Mortgage Women Magazine 2023 Issue 3

Cleaning Up Clutter

JANE MASON HAS BUILT A CAREER BY STRAIGHTENING UP DIGITAL MESSES

NONCOMPETES FACE POSSIBLE EXTINCTION

MEET THE HEADWAY MAVEN: THIS ISSUE’S TRAILBLAZER HELPS LEAD OTHERS

Jane Mason, founder, Clarifire

RISE ABOVE THE REST

Successful women are constantly looking to hone their skills, build relationships and better understand how to use and improve their abilities and talents. They want to be able to share their experiences and questions with colleagues who understand, and do it in an environment that helps build connections that last a lifetime. That’s why there’s the Mortgage Star Conference for women in the mortgage profession, a specially-designed hands-on immersion event centered around superior results.

Cleaning Up Clutter

JANE MASON HAS BUILT A CAREER BY STRAIGHTENING UP DIGITAL MESSES

NONCOMPETES FACE POSSIBLE EXTINCTION

MEET THE HEADWAY MAVEN: THIS ISSUE’S TRAILBLAZER HELPS LEAD OTHERS

Jane Mason, founder, Clarifire

Discover Where Your Competitors Stand In The Mortgage Market

Adapting to today’s dynamic mortgage market has changed the way we analyze trends and track competitors. Luckily, we have the tools you need to determine your competitors’ market share and see how individual loan originators are performing in their market.

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Visit www.thewarrengroup.com to learn more today!

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BENEFITS

• Monitor Residential and Commercial Lending

• Measure Sales Performance and Market Activity

• Identify High-Performing Competitors

• Uncover Emerging Markets and New Opportunities

• Pinpoint Top Loan Officers for Recruitment

• Identify and Verify Loan Originator Performance

• Measure Loan Activity Against Competition

• Highlight Success for Market Positioning

NEED MORE DATA?

Inquire about our NMLS Data Licensing and LO Contact Database options.

STAFF

Vincent M. Valvo

CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick

ASSOCIATE PUBLISHER

Christine Stuart

EDITORIAL DIRECTOR

David Krechevsky EDITOR

Kelly Hendricks

MANAGING EDITOR

Keith Griffin

SENIOR EDITOR

Gary Rogo

SPECIAL SECTIONS EDITOR

Mike Savino

HEAD OF MULTIMEDIA

Katie Jensen, Sarah Wolak

STAFF WRITERS

Tina Asher, Vanessa Bodnar, Laura Brandao, Chrissy Brown, Victoria DeLuce, Ashley Gravano, Mary Margaret Hogan

CONTRIBUTING WRITERS

Alison Valvo

DIRECTOR OF STRATEGIC GROWTH

Steven Winokur

CHIEF MARKETING OFFICER

Nicole Coughlin, Nichole Cakirca

ADVERTISING ASSOCIATES

Julie Carmichael

PROJECT MANAGER

Meghan Hogan

DESIGN MANAGER

Stacy Murray, Christopher Wallace

GRAPHIC DESIGN MANAGERS

Navindra Persaud

DIRECTOR OF EVENTS

William Valvo

UX DESIGN DIRECTOR

Andrew Berman

HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Tigi Kuttamperoor, Matthew Mullins, Angelo Scalise

MULTIMEDIA SPECIALISTS

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Helping You Keep Up With All The Changes

Recent headlines in the media, such as “Biden to hike payments for goodcredit homebuyers to subsidize high-risk mortgage” have caused a lot of confusion and mistrust within the mortgage industry. This move by the administration is aimed at addressing the racial wealth gap by making it easier for minority homebuyers to obtain mortgages.

However, with volume slowly starting to pick up, educating clients about changing policies like these are increasingly important. At Mortgage Women Magazine, we understand the importance of keeping up with changing policies and aim to provide answers and tools to help you navigate these changes and better serve your clients.

In addition to providing you with valuable resources, we also invite you to join us in New Orleans on July 10th for the Mortgage Star Conference. As successful women in the mortgage industry, it’s essential to continuously improve our skills, build relationships, and gain a better understanding of how to improve our abilities and talents.

The Mortgage Star Conference is designed specifically for women, by women. It’s a unique opportunity to share experiences and questions with colleagues who can offer support and guidance throughout your career. We invite you to be a part of this amazing event!

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If you would like additional copies of Mortgage Women Magazine Call (860) 719-1991 or email subscriptions@ambizmedia.com www.ambizmedia.com

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info@ambizmedia.com

Kelly Hendricks Managing Editor, Mortgage Women Magazine Khendricks@ambizmedia.com

Mortgage Women Magazine welcomes your feedback. If you have comments, questions, criticisms, praise, or information to share with us and our readers, please write us at Khendricks@ambizmedia.com.

OUR MISSION

Mortgage Women Magazine is dedicated to providing quality informational/ educational content that betters women in the mortgage process at every step. The content is oriented to help women progress their understanding of the residential mortgage banking business and develop their skills at improving efficiency, effectiveness and profitability at all levels.

Kelly Hendricks

Make Way For The Headway Maven

NANCY OBANDO RISES ABOVE EXPECTATIONS IN HER CLIMB UP INDUSTRY

By LAURA BRANDAO

This issue I had the pleasure of speaking to Nancy Obando. Based in Palos Verdes, Calif., she is the senior vice president of strategic products for Mountain West Financial.

Nancy came from a background where women were not expected to work in the business world, but rather to marry, have children, and look after a home and husband. Those were the expectations for her growing up, but she learned early on that she wanted more in her life. She has worked hard and overcome many obstacles, both internal and external, to achieve the success she enjoys today.

“If you’re going to live, leave a legacy. Make a mark on the world that can’t be erased.”

– Maya Angelou

to reach for a goal or dream. By setting that example for those following her, she can provide a valuable learning opportunity and one that lets them know they aren’t alone in the feeling that they are attempting a difficult climb.

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

Nancy: I want to see many more women in leadership roles in our industry. The progress is there, but it needs to continue and to grow. There is much more work to be done to convince women that not only do they have the skills and the drive to advance, but that they are fully capable of earning their place as leaders and the only thing holding them back in most cases is their own fear and doubt.

For myself, I am working toward finding myself a seat at the table in the C-suite and using that position to encourage and support other women toward their goals in their chosen career.

What is your professional superpower?

Nancy: My professional superpower is strategy. I am a person who loves a challenge, and there is nothing more challenging than being handed a problem and working to figure out the best way to resolve it.

I am committed in my daily job to determining what our clients’ needs are and developing products and services that meet and exceed those needs.

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

Nancy: For me, having mentors and a solid network of clients, colleagues and others in our industry was instrumental in getting where I am. Developing and maintaining a support network of people you trust to give you sound advice and constructive feedback, whether positive or negative,

is a critical part of success in this and any industry.

Both having and being a mentor are incredibly important in any career.

A mentor can help you identify and augment your strengths but also note your weaknesses and areas that you can work to improve upon. Having someone to offer you a unique or different perspective on a problem can provide insight and solutions you might never have thought of.

Being a mentor is of equal importance. I work with an organization called Mana de San Diego, which helps young Latina women with applications for jobs, school and teaches them about the fundamentals of things like writing a good resume or how to approach an employer to ask for better compensation.

For many young women, asking for what they deserve is something they do not know how to do, nor, in many cases, do not think they have earned. It is no accident that women generally make less money than men or are offered fewer opportunities.

Part of the issue is that women are more likely to accept what they are offered rather than speak up and ask for what they are truly entitled to. Being a mentor to young women and encouraging them to ask and receive what they have truly earned is empowering and satisfying.

What

advice would you

give to a woman entering or trying to move up in their mortgage career?

Nancy: The first person you need to lead is you. Taking responsibility for your success and failure and being willing to accept feedback and learn from it are all critical components of moving forward and getting noticed when promotions are due.

Building and maintaining a strong network of supportive and trustworthy people will also be vital for you as you move through your career. You should have people in your circle who will give you critical and encouraging advice as needed and have your best interests at heart when giving you that advice. Not only will this help increase your confidence but can help you to avoid decisions that might not be as beneficial to you.

What does success mean to you?

Nancy: For me, success means happiness. All the

Nancy Obando speaks at an Asian Real Estate Association of America Foundation fundraising gala in Denver. She is secretary for the AREAA Foundation.

For myself, I am working toward finding myself a seat at the table in the C-suite and using that position to encourage and support other women toward their goals in their chosen career.

Nancy Obando with her husband Wesley Uyema and their sons Benjamin and Samuel.

money and accolades in the world are meaningless if you aren’t truly happy with what you are doing, who you are with, and how you are contributing to your organization and to society.

I am grateful every day for the work I am doing and for the people I love who are in my life. That doesn’t mean I want to become stagnant. I still have goals to accomplish and things I want to learn and do.

One of the things that makes me happy to be in the position I am in is being able to impact the lives of women who are in this industry and can see me having reached a leadership role. I want to be a positive example of what can be achieved when you believe in yourself and work hard to take advantage of the opportunities that present themselves.

What do you enjoy doing outside of work?

Nancy: My husband, two boys and I love to spend time together as a family. We like to cook and bake and have a lot of fun doing that together.

We also spend a lot of time outside walking and enjoying the peace and beauty of nature. I love photography, and we often take pictures on our travels. Nature has the best box of crayons, and we take advantage of them when we can.

We also like to travel as a family and have fun and exciting experiences and adventures.

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

Nancy: Change is a constant. And it is a positive force in life and in business. It is also in times of change that opportunities appear that might not otherwise be apparent.

My advice is to stay current and keep learning. Ask questions and seek feedback about how you are doing and what you need to do to keep moving forward. Talk to those around you with experience and use their guidance to find paths you might not have considered.

How do you find your voice?

Nancy: I have always been an advocate for the underdog. I had to overcome some difficult obstacles in my own life, and I learned to value myself and my abilities because of the challenges I faced. I became comfortable with being uncomfortable. I speak out for others because I know not everyone can speak for themselves.

Speaking up for yourself or for others is not easy nor is it something everyone feels confident enough to do. But it is something we need to learn to do if we are serious about succeeding and reaching the goals we set for ourselves.

One of the ways I found my voice was by putting myself in situations where I would need to speak in public. I joined and became a certified spokeswoman for the National Association

of Women in Real Estate & Business and the president of trade organizations. Taking on these roles meant I had to become accustomed to stepping out in front of large groups and offering my opinions and ideas with confidence.

What is your biggest fear and why?

Nancy: My biggest fear is becoming outdated and falling behind in my professional knowledge.

I spend a lot of my time learning, asking questions, and keeping myself abreast of what is happening in our industry and in the world. Information is the currency needed to afford success, and I want to have enough to reach all the places I want to be.

Being proactive about keeping current and informed is also something that will get you noticed by the people who have opportunities to offer. You will be far more attractive to them if you are seen to be making the effort to have a full database of knowledge and the drive to keep it up to date.

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

Nancy: Mentoring and training are two of the things that are vital to getting more women into senior and leadership roles in our industry.

It is equally important that women who are in senior roles now make concerted efforts to look for women who want to move up in their careers, and support and encourage them in that direction. Helping them to gain confidence, ask the right questions, ask for what they have earned and learn to seek out and pursue opportunities will mean that they are far more likely to succeed in moving up into management roles and beyond.

The goal should always be to have as many women in the C-suite as want to be there and have earned the right to be there.

I would also like to encourage women to be brave in facing down obstacles in their personal and professional lives. Use your passion and your discomfort as fuel to move you forward toward your goals and dreams.

There is no reason that a woman should not be entitled to a seat at the boardroom table, and we need to start teaching women that from a young age. We are driven, talented, intelligent, and capable, and we need to start to recognize that in ourselves and ask to be taken seriously and offered the opportunities we deserve.

My hope is that through women like myself who have achieved a senior role in our industry, we can keep encouraging more women to join us by offering a hand up and the support, training, and confidence they need to succeed. n

Laura J. Brandao is chief growth officer & partner at EPM and CEO of Lighthouse Lending Capital.

Coping With

FOLLOW THESE 10 STRATEGIES FOR EMBRACING CHANGE

By TINA ASHER , Contributing Writer, Mortgage Women Magazine

Some of you know that I am no stranger to change. As I wrote in my book, Teetering, I’ve moved 19 times, and attended six schools in five states. I’ve changed jobs, houses, husbands, and careers. With each change, I experienced fear,

anxiety, pain, excitement, growth, and several other emotions. Once you’ve been through a loss of a job, a marriage, a close friend, or partner, you develop a sense of a new awakening.

Once you’ve gone through it, you become a resource and pillar to help

Tina Asher

1. Understand your response to change. Do you tend to leap before you look or to imagine the worst?

2. Take responsibility for your reaction to change. You may not be able to control the events, but you can control your reaction to them.

3. Keep other changes to a minimum. Coming to terms with major changes is physically and emotionally taxing. Conserve your energy.

4. Look to others. Those who have undergone similar changes can serve as models for how you might better cope.

Change

others face similar challenges. If you’re in the midst of working through a big change in your life, my hope is that you lean into it, reach out for support, and embrace the change for what it is … a change. Here are a few tips to help you through a change. If you would like to talk about an upcoming

change you’re considering, let’s grab a time to connect; I’d love to help you consider your options.

All change carries with it the risk of the unknown and the unexpected. Some find this exciting and welcome the challenge. Others go down the path of change reluctantly, dragging

their heels all the way. But, as the saying goes, the only thing that’s permanent is change.

Here are 10 ways to help you deal with it. n

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

5. Ask for help and support. Talk to reliable friends and/or outside professionals. This isn’t the time to “go it alone.”

6. Let go of “the way things used to be.” Instead, move into “the way things are.”

7. Choose your company carefully. You may need to avoid or reassure those who are threatened by your change.

8. Be real. Both positive and negative changes can bring mixed feelings. Don’t deny them.

9. Take a break from the situation. Rest, regroup, and regain a sense of balance.

10. Create your own rite of passage. Ceremony and ritual help with transitions.

If you’re in the midst of working through a big change … lean into it, reach out for support, and embrace the change for what it is.

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Competition Heats Up As Non-competes May Soon Be Banned!

WHAT EMPLOYERS AND EMPLOYEES CAN DO TO PROTECT THEIR RIGHTS

competition or other clauses written to protect their sponsors. A new Federal Trade Commission (FTC) rule would ban employers from using non-competition agreements. According to a press release announcing the new rule, the FTC considers these agreements to be “a widespread and often exploitative practice that suppresses wages, hampers innovation, and

blocks entrepreneurs from starting new businesses. By stopping this practice, the agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.”

Non-competition or non-compete agreements allow an employer to restrict or greatly reduce an employee from taking another job in direct competition with the former employer. To be enforceable, they must have a clear geographic location and time period. Generally, the shorter the time period or the smaller the geographic location, the more enforceable the agreement.

While the FTC is soliciting for public comments on the ban of non-competes, it appears it is not waiting for the comment period to end before taking action. The FTC has rescinded a 2015 antitrust policy statement that limited its authority to stop anticompetitive business tactics under Section 5 of the FTC Act. In January, the FTC took legal action against three companies, requiring them to drop the non-compete restrictions that the companies had imposed on thousands of workers. According to the FTC, each of these companies illegally imposed non-compete restrictions on workers that barred them from seeking or accepting work from competing businesses after they left the company.

“The FTC is committed to ensuring that workers have the freedom to seek higher wages and better working conditions without unfair restrictions by employers,” said Rahul Rao, deputy director of the FTC’s Bureau of Competition. “The FTC will continue to investigate, and, where appropriate, challenge non-compete restrictions and other restrictive contractual terms that harm workers and competition.”

EXPENSIVE CHALLENGES

A mortgage loan originator who sends loans to a company other than their sponsor may be acting without a license, breaching a contract, or committing fraud; yet, it continues to happen regularly. Legal challenges are expensive, stressful, and time consuming, but at the time of this writing nearly a dozen mortgage companies are actively litigating employment issues against former employees.

Employers bear significant costs to onboard and train new employees.

They also are required by the Gramm Leach Bliley Act to protect consumer’s nonpublic personal information.

Whether or not the FTC rule passes, non-competes are not necessary to protect companies. The following options may accomplish the goals while allowing the employee to continue to make a living.

After spending the last decade drafting LO Compensation agreements, I can assure you the easiest time to decide on severance is before an employee starts working for your company. Severance agreements should be clearly laid out in employment agreements. I recommend paying a full commission for a reasonable period, followed by a partial commission. That way there is less incentive for MLOs to funnel loans to a new employer.

A nondisclosure or confidentiality agreement is a legal contract between an employer and employee that protects trade secrets. These clauses typically do not require a time limit, allowing the employer great

protection of their secrets. To make these agreements stronger, identify in advance what is considered a trade secret and how it is protected during employment.

A nonsolicitation agreement is a legal contract that prohibits or restricts a former employee from contacting or soliciting clients or former coworkers after leaving their employment. Nonsolicitation clauses are generally limited to a time period after employment (typically one year). This protects the company during a transition period to allow the company to solidify relationships with employees or clients.

The legal clauses mentioned above should be reviewed so that they are not so broad as to be considered a non-compete by another name as the FTC has stated that restrictions such overly broad agreements would be subject to the new rule.

USE TECH TO PROTECT

Another important protection is information technology infrastructure, which can provide protection of trade secrets and intellectual property, including client lists, proprietary mortgage loan software, and other commercially valuable information. Investing into technology to protect your company will protect against data breaches, cybersecurity risks, and protect your clients’ information. Technology should also allow access control restrictions and may be set up to detect unusual activities. Proper IT infrastructure provides a digital trail in the event it becomes necessary to conduct a forensic audit.

Finally, employees need to read and negotiate their employment agreements before signing them and maintain their signed agreements. A true professional will review their current employment agreement before they decide to move on to ensure they are upholding their part of the agreement. On more than one occasion I have asked someone if they signed a noncompete, been told no and then received one from a former employer.

If employers and employees follow these guidelines, we can reduce the risk of future litigation by protecting an employee’s right to continue to make a living in the career of their choice and an employer’s right to protect their investment. n

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

The easiest time to decide on severance is before an employee starts working for your company.

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

Go Ahead, (Trade)Show Off!

BRANDED BREADCRUMBS BRING YOU BUSINESS

By MARY MARGARET HOGAN , Special To Mortgage Women Magazine

Soon, many of us in the mortgage space will be in the thick of trade show season, but let it be known there’s no time to waste. The months leading up to trade shows should be utilized as a time to prioritize marketing strategy and establish greater brand presence.

With a comprehensive pre-show plan and effective on-site marketing efforts, your company and your brand will be able to make lasting impressions on all attendees. From curating digital campaigns, to creating comprehensive brand aesthetics, to event planning, there are necessary efforts that need to be taken to maximize your brand presence and ensure greater returns from your team’s attendance.

When signing up as exhibitors, the

preparation starts long before stepping onto the trade show floor. In fact, it begins months in advance and requires a finely tuned schedule of digital campaigns informing both new and old audiences of your upcoming shows.

It is best to think of your preshow marketing efforts as a trail of breadcrumbs: how can one lead potential clientele from their respective offices to your booth on the trade show floor? How can you drop tidbits of event information without being overbearing with pleas to join? It may come as no surprise, but the trail begins with social media.

Approximately one month or so before the start of each tradeshow, it is crucial to inform your followers across all social platforms of your company’s trade show schedule. These posts can

Mary Margaret Hogan is a marketing associate at RCN Capital

range in elaboration, starting with more broad announcements (“We’re heading to Miami! Meet our team at booth 32!”) and soon trickle into more specific details of your contributions to the shows (“Don’t miss out on our speaking session!” and “Sign up here to save your spot for our cocktail hour!”)

To gain additional traction and attention, encourage attending team members to share on their own professional pages. Whatever the messaging may be, these posts should build excitement and anticipation without being too overwhelming in details. We’re aiming for breadcrumbs, not the whole loaf.

TIMELINE VARIATIONS

Your email marketing campaigns should be sent out in the same fashion but can have a varied timeline. Reaching out to your databases one month prior to an event will give folks enough time to start planning, but not enough time to forget the trade show all together. However, in cases of low attendance, sometimes one last push a week or so prior will be the ticket to filling up the registration list with your audience.

While social media aims to target audience beyond your reach, in contrast, email marketing efforts will be directed to a more targeted audience. In the case of trade show advertising, the audience should consist of contacts that are appropriate for the upcoming show. There is no need to alert a broker in California that there’s

design will be the first thing to catch or divert their attention. If you do not feel confident in your booth’s ability to draw a crowd, it may be time to revisit the design of your booth setup. If designed thoughtfully, a booth can act as an extension of your company’s brand, values, and overall professionalism.

An eye-catching booth combined with some unique swag is not for mere aesthetics but bestows your team the tremendous privilege of gaining traction and face-to-face time on the trade show floor. There are so many variations of booth setups and swag available in this current market that could draw in a whole new realm of clientele and conversations. Take the time to transform your booth into a declarative brand statement and give your team all the tools they need on the floor to bring in business.

SET VISIBILITY GOALS

From the minute you sign on as an exhibitor, it is crucial to solidify your goals for brand visibility at each show. Brand awareness can be increased in a few ways such as panel participation, sponsorship opportunities, and networking events. The scale of your visibility should align with the size of the conference and seriously consider the potential return on investment. There’s no need to go all out with printed materials, swag, and beyond for occasions that are not going to be financially beneficial for you in the long run.

In terms of panels, having your

served, and the staff will take care of most of the arrangements. Yet, there remains a lot of room for your brand to be centered beyond a sign that acknowledges your sponsorship.

When coordinating your contracts, investigate how your company can add a few personal touches to the atmosphere. It could be as simple as branded napkins, coasters, or koozies for the drinkware, or as extravagant as a photobooth setup that gives everyone pictures to take home with your logo all over it. The possibilities to show off your brand by creating engaging and interactive experiences for attendees are endless.

While the same branding opportunities are available when hosting networking events, depending on the extent of the occasion, there’s no stopping your creativity. If there are televisions or projections present, those are prime venues to feature your company name and/or icons. Is the party held in a Texan bar? How about adding in extra touches like branded cowboy hats? That space will become uniquely yours It’s casino themed? Sounds like it’s time to put your logo on a poker table.

BALANCE WORK & PLAY

Your team should be prepared to create promotional materials and signage that exemplify the perfect balance of work and play.

Maximizing brand recognition at a trade show requires implementing a rigorous marketing schedule, mastering the art of a booth space, and thinking outside the box to make your name known. When these audiences are captured and informed, the groundwork is done. Your team will be able to step in front of a visually appealing booth with ease and confidence, knowing that leads are already coming their way.

a correspondent lender show in Miami. Organizing these targeted audiences can be a chore, but once they are mastered these email promotions will continue the perfect path of bringing your clients directly to your sales team.

Once on-site, it is imperative your brand recognition efforts don’t suddenly halt at your booth set up. As attendees are passing through the exhibits, the architecture of your booth and its

company represented onstage is a feat of recognition. Any circumstance where your team can show off their expertise is an automatic win. On the other hand, sponsorship opportunities and networking events will require a lot more of marketing’s efforts. For certain sponsorship opportunities, like breakfasts or cocktail hours, very little will be required of your team’s efforts. The breakfast or cocktails will be

While there may be some time before your team’s next bout of traveling, the preparation begins now. Do not hesitate to take advantage of every opportunity presented to make your company’s name widely recognizable. Long after the trade show is done and there are deals that need to be made, audiences will remember your company fondly and make sure to give you a call. n

Mary Margaret Hogan is an event marketing specialist at RCN Capital

Any circumstance where your team can show off their expertise is an automatic win.

WITH AN WHAT DOES

By VANESSA BODNAR , Special To Mortgage Women Magazine

The SAFE Act, enacted in 2008, was designed to enhance consumer protection and stop fraud by encouraging states to develop licensing standards for state-licensed loan originators. It also established a database, Nationwide Mortgage Licensing System (NMLS), providing a streamlined process as well as a way for consumers to easily verify licensing. Mortgage licensing, which varies by state, sets strict standards for those working in the industry. These standards ensure that borrowers receive fair and transparent treatment, and that lenders and investors are protected from fraudulent and risky practices.

Understanding that mortgage licenses often can be costly, it is sometimes the first place lenders look to minimize costs. But letting go of state licenses can end up costing you more in the long run. Without proper oversight, eliminating licenses can leave a lender vulnerable to unethical practices.

STATE LICENSE EVALUATION

If you are a lender licensed in many states, I encourage you to complete a full licensing cost evaluation. As an owner or loan officer, you know that having all the information will ensure that you make sound decisions, especially when

Mortgage Licensingvs.The Economy

ECONOMIC DOWNTURN ON THE HORIZON, THAT MEAN FOR YOUR LICENSING EFFORTS?

it comes to your licensing efforts.

Your first step will be to evaluate your volume in states in which you are licensed. Even though mortgage applications have been inching up gradually, we are still experiencing a low in application rates. I would evaluate not only your current volume but also your volume year over year.

Proximity to bordering or nearby states should also be considered. For instance, if you are a mortgage company in Texas, you are likely to have expected volume in neighboring states such as Oklahoma, Arkansas, and Colorado. Giving up those licenses will cost you the opportunity to offer lending in those states as well as recruitment efforts.

It’s also good to keep in mind that renewal costs are often less than initial license applications. In some states, you may only have to pay NMLS processing fees. Other fees to consider are branch and loan officer renewals as well as

continuing education costs, examination fees, Secretary of State renewals, and annual report fees.

When you have completed your evaluation, you may discover that surrendering or not renewing licenses may be a strategic way to cut costs. On the flip side, you may discover that your licenses will help you grow and expand into other states. Don’t wait until November when renewals begin to make these decisions; you will want to make them before summer.

THE COST OF SURRENDERING LICENSES

Let’s look at what may happen if you surrender state licenses. As a company, having a diverse book of licensing could give you a leg up on other lenders in onboarding and recruitment. Once you surrender licenses, they are officially terminated; you would need to reapply for new ones. Often, company license applications, due to their complexity, can cost you an exorbitant amount of money and time as you wait on approvals.

A company would need to consider initial licensing costs with the state regulatory agency, registering with the Secretary of State, registered agent fees, branch and LO licensing. In addition, some states still require state-specific fingerprinting. If you reapply, your qualified individual and officers will need to have fingerprinting redone. That is time plus money, which, as you know, are highly treasured resources when trying to bring in new business.

Marketing costs are another area you will want to review. Once you receive or surrender a company, branch or LO license, you need to update your licensing information on all platforms, including your website and social media. If you engage a third-

Vanessa Bodnar, is founder of The Licensing Hub

party marketing company, you are going to have to pay them to make these changes. Having your licensing up-to-date online is a requirement by most states, and you may be fined if it’s inaccurate.

If you are a loan officer, I encourage you, at the bare minimum, to keep your continuing education (CE) current. That way, if you need to reapply for a state license, you won’t have to spend time on late CE. Another trend in state-regulatory licensing requirements is the renewal of your 20 hours of education. This is an interpretation of the SAFE Act, which mandates 20 hours of education must be completed before a LO is initially licensed. However, some states believe that your education expires after three years. This is a growing trend and something to consider as that education can often cost more than the actual license renewal.

POST-SURRENDER NEXT STEPS

At the end of the day, if you decide to surrender your licenses, your job doesn’t end with initiating the surrender in NMLS. Please be aware that before you surrender your license, you will need to run a pipeline report in your loan management system to make sure you don’t have any loans in process in the state you’re surrendering.

Your first step will be to review the surrender checklist for those states in NMLS. Some states want to know where your records are kept, if there are any loans in your pipeline, and who to contact if the state were to have questions.

You will want to remove access to lending in the states you surrender in your loan management system. This is important as unlicensed activity will not only put you at risk of hefty fines, but also bring harm to your borrowers.

In the states that you surrender, take the time to review

record retention requirements. States require that you keep your records, including marketing, available for a certain amount of time. This requirement varies by state.

As mentioned prior, you will want to update your online licensing lists and disclosures by removing any states you are no longer licensed in.

A complete review will need to be done of your Secretary of State registrations. You may be required to continue to be registered if you have employees working in that state. Also, look at your surety bonds. You likely use a law firm or surety bond company; they will need to be notified that you are no longer licensed in that state, and you will not be renewing its surety bond. Your business plan will also need to be rewritten to remove your surrendered licenses.

ADDING MORE STATE LICENSES

It may be tempting during hard economic times to add more state licenses. Loan officers often ask me to help them add licenses in hopes of increasing their revenue. Just like surrendering licenses, a careful evaluation of cost vs. volume will be beneficial to considering if new licenses are needed. Another consideration would be that you would have ongoing business in that state. It’s never a good idea to get licensed for one loan. Your company may offer referral programs, so in the case of a one-loan situation, I would explore that avenue first.

In conclusion, mortgage licensing is often more complex than we think. Before you eliminate your licenses, give it some time to review and make a decision that makes sense for your business currently and in the future. n

Vanessa Bodnar is founder of The Licensing Hub.

Without proper oversight, eliminating licenses can leave a lender vulnerable to unethical practices.

The Industry Laying Women

Mortgage Industry Is Mostly Laying Off Women

By STEVEN COOLEY, Special To Mortgage Women Magazine

Let’s explore a topic where we’ll all walk a thin line of political correctness, aspiration, and fullblown speculation. We’re lucky; marketing-as-a-service is resonating with the mortgage industry — we are strategically positioned to help. We’ve been able to scoop up a lot of marketing talent in 2023.

Initially, I didn’t give it much thought, but they have been mostly women.

The mortgage industry is plagued with challenges. The biggest challenge has been massive layoffs. We speak to leaders and folks trying to figure out the next steps in their employment journey weekly. Sometimes we get to refer them for job opportunities, and, in some cases, we hire them.

Leading mortgage media sources indicate that the bulk of these layoffs occurs in three areas — processing, underwriting, and marketing. The bottom line is that most people we have spoken to are women.

I subscribe to very little inequality conjecture. I am an agnostic professional. It allows me to be more effective. It sometimes forces me to learn about things I don’t understand.

Steven Cooley is the founder and CEO of Art Vs. Math LLC

WHY WOMEN ARE THE MOST IMPACTED BY THE GREAT MORTGAGE LAYOFF OF 2023

There is an opportunity with every perspective, conviction, religion, race, and creed to develop a genuine message that will impact the business at its core. Openness and willingness provide our team with a strategic advantage. So, we stay neutral, focus on facts, and try to find the heart of every engagement.

That being said, 56% of the mortgage industry is men. Shocking, right? However, over 78% of all mortgage processors are women. Almost 61% of all mortgage underwriters are women. Lastly, 56% of marketing positions are likely held by a woman. Lender Implosion is a start-up dedicated to helping laid-off mortgage professionals. According to co-founder Andrew Haberman, Lender Implosion analyzed its job-seeker database and found that 78% of laid-off job seekers were women

(since September 2022).

It is understandable why these positions are being laid off. There are fewer loans to process and underwrite. Marketers are often seen as a luxury and viewed as non-producers. Arguably, the opposite occurred in the refi boom — processors and underwriters were in high demand — so women may have been hired faster than men.

LOSING AN ESSENTIAL ELEMENT

Layoffs are impossible decisions to make when an industry compresses, and they are inevitable. While production, output, and ability to attribute or generate revenue are the main measuring sticks, employee impact overall must be measured to ensure a healthy work environment. Here are three significant contributions women play to the ecosystem of a business.

1. Profitability

According to McKinsey, companies in the top 25% of gender diversity are more likely to have above-average profitability. This has been thoroughly researched and applicable to both women in leadership and general positions within the company. This rang true again in a 2022 gender diversity study and seems to be a solid truth that business leaders must consider when evaluating their workforce.

2. Improved Customer Experience

Research indicates that women excel in emotional intelligence, which drives a willingness to innovate and provide a higher level of customer service. The ability to put yourself in the customer’s shoes is a superpower that we preach in marketing. Empathy will always shine when customers evaluate a company’s customer service.

3. Increased Kindness

Gender diversity in the workplace increases the happiness, confidence, and communication of the people around them. Similar to improved customer service, women tend to neutralize behaviors and decrease poor behavior, especially when dealing with workplace aggression.

It is not wise to believe that women are getting hoisted out of the workplace in the mortgage industry. However, to a degree, they are. The layoffs, in conjunction with more and more women considering leaving the workforce, give business leaders a reason to reconsider how to hire and manage the need to purge staff. Whether man or woman, a professional possesses an X-factor that can pull down the morale of an entire company. Despite being mediocre or poor at their jobs, they tie the moral fabric of an organization together. Once removed, the company experiences a time of mourning. These are usually hard to identify until it is too late. However, we need a balance of women in the workplace. We have data to show the benefits.

So, if a mortgage lender continues to lay off the professions mentioned in this article, even justifiably, they may experience a morale, profit, and customer service decline. That is simply what you get when you aren’t thinking about these matters and showing the professionals with the highest emotional intelligence the door. n

Steven Cooley is the founder and CEO of Art Vs. Math LLC., a business consultancy. Prior to that, he was digital marketing director for Finance of America Holdings and Finance of America Reverse.

[Layoffs] give business leaders a reason to reconsider how to hire and manage the need to purge staff.

Be Ready To

V

P I O

By MICHELE BODDA , Special To Mortgage Women Magazine

When I was young, people would ask, “What do you want to be when you grow up?”

I didn’t realize a one-word answer wouldn’t quite fit the bill. Did you?

As a female leader, the list of roles I fill each day has grown alongside my 20-plus-year career at Experian. Sure, my job title is president of housing, verification solutions and employer services. But the role I’m serving varies

LESSONS

Tdepending on which 30-minute interval you catch me in throughout the day.

On any given day, I am a strategist, negotiator, leader, client relations expert, or board member. In between, I am a mentor, therapist, mentee, and friend. In every moment, I am an ally, advocate, and a voice for those who need one. On top of all that, and, most importantly, I’m a mom, a wife, a daughter, a granddaughter, and a sister. Most days, I fill every single role at one point or another.

I’m guessing your story is similar.

Michele Bodda is president of housing, verification solutions and employer services at Experian

LEARNED NAVIGATING THE COMPLEXITY OF LEADERSHIP

As leaders, people need us to be different things at different times. We constantly pivot from one version of ourselves to another. Some days it works, and we feel as if we hit it out of the park, but this isn’t the case every day. We often put pressure on ourselves to make it look effortless.

Here’s the reality: it’s not effortless. According to Gallup, nearly eight in 10 employees experience burnout on the job sometimes. Acknowledging the challenges associated with the constant shuffling of roles and building the necessary muscle memory to navigate the pivots can help us prevent burnout and show up more effectively as leaders.

A wise mentor shared five strategies that have helped me navigate, and I thought today I would share them with you:

1. Plant seeds in advance: The more you can preempt situations before they occur, the easier they are to manage. Plant the seeds of where you want things to land days, weeks, or months in advance, so your organization and teams have time to absorb them, build on them and feel ownership over them. This strategy also will allow you to identify who your detractors may be so you can pre-empt

their opposition as much as you can and prepare accordingly.

2. Don’t sweat the small stuff: In our constant shifting of roles, it can be easy for everything to seem big and as if it requires your attention. Remember, most things, in the grand scheme of things, are small. Pause. Take a deep breath. Many things work themselves out on their own if we give them the space to do so. Instead, focus on the truly big things and on the long term.

3. Switch off: We can’t show up for our teams, for our businesses or for our families if we are depleted. “Self-care” is a term that’s thrown around often and sometimes is reduced to being encouraged to get a massage or see a movie. Those things are great — you should do them, but sometimes true self-care is about more than that. Sometimes you need to step away. Taking a walk, turning off my phone for a while, or listening to music are some of the most effective ways I’ve found to reset and show up as the best version of myself. When you’re truly overwhelmed, cancel the rest of your day and recognize you’re not going to be helpful to anyone in that state. Take the break.

4. Pick the moments you are ready to do things:

This is one of the most helpful tips I’ve received as a leader, and the hardest to implement. Keep in mind that issues elevate to you for a reason. If you’ve empowered your team, then the things that get to you are the sticky issues that need focus, thought and authority to resolve. Give them the attention they deserve. If you’re not ready, take the time to get more information, think it through, or get advice.

5. Where you work and who you work with matters: For me, I want to work somewhere with purpose — where I can clearly see how the work my teams do is making people’s lives better. I want to work with smart, creative people who both support and challenge each other and are good humans. I’m thankful I built my career at a company that allows me to be in that environment and that recognizes diversity fuels innovation and expects everyone to bring their whole selves to work. We are recognized as a Best Workplace for Women by Fortune, a top company for women technologists by AnitaB.org and a Best Place to Work for LGBTQ Equality by the Human Rights Campaign Foundation. For the fourth year in a row, we were recently named as one of Fortune’s 100 Best Companies

to Work For. These recognitions are more than logos we can put on our website. They’re the result of the commitment and hard work of thousands of Experian leaders and employees who make it real. Think long and hard about what matters to you in how your company shows up in the world and find the place that fills those buckets for you.

If you can, I encourage you to pause for a minute today. Take a moment to acknowledge the roles you fill throughout your day. Doing so can be eye opening and a meaningful first step toward filling those roles more effectively — and more importantly, more deliberately.

Leadership is fun, challenging, and worth striving for if it’s part of your ambition because you can have a real impact on the lives of your team, your company, and customers. Being an effective leader takes continuous learning and personal development — embracing and enjoying that process is life changing. n

Michele Bodda is president of housing, verification solutions and employer services at Experian.

On any given day, I am a strategist, negotiator, leader, client relations expert or board member.

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Turning MESSES Into SUCCESSES

JANE MASON TURNED HER HATRED OF CORPORATE DISARRAY INTO HER OWN COMPANY

Jane Mason, founder, Clarifire

By SARAH WOLAK , Staff Writer, Mortgage Women Magazine

Some people see a mess and clean it up.

Others see a mess and ponder, “What’s the best way to stop that mess from ever happening again?”

Put Jane Mason in the latter category. She saw a mess, stopped it from happening again, embraced a simple concept, and became an industry leader while doing so.

Yet despite her success, she still suffers from imposter syndrome.

When Mason graduated from the University of South Florida with a degree in business management, she went to work for Mason Law, her parents’ firm. “The first thing I noticed when I went to work was what an absolute mess the firm’s processes were,” Mason said. “I saw our attorneys doing the same work over and over again without communicating with each other.”

While there, Mason says that her main priority was making sure that attorneys worked better and more efficiently. She hired a team to assist in building a firm website and a dashboard for the attorneys to use.

“The concept was aggregating data and aggregating knowledge and presenting it on dashboards to ensure that the right people see it,” Mason explained. “You can’t generate revenue [in a legal process] unless you standardize your approach to your delivery. I think we were one of the first firms to develop a website that our customers could find out exactly what they needed to do.”

On the flip side, Mason said that creating a dashboard for the company’s attorney network gave them the ability to see what 50 attorneys were working on in just one view. “It makes sense why other people wanted the product,” she said. “I’d argue that every company needs process automation.”

Mason worked at the firm for 15 years and found that customers began taking notice of the processes that she had put in place. “I was approached by Fidelity National Financial in

2004 — who was a customer at the firm — and they wanted to buy what [I] built, I was confused and said ‘Well, we’re not a software company,’” she chuckled. “They saw that [our firm’s] customers were loving our approach and delivery of legal services. They made me an offer that I couldn’t refuse and ended up buying what I had built, so I left the firm and used the funds … to

turn my processing ideas into my own company.”

Continued Mason, “The idea for Clarifire was already percolating in my brain by then. I decided to take the opportunity [from Fidelity].”

PROVING HERSELF

Despite admiration from her staff and the community, Mason says that with high achievements comes imposter syndrome. “Of course, being a businesswoman comes with challenges. There’s the stigma of being a woman in tech,” Mason said. “I’ve walked into rooms and been asked by a GSE where my president was when it’s me. [But] you can’t carry a chip on your shoulder and consider yourself discriminated against in order to transcend those biases. Those biases are unintentional. Now I’m at the point in my career where I can call those people out.”

Mason says that as she grows older and more confident than ever in herself and Clarifire, it’s easier to ignore feeling like a phony. “I still experience [imposter syndrome]. My company is mostly women and we were competing for the best

“Imposter syndrome can work against you, but I wouldn’t be here if I wasn’t successful.”

> Jane Mason, founder, Clarifire

product award against a company that was all men. Sometimes you still run into those situations and it doesn’t matter how passionately you give your presentation or talk about your product,” she said.

“When I start to doubt myself I make a list of everything I’ve done. So I encourage others to write down what they’ve done. It’s cathartic. Imposter syndrome can work against you, but I wouldn’t be here if I wasn’t successful.”

CHALLENGING TIMES

Mason makes it sound easy, but she recalled that when she first decided to start her own company, she had five employees who came with her from the firm. It took them over two years to fully develop the company’s vision “We ended up hiring two Microsoft developers to help us. And those five people who started with me are still with me today.”

When Mason and her group of confidants started out, she says that they couldn’t afford a real office space. “We all sat at a card table and we had one server,” she laughed. “But in 2006, I was approached by Bob Caruso [the former president] from Bank of America, and he told me that he heard about what I was building. When I told him it wasn’t done yet, he said that we could build it together. So Clarifire went live in 2007, with Bank of America as our first official customer.”

The name Clarifire is a play on words,

Mason says. “When you say it, it resembles the word ‘clarify’ and what we do is clarify your operational processes,” Mason explained. “And then the fire part is that we ignite it and give you the tools to streamline it. And we hope that customers think of Clarifire every time they say or hear the word clarify.”

It’s not just customers and big banks who have taken notice of Mason’s efforts. “The entire industry — and our customers — have given us input about what we can do differently, and we take all of that into consideration,” she said.

Mason’s business provides workflow automation for multiple industries, but for the mortgage industry, Clarifire offers mortgage servicing applications that connect customers and originators in a single application. For example. First American takes advantage of Clarifire’s process systems to automate its orders for loss mitigation, allowing their customers to receive loss mitigation documents, title reports, and partial claims via the Clarifire dashboard.

RESPECT

Mason operates her business in St. Petersburg, Fla., just down the road from her alma mater. She still has strong ties to her community — especially her university. In the past, Mason’s gifted the USF college of nursing faculty, staff, and students

At the Tampa Bay Business and Wealth Magazine awards where Jane Mason, center, won the 2022 Apogee honor for the Founders category.

CEO Jane Mason and COO Mark Goldman raise the CLARIFIRE flag in front of the headquarters in St. Petersburg, Fla.

free access to Clarifire. Mason also served as the chair of the Kate Tiedemann School of Business and Finance Dean’s Advisory Board.

Now, Mason mentors women in the business school. “I attend classes — sometimes over Zoom — and talk about what my journey’s been like as a woman in the business world,” she said. “The young women [from the school] reach out and care about my input. We connect on LinkedIn, and I can connect them with other local entrepreneurs.”

Bridgette Bello, who is CEO & Publisher at Tampa Bay Business & Wealth and the former publisher of the Tampa Bay Business Journal, has known Mason for over 15 years. Bello’s publication has featured Mason and her business numerous times for being a top women-owned business.

“She was one of the first people that I met when I moved [to Florida] and she’s always been incredibly smart, innovative, and selfless,” Bello said. “I was 35 when I moved here and took the helm of the business journal — which was intimidating — and it was women like Jane who reached out and offered their help to me.”

Bello says that she was the first woman publisher of the Tampa Bay Business Journal, and Mason made her feel less alone as a woman at the top. So it makes sense that Bello returned the favor and helped Mason get exposure on the cover of Tampa Bay Business & Wealth in 2020. Most recently, Mason was a recipient of the magazine’s 2022 Apogee Award — an award that features C-suite leaders who have reached the pinnacle of success in their careers. She was nominated by an anonymous peer. “Jane was recognized as a founder and was just so gracious to be recognized,” Bello said. “The award is a big deal and it’s been won by other incredible people like the COO of the Buccaneers. We bring in outside judges — it’s a pretty stringent process. I was so proud to bestow that on Jane and share the stage with her.”

It’s not just Bello and the Tampa Bay community that rallies around Mason and her business.

NO TURNOVER

One of her oldest employees, Melissa Martins Myers, says there’s a reason that she has continued to follow Mason and her mission. “I have been with Jane since November 2001 when I was hired at Mason Law as a developer,” Martins Myers said. “My loyalty to her only grew from there based on the love and support she had for her team, from executives to the mailroom. I chose to stay with Jane as I believed in her vision to create a technology that could better businesses. Her goal was to build the best technology, not for individual success, but because she saw a need in this industry for software that could benefit all.”

Today, Martins Myers is Clarifire’s vice

president of business solutions and has been alongside Mason for 22 years. Martins Myers actually accompanied Mason to showcase Clarifire to the Bank of America headquarters. “Jane was light years ahead of the industry in anticipating what was needed, and it has been an honor fighting the odds to show all what Clarifire can do,” she said. “If you ask anyone, the environment is one of working with family. Each success is that of the team as a whole, and everyone believes in that. Jane has built that culture since day one … And she is not only the leader that everyone respects and admires, but one of the teammates herself.” n

Mortgage Moms Do Teens Know The Value Of A Buck?

ASK YOURSELF TOUGH QUESTIONS ABOUT WHAT YOU ARE TEACHING YOUR CHILDREN

By ASHLEY GRAVANO, Contributor, Mortgage Women Magazine

Igrew up very poor. It’s not something many people talk openly about but I always want to be transparent and authentic with my readers/followers. When I was 5, my mom became a single mom to me and my brother. She had not worked and had to start over.

We went for many months with no phone, cable and, at times, no electricity.

My mom worked two jobs and went back to school to become an interior designer at 37 years old. As a young child seeing my friends have nicer things was hard for me.

As hard as it was watching my mom struggle, she became my hero as she completely reinvented herself. She taught me the value of a dollar. She taught me to work extra hard. She taught me to save money. She never wanted me to have to struggle like she did.

Times were so different; we could get a happy meal at

McDonalds for $1.10. We would rake the neighbors’ leaves to save for candy money at the local 7-Eleven! I had to take a class in high school to teach me how to write and balance a checkbook. I don’t even think my kids would know what to do with a checkbook. Now our kids save for $150 sneakers and $999 cell phones. We have money apps and debit cards as a teen.

Times have really changed since I was a pre-teen. Social media, Cash App, Venmo, the list goes on. After the rise in interest rates, the cost of EVERYTHING going up, and the recent bank collapses, I think it’s important that teens are taught financial literacy more than ever. I have spent many hours passing my mom’s wisdom onto my two boys.

This month the following moms are asked all questions surrounding financial literacy with their teens.

Does/Did your child’s high school teach financial literacy?

Q:

JENNIFER LOMANNO: No. Both of my daughters attended a local parochial school and while they offered wonderful college prep programming, there was little to no ‘real world’ instruction.

SHELLY GRIFFIN: The only thing close was government/economics where they did discuss stocks and investing. When my kids were in elementary school, I volunteered as part of a program called Junior Achievement and taught fifth-graders about entrepreneurship, work readiness and financial literacy but it was a basic introduction. When I was in high school, there was a class called consumer math that went over how to balance a bank account and prepare a basic tax return along with preparing a budget. Now the math classes in high school are more geared to prepare them for college.

JENNIFER METZGER: There were business classes, but no courses on financial literacy. I remember being

excited when in his junior year of high school, he brought home an assignment where you picked a career, researched the salary and then searched for housing, a vehicle and budgeted those and your other expenses. It was fun to hear him talk through the cost of renting and how much a loan payment was. The project created about two weeks of good discussion. but beyond that he didn’t have any other education on real-life finances.

Q:

How are you teaching/did you teach your child about the value of money?

JL: When my girls were small and would receive money as gifts for birthdays or holidays and they wanted to buy something with their money, I would tell them to wait to see if it would go on sale. They learned to look for the little red tags on items at Target. I also taught them to save at least 30% of everything they received. It’s taking longer for one of my girls to adopt as a regular practice, but they do love to see their accounts growing.

SG: As soon as my oldest son was

Ashley Gravano

Mortgage Moms

at the age to get a job, we had him start applying. He started working at a restaurant and since that day he has been paying for his own “fun” expenses like going out with his friends and gas. It was important he understood that we didn’t have a never-ending debit card, and he is always the first to tell me about the price of gas going up. He realized quickly how expensive everything is when it comes out of his own paycheck. We also encourage him to leave a cushion in his account for a rainy day and the importance of credit.

JM: My husband and I are both in the mortgage business, so watching your debt and having savings came up a lot around the dinner table. He has heard many sad stories about people not being able to get into a home because of small financial errors. In addition, we love the stock market and often had CNBC or other financial news channels running in the mornings as we got ready for the day. This prompted some great discussion around investing, the marketplace and the world.

We also made sure our son worked. He had to have a job in the summer and over winter break. When he got big paydays (for a lifeguard anyway) he would often talk about buying a new stereo for his car or this expensive item, and we would have him budget out if he had enough money to last till his next payday if he made that purchase. He quickly realized he would rather have money for fast food and hanging out with friends instead of a stereo for his old truck.

I feel like all these things added up to create someone who now manages his modest paychecks well. It is great to see someone who constantly has at least $500 in his checking account at all times while in college. We are so proud of how he has managed money and has pride in whatever job he works.

The conversations we have about investing still happen today with random phone calls asking how we feel about the latest stock news. I think with kiddos you have to show them so many different sides of finance to help

in their own lives. Real-life experience makes all the difference.

Q:Do you use apps (lots out there these days) or invest (not your typical savings account) for your kids, if so which and why. If not, why not... ?

JL: Not really. I’ve only recently started to use apps for investment planning myself and I’m not well versed enough to recommend to them. Waiting for them to teach me.

JM: When my son got started asking more and more questions about stocks and investing (we would often talk about companies he liked such as Coca Cola or McDonalds) we started researching if there was an app that a minor could manage stocks in and found Stockpile. At that time it was one of the few custodial sites that our son and a parent could be involved in together. This again created

To this day, our son calls us and talks about stocks he is interested in. We also invested in the College Invest 529 since our son was 10 to ensure we were covered for the basics of college. Our son loved math and had grown interested in engineering in high school so we figured college would be a possibility. It has proven to be one of the best investments we made for his and our future.

Q: How do you discuss financial goals with your kids (i.e. saving for a car, etc.)?

JL: We talk often about saving and retirement goals. We talk less about short-term goals such as cars, home remodeling, travel, and I think it’s because I expect and have taught them to work hard, hustle, and make enough money to support those goals. I’m not a Plan B type person. Have

goals and do anything within your means to attain them. Retirement goals are important to curb the spending on those short-term goals.

SG: My son is currently in trade school and has a full-time job at a local dealership. He wants to move out on his own someday, but the cost of renting is vastly different than when our generation took this next step. Lack of affordable housing and drastic increase in rent will have an impact on young adults. We help him by putting together a plan and budget to show what he will need in order to head out on his own. We also talk about the importance of friendships. The saying goes, “tell me who your friends are and I will tell you who you are.” Surrounding yourself with friends that support you and are likeminded will help with your financial goals and your mental health.

JM: We have never been afraid to talk

about financial goals with our kiddos around. If they asked why we were getting a new car, we would explain why and how we were doing it. We would often take them along to the dealership so they can see the whole process.

I always told them when they got bored or asked how long it would take, you have the power to change how the financial world works in the future. If you don’t think the car- buying process is quick enough, you should educate yourself and come up with a new way to do it. It’s not that it sinks in for a 12-year-old, but I think it sticks with them over time that the finance world is not untouchable, that engineers and entrepenuers change the way everyday finances work.

We have always talked about generation wealth and how that typically comes through homeownership. Our industry certainly rides the waves of highs and lows, but at the end of the day so much data shows that owning a home

helps ensure a more financially stable future that rolls over into education and other avenues of life for a family.

Q:Do you discuss current events like the banks’ collapse with your kids?

JL: Yes, but while I share my perspective, I think it’s more important to expose them to a variety of opinions and to help them try to understand those. Varied perspectives offer our children great opportunities.

SG: We don’t talk too much about it outside of the headlines. Being in the mortgage business my entire career, they hear a lot about what’s going on at a higher level, but our family has been impacted by layoffs in the past. I don’t want to cause them to fear for my job or create unnecessary anxiety. Middle school and high school are stressful enough! We are always discussing current events, whether it is from a news story or just my husband and I talking about the latest happenings. We don’t pull them into the conversation, but they will ask questions or listen in on what we discuss.

I think kids are naturally curious and that provides the best space to discuss important things happening in the world and gives them the opportunity to weigh in with their feelings. Of course, we don’t discuss our salaries or bank balances with our kiddos, but we have always been an open book on what a budget is, what payments are, how you afford a house, and to avoid debt if possible.

I really hope that the financial responsibility we see now in our college-aged son continues his whole life. After all, as a parent I feel our job is to create kind independent people who manage life well.

According to the Financial Literacy and Education Commission, there are five key components of financial literacy: earn, spend, save and invest, borrow, and protect. n

CENLAR NAMES NEW SVP

Cenlar FSB, a national mortgage loan subservicer, announced Jennifer Rowen, who formerly served as chief compliance officer, has been promoted to senior vice president, core operations.

Rowen brings more than 24 years of banking experience to her role as senior vice president, core operations. In her new role, she is responsible for overseeing investor reporting, bank operations, payoffs, satisfactions, insurance, escrow, tax, and transfer operations, Cenlar said.

“Jennifer’s leadership skills and expertise in sustaining a solid compliance program is vital to loan operations as we continue to strengthen our risk and control efforts and deliver excellent service for our clients and their homeowners,” said Senior Vice President of Loan Operations Bill Moffett.

As chief compliance officer, Rowen was paramount in building a compliance management program, the company said. She was also responsible for regulatory change management, program management, compliance training, BSA/AML/OFAC, and compliance advisory services.

Before joining Cenlar in 2016, she was vice president, compliance officer at The Bryn Mawr Trust Co., and compliance officer at Continental Bank. Rowen is a certified regulatory compliance manager and a certified anti-money laundering specialist.

BIRCHWOOD CREDIT SERVICES NAMES NEW COO

Birchwood Credit Services, a Fort Lauderdale, Fla.-based credit reporting agency that provides services to the mortgage industry, appointed Sam Markwood as its

chief operating officer.

Markwood has more than 17 years in the mortgage credit services industry, in which she has held various positions in customer service, operations management, and client success with CBC (now Factual Data) and Certified Credit.

As COO, she will be responsible for managing and directing the logistics, workflows, and operations of Birchwood’s production team, as well as overseeing the sales and marketing departments, the company said.

“We are fortunate to have someone of Sam Markwood’s caliber and experience step up to lead our bureau operations,” said Larry Avery, Birchwood CEO. “At this critical moment, we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead.”

He continued, “Sam is an operations and technology visionary with a proven track record of execution. She is a strong communicator who is customerfocused with deep leadership capabilities. Furthermore, as a member of various mortgage industry executive teams over the past 17 years, she has a solid understanding of our products and markets.”

DEHART APPOINTED VP OF LOAN OPERATIONS

Cenlar FSB, a New Jerseybased mortgage loan subservicer, appointed Michelle DeHart as vice president of loan operations, escrow. DeHart’s primary responsibility will be to oversee all escrow functions, including tax, insurance, flood insurance, and escrow analysis, the company said.

With over 25 years of experience in the mortgage banking and financial

services industry, DeHart will manage the escrow team’s financials, staffing, controls, and compliance, Cenlar said. She will also lead initiatives aimed at providing operational efficiencies, enhancing risk mitigation, and executing Cenlar’s business plan objectives, it said.

Bill Moffett, Cenlar’s senior vice president of loan operations, praised DeHart’s experience. “With Michelle’s breadth and depth of knowledge in the mortgage servicing industry, she is a valuable asset to our team,” he said.

Before joining Cenlar, DeHart served as senior director of escrow at Home Point Financial, where she played a key role in building the company’s escrow area. She later joined ServiceMac as a vice president overseeing property insurance and mortgage insurance, after the acquisition of the subservicing portfolio. DeHart has a diverse career in the mortgage industry, including experience in vendor management, client relations, enterprise risk management, and project management.

PAXTON REJOINS MR. COOPER GROUP AS EVP

Mr. Cooper Group Inc., a Dallasbased provider of mortgagebanking services, announced Christine Paxton has been named executive vice president and chief risk and compliance officer.

Paxton returns to Mr. Cooper Group from Wells Fargo, where she most recently served as senior vice president of control management. Before that, she

Michelle DeHart

Christine Paxton

Jennifer Rowen Sam Markwood

was senior vice president of enterprise risk at Mr. Cooper Group, where she established the corporate enterprise risk management framework.

“We are delighted to welcome Christine back to the Mr. Cooper Group team. She is a well-respected leader, and I am confident that her experience and operational skills will be a great fit as we work to ensure Mr. Cooper continues to serve as a source of strength in the housing market,” said Jay Bray, chairman and CEO of Mr. Cooper Group.

RADIAN APPOINTS NEW SVP & CHIEF GROWTH OFFICER

Mortgage insurance company Radian Group Inc. has appointed Sumita Pandit as senior executive vice president and chief growth officer.

Reporting to Radian’s CEO Rick Thornberry, Pandit will join the company’s executive leadership team and lead activities associated with developing and implementing the company’s long-term strategic growth plans, Radian said.

Pandit said she is excited to join Radian and looks forward to “partnering with Rick and the rest of the leadership team to drive the company into its next phase of growth.”

Pandit joins Radian after serving as the chief operating officer of dLocal, a global digital payment company, since 2021. Previously, she was a managing director and global head of fintech investment banking for J.P. Morgan. Prior to J.P. Morgan, Pandit worked at Goldman Sachs.

During her investment banking career, she advised some of the

world’s most transformational companies across industry verticals, including fintech, proptech, insurtech, financial software, and neo-banks, Radian said.

NEW AMERICAN FUNDING NAMES NEW CEO, PRESIDENT

New American Funding (NAF), an independent mortgage lender based in Tustin, Calif., has promoted Patty Arvielo to CEO and Christy Bunce to president.

Arvielo founded NAF two decades ago with her husband, Rick, who also serves as CEO. Bunce has been the Arvielos’ partner in leading New American Funding for nearly 15 years, most recently as chief operating officer.

Bunce joined NAF in 2008, initially serving as operations manager. Her role grew with the company, with her experience and expertise in loan processing, underwriting, and funding serving as a guide.

Bunce was named COO in 2012. Since then, NAF has increased both its business and its workforce exponentially, the company said. When she began at New American, the company had zero retail footprint and dozens of employees. Now, it has 170 nationwide locations and more than 3,500 on staff.

In her previous role as COO, Bunce managed day-to-day operations. She also oversaw the creation

and expansion of the company’s mortgage-servicing division.

Over the course of her career at NAF, Bunce also pushed for the company to become a Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer. She now works closely with the GSEs and the federal government on lending initiatives, specifically those for typically underserved communities.

FAIRWAY INDEPENDENT CREATES NEW POSITIONS

Fairway Independent Mortgage Corp. continues investing in reverse mortgages by creating senior vice presidents for its new regional reverse mortgage program.

Susan Pomfret will serve as SVP for the Northeastern Region and Genie McGee will serve as SVP of the Southeastern Region.

“I’ve been hooked on reverse since the beginning. I was part of the initial pilot program for the HECM in ‘89 and have been educating folks ever since about the potential benefits,” said Pomfret. “Connecting with Fairway is an amazing and exciting next step, and it gives me goosebumps to help many more retirees.”

McGee said, “Financial advisors are a key piece of Fairway’s business model and will continue to be so. That being said, there is an enormous portion of our demographic who can benefit from our guidance and do not have a financial advisor. This is doubly true in populations with high need. We can be the reverse mortgage company that serves everyone.” n

Sumita Pandit

Patty Arvielo

Christy Bunce

Susan Pomfret

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