyond!

Why is this lender the best at supporting the military/ military borrowers?

Geneva has placed the focus of mortgage lending back on the people and has prioritized a white-glove human experience throughout the mortgage process. And though the company has evolved over the years, the founding principle has remained the same — take care of humans first and success will follow.

For veterans, Geneva has taken this one step further, by offering a multitude of options for home financing, including VA loans, Hero Advantage

Loans and discounts, and supporting multiple branches nationwide in their work with Homes For Heroes to find the best option for each individual. One of Geneva’s top branches has even been named #1 in volume for Homes For Heroes in California.

Whether purchasing or refinancing, investing or buying a first home, each Geneva Financial Loan Officer is dedicated to their borrowers, providing experienced, knowledgeable, and prompt guidance from start to finish. They take pride in their ability to help those who have served and getting them into the home of their dreams.

What contributions is this lender making to the military community?

With an extremely dedicated workforce that encourages and supports military families looking for home financing, Geneva Financial is constantly implementing new ways to reach and help military humans with their home financing needs.

As part of the company’s Be A Good human initiative, Geneva Financial celebrates Hero Month in May to recognize first responders and military personnel for their service and provide an opportunity to give back. The public can vote for the heroes in their lives, including veterans, nurses, firefighters, police, and more. At the end of the month, a special someone is awarded the Hero of the Year award which grants the winner money to donate to a charity of their choosing.

With so many branches working in close partnership with Home For Heroes, Geneva is able to help a higher percentage of military folk and offer them significant savings in return for their service. ★

MOUNTAIN WEST FINANCIAL, INC.

Redlands, CA

Company CEO/ President: Michael Delehanty

States Licensed: AZ, CA, CO, MN, NV, NM, OR, TX, UT and WA

Total VA Loans Closed in 2021 by lender: 145

Why does this lender serve those who serve to protect?

Mountain West Financial understands the homeownership needs of our country’s servicemen and women. For over 3 decades, we at Mountain West Financial have specialized in purchase money government lending. We know the ins-andouts of VA loan, the options that would best fit the goals and specific needs of military service homebuyers and are passionate about helping our veterans make the dream of homeownership a reality for them and their families.

Why is this lender the best at supporting the military/ military borrowers?

Mountain West Financial is always looking to help those who have done so much for our county and we look to give back not only through homeownership but back to their lives. For the past 11 years, one of our top Loan Originators has helped host and sponsor a Texas Hold ‘em Poker Tournament to benefit Our Fallen Soldier, an organization based out of Camp Pendleton that helps military families rebuild their lives after losing a loved one overseas. Our Fallen Soldier is committed to honoring the fallen, providing resources to the families that have lost, grief counseling for the children, outreach programs for homeless veterans, providing employment opportunities, shelter, etc. While other Loan Originator and his branch are involved each year in organizing/volunteering Operation Surf. This event is held in support of veterans whom have sacrificed so much to protect our freedom. Severely wounded active duty and veteran service members from the U.S. military who

served overseas will take part in a life-changing experience at beaches across the coast. Through the healing power of the ocean and surfing, they help wounded heroes, to whom we owe so much, to overcome challenges and build a new understanding of their potential. Mountain West not only works hard to make homeownership a reality for military families but participates in these events to help these families overcome challenges and rebuild their lives, families and homes.

What contributions is this lender making to the military community?

We are deeply imbedded with the community. So much so, that we created a program that recognizes those who serve the community thru our PATH program. The PATH Home Loan Program is available exclusively to Mountain West Financial clients and is designed to benefit those that serve our local communities … it’s our way of saying “thank you!” Offering hundreds of dollars in upfront savings with reduced lender fees and thousands of dollars over the life of the loan with reduced interest rates! We recently added VA Loans to this program so not only can your qualified Veterans enjoy the benefits a VA loan brings, but they can also enjoy the PATH program benefits if they are also a teacher, firefighter, police officer, courthouse, or state, country or city employee. Thus making homeownership even more attainable for our veteran communities. ★

PLANET HOME LENDING

Meriden, CT

Company CEO/ President: Michael Dubeck States Licensed: All 50 states and Washington D.C. Total VA Loans Closed in 2021 by lender: 6,311

Why does this lender serve those who serve to protect?

They serve our nation, so we serve them: Active duty, veterans, military spouses, and reservists. Planet Home Lending is proud to offer VA purchase home loans with no money down and refinance mortgages with great rates. Like they keep their commitments, we keep the majority of the loans we make. Our Mortgage Servicing Team truly understands the unique needs of customers who protect us around the nation and around the globe.

Why is this lender the best at supporting the military/ military borrowers? Communication, compassion and mutual understanding define the Planet Home Lending customer experience. We ensure every step in the process is covered,

every question answered, and every variable considered. Our VA customers know their options and feel at ease and empowered throughout the process. Whether they serve at home or abroad, VA borrowers have easy access to tools, technology and resources that deliver a superior end-to-end experience worthy of their service.

What contributions is this lender making to the military community?

We’re a company made up of people looking to make a difference, so we partner with people who feel the same way. Planet is proud to complement our VA loan products by endowing a scholarship via the Army Scholarship Foundation of Dallas, TX. Their mission to provide scholarships to the children of current or former Army service members and spouses of current Army service members echoes our own belief in supporting those who’ve served our nation. In partnership with the National Forest Foundation, Planet has planted a quarter million trees. Working with The Farmlink Project, we’ve sent 70 million pounds of produce to food banks. ★

SUPREME LENDING

Dallas, TX

Company CEO/ President: Scott Everett

States Licensed: All 50 states

Total VA Loans Closed in 2021 by lender: 3084

Why does this lender serve those who serve to protect?

Supreme Lending is honored to serve our country’s military personnel, Veterans, & their families with affordable mortgage programs to achieve their dream of homeownership — in the country they served and sacrificed to protect. Their job is the most honorable and difficult service in the world and is oftentimes spent away from home for long periods of time. There’s no one more deserving to have a place to call their own than those who have served.

Why is this lender the best at supporting the military/ military borrowers?

Supreme Lending is privileged to offer a variety of affordable and flexible mortgages for military homebuyers and homeowners, including VA loans. Many times, Veterans and active-duty personnel may not even be aware of the types of home loans they could be eligible for, which is why Supreme focuses on educating them

about their mortgage options. In 2021, Supreme produced $1.06 billion VA loan volume to serve the Veteran and military communities.

What contributions is this lender making to the military community?

Supreme Lending is privileged to offer a variety of affordable and flexible mortgages for military homebuyers and homeowners, including VA loans. Many times, Veterans and activeduty personnel may not even be aware of the types of home loans they could be eligible for, which is why Supreme focuses on educating them about their mortgage options. In 2021, Supreme produced $1.06 billion VA loan volume to serve the Veteran and military communities. ★

USAA FEDERAL SAVING BANK

San Antonio, TX

Company CEO/ President: Wayne Peacock States Licensed: USAA is a nationally licensed VA lender Total VA Loans Closed in 2021 by lender: 27,602

Why does this lender serve those who serve to protect?

In 1922, USAA was founded by 25 Army officers in San Antonio, Texas, who made a promise to one another centered on trust and service. They pooled their resources to insure their automobiles when no insurance company would. By doing so, they filled a need in their community. That was the beginning of USAA’s legacy of service. Today, more than 100 years later, USAA continues the tradition of supporting our communities. In 2020, USAA announced its largest ever one-time philanthropic contribution with a commitment of $30 million to benefit 24 organizations assisting military families during the global pandemic. The donation reflected USAA’s long-standing mission to support military and veteran families, and the specific impact the COVID-19 health crisis has had on the military community. As part of this commitment, $17 million was awarded to U.S. military aid societies to provide zero-interest loans and emergency grants to eligible service members and their families to assist with financial emergencies, virtual schooling costs and college educational

expenses; USAA funding assisted over 90K military members experiencing financial distress.

Why is this lender the best at supporting the military/ military borrowers?

The mission of USAA is to facilitate the financial security of its members, associates, and their families through provision of a full range of highly competitive financial products and services; and in doing so, it seeks to be the provider of choice for the military community. In addition, USAA consistently supports the mortgage needs of our military members and their families by offering $0 origination fees on our VA loans, an industry leading VA IRRRL program (our no-cost structure is extremely attractive for a VA refinances, superior customer service and has been a top-ten VA lender over the last five years.

What contributions is this lender making to the military community?

One example would be how in 2018, USAA joined other leading companies to announce “Hiring 100K Military Spouses,” a three-year campaign, led by the U.S. Chamber of Commerce Foundation. Another would be how annually, USAA employees contribute approximately $10M to nonprofits and log more than 200K volunteer hours, results that reinforce the company’s values and benefit the military and our local communities. ★

MILITARY ORIGINATORS INTRODUCTION

In the following pages, help us celebrate those originators who go above and beyond to serve military members, their spouses, and veterans. For some of these originators, it’s about continued service as military veterans. For others, it is a means for paying tribute to family members who have served - some making the ultimate sacrifice.

Originators who work with our active duty and veteran military members understand that finding homes for our heroes is no small task.

While not all originators understand how to work with our veterans and service members, for many, finding homes for them is the most meaningful part of their job.

In the following pages, we highlight the lenders who go above and beyond for our heroes and their families. Those who serve the men, women and families who put so much on the line to protect our freedoms, and who have sacrificed their lives for our home and our country. ★

JIMMY ALEXANDER

Branch Manager / Sr. Loan Officer

SWBC MORTGAGE CORP

Total VA Loans Closed in 2021 by originator (# of Units): 278

Why does this originator serve those who serve to protect?

Jimmy Alexander served the United States Army from 1986 to 1993 as Communication and Networking Systems support during The Gulf War. This background allows Jimmy a unique connection with the veteran community and understanding their needs from a personal perspective. Jimmy is dedicated to helping these men and women reach their dreams of homeownership. His 28 + years of mortgage experience and knowledge about the VA mortgage loan program, is second to none.

Why is this originator the best at supporting the military/ military borrowers?

Most of Jimmy’s mortgage career has been spent at Fort Hood in Texas. He has mastered the mortgage options available to veterans. He has been listed in the Top 20 loan officers with the Texas Veterans Land Board since 2005. Jimmy has been ranked in the Top 1% of Loan Originators in the America for 10+ years and has consistently been ranked in the Scotsman’s Guide Top VA loan officers in both the US and TX.

What contributions is this originator making to the military community?

Jimmy contributes to many outreach programs for veterans including Operation HomeFront initiatives. These initiatives include Star Spangled Baby Operation baby shower to provide essentials, clothing/blankets, to enlisted active duty military families that are expecting, Operation HomeFront Holiday Meals for Military Families. ★

ROSA BRIGGS

Loan Officer

AMERICAN PACIFIC MORTGAGE dba CAPSTONE HOME LOANS

Total VA Loans Closed in 2021 by originator (# of Units): 770

Why does this originator serve those who serve to protect?

Rosa’s mission is to dedicate her time and energy to helping people buy their dream home. She found that there was a disconnect among veterans in that they didn’t realize the great value of the VA home loan benefit and that they could, in fact, purchase a home. She started working closely with military families from that point on.

Why is this originator the best at supporting the military/ military borrowers?

Rosa is passionate about home ownership and offers a 5-star experience to every customer. This goes a long way with military families, who are used to lots of red tape and complicated processes — she makes it easy for them!

What contributions is this originator making to the military community?

Rosa has spent most of her life in Snohomish County, Washington, and understands the market as well as the people. She is dedicated to serving the miliary community to ensure that they are not only aware of the opportunities they have available but are able to act on them. ★

MELANIE BOYAJIAN Loan Officer

ACADEMY MORTGAGE CORPORATION

Total VA Loans Closed in 2021 by originator (# of Units): 58

Why does this originator serve those who serve to protect?

Academy Mortgage Loan Officer Melanie Boyajian serves those who serve to protect because she believes in helping everyone achieve the dream of homeownership.

Melanie believes that what she does to help those who serve feels miniscule compared to the impact they have on our country. She hopes that by creating a positive loan experience, she can impact

their lives for the better and allow them to create a safe space they can call home.

Why is this originator the best at supporting the military/ military borrowers?

Melanie understands that buying a home can be a stressful and emotional experience, especially for her military clients. She makes it her priority to stay informed on all VA guideline changes to assist buyers in using their VA loan benefits even if another lender has told them “No.” Rather than saying no, she takes the time to explain to her clients why and gives them steps to work towards purchasing a home in the future.

What contributions is this originator making to the military community?

To support the military community, Melanie contributes by partnering with agents who serve the military, as well, to work together as a knowledgeable team to ensure her clients are taken care of during the entire homebuying process. There is a lot of misinformation and stereotypes about VA products and Melanie uses her knowledge and voice to dispel that and give her VA buyers every opportunity they are given to purchase the home of their dreams. ★

STEVE CAMPBELL Mortgage Loan Originator

MOUNTAIN WEST FINANCIAL

Total VA Loans Closed in 2021 by originator (# of Units): 6

Why does this originator serve those who serve to protect?

For the past 11 years, Steve has helped host and sponsor a Texas Hold ‘em Poker Tournament to benefit Our Fallen Soldier, an organization based out of Camp Pendleton that helps military families rebuild their lives after losing a loved one overseas. Our Fallen Soldier is committed to honoring the fallen, providing resources to the families that have lost, grief counseling for the children, outreach programs for homeless veterans, providing employment opportunities, shelter, etc.

Why is this originator the best at supporting the military/ military borrowers?

At the Our Fallen Soldier event, Steve works with the organization to honor and give a heartfelt thank you to the veterans for their service. He works with them to give a sizable donation each year to help the veterans and their families. Steve also attends job fairs at Camp Pendleton nearby to help support veterans with a chance to start a new career in the mortgage industry.

What contributions is this originator making to the military community?

Steve not only works hard to make a home for the military community but participates in events like Our Fallen Soldier to help these families who have been through so much find resources to rebuild their lives, families and homes. ★

KRIS CONSTANTINO

VP of Mortgage Lending

KEY MORTGAGE SERVICES

Total VA Loans Closed in 2021 by originator (# of Units): 35

Why does this originator serve those who serve to protect?

Because Kris is a veteran himself and works hard to break any and all myths surrounding VA loans.

Why is this originator the best at supporting the military/ military borrowers?

In Kris’ own words, “Communication is key with servicemembers and veterans.

Especially in a conversation in which they can understand.”

What contributions is this originator making to the military community?

K9 for vets and trying to ensure that veterans aren’t homeless. One VA loan at a time. ★

BRENT EDWARDS

Branch Manager

MOUNTAIN WEST FINANCIAL, INC. dba SEABRIGHT MORTGAGE

Total VA Loans Closed in 2021 by originator (# of Units): 3

Why does this originator serve those who serve to protect?

Brent Edwards and his branch Seabright Mortgage are heavily involved each year in organizing and volunteering Operation Surf in Santa Cruz, CA. This event is held in support of the men and women who have sacrificed so much to protect our freedom. Severely wounded active duty and veteran service members from various branches of the U.S. military who served in Afghanistan and Iraq will take part in a lifechanging experience at beaches across the coast.

Why is this originator the best at supporting the military/ military borrowers?

Through the healing power of the ocean and surfing, Brent helps these wounded heroes, to whom we owe so much, to overcome challenges and build a new understanding of their personal potential. His commitment to helping veterans and families in his communities achieve the dream of homeownership is his passion.

What contributions is this originator making to the military community?

Brent not only works hard to make homeownership a reality for military families but participates in events like Operation Surf to help these families overcome challenges and rebuild their lives, families and homes. ★

JACQUELYN BAILEY FARRELL

Retail Branch Manager

PLANET HOME LENDING

Total VA Loans Closed in 2021 by originator (# of Units): 31

Why does this originator serve those who serve to protect?

I serve veterans because both my grandfather and uncle, who fought in WWII, were able to use their VA benefits. That homeownership changed the course of my family’s future. I believe homeownership is the foundation of the American Dream and a way to pass down generational wealth. This is an important way I can assist service members’ and veterans’ families for generations to come.

Why is this originator the best at supporting the military/ military borrowers?

When one member of the family serves, the entire family serves. Living in a military town gives me insight into the needs of our service members and their families. It allows me the privilege to serve the people who serve our nation. Knowing and understanding how to effectively apply the VA guidelines gives these families the full scope of the benefits their service has earned them.

What contributions is this originator making to the military community?

We’re a company made up of people looking to make a difference, so we partner with people who feel the same way. Planet has endowed a scholarship via the Army Scholarship Foundation for military children and spouses. In partnership with the National Forest Foundation, Planet has planted a quarter million trees. Working with The Farmlink Project, we’ve sent 70 million pounds of produce to food banks. ★

NICK FOLEY Sr Loan Officer

AMERICAN PACIFIC MORTGAGE dba ALIGNED MORTGAGE

Total VA Loans Closed in 2021 by originator (# of Units): 2,674

Why does this originator serve those who serve to protect?

Nick was born and raised in the hot desert plains of Tucson, Arizona. He fell in love with golf at an early age, excelling at the sport and becoming a golf professional. His dedication to his profession took him to the golf courses of Davis Monthan AFB teaching military members and their families how to play the game. Eventually, Nick grew weary of the desert heat and made his way out to Hawaii, where his experience and passion for serving others landed him at Aligned Mortgage to better serve his military clients and families.

Why is this originator the best at supporting the military/ military borrowers?

Nick had the good fortune of meeting his branch manager at a VA seminar and was intrigued by his story and his work with Veterans. He knew from his past professional experience that he enjoyed working with military members and that serving others was personally rewarding for him. Nick took a leap of faith and decided to make a career move into the mortgage industry and has been helping Veterans accomplish their dreams of homeownership ever since.

What contributions is this originator making to the military community?

Nick has focused his entire business on working with and assisting military families buy a home. He presents several VA seminars a year, and works closely with the local military base. ★

JENNIFER FRANKLIN Retail Sales Manager

Total VA Loans Closed in 2021 by originator (# of Units): 33

Why does this originator serve those who serve to protect?

I served in the Navy for 24 years, and in 1999 became a mortgage banker while serving in the reserves.

As a veteran, I am uniquely qualified to serve VA homebuyers and homeowners in Virginia Beach — home to Naval Station Norfolk, the country’s largest naval base. Today, I focus on helping veterans and service members use their VA home loan benefits to achieve the American dream of homeownership.

Why is this originator the best at supporting the military/ military borrowers?

I’m truly honored to educate VA homebuyers and homeowners.I speak their lingo and understand the challenges they face in their unique roles. My homebuyer classes on military bases and decades of experience with the VA home loan program make me a topnotch mortgage professional for active-duty, retiree and prior military service members buying their first or next home.

What contributions is this originator making to the military community?

I currently serve on my local school board and work very closely with military families to help them transition to the new division and fight for any issues that impact the military community. The school board works with the various local bases to encourage STEM-specific and special needs opportunities for students. ★

JESSICA FURR

Mortgage Loan Originator

PLANET HOME LENDING

Total VA Loans Closed in 2021 by originator (# of Units): 35

Why does this originator serve those who serve to protect?

As the daughter of an Army veteran, I don’t just like doing VA loans — they are my favorite type of loan file to work. The people who serve are more than just the number on a credit report, which is why, for my entire mortgage career, I’ve chosen to work for companies that offer manual underwriting to maximize the potential for homeownership among our men and women in uniform.

Why is this originator the best at supporting the military/ military borrowers?

Living in the Washington, D.C. area, I see a lot of service members and know their needs. For example, we had a father who was being deployed to Japan, but his wife and critically ill daughter needed to stay in the states near the hospital where she was being treated. Getting them the mortgage they needed in the timeframe necessary is one of my proudest accomplishments.

What contributions is this originator making to the military community?

We’re a company made up of people looking to make a difference, so we partner with people who feel the same way. Planet has endowed a scholarship via the Army Scholarship Foundation for military children and spouses. In partnership with the National Forest Foundation, Planet has planted a quarter million trees. Working with The Farmlink Project, we’ve sent 70 million pounds of produce to food banks. ★

LARRY GONZALES

Sr Loan Officer

AMERICAN PACIFIC MORTGAGE dba ALIGNED MORTGAGE

Total VA Loans Closed in 2021 by originator (# of Units): 3304

Why does this originator serve those who serve to protect?

Larry’s career in the Navy took him to ports all over the world, with him ending up stationed at Pearl Harbor.

As retirement approached, Larry and his wife Vicki realized they wanted to stay and raise their three kids in paradise and used his VA loan benefit to make it happen. At that moment he realized that he could help his fellow veterans achieve the same thing.

Why is this originator the best at supporting the military/ military borrowers?

Larry is a veteran and experienced purchasing his home using his VA benefit. He became immersed in all of the details of the program and has used that knowledge and expertise to bring education, outreach, and assistance to Veterans in all the areas he serves. His mission is to aggressively serve veterans and their families while advocating for the local military and veteran community.

What contributions is this originator making to the military community?

Larry hosts regular in-person and virtual seminars geared specifically for veterans, and appears on the American Dream Show, highlighting lifestyle and real estate on the Hawaiian Islands. His work with veterans on the islands is his primary focus, and his clients come back time and time again for transparent, responsive care and fantastic customer service. ★

ALONA HAYES

Producing Branch Manager

SUPREME LENDING

Total VA Loans Closed in 2021 by originator (# of Units): 54

Why does this originator serve those who serve to protect?

Alona has been serving the military community for more than 35 years — the first 21 years being a military spouse, so she understands first-hand the trials and tribulations of military life. VA loans have become second nature to Alona and being able to originate them allows her to meet military families’ unique home financing needs. In 2021 alone, Alona originated $13,365,445 in VA loan volume. She takes her service to a personal level through volunteering.

Why is this originator the best at supporting the military/ military borrowers?

Alona supports the military on all levels. For example, when her local base was on lockdown, she rounded up donuts from a local shop to donate to the gate guards who were working 24-hour shifts. When her husband’s unit received a two-day notice to deploy overseas, she drove and delivered food to their headquarters as they weren’t allowed to leave. These are the types of acts of kindness she lives by on a personal level.

What contributions is this originator making to the military community?

Alona has been awarded the Order of Molly Pitcher, which recognizes exceptional individuals who have voluntarily contributed in significant and meaningful ways to the U.S. Field Artillery Community. She always tells her borrowers that she is around after the fact if they ever need her, and she lives up to that promise. For example, when a military family’s VA loan had to wait 90 days to close, Alona opened her home to them. ★

MICHELLE JACINTO

Branch Manager

DIRECT MORTGAGE LOANS

Total VA Loans Closed in 2021 by originator (# of Units): 31

Why does this originator serve those who serve to protect?

Michelle Jacinto proudly served in the Army and wants to give back to those who already give so much. She takes pride in having the opportunity to help servicemembers purchase their own piece of America, the land of the free and the brave.

Why is this originator the best at supporting the military/ military borrowers?

Michelle Jacinto’s philosophy is, “If you treat people the way you want to be treated, it will come back to you.” Michelle started her adult-career by serving in the Army. While in the military, Michelle built her foundation for success from hard-work, teamwork, and applying the Golden Rule. Today, Michelle applies the same principles to her branch operations. She enjoys helping her clients find the BEST mortgage solution while simplifying the mortgage process.

What contributions is this originator making to the military community?

With her Midwestern roots, Michelle enjoys giving back to the community that has given her so much. She proudly supports local nonprofits, the Veterans’ Associations, and is an active supporter of her local law enforcement. Most recently, Michelle participated in a local K9 heroes event to raise funds for law enforcement K9 heroes. ★

NICHOLAS OCHOA Loan Officer

AMERICAN PACIFIC MORTGAGE dba ALIGNED MORTGAGE

Total VA Loans Closed in 2021 by originator (# of Units): 2,625

Why does this originator serve those who serve to protect?

Nick was born and raised in San Antonio and has always been around military families. He pursued an education at UT in music performance, and as a current student at Texas A&M he’s a lifelong learner. This has made him passionate about educating families about the ability to purchase a home, as well as the process of building generational wealth. Many of the families he works with are first generation home buyers.

Why is this originator the best at supporting the military/ military borrowers?

Nick uses his multi-state license to help buyers in many states but concentrates on his own San Antonio. He enjoys working with veterans to show them how best to use their home loan benefit to achieve what they thought wasn’t possible.

What contributions is this originator making to the military community?

Nick presents multiple seminars every year and does outreach to his local military base to provide free and accurate information to families new to the area. He works within the boundaries of what they can afford, using their VA loan benefit as a cornerstone of their future home. ★

SONYA PITT Branch Manager

PREMIER NATIONWIDE LENDING

Total VA Loans Closed in 2021 by originator (# of Units): 71

Why does this originator serve those who serve to protect?

Sonya has been a local VA expert in the Goose Creek, South Carolina, area for more than 20 years. The daughter of a retired Navy Veteran and an Army Veteran’s wife, the passion for active service members and veterans has been instilled throughout her life. She is accessible to military members in different time zones or even foreign countries,

taking calls at all hours to ensure a smooth and thorough home loan process.

Why is this originator the best at supporting the military/ military borrowers?

“One day, I sat at my desk assisting the wife of a POW who had passed away. Other lenders told her she didn’t qualify for a VA loan. We walked her through the VA process and obtained that COE to take advantage of her husband’s VA home loan benefit. It was amazing to see the joy in her eyes. Sweet clients like that are why it is an honor to do what I do.”

What contributions is this originator making to the military community?

“Sonya’s dedication, eagerness to help, and extensive product knowledge are what create an unparalleled experience for the community she proudly serves,” states Blake Priest, president of NTFN, Inc. “Her team has sent care packages to active duty members overseas, collected letters from local schools to send letters of encouragement to those serving our country overseas, and also serves the local VA community.” ★

TREVOR ROBERGE Loan Officer

AMERICAN PACIFIC MORTGAGE dba CAPSTONE HOME LOANS

Total VA Loans Closed in 2021 by originator (# of Units): 572

Why does this originator serve those who serve to protect?

Trevor has been helping his clients buy their dream home for nearly 20 years. In that time, he found that he loved working with new buyers, helping them find solutions for buying their first home. This transitioned well into helping military families.

Why is this originator the best at supporting the military/ military borrowers?

Trevor has a voracious appetite for knowledge. He immersed himself in all loan programs available for new buyers and found that the VA home loan benefit provided a huge service that was often forgotten or not used to its fullest potential.

What contributions is this originator making to the military community?

Trevor works in multiple states, assisting military families as they move from state to state, all the while providing the best information possible to set them up for success in the future. He starts with education and continues the relationship well beyond the transaction to ensure that their dream of homeownership is building wealth and pushing their financial goals forward. ★

JOHN SEGO Senior Loan Officer

AMERICAN PACIFIC MORTGAGE dba ALIGNED MORTGAGE

Total VA Loans Closed in 2021 by originator (# of Units): 1,414

Why does this originator serve those who serve to protect?

John is retired from the U.S. Army, where he enlisted as an infantryman.

He completed his degree as an active-duty soldier, then served several years as an E3 and E7 before attending Officer Candidate School. He feels he owes a huge debt to the military and has built his business around helping veterans and their families.

Why is this originator the best at supporting the military/ military borrowers?

After the military, John was encouraged to become a loan officer, but he felt he wanted to do “something more” for veterans. As luck would have it, he met his branch managers at an event, and they shared their passion about helping educate veterans about home ownership. John never looked back and has been working with veterans and military families ever since.

What contributions is this originator making to the military community?

Helping veterans achieve financial freedom through homeownership has been his calling, while his passion has been to continue serving his country. He married these two concepts by focusing his business not just on homeownership, but home owenrship for veterans. He works to provide education and clear steps to success for veterans to own a piece of the county they have defended. ★

CINDY TOMLINSON Branch Manager

AMERICAN PACIFIC MORTGAGE dba US LENDING COMPANY

Total VA Loans Closed in 2021 by originator (# of Units): 2352

Why does this originator serve those who serve to protect?

Cindy has been a loan originator since 2006 and has always had a passion for helping people buy their dream home. This took a more meaningful turn when she started working with veterans and their families. She found that many were woefully uninformed about their VA home loan benefit and could buy a home when they thought they couldn’t.

Why is this originator the best at supporting the military/ military borrowers?

Cindy is patient and operates from a place of gratefulness and honor. She works with her clients as a consultant first, making sure they make decisions from a place of understanding and trust. This translates beautifully to veterans and their families, as they often have questions and concerns and want to be able to have a conversation with someone they can trust.

What contributions is this originator making to the military community?

Cindy works with local veterans and their families mostly by word of mouth. They have found they can trust her to be open, honest, and transparent so her VA business has thrived. ★

JULIE TULLY

Loan Officer

AMERICAN PACIFIC MORTGAGE dba US LENDING

Total VA Loans Closed in 2021 by originator (# of Units): 588

Why does this originator serve those who serve to protect?

Julie has been helping her clients buy their dream home for over 20 years. In that time, she found that not only was there a lack of information and assistance for new buyers, it was even more pronounced with military families. She has since focused her business in helping educate first, then work to help her clients achieve their financial goals.

Why is this originator the best at supporting the military/ military borrowers?

Julie has the experience and the patience to work with buyers from all walks of life. She puts people at ease and goes through the process alongside of each client, helping and guiding them every step of the way.

What contributions is this originator making to the military community?

Julie works with local veterans and families almost entirely by word of mounth. Her clients love her, so they tell their friends — which has resulted in a large portion of Julie’s business coming from military families. ★

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Wanted: Sofa, Five Friends With No Problems

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:

One hundred years ago everyone owned a horse and only the rich had cars. Today everyone has a car and only the rich have horses. How the stables have turned.

• • •

As I was getting into bed, she said, “You’re drunk.” I said, “How do you know?” She said, “You live next door.”

• • •

The guy at the furniture store told me the sofa would seat five people without any problems. Then it occurred to me. I don’t think I know five people without any problems.

• • •

Pulled out a nose hair to see if it hurt. Judging by the reaction of the man asleep in the seat next to me on the plane, it was pretty painful.

• • •

When asked what I did over the weekend, I reply, “Why, what did you hear?”

• • •

The ironing board in my hotel room was so wobbly, it was like trying to iron clothes on a toddler.

• • •

Whoever determined that a 1-inch candy bar should be called “fun sized” should really re-evaluate their standards for entertainment.

• • •

If I owned a copy store I would only hire identical twins.

• • •

I am so glad I was forced to play the recorder in

elementary school. It has come in handy in my adult life. I’ve lost count of the number of times I’ve resolved a difficult situation with a quick blast of 3 Blind Mice.

• • •

My life has a surprising lack of dance battles. Just sayin.

• • •

The Mad Hatter: Have I gone mad? Alice Kingsley: I’m afraid so. You’re entirely bonkers. But I’ll tell you a secret. All the best people are.

• • •

I was walking through St. Louis Airport to catch my connecting flight. I looked over and realized the guy walking next to me was carrying a lightsaber. I said, “Nothing to see here, just a guy walking through the airport with a lightsaber.” He laughed, and turned it on. Then he said, “This is nothing. This one is the baby’s. Mine is the big lightsaber my wife is carrying.”

I looked up ahead to see two little boys carrying lightsabers, closely following their mom, who was pushing a stroller with a long box across the top. I said, “Oh, wow! That is a big lightsaber.” He said, “Yeah, my wife hates it. She says it’s too big.” I started laughing uncontrollably. He just looked at me. I said, “Sorry, I was just thinking what an awkward conversation this would be if we were in the men’s room.” He immediately turned his lightsaber off. Must have been something I said.

• • •

There’s a young guy standing here in line waiting to board the plane. He is holding a Chipotle bag and bragging to his friend about how he brought his leftovers for breakfast on the flight this morning. CHIPOTLE??? I thought TSA was here to protect us from attacks like this.

•

Bank teller: Your account is overdrawn. Me: Well, so are your eyebrows but here we are.

•

Sargasm: When the urge to make a sarcastic remark is so intense, all you can do is roll your eyes and moan.

•

I remember when yoga was called Twister.

Nick Roberson

New England’s

returns to Connecticut on January 12–13, 2023. Don’t miss this exciting, informative event. NMP

can attend for free by using the code NMPOCN.

Complimentary

right

©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