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 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