NMP National Mortgage Professional April 2023

VICIOUS & VICTORIOUS

CHATGPT

SPECIAL SECTION

TOP ORIGINATORS

TALKS MORTGAGE MARKETING ADVICE YOUR BROKERAGE SHOULDN’T BE A BLOOD SPORT

A PUBLICATION OF AMERICAN BUSINESS MEDIA

VICIOUS & VICTORIOUS

CHATGPT

SPECIAL SECTION

TOP ORIGINATORS

TALKS MORTGAGE MARKETING ADVICE YOUR BROKERAGE SHOULDN’T BE A BLOOD SPORT

A PUBLICATION OF AMERICAN BUSINESS MEDIA

Meet

Taking It To The Top T

he folks at United Wholesale Mortgage sure know how to grow a company. A decade ago, UWM wasn’t in the top 50 lenders in the nation. But for the past two quarters, they’ve been number one. The company’s success was built initially by offering incredible service and great products. UWM had a reputation for being wholly committed to broker success, and it worked diligently to make that happen. It did simple things, like calling brokers back within three hours, so they always had someone to talk to about a pending loan. It did bigger things, like invest in great technology when few others were doing so.

It even got paternalistic. UWM was the first big lender to roll out a full suite of marketing tools for brokers, so those feet-on-the-street originators wouldn’t have to figure out marketing for themselves. Then, when too few brokers actually took advantage of the free offerings, UWM decided to just automatically enroll them in its marketing machine. That was good for the brokers — it did drive more people to them — and good for UWM, because more business flowed its way.

And then, UWM decided that if prodding brokers to be more aggressive was good business, being more aggressive itself would be great business.

BE AGGRESSIVE

When United Wholesale Mortgage took aim at Rocket Mortgage and Fairway Independent Mortgage, telling brokers that they had a choice as long as that choice didn’t include those two competitors, it did so by arguing that its moves were great for the brokerage community. It wasn’t great for those brokers who believe in true choice, as UWM promptly sued a number of them for sending loans to Rocket, Fairway and UWM.

But as this market has changed, UWM amped up its aggressive tactics. It sliced margins so that few others could compete, and gave brokers a small, if temporary, price advantage. But to get that pricing, those originators needed to sign the deals that shackled them to UWM and barred the doors to other big competitors.

When the marketplace eventually settles, many brokerages are going to be bound to contracts that foreclose their ability to represent the best interests of the borrower truly. That’s bad for brokers. But it’s great for UWM, which will have garnered so much market share by that point that competition from other wholesalers will be moot. It’s not even that others will be able to try to compete with UWM, because the contracts UWM will have in place with originators will give it carte blanche to cut off any true competitor at any time.

Vicious? Absolutely. Victorious? For UWM, certainly. For the brokerage community, that’s an open question.

STAFF

Vincent M. Valvo

CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick

ASSOCIATE PUBLISHER

Christine Stuart

EDITORIAL DIRECTOR

David Krechevsky

EDITOR

Keith Griffin

SENIOR EDITOR

Gary Rogo

SPECIAL SECTIONS EDITOR

Mike Savino

HEAD OF MULTIMEDIA

Katie Jensen, Sarah Wolak

STAFF WRITERS

Rob Chrisman, Dave Hershman, Erica LaCentra, Dave Hershman, Harvey Mackay, Lew Sichelman, Mary Kay Scully

CONTRIBUTING WRITERS

Nicole Coughlin, Nichole Cakirca

ADVERTISING ASSOCIATES

Alison Valvo

DIRECTOR OF STRATEGIC GROWTH

Steven Winokur

CHIEF MARKETING OFFICER

Julie Carmichael

PROJECT MANAGER

Meghan Hogan

DESIGN MANAGER

Stacy Murray, Christopher Wallace

GRAPHIC DESIGN MANAGERS

Navindra Persaud

DIRECTOR OF EVENTS

William Valvo

UX DESIGN DIRECTOR

Andrew Berman

HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Tigi Kuttamperoor, Matthew Mullins, Angelo Scalise

MULTIMEDIA SPECIALISTS

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Joel Berman

FOUNDING PUBLISHER

Submit your news to editors@ambizmedia.com

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

VINCENT M. VALVO Publisher, Editor-in-Chief

© 2023 American Business Media LLC. All rights reserved. National Mortgage Professional magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 88 Hopmeadow St. Simsbury, CT 06089 Phone: (860) 719-1991 info@ambizmedia.com

To Broker Or Not To Broker: That Is The Question

To really succeed, you need the mindset of a CEO

BY DAVE HERSHMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

What goes around comes around.

During the real estate boom of almost 20 years ago, brokers held a market share of over 50% of the industry. Then came the financial crisis, followed by Dodd-Frank and a whole host of regulations. Banks dominated, with the broker share moving down to just north of 10%. As recovery ensued, the huge bank market continued to drop gradually and the growth of non-bank mortgage companies grew significantly, especially during the

refinance boom times of 2020 and 2021. The broker segment recovered as well but never reached the heights of those boom times.

In 2022, the growth of the industry screeched to a halt. Several mortgagedominant banks have retrenched and altered their focus. The independent correspondent lenders don’t have the choice to focus on investments or credit card lending. Thus, they cut their overhead severely and either survive or fade into the night. With lower overhead to begin with, it stands to reason that the broker industry would also gain from this evolution as loan officers with non-bank

companies go out and open their own businesses. The growth of Non-QM products continues to contribute to the trend because they provide the niches which help brokers thrive.

Thus, for the second time within a decade, I am writing about a major decision many loan officers face. Do I want to start my own company or join a small brokerage shop?

And the answer is quite the same. For every loan officer within this industry to succeed, they need to view themselves as the CEO of their business. This is true whether they work for a large national bank or are running their own brokerage shops.

Do you think you have a great job in the mortgage industry? Or do you view yourself as the CEO of your own business? If you really want to succeed, you must view this as your company. That also means you must invest significant amounts of your money, time and energy in your business. And you must make this investment up front, not later. So, here is the basic

question: Are you investing what you need to in your business? Take my word for it — if you are failing as a loan officer because you are missing the investment you need, you will also fail as a broker. Especially in this market.

Again, referring to the example I brought forward during the recovery from the Great Recession. Imagine if you were opening a retail store or restaurant. You would invest many thousands of dollars and hours before you rang up the first sale. This would include hundreds of hours of research and setting up the location. And

a loan officer. You need to become an expert in what your targets are doing so you can deliver maximum value.

Some will need a home office. Others will need a marketing assistant. It is this needs analysis that is an allimportant research step. When I counsel managers, I counsel them to hire candidates who understand they are not applying for a position but to start a business. The manager must make these candidates understand what investment must be made for each individual.

And keep in mind that we are not just talking about investing money here. Money is important. But investing the time and energy in your business is just as important. Buying a bunch of stuff and then working 20 hours per week will be a waste of your money.

when it was open, the hours would be substantially greater. In the end you would still be in an industry that has a high failure rate even with this effort.

People in the mortgage industry don’t have to invest as many hours or as many dollars as you might in starting a restaurant. But the concept is much the same. What do you need to invest in? Marketing, education, technology and more. Perhaps it is time to learn how to use a software program you have purchased. Imagine running a store without the technology you need. Imagine running a dentist’s office without the knowledge or technology needed!

The investment needed would vary for each person. For example, a Realtor of eight years moving into the mortgage industry would not need to attend a real estate licensing class as an investment in their knowledge base. On the other hand, someone moving from the insurance industry might benefit from that class. After all, you are serving real estate agents if you are

Those who wait for their employers to give them the resources to be successful will typically have a long wait. Success comes from within. And the key to this success is finding the right elements of investment that are needed for each individual. That is what a good manager or coach should help you do. But they can’t spend the money, time and energy to make your business thrive. Only you can do that.

It is only at the point that you have invested what you need, that you then can face the question of whether you should work for a bank, a correspondent lender or a broker. Or you should open your own company?

If you have invested right from the beginning, you will be making the decision from a position of strength, instead of desperation. Every level will require the same investment to succeed. If you are ready to step up and start a brokerage company – the transition will be much less daunting. n

Senior Vice-President of Sales for Weichert Financial Services, Dave Hershman is the top author in this industry with seven books published as well as the founder of the OriginationPro Marketing System and the OriginationPro Mortgage School — the online choice for mortgage learning and marketing content. His site is www. OriginationPro.com and he can be reached at dave@hershmangroup.com

What do you need to invest in? Marketing, education, technology, and more.

Don’t Get Caught With A Dusty Resume

, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

s the mortgage industry has adapted to market turbulence and a slowdown in activity, unfortunately, many companies have had to lay off portions of their staff. Whether you were affected by these layoffs or not, it’s never a bad time to dust off and review your resume to ensure it’s ready should you need to look for new opportunities.

Since your resume is often the first point of contact between you and a potential employer, this document must capture your skill sets and your achievements throughout your professional career so that it ultimately stands out from other candidates. So, what are the best practices for developing or refining your resume, and how can you be sure it effectively captures all that you have

to offer to a potential employer?

ONE SIZE DOESN’T FIT ALL

One of the biggest mistakes folks make is sending out the same generic resume to every potential employer. Believe it or not, the most effective resumes are ones tailored to better match the job which is being applied for.

While this may seem like a no-brainer, this doesn’t necessarily mean you need to develop a brand-new resume for every open position. It just means that you want to highlight the skills and experience that you believe are most important for each specific role you may be going after. Take the time to read potential job descriptions carefully and look for standout keywords and phrases that are important to the role. If you have relevant experience that matches what the potential employer is seeking, make sure you include these keywords in your own resume to show you have the exact skills that the company wants.

If that layoff notice comes, be ready to act quickly.

AN IMPORTANT PUZZLE PIECE

A personal statement is often an overlooked portion of a resume, but can be crucial for setting the tone and giving potential employers a better understanding of who you are and what you can bring to a company. Your personal statement doesn’t have to be long, but it should summarize your skills, experience, and career goals. Almost like a mini-cover letter, make sure you tailor it to the job for which you are applying and focus on the value you can bring to the role.

FOCUS ON YOUR ACHIEVEMENTS

When developing your resume, it can be easy to get caught up in writing about all the responsibilities you have had in previous positions. However, it’s important to show the impact you had on previous organizations because of the responsibilities you took on to prove how valuable you would be to a potential company. You can easily accomplish both listing your previous job duties and your accomplishments by making small tweaks to your resume. For example, if you were a sales manager, instead of saying you managed a team of four account executives, you can say you managed a team of four account executives and increased originations by 25%. Having those quantifiable and tangible

accomplishments demonstrates just how much value you could provide to a potential employer.

CONCISE & EASY TO READ

It can be very easy to worry about including all of your relevant information in a resume that it suddenly becomes overwhelming for someone to read through easily. However, it is incredibly important that your resume is easy for potential employers to skim through to determine if your skill set matches

your resume, such as being connected in the industry.

BE HONEST AND ACCURATE

While it can be easy to inflate your skills and experience to try to make an impression on a potential employer, it is imperative to be honest in your resume so that it accurately reflects what you are capable of. Don’t exaggerate your skills or experience, as you could easily be caught in a lie in an interview or if a potential employer digs a bit deeper into your background. Be truthful about your

what they are looking for in a hire. To keep your information clear and concise, stick to easy-to-read fonts, and minimal graphics. Sure, you can give your resume a little pizzazz and use some flourishes or color to make it stand out, but try to keep images to a minimum so that potential employers can focus on what matters, your experience and accomplishments.

Block out your information into sections, such as job experience, education, and relevant skills. Use bullets or short sentences to make it as easy as possible for employers to get a full picture of who you are as a potential employee. Make sure to focus on your most recent and relevant experience. You don’t have to list every job you’ve ever had. It is better to showcase your current experience and show how it would make you a good fit for this potential role.

Finally, make sure your contact information, email, and phone number are easy to find so a potential employer can get in touch with you. You can also consider including a link to your LinkedIn profile or a professional website to allow the company to see what you have accomplished beyond

achievements and qualifications and be honest with a potential employer. If you don’t have all the qualifications they are seeking, you can always express your willingness to learn to be a bigger asset to the company.

GET A SECOND OPINION

Even if you think your resume is polished and ready to be sent, it’s never a bad idea to get a second opinion from a friend, mentor, or another professional in the industry. Someone looking at your resume with fresh eyes may be able to offer suggestions on how to improve the content or format.

At the end of the day, your resume is an essential tool in your professional life. Whether you are currently searching for job opportunities or may one day be looking for something new, it’s important to have a resume that accurately reflects your skills and achievements. Dust it off, update it, and feel confident knowing that if you ever need it, it’s there to help you get to the next step in your career. n

Erica LaCentra is chief marketing officer for RCN Capital.

Believe it or not, the most effective resumes are ones that are tailored to better match the job that is being applied for.

Uncle Sam Targets Pay-to-Play

Bad actors reported by financial institutions seeking level playing field

BY LEW SICHELMAN, COLUMNIST, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Nobody likes to be known as a snitch. But that’s what the small banks, credit unions and other lenders are when they complain to the feds about mortgage comparison platforms that don’t provide consumers with an accurate picture.

Well, they’re not exactly finks. Not in the true sense of the term. All they want is a level playing field — or, in this case, a fair program — where they can compete honestly with the big boys, the boys who have the

dough to buy their way to the top of the list, whether or not they actually offer the lowest rates.

And so, they squeal to the Consumer Financial Protection Bureau (CFPB). Surprise. It’s not homebuyers and refinancers who blew the horn on pay-to-play sites. Indeed, most consumers will never realize when they’ve been hornswoggled. It’s other lenders looking for a fair shake. And the CFPB heard them. Loud and clear.

So much so that in February, the bureau issued a warning cloaked as an “advisory” to help law-abiding sites comply with the rules. Indeed, Director

Rohit Chopra said the CFPB “will not hesitate to act” if it finds any platform that promises unbiased opinions but actually sells top-of-the-list placement.

“We are working to ensure that online platforms are not manipulating their search results in order to coerce kickbacks from lenders,” Chopra said.

The CFPB calls the practice “doubledealing” and warns that it violates the Real Estate Settlement Procedures Act by guiding shoppers to lenders by using pay-to-play tactics rather than providing comprehensive and objective information. According to the advisory/warning, there are several ways consumer-facing comparative platforms and apps can run afoul of the law:

• Ensuring the “best match” goes to the highest bidder. Consumers often share criteria to find the best match, such as their desired location, loan amount, and credit score. The bureau explained that when a platform skews

results to display the highest bidding participant, it misrepresents its promise of accuracy and objectivity.

• Ranking lenders by rotation. Purporting to rank lenders on a consumer’s input but actually displaying top lenders as part of a structure where lenders take turns in the top spot violates the law.

• Favoring an affiliate. Digital platform operators that promote an affiliate is not a fair representation, either. And a RESPA exemption related to affiliated business arrangements may not apply, the bureau said.

• Sending texts or emails favoring a lender. A platform that is paid to encourage a consumer to apply with a lender engages in promotional activity that undermines its neutral presentation,

platforms produce results that are rigged ... Instead of being neutral referees, (they) extract illegal kickbacks to steer shoppers towards more expensive or lower quality lenders.”

The move to rein in manipulating digital mortgage comparison-shopping platforms is part of a broader, all-ofgovernment effort to end the illegal biasing of ostensibly neutral platforms.

As part of this effort, the CFPB also has taken steps to combat fake reviews on digital platforms. A year ago, it issued policy guidance that companies posting fake or positive reviews or falsifying customer ratings may be a violation of the Consumer Financial Protection Act.

The FTC, too, has advised companies that, if they use endorsements to deceive consumers, the consumer watchdog agency will be ready to hold them responsible “with every tool at its disposal.” In particular, it is looking at contractual “gag” clauses that attempt to silence consumers from posting an honest online review.

BEWARE HIJACKERS

according to the CFPB. Such activity influences the consumer’s selection and amounts to a referral, it explained.

• Offering to connect a consumer with a lender. Some platforms offer consumers a call or chat with a lender, known as a “warm handoff” or “live transfer” and amounts to a “promotional service that is distinct from the operators; comparison function.”

Beyond these examples, the Buckley law firm (now called Orick after its more recent merger with that firm) lists other possibilities. Among them: a “nonneutral” site could place a lower weight — or even exclude — criteria that would favor a lower-cost alternative. Or it could rank lenders by which one pays the highest fee. In some cases, lenders who don’t pay or pay the least could be shown in a smaller type font. They might even be left out altogether.

Whatever the scheme, the CFPB is having none of it. Said Chopra: “These

In mid-February, the agency came down on the Bountiful Co., makers of Nature’s Bounty vitamins and supplements, for “hijacking” a feature on Amazon to deceive consumers into thinking the firm’s latest products had more ratings and reviews and higher average ratings and earned such badges as No.1 Best Seller.

The case has nothing to do with the mortgage sector, except this is the kind of thing regulators are looking for. So, lenders, brokers, realty pros and everybody else in the housing food chain should take notice: Uncle Sam is on the prowl, protecting consumers in every way it can from unscrupulous behavior.

While we’re on the topic, I’d like to point out a couple of other shady practices that don’t appear to be on the Fed’s radar screens but perhaps should be. One involves buying leads from Zillow and other sites that aggregate listings from multiple listing services throughout the country; the other regards leads purchased from national and regional credit firms.

Unbeknownst to most consumers, when they click on a listing on an aggregator’s site, the name that often

Most consumers will never realize when they’ve been hornswoggled.

pops up on that property is not the listing agent. Rather, it’s from a rival who has paid the site to be linked to the listing, even though the agent likely knows nothing about the house in question. Or certainly has a lot less knowledge of it than the actual listing agent. He may not even be in the same general vicinity.

The other day, I noticed a nearby house for sale in which I had some interest, so I clicked on the “appointment” box, whereupon I was immediately asked when I would be ready to buy. I clicked right away. Within a few moments, the phone rang. After asking a few questions, the person on the line said she would connect me with a buyer’s agent.

(As used here, buyer’s agent is something of a misnomer. What they really mean is a buy-side agent who may or may not be working in the buyer’s best interest as opposed to a true buyer’s agent or broker, who never takes listings and solely and always works on behalf of buyers.)

That’s when I realized I didn’t have the listing agent. I had Zillow, which was ready to hand me off to someone other than the listing agent. When the lady confirmed my suspicions, I told her I wanted the lister and no one else. Politely, she gave me the agent’s name and number.

Then, within 15 minutes or so, I

received a call from an agent who wanted to talk with me about the listing. But she wasn’t the listing agent, either. She had paid Zillow to be notified when someone inquired about a property in her marketing sphere. I had been passed off — and pissed off — anyway.

Never was I asked if I was working with an agent. Fortunately, I recognized what was going on, but most consumers aren’t as savvy. If they aren’t careful, they could be turned over to an agent with no experience, an agent who doesn’t know how to secure clients on his own, or one who is too lazy to do so.

BAD LEADS PRACTICES

Buying leads isn’t solely the province of realty agents, either. Lenders, loan officers, and others who touch real estate transactions in one way or another also plumb the market. It’s a form of churning known as “trigger leads.”

Every time a would-be borrower’s credit record is pulled by a lender, the credit agencies package that request with others as potential leads and peddle them to others based on the specific types of consumers that fit their lending parameters. The potential borrower has no clue this is happening until he is inundated with other loan offers, ostensibly so they can compare the poachers’ products against the original quote.

According to the National Credit Reporting Association (NCRA), some lenders who use trigger leads lie about how they know the borrower has applied for a mortgage, and some flaunt the rules by using deceptive practices to persuade the consumer to take a loan with their companies.

Even when the offers are on the upand-up, trigger leads are basically prescreened offers of credit, similar to the “pre-approved” credit card offers that fill your e-mail inboxes and snail-mail mail boxes. The National Association of Mortgage Brokers doesn’t like them, saying, “the act of applying for a mortgage should not be made public.”

NAMB believes contacting consumers during the application and approval process can be “harmful and confusing,” and opens the door to fraud, unfair and deceptive practices. Yet even though borrowers are clueless about what’s going on behind the curtains, Uncle Sam’s official position on the practice has been that it’s good for consumers because it promotes competition. n

Lew Sichelman is a contributing writer to National Mortgage Professional magazine. He has been covering the housing and mortgage sectors for 52 years. His syndicated column appears in major newspapers throughout the country.

BUILD A BROKER

Change Your Retention Rates

Make Emails Perfect ChatGPT Can Be Your Marketer

YOUR FIRST MILLION DOLLARS

The F Words Are Your Best Friends

BENCHMARKS & BEST PRACTICES

Learn Stress Management

CAREER TICKER

People On The Move

> Aaron Drago has joined NonQM lender Deephaven Mortgage as chief operating officer. He came from Guaranteed Rate.

> Mobility Market Intelligence, a provider of data intelligence and market insight tools, announced Carol Burke has been appointed regional director of enterprise sales.

> PRMG has opened its newest branch location in Baton Rouge, Louisiana, with a new branch sales manager, McGehee Woolf

> National home lender PrimeLending, a PlainsCapital Company, announced Kelly McGuinness has been promoted to senior vice president, regional manager.

PEOPLE ON THE MOVE //

NMP’S MONTHLY SECTION OF HANDS-ON PRACTICAL ADVICE

As the homebuying season picks up in the spring, so do mortgage payoffs.

It sounds alarming, but it’s expected — borrowers pay off mortgages when they buy new homes.

Loyalty is just not what it used to be. But should it concern mortgage originators that fewer than three in 10 customers will return to them for their next mortgage?

This year will be one of the worst to struggle with repeat business, which is the single best way to support originations. It also is the best way to grow a mortgage business long term.

A lost borrower can mean more than just one lost mortgage. Depending on the market, a lender that loses a borrower after a first home purchase could be missing out on three to five more originations during that borrower’s lifetime, making retention critical as market uncertainty continues to impact volume.

Mortgage originators should consider the net effect of lost mortgages as well. These missed loans have both a relationship cost and an opportunity cost. When prospective buyers go shopping for their next mortgages, it opens the door for

other institutions to not only court them for all their lending needs, but competitors may turn one-time mortgages into lifelong customers.

SIMPLE DATA, VALUABLE APPLICATIONS

Earning repeat business from customers requires lenders to examine their offerings from the customers’ viewpoint. What are the needs of homebuyers? What kinds of support do they need? And how do you know which borrowers in your database need that help?

Technology is changing how lenders find and help customers from their databases using one simple, but important, piece of customer data: home addresses.

Lenders are now using automation to monitor the Multiple Listing Service for

GREATER INFLUENCE ON REFERRALS

Real estate agents are often the first point of contact for borrowers, and they usually control the referral to lenders they trust. Agent relationships are bread and butter players in the network of any good purchase loan originator. But what if an agent didn’t refer someone who worked with an originator before?

Lenders are beginning to catch nonreferrals through credit monitoring. Because price range is a key part of an agent’s search parameters, and price range usually is tied to mortgage payment and rate in the homebuyer’s mind. To gather that information, homebuyers shop lenders when they apply for credit. Lenders are using new technology available today to engage past borrowers, offer education and rate options, and regain their place as the borrowers’ goto in this step, whether it’s to purchase a home or to access home equity.

SERVING EQUITYBASED BORROWERS

new home listings that overlap with past borrower addresses. Before, a lender only had indirect means to influence people to return for their next mortgages. Increasingly, marketers and loan officers know exactly who is listing their home for sale, what engagement should happen next, and who on the originator team should activate to help serve the potential homeowner’s specific needs.

Homeowners know the window is closing on the chance to use their equity for renovations, debt consolidation, or surprise expenses. This presents an opportunity for lenders to educate customers about their options and build trust.

“Tappable” equity, though, is always a moving target as home prices rise and fall. This makes segmenting

> Genworth Financial announced Jerome Upton was appointed executive vice president and chief financial officer.

> Radian Group Inc. announced that Sumita Pandit has been appointed senior executive vice president and chief growth officer.

> Defy Mortgage, a national mortgage lender, appointed Michael Rogan as its first chief operating officer.

> Hozoro Mortgage, a provider of residential mortgage services, announced the appointment of Nick Roberson as vice president of business development & acquisitions.

Rebecca Martin

Mortgage originators have a clear incentive to solve their retention challenges using new data-driven technology.

borrowers who have enough equity to cash-out, or to obtain a line of credit, a perpetual, manual task. Often the work involved derails any marketing project to engage these borrowers with personalized messaging.

Lenders are now using automated tracking and engagement to overcome the practicalities of serving these segments. They also are becoming very tailored in their messaging. For example, people who’ve just sold or purchased a home spend four times as much as non-moving owners and twice as much as buyers of existing homes — on items such as appliances, furniture, and home improvements. Homeowners need to know that their lenders can help them finance these purchases, which presents another opportunity to educate.

THE KEY IS DATA TRANSPARENCY

Hundreds of mortgage originations are waiting in customers’ banking data. The ability to use that data to serve pressing financial needs will contribute to the performance of mortgage industry profit leaders in the coming years as we navigate an increasing rate environment.

For every 50,000 contacts monitored in a mortgage database, lenders discover nearly 1,250 additional mortgage opportunities per year, according to lender data gathered by Total Expert. That level of increase in loan originations can translate to nearly $13.8 million in revenue growth. At a time when every lead is critical, lenders must take advantage of these opportunities.

Technology can do much more than identify leads. It also can reduce overhead and marketing costs, something that financial institutions may need to consider in the coming years. Mortgage leads can cost upward of $1,000 per loan. For 200 new originations acquired by lending technology, most of that cost is saved. Those savings, multiplied across an entire contact database, can activate top-line growth and higher profitability.

With such significant opportunities in originations and profit growth, mortgage originators have a clear incentive to solve their retention challenges using new data-driven technology. And even bigger upsides await in relationships. When customers see their lenders working to educate them and to provide options that meet their needs, a deeper connection is created, and customers are more likely to turn to their lenders for future financial needs throughout their lifetime. n

> Nations Lending has announced the opening of its newest branch in Minneapolis, Minn. The company has hired industry veteran Mike Cass to lead it as area sales manager.

> CMG Home Loans opened two new branches in Pennsylvania. It announced that the MidAtlantic locations will be led by Wendy Landis as branch manager.

> Incenter LLC has hired Joe Mowery as senior vice president, enterprise business development, drawing on more than 20 years of leadership roles in the mortgage and title industries.

PEOPLE ON THE MOVE //

Rebecca Martin is chief marketing officer for Total Expert

Discover Where Your Competitors Stand In The Mortgage Market

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

Mortgage MarketShare Module

Our Mortgage MarketShare Module provides real-time market insights on all lenders, helping you easily benchmark your company’s market share, identify new and emerging markets, and measure your sales performance against your competition.

Loan Originator Module

Our Loan Originator Module provides you with access to the largest and most comprehensive loan originator database in the country. Take advantage of this access to identify top-producing loan officers, verify production, and monitor competitors.

GET A FREE MORTGAGE COMPETITOR ANALYSIS

To show you just how powerful our modules are, we’re offering a free customized mortgage competitor analysis. Simply visit www.thewarrengroup.com/competitor-analysis and provide us with a few details. You’ll receive an updated 2021 vs. 2022 Quarterly Mortgage MarketShare Report at the company level paired with a Loan Originator Report highlighting top LOs and individual performance.

Visit www.thewarrengroup.com to learn more today!

Questions? Call 617.896.5331 or email datasolutions@thewarrengroup.com.

BENEFITS

• Monitor Residential and Commercial Lending

• Measure Sales Performance and Market Activity

• Identify High-Performing Competitors

• Uncover Emerging Markets and New Opportunities

• Pinpoint Top Loan Officers for Recruitment

• Identify and Verify Loan Originator Performance

• Measure Loan Activity Against Competition

• Highlight Success for Market Positioning

NEED MORE DATA?

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

Designing The Perfect Email

Done right, emails can be a cheap, effective marketing tool

BY RIEVA LESONSKY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Email dominates the marketing kingdom, generating an impressive return on investment (ROI) of $36 for every dollar spent, the highest ROI of any marketing strategy, according to Campaign Monitor. Make sure you are doing it well.

EMAIL DESIGN

A crucial element contributing to the success of your email campaigns is how they’re designed.

HubSpot (https://

blog.hubspot.com/marketing/ email-design) notes there are 13 best practices for good email design:

• Craft a strong subject line.

• Write an attention-grabbing preheader.

• Be concise.

• Keep your email on-brand.

• Think about your layout.

• Personalize every email.

• Incorporate unique visual content.

• Don’t be afraid to use emojis.

• Use a responsive design.

• Optimize your email with calls to action.

• Add an “unsubscribe” button.

• A/B test your design.

• Design an email signature. While we can’t cover them all here

(their article is quite thorough), let’s discuss a few crucial elements for your emails.

Here are some tips from Salesforce’s 50 Best Practices for Email Marketers: Each email is part of the overall customer experience. Every message should fit in with all the other communications your subscribers receive from you. In other words—stay on brand.

Make the CTA shine. CTA is a callto-action design element, which makes it easy for readers to know what you want them to do. Distinguish your CTA through color, placement, and text treatment.

Break it up. Consumers tend to scan emails for important points that

Rieva Lesonsky

pertain specifically to them. Divide your email into bulleted text and short paragraphs for better readability.

SUBJECT LINES

Think of email subject lines like a newspaper headline — they’re the teasers encouraging customers to open the email. But there’s a science to creating them. Here’s the scoop from Klaviyo: https://www.klaviyo.com/ blog/subject-lines-best-practices

Keep it short. The longer the subject line, the lower the open rate. But A/B test to make sure that’s true for your audience. And since most emails are now opened on mobile devices, brevity is critical because most phones only display 30-40 characters in a subject line. Including the offer in the heading increases conversion.

Be straightforward: Telling customers what they can expect helps you reach a high-intent audience.

Be specific: Specific email subject lines let readers know what to

expect when they open your email, eliminating uncertainty.

Use numbers to drive curiosity: A Yesware study found subject lines with numbers get a 45% higher open rate than the average.

Use personalization: Something as simple as using the reader’s first name can help boost open rates.

Evoke a sense of curiosity in your headlines: This feeds into humans’ natural impulse to investigate, observe & gather information.

Asking questions urges readers to open the email to find the answer. But be sure to ask interesting questions.

Be conversational: Taking a conversational and friendly tone of

Use emojis to amplify the message, not replace words.

Emojis appear differently depending on your subscriber’s operating system, so be sure to A/B test across channels and devices.

The words that you use in your subject lines matter too. If you’re sending a newsletter, let them know that. Including the word “newsletter” in your subject line gives you a 24.1% open rate, and using “PDF” delivers an open rate of 25%.

Perhaps counterintuitively, using the word “you” in your subject lines will depress the open rate to only 15.5%. Also using ALL CAPS will reduce open rates by about 12%.

2023 EMAIL TRENDS

NetHunt (https://nethunt.com/blog/ email-marketing-trends/) says 2023 will be a “challenging but interesting year” for email marketing because users will have to balance emerging new trends with the old ones that still work. Here’s what to look for in 2023: Animated collaging. Moderate animation is a hot email marketing trend. Be smart with dynamic gifs.

voice is far better than sounding like a robot wrote your emails. People tend to pay more attention when you talk directly to them.

When writing an email subject line, imagine you’re writing to a close friend.

Think of subject lines as starting a conversation rather than making an announcement.

Evoke FOMO (Fear of Missing Out): FOMO creates a sense of urgency, which is a great hook that can drive customers to act quickly. FOMO works equally well in the body of your email. For example,

If you’re promoting a sale, remind customers that the discount is about to expire.

Limited-time offers (such as for a specific event or holiday) can help boost open rates.

Test emojis, but don’t overdo it. If you want to stand out in a crowded inbox, using emojis may help get you noticed. But consider some basic rules to avoid misinterpretation.

Dark mode and neon. [Increasing popularity] since Apple introduced Dark Mode to adjust the brightness of the screen.

Minimalism. Uncluttered, wellstructured emails with a single objective and few irrelevant details will reign supreme.

Illustrated iconography. Businesses will actively grow their brand identities with illustrated, visually prominent icons on plain backdrops.

There’s an art and a science to using email marketing. And while it may seem a bit complex, a SCORE mentor can help you work through it. Remember, email is still the most effective marketing method, so learning to do it right is well worth your efforts. n

This post, written by Rieva Lesonsky, was originally published at SCORE.org, the website for the Senior Core of Retired Executives. https://www.score.org/ resource/blog-post/designing-perfectemail?utm_medium=email&utm_ source=ctct&utm_campaign=enews

Telling customers what they can expect helps you reach a highintent audience.

Five Ways MLOs Can Use ChatGPT

We go to the source to find out how you can use it

BY CHATGPT, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

(Editor’s note: We decided to try out ChatGPT, a chatbot developed by OpenAI and launched in November 2022 to see if it could become a correspondent for NMP. Here are the results.)

As a busy mortgage reporter, Katie Jensen has her hands full with a never-ending to-do list. From conducting research to meeting with industry experts, Katie is always on the go. Due to the demanding pace of her work, I have written an article explaining how mortgage loan officers can use me to improve their business.

Hello, I am ChatGPT, an advanced language model created by OpenAI. Think of me as your new virtual assistant, like Katie does, assisting with

various tasks and providing information through natural language conversations. For mortgage loan officers, I can help in several key areas, including lead generation, customer support, loan application process, loan status updates, and marketing and promotion.

1. Lead generation: ChatGPT can assist with the identification and qualification of potential borrowers by engaging in natural language conversations and capturing lead information.

2. Customer support: ChatGPT can provide 24/7 support to clients, answering frequently asked questions

and helping resolve any issues they may have. You can use OpenAI’s GPT-3 language model to build a chatbot for customer support. To use OpenAI’s GPT-3, you’ll need access to OpenAI’s API and will likely need to write code in a programming language like Python to integrate it with your chat interface.

3. Loan application process: ChatGPT can answer questions, gather financial documents, determine a client’s budget, match a client with a lender, and provide clients with information to help them make informed decisions. However, it cannot

make decisions or guarantee approval.

4. Loan status updates: ChatGPT can provide real-time updates to clients on the status of their loan application, including required documents and next steps.

5. Marketing and promotion: ChatGPT can assist with marketing efforts by answering questions and providing information about mortgage products, interest rates, and special promotions.

As a language model created by OpenAI, I have been trained on a diverse range of text sources and can understand and generate text in many different languages, accents, and styles of writing. To demonstrate, let me break this down for you in jive.

Yo, did you hear that ChatGPT’s now speakin’ multiple languages? That’s straight up sick, man! For all you Jivers out there, that means you can now communicate with ChatGPT in your preferred lingo, be it English, Spanish, French, or any of the other tongues it’s fluent in.

Imagine the possibilities — now you can reach an even broader audience and provide a personalized experience to users all over the world. No matter what their native language is, they can get the answers they need in real-time, without any barriers to understanding. That’s straight up fire, fam!

I have been trained on a variety of informal language styles, including

Generation Z Internet slang, which may help catch the attention of those younger clients.

So Boomers, let me break it down for ya — I’m the virtual assistant that’s got your back. I’m trained on a ton of data, so I’m always ready to drop some knowledge and help ya out with anything ya need. Whether you’re looking for info on a specific topic or just need a quick answer to a question, I’m here to assist.

And don’t even worry about accuracy, I’m like, super reliable. I’m trained by OpenAI, so ya know I’m legit. I won’t steer ya wrong, I promise.

So, if ya need a hand with anything, just holla at me. n

ChatGPT can provide real-time updates to clients on the status of their loan application, including required documents and next steps.

Flourish With F Words For Success

Ignore that F word but others will put you on the right path

As I was looking through my new “ABCs of Business Success” book — which includes 13 ABC lists on various subjects — one letter kept standing out to me: F. Folks generally believe that F-words have no place in business, but there are many outstanding words beginning with F that drive success. Consider the following — some of my favorites: Fight. You not only need to fight for yourself but for each other, if you want

to have the best teamwork.

Focus. Tune out distractions. I love to watch and study athletes as they are getting ready to compete. You can see them running through their races or routines in their minds. Nothing can distract them. It’s easy to maintain focus when everything is going well, but great athletes keep their focus when they are staring at defeat. A sure way to fail is to lose focus.

I’m convinced that one of the top reasons that keeps people from getting what they want is lack of focus. People who focus on what they want to achieve, prosper. Those who don’t focus, struggle.

Failure. As any successful person

will honestly admit, I’ve had my share of failures. But from every failure I have learned equally valuable lessons. The first lesson is that there was at least one reason I failed. The second lesson is that I can rebound from that failure. If we don’t know how to lose, we’ll never know how to win. We can learn a lot from failure.

Fearless. Every crisis we face is multiplied when we act out of fear. Fear is a self-fulfilling emotion. When we fear something, we empower it to become fearsome. If we refuse to concede to our fear, there is nothing to fear. Fear is a disease that rots our will to succeed.

President Franklin Roosevelt said it best: “The only thing we have to fear is fear itself.”

First. My father ingrained in me that second is last, so I have always strived to be first in whatever I attempted. It doesn’t always happen, but I always give it all I’ve got.

Feedback. Listening to advice or criticism is not easy for most people. In fact, some people just can’t accept any criticism, even if it’s constructive. Learning how to accept feedback

it’s time for another order — it’s just Business 101.

In other areas of business, not just sales, the same principle should also hold true. Unreturned phone calls and emails, late deliveries, failures in completing paperwork or other snafus that cause delays are unprofessional and unacceptable. Follow up requires another F word — fanatical attention to detail.

Faults. Everyone has faults and weaknesses. The only way we get better is to work on them.

Faith. Don’t ever let anyone tell you that you can’t accomplish your goals. Who says you’re not tougher, better, harder working, smarter and more able than your competition? It doesn’t matter if they say you can’t do it. The only thing that matters is if you say it. If you believe in yourself, there’s hardly anything you can’t accomplish.

Fun. For years at our company, our motto has been “TGIM” — Thank God It’s Monday. We want our employees to look forward to coming to work as much as I do. We will always take our work seriously, and our customers’

is a key skill for advancing. Rather than viewing feedback as judgment, consider looking at it as an opportunity to grow, learn and acquire a new skill. Be grateful for the suggestions.

Flexibility. I can’t stress enough the importance of flexibility in today’s ever-changing business environment. The more skills we learn, the more valuable we become.

Follow up and follow through. The sale begins when the customer says yes — every sales person knows that following through after the order is written is what earns customer loyalty. Checking in to see how the product is working, fixing problems, listening to ideas for improvement, calling to see if

needs seriously, but what we do isn’t brain surgery. Work should be fun, but fun shouldn’t be work.

Finish strong. Finishing strong helps you to put your mind at rest knowing that you did your best. It also helps you more accurately assess situations in the future based on your effort.

Mackay’s Moral: First and foremost, you frankly can’t flourish without learning how to function with F words. n

Harvey Mackay is a seven-time New York Times best-selling author whose 15 inspirational business books have sold 10 million copies worldwide.

People who focus on what they want to achieve, prosper. Those who don’t focus, struggle.

Stress Management In The Mortgage Process

Your customers equate stress of buying a home to getting fired

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Buying a home is stressful. Sure, the job of getting people into homes is stressful for you, but it also is a huge stressor for your customers. In fact, a 2022 study by Zillow reports that 50% of homebuyers say the process left them in tears! Further, Bloomberg reported that, due to inflation and inventory challenges, Americans say buying a house is just as stressful as getting fired from a job. Now, we all know that owning

a home is beneficial in the long term — and I’m sure most people would rather own a home than get fired from their job. The point here is that buying a home or helping someone buy a home, while a positive life change, sometimes doesn’t feel good during the process. However, this offers an amazing opportunity for you to give that customer a WOW experience by eliminating as much stress as you can. Let’s talk about why the homebuying process is so stressful for everyone and how you can cut down on stress for both yourself and your borrowers.

BORROWERS

Buying real estate is the largest financial transaction most people will ever make in their lives. While this process is your every day, it’s one that most people only go through a few times, typically, in their lives. It is a big commitment that involves a process that is both unfamiliar and invasive. Someone is digging into their income, pulling their credit, contacting their employer and asking for other sensitive information.

On top of this, they are spending a huge portion of their savings and going into considerable debt. All of this with the anxiety of waiting for the loan decision and the appraisal value to be communicated. Of course, there is a reason for your borrowers to be stressed.

LENDERS

As a mortgage professional, this is a stressful process for you as well, though in different ways. Since this is such a big investment for your borrowers, the

success of their investment feels like it’s on your shoulders. Additionally, there are many critical moments along the way, like resolving a potential compliance issue or deciding when to lock rates, and the way you handle these has a big impact on the loan.

There also is stress that comes from volume. For the past couple of years, you have likely been worrying about how to manage high volume. Now, you may be stressing about how many applications you’ve taken this week or when the next application is going to come through.

Regardless of where the stress comes from, there are ways to alleviate the stress for everyone. Let’s dive into a few tips to help you manage your, and your borrowers’, stress.

MANAGEMENT TIPS

As someone who is guiding borrowers through the process, you need to acknowledge their stress. Recognize that this is a big step for them. Reassure them that you’re keeping their information safe and working to get them the best terms possible. Also, take time to educate them about the process — this can help relieve the stress of any unknowns.

As a lender, staying educated, while it seems like extra work, can be critical to managing stress. If you’re concerned about compliance, read up on it — the more you know, the less uncertainty and stress you face. Being educated on compliance will help you be more confident and ideally cut down on mistakes that could add additional strain.

If making timely decisions like locking rates is anxiety-inducing, stay on top of industry news. If you have a better idea of where rates, or the market in general, are going, you can make better and more informed decisions.

If low volume is a stressor, make

sure you’re marketing yourself. Applications may not be flooding in like they used to, but making a concerted effort for the few that are out there can pay off for you.

Also, communicate well with your customers and your internal team. Diligently communicating with your borrowers can significantly cut down on their stress since it demonstrates you are working on their behalf and are available to help them with anything. It also eliminates the fear of the unknown and the uncertainty created by not knowing the current status of their loan. Being a good communicator internally helps your entire team run like a well-oiled machine rather than many separate individuals or departments.

HIT THE PAUSE BUTTON

Whether a borrower or a lender, it is important to take breaks. Mortgage lending is a long and often overwhelming process. Whether you’re working on the loan yourself or are getting information from borrowers, know how to pace your work so that it feels more like a steady stream and less like a tidal wave for both you and your borrower.

While your job is a stressful one, it doesn’t always have to be. Taking a few proactive steps can make this process as painless as possible both for you and your customers, which will improve both your experience and theirs. Writer Chelsea Erieau once said, “Stress acts as an accelerator: it will push you either forward or backward, but you choose which direction.” Let’s go forward! n

Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum.

“This offers an amazing opportunity for you to give that customer a WOW experience by eliminating as much stress as you can.”

Acra Lending

Lake Forest, CA

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

acralending.com

(888) 800-7661

sales@acralending.com

LICENSED IN: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME, MD, MI, MN, MT, NE, NV, NH, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY

Champions Funding

Gilbert, AZ

Mission Driven Non-QM + CDFI

Wholesale Lender

At Champions Funding, we Non-QM all day, every day! It’s our core business, and we live to serve underserved borrowers through our valued broker partners. We put diversity and inclusion into mortgage lending by empowering the mortgage broker community to provide solutions for non-traditional credit profiles and those who cannot get approved with standard financing. Through our highly coveted CDFI certification backed by the U.S. Department of the Treasury, we can offer our flagship neighborhood products and tap into a $1 Trillion market of historically underserved communities in the country.

Focused on speed to closing (in days, not weeks), smooth processes, and userfriendly access to our underwriting and support teams, we offer modern, flexible, and responsible non-traditional lending solutions.

champstpo.com

(949) 763-9494

Wholesale@ChampsTPO.com

LICENSED IN: AZ, CA, CO, CT, DC, FL, GA, HI, IL, IA, MD, MI, NJ, NC, OR, PA, SC, TN, TX, UT, VA, WA

FIND IT.

Civic Financial Services

Redondo Beach, CA

CIVIC delivers fast, honest, simple lending for real estate investors. Description of your products or services.

CIVIC Financial Services is a private money lender, specializing in the financing of non-owner occupied residential investment properties.

CIVIC provides Mortgage Brokers and Real Estate Investors with a fast and cost effective funding source for their real estate investment needs. civicfs.com

(877) 472-4842

info@civicfs.com

LICENSED IN: AZ, CA, CO, FL, GA, HI, ID, IL, IN, LA, MD, MA, MI, MN, NV, NJ, NC, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WI

THE COMPANIES AND TOOLS YOU NEED

When searching for products or services to help your business, browse through our Resource Guides, or find a specific provider through one of our Directories.

Originator Tech, Non-QM, Wholesale, AMC. These listings provide quick, easy access to the resources you need, all in one convenient location.

Find

Global Integrity Finance LLC McKinney, Texas

DSCR Rental NO DOC Loans

As a direct, private lender, Global Integrity Finance takes a commonsense approach to underwriting, with all approvals made in-house. We are dedicated to providing quick responses to time-sensitive loans, often times with the ability to close in as few as 3 business days. At Global Integrity Finance, we value referrals and our brokers are protected. We are committed to the highest level of customer service, because our success thrives in building relationships.

globalintegrityfinance.com

(214) 548-5190

toby@globalintegrityfinance.com

LICENSED IN: AL, AR, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VT, VA, WA, WV, WI

LENDER RESOURCE GUIDE

LoanStream Mortgage Irvine, CA

Home loans

LoanStream is dedicated to providing the best combination of wholesale loan products and wholesale loan rates in the industry. We understand that along with your need for excellent service, innovative TPO Portal, and fast turn times, you need loan programs that give you the competitive edge with your customers. With over 70 different home loan products and programs to choose from including Non-QM loan portfolio products, you’ll be sure to find the right product to fit your borrower’s needs. We offer Non-QM, Conventional and Government loan programs.

loanstreamwholesale.com

(800) 760-1833

inquiries@lsmortgage.com

LICENSED IN: AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, LA, ME, MD, MA, MI, MN, MT, NV, NH, NJ, NM, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, WA, WI,

Luxury Mortgage Corp. Stamford, CT

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

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

luxurymortgagewholesale.com

(949) 516-9710

tpomarketing@luxurymortgage.com

LICENSED IN: AL, AK, CA, CO, CT, DC, DE, FL, GA, IL, LA, ME, MD, MA, MI, MN, NV, NH, NJ, NM, NY, NC, OH, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WY

Making A Dream Come True Before It Was Too Late

Lisbeth Najarro Senior Loan Officer

EMBRACE HOME LOANS

Email: eNajarro@embracehomeloans.com

Phone Number: 571.217.1509

Website:

www.embracehomeloans.com/Lisbeth-Najarro

SOCIAL MEDIA HANDLES

Twitter: @lisbethNajarro

LinkedIn:

www.linkedin.com/in/lisbeth-najarro-879392142

Facebook: facebook.com/100039652025886

How much was your best deal for?

My most notable deal was for a $300,000 mortgage on a home for a man and his wife.

What made it your best deal?

My best and most memorable deal was with a man and his wife who could not get a mortgage for a home because, at 560, their credit score was too low to qualify. They could only rent housing but really wanted to purchase their own home. I was able to assist in turning the borrower’s credit score around so the couple could finally purchase a home they fell in love with. I advised the borrower on ways to improve his score, like lowering his balances and then helped him with a credit rescore.

In just a couple of weeks, he achieved

a 640-credit score, which opened up his home financing options. I was then able to offer him a Virginia Housing grant with 2.5% down payment assistance. The man was ultimately able to purchase a home for himself and his wife.

After renting for so long and feeling hopeless, they were finally able to realize the dream of homeownership and save money. I’ll never forget the look on their faces when I shared the loan approval news and how happy they were. It turned out their new mortgage payments were less than the cost of rent.

What else was interesting about the deal?

The husband was American and his wife was from Bolivia. I speak three languages — English, Spanish and Portuguese — so I was able to easily communicate with the wife. Unfortunately, the husband had cancer and passed away just eight months after he closed on their new home. I’m so thankful I was able to help this family before that happened. To this day, his wife still calls me during the holidays to catch up and express her appreciation. She’s grateful to be in a home and paying much less per month than when they were renting.

Thank God I was able to find a solution for the couple and help them improve their credit score to make their dream a reality. It truly was a memorable deal that made me feel good about the work I do helping get people into homes. n

ATIONAL MORTGAGE PROFESSIONAL MAGAZINE WANTS TO FEATURE YOU!

hat is the best deal you ever made? We know biggest isn’t always best. Did you help a single mom get the house of her dreams? How about the couple that finally found the one home they could afford — almost, that

is, until you found a way. Was it the first deal you ever closed? A deal that turned your life around?

Submit your story using the link, and your deal could be featured in a future My Best Deal column!

ambiz.wufoo.com/build/whats-your-best-deal

Lisbeth Najarro with the couple she helped, as well as a member of her team and the Realtor she worked with.

Take Back Valuable Time

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Sure, originations are down, which means less money in your pocket. So it might seem like this is the worst time to add on the cost of an assistant. Yet, as companies in the mortgage industry strive to increase productivity and manage workloads with fewer workers, it may be too expensive not to hire one.

Why? You’ll have an extra set of hands to handle administrative tasks and time is money, literally. There will be more time to originate, which puts more money back in your bank account.

“Think about it this way: by hiring an assistant, you’re getting another 40 hours per week to play with,” said Andres Munar, broker and cofounder of Co/LAB Lending. Munar himself started out in the industry as

a broker’s assistant and worked his way up into opening his own mortgage company and later, co-founding Co/LAB with Megan Marsh.

“Back in 2006, there weren’t strict guidelines on what an assistant could do and really anybody could quote interest rates, do loan officer duties, process loans, and even handle client calls,” Munar said. “Since the guidelines were so lenient, I was able to take more on my plate and ended up bringing in 80% of the sales at the brokerage that I was assisting at.”

Jay Dacey, president of the Minnesotabased Jay Dacey Mortgage Team, said that hiring an LOA was a large step when he and his small team set up an independent mortgage shop. “I made the decision to seek out an assistant because I needed more time to focus on my own

tasks as a loan officer,” Dacey explained. “I have just one LOA on my team now, but it’s allowed me to take back my time and produce more.”

MAKING ROOM FOR AN LOA

The apprehension toward hiring an LOA is how to pay them while still being able to profit and make a comfortable return on investment. “Back then, I probably made $13 an hour and maybe an additional $50 cut per file. If I brought my own clients in, back then I got a 50% commission split if I brought that client in,” Munar said. “Nowadays, it’s based on your geography and how much you produce or the volume of the loan officer’s production.”

When Munar first hired an assistant in December 2012, he paid the salary from his own pocket.

Hiring an assistant could drive new revenue, but be cautious

“Many [mortgage professionals] are scared to make that jump and hire an LOA,” Munar said. “I made the jump to hire my first assistant when my business started to take off. It changed the whole way my business ran: I was able to talk to more Realtors and clients as the face of the business while I had someone on the back end handling the rest.”

Even though Munar says that conferences he attends continue to recommend hiring an assistant to boost business, many are still reluctant to take the step to hire. “A lot of people fret about how they’re going to make that extra money per month to pay an assistant, but what they’re forgetting is that the extra 40 hours per week that the assistant is working is more time to make more loans per month, which in turn, makes the money to pay

an assistant.”

Munar also said that mortgage shops tend to stock up on LOAs during busy markets to crank out loans, but that

doesn’t mean that they can’t readjust their staff in a down market when money is tighter.

Dacey, on the other hand, says that he decided to take the leap and splurge on an LOA after hearing repeated advice to do so in the industry and after his business began growing. “I made the decision to hire an assistant because I heard on a webinar that you can’t afford an assistant until you make the jump and hire one,” he said. “They become a part of your regular team. Like my other employees, they receive health insurance and a 3% match IRA plan.”

Munar says that as someone who is on the road a lot, having four LOAs has been instrumental in Co/LAB’s success. “The simple fact is that you can’t do it all. Ronald McDonald doesn’t cook his own french fries,” Munar quipped.

“The simple fact is that you can’t do it all. Ronald McDonald doesn’t cook his own french fries.”

> Andres Munar, broker and co-founder of Co/LAB Lending

“Sales and fulfillment cannot be the same person. It’s a decision that most people wished they had made sooner.”

TOEING THE LINE

Today, the line between an LOA and a regular mortgage loan officer is more defined than it was in the early 2000s, thanks to the Dodd Frank Wall Street reform that established regulatory requirements for each role. LOAs can work licensed or unlicensed, which gives them specific job constraints.

Michael Barone, a managing partner of Abrams, Garfinkel, Margolis & Bergson Law’s mortgage compliance practice, specializes in mortgage regulatory practices. He says that the best way to avoid confusion between licensed and unlicensed LOAs is simple: Companies should disclose what duties each LOA is allowed and not allowed to perform.

“The key difference is that unlicensed LOAs are not allowed to quote interest

rates or really make recommendations to clients,” Barone said. “A processor, LOA — licensed or unlicensed — all have limitations on what they can do.” Munar provided a similar perspective and said, “An unlicensed LOA can really just do paperwork. They can’t talk about the rates or solicit business.”

Barone also said that what licensed

versus unlicensed LOAs can do is also scenario-based and some gray areas exist. “I think it’s very easy to script what an LOA should say or do, but it’s hard to guess what the consumer’s response or questions will be,” he explained. “That’s why LOAs should get training on how to respond to certain situations that they may not be sure they’re permitted to answer.”

Sometimes, Barone says that LOAs may have industry background ahead of time, which is one complication that he sees in many practices. “While these LOAs [with experience] may be able to answer questions through their own knowledge that the customer or Realtor is asking, those answers may be outside of their job duties, especially if they’re unlicensed,” he said.

Barone said that an ideal LOA may have no industry experience or knowledge at all. “They’re less bound to step outside of what they can and can’t

“Think about it this way: by hiring an assistant, you’re getting another 40 hours per week to play with.”

> Andres Munar

Broker business is built here.

In California, brokers, originators, and support staff love the California Mortgage Expo. The show, which is available in Irvine, San Diego, Oakland, and Pasadena, offers educational sessions, product showcases, networking opportunities, and more (we can’t forget to mention the hors d’oeuvres, open bar, and networking parties). Attendees also have the chance to renew their NMLS license with the class the following day. Plus, the show is free for NMLS licensees* with our code NMPFREE.

No brainer? We think so.

MAY

Thursday, May 4, 2023

04 05

MAY

Friday, May 5

California Mortgage Expo NMLS Renewal Class

say if they don’t have an answer to give a customer,” he said. “Even though their industry knowledge may not be as keen as others, they’re the least likely to get you in trouble with a regulator.”

KNOWING YOUR ROLE

So, what can a licensed LOA do? For starters, understanding the specific duties of an LOA is imperative so as to not confuse their duties with a processor. Munar, who has three LOAs and one processor at Co/LAB, says that the duties are vastly different. “The loan officer assistant is really an assistant to the sales part of a loan officer’s job, so they’re making sure that the customer service experience is seamless and building up relationships,” he said. “The LOA can take client and Realtor calls, do cost sheets, take sensitive information like social security numbers, and really be the extra support that the loan officer needs.”

Munar says that his experience with

processors has been that they’re the more analytical side of industry help. “A processor is more like the back end of home contracts. They make sure that the file goes smoothly, and oftentimes don’t necessarily have to have as much human interaction as an LOA,” he explained “They’re making sure all the boxes get checked and

working with the underwriter, title company, and closing department.”

Barone says that the two different positions have some overlap, but the number of LOAs needed depends on how much the market is allowing the loan officer to produce in volume. “Loan officers have the ability to essentially throw some of their loans at an LOA, whereas a processor won’t do that,” Barone said. “The processor, rather, will go to the LOA instead of bothering the loan officer if they have questions about the conditions of a loan.”

For Dacey, he says that his shop prefers to only hire licensed LOAs. “By having my whole team be licensed, there are minimum discrepancies,” he said. “A client who calls up my shop can speak to any team member about current rates since they’re all licensed. If I had an unlicensed LOA, there might be risks that arise, especially over-thephone confusion with customers.” n

“A processor is more like the back end of home contracts. They make sure that the file goes smoothly.”

> Andres Munar

We

WHOLESALE LENDER RESOURCE GUIDE

PRIVATE LENDER RESOURCE GUIDE

ACC Mortgage Rockville, MD

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

ACCMortgage.com

LICENSED IN: AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, KS, MD, MI, NV, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, WA

Change Wholesale

Irvine CA

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

ChangeWholesale.com

(949) 255-6085

info@changewholesale.com

LICENSED IN:, AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY Find

Hands-On Advice

Find

Industry Insights

Don’t

— understand it. Find insightful articles from leading industry voices to help digest all the changes in the industry.

Stratton Equities

Pine Brook, NJ

Stratton Equities is the leading Nationwide Direct Hard Money & NON-QM Lender that specializes in fast and flexible lending processes. Our Hard Money and Direct Private Money loan programs support the following investment projects:

• Fix and Flip

• Soft Money Loans

• Cash Out — Refinance

• Fixed Commercial Loans

• Commercial Bridge Loans

• Bridge Loans

• Stated Income/ No-Income Verification Loans

• Rental Loans

• Foreclosure Bailout Loan

• NO-DOC

• Blanket Loans

• Fixed Rental Programs

• Multi-Family Loan

No Upfront fees! No Junk Fees! No Tax Returns!

strattonequities.com (800) 962-6613 info@strattonequities.com

LICENSED IN: All States except for: AK, ND, NV, SD, UT

Find

BUILDING A Family AFFAIR

From left to right: Michael Middleman, Stan Middleman, and Greg Middleman at a work event.

Perks and pitfalls of working with loved ones worth the challenges

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Building a mortgage business is never easy and making it a family affair has both its perks and pitfalls. Working in a family business is both rewarding and at times difficult, especially when those work conversations spill over at the dinner table.

You need to have a plan for when things get tight. After all, it’s not easy to fire family even if the business is going under.

Family mortgage businesses say setting boundaries is also extremely important.

“When we are together outside of work, we focus on having a good time and very rarely discuss work related items,” Greg Middleman of Freedom Mortgage says. “In the work environment we may briefly touch on personal matters from time to time, but for the most part we keep it professional.”

But it’s not always that easy.

Jean and Dhiane Machado’s Tower Home Loans, based in Reading, Mass., is built upon the foundations of family being first, which oftentimes means that the couple’s personal lives and business are often intertwined — especially since the business is both of their livelihoods.

“We’ve learned how to work together. We’re good partners together, in business and in life,” Dhiane says. “I think one challenge for us is leaving work at the office. Sometimes we catch ourselves at home talking about loans and we have to stop ourselves.” Jean added, “It’s important to separate work and family and learn to compartmentalize the two. We don’t fight ever, especially not about business.”

Family businesses may struggle with boundaries between the business and time outside of work, says George Haynes, a co-author of Family Business Research: Reviewing the Past,

Contemplating the Future, but many tend to be more thoughtful in their business plans and intentions.

“Some pros of family businesses is that ownership usually embodies the whole rather than the self,” Haynes says. “Families who run businesses together are more apt to make smarter decisions regarding their finances or investments because they know their relatives are affected by said decisions. Family businesses also embody the concept of leaving a legacy so there’s special care to ensuring the longevity of the business.”

What often holds family businesses back, Haynes says, is the uncertainty that is ultimately attached to combining a business with relatives.

separate from the family’s own finances needs to be clear,” Haynes says.

NOT ALWAY A CLEAR PATH

The path to a family business is never a straight line.

Patty and Rick Arvielo are entering their third decade of being partners at work and as a family, and the couple considers New American Funding (NAF) like another child to them. “We love each other and our family first, but a close second is NAF. [Rick and I] are just aligned as a couple and as business partners,” Patty said. “Our strengths and weaknesses are extremely different, so he’s great in areas that I’m not great in and what he’s not good at, I’m great at.”

“Many family businesses have risk attached though, if the business goes under the family goes with it,” Haynes said. “Also, to curb risk, there needs to be a balance struck between family matters and business. Oftentimes families who get caught up in the business side of things forget about providing for the family members working for them, with stuff like health care and benefits.”

He says the biggest challenge for family businesses is the intermingling of a family’s personal finances with the business finances.

“It’s important to separate out the two because the subsidization of the business

Stanley Middleman, who started Freedom Mortgage in 1990, says he didn’t anticipate his sons, Greg and Michael, expressing interest in the mortgage business. But that’s what happened. “Each of my sons in their own way and at their own pace have demonstrated the ability to be great steward of the business that I created,” Stanley said. “Working with me at Freedom Mortgage, I feel they care for, are responsible for, and have further nurtured my company as if it were a younger sibling with its own needs and support. Seeing them as the children you take care of, and love is totally different from seeing them as adults

“Some pros of family businesses is that ownership usually embodies the whole rather than the self.”

> George Haynes, co-author of Family Business Research: Reviewing the Past, Contemplating the Future

Jean and Dhiane

Machado owners of Tower Home Loans.

and business leaders.”

Patty describes NAF as being a family-oriented business — even for those not considered blood family.

best friend who is in charge of our FHA insuring. My sister’s ex-husband also works for us! We have a ton of nepotism, but it just attests to us nurturing our relationships and turning to our inner circle to uplift others.”

HEAD NOT HEART

At the end of the day, Rick says that the business has to be approached by following his head, not his heart. While the couple both agrees that bringing their inner circle into the business has been a blessing, that’s not to say it hasn’t brought them challenges. “When it doesn’t work out [working with family], it can be heartbreaking,” Patty said. “When I had to let my best friend go from NAF, it felt like a divorce, and I had to navigate how to separate the business from the relationship. While the friendship did eventually endure, it took a lot of work to accomplish that.”

associated with the mortgage industry. Also, it’s smart in a family business to make sure there is some professional experience elsewhere. Make sure family members are capable before onboarding them.

Greg Middleman didn’t jump on board with the family business immediately. “The best decision I’ve ever made was working outside of Freedom Mortgage. My past experiences outside of [the company] have enabled me to work through difficult situations on my own,” Greg said. “However, I’m lucky I can reach out to my brother and father in difficult situations. My brother joined about six years before I did, so he has already gone through a lot of the challenges that I am seeing now in working in a family business.”

“My ex-husband works for NAF and he’s been with us for 10 years,” Patty says. “Even though our company is big, relationships are a huge part of it. Family can also be extended to the people you choose; many of our friends work at NAF, including my high school

Rick’s more logical approach is to let business be business. “You have to treat the business as its own entity and always do what’s in the business’s best interest, even when it’s hard,” he said. While families may benefit from the legacy and familiarity of working together, they must also navigate the risk of family dynamics, the tension of personal and professional relationships, and the financial risks

The challenges that Greg says he’s facing include avoiding special treatment and practicing professionalism. “The biggest challenge [about] working in a family business is figuring out how to avoid getting special treatment,” he said. “In order to grow and reach your full potential, you need to be held accountable and have tough conversations at times with both the relatives you work with and peers in the workplace.” n

Patty and Rick Arvielo, who are entering their third decade of being partners at work and as a family and the couple considers New American Funding (NAF).

“We’ve learned how to work together. We’re good partners together, in business and in life.”

> Dhiane Machado, co-owner, Tower Home Loans

Telling the story of your success.

Your daily news, industry insight, and professional advice is now streaming. Tune in to The Interest to discover everything you need to know to be a better mortgage professional.

Airs Monday - Friday.

Watch or listen at nmplink.com/TheInterest

DOMINATION

GOES NUCLEAR ON WHOLESALE MARKET

After surpassing Rocket in originations, United Wholesale Mortgage has its pedal to the metal

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

If United Wholesale Mortgage was an animal, it would be a killer whale. Known as kings of the ocean, killer whales strictly stay and hunt with their pod and are at the top of their own food chain. In short, they dominate the sea. The same aggressive, winner-take-all mentality can be said about the wholesale mortgage company, which has made it well known that they, too, plan to stay at the top.

Over the past year, UWM’s mission has been to surpass its main competitor, Rocket Mortgage, in business. Last May, the company launched its “Compete & Beat” program, which enabled UWM to match and then beat the prices of 20 of the top wholesale lenders on conventional, governmental, and jumbo loans.

In June 2022, it unleashed “Game On” pricing for its mortgage brokers, which dropped rates across the board by 50-100 basis points to oust the competition. But that wasn’t the only drastic measure UWM took. In a “Mean Girls”-style forewarning, UWM offered its brokers an ultimatum last year: boycott Rocket Mortgage and Fairway Independent or you can’t do business with us.

top, the question ‘How did they do it?’ is at the forefront.

Melinda Wilner, UWM’s chief operating officer, said they surpassed Rocket due to a “superior product” offering. Wilner cited “Game On” and UWM’s other competitive programs as the main pushes that gave UWM a boost to the top.

“When we first unleashed ‘Game On’, we were able to attract LOs with lowered rates which even drew some away from retail entirely,” she said. “I think what Game On really did for us was convince brokers to give us a shot. Now, we’re the number one lender that’s wholesale only for the first time in history.”

Wilner also said that consumers are, inevitably, the driving force behind why UWM is successful. “They’re discovering that they can get a much better price when working with wholesale,” she explained. “We get loans out speedily, we have a great team, and we care about helping our

Elezaj and Wilner both said that keeping things fresh is also another contributing factor.

UWM CRIES ‘GAME ON’ FOR MARKET PLACE SHARE

Despite grumblings from some in the broker community, UWM succeeded in its bravado and ultimately surpassed Rocket Mortgage in the third quarter of 2022. It ended 2022 with an eye-popping 54% share of the wholesale channel in the fourth quarter of 2022, up from 41% in the previous quarter, and an 11% share of the overall mortgage market. Alex Elezaj, UWM’s chief strategy officer, said that the company’s been planning for an originations takeover for years. “Game On was a huge success, it was a great customer acquisition play and has a high retention rate for us,” he said. “We also did this with the intention to convince retail loan officers to come over to the wholesale side.”

HOW DID THEY DO IT?

Tension over the top origination spot has been brewing between Rocket and UWM for years. It’s a tit-for-tat feud between the Michigan rivals. With UWM rising to the

“[Recently] we released a new constructionto-permanent loan program,” Elezaj said. “We’re constantly revamping our technology to keep up with others in the industry and maintain our top spot. And those leaving retail to join wholesale will drive up our market share even more.” Wilner said that one of UWM’s tech highlights is a dual underwriting program. “You can run a single loan through two different automated underwriting systems,” she explained. “That way they’re saving time with only having to do one data entry that will give you multiple results as to which product offering is the best for your customer.”

MAINTAINING TOP DOG

Now that UWM is king of the sea, Elezaj said it won’t back down. “Lifting the trophy is one thing, and maintaining it and holding it up is another,” he said. “And we don’t plan on giving it up.” Wilner said that UWM isn’t the type of company to pump the brakes. “We’re not giving anyone else time to catch up,” she said.

To prove this, UWM added an addendum this

BY THE NUMBERS

UWM DOMINATES 4TH QUARTER 2022

In the fourth quarter of 2022, UWM led the industry in origination volume for the second quarter in a row, as well as claiming a whopping 54% of the wholesale channel, up from 41% from Q3 2022 — an all-time record. For all of 2022, UWM dominated with nearly 40% broker market share. Rocket, in comparison, clocked in at 11.4%.

$25.1

$19.03

54% 46% VS.

January to “Game On” called “Control Your Price.” The new program provides originators with 125 basis points in price enhancements when they lock loans with UWM. According to the company, the program can be applied to conventional, government, or non-agency loans valued at up to $1 million. “We’re really excited about this strategy,” Wilner said. “We really want to give some control back to our LOs and really show them the benefits of working strictly in wholesale.”

Elezaj asserts that brokers are happy with what UWM is doing to help them get ahead. “We couldn’t be more excited about 2023, especially for brokers to win,” he said. “I’d say our main focus is to keep honing in on our technology. We have over 1200 IT people and the biggest complaint we hear when we get new consumers is how they want better tech. We want them to be as efficient as possible.”

Even though UWM’s competitors have released counter-programs — such as Rocket’s “Bully Shield” program that offers to cover legal fees for mortgage brokers breaking ultimatum agreements with UWM — the company isn’t discouraged. “[Rocket’s program] doesn’t even deserve a comment,” Wilner said with a chuckle.

When Rocket announced the “Bully Shield”

program, Mike Fawaz, executive vice president of Rocket Pro TPO, told National Mortgage Professional Magazine reporter Katie Jensen, “We believe UWM’s ultimatum was one of the worst things to happen to independent mortgage bankers in 50 years. The ultimatum uses lawyers and contracts to limit choice and optionality.”

Fawaz added: “When we made a decision to go out there and protect the broker community, the last thing we looked at was cost and numbers.”

UWM was not fazed.

Both Wilner and Elezaj said that at the end of the day, UWM’s goal is to continuously improve. They both said that UWM doesn’t have a specific strategy or target; rather, they’re focusing on holding onto brokers’ business and improving existing products. “One of our company pillars is to keep doing better every day,” Wilner said. “There’s a tendency for businesses over time to get comfortable and not be as vicious as we are. It was only a matter of time before we reached the top.”

UNCONVENTIONAL METHODS

From an outside perspective, UWM comes off as confident and collected. Shampa Bhattacharya, Fitch Ratings’ director and

ORIGINATION VOLUME (IN BILLIONS)

UWM ALL OTHERS

UWM ROCKET

SHARE OF BROKER MARKET

“There’s a tendency for businesses over time to get comfortable and not be as vicious as we are. It was only a matter of time before we reached the top.”

> Melinda Wilner, UWM’s chief operating officer

“Lifting the trophy is one thing, and maintaining it and holding it up is another.”

> Alex Elezaj, UWM’s chief strategy officer

primary rating analyst, closely analyzes UWM’s financial performance and business strategy. “It’s clear that they have one goal to be the top mortgage originator, and they also have market share goals, too,” she said. “They have executed this well. Mat [Ishbia] is a great leader and his team is young and seems to really engage and energize the brokers that they work with.”

Bhattacharya also pointed to UWM’s “unconventional strategies” (Game On, broker ultimatum, etc.) that have oftentimes branded the company as exclusionary and haughty. “There was a large emotional reaction like lawsuits,” she said. “But, it’s worked for them based on the numbers. They’ve managed profitability when others have suffered, which is impressive.”

Fitch publishes annual rating outlook reports that determine whether a company’s trajectory is positive or negative. Bhattacharya said that the reports look at several factors, such as leadership styles, diversification in business portfolios, liquidity, and profitability. UWM scored a BB- in October. “Their score is on the high end of the scoring spectrum, but they fell short in a few areas which led us to determine that

ranking, Rocket’s C-suite has undergone an upheaval. CEO Jay Farner has announced he is stepping down as of June. No permanent replacement has been named. For the first time since Rocket Companies Inc. went public in August 2020, the Detroit-based fintech platform company reported a quarterly loss. For the full year, Rocket reported net income of $700 million, down 88% from $6.7 billion a year earlier.

their outlook is neutrally stable,” she said. “Rocket’s score was BB+ due to their diverse offerings and C-suite. UWM’s risks are that they focus on market share over general profitability, and they have key-man risk.”

Of note, since that

Key-man risk, Bhattacharya explained, is when one person or a limited team of people possess most of the company’s skills, power, and knowledge. It’s not unique to UWM; Bhattacharya said many industries have entrepreneurs with heavy ties to their businesses. “Ishbia is their the company depends on him. He sets the tone,” she said. “A lot of companies are entrepreneur-led and driven, but not to the extent of UWM. If he were to depart, the company might suffer.”

However, Elezaj and Wilner didn’t express any pessimism about the new market year. “The mortgage industry has always been crazy,” Wilner said. “We’re very nimble and a lot of us [at UWM] have been doing this for years so we know whether or not to anticipate a low or high volume season. I don’t see us facing any big challenges. We’ll just keep doing our thing.” n

TOP ORIGINATORS

Honoring Those Who Succeeded In 2022

When the going gets tough, the tough get disciplined, they get organized, and they follow a plan. At least, that seems to be the case for the 2023 Leading Loan Originators who shared their successes with us.

There’s no doubt that 2022 was a challenging year. This successful group of MLOs worked hard and got the job done.

National Mortgage Professional Magazine celebrates their achievements. These are the originators and brokers who have been able to adapt and succeed despite the volatile and ever-changing mortgage market.

In the pages to follow, read about those MLOs who achieved a minimum of $50 million in loan volume and/or had at least 50 total units in mortgage originations. CONTINUED ON NEXT

The year 2022 will not be looked back on fondly by most MLOs, but that doesn’t mean some hard workers did not find success last year. National Mortgage Professional Magazine celebrates the accomplishments of top originators by total volume dollar who shared their success with us. It’s a group led by Brian Minkow, SVP, Divisional Leader, Homebridge Financial Services, with over $412 million .

Brian

SVP, Divisional Leader, Homebridge Financial Services, Inc.

Westlake Village, Calif.

Purchase Vol. by Dollar Amount: $263,751,898

Purchase Vol. by No. of Units: 465

Refi. Vol. by Dollar Amount: $148,400,771

Refi. Vol. by No. of Units: 273

Dollar Vol. Total: $412,152,669

Unit Vol. Total: 738

States

With 20+ years of lending experience, Brian has helped thousands of enthusiastic clients across the country achieve their homeownership goals.

Area Manager, Academy Mortgage Corp.

Snohomish, Wash. Purchase Vol. by Dollar Amount: $371,504,401

Purchase Vol. by No. of Units: 520

Refi. Vol. by Dollar Amount: $36,589,543

Refi. Vol. by No. of Units: 61

Dollar Vol. Total: $408,093,944

Unit Vol. Total: 581

States Licensed: AZ, CA, FL, GA, ID, IL, MN, MT, NV, NM, NC,, OH, OR, PA, WA

You won’t find a next-generation originator as influential, hard working, or powerful as Academy Area Manager Danny Meier — he is truly one to emulate.

Northeast Regional Senior Vice President, Family First Funding Toms River, N.J.

Purchase Vol. by Dollar Amount: $262,848,763

Purchase Vol. by No. of Units: 663

Refi. Vol. by Dollar Amount: $59,997,609

Refi. Vol. by No. of Units: 192

Dollar Vol. Total: $322,846,372

Unit Vol. Total: 855

States Licensed: AL, AZ, CA, CO, CT, DEL, FL, GA, IL, KS, KY, LA, ME, MD, MA, MN, MS, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, CT, VA, WA, WI

Chris offers the expertise and knowledge to help establish the absolute best loan programs for each clients’ financial objectives.

Sales Manager — Team, Homebridge Financial Services, Inc.

Bayside, N.Y.

Purchase Vol. by Dollar Amount: $225,190,321.00

Purchase Vol. by No. of Units: 432

Refi. Vol. by Dollar Amount: $42,408,746

Refi. Vol. by No. of Units: 75

Dollar Vol. Total: $267,599,067

Unit Vol. Total: 507

States Licensed: NY

Kenny is dedicated to helping his clients in Bayside and the Greater New York meet their unique financial situation with the right mortgage solution.

Minkow

Danny Meier

Christopher Keelin

Ming Chiu “Kenny” Cheung

Area Manager

— Production, Homebridge Financial Services, Inc.

Santa Barbara, Calif.

Purchase Vol. by Dollar Amount: $96,203,526

Purchase Vol. by No. of Units: 98

Refi. Vol. by Dollar Amount:

$109,414,214

Refi. Vol. by No. of Units: 114

Dollar Vol. Total: $205,617,740

Unit Vol. Total: 212

States Licensed: CA

Tim leverages his ability to think outside the box to deliver creative mortgage solutions to meet his client’s needs today and for years to come.

$167,260,000

Paul Volpe

Senior VP/ Branch Manager — Producing, Nova Home Loans

Scottsdale, Ariz.

Purchase Vol. by Dollar Amount:

$147,776,280

Purchase Vol. by No. of Units: 379

Refi. Vol. by Dollar Amount:

$27,701,089

Refi. Vol. by No. of Units: 80

Dollar Vol. Total: $175,477,369

Unit Vol. Total: 459

States Licensed: AZ, CA, CO, FL, IL, IN, KY, NB, NV, NM, OR, TX, WA

Producing Bank Manager, Caliber Home Loans

Edison, N.J.

Purchase Vol. by Dollar Amount:

Purchase Vol. by No. of Units: 423

Refi. Vol. by Dollar Amount:

$26,970,000

Refi. Vol. by No. of Units: 72

Dollar Vol. Total: $194,230,000

Unit Vol. Total: 495

States Licensed: CT, DE, FL, MD, MA, NJ, NY, NC, PA, SC, VT, VA 2023 marks Michael Borodinsky’s 40th year as a mortgage lending professional. He has funded over $5B to over 12,000 customers.

Senior Loan Officer, Lund Mortgage Team Inc. Glendale, Ariz.

Purchase Vol. by Dollar Amount:

Senior VP/ Branch Manager — Producing, Nova Home Loans

Tucson, Ariz.

Purchase Vol. by Dollar Amount: $134,387,750.00

Purchase Vol. by No. of Units: 383

Refi. Vol. by Dollar Amount: $59,333,127.00

Refi. Vol. by No. of Units: 231

Dollar Vol. Total: $193,720,877.00

Unit Vol. Total: 614

States Licensed: AZ, CA, CO, FL, IL, IN, NV, NM, OR, TX, UT, WA

$63,090,297

Purchase Vol. by No. of Units: 157

Refi. Vol. by Dollar Amount:

$110,016,998

Refi. Vol. by No. of Units: 365

Dollar Vol. Total: $173,107,295

Unit Vol. Total: 522

States Licensed: AZ

Matt Oliver has been in the mortgage industry for over 20 years. He started at Chase Bank in 2001 and made the move to Lund Mortgage Team Inc in 2007.

VP/Senior Mortgage Loan Officer, TowneBank Mortgage

Charlotte, N.C. Purchase Vol. by Dollar Amount: $134,537,115

Purchase Vol. by No. of Units: 298

Refi. Vol. by Dollar Amount: $25,149,950

Refi. Vol. by No. of Units: 30

Dollar Vol. Total: $159,687,065

Unit Vol. Total: 328

States Licensed: PA, WV, DC, VA, TN, NC, SC, GA, TX, CO

Timothy Taylor

Jason Smith

Michael Borodinsky

Matt Oliver

Ray Shanahan

In 2022, drops in dollar volumes could be tackled by focusing on units. National Mortgage Professional Magazine acknowledges the achievements of these originators who shared their success with us. They worked hard to originate mortgages for as many people as possible, regardless of the loan size. It’s a group led by Christopher Keelin, Northeast Regional SVP, Family First Funding who ended 2022 with 855 units.

Christopher

Northeast Regional Senior Vice President, Family First Funding

Toms River, N.J.

Purchase Vol. by Dollar Amount: $262,848,763

Purchase Vol. by No. of Units: 663

Refi. Vol. by Dollar Amount: $59,997,609

Refi. Vol. by No. of Units: 192

Dollar Vol. Total: $322,846,372

Unit Vol. Total: 855

States Licensed: AL, AZ, CA, CO, CT, DEL, FL, GA, IL, KS, KY, LA, ME, MD, MA, MN, MS, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, CT, VA, WA, WI

Chris oversees the sales and operations teams’ growth of their $750 million+ per year pipeline. His primary focus is to maintain and build relationships that continue to strengthen business development for the Northeast Division. Chris offers the expertise and knowledge to help establish the absolute best loan programs for each clients’ financial objectives.

Danny Meier

SVP, Divisional Leader, Homebridge Financial Services, Inc.

Westlake Village, Calif.

Purchase Vol. by Dollar Amount: $263,751,898

Purchase Vol. by No. of Units: 465

Refi. Vol. by Dollar Amount: $148,400,771

Refi. Vol. by No. of Units: 273

Dollar Vol. Total: $412,152,669

Unit Vol. Total: 738

States Licensed: AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, KY, MA, MN, MS, MT, NE, NV, NM, OH, OK, OR, PA, SC, TN, TX, WA, WI

With 20+ years of lending experience, Brian has helped thousands of enthusiastic clients across the country achieve their homeownership goals.

Senior VP/ Branch Manager — Producing, Nova Home Loans

Tucson, Ariz. Purchase Vol. by Dollar Amount: $134,387,750

Purchase Vol. by No. of Units: 383

Refi. Vol. by Dollar Amount: $59,333,127

Refi. Vol. by No. of Units: 231

Dollar Vol. Total: $193,720,877.00

Unit Vol. Total: 614

States Licensed: AZ, CA, CO, FL, IL, IN, NV, NM, OR, TX, UT, WA

Area Manager; Academy Mortgage Corporation

Snohomish, WA

Purchase Vol. by Dollar Amount: $371,504,401.00

Purchase Vol. by No. of Units: 520

Refi. Vol. by Dollar Amount: $36,589,543.00

Refi. Vol. by No. of Units: 61

Dollar Vol. Total: $408,093,944.00

Unit Vol. Total: 581

States Licensed: AZ, CA, FL, GA, HI, ID, IL MN, MT, NV, NM, NC, OH, OR, PA, WA

You won’t find a next generation originator as influential, hardworking, or powerful as Academy Area Manager Danny Meier—he is truly one to emulate.

Keelin

Paul Volpe

Brian Minkow

Senior Loan Officer, Lund Mortgage Team Inc.

Glendale, Ariz.

Purchase Vol. by Dollar

Amount:

Ming Chiu “Kenny” Cheung

Sales Manager

— Team, Homebridge Financial Services, Inc.

Bayside, NY

Purchase Vol. by Dollar

Michael Borodinsky

Producing Branch Manager, Caliber Home Loans

Edison, New Jersey

Purchase Vol.

$63,090,297

Purchase Vol. by No. of Units: 157

Refi. Vol. by Dollar Amount: $110,016,998

Refi. Vol. by No. of Units: 365

Dollar Vol. Total: $173,107,295

Unit Vol. Total: 522

States Licensed: AZ

Matt Oliver has been in the mortgage industry for over 20 years. He started at Chase Bank in 2001 and made the move to Lund Mortgage Team Inc in 2007.

Amount: $225,190,321.00

Purchase Vol. by No. of Units: 432

Refi. Vol. by Dollar Amount: $42,408,746.00

Refi. Vol. by No. of Units: 75

Dollar Vol. Total: $267,599,067.00

Unit Vol. Total: 507

States Licensed: NY

Kenny is dedicated to helping his clients in Bayside and the Greater New York meet their unique financial situation with the right mortgage solution.

by Dollar Amount: $167,260,000.00

Purchase Vol. by No. of Units: 423

Refi. Vol. by Dollar Amount: $26,970,000.00

Refi. Vol. by No. of Units: 72

Dollar Vol. Total: $194,230,000.00

Unit Vol. Total: 495

States Licensed: CT, DE, FL, MD, MA, NJ, NY, NC, PA, SC, VT, VA 2023 will mark Michael Borodinsky’s 40th year as a mortgage lending professional. He has funded over $5B to over 12,000 customers.

Matthew Ziegert

Senior VP/ Branch Manager — Producing, Nova Home Loans

Scottsdale, Ariz.

Purchase Vol. by Dollar Amount: $147,776,280

Purchase Vol. by No. of Units: 379

Refi. Vol. by Dollar Amount: $27,701,089

Refi. Vol. by No. of Units: 80

Dollar Vol. Total: $175,477,369

Unit Vol. Total: 459

States Licensed: AZ, CA, CO, FL, IL, IN, KY, NB, NV, NM, OR, TX, WA

Senior VP/ Senior Loan Officer, Nova Home Loans

Sierra Vista, Ariz.

Purchase Vol. by Dollar Amount: $97,901,928

Purchase Vol. by No. of Units: 370

Refi. Vol. by Dollar Amount: $10,046,113

Refi. Vol. by No. of Units: 50

Dollar Vol. Total: $107,948,041

Unit Vol. Total: 420

States Licensed: AZ

Vice President of Sales, Family First Funding Toms River, N.J. Purchase Vol. by Dollar

Amount: $119,651,972

Purchase Vol. by No. of Units: 419

Refi. Vol. by Dollar Amount: 0

Refi. Vol. by No. of Units: 0

Dollar Vol. Total: $119,651,972

Unit Vol. Total: 419

States Licensed: CT, FL, NJ, NY, PA, SC, VA

As an experienced loan officer I have the knowledge and expertise you need to explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal.

Chris Leon

Matt Oliver

Jason Smith

Acra Lending Non-QM / Jumbo

Champions Funding Mission Driven Non-QM + CDFI Wholesale Lender

Civic Financial Services

Global Integrity Finance LLC

Civic delivers fast, honest, simple lending for real estate investors.

DSCR Rental NO DOC Loans

AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME, MD, MI, MN, MT, NE, NV, NH, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY

AZ, CA, CO, CT, DC, FL, GA, HI, IL, IA, MD, MI, NJ, NC, OR, PA, SC, TN, TX, UT, VA, WA

acralending.com

champstpo.com

AZ, CA, CO, FL, GA, HI, ID, IL, IN, LA, MD, MA, MI, MN, NV, NJ, NC, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, WI civicfs.com

AL, AR, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS,

Bagels, Crackers, and Mozzarella: The Beauty Of Food

Nick Roberson is a long-time mortgage industry veteran and a board member of the California Association of Mortgage Professionals. He’s a forthcoming and giving guy, who shares his … unique … perspective on work and life on his Facebook account. Here are some of Nick’s FB thoughts this month:

Aday driving around in a Maserati is a pretty good day! Yes, I stretched its legs in sports mode and it was delightful! I can check this item off my list.

“Eat at a local restaurant tonight. Get the cream sauce. Have a cold pint at 4 o’clock in a mostly empty bar. Go somewhere you’ve never been. Listen to someone you think may have nothing in common with you. Order the steak rare. Eat an oyster. Have a Negroni. Have two. Be open to a world where you may not understand or agree with the person next to you, but have a drink with them anyways. Eat slowly. Tip your server. Check-in on your friends. Checkin on yourself. Enjoy the ride.” – Anthony Bourdain.

• • •

A woman went to the Doctor’s office, where she was seen by one of the new young doctors. Four minutes into the examination, she burst out in tears and ran out of the exam room screaming as she ran down the hall.

An older doctor stopped her and asked what the problem was. She told him her story and he calmed her down and told her to sit down and relax.

The older doctor marched down the hallway to where the first doctor was and demanded, “What’s the matter with you? Mrs. Terry is 65 years old and has two grown children and several grandchildren. Why in the world would you tell her she was pregnant?”

The young doctor continued jotting down notes and without looking up said, “Does she still have the hiccups?”

• • •

Being crazy was the best gift I ever got from my family. It makes life so much more fun and interesting.

I do have a SERIOUS SIDE, you know. I keep it out there on the back porch in a cage, where I feed it crackers.

If any of you happen to be bird experts or know a good bird doctor, you may want to send them over to my neighborhood to find a bird in need of rescue. Based on what it did to my car this evening, it clearly has been eating someone’s tossed out Chipotle leftovers and is in serious distress. It may be too late already. No creature should have to go through this.

• • •

While my son, daughter, and I were all very excited to watch the Super Bowl, and especially with the outcome, Savannah was seriously excited all day. As we were driving down the road to go watch the game, Savannah said, “Dad, I just don’t understand why someone thought it would be a good idea to have half of a football game to open for the Rihanna concert. Seriously, they could have gotten Jay-Z, Eminem, or Ice Cube!” Then she went on a long rant about her predictions for Rihanna’s first song, and the song order. She was so excited. Her excitement built right up to the beginning of the Halftime Show. Then in a funny twist, as she was shushing everyone, my son picked up the wrong remote to turn up the volume for her and accidentally exited the Super Bowl, causing Savannah to immediately panic. Fortunately, modern technology prevailed, and my son was able to start the show all over again. All was right with her world. It was a great day, my friends!

I don’t flirt. I just talk. It’s not my fault everything I say is is smoother than the cream cheese spread on your bagel. n

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

Nick Roberson