Mortgage Women Magazine 2023 Issue 5

For Better Or Worse

RAFELKY ANTIGUA, THE RISK-TAKING ROOKIE FINDS SUCCESS WITH HER SPOUSE

SUCCESS WITH LESS TREPIDATION

BECOMING A TRAILBLAZER REQUIRES A CERTAIN LEVEL OF CONFIDENCE

FRIENDS IN NEED

ORIGINATOR BUILDS HER BUSINESS THROUGH LESS-THAN-PERFECT CLIENTS

INSIDE:

BE A LITTLE VULNERABLE > PAGE 4 DON’T BE SO DEFENSIVE > PAGE 14 UNEXPECTED OPPORTUNITIES > PAGE 20

For Better Or Worse

RAFELKY ANTIGUA, THE RISK-TAKING ROOKIE FINDS SUCCESS WITH HER SPOUSE

SUCCESS WITH LESS TREPIDATION

BECOMING A TRAILBLAZER REQUIRES A CERTAIN LEVEL OF CONFIDENCE

FRIENDS IN NEED

ORIGINATOR BUILDS HER BUSINESS THROUGH LESS-THAN-PERFECT CLIENTS

INSIDE:

BE A LITTLE VULNERABLE > PAGE 4 DON’T BE SO DEFENSIVE > PAGE 14 UNEXPECTED OPPORTUNITIES > PAGE 20

Discover Where Your Competitors Stand In The Mortgage Market

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GET A FREE MORTGAGE COMPETITOR ANALYSIS

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CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick

ASSOCIATE PUBLISHER

Kelly Hendricks

MANAGING EDITOR

Christine Stuart

NEWS DIRECTOR

Keith Griffin

SENIOR EDITOR

Mary Quinn

MULTIMEDIA PRODUCER

Erica Drzewiecki, Katie Jensen, Ryan Kingsley, Sarah Wolak

STAFF WRITERS

Tyna-Minet Anderson, Tina Asher, Sara Avery, Michele Bodda, Vanessa Bodnar, Laura Brandao, Ashley Gravano, Mary Margaret Hogan, Jenevieve Impavido, Lori J. Pinto

CONTRIBUTING WRITERS

Alison Valvo

DIRECTOR OF STRATEGIC GROWTH

Regina Morgan

ADVERTISING SALES EXECUTIVE

Nicole Coughlin

ADVERTISING ASSOCIATE

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

Matthew Mullins

MULTIMEDIA SPECIALIST

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Navigating The Mortgage Industry’s Turbulent Waters

In these tumultuous times, we find ourselves inundated with a barrage of challenges, making the task of managing it all feel like trying to traverse a complex maze. The ever-shifting market dynamics, the complexities of enhanced agency condominium review, the ongoing appraisal bias considerations, and the surging agency and investor buyback requests are enough to leave anyone feeling bewildered. And as if that weren’t enough, we are compelled to chart a course toward greater efficiency while grappling with reduced staffing levels. The pressures are mounting, margins are tighter than ever, and the future remains uncertain for many within the mortgage industry.

So, how do we even begin to manage it all? To be perfectly honest, we don’t have all the answers. It’s a daunting challenge that leaves us scratching our heads at times. However, one thing we can wholeheartedly affirm is that we are not alone in this struggle. We are all navigating these uncharted waters together, finding solace in our collective strength and resilience.

In this issue of Mortgage Women Magazine, we aim to offer you valuable insights and perspectives that can serve as beacons in these challenging times. While we may not have all the solutions, we believe that by sharing our experiences and knowledge, we can collectively forge a path forward. Together, we can weather the storm and emerge stronger on the other side.

We hope the articles and features within these pages will provide you with the guidance and inspiration you need to navigate the complex landscape of the mortgage industry. Remember, we are in this together, and together, we will find our way.

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

A Passion For Sharing

> Patty Brown and her husband Chris in Cozumel.

PATTY BROWN HAS SPENT HER CAREER HELPING TEACH THE INTRICACIES OF MORTGAGE LENDING

By LAURA BRANDAO, Contributor, Mortgage Women Magazine

This month I had the pleasure of speaking with Patty Brown. She is the senior vice president of underwriting at Atlantic Bay Mortgage Group. Patty lives and works in Chesapeake, Virginia, and is originally from Emerson, New Jersey. She has a Bachelor of Management and Marketing from Monmouth University.

How did you get your start in the mortgage industry?

Patty Brown: I was working in customer service at a mortgage company when an account executive (loan officer) position came open. I decided to take the opportunity and worked in that role for a short time.

What I discovered in that time was that I was not comfortable with the kind of loans being offered. The loans were the type that were mostly paying down interest and I felt that they were not something I felt good selling to clients. One elderly couple in particular made me realize this was not for me and I decided to move to another firm.

provide the support and mentorship needed to leave my team in the best possible hands. And I am also assured that, when the time comes for the next change in management, the next leader in that role will be someone who has been mentored and supported in the same way.

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

PB: I see myself learning and growing in whatever role I take on. When I started in this industry over 20 years ago, I had no idea of the complexities of the mortgage process. There is so much that goes into the successful closing of a loan application it cannot possibly be learned in a short period of time.

Technological and policy changes are constant, so the willingness to continuously learn is an absolute necessity. I am fully engaged in learning as much as I can every time I set foot in my office door. I also am passionate about sharing what I learn with my colleagues and team members at every opportunity.

I firmly believe that women will continue to take on more and more leadership roles and that they will become amazing mentors

I learned that a former boss of mine was opening their own firm and I was offered my first underwriting position at the company. It was all manual and everything was researched and typed up by hand. But I felt like I was in the right place and enjoyed the work.

I have been in the industry for over 20 years and have continued to advance to the position I hold today. I really am committed to doing the best for our clients and to make success a priority for my team.

What does being a trailblazer mean to you?

PB: To me, being a trailblazer means having the true desire to help others achieve their goals and be willing to take a risk yourself to help them find the best path to success.

I was always a shy person, but as I have progressed in my career, I have learned to step out of my comfort zone and try new things even if my confidence in a successful outcome wasn’t at full throttle before I took the first step.

I am hopeful that my willingness to risk a misstep and still forge ahead will inspire another young woman to follow the trail I have left and make the successes she finds her own with less trepidation because of my example.

One of my prouder accomplishments is that every time I leave a role to move up, I make sure that I have left the team in the hands of a capable woman who will ensure the continued success of the department and its staff. I have always made certain to

to those coming behind them. The way forward for women in leadership is to provide as much support and encouragement as we can. Building confidence and expanding networks and relationships will be the key to ensuring we continue to provide women with the opportunities they have earned and fully deserve.

What is your professional superpower?

Technological and policy changes are constant, so the willingness to continuously learn is an absolute necessity.

“You’re braver than you believe, stronger than you seem, and smarter than you think.”

> Christopher Robin

> Patty Brown celebrates with co-workers at a business meeting in Cozumel, Mexico.

> (Facing page) Patty with co-workers from the Chesapeake, Virginia, headquarters of Atlantic Bay Mortgage Group.

PB: My professional superpower is my flexibility. I think my name would be Elastic Girl.

When you reach a certain level in this industry, being flexible and willing to pivot on a dime based on whatever situation arises is critical. I find I am pulled in many different directions each day. With each challenge comes the necessity of being able to focus on more than one issue at a time and provide the guidance and leadership needed in a calm and logical manner.

I may be “stretched thin” on any given day, but I make it work by always having a reasonable and effective plan of attack and surrounding myself with a great team of managers who can help me work it through to a successful conclusion or solution.

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

PB: At the beginning of my career, I underwrote loans and had a small team to supervise.

When I came to Atlantic Bay, I was offered a huge new world of opportunities to learn and grow. I have a supportive chief operations officer who encourages me to use my imagination and intuition to move outside of my comfort zone and find solutions that I might otherwise have overlooked if I was narrow in my focus.

She has offered me the chance to take classes and learn so much more about our industry. She has also inspired me to take a leap of faith in myself and try speaking at events. That is something I never imagined I would be able to do but look at me now!

The first time I spoke it was at an “Ask the Underwriter” luncheon. It was the perfect venue because it allowed me to speak about what I love doing and the audience was receptive and engaged.

Even so, I used to shake like a leaf having to stand up and speak at our Friday meetings, but as time went by and I was supported and encouraged, my confidence grew. I still get nervous but now I know what I can do and I know I can stand up without the paper in my hands rattling like it was caught in a hurricane.

The pivotal part of my career has been learning to step out of my comfort zone, take on challenges and I have come to understand that I truly am braver than I believe.

> Family is important — and competitive for Patty Brown. She and her siblings live in separate states but when they get together ‘athletic’ competitions such as mini-golf and air hockey tournaments are on the agenda.

What advice would you give to a woman entering or trying to move up in their mortgage career?

PB: The first thing I would tell them is to buckle up for a fun and crazy ride. This industry moves quickly and shifts at the whims of the financial markets. I would say be flexible and be ready for anything whether it involves the day to day work or broad policy or process changes in the business as a whole. Next I would let them know that they have to be ready and willing to ask questions. Lots of them. Never be afraid to speak up if you have an idea you think might benefit your team or your organization.

Ask for help if you need it. There is no valor in being overwhelmed and making mistakes because you are in over your head. Ask for assistance, speak to a mentor or your manager, and get that ship righted before it’s too late.

lifelong passion for me.

My family is spread out across a few states but when we get together we make the most of that time. We love to play board games and participate in an air hockey tournament. That can get a bit heated but it is all healthy competition and that family time is something I treasure.

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

PB: I would say be flexible and strive to always be 10 steps ahead. This industry changes fast, whether it be embracing new technologies or changes in legislation at the state or federal levels.

You need to be prepared and expect change rather than just react to it when it appears. Keeping abreast of market conditions

What does success mean to you?

PB: Success is seeing progress. It means setting a goal and reaching it. Every goal requires movement forward to achieve. Of equal importance to me is the notion that success means having brought your team to a new level of achievement. Personal success is great, but success realized for yourself and your team is sweeter still.

I feel successful when I see my managers and staff move up in their careers and crush their professional and personal goals with my help and support. That is the absolute pinnacle of success for me.

What do you enjoy outside of the office?

PB: In my time away from the office I enjoy working out, running, walking, and lifting weights.

I am also a reader and whether it is a mystery novel by the pool or a book about the mortgage industry, reading is a

and taking classes, attending conferences, and networking with colleagues are all ways to be as proactive as possible and make having to shift gears easier and less stressful.

Do you think it’s important to have a mentor?

PB: Having a mentor, or more than one, is an absolute necessity to advancing in your career in the mortgage business or any industry.

A mentor, by definition, is an experienced and trusted advisor. They are also a coach, a confidante, and a friend. A person who you can speak to with candor and use as a sounding board for anything you need to work through is worth their weight in gold.

None of us is completely able to handle every situation we find ourselves in. Those who believe that they can are not being honest with themselves.

I cannot emphasize enough my belief that having a person who can guide you through difficulty by virtue of their experience and having your best interests at heart is invaluable. The best mentor won’t tell you what to do but they will help you come to the answers you seek by providing you with a sound and balanced opinion and then allowing you the space to work through the solution to find the best option for you.

How do you find your voice?

PB: Finding your voice means being willing to challenge yourself and speak up even when you are afraid to do so. In my years of learning to be more confident, I have come to realize that I am not the only person in the room who may be too afraid to speak out and share my ideas and opinions. And that maybe, if I can be brave and do it, that will give someone else the courage to speak up as well.

When you reach a certain level in this industry, being flexible and willing to pivot on a dime based on whatever situation arises is critical.

That is motivating and has helped me to find my voice even when I wasn’t so sure I would be heard or what I had to say would be appreciated.

What’s your favorite book or podcast that you would recommend and why?

PB: One of my favorite books is “Difficult Conversations: Just for Women” by Sofia Santiago.

The book talks about how most selfhelp books are written by and for men and focus more on how a man would handle difficult situations. Ms. Santiago’s work is focused on a female approach which is going to be from a differing point of view.

The stories and scenarios in the book are taken from real life situations and emphasize remaining calm and assertive and the key ingredients to a successful resolution that benefits all parties involved in the issue.

I have personally found this book helpful in developing my approach to handling difficulties in a professional, measured manner.

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

PB: We must support each other along the way. Instead of stepping over each other in a bid to advance, we need to stand shoulder to shoulder and offer our strength to each other.

If we want more women at the leadership table, we need to be willing to offer our hand to pull each other up. The more help you offer, the more you will get in return when your turn comes to make the climb.

I also want to say that having a good support network and a work/life balance has been one of the things most crucial to my success. The constant support of my husband Chris has allowed me the freedom to pursue a career that I love and thrive in that freedom.

My colleagues and mentors at Atlantic Bay have given me the tools, guidance, and encouragement I needed to further my career over my years there.

Whether your support network is friends, family, partner, or fur babies, lean on them when you need to and you will be able to navigate any challenges that life and a busy career can throw your way. n

> Patty and Chrissy Brown and after meetings in DC (FHFA and Senator of VA’s office).

SEP 21

Hear From Industry Leaders As We Peek Under The Hood Of Non-QM.

UP NEXT: The State of Non-QM

Non-QM has seen its share of ups and downs over the past several years. But one thing is certain. As one of the only growing niches in the mortgage business, keeping up to date on this space is more important than ever. Serving the underserved community, non-QM is an essential part of the mortgage ecosystem. And with the number of borrowers non-QM serves continuing to rise, now is the time to learn more about these products.

NMP is launching a monthly series called “Non-QM Townhall – A Monthly Report”. We will cover different topics each month with a panel of experts in non-QM. They will share their knowledge and experience so you too can become a non-QM expert.

COMING SOON:

October 26

Non-QM and the Investment Community (capital markets update); Today’s Options (new programs – current state of guidelines, biggest areas of growth)

November 16

The State of Non-QM (current state of the sector, where are the biggest opportunities)

Finding These Borrowers

December 14

Prospects for 2024 programs, state of non-QM, what’s coming, how to prepare

ROBERT SENKO ACC MORTGAGE

TOM DAVIS DEEPHAVEN

JOHN WISE NEWFI WHOLESALE

Delivering The Best Homeowner Experience

ENVISION IT AS A LIFETIME RELATIONSHIP FOR BEST RESULTS

By LORI J. PINTO, Special To Mortgage Women Magazine

The U.S. economy and housing market has been anything but predictable the last few years. The only constant in the mortgage marketplace has been a lot of change — and that change is happening fast. As a result, there’s been an everincreasing demand that those of us who service home mortgages need to pivot quickly to adapt and, as always, remain committed to putting the homeowner first. Mortgage servicing is not about just collecting payments — it’s about building relationships with homeowners throughout the life cycle of the loan.

DELIVERING AN EASY, PERSONALIZED EXPERIENCE

Cenlar is a subservicer who performs its servicing functions for our clients, which consist of banks, credit unions, mortgage companies and other financial institutions. Our philosophy is to treat our clients’ homeowners as we would like to be treated. When Cenlar on-boards new homeowners, we have a welcome program. This is a series of communications with a warm introduction to the services we provide that anticipates and proactively address homeowners’ needs during the first three

Lori J. Pinto

months of their journey and ensures we have a longer, more satisfying relationship.

This on-boarding occurs whether it’s a new loan or when we become the servicer during a transfer of servicing. In the first 90 days it’s like triage. You have to be the best at it because that coming and going can be turmoil for the homeowner. Servicers need to make sure homeowners feel like they have landed in the right place — they know how to get in touch with you, and that as a servicer, we’ve got this handled.

EDUCATION IS KEY

If you think about the role of a mortgage servicer, our role is to make it easy for the homeowner — easy to learn about their mortgage product, easy to get what they need when they need it, and easy way to resolve any issues.

We also have to continue to educate homeowners about their loans. The more educated homeowners are, the better. Homeowners need to be aware of and understand the basics of their loan — how to make a payment, and the processes involved with escrow analysis for example. At Cenlar, we have created an escrow email

that is sent to homeowners and links to a video explaining escrow analysis.

DATA ALWAYS MATTERS

The homeowner experience is not a single moment in time. It’s the full experience, over the lifetime of the relationship with the homeowner — whether that’s onboarding, escrow, payments, or year-end initiatives. It’s important to be aware of those moments, and do everything to ensure communications are as personalized and proactive as possible.

LEVERAGING TECHNOLOGY

Today, we are living in a digital landscape and homeowners value convenience in their everyday lives. Homeowners who need answers to simple questions want the self-service tools to do so without having to call, whether that’s through interactive voice response (IVR), the web, a mobile app, or bots.

It’s making the self-service channels so easy to use that homeowners prefer them over calling. In fact, we average almost 150,000 bot interactions per

That’s why using data and analytics that trigger important events that have occurred or are happening in the homeowner’s experience can help to deliver better service. A homeowner now has the expectation that you know something has changed, you know them, you remember what they told you, and you can use that information to better serve them, customizing their experience as much as possible.

AN EXTENSION OF YOUR BRAND

In a private label offering, a servicer is an extension of the brand that is outsourcing the portfolio. Being a subservicer, this entails homeownerfocused solutions to heighten the experience when they interact with our contact center. This can include a dedicated call center that speaks to homeowners using the bank, credit union, or other financial institution. So, you’re giving homeowners a personalized interaction with promotion of the same “valued feeling” that they would receive if they were speaking to their own financial institution.

month, with 85% no longer needing to speak with a live representative.

And, for those homeowners who want to speak to a representative, you have to be there for them, providing them with quality, caring service. It’s about meeting the needs of homeowners and communicating with them based on their preferences. Making those experiences positive and handling the homeowners’ questions in a single contact are important regardless of the method of how they reached you.

We will always get questions from homeowners about aspects of the servicing of their mortgage products and we play a critical role in optimizing the handling of those situations. A servicer doesn’t just manage homeowners’ accounts, they are ‘listeners’ to the homeowners needs and concerns, gathering information and providing it to our clients who are committed to delivering the best possible products and services to provide the optimal solution again and again for their homeowners. n

J Pinto is senior vice president of business development at Cenlar.

Lori

Using data and analytics that trigger important events that have occurred or are happening in the homeowner’s experience can help to deliver better service.

How To Be A Nondefensive Communicator At Work

BEING DEFENSIVE WEAKENS YOU AND LEADS TO MISTRUST WITH COLLEAGUES

By TINA ASHER, Contributor, Mortgage Women Magazine

Now more than ever, we have multiple generations working and living together, and communication can be a challenge. Regardless of age, tensions at work seem to be heightened more frequently. Imagine this scenario.

You’re in the break room with a colleague, when he looks over and asks, “Do you always butter your bread that way?”

Ha, ha, you laugh. But inside, your story is going like this: Who does he think he is, Mr. Manners? What’s wrong with the way I butter my bread? Jerk. He’s always so critical. Freeze frame.

If something as minor as buttering

bread can provoke such feelings of defensiveness, imagine what can happen with more important issues at work.

What happens, says Sharon Ellison, M.S., is essentially war. Ellison, founder of Powerful Non-Defensive Communication, teaches that the way we communicate with each other uses the same principles and tactics we would use in physical combat, based on the belief that we must protect ourselves by being defensive. As soon as we feel any threat, either of not getting what we want or of being harmed or put down in some way, we choose from among the three basic defensive war maneuvers: surrender, withdrawal, or counterattack.

The myth, says Ellison, is that defensiveness will protect us, that to be

Tina Asher

open is to be vulnerable and weak. On the contrary, it is being defensive that weakens us. If the people you work with can’t rely on your assessment of your role in a given situation, they’re less likely to trust you.

In a corporate setting, defensiveness can result in power struggles and unnecessary, destructive conflicts. And if you are defensive with customers and clients, you are more likely to lose them.

While you’re busy defending yourself, there’s also not much room for meaningful contact with others. You can’t learn from their feedback or from your own mistakes.

YOUR DEFENSIVENESS HURTS YOU MOST

Despite the clear advantages of nondefensiveness, the opposite is pervasive. Ellison estimates that we use 95% of our communication energy being defensive. She describes the six most common defensive reactions as follows:

Surrender-Betray. We give in but defend the person’s mistreatment of us, taking the blame ourselves.

Surrender-Sabotage. We cooperate outwardly but undermine the person in some way. Passive-aggressive behavior falls into this category.

Withdrawal-Escape. We avoid talking to someone by not answering, leaving the room, or changing the subject.

Withdrawal-Entrap. We refuse to give information to trap the other person into doing something inappropriate or making a mistake.

Counterattack-Justify. We let someone know she was wrong to be upset with us by explaining our own behavior and making excuses.

Counterattack-Blame. We attack or judge others to defend ourselves.

To curb your own defensive reactions, consider some of the following alternatives.

• If you feel criticized, rather than reacting or retreating, take a deep

breath, tell yourself that it’s only feedback, and just listen. You can correct the record later, if necessary.

• Consider if there is an ounce of truth in the criticism. If there is, acknowledge it and work to improve in that area. Your willingness to acknowledge when you’re wrong inspires colleagues, clients, and management to feel confident in you.

• Realize that sometimes people’s criticisms are all about the “story” they have made up around a situation. Try not to take it personally or as your responsibility.

• When someone uses the words “always” and “never,” ignore those words and focus instead on the rest of the message.

• Listen for the (usually) hidden need expressed in a person’s complaint or anger, acknowledge the need, and then see whether there is something you can do to meet it. For instance, when a customer is complaining about your “defective” product,

what he may need is to feel stable and secure, or, to be able to rely on your product. Address that need in a clear and compassionate manner, and you’ll regain not only his confidence, but his loyalty as well. Changing how we communicate as individuals—learning that we can protect ourselves and have greater influence without using defensiveness—can not only dramatically shift our professional and personal relationships but can also improve the bottom line. n

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

As soon as we feel any threat, either of not getting what we want or of being harmed or put down in some way, we choose from among the three basic defensive war maneuvers: surrender, withdrawal, or counterattack.

The ‘Science’ Of Appraisals Gets Government Attention

START NOW TO PREPARE YOUR RECONSIDERATION OF VALUE POLICY

By TYNA-MINET ANDERSON, Contributor, Mortgage Women Magazine

In 2012 I purchased a home. When the appraisal came back it included a shed that did not belong to the property we were buying. The shed was valued at 4% of the purchase price, so I requested an updated appraisal without the shed and looked forward to a potential bargaining chip with the seller. When the new appraisal came back, the shed was no longer on it, but all of the numbers were adjusted to hit the same value as before. It was then that I realized there is a science to appraisals, but it sometimes can feel like science fiction.

In the last decade a lot has changed, but for some borrowers the problems with appraisals have only become more apparent.

Accurate appraisals help borrowers avoid the risk of foreclosure that can occur if there is an overvaluation, and they are unable to sell for what they owe. Proper valuation also protects their ability to access equity in a sale or cash-out refinance.

On Aug. 2, 2023 Fannie Mae and Freddie Mac issued joint announcements updating Appraiser Independence Requirements. The announcements also introduced guidelines to Property Data Collector Independence requirements.

For the last year, government entities including the Consumer Financial Protection Bureau (CFPB), U.S. Department of Housing and Urban Development (HUD), and the White

Tyna-Minet Anderson

House have talked about inaccurate appraisals. On June 1, 2021 President Biden announced the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE).

On Oct. 6, 2022, CFPB published an announcement to let borrowers know they can challenge inaccurate appraisals through a reconsideration of value process. That announcement states: “Homebuyers and homeowners can ask for a lender to reconsider a home valuation the consumer believes to be inaccurate. This process is often referred to as a “reconsideration of value” or ROV. Borrowers can point out, for example, factual or other errors or omissions, inadequate comparable properties, or provide evidence that the appraisal was influenced by prohibited bias.”

With the creation of the Interagency Task Force on Property Appraisal Valuation Equity (PAVE) key components to help improve the appraisal process were identified in the PAVE Plan released in March 2022. In this plan, it gives the opportunity to empower consumers with new tools to address any appraisal issues. Especially when borrowers encounter inaccurate or biased appraisals. The borrower can request an ROV and challenge the inaccuracy of the valuation when getting a mortgage for either a home

purchase or refinance transactions. Exactly how lenders should implement their ROV policy is still up for public comment, but policies will likely be required to include the following steps: Provide borrowers with an opportunity to explain why they believe the valuation is inaccurate.

Ensure that the ROV process is nondiscriminatory and available and accessible to all.

Provide information about ROV rights to the consumer, either before the appraisal is conducted or when the appraisal is provided to the consumer. Use plain language with exact steps the consumer can take to have the value reconsidered.

A draft mortgagee letter from HUD addresses how a mortgagee will need to handle a request from a borrower who is asking for an appraisal review in connection with their FHA mortgage loan application. The letter states:

“To increase consumer awareness of the option to request a review of the results of an appraisal, FHA is adding a disclosure to the Homebuyer’s Copy of form HUD92800.5B Conditional Commitment Direct Endorsement Statement of Appraised Value. Current FHA guidance allows an underwriter to request an ROV when the Appraiser did not consider information that was relevant on the effective date of the appraisal. ROVs under this existing procedure can be initiated at the request of a prospective borrower. However, FHA has not previously clarified standards for Borrower-initiated requests for review of an appraisal. Therefore, FHA is updating the existing ROV standards to add specific guidance to process and document a Borrower-initiated review of the appraisal results.”

The draft letter from HUD also indicated that FHA will be adding fields within FHA Connection to collect information on borrower-initiated appraisal reviews.

Existing FHA policy permits mortgagees to obtain a second appraisal in cases where material deficiencies

in the appraisal are documented and the appraiser is unable or unwilling to resolve them. FHA is adding additional reasons allowed for this second appraisal request by a lender. Including indications of unlawful bias in the appraisal and other violations of applicable local, state, or federal fair housing and nondiscrimination laws.

The PAVE Plan also addresses algorithmic bias in home valuations when using data collected from inaccurate appraisals, including leveraging data to track trends and identity appraisers that have a history of bias and poorly documented appraisals. The plan addresses how this appraisal data may impact the automated valuation models that many of the GSEs currently have in place to evaluate the property when an appraisal is not required.

A new proposed rule that is supported by six of the agencies in the PAVE initiative would require financial institutions, mortgage originators, and the secondary market to develop policies and procedures that would safeguard the AVM process and protect against manipulating the data, conflicts of interest, and require testing and reviews of that data.

I was reluctant to write anything about this topic because when we have brought it up in class, we have received a lot of hostility from lenders. It is one of the most controversial topics that we have encountered in years, but lenders cannot turn a blind eye to appraisal bias and inaccuracies. Lenders need the appraisal to safeguard the integrity of the loan. Borrowers need an accurate and true valuation of the property they want to refinance or purchase.

The appraisal industry needs to make sure borrowers are confident in the science of appraisals and not feel like it is science fiction. We can all work together to make fundamental changes that support a growing housing market. n

Tyna-Minet Anderson is chief operations officer for Mortgage Educators and Compliance.

The appraisal industry needs to make sure borrowers are confident in the science of appraisals and not feel like it is science fiction.

Transforming Your Team Into Confident Exhibitors

ROLE PLAYING IS AMONG THE VALUABLE TOOLS FOR NEW TRAVELERS

By MARY MARGARET HOGAN, Contributor, Mortgage Women Magazine

Mary Margaret Hogan

Thriving in trade show settings may not come as naturally for some as it does for others. In fact, more often than not, it is the most daunting ask of most employees. Hitting the phones all day long? No problem. Crafting up elaborate drip campaigns? Easy. However, when it comes to breaking the fourth wall of customer interaction and meeting new potential customers (most known as ‘strangers’) at an accelerated rate? Now, that’s terrifying. With the mortgage industry running on such a tightly packed trade show schedule, it is of utmost importance to ensure that all your available team members are ready and able to step up to the plate and tackle the scary trade show floor. Too often, you have your pros — the sales and marketing folks who find ease and comfort being

thrown into middle of a jam-packed conference and take pride in adding more and more trade shows to their belt — but it can’t just be left to the regulars alone. Attending trade shows is a crucial tool for gathering up new leads and/or rounding out one’s pipeline. It cannot be solely carried by four or five all-stars within a company. But how can one ensure the ease and success of newer traveling team members?

It all begins with training. Prior to even assigning shows, all potential participants should attend educational sessions led by sales leads, business development, or marketing team members who feel most comfortable around trade shows. In this workshop environment, seasoned exhibitors can facilitate group discussions surrounding navigating challenges one

Utah Mortgage Show, 2023.

may experience at the booth, hiccups that can occur on the floor, or conversations that need to be steered away from turning sour. These conversations will normalize any nerves and eradicate any fear newcomers may hold. The wealth of experience and knowledge from veteran exhibitors, while sharing the highs and lows of the trade show lifestyle, is invaluable to those who haven’t yet had the opportunity on the exhibition floor.

This hands-on-training method also

provides a unique space to run scenariobased training, where team members are given the opportunity to role-play as both trade show attendees and exhibitors. Enactments could include challenging the exhibitor role to get the attention of passersby, answering a series of difficult questions, and balancing the attention of multiple conference attendee characters, and more. In some cases, hesitancy to volunteer for trade shows derives merely from a case of stage fright. Your team knows the products like the back of their hand; however, when put on the spot in a sea of new faces, they fear they could freeze up.

Scenario-based training, though painful at times, could be just the solution for nerves. At first, an improvised scene may feel a little unnatural in a business setting, but the lessons learned being pushed outside your comfort zone in this safe setting will translate to future trade show travels.

GET THERE AND BACK

Once trade shows have been assigned to a newly trained exhibitor, it is imperative to ensure they are amply educated about the requirements of the show. This can begin with something as simple as the audience attending the show: Which products will they find interesting? How are they going to use them? Is this a broker-heavy show or more

investor-driven? Are they well-versed in the mortgage industry, or will they need more basic explanations of what we do as an exhibitor? The answers to these questions will provide new traveling team members with a preview of what potential conversations they may have and will assist them in preparing more thoroughly.

With travel logistics, naturally, it’s necessary to provide their transportation schedule, but never assume that everyone knows the basics of getting to and from

veteran takes a step back from the coaching role, allowing the novice to transform into a confident exhibitor.

MEASURE PERFORMANCE

Upon returning from the show, it is best to have some key performance indicators (KPIs) already instilled to evaluate the performance of the newest trade show traveler. While they do not have to be metrically driven, these

places. From the check-in policy for airlines to the requirements for picking up a rental car, it’s best to cover all facets of travel so the team member isn’t caught in a dire travel situation.

As you move into the show schedule rundown, emphasize the expectations of timeliness, as well as the importance of each occasion. No networking stone should be left unturned, as the motto is: “If it is on the itinerary, you’re going to it.” Once these team members are given their itinerary, they should recognize it is their responsibility to transform this show into a valuable trip.

The final step of the training process involves sending the novice traveler onto the road. However, it doesn’t have to be jarring. When sending a firsttime trade show traveler, one should do everything in their power to staff the show with a veteran for coaching purposes. Adding a team member who feels extremely comfortable traveling and speaking at the booth will not only help the novice exhibitor feel far more at ease but will grant them opportunities to observe a professional in the field. The veteran exhibitor should be knowledgeable of the beginner’s strengths and weaknesses throughout their training and act as a guide and resource throughout the exhibition’s run. As the show progresses, ideally, the novice adjusts as needed in their approach, while the

KPIs should include analyzing the team member’s preparedness, knowledge, and presentation of the product, willingness to network, and overall improvement from the start of their training process to the end of the trade show.

Once more, the skill of being an exhibitor at a trade show and tackling all the networking hurdles that come with it varies for each individual and may take longer for some employees to get accustomed to. That being said, checking in on their performance post-trade show will assist in deciding if they need some more time getting comfortable or if they’re ready to tackle the conference on their own as a trade show pro.

While many may think it’s just as easy and instructive to throw a new team member into the wild of a trade show floor, demystifying the exhibitor experience well before a new traveling team member’s journey provides comfort and confidence that will carry with them for the rest of their professional endeavors. Constructing a training routine that emphasizes education and personal preparedness for all who set out on the trade show tour will not only maximize individual lead generation, but eventually, foster a wellversed travel team that can conquer the scary trade show floor together. n

Mary Margaret Hogan is an event marketing specialist at RCN Capital.

Upon returning from the show, it is best to have some key performance indicators (KPIs) already instilled to evaluate the performance of the newest trade show traveler.

Turning The GSEs’ Repurchase Policies Into Opportunity

LENDERS SELLING TO FANNIE AND FREDDIE HAVE TO TAKE SWIFT ACTION AND ENACT ROBUST STRATEGIES TO MITIGATE RISK

By JENEVIEVE IMPAVIDO, Special to Mortgage Women Magazine

Time is money, the saying goes. But for mortgage lenders, the pressures of a ticking clock are felt in multiple ways, whether it has to do with rate lock expirations, meeting RESPA-TILA disclosure timelines, appraisal deadlines, or investor purchase deadlines.

Now lenders have a new beat-theclock challenge — responding to increasing repurchase requests from Fannie Mae and Freddie Mac. And if they fail to resolve them, they could potentially lose $100,000 or more of the value of each repurchased loan, according to some estimates.

These new demands couldn’t come at a worse time for lenders, who are struggling to maximize opportunities in a high-rate environment with less staff. But there is a path forward that virtually eliminates a lender’s loan

quality issues, increases the salability of their files, and creates a significant competitive advantage.

A MAJOR WAKE-UP CALL

Fannie Mae and Freddie Mac are increasing scrutiny on the loans sold to them, triggering a wave of concern among seller/servicers. While repurchase requests have increased, even on performing loans, the full consequences might not yet be fully realized. The new policies were prompted primarily from an increase in loan file errors among the large volume of loans made during the pandemic, when rates were at all-time lows and lenders were dealing with capacity issues. The problem is that the GSEs have three years after purchasing a loan to request a repurchase, so the requests are still coming — and

many independent mortgage banks that do not retain servicing will not be able to keep repurchased loans.

In response, the Mortgage Bankers Association and other trade groups have asked the GSEs to soften their approach by offering other remedies for loan defects on performing loans short of a repurchase demand. However, it’s highly unlikely that the GSEs will loosen their policies, especially since they are symptomatic of a broader industry-wide move towards stronger loan quality. Indeed, higher mortgage rates have substantially increased losses for some lenders that sell loans into the non-agency secondary market.

Lenders that sell to Fannie and Freddie now have to take swift action and enact robust strategies to mitigate repurchase risk. They’ll need to make sure their loans are squeaky clean during the production process, which takes more time and effort when peoplepowered, which means more costs. And they’ll have to find a way to do it with fewer resources than they had last year, as many have laid off staff in order to survive amid lower origination volumes.

With the risk of repurchase looming ominously over them like the Sword of Damocles, lenders face an urgent need to elevate their quality control measures. By taking action now, however, lenders can turn these challenges into an opportunity to fortify their operations against future risks — and increase their chances of long-term success.

AN INDUSTRY REACTS

Lenders have been feeling the heat from the GSEs’ ever-changing polices since the housing market bubble burst in 2008, and their responses so far have been a mix of strategic adjustments and rapid learning. This hasn’t been easy, particularly during the most recent downturn. Not only does the average lender have fewer people dealing with more responsibilities, but while right-sizing, they also may have lost a considerable amount of institutional knowledge and experience, which can create operational gaps that put them at increased risk.

Clients that I’ve been advising are already revising their strategies, typically by doubling down on new technologies and services that both

ensure the smooth running of their loan production processes while enhancing loan quality. Yet it’s clear that many lenders have not yet fully harnessed the potential of these tools. Automation and AI are still significantly underutilized in our industry, particularly when it comes to certain areas of loan production such as borrower employment and income verifications. This makes data crossreferencing for compliance with the GSEs’ new guidelines a formidable task, and auditing in prefunding QC a must. Moreover, most third-party loan QC providers have also been stretched thin, because they too have had to right-size their operations with the market. For example, it is prudent to ensure your vendor is ready to comply with the new Fannie Mae QC requirements, which became effective Sept. 1. This is yet another major roadblock for lenders trying to meet the new 90-day turnaround requirement for performing post-close audits, curing defects, and devising plans to prevent future issues — not to mention meeting the minimum requirement for prefunding reviews.

Yet an increased attention to loan quality isn’t important only to those selling loans to Fannie Mae and Freddie Mac. All investors are amplifying their focus on this area. If you don’t sell loans to Fannie Mae, it is still a good idea to get insights into loan quality sooner to address systemic issues and keep your closed loans sold, regardless of investor. Because loan quality has increasingly become an industry-wide concern, lenders that find themselves lacking the resources and support to ensure compliance need to get busy finding them.

GETTING HELP

Assuming the average lender isn’t in the financial position to recruit and hire more compliance staff, the best strategic move is to identify and collaborate with partners that possess the expertise, resources, and cutting-edge technologies a lender needs to ensure Fannie and Freddie compliance. The right ally is one that can facilitate comprehensive post-close, pre-close and loan component reviews while tailoring their focus to GSE-specific guidelines. Lenders can start by being proactive about understanding whether and how their existing QC partners plan to help

them meet Fannie Mae’s expedited 90day window and evaluating the available technologies and tools their vendor has at their disposal. For example, does the vendor have a way of evaluating high risk loan characteristics prior to closing? Can they validate loan file data before conducting post-close audits? And with more investors concerned over loan quality, how customizable is their technology when it comes to detecting defects for all loan products?

This analysis should include a vendor’s staff resources, too. A worthy partner should have already adapted their workforce structure to ensure their clients can not only meet but exceed the GSEs’ requirements and deadlines for both pre-close and post-close audits.

Automated technologies that have been machine-trained on large libraries of loan documents, preferably billions of them, can help to validate the quality of loan file data prior to audit review. The true magic unfolds when applying business rules to accurately identify conditions and ensure defects

aren’t missed. And in cases where these technologies hit a roadblock or need auditor review, a lender’s partner should also be able to deploy human experts to assist in the process.

Many lenders I work with have already experienced the benefits of this synergy. Leveraging AI-enabled document processing, data extraction, automated auditing, and reporting coupled with human expertise results in an enhanced level of quality and a reduction in loan file touches. Whether performing QC in-house or outsourcing, I’ve seen lenders be able to reduce their costs by a whopping 35% to 50%.

That being said, it’s critical to choose a partner that is not only capable of supporting a lender’s loan quality processes but is also consistently scrutinizing its own operations and making iterative process improvements, so the gains in ROI improve over time. The best partner, for example, should be able to support dynamic, real-time reporting that facilitates the lender’s ability to monitor defect rates and

create an effective action plan for improving the quality of their loan files.

WHERE OPPORTUNITY LIES

While the labyrinth of mortgage compliance grows more complex, the tools and resources available to help lenders navigate it have never been more accessible. And by leveraging the right partnerships, an opportunity emerges for forward-thinking lenders to create a defect-free loan production process and gain a real competitive advantage in the future.

AI and business outcome automation technology not only help lenders “beat the clock” when it comes to dealing with timely QC practices that can lessen repurchase risks. They also help free up staff to focus on more complex, strategic tasks that improve productivity and profitability. From a broader perspective, they do even more by helping lenders scale operations more wisely based on market conditions. When the market is up, they can focus

on growth without over hiring. When the market declines, they can operate leanly without compromising quality and compliance—while also minimizing layoffs and the associated knowledge gaps that often ensue.

Indeed, the capacity to navigate market downturns and capitalize on upturns is key to long-term success in the lending business. By adopting AI and business outcome automation technologies, and with the support of the right partners, lenders can create a more flexible, resilient business that can thrive regardless of market cycles.

But every lender needs to remember the sands of time continue to fall. While it may feel a little late to identify new strategies for dealing with the GSEs’ loan quality and repurchase policies, lenders would be wise to heed the words of Chinese philosopher Lao Tzu: “The best time to plant a tree was 20 years ago. The second-best time is now.” n

Jenevieve Impavido is vice president of audit services, LoanLogics

These new demands couldn’t come at a worse time for lenders, who are struggling to maximize opportunities in a high-rate environment with less staff.

AI Can Revolutionize Mortgage Licensing

WILL AI UNLOCK EFFICIENCY AND ACCURACY IN LICENSING OR WILL IT BE AN ADDED COMPLIANCE RISK?

By VANESSA BODNAR, Special to Mortgage Women Magazine

Artificial Intelligence (AI) has become a huge topic of conversation and at times, although controversial, a driving force behind transformative changes and the mortgage industry is no exception. Mortgage licensing has evolved over the years but remains a rather manual process. This is why I have the career that I love. But, in this article we explore how AI could potentially help streamline the licensing process.

AUTOMATED DOCUMENT PROCESSING

While over the years the mortgage licensing process has become more streamlined, mainly due to the creation of the Nationwide Multistate Licensing System (NMLS), the mortgage licensing process still requires documentation, whether it be financial statements, background checks

or state-specific forms. Manually processing this paperwork is timeconsuming and left open to human error which can create delays and compliance risks.

Technologies such as AI-powered Optical Character Recognition (OCR) and Natural Language Processing (NLP) could help with this task. It is possible for AI to extract information from documents and populate forms. It is argued that this is a more reliable and efficient process rather than leaving the process to potential human error.

ENHANCED DUE DILIGENCE AND RISK ASSESSMENT

On the side of the regulator, while reviewing license applications, they will often perform due diligence to ensure requirements are met in terms of financial, legal, and background. Through AI and machine learning, these areas can be quickly reviewed for anything that would prevent someone from becoming licensed.

These algorithms can also help

Vanessa Bodnar

monitor loan officers over time, keeping an eye on their financial health, backgrounds, and ethical behaviors. This allows regulators to make wellinformed decisions and prevents unqualified companies and loan officers from entering the lending space.

By leveraging AI for risk assessment, regulators can make well-informed decisions and prevent unqualified or risky entities from entering the market, thereby enhancing consumer protection.

REAL-TIME COMPLIANCE MONITORING

Compliance is necessary to ensure that consumers are protected during the mortgage lending process. Because of industry regulations, and the desire to protect borrowers, companies must prioritize compliance programs and processes. As you can imagine it can be rather difficult to make sure all regulatory requirements are met.

AI could potentially provide real-time compliance monitoring. Algorithms can monitor programs to identify potential risks, review training records, and provide guidance when a company’s

and continuing education. Sometimes, due to the sheer volume of courses they must take, the education doesn’t hold as much value as you would like.

AI could help Compliance departments stay current with industry best practices and regulations essential to maintaining licensing. It is also possible for AI to personalize training and continuing education programs based on an employee’s specific needs and identify any knowledge gaps.

In the SAFE Act, there is a successive year rule. This rule states that an MLO may not take the same course two years in a row. AI would be able to analyze education records to make sure that courses are not repeated. This tailored approach not only enhances the learning experience but also ensures that mortgage professionals are well-equipped to meet licensing requirements.

STREAMLINING MULTI-STATE LICENSING

Most of my day consists of communicating what is required to obtain different state mortgage

IS AI COMPLIANT?

I would be remiss if I didn’t address the elephant in the room, and that would be, is AI compliant? The answer to that is, yes and no. AI is only as compliant as it is designed, implemented, and used. I don’t believe AI is going to fully replace any of us in compliance. As far back as the 19th century people were convinced machines would replace humans in the workplace. But, it is going to be important that those who use AI for compliance understand how to structure policies, provide standards and guidelines, and make sure borrower data is protected, just to name a few. AI will simply be another tool in our belt when it comes to regulatory compliance.

CONCLUSION

AI, and all that it has to offer, may represent a transformative force in the mortgage licensing landscape, empowering stakeholders with greater efficiency, accuracy, and compliance capabilities. From automating document processing to enhancing risk assessment and compliance monitoring, AI-driven solutions could revolutionize the way

compliance program needs to be updated.

In addition, AI algorithms can track changes in regulations and automatically update licensing criteria. This can help make sure that companies and loan officers are aware of requirements and avoid violations.

PERSONALIZED TRAINING AND CONTINUING EDUCATION

We are well aware every loan officer looks forward to compliance training

licenses. It is my responsibility to stay current on these requirements. AI would help navigate the complexities of state licensing and simplify the process by consolidating requirements in a unified manor.

AI could also show state regulators how the information they are requesting overlaps other states. By allowing a streamlined approach to mortgage licensing this will reduce the administrative burden and expand the reach of regulators and compliance professionals.

licenses are obtained and maintained. By embracing AI technologies, the mortgage industry can create a more robust and dynamic licensing environment, benefiting both professionals and consumers. As the potential of AI continues to evolve, the future of mortgage licensing holds the promise of increased transparency, higher standards, and a more thriving marketplace. n

Vanessa Bodnar is a senior licensing specialist for Premier Mortgage Resources LLC.

By leveraging AI for risk assessment, regulators can make well-informed decisions and prevent unqualified or risky entities from entering the market, thereby enhancing consumer protection.

Creating An Effective Risk-Aware Culture

ORGANIZATIONS NEED TO COMMUNICATE, COMMUNICATE, AND COMMUNICATE SOME MORE

By SARA AVERY, Special to Mortgage Women Magazine

An organization is run by its people. Managing risk is a key factor to strategic business planning and success. So the saying that everyone is a “risk manager” may sound cliché and simple, but it’s absolute. How to effectively manage risk and building out a risk infrastructure has evolved dramatically through the years.

THE EVOLUTION OF RISK

In the early 2000s, financial risk was at the forefront when the Sarbanes-Oxley Act (SOX) was enacted and organizations began to establish the three lines of defense model. The Great Recession led to new regulations and requirements, resulting in organizations reevaluating how they could apply the earlier elements of the risk governance model.

A risk-aware culture took some time for many organizations to adopt after the Great Recession. We often still saw

the risk-aware culture broken into a segregated model — the business, and the people responsible for monitoring and calling out what’s wrong.

But, in the last several years, the industry has matured because there is more integration of risk-aware culture across all three lines of defense. Efforts have been made to improve how the teams work together and are better integrated, resulting in operational improvements and cost efficiencies. Enterprise Risk Management teams are now viewed as advisors and align with each business area to strengthen risk management practice and behaviors.

THE FIVE PILLARS OF BUILDING A RISKAWARE CULTURE

Step 1: Start at the Top. It’s crucial that management, the board, and

Sara Avery

the executive level understand that developing or strengthening a risk-aware culture is a necessary and important function. The concepts of risk and the ideas need to be reiterated as the core foundation of the organization.

A risk-aware culture is also dependent upon all the boots on the ground. It’s about the people who are running the day-to-day, and how they think and operate, so you also have to attack it from the grass roots to be successful.

Step 2: Communicate, Communicate, and More Communication. I can’t stress enough the importance of communication. It should be ongoing and shared by leadership, especially non-risk leaders, to engage employees. This further demonstrates that executive leadership supports the risk culture and that the foundation permeates all levels of the organization.

Step 3: Make It Make Sense. Be less academic and be more pragmatic. Convey the concepts of risk so that people not only understand it, but how it applies to their day-to-day role.

Risk practitioners can get caught up in textbook risk management. Instead, use terms that are easily digestible to everyone. Employees should understand the “why” of what they’re doing and what the real magnitude of a risk is in order to sustain sound mitigation practices.

What I’ve learned is you won’t be successful if you have a second and third line of defense that only speaks “textbook” language to the business.

management goals, risk management should be embedded as one of those objectives. Everyone needs to know that their roles support a strong risk culture. Additionally, ongoing training is essential at all levels of the organization. At onboarding, and then repeated at least annually for reminders. Developing risk management awareness ensures the organization is evolving as new practices are introduced and/or the organization matures its framework and processes.

The business doesn’t always think in terms like “risk and control selfassessment.” But, they can grasp the risk principles. They know that if payroll needs to be out by Friday, data needs to be in, reconciled and approved before files can be sent. They understand that managing cash and executing payroll are higher risk activities. There is risk of fraud and financial loss can occur if not done correctly. They understand the concepts and many times what needs to be done in terms of executing controls. Thinking in a simple manner and speaking in business terms helps build efficient operations and the strongest risk management foundations.

Step 4: Shout Out To Employees. Be an advocate for positive reinforcement. If someone raises their hand and selfidentifies an issue, celebrate that behavior as an accomplishment. Rewarding active and visible examples of best practices helps recognize employees while leveraging those examples as learning opportunities for others.

In every employee’s performance

Step 5:

Measuring

Your Progress. When establishing baseline processes, the structures you put into place are your measurement vehicles. For example, issue remediation, risk assessments and control performance — these are datadriven points leveraged to determine how the risk environment is doing and whether it’s improving or degrading.

From a qualitative perspective, it’s about the dialogue and feedback between the regulators, the board and other leaders in the organization. You can’t eliminate risk but it can be managed effectively. There will always be challenges. So when you hear that the business is able to take the lead and articulate the risk to the board or management about how an issue will be remediated, you know you’ve been successful in building a risk-aware culture.

Developing risk awareness and a strong risk-aware culture takes time and is a process that relies on continued commitment and continuous improvement. n

Sara Avery is chief risk officer at Cenlar.

Be less academic and be more pragmatic. Convey the concepts of risk so that people not only understand it, but how it applies to their day-to-day role.

Building A Workplace Free Of Inhibitions

SUREFIRE WAY TO BRING DIVERSITY OF EXPERIENCE, THOUGHT, AND CREATIVITY TO YOUR WORK ENVIRONMENT

By MICHELE BODDA , Special to Mortgage Women Magazine

When I started with Experian nearly 25 years ago, I was at a point in my personal life where I was still embracing all the aspects of who I am and how these truths would show up in my professional life. Thankfully, it didn’t take long to realize I could be myself without worrying how I would be received or fear of compromising future professional opportunities.

bringing your whole self to work is not only OK, but also expected. Inclusion is important, but belonging is what we need to strive to achieve. To best serve potential borrowers and create a more equitable path to homeownership, we have to be deliberate in this quest. We have a responsibility to build a more inclusive industry, and this starts with building great teams within each of our organizations.

Michele Bodda

While tensions over our differences still divide us, corporate America is doing better at embracing diversity, and understanding the quality of decisions that are made when diverse voices are at the table. It’s a privilege to have spent my career with a company where

Imagine if everyone in your business felt as safe as I do to bring their whole selves to work. The mental and emotional energy our teammates spend sheltering aspects of their lives that make them who they are saddens me. If they were empowered to bring their diverse experiences to the table, could they bond with others quicker,

positively affecting team performance and achieving goals faster? Could they help someone else know it was OK to be fully themselves and watch them confidently come into work every day?

BRING MORE PERSPECTIVES

The answer is yes, and the benefits of building diverse and inclusive teams goes far beyond this. By embracing and celebrating diversity in our workforce, we can bring more perspectives to the table that influence the solutions we bring to market to create real business and consumer impact. Our industry directly influences people’s lives and our teams need to represent the consumers we serve.

Let me give you an example. We recently deployed a survey to compare the homeownership experiences of Black, Hispanic and white consumers. Not knowing where to start is the number one stated barrier for Black and Hispanic consumers who aspire to own

a home. Consumers reported a lack of discussion about money and credit in general while growing up — a sentiment that rang especially true when it came to homeownership. Many are unaware of reliable sources of trustworthy information. At the same time, our research showed that 58% of Black and Hispanic consumers who were denied a mortgage do not know what they need to do to get approved in the future. Our research reinforces the importance of knowing your customer, understanding their journey and meeting them where they are. We need diversity of thought, background, and experience on our teams to bring those voices to life. Whether you’re a business leader or an individual contributor, there is one

• Actively seek diverse candidate pools when recruiting. Do you make sure there is representation within your business that others can look to and see examples of themselves in key roles to aspire to?

• Pay attention. Do you avoid important religious holidays when scheduling meetings?

• Recognize, acknowledge, and celebrate significant markers for various communities. October 11 is National Coming Out Day. This is one example of a meaningful opportunity to create a safe space and celebrate a friend or colleague that is showing up as authentically. When employees bring their whole selves to work, they are more productive,

surefire way we can all foster the growth and development of more inclusive teams:

BE MINDFUL

Whether it’s your ethnicity, religious background, gender identity, or something else, in one way another, there are things we all sometimes hide from the world. Creating a workplace environment that encourages people to be freed from their inhibitions starts with helping people feel safe. This can feel challenging considering every day there are headlines making many of us feel unsafe, but there are steps leaders can take to make it better, including:

• When you see something, say something. The people who need to hear your message the most are listening.

• Be an ally/advocate: An ally isn’t someone who just lets other people be who they are. An ally can become an advocate by speaking up, and by showing up.

more innovative, more committed. I’ve watched that play out at Experian over the last 25 years. I can think of countless voices throughout our organization who have stood up and said “let me tell you what I think would matter most to consumers like me” — and those voices have changed the course of how Experian shows up in the world. Those voices have inspired us to put consumers at the center of everything we do and they’ve helped us create solutions like Experian Boost and Experian Go that help consumers build their credit so they can have access to the financial utility they need to thrive. By allowing people to be their authentic selves at work, we can build teams capable of dreaming more, becoming more, and representing the communities we serve so we can better meet their needs. n

Michele Bodda is prresident of Experian Housing, Verification Solutions and Employer Services.

Creating a workplace environment that encourages people to be freed from their inhibitions starts with helping people feel safe.

MORTGAGE STAR

The Premiere Event For Mortgage Women

Mortgage Star, the premiere event for women in the mortgage industry, celebrated their successes as well as created outstanding educational and networking opportunities.

Held on July 10 in New Orleans, Mortgage Star was presented by the Originator Connect Network in partnership with Mortgage Women Magazine. Among those captured on

camera at the event were Cerita Battles, head of community and affordable lending at Chase; Megan Bennett, vice president of partnership at Insellerate; Nelda Cales, executive vice president and regional manager at Atlantic Bay Mortgage Company; Stacy Caprioli, chief appraiser for Nationwide Appraisal Network; Kristen Eklund, branch manager and MLO at Coast2Coast Mortgage; and Regan Kelly, customer success manager at Sagent.

The Mortgage Star recipients shared

their insights, stories, and what they had overcome. They boosted each other up, motivated one another, and connected.

In an industry primarily steered by men at the helm, it was refreshing to see a group of women unapologetically opinionated, achieving what most people told them was impossible. By all accounts, the event was a huge success.

Originator Connect looks forward to returning to The Big Easy in 2024 with this outstanding event for women in the mortgage industry n

Scan the code to view our July issue and learn about all of our Mortgage Stars.

A FRIEND TO BORROWER-HOPEFULS WITH LESS-THAN-PERFECT CREDIT

> Jen Conley, left, chatting over coffee with Meg Gerber, owner of Paper City Coffee and The Page in Chillicothe, Ohio, during a segment for Financing the American Dream.

By ERICA DRZEWIECKI, Staff Writer, Mortgage Women Magazine

Take all the desirable borrowers with teensy-weensy debt-toincome ratios and sky-scraping credit scores because this loan officer doesn’t need ‘em.

Hometown Lenders’ Vice President of Branch Operations Jen Conley has taken a different tack to mortgage lending and it sports a blue collar.

“I don’t want to talk to the person with the 800 credit score and 20% down because everybody’s talking to them,” says the 51-year-old Conley, branch manager and team lead of Hometown’s Chillicothe, Ohio office. “I want to talk to the person that thinks they can’t buy a house, because more people can buy than they think.”

With a Modex score of 100, Conley’s total loan volume for the past year was $37.97 million, for 174 units. Her unique brand of outreach has generated over 700 leads to share with agents.

ON THE AIR

When she landed in the mortgage business in 2005, Conley worked for a consumer-direct company that purchased trigger leads. Nowadays she wouldn’t even dream of using that strategy.

“I wanted a different perspective. I wanted to have a different voice. I wanted to have a different message. And so I started doing different things,” she explains. “I think the key to consumer direct marketing is that you have to tell stories.”

Since joining Hometown Lenders in 2013, Conley has taken to reaching potential borrowers over the airwaves. This marks the sixth year of “From A House to a Home with Jen and Mark” — her Monday show on 94 Country WKKJ FM, which she co-hosts with broker Mark Cenci of ERA Martin & Associates. She does radio spots the rest of the week.

“Jen and I came together to help each other

market and really educate the general public on the industry from a real estate perspective and a mortgage perspective,” says Cenci, who has been an agent more than 28 years.

He values and respects Conley’s “proactive approach” to securing loans. “It’s about building relationships,” Cenci says. “Jen and her company are hardworking people and they will go out of their way at all times, beyond what most lenders are willing to do.”

NO ‘NOS’

To put it simply, Conley’s team doesn’t have a ‘No’ file when it comes to approving home loans.

“We have a ‘not right now’ file, but we’re going to give you a plan and we’re going to get you into that plan and get you into a home,” she says.

Southern Ohio was hit hard by the opioid epidemic, with aptly-nicknamed “pill mills” rocking a region anchored by a largely lowerto middle-income, blue collar workforce. Many residents of Portsmouth and area towns are now in recovery and leaning on their community to lift them up.

“ We do outreach to try to help people that have been through recovery because there’s a stigma here,” Conley says.

One of her two sons is a recovery counselor at a local facility. Mother and son are collaborating on a program to teach patient-clients who have achieved sobriety how to rebuild their credit.

“I’ve had more than one second chance in my life,” Conley says. “We focus on helping those people as much as we can.”

Like many Americans, she and her husband were both laid off and went through bankruptcy and foreclosure following the 2008 financial crisis. As a loan originator, Conley was ashamed of this for a long time, but eventually came to the realization that her story could resonate with people.

I did all the wrong things, and I came back from it. People trust me more now because I told the truth.

“I did all the wrong things, and I came back from it,” she says. “People trust me more now because I told the truth. Talk about the hard stuff. Talk about the things that no one wants to talk about. Because when you do that, you stand out.”

Instead of the high-brow, low-risk borrowers that present easy-peasy, Conley’s team works hard to help everyday folks and families achieve their picket fence dreams.

“Those are the people who I talk to because that’s what America is to me,” she says. “It’s not the Kardashians. It’s the people going to work every day making our furniture and our paper, driving trucks to bring us our food. My husband has worked either in a factory or some kind of plant our entire marriage. That’s the majority of our people here, and I think that’s the majority of the people across the country. We’re just like you and we want to help.”

A STRONG TEAM

November will mark Conley’s 18th year in mortgages — the only industry that has kept her attention.

“I love what I do. I think I’ve stayed in this for so long

because nothing is the same,” she says. “It changes every single day, sometimes multiple times a day. I never get bored.”

One unique thing Conley does is require in-person transactions. An office rule states that people must walk in to fill out a loan application, versus doing it online or over the phone. It may come as a surprise to some, but this old-school standard is championed by the mostly 20- and 30-somethings who work for Conley.

“My team is the best in the industry, without question,” she says. “Every younger generation always gets a bad rap, right? It’s like, oh … they’re lazy, they’re this, they’re that. I can give you a list as long as my arm of people 50 years old that are lazy. That has nothing to do with how old they are. It’s who they are, how they were raised, and what they were taught. Most on my team are 33 and under. They work so hard, but here’s the difference. They’re way more efficient than we were. When I transitioned to the majority of the staff being young, our process got better, our quality got better.”

Her older son runs the team’s processing operations and his childhood friend Katie Ward is the loan officer assistant and the team’s main contact for borrowers and Realtors.

Talk about the hard stuff. Talk about the things that no one wants to talk about. Because when you do that, you stand out.

> Jen Conley, left, talks to Nick Rutman, owner of Rutman Burnside Realty Group in Portsmouth Ohio.

> Jen Conley, left, talks to Sarah Meyers, co-owner High Five Cakes in Chillicothe, Ohio while filming a segment for show, Financing the American Dream.

“Jen is easily the greatest boss I’ve ever had,” Ward says. “She’s created something really special. The environment we work in is so relaxed and I think that’s really important because the mortgage industry is already stressful enough. Having a place where we can come and work and lean on each other, it really changes things.”

Ward financed her own home through Hometown Lenders before she was even hired.

“A lot of people think they’re going to be stuck renting forever,” she says. “It’s really exciting to let people know you can own a home. We never say no. It might take some work but we are in it for the long haul.”

A DISRUPTOR

Conley is no stranger to breaking the mold.

“I’ve always been a disruptor my entire life. Ask any teacher I had, I was a disruptor,” she says. “And I feel like I’ve also done that in mortgage. The norm is to say,

let’s get this perfect file. And I’m like, you know what? I don’t want you to be perfect. I wanna help you get into a home.”

She and her team take pride in the fact that they have no secrets, hidden fees, or surprises.

“We literally go over the loan estimate line by line, and we tell them where every single penny is going,” Conley says. “I do not want to go to [the grocery store] and have to go down a different aisle because I’m ashamed of what I did to you. I can’t live my life like that. When I see people in the store, I’m like, how’s the house? How’s the kids? I’m happy to see people and I don’t shy away from that because we are so transparent.”

Hometown Lenders, which is based in Alabama, has embraced Conley’s personality and professional values.

“Hometown lets me be me and doesn’t say, you’re too much, you’re too loud, you’re too opinionated. You need to sit down, you need to be quiet. They say, you know what? We’re going to put you on the stage ‘cause you’re awesome. That’s hard to find for women in this business.” n

Those are the people who I talk to because that’s what America is to me. It’s not the Kardashians. It’s the people going to work every day making our furniture and our paper, driving trucks to bring us our food.

> Jen Conley being “a goof” outside the Ross County Courthouse in Chillicothe, Ohio.

All-Star THE ROOKIE All-Star

RAFELKY ANTIGUA CARVES A QUICK PATH TO SUCCESS THROUGH HARD WORK AND REPUTATION

BY SARAH WOLAK, Staff Writer, Mortgage Women Magazine

How did she do it? The 30-year-old mother of three describes herself as being a risk-taker and a go-getter. With now over 50 loans under her belt, Antigua’s current pipeline is over $12 million.

Antigua keeps climbing up the lender ladder, adding new states left and right to her roster. But it’s not her first gig that has to do with housing. An experienced Realtor, Antigua worked for KellerWilliams Sugarloaf for three years where she made her reputation as being an over-achiever. In her first year, she sold 27 homes and was crowned rookie of the year in an office of about 400 agents. Antigua even convinced her husband, Garry Cotto, to join the real estate business, and they started working together as a real estate team under Keller Williams called Best Life Realty.

For 2022, the couple was awarded the title of being a top 5% producer at Keller Williams and during the first quarter of 2023 the number one top team of closed units.

The couple now operates as a dynamic duo, with Antigua moving to mortgages and Cotto sticking with realty.

But Antigua and her husband didn’t always have it all. The son of a doctor and a nurse, Antigua grew up in the Dominican Republic and graduated high school when she was 15. At age 16, she immigrated to Georgia — a place her family had been visiting for years.

After a brief relocation to New Jersey, Antigua spent the next two years attending Hudson Community College to study accounting and English as a second language. But after having her first daughter, Antigua was unable to finish school, which led the young family to move back to Georgia with $200 in their pockets. (The couple now has three children ages 11, 10, and 5.) Antigua took on the role of a stay-at-home mom while Cotto worked as a barber. Things began to align for the

couple when Antigua took up a job as an operations manager for a dental group, while Cotto opened his own barber shop. I moved the reference to the kids. In 2015, the couple decided to try their hand at house flipping and investing. “We’ve always been risk-takers and I like that about my husband, we’re

the same,” Antigua said. “We put everything that we had into our properties and the barbershop [because] we know that things will work out one way or the other. We’re both hard-working and our model is that if we do good, good will come our way.”

BEING IN CONTROL

In 2019, Antigua got her real estate license. Even after teaming up with Cotto and selling an average of 50 homes a year, Antigua still felt like she needed to do more; she wanted control over her schedule and transparency in the loan process. So in August, Antigua started studying to

afelky Antigua is a rookie, but she has all-star numbers. A Georgia-based loan officer for NEXA Mortgage who started in October 2022, Antigua closed $1.2 million in her first month of originating.

“[Rafelky’s] always there to break concepts down for me or give me tips no matter how busy she is. She’s focused, goal-driven, and gets it done.”

> Samantha Suarez, mortgage broker, NEXA

> Rafelky Antigua with her husband Gary Cotto and their three children ages 11, 10, and 5.

become a mortgage loan originator. “I had a series of bad experiences. There was poor communication and my borrowers weren’t given a lot of options and I saw a lot of disorganization that led to late closings,” she explained. “At first, I just wanted to get my license to help my clients. But then I started getting referrals from real estate agents I had worked with.”

Antigua says a loan officer she worked with named Steve Feliciano inspired her to apply at NEXA where he worked. “Steve brought me to NEXA and I had heard very good things about the company. I knew I wanted somewhere I could be independent,” she said. “He was my preferred lender when I was an agent … I saw how he worked with my customers and how he could offer them great rates.”

Antigua explained that NEXA has a training academy for all new loan officers. “You are supposed to close six loans with NEXA before you ‘graduate’ and that usually takes about six months,” Antigua said. “New LOs tend to close one or two deals a month. But I already closed five deals in November and seven in December.”

Antigua says by the time she had closed two or three deals, she was becoming frustrated with the demands of the academy. “I told [Mike Kortas] that it was difficult for me to manage the requirements of the academy, all the phone calls, and having to submit every loan through the academy so they could review it,” she explained. “I felt that I had enough experience to check my deals and make sure they reached the closing table.”

Kortas made a one-time exception.

But it wasn’t a quick decision, Antigua elaborated. “They had never had someone leave the academy so early,” she said. “I finished in 59 days. But I had already registered 70 clients in the first two months, gave 20 preapprovals, and had 12 loans in the pipeline.”

REPUTATION AND TRUST

Antigua never anticipated that she would have an easy time finding business, especially as she jumped into the market right before a downturn. “Realtors have been my success, they know that I have an honest reputation and good work ethic and won’t give a client away to my husband,” Antigua said. “I thought that I wouldn’t get referrals since I have a background as a realtor and my husband is a realtor. But it pays to have a good reputation.”

And reputation is what got Antigua her first loan. “I had a friend of somebody that I did business with reach out on Facebook,” she explained. “This person had gotten denied with another lender; they lost the house and their loan got denied the same day of closing. As soon as I looked over the application, I kept wondering why the people they had worked with didn’t help them

or present them with a better option.”

Antigua said that the borrower wanted not just her help, but Cotto’s help, too. “We got the client into a house in 30 days,” Antigua said proudly. “And this client continues to refer people to me. It was definitely a challenge for me because my first deal was essentially a save, too.”

Antigua says that it’s special when she gets the chance to still work with her husband. But she also understands that this is the biggest financial transaction of a borrower’s life and there’s a trust element involved with the deal. “We always give

[clients] the option to use us as a team, but if not we let them shop around. A lot of our clients feel comfortable with us. We sign non-affiliate agreements too,” she explained. “We are able to control the whole process and our clients can work with both of us, with one of us, or none of us.”

Trust is a big factor in Antigua’s success, which is why she recruited her best friend, Samantha Suarez, to become her loan officer assistant (LOA). Suarez, who also has her real estate license at the same company as Antigua and Cotto, was a natural fit for Antigua’s team. “I needed somebody that I could trust to help me get the job done,” Antigua said.

Suarez says that she met Antigua over a decade ago, as her husband went to Cotto’s barber shop. “We found that we had a lot in common, and since we’ve known each other so long it’s an easy transition into a working relationship with Rafelky,” she said. “When we come to work it’s strictly work. We know that we’re in an industry of professionalism, and we’ve built those boundaries of trust and respect.”

Suarez touts Antigua for being a great mentor in the workplace. “We help each other balance so we never feel burnt out or alone,” she explained. “[Rafelky’s] always there to break concepts down for me or give me tips no matter how busy she is. She’s focused, goal-driven, and gets it done.” n

“Realtors have been my success, they know that I have an honest reputation and good work ethic and won’t give a client away to my husband.”

> Rafelky Antigua, mortgage loan originator, NEXA

BLACK KNIGHT APPOINTS NEW EVP OF MLS SOLUTIONS GROUP

Florida-based Black Knight Inc., a software, data, and analytics company, announced that real estate industry veteran Lucie Fortier has been named executive vice president of the company’s MLS Solutions group under Black Knight’s Data & Analytics division. In her new role, Fortier will develop strategy and oversee development, sales and client support for this team, which is focused on delivering solutions and support to the real estate market.

Fortier has extensive experience in senior leadership roles for large real estate solutions providers, where she was responsible for product strategy and delivery of advanced real estate capabilities, web applications, real estate data, and predictive analytics across the United States and Canada. She has also served as a board member of the Council of Multiple Listing Services and the Real Estate Standards Organization (RESO), which was formed to develop data standards and processes that create efficiencies for all participants in real estate transactions.

“Lucie’s extensive real estate industry experience, coupled with her technology, data and analytics expertise, make her an ideal fit to lead the Black Knight MLS Solutions group and help take our solutions and service to the next level,” said Ben Graboske, president, Black Knight Data & Analytics.

ARRIVE HOME ANNOUNCES EXECUTIVE LEADERSHIP CHANGE

Arrive Home, a national affordable housing program offering emerging credit solutions for responsible borrowers in underserved communities

has promoted Co-Founder Tai Christensen from chief diversity and public relations officer to president.

Christensen is the host of the California Mortgage Bankers Association’s podcast on Equity, Diversity and Inclusion. She serves as chair of the American Mortgage Diversity Council (AMDC), and serves as a board member for Axis Lift 360, a non-profit that focuses on providing the mortgage lending industry with a more diverse talent pool of job candidates. A longtime mortgage professional who has dedicated much of her career to assisting credit-worthy borrowers in disadvantaged communities, Christensen has won numerous awards, including the 2023 National Mortgage Professional Women of Inspiration Award.

“Arrive Home has made huge strides toward its mission to help borrowers in underserved communities build generational wealth through homeownership,” added Christensen. “As our team continues to grow, our mission remains the same: to make responsible homeownership more accessible to buyers by easing the production burdens on lenders nationwide.”

KFS MORTGAGE NAMES NEW DIRECTOR OF MORTGAGE PRODUCTION

KFS Mortgage Company has announced the hiring of Sabrina Johnson to its team as the new director of mortgage production. Prior to joining KFS Mortgage, Johnson held progressively responsible positions at national banks and mortgage companies.

Before joining Maine-based KFS, Johnson held positions at various financial services companies, including Bank of America, State Farm Insurance, and CrossCountry Mortgage, where

she was a regional underwriting scenario specialist, according to her LinkedIn profile.

“Hiring Sabrina showcases our active commitment to attracting top talent and embracing new perspectives and options that best serve our Maine customers,” said Sarah Sachs, president of KFS Mortgage. “With her extensive knowledge of the mortgage business, specialized

underwriting credentials, and commitment to our clients and business partners, Sabrina is an outstanding addition to our lending team and will play a crucial role in our company’s planned expansion.”

“My mission is to make KFS Mortgage Co. ‘the go-to lender’ for the state of Maine,” said Johnson. “To achieve that, we plan to consistently go the extra mile for our customers, making the KFSM name synonymous with a uniquely tailored, streamlined, and unparalleled mortgage loan experience.”

NEW CHIEF HUMAN RESOURCES OFFICER NAMED AT LOANDEPOT

California-based loanDepot announced that Melanie Graper has been named chief human resources officer (CHRO), effective July 31. Graper will oversee all aspects of the company’s human capital function and drive forward critical organizational aspects of loanDepot’s Vision 2025 plan.

Graper will report to President and CEO Frank Martell and be based in the organization’s Orange County, Calif. headquarters and other key executive leadership. “As we work to emerge from this challenging market cycle, the continued identification, development, and retention of a diverse, highperforming team remains one of our most critical priorities to ensure our longterm growth and success,” Martell said.

Sabrina Johnson

Lucie Fortier

Tai Christensen

Graper most recently served as chief human resources officer of CoreLogic from 2019 to February 2023. As a member of CoreLogic’s Executive Committee, she developed a human capital strategy to support change and elevate the employee experience through new reward and benefit programs, a global learning community and talent platform, and a more inclusive, empowered, and community-focused culture that was recognized as a Great Place to Work.

Graper has extensive experience in organization design, business transformation, and managing complex organizations with multiple lines of business. Prior to CoreLogic, she held senior leadership positions at the Irvine Company, J. Walter Thompson Worldwide, Mattel, and GlaxoSmithKline.

DOVENMUEHLE APPOINTS NEW VP OF INSURANCE ADMINISTRATION

Dovenmuehle Mortgage Inc., an Illinois-based mortgage subservicing company, has hired Patricia McCarthy as its new vice president of insurance administration. In this role, McCarthy will oversee Dovenmuehle’s insurance department with responsibility for hazard and flood insurance administration, loss drafts, research, and the insurance department call center. An industry veteran, McCarthy has worked with every aspect of the mortgage process during her career. Before joining Dovenmuehle, McCarthy was vice president of mortgage warehouse lending at Hinsdale Bank for over 10 years. While there, she managed two divisions within the department, over $1 billion in warehouse lines of credit, and 25 clients, moving upwards of $40 million

daily. Throughout her more than 30year career, McCarthy has managed compliance, mortgage operations, loan processing, and customer service departments.

Dovenmuehle Senior Vice President Glen Braun said, “Patricia brings a wealth of experience in managing the complex, highly regulated financial aspects of mortgage operations, making her an idea choice to oversee these critical escrow functions.”

“As one of the longest-standing mortgage subservicers, Dovenmuehle’s reputation for stability, compliance, and excellence is well known,” McCarthy said. “I welcome the opportunity to join such an outstanding organization and contribute to its ongoing success and growth.”

CROSSCOUNTRY CREATES AFFORDABLE HOUSING ROLE

CrossCountry Mortgage (CCM), the nation’s third-largest retail mortgage lender, announced that it had created a new role focused on expanding affordable housing options.

CCM appointed Jayma Banks as its new senior vice president of housing initiatives. In this new position, Banks will focus on community products, including CCM Community Promise, CCM Smart Start, and other down payment assistance programs.

Banks is a 21-year mortgage industry veteran who has held various leadership positions at Freddie Mac, most recently as a single-family sales & relationship manager. She holds a bachelor’s degree in finance from the University of Pittsburgh and an MBA from the University of Maryland University College.

“There is a dire need for affordable housing in underserved communities,” Banks said. “I’m looking forward to

using this new opportunity to focus on making homeownership dreams attainable to those who need it most, advancing greater equity in America’s housing system.”

CCM Founder and CEO Ron Leonhardt Jr. said CCM created the SVP of housing initiatives position “because we identified a need in underserved communities.

Jayma’s unparalleled level of expertise combined with her exceptional relationships will allow us to focus on these communities to really make a difference.”

CENLAR APPOINTS NEW VP OF EXECUTIVE CLIENT MANAGEMENT

Cenlar FSB, a Ewing, N.J.-based mortgage loan subservicer, has appointed Allison Batts as vice president of executive client management.

In her new role, she will be responsible for collaborating with the client management team to improve and enhance the delivery of services that best focus on the needs of the company’s clients.

Cenlar said Batts is a transformational leader with a passion for innovation, process reengineering, and devising strategies to accelerate growth through organizational optimization, focused on leading employees, enhancing the client experience and driving organizational growth.

“Allison has an extensive track record of leading organizations and creating solutions to help better

Melanie Graper

Patricia McCarthy

Jayma Banks

Allison Batts

manage relationships with external stakeholders,” said Matt Detwiler, senior vice president of client relationship management. “She will be an invaluable asset to Cenlar in identifying and resolving challenges that will strengthen our relationships with clients and enhance their experience.”.

Before joining Cenlar, Batts held multiple roles at Mr. Cooper Inc., most recently serving as managing vice president of client delivery. She also held various roles at HSBC Finance, North America, including vice president of operations and governance in the Corporate Affairs North America division of the bank.

ATTOM ADDS TWO TO EXECUTIVE TEAM

ATTOM, a curator of land, property, and real estate data, announced the addition of two accomplished professionals to its executive team.

Lauren Trevathan has been promoted to chief of staff, while Karen Tang joins the company as chief customer officer.

With over 15 years of experience in real estate leadership roles, Trevathan is now responsible for driving companywide initiatives for ATTOM, as well as ensuring alignment and success across the organization as a whole, the company said.

ATTOM said her extensive

experience in cross-departmental collaboration and leadership, and notable achievements in organizational matters during her tenure at the company demonstrate that she has emerged as a pivotal asset in driving the company’s primary goals.

Before her promotion, Trevathan had served as vice president of small-medium enterprise sales operations at ATTOM since October 2021.

Before joining ATTOM, she was a founding partner for National Broker Services in Denver; a senior sales operations manager for RealtyTrac; and held several positions at Xome, including senior vice president of operations.

Trevathan has a Bachelor of Science degree in mathematics and a Master of Business Administration degree, both from the University of Colorado.

Tang, an industry veteran with extensive experience in customer success, customer operations and customer experience, will be instrumental in building out a best-inclass customer experience organization aimed at improving both customer retention and expansion, ATTOM said.

Previously, Tang was the vice

president of customer success at ActiveCampaign, where she built and led teams focused on driving discovery and value throughout the post-sales journey, ATTOM said. She implemented processes to enhance the Voice of the Customer and gather valuable feedback across the company, resulting in improved customer retention and overall company performance, it said.

Tang holds a B.S. in Chemical Engineering from the University of California atBerkeley, a Master’s Degree in Engineering from Case Western Reserve University, and an MBA from Wharton School, University of Pennsylvania.

Following graduation from Wharton, Tang joined Google and gained valuable experience over six-and-ahalf years, managing multiple teams in sales and account management, ATTOM said. During her tenure there, she successfully established renewal processes from the ground up.

After her time at Google, Tang managed the customer-facing teams at Prezi, where she built, launched, and scaled out the B2B customer segment of the business that drove overall company growth. n

SHARE CAREER NEWS WITH MORTGAGE WOMEN MAGAZINE™

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

Lauren Trevathan

Karen Tang

Mortgage Moms

Fall Lots To Love About

Set your kids on the right path — and feed them a great treat!

By ASHLEY GRAVANO, Contributor, Mortgage Women Magazine

Back to school … I can sing two to three songs in my head right now about just that. One is from my favorite movie Grease. Do you remember that?

I am both fortunate yet at times sad that my two boys are much older so back to school looks very different for me. One has been out of school for 4 years and the other is going into his junior year of high school. However, I do remember very clearly the start of back-to-school season when we prepped the kids to get back to the fun routine of bed times and early rising.

Ashley Gravano

My oldest son ALWAYS had an issue with getting up for school. It took multiple calls of “it’s time to go Joe” to where my youngest was up and ready

once he got used to the idea of school. He had the hardest time adjusting. It broke my heart each morning dropping him off with tears daily for months.

I checked in with two of my Mom friends this month to ask for their tips! They are Dalila Ramos, founder of Love and Tacos Media and host of Taco Tuesday! Also, Dana Galiano, director, sales effectiveness, National Mortgage Insurance Corporation.

TRADE SCHOOL VS TRADITIONAL COLLEGE

I thought it would be great to ask a question close to home and see how other moms feel. Trade school vs. college?

For some this is a non-starter, they

feel their kids should attend college no matter what. I actually can remember getting into to a few heated conversations with some family members because I believe differently. I think and again this is just my opinion, that college isn’t for everyone and trade schools are awesome for those kids.

My kids decided after many conversations that college wasn’t for them, so they pursued a career in auto mechanics. This doesn’t mean they couldn’t change their mind down the road but we let them follow their own path. I did not attend college. I often joke how PHH Mortgage was my college and the years of experiences and skills I learned over the years could not have

been obtained by a college degree. So let’s ask our moms this question. Dalila: It all depends on the child. In my case, my oldest had a path he wanted to follow, so he chose the traditional college route and finished ahead by four years. My youngest does not. As he finishes his last year of high school, he might go with a trade school or community college until he decides what path to choose. It’s more cost effective and doesn’t put that pressure on him. We need more kids to enter the trade space. There is a HUGE need! Dana: I would have a conversation.

what do you think you want to do when you grow up? Want to be in a trade of some kind.? College is not for everyone and can be very tough academically and emotionally … some kids are not ready for this change. I believe more and more kids need to know that having a trade is just as good as going to college. The stigma of all kids needs to go to high school then college is not good.

I couldn’t be happier to hear other Mom’s express the same feeling.

SCHOOL LUNCHES

One big stressor for many of us moms is school lunch! Do you buy or pack?

Dalila: If you qualify for reduced/ free

DANA GALIANO Director, Sales Effectiveness National Mortgage Insurance Corporation

DALILA RAMOS Founder, Love and Tacos Media; Host of Taco Tuesday!

THIS MONTH'S MOMS

Mortgage Moms

lunch at school, take it! That’s a huge savings and blessing. If you have to pay full price, make sure you buy your meats and bread from bulk stores. You can always freeze them, and that helps with saving money.

Dana: My kids dislike buying lunch. Lucky me no! Not really. But at the same time at least if I pack what they want I know they are eating. Cheese sticks, yogurts, apple sauce packets, granola bars, cheese, crackers, and a fruit of some kind are my go to things for school lunches.

Let’s wrap this month’s edition with a fun activity and recipe thanks to Dana!

Favorite Fall Activity — Leaves Art Project

SUPPLIES NEEDED:

• Leaves

• Wax Paper

• Crayons (at least 4 colors)

• Sticks (from outside)

Collect leaves of all kinds. You can give your kids a list of leaves to look for also. Take crayons and remove the wrappers. Lay out a kitchen towel on a hard nonstick surface.

Place a piece of of 8x10 wax paper on

PumpkinFrenchToastSticks

One loaf French bread or brioche bread cut into 1” thick slices, then into thirds

4 large eggs

2/3 cups milk

1

1

1.INSTRUCTIONS:

1/2 cup pumpkin puree

1/2 tsp vanilla extract

1 tsp cinnamon

Place another 8x10 piece of wax paper on top of covered crayon leaves.

Cover with two kithen towels.

Iron over the towel for about five

Once melted, cut out and hang up leaves for a decoration anywhere in your house.

Set a large non-stick skillet set over medium heat, add a small amount of butter and melt.

2. In a small rectangular baking dish, whisk together the eggs, milk, pumpkin puree, vanilla, cinnamon and pumpkin pie spice.

3. Dip the bread into the mixture, flip sides and then place on the hot skillet. Cook until each side is golden

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