NMP National Mortgage Professional December 2023 by ambizmedia

DECEMBER 2023

Vol. 15, Issue 12 $20.00

WITH TIME COMES WISDOM

Lessons from Mortgage Vets During Tough Eras

HELP FOR THE HELPERS

Cops, firefighters, and teachers could see a mortgage boost Sidelines And Classrooms Are

FERTILE GROUNDS FOR HIRING A DOWN & DIRTY BEST DEAL NMP'S Inaugural

ORIGINATOR CHOICE HONOREES

THE

FUTURE IS HERE: NMP Salutes The 2023 Class Of 40 Under 40

> 40 Under 40 honoree Jonathon Haddad , 32, President, Next Door Lending

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DECEMBER 2023

Vol. 15, Issue 12 $20.00

WITH TIME COMES WISDOM

Lessons from Mortgage Vets During Tough Eras

HELP FOR THE HELPERS

Cops, firefighters, and teachers could see a mortgage boost Sidelines And Classrooms Are

FERTILE GROUNDS FOR HIRING A DOWN & DIRTY BEST DEAL NMP'S Inaugural

ORIGINATOR CHOICE HONOREES

THE

FUTURE IS HERE: NMP Salutes The 2023 Class Of 40 Under 40

> 40 Under 40 honoree Jonathon Haddad , 32, President, Next Door Lending

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DECEMBER 2023

Volume 15 Issue 12

CONTENTS

nationalmortgageprofessional.com

4 The Right Choices

Your voices help us learn who’s best.

6 When To Keep Or Fire

Changing metrics on determining what makes a good originator.

8 Easy Ways To Work With Difficult People

Don’t allow unruly personalities derail your professional life. 10 Inevitable Fraud

The numbers don’t lie. You’re going to become a victim in real estate. 14 Non-QM Resource Guide AMC Resource Guide 15 People on the Move

See who the movers and shakers are in the mortgage industry.

16 Build-A-Broker: Just The Facts Ma’am

Make mortgages affordable by knowing the right data strategy. 20 Build-A-Broker: Be A Resilient Originator

Nimble adaptation is needed to navigate tough markets. 22 Build-A-Broker: SCORE Has Your Back

Assistance is available in many forms for businesses needing aid.

26 Your First Million Dollars: Liars Never Prosper

An untruthful professional life is a disaster waiting to happen. 28 Benchmarks and Best Practices: Prosperity Ahead

Answer these questions to succeed in 2024.. 30 My Best Deal

Getting fingernails dirty gets a client refinanced.

> 40 Under 40 honoree Molly Hoskins , 38, EVP, Client Experience, Class Valuation

SPECIAL AWARDS SECTION PAGE 69 THE 40 BEST

NMP honors 40 outstanding mortgage industry members.

44 Listen To Your Elders

Advice from originators with decades on the job. 48 Originator Tech Resource Guide Wholesale Lender Resource Guide

SPECIAL AWA R D S SECTION

50 Mortgages For Public Servants

Help could be coming for cops, firefighters, and teachers.

PAGE 32 ORIGINATOR CHOICE

56 New Sources of LOs

Honoring the companies who do it well.

Those people teaching and coaching your kids? You might want to hire them.

62 Data Bank 64 Liquid Rewards

NMP readers tell us their celebratory drinks of choice. 92 Non-QM Lender Directory 93 Wholesale Lender Directory Originator Tech Directory AMC Directory 94 Facebook Thoughts: A Fishy Way To Get Free Meat

nationalmortgageprofessional.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

DECEMBER 2023

STAFF Vincent M. Valvo CEO, PUBLISHER, EDITOR-IN-CHIEF Beverly Bolnick ASSOCIATE PUBLISHER

Volume 15 Issue 12

LETTER FROM THE PUBLISHER

The Choice Is Yours

here's one fundamental foundation of being a mortgage broker, and that's giving consumers choice in the loan product that fits them. Originators lay out the options, and the consumers land on the product that best serves their needs.

But what about the originator himself? Or the broker running her company as best she can? What choices do they make? In this issue, we present an inaugural annual poll. We asked originators across the nation who they liked to do business with. When they have a choice, who tops their lists? We all have choices of who we do business with, and not every company — even gold-medal winning ones — are right for everyone in every scenario. But to garner the kudos of thousands of originators across the U.S. is a real testament. It's not just about having the right product, or the best one, but also about customer satisfaction, client support, and so much more. It's not going to be a surprise that the wholesalers most chosen by originators are the ones who dominate the market. But we have many categories in this year's poll, and some of the results are surprising. Some are even uplifting.

YOUNGBLOODS Speaking of uplifting, it's always a treat to look at younger professionals in the industry and see how they are rising in the ranks, and fueling innovation and change. Our annual 40 Under 40 roster is a literal treasure of stories about people who are jump starting their careers and their companies. They are making huge contributions to the professionalism of the mortgage world, and they are looking at succeeding in ways vastly different than their predecessors. That's important, because today's market looks like nothing before, and it's going to take clarity of purpose, open thinking, and a commitment to achievement to successfully get to the next wave of busy applications. Read about these 40 admirable individuals, and peruse the list of companies that your peers and colleagues have voted as their choice. And then, it's up to you to make your own choices about making the most of a difficult market. We're just here to help.

VIN CEN T M. VALVO Publisher, Editor-in-Chief

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Christine Stuart NEWS DIRECTOR Keith Griffin SENIOR EDITOR Erica Drzewiecki, Katie Jensen, Ryan Kingsley, Sarah Wolak STAFF WRITERS Rob Chrisman, Dave Hershman, Erica LaCentra, Harvey Mackay, Lew Sichelman, Mary Kay Scully CONTRIBUTING WRITERS Regina Morgan ADVERTISING SALES EXECUTIVE Nicole Coughlin ADVERTISING ASSOCIATE Alison Valvo DIRECTOR OF STRATEGIC GROWTH 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 Krystina Coffey, Matthew Mullins MULTIMEDIA SPECIALIST 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

© 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

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DAVE HERSHMAN

RECRUITING, TRAINING, AND MENTORING CORNER

Let Go Or Hold On? The metrics have changed for dismissing loan originators

BY DAVE HERSHMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

ith a dismal year ending in the industry, managers across the nation are facing an important decision. Production from individual originators is markedly lower. In normal times if an originator averaged 0-3 loans per month over a year, we would seriously consider letting them go. Because production is down this year, we can automatically assume that the standard has been lowered. Perhaps it is 0-2 or even 0-1, depending upon the operation. The question is — should we let them go or hold on? There is no easy answer to this question, but I can think of a few factors that might affect our determination: • How quality is the originator? Are the loans they bring in clean and easy to close, or do they bring in three loans which are a mess per month and barely

6 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

At the current level of production, we are probably significantly overstaffed when it comes to originators.

close one? The latter is a burden on the operations staff and typically management, while the former is not. • Do they add additional value to the organization? Are they a team player and or a leader in some way? Perhaps they mentor or provide a certain skillset. • Do they have a track record and how strong is it? If they have been a productive originator for four years and presently they are in a slump,

you are more likely to give them some slack. On the other hand, if they were on the margin even before the industry slump, you may have seen their best times. • If they don’t have a track record, what is their potential? It is tough to break into this industry as an originator, but even tougher in an industry slump. You may give them more runway because of this — but eventually you have to face the

“potential” vs. “cost” decision. •A re there mitigating factors beyond the industry slump? Could there be health or other personal problems holding them back? You would need to assess these problems and their chances of being resolved. • Speaking of costs — how much are you investing? A full-service lender might invest a lot of capital each month — draws, licensing support, technology and more. Is their production outweighing the cost? The investment for a broker who is an independent contractor might be significantly less. •W hat about human costs? We spoke about the cost to operations, but what about your time and the time used by other members of the team. Time is our most precious resource and even if these loan officers are breaking even in other areas, all costs need to be accounted for. We could go on, but I believe you get the message. At the end of the year there will be less originators in the industry — certainly, much fewer than two years ago. And at the current level of production, we are probably significantly overstaffed when it comes to originators. Many will leave voluntarily because they can’t make a living. You have to wonder how some are squeezing by on minimum draws to begin with. And we know that there is a refinance boom coming after rates are scheduled to be higher for longer. It is not likely to rival the previous boom in size, but there will be food on the table for at least a slightly larger sales force. The problem is — we don’t know if this refinance period is coming in a few months or a year or two. Until then, many managers will need to face this question — let go or hold on! n Dave Hershman is the top author in this industry with six books published as well as the founder of the OriginationPro Marketing System and the OriginationPro’s on-line comprehensive mortgage school. Dave is also Senior VP of Sales for Weichert Financial Services. His site is www.OriginationPro. com and he can be reached at dave@ hershmangroup.com.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ERICA LACENTRA

THE XX FACTOR

A Crash Course In Handling Difficult Personalities Reflect on your reactions and recognize what behaviors trigger you

BY ERICA LACENTRA, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

n the mortgage industry, it’s a given that you will encounter and have to interact with all different kinds of people and personalities. It’s also highly likely that you will eventually be in a situation where you have to work with individuals in the mortgage industry who have difficult personalities. People with challenging personalities can be disruptive to your productivity as well as the overall harmony of your business, but it often can be unavoidable to have to work with these folks for the ultimate good of your company. So, what do you do when you have to deal with difficult personalities in a professional setting?

MAINTAINING PROFESSIONALISM

This may seem like common sense, but regardless of the difficult personality you are dealing with, maintaining professionalism should be your main focus. It can be very easy to react negatively or let your emotions get the best of you when you find yourself triggered by another person’s bad behavior. So, even from the get-go, here are some ways to make your interaction as painless as possible so you can keep the focus on the business at hand. First, self-awareness is going to be key. It’s important to reflect on your own reactions and recognize what behaviors tend to trigger you. When dealing with passive-aggressive personalities, do you tend to get easily irritated or lash out? Do overly critical colleagues put you on the defensive? Whatever your reaction tends to be when dealing with challenging personalities, it’s crucial to recognize those tendencies and prepare to keep your emotions in check. Knowing how someone could potentially push your buttons will help you be more composed as you approach the situation and help you manage your reactions in a

more professional way. From there, focus on the tasks at hand that you are working with this difficult person on. Focusing on the project and the positive outcome that will ultimately come from working with this person can be the light that motivates you to get to the end of the tunnel. Be respectful in your reactions with this challenging colleague and operate from a place of facts rather than emotions. Working with facts and details of the projects and emphasizing the goal of the project can lead to much more constructive conversations because it removes emotions from the situation and focuses on how you’re working towards a common end. Presenting facts can also help diffuse tense situations that tend to arise when people with strong personalities have conflicting opinions.

FINDING COMMON GROUND

Especially when you don’t see eye to eye with a challenging colleague, it can feel like any efforts to work with that person are going nowhere. In order to be successful in your interactions, it’s important to be able to find common ground to work within. Take the time to try to understand where a person is coming from. It could be they are under a tremendous amount of stress and are taking it out on you, or it could be that they feel like their opinion isn’t being properly heard. Whatever the case may be, approach their ideas and input with an open mind. Ask questions and actively listen to their concerns. Showing that you hear what they are saying and are taking their opinion into consideration can go a long way. In conjunction with listening, it is extremely important to be clear in all of your communications with a difficult personality. Being vague in your communication or firing off your feelings on a matter are going to muddy things and likely cause even more challenges in your interactions. If you have opinions that vary from a person you have challenges working with, make sure you are expressing your thoughts and feelings rather than expressing statements that reflect negatively on that person. For example, use “I” statements that reflect your concerns, “I feel like by utilizing an existing workflow rather than developing a new one, we can achieve better results on deadline,” rather than making accusatory remarks against them, i.e., “Your idea won’t work because it will take too long and it’s reinventing the wheel.”

8 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Be respectful in your reactions with a challenging colleague and operate from a place of facts rather than emotions. What you say and how you say it matters, and by being mindful of being clear in your communication, you can avoid serious confrontations.

CHOOSE YOUR BATTLES WISELY

There may come a time when you reach your breaking point when dealing with a difficult personality. No matter what you do, it seems like you can’t see eye to eye, and you find your ability to be professional dwindling rapidly. This is likely when you need to determine where it’s most worthwhile to focus your energy. Even if a challenging personality is wearing on your nerves, is it truly impacting the job you’re ultimately doing together? If you are able to still get things done well, even if it feels like a fight at every turn, it’s probably in

your best interest to just let it go rather than address every issue along the way. Unless your colleague’s behavior is truly making it impossible to accomplish your goal, pick and choose what you are deciding to stand your ground on for the sake of professionalism. That being said, if a difficult colleague repeatedly steps over the line when dealing with you, it’s OK for you to establish your professional boundaries and be firm with them. For instance, if they are repeatedly contacting you outside of work hours to demand project updates, it is OK to tell them firmly but professionally what your limits and expectations are. Once you establish and communicate those boundaries, make sure you are consistent with them. This will allow you to create distance between you and the behaviors your colleague is displaying

that trigger you, making it easier to maintain professional interactions.

KEEP CALM AND CARRY ON

Having to deal with difficult personalities at some point in your career is inevitable, but thankfully, it is a skill that you can work on and hone over time. One thing to remember is that while you can’t control someone else’s bad behaviors, you can control your responses. Practicing self-awareness, employing empathy and effective communication, and setting boundaries when necessary are all steps you can take to navigate the challenges associated with difficult personalities and maintain professionalism. n Erica LaCentra is chief marketing officer for RCN Capital.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

LEW SICHELMAN

THE MORTGAGE SCENE

Not If, But When For Real Estate Fraud The hottest new scheme is seller impersonation fraud

BY LEW SICHELMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

exas escrow agent Cathy Clamp thought she’d come across a “new sort of fraud” this summer when she received a contract from a local real estate agent for four vacant lots “for lots of cash,” even though they were not listed for sale. As Clamp tells the story, the buyer had called on another property, but it was already under contract. So the realty agent directed him to the four sites that might be “listing soon.” He offered more than the seller wanted, sight unseen, and the seller accepted right away, The contract was for all cash. Anybody’s antennae wiggling yet? Clamp’s were. The buyer, who was from New York, wanted a rush closing. The title was clear, the seller was local and known to Clamp’s company, Heart of Texas Title in Brady, and there were no issues. She moved ahead, forwarding the title commitment by e-mail. The only document needing notarization was a marital status affidavit.

GETTING WEIRD

Then, the buyer notified the title company he was out of the country and said he would have to sign electronically. He was told he would have to sign at an embassy or arrange for a remote online notary. He agreed to go to an embassy but wouldn’t tell Clamp where he was.

10 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

wrote back: “I won’t be back for some time. Thank you. I will let you know.” At that point, Heart of Texas declined to underwrite the title. After notifying the realty agent, the seller canceled the deal. And the buyer later emailed to say the check had been canceled and to destroy it. Clamp doesn’t know whether her firm had just avoided being a victim of fraud or not. But her advice is to “be careful when things seem odd … If something feels off, it probably is.”

‘ALARMING HIGHS’

“Be careful when things seem odd … If something feels off, it probably is.” > Cathy Clamp, Escrow Agent, Heart of Texas Title

“That’s when things started to get weird,” she says. The buyer sent a cashier’s check in a plain envelope with no return address in an amount twice the contract price for the lots. The check was drawn on a bank in Ohio two days after he supposedly was in the other country and was mailed from a city in Georgia four days after he was out of the country. By now, Clamp was beginning to feel really uneasy. She wrote back, saying there must be some mistake in the amount and suggesting it may be better to wait until the buyer returned to the States to close because the difference could not be refunded nor held as excess funds to be used in future transactions. The buyer

As it turns out, things are feeling off a lot lately. FundingShield reported that wire and title fraud persisted “at alarming highs” in the second quarter when half the loans the Newport Beach, Calif., fraud prevention outfit looked at had at least one risk factor. “It’s evident that the risk of fraud has gone up despite stagnant or declining volumes compared to 2022,” the company said, noting that $68 billion in mortgages had issues. On average, problematic loans had nearly two issues per mortgage. (FundingShield also found an all-time high for fraud indicators for agent licensing, with more loan agents failing to keep their sheepskins in active status. But that’s a story for another time.) Even more startling is the second quarter summary from CertifID, which reported a five-fold increase in mortgage payoff fraud attempts between the first and second quarters. The Grand Rapids, Mich., company predicted losses would accelerate in the third quarter, and Marketing Vice President Claudia Lee told me just before deadline for this story that “we are continuing to see elevated levels of payoff fraud attempts.” Wire fraud, a sub-category of business email compromise, represents one of the most financially damaging fraud schemes and has become a major focus of the FBI Internet Crime Complaint Center “due to its prevalence in the United States and the effect it can have on the individual victims.”

A NEW RUSE

Clamp, the Texas title pro, probably ran into a good old-fashioned attempt at money laundering through real estate. But the hottest new scheme is seller impersonation fraud. Nearly three out of four real estate firms have seen an

increase in the ruse since the start of the year, CertifID reports. “Scammers continue to advance the social engineering and fake ID tactics to divert funds,” says the fraud detection and protection company’s co-founder, Thomas Cronkright. “Seller impersonation fraud started with vacant land and is now morphing into entityheld properties that have higher price tags and larger payouts for fraud syndicates.” (Fraud has even infected the commercial property field, reports Leonard Prescott, division counsel at First American, who led a session at the recent American Land Title Association’s convention on fraud trends in the commercial sector where he went over the latest statistics, specific events, and the most common rip-offs. “Wire and title fraud have reached an alarming high,” he said.) Vacant property “was the just the low-hanging fruit,” says Cronkright, who also owns Sun Title in Grand Rapids. Originally, the bad guys were looking for the quick profits in the five-figure range. But now the deception has been “perfected” by scammers working together on what appears to be a nationally coordinated effort. “The potential to harvest large sums of money has attracted the resources of organized crime syndicates,” the title executive reports. “They’re increasingly emboldened and they are targeting higher value properties.” As Cronkright sees it, “It’s not a matter of if your transactions will be targeted, but when.”

HOW THE DODGE WORKS

Here’s how the dodge works: The scammer searches the public records to find mortgage and lien-free properties, then uses the information he finds to pose as the owner. He then uses an online search to find a local real estate agent, one with whom he has no previous relationship. He wants to list the property for far below what it’s worth on the open market and states his preference for an all-cash deal to avoid detection. He quickly accepts an offer without negotiations and requests a remote notary of his choosing. The real owners of the property aren’t the only ones being scammed here. So are the legitimate buyers who stand to

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

THE MORTGAGE SCENE

lose their down payments if financing the deal or every dime if they are paying with cash. Fortunately, there are several ways realty and mortgage professionals can protect them and themselves. One, of course, is for everyone in the home-owning, buying, and selling arena to be far more vigilant — and cautious. Owners can best protect their rights by signing up for free property monitoring services offered by their county’s recorders office. That way, says Diane Tomb, CEO at the American Land Title Association, they will be alerted of any skullduggery in advance. The hair on real estate agents’ necks should stand at attention if the buyer has no interest in seeing the property in person. “Buying a house sight unseen leaves buyers vulnerable to seller impersonators,” reminds Tomb. “Only the real property owner can offer access to the home — a testament to the legitimacy of their ownership.”

CATCH THE THIEVES

Buyers, meanwhile, should purchase title insurance. “The most important thing a prospective buyer can do to protect themselves is to purchase a homeowner’s

policy of title insurance, which often includes additional fraud protection,” Tomb offers. “Title professionals have several tools and skills at their disposal to help verify a seller’s identity, thus protecting the buyer from falling victim to seller impersonation fraud.” Title companies and lenders can protect themselves by subscribing to the products offered by companies like FundingShield and CertifID, which offer various programs to catch the thieves. And they seem to be pretty successful. With CertifID’s PayoffProtect product, for example, real estate firms and title agencies can validate the authenticity of wire instructions to help ensure that payments are secure. The company says it has delivered verification success in 96.5% of all the transactions it has processed since its launch a year ago. Not to tout the company, but its software evaluates more than 150 markers for fraud risk, and provides up to $1 million of insurance in added protection for every transaction it verifies.

YOUR FRAUD FIGHT

A third way is to pay better attention — much better attention — to rooting

out fraud yourself. CertifID suggests these steps: • Real estate agents should treat every client, especially those selling vacant or unencumbered property, with caution, particularly if they are unknown to you. • Lenders and title firms should ask the realty agent about the source of his client, and verify that they’ve met or at least had a video phone call. • Lenders and title agents should contact the seller directly to begin their processes. In addition to their normal procedures, they should request a color copy of their government identification, the original title commitment for the property or the closing documents for when they purchased it, and the seller’s most recent tax payment receipt. 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.

Beware These Wire Fraud Myths

eal estate fraud is persistent and cannot be fought alone, warns Thomas Cronkright, co-founder of the fraud detection and prevention company CeritID. “Today it’s sellers impersonation, tomorrow it (may be) payoff fraud involving lender impersonation.” The way to stop it is to make it too difficult or expensive for scammers. And that, Cronkright says, means investing in “fraud prevention across your people, process and technology so that when the fraud attempts come at you — and they will continue to come — they have less chance of finding an entry point.” CertiID lists five wire fraud myths that can leave you vulnerable to attack:

• We use encrypted e-mail — An important step, indeed, but the security chain is only as good as its weakest link. If another party to the transaction does not use encrypted e-mail, your communications are vulnerable to interception or manipulation. • We only send secure fax wire instructions — Faxing is not as protected as most people believe. Some services, especially free ones, are sent with no cryptographic protections. Also, with faxing, you cannot verify who’s on the other end of the line. • We use certified checks — So far, so good. But fraudsters sometimes impersonate notaries

in hopes of intercepting checks. • We work only with familiar real estate professionals — In this case, familiarity does not breed contempt. Instead, it has its advantages. But as a security method, it is a risky proposition. Mistakes can end up in the wrong hands, and new threats can quickly outpace the ability of your partners to detect and handle them. • We are considering new payment options — New technologies have their benefits, but adopting them too soon before the potential risks are known can leave you exposed. Real-time payments, for example, don’t verify the identity or account details of the recipient. > Lew Sichelman

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | NOVEMBER 2023 |

N O N - Q M LE N DE R RE SOU RC E GU IDE

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 user-friendly 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

Newfi Wholesale Emeryville TX

DSCR, Bank Statement, 1099, Asset Depletion, Buydowns, Full Doc Non-QM No one knows Non-QM like us. Newfi Wholesale is an exception-based Non-QM lender dedicated to helping brokers find success. We offer a full Non-QM product suite including: Full-Doc, Bank Statement, 1099, Asset Depletion, Interest Only, Non-QM ITIN, Non-QM Buydown, DSCR 1-4 & 5-8 Units, DSCR Condotels, Graduated Payment Mortgages, and more. At Newfi about 1/3 of our funded deals have exceptions that we make in-house! newfiwholesale.com (888) 415-1620 support@newfi.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, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, WA, WV, WI, WY

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 the full list of Non-QM Lenders on page 92

A M C RE SOU RC E GU IDE

PCV Murcor Pomona, CA

pcvmurcor.com sales@pcvmurcor.com (855) 819-2828

AREA OF FOCUS: Nationwide Real Estate Valuations Management — Appraisal Management Company DESCRIPTION OF PRODUCTS OR SERVICES: Licensed in all 50 states, plus D.C., PCV Murcor provides nationwide appraisal management and valuation advisory for residential and commercial Find the full AMC list on page 93

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

real estate. An industry leader with over 40 years of experience managing valuation needs for mortgage lending, financial institutions, estate and litigation, real estate investors, and mortgage servicers.

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HOW NMP’S MONTHLY SECTION OF HANDS-ON PRACTICAL ADVICE

BUILD A BROKER Data-Driven Strategies Use Resilience And Ingenuity Help For Struggling Businesses

YOUR FIRST MILLION DOLLARS Lies Will Leave You Hanging

BENCHMARKS & BEST PRACTICES Learn From 2023’s Challenges

CAREER TICKER People On The Move

PEOPLE ON THE MOVE // > Snapdocs, a

digital closing provider, announced the promotion of Michael Sachdev from president to CEO.

> loanDepot

Inc,. a non-bank mortgage lender, has appointed industry veteran Dan Hanson to a newly-created role as executive director of enterprise partnerships and acquisitions.

> Bay Area native Ryan Ogata was named executive vice president of reverse mortgage lending at Guaranteed Rate.

> Alterra Home

Loans, an independent mortgage bank and a Panorama Mortgage Group company headquartered in Nevada, has promoted Fernando Ospina to president.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE BUILD-A-BROKER

Leveraging Data-Driven Strategies For Loan Affordability

Spending habits are unpredictable, which may impact consumers ability to buy

BY TRACY HUBER, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

oday’s economic climate is fueled by high inflation, elevated interest rates, and changing employment trends, casting a shroud

of uncertainty over mortgage lenders. The challenge lies in expanding their lending portfolios and doing so without shouldering undue risks. Elevated interest rates have created a lending environment where every dollar

of income becomes more critical when calculating loan affordability. A borrower who purchased a $300,000 house in 2021 at a 3.75% interest rate would be paying approximately $1,400 per month for their loan payment. In 2023, however, a

PEOPLE ON THE MOVE // > Dovenmuehle

Mortgage Inc., a mortgage subservicing company based in Illinois, announced that Robert Howerton had joined the organization as chief information officer.

> Ohio-based

GO Mortgage appointed Eric Francis, MBA, as vice president of finance.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

> USAA

Federal Savings Bank has promoted Herbie Huesman to senior vice president of real estate.

> Plunk, an

AI-driven residential real estate analytics firm, announced the addition of Joe Dahleen, a 30-year mortgage industry stalwart, as an advisor to its mortgage lending sector.

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mortgage on a $300,000 house at a 7% interest rate would cost approximately $2,000 per month. This does not even take into account the fact that a home that cost $300,000 in 2021 would likely cost significantly more in 2023, which also creates higher down payment requirements for borrowers. In navigating this complex terrain, a vital aspect emerges — loan affordability. When assessing a loan’s affordability, the critical variable comes down to the debt-to-income (DTI) ratio, a comparison between a borrower’s total debt and gross income earnings (pre-tax). The maximum DTI ratio for mortgage qualification can be up to 50% depending on qualifying factors, but financial institutions commonly prefer a more conservative DTI ratio between 35% to 43%. Successfully determining loan affordability requires the adoption of a data> Tracy Huber driven approach to income and employment verification. With this transformation, lenders can gain a clearer picture of borrowers’ financial health while adding an invaluable tool to their arsenal to better understand risk exposure.

THE SHIFTING SANDS OF DTI

Calculating the DTI ratio is becoming increasingly complex due to tepid job market conditions, inflation, and various other macroeconomic factors. The evolving nature of employment shifting towards the gig economy and/or part-

> Dark Matter

Technologies, a provider of mortgage technology, announced the appointment of Michael Housch as chief risk and information security officer.

time work has disrupted traditional income assessments, sometimes making it challenging for lenders to calculate a borrower’s income. The growing potential for month-to-month fluctuations in wages compounded by inflation trends may cast uncertainty over a borrower’s ability to stay current with mortgage payments. Equifax Consumer Credit Trends data from April 2023 reveals an 8% surge in consumer debt compared to a year ago. Meanwhile, a recent Consumer Financial Protection Bureau (CFPB) study underscores that nearly 37% of households lack the financial cushion to cover expenses for more than a month, even with recourse to savings, loans, or assets. These factors may further complicate the DTI ratio calculation for lenders. Even with a 1% wage and salary increase from April to June of this year, the Federal Reserve’s numerous interest rate hikes to temper the economy have led to additional affordability hurdles for consumers. According to the Bureau of Economic Analysis, January 2023 marked the beginning of a year with fluctuations in consumer spending. Americans saved their income in May at the same rate last achieved in January 2022, a sign that consumers may be becoming more cautious. Collectively, these data points highlight that consumer spending habits are unpredictable, which may impact loan affordability.

AFFORDABILITY DRIVEN BY INCOME

Income data is the baseline of information used to calculate the DTI ratio on a loan. Financial institutions employ a myriad of strategies to better

> Cenlar FSB, a

mortgage loan subservicer, announced the appointment of Tom Byrne as its new vice president of quality control.

understand an applicant’s financial capacity to repay, encompassing sources ranging from traditional to alternative such as bank transaction data or consumer-permissioned data provided through third-party platforms or aggregators or consumer-provided documents (e.g., pay stubs, W-2s). These approaches, while diverse, potentially expose lenders and consumers to heightened risk. When linked via bank transaction data, many third-party aggregators continue to use consumer data until the consumer manually disconnects the third party from the account. The security burden of financial data storage could be a risk for lenders. Instead, lenders should consider using automated income and employment verification data from trusted sources to fuel loan term determinations while better-mitigating risk. In the past, a lender may have qualified a borrower on base pay alone, but affordability has become such an issue that some people are tapping their extra income, such as bonuses and commissions, to qualify for loans. It is, therefore, even more important to verify all sources of the borrower’s income to help make sure there are no surprises during the underwriting process.

TRUSTED DATA LEADS TO BETTER OPPORTUNITIES

Helping pave the path for borrowers to make informed financial decisions requires lenders to thoroughly understand the borrowers’ gross spendable income and how much of it can be utilized in the mortgage payment. As lenders pivot to a data-driven approach in gauging borrowers’ DTI ratios, they may

> Stephen

Thomas has launched FutureWave Finance a minorityowned national correspondent lender.

> At the Mortgage Bankers Association’s 2023 Annual Convention & Expo in Philadelphia, Mark Jones, president of Union Home Mortgage, was inaugurated as chairman.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE BUILD-A-BROKER

also unearth more favorable credit and loan outcomes for these borrowers. Homebuyer assistance programs have emerged as a promising path to homeownership for a significant segment of aspiring homeowners. Research from Down Payment Resource details that 33% of all declined mortgage applications were eligible for homebuyer assistance, yet rejected due to insufficient cash-to-close or disqualifying DTI ratios. This sizable share of potential customers spotlights a lucrative opportunity for lenders to increase volumes while supporting more borrowers in their journey to homeownership, and access to readily available income data facilitates the

In the ever-evolving economic environment of 2023, lenders are finding themselves in need of robust tools to expand their lending opportunities responsibly. identification of these prospects. A timely example that is growing in relevance is the rise of Gen Z as the next generation of homebuyers. Their financial behaviors set them apart, demanding lenders’ understanding of their unique attributes and how affordability challenges intersect with their aspirations. According to Rocket Homes, Gen Z aspires to homeownership, with 86.2% of 18-24 year-olds aiming for this milestone, and 45% seeking to own a home within the next five years. Despite their enthusiasm, challenges loom for Gen Z.

The cohort’s concerns include inadequate down payment funds (21.9%), house price affordability (18.4%), credit sufficiency (16.1%), and student loan debt load (10.5%). The use of automated income and employment verifications may help lenders better understand a Gen Z applicant’s ability to pay. In the ever-evolving economic environment of 2023, lenders are finding themselves in need of robust tools to expand their lending opportunities responsibly. Income-driven loan affordability determinations are

foundational to better serving borrowers; this approach, underpinned by a nuanced understanding of the moving target that is DTI ratio, empowers lenders to navigate challenges and propel borrowers toward brighter financial futures. n Tracy Huber is director of product management, mortgage service at Equifax Workforce Solutions. She has over 20 years of experience in public accounting, mortgage lending and product development.

PEOPLE ON THE MOVE // > TPO Go has

appointed Adam Millstein as its new vice president and national sales manager.

> Depth, a provider of

consultative B2B marketing, public relations, and reputation management services for companies within the residential mortgage finance, fintech, and regtech industries, announced the promotions of Lindsey Neal and Leslie Colley to executive vice president.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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UNCASVILLE, CT Mohegan Sun Resort & Casino

The New England Mortgage Expo returns to the fabulous Mohegan Sun Resort & Casino in 2024! With over 2000 attendees in 2023, you won’t want to miss this opportunity to be a part of New England’s largest and most exciting mortgage event — the largest regional mortgage show in the nation. Join your peers for an exiting day of networking, product showcases, educational sessions, motivational speakers, and so much more! Find a mortgage event near you. For mortgage brokers, originators, processors, underwriters, and anyone looking to grow within the industry. originatorconnectnetwork.com/events NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

6 BUILD-A-BROKER

Ways To Overcome Obstacles And Seize Opportunities

Resilience and ingenuity are your allies in a challenging mortgage market

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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BY GENE GRIFFIN, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

t’s no secret that we’re in the middle of one of the most challenging markets we’ve seen since the 2008 housing market crash. As a result, many loan officers find themselves increasingly confronted with pain points. However, it is in these times that resilience, ingenuity, and a positive mindset become imperative to not only survive but to thrive as mortgage professionals. Here are six tips designed to motivate and encourage you to overcome obstacles and seize opportunities in today’s market.

1. EMBRACE HARD WORK

The foundation of success in the mortgage profession lies in the dedication to hard work. There are no shortcuts or quick fixes. It requires commitment, persistence, and a willingness to go above

Be open to exploring unconventional strategies that align with your unique strengths as a mortgage professional. I created some Preferred Lender Programs that Realtors can use as a marketing tool and buyers can leverage to get “yesterday’s rates.” These programs have generated a good amount of buzz in my local market.

3. STAY POSITIVE

Maintaining a positive mindset is pivotal in overcoming the inherent difficulties of a tough mortgage market. It is easy to become demoralized by rejection, fluctuating interest rates, or economic uncertainties, but it is in these moments that your positive outlook becomes a distinguishing factor. By exuding confidence, you inspire trust and instill a sense of security in your clients. Never allow your personal financial situation to bleed into your

Be the expert who provides clarity and peace of mind to borrowers in uncertain times. and beyond. I personally embrace the mindset of working twice as hard as other professionals and being productive every single day. Every extra hour spent researching, networking, and building relationships will pay dividends when the market eventually rebounds. Rekindle your passion, set realistic goals, and put in the extra effort required to stand out from the competition.

2. GET CREATIVE

In a challenging mortgage market, creativity becomes a critical differentiator. Seek innovative ways to reach potential clients, tap into new markets, and promote your services effectively. Leverage social media platforms to build your personal brand and connect with referral partners and prospective homebuyers.

professional day-to-day operations. Moreover, a positive attitude acts as a catalyst for personal and professional growth, empowering you to persevere and navigate through challenging circumstances with grace and resilience.

4. MASTER LOAN PROGRAMS

A thorough understanding of loan programs that ease the challenges of a tough market is an invaluable asset. By familiarizing yourself with specialized loan options, such as downpayment assistance programs, first-time homeowner programs, or temporary rate buy-down programs, you position yourself as a trusted advisor to potential borrowers. Educate yourself continuously about market trends, loan modifications, and evolving lending guidelines to offer tailored solutions that meet the unique

needs of each client. Be the expert who provides clarity and peace of mind to borrowers in uncertain times.

5. IDENTIFY OPPORTUNITIES

In every adversity lies an opportunity; a true mortgage professional identifies and capitalizes on these opportunities. Keep your finger on the pulse of the industry by staying informed and actively networking with industry leaders and colleagues. Recognize when market conditions are favorable for refinancing, favorable for investor clients, or when an underserved niche emerges. Regularly conduct comprehensive market research to identify rising areas or demographic trends that can be leveraged to expand your client base. Response time is crucial in seizing opportunities, so swift and wellinformed decision-making is paramount.

6. OPTIMIZE TIME MANAGEMENT

Effectively managing time is an essential skill for any mortgage loan officer. Structuring your workday efficiently allows you to maximize productivity and eliminate unnecessary distractions. Establishing a well-defined routine, prioritizing tasks, and utilizing time management tools can significantly enhance your efficiency. Automate repetitive processes, delegate non-client-facing responsibilities, and utilize technology to streamline workflows. By making efficient use of your time, you can improve customer service, nurture relationships, and uncover new business opportunities. As mortgage professionals face the challenges presented by a tough market, their ability to overcome pain points requires a multi-faceted approach. By embracing these practices, loan officers can survive in the face of adversity. After enduring this tough market, you’ll ultimately come out a stronger mortgage professional and be propped up to reap the benefits when the market turns. You got this! n Gene Griffin is director/senior mortgage advisor for Summit Mortgage Solutions.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

11 Low- Or No-Cost Programs For Business Growth ACCESS PROVIDED TO EXPERTS, CAPITAL, OTHER FUNDING BY CANDICE STENNETT, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

“With the right support, you can make it far beyond the five-year mark. You don’t need to figure it all out alone.” > Candice Stennett, Vice President of Marketing, SCORE

ou've likely heard that more than half of new small businesses don't make it past the first five years. It's a startling truth for many entrepreneurs, but it doesn't have to be your reality. There are many ways to grow your mortgage business without being part of that statistic. Sustaining a small business means keeping certain priorities top of mind, like cash flow, your target market’s wants and needs, expanding your team, and having a realistic growth strategy (as well as complying with all mortgage laws and regulations). At SCORE, our mission is to foster vibrant small business communities, and we want to make sure every business owner has the support they need to be successful. This goal is not ours alone. There are other organizations that also believe in seeing every small business owner thrive. Just like us, they’re ready to help you grow your business — even if you're on a budget. Whether you're hiring loan originators or expanding to a new location, there is help available every step of the way. With the right support, you can make it far beyond the five-year mark. You don’t need to figure it all out alone — the programs and organizations listed here are committed to your ongoing success.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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Whether you’re hiring employees or expanding to a new location, there is help available every step of the way. Resources for Small Business Growth

Goldman Sachs 10,000 Small Businesses Program

SBA T.H.R.I.V.E. Emerging Leaders Reimagined

As a program participant, you gain practical knowledge through one-on-one advice from industry professionals alongside support in developing a customized plan for growth, for free. You also get access to a supportive network of more than 14,000 business owners, just like you.

This initiative from the U.S. Small Business Administration (SBA) features online tools and training for growth.

U.S. Black Chamber’s Advancing Black Entrepreneurs Program

To qualify, you must be an established entrepreneur with revenue over $75,000 in the most recent fiscal year. The program is at no cost to you, but you must apply to the program. Learn more at

This program is designed for small business owners and executives with an annual revenue of at least $250,000. You receive mentoring, inperson coaching, access to subject matter experts, and more. There is no cost to join. Learn more about the training series and find a location near you at SBA.gov

This program by the U.S. Black Chamber provides resources, networking, and support for small business owners across the United States. It’s designed for Black entrepreneurs who want business consulting and capital. Your participation gives you access to a network focused on empowerment, growth, and advocacy. Membership fees may apply. Learn more at usblackchambers. org/advancing-blackentrepreneurs

10ksbapply.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

The keys to a successful business are now in your hands. Whether you want to grow fast or slow, you have lots of support ahead. Many business owners don’t know about the free or low-cost resources available to help them succeed. Share this article with a fellow business owner and help them thrive on their journey, too! Candice Stennett is vice president of marketing at SCORE. This blog post originally appeared at SCORE.org.

Small Business Grants and Funding Opportunities

Hello Alice Small Business Grants

Grants.gov

FDIC Money Smart For Small Businesses

iFundWomen Grants & Programs

This financial education program helps small business owners improve their financial education.

This coaching and funding platform offers women entrepreneurs grants from crowdfunding and corporate partners, like Visa, American Express, Adidas and more.

This platform is great for business owners needing guidance and support to grow their businesses in a sustainable way. You get a Business Health Score assessment, access to capital, and grant opportunities. Small business owners can also find funding opportunities, resources, and support. There is no fee to apply for grants. Discover how a small business grant can help you at helloalice.com

If you’re looking for federal grants to support growth, research, development, and more, visit grants.gov. This database is great for businesses wanting to learn more about federal grant opportunities. Grants.gov provides you with grant writing tips, a learning center, and a variety of grant programs. There is no fee to apply. Explore grants today. Grants.gov

You’re an ideal candidate for this program if you’re an aspiring or existing entrepreneur who needs support to start or manage your business. You get online courses and resources to improve financial literacy and decision-making skills. There is no cost to take part. Access the online courses for free at fdic.gov/resources

This resource is designed specifically for womenowned businesses to take their skills to the next level. You get access to grant applications, a community of supporters, potential investors, and resources. There is no fee to apply for grants. Coaching and resources are available for a monthly or annual fee. Explore grants and get personalized coaching at ifundwomen.com

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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Small Business Support Organizations

Small Business Development Center (SBDC)

Nasdaq Entrepreneurial Center

SBDCs are a nationwide network of centers offering counseling, training, and resources to small businesses across the U.S.

This platform is perfect for business owners needing mentorship, training, and community. You get a global network of mentors, free classes, and access to a community of business leaders. You can also access educational resources and events to help you grow and scale your business.

Women’s Business Development Center (WBDC)

SCORE Mentoring, Workshops, Business Roundtables, Online Resources

The SBDC is a good fit for entrepreneurs starting or growing their businesses in a sustainable way. You get access to capital and guidance on business planning, operations, financial management and more. Resources are free or low-cost. Find your local SBDC today at americassbdc.org

There are both free and paid programs. Discover upcoming events and programs at thecenter.nasdaq.org

A women-led community space with free training, counseling, and resources. This is a great resource for women-owned businesses ready to start or grow their operations. You get access to business development resources, workshops, one-on-one support, and networking opportunities. Programs are free or lowcost. Learn more on the WBDC website wbdc.org/en

At SCORE, we offer online and in-person mentoring and education to small business owners across the United States. This is an ideal fit for entrepreneurs running, growing, selling, or exiting their businesses. SCORE is also an excellent resource for aspiring entrepreneurs and startups ready to move their businesses forward. You get access to workshops and practical insights from experienced business owners. There is no fee to join. Connect with a mentor in your area today. score.org/find-mentor

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

HARVEY MACKAY

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

YOUR FIRST MILLION DOLLARS

Never Stretch The Truth — It May Snap Back In Your Face A cover-up only adds to the loss of credibility

BY HARVEY MACKAY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

ne day a man named Truth and a man named Lie stood by a river just outside of town. They were twin brothers. Lie challenged Truth to a race, claiming he could swim across the river faster than Truth. Lie laid out the rules, stating that they both must remove all their clothes and at the count of three, dive into the freezing cold water, swim to the other side and back. Lie counted to three, but when Truth jumped in, Lie did not. As Truth swam across the river, Lie put on Truth’s clothes and walked back to town dressed as Truth. He proudly paraded around town pretending to be Truth. Truth made it back to shore, but his clothes were gone, and he was left naked with

only Lie’s clothes to wear. Refusing to dress himself as Lie, Truth walked back to town naked. People stared and glared as naked Truth walked through town. He tried to explain what happened and that he was, in fact, Truth, but because he was naked and uncomfortable to look at, people mocked and shunned him, refusing to believe he was really Truth. The people in town chose to believe Lie because he was dressed appropriately and easier to look at. From that day until this, people have come to believe a lie rather than believe a naked truth.

FAMOUS FIBS

How often do we reject certain truths in our personal lives or in the world around us for the sake of our peace of mind? Several famous fibs come to mind: Your table will be ready in a minute. We service what we sell. Money is cheerfully refunded. It’s on the truck. One size fits

26 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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eventually can impact how we deliver to our customers. Customers wouldn’t stick around for long if we made their job harder. Can you blame them? U.S. President John F. Kennedy said in a commencement address at Yale University, “The great enemy of the truth is very often not the lie — deliberate, contrived and dishonest — but the myth — persistent, persuasive, and unrealistic.”

DANCING WITH LIES

Of course, there will always be those who connive to dance around the truth for their own benefit.

Alas, a shady business never yields a sunny life.

all. Never needs ironing. And the classic: The check is in the mail. Many people don’t believe what they hear because they’ve been burned in the past. That’s a shame. What kind of society have we created? Why can’t people tell the truth? Don’t they realize that a coverup only adds to the loss of credibility? As the father of three children, one of my rules — especially when they became teenagers — was to tell me the truth immediately. I insisted David, Mimi, and Jojo tell me the truth about anything bad they had done or were a part of. And I had to know right away — not a day or week later. If not, they would face severe consequences.

That philosophy seemed to work for me, and quite frankly, I’ve always believed that telling the truth is the best policy. In business, it’s a must. At MackayMitchell Envelope Company, we don’t tolerate anything less than honest negotiations and delivery guarantees. Envelopes today can be beautiful, colorful, complex products with foil, embossing, or unique in a variety of styles. It can be a very complex manufacturing process. Honesty and integrity are paramount all along the supply chain. Nobody can match us day in and day out, job after job, envelope after envelope, smile after smile. Our customers know we’ll do what we promise. We also avoid vendors who are not upfront. Surprises from a vendor

The wife of an art dealer, who was anxious to sell some Gothic tapestries to a renowned art lover, was amazed and annoyed when her husband awakened her at 3 a.m. one morning and commanded her to say, “I’ll pay you a million dollars for your Gothic tapestries.” An odd request, she thought, but sleepily, she complied, repeating the suggested words, and then rolled over and went back to dreamland. The next morning, the dealer told his potential buyer, “I can swear on a stack of Bibles that at 3 a.m. this morning, I had an offer of a million dollars for those tapestries.” Alas, a shady business never yields a sunny life. Mackay’s Moral: Speaking of truth, we should have regular checkups to avoid truth decay. n Harvey Mackay is a seven-time New York Times best-selling author with 15 books.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

MARY KAY SCULLY

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE BENCHMARKS & BEST PRACTICES

Reflecting On

2023

Ask yourself these questions to prosper in 2024

28 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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BY MARY KAY SCULLY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

e’ve made it to the end of another year! December is a time to celebrate, but before you pop that champagne on New Year’s, take the time to reflect. Reflection is more than looking back on your year and moving on, however. It’s about learning from the past year and putting what you’ve learned to use. The Cambridge Dictionary defines the verb “reflect” as “to think carefully, especially about possibilities and opinions.” As we bring a year to a close, it’s important to think carefully about where we’ve come from, with a special focus on the opportunities that lie ahead. There are concrete steps loan officers can and should be taking that can help them assess the previous year — helping guide their direction for the year to come. Let’s walk through three questions to ask about your business as you reflect this season.

WHERE DID MY BUSINESS COME FROM?

Reflecting on your business for the year will start with finding out where it came from. How many loans came from real estate partners? What about from builders, customer referrals, social media, or a company lead? For everyone, there will likely be one or two that are stronger than the others. Knowing your breakdown is critical and if you’ve not been paying attention to it already, now is the time to start. You may find you’ve been pouring a lot of time into a relationship with a real estate agent, but they’ve only given you one loan this year. This analysis can help you either focus your time on a more profitable area, or it can trigger a deeper

dive into why you have not seen much return from that relationship. Maybe you have a growing number of borrowers finding you from social media. This could prompt you to being more active on social and explore ways to expand your reach there. The bottom line is, knowing where the business comes from will inform you where your time is best spent and where you could grow.

WHAT KIND OF LOANS WERE THEY?

Once you know where the loans have come from, take some time to look into what kinds of loans they were. Look at your total number of loans, the dollar amount, the number of purchases versus

Knowing where the business comes from will inform you where your time is best spent. refinances, how many were first-time homebuyers, what their credit scores were, what the loans were for, etc. If you find you’re doing more of a certain type of loan, take the opportunity to make yourself a subject matter expert on it. Even if you’ve already had a lot of experience with a certain loan product, there is always room for growth. If there is a certain loan type you’ve not been doing, ask yourself why. If it’s because you’re not comfortable with it,

do your homework so you can be more confident. If it’s something that’s not as popular currently, think about how or why it could be more popular in the coming year. There are tools out there, some paid and some free, that can help you do this. MMI, CoreLogic, Black Knight and the MBA all keep track of market data to help lenders stay on top of trends, anticipate market changes and fine-tune their business strategy. If you are not already taking advantage of these resources, the new year will be a great time to start.

HOW MANY REJECTIONS DID I GET AND WHY?

Finally, ask yourself how many loans got rejected — and more importantly, why they got rejected. Did you not know the guidelines? Was your application incomplete? Was there a surprise during the loan that you should have asked more questions about? There are many reasons why a loan can get rejected. Learning from your mistakes is critical, but not enough people take the time to do it. While focusing on rejections can feel like a downer, it’s the best way to make sure you see less of them in 2024.

REFLECT TO PREPARE FOR 2024 Don’t let this month go by without taking the time to reflect on your business. Asking yourself these three simple questions can reveal where to spend your time to see the best returns and make 2024 a year worth celebrating. n Mary Kay Scully is the Director of

Customer Education at Enact, leading the development of the company’s customer education curriculum.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Getting Down And Dirty To Close The Deal Name: Colleen Murphy

Job Title: Mortgage Loan Originator

How much was your best deal for?

It took several trips over a week to get the water pumped out and enough dirt in to dry the yard. We closed!

$250,000

What made it your best deal? I have been in the mortgage business since 1986 and have closed hundreds of loans over that time, but one refinance recently really provided an opportunity for me to demonstrate the tenacity and dedication I invest in my clients on a grand scale. My clients were in debt over their heads due to COVID layoffs and reduced income, just struggling to survive. I structured a debt consolidation refinance that would save them thousands per month, and I felt really good about it. Other lenders had ghosted them and they were low on confidence that this would actually happen. Then came Hurricane Ian, which flooded much of Central Florida, including my clients’ backyard. Being that this loan was a Manual UW FHA loan, standing water in the yard was not acceptable. My boss, myself, and my family personally bought muck boots and dirt and filled in the backyard.

WIN a $100 Amazon gift card!

Business: VIP Mortgage Group

What else was interesting about the deal? Although I wouldn’t want to have to shovel dirt on every loan, when a hurdle comes along, I love being the kind of loan originator who doesn’t give up. I was this family’s third attempt, and their hopes were low, so I was determined not to let them down. It truly gives me joy knowing this family’s life is changed, and they can live without the crushing debt. n

Have a great story about your best deal? We’re not talking about your biggest deal. We want to hear about your best deal - the one that resonates with you personally, the one that became the story you’ve told again about why you’re in this business. Head over to bit. ly/MyBestDeal and tell us the details. You could win a $100 Amazon gift card if your story is selected for publication.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

ADVERTORIAL

Angel Oak Mortgage Solutions Stand Out in a Strained Market

eadwinds are blowing hard in the housing market these days, which means lower volumes and stressful days for loan originators. Every loan counts, and any new revenue opportunity matters. For over a decade, Angel Oak Mortgage Solutions has stood out as a leading force within the mortgage industry, renowned for our pioneering efforts in the non-qualified mortgage (non-QM) space. We support originators like you, who are looking to tap into the non-QM market to expand their business and serve new clients. Our history speaks volumes: since the firm’s founding in 2013, we’ve amassed an impressive $18 billion in loan originations, becoming one of the largest non-bank, wholesale originators of non-QM in the country. But what truly makes us stand out is our unmatched industry expertise and commitment to superior client experience.

Experience You Can Trust In these difficult times, it’s important to partner with a seasoned and trustworthy mortgage ally that possesses a deep understanding of market trends and provides insights for maneuvering effectively through challenging terrain. Having weathered such storms before, Angel Oak Mortgage Solutions has developed the nuanced knowledge that makes us a steadfast partner, committed to guiding originators as they not only overcome the industry’s latest tests and trials but also achieve sustainable growth and success. When volume is down, execution becomes even more crucial. Every non-QM loan is different, and navigating the application process requires a thorough comprehension of the non-QM space. Originators in the space can be tripped up by missing information, slow response times, poor communication, and several other pitfalls. Sometimes they go chasing rates,

only to see their loan fall through. Who wants to find out, in the final hour, that the borrower’s rate is not what you anticipated — or worse, that the loan can’t be completed? Working with a less experienced lender that is new to the non-QM game exposes you to a world of risks and can leave your reputation damaged, just when you should be focused on delivering the best possible service. As a pioneer in nonQM, Angel Oak boasts the tenure and expertise to meet the demands of this space. Yet even with our long record of success — particularly as one of the largest bank statement product originators in the space, with a history spanning thousands of loans — we never forget one essential thing: every loan matters.

Embracing Innovation To remain competitive in today’s mortgage industry, an originator must prioritize simplifying and improving the client experience, especially through integrating technology and streamlining business processes. Adopting the right tools ensures that you are more efficient, focused, and attuned to your clients’ needs. That’s why Angel Oak is dedicated to delivering innovative nontraditional mortgage solutions that can reach a broader market of borrowers. Our commitment to innovation is evident in the tools we offer our partners, such as Angel Oak’s QuickQual tool: an automated loan tool that fast-tracks the process of determining borrower eligibility from 24 hours to just minutes. This game-changer swiftly and accurately completes the qualification process, leading to faster approvals and happier clients.

angeloakms.com

We understand the ins and outs of non-QM products, and we offer an extensive suite of products to fit a wide range of prospective borrowers. From DSCR to jumbo solutions, we are constantly seeking ways to innovate and deliver for you. Recognizing the shift toward nontraditional loan solutions, we recently introduced our newest innovation: the Standalone Second Lien Product, which works to serve bank statement borrowers seeking to tap into their home’s equity while retaining their first mortgage.

Partnerships That Empower At the core of Angel Oak Mortgage Solutions is our belief in fostering meaningful relationships. We’re not just a service provider; we’re a trusted ally and resource that originators can lean on to bolster and grow their business. We’re all about partnerships that empower. Our partnerships go beyond just transactions: we develop mutually beneficial alliances with originators, so we can educate and guide them around niche products like non-QM. We invite originators to collaborate directly with our seasoned account executives through events like “lunch and learns,” and we connect personally with realtors and stakeholders who have demonstrated knowledge in niche loan products. Angel Oak’s executives will answer your questions, help you build a stronger network, and equip you to tackle even the most intricate mortgage challenges. At Angel Oak, our business is centered around unwavering quality of service, innovative and modern loan solutions, and a deep-rooted belief in partnerships. We’re here for all of your non-QM needs, with the technology, dedication, and expertise to back you up. As a frontrunner in the non-QM industry, we truly stand out with a track record that speaks for itself.

SPECIAL AWARDS SECTION

Celebrating Those Companies Originators Deem To Be Best

he Originator Choice Award survey gives professionals in the mortgage industry the opportunity to voice their opinions and celebrate the companies that have consistently stood out as the best in the business. It’s a platform for those on the front lines of the industry to share their experiences, preferences, and recommendations. National Mortgage Professional Magazine reached out to its extensive audience across the nation at shows in San Diego and Las Vegas, as well as online, to pose this question: who are the best in the business? It was all for this year’s Originator Choice Awards. In the dynamic landscape of the mortgage industry, excellence and innovation are the cornerstones of success. Originators, brokers, and mortgage professionals play pivotal roles in connecting future

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

and current homeowners with the right lenders and services that can turn their needs into reality. Members of the industry cast their votes for the lenders and services that have exceeded their expectations, providing unparalleled support and value throughout the home financing process. This survey is not only a recognition of excellence but also a valuable resource for those looking to partner with the most reliable and customer-focused entities in the industry. Join us in celebrating excellence in mortgage services by participating in this year’s Originator Choice Award survey. Your voice mattered, and your votes contributed to the recognition of the industry’s top performers. Together, let’s honor those who clearly strive for excellence in the everevolving world of mortgages. ✔

ORIGINATOR CHOICE AWARDS

2023

CONFORMING LOANS Gold

Silver

Bronze

United Wholesale Mortgage

Rocket Pro TPO

Pennymac TPO

Detroit, MI

Westlake Village, CA

Pontiac, MI

States Licensed: All 50 U.S. States

Gold

Silver

Bronze

United Wholesale Mortgage

Rocket Pro TPO

Flagstar Bank

Detroit, MI

Hicksville, NY

Pontiac, MI

States Licensed: All 50 U.S. States

States Licensed: All 50 U.S. States, U.S. Virgin Islands

States Licensed: All 50 U.S. States

JUMBO LOANS

States Licensed: All 50 U.S. States

GOVERNMENT LOANS (FHA, VA, U.S.DA) Gold

Silver

Bronze

United Wholesale Mortgage

Rocket Pro TPO

Freedom Mortgage Corporation

Pontiac, MI

States Licensed: All 50 U.S. States

States Licensed : All 50 U.S. States

Detroit, MI

Boca Raton, FL States Licensed: All 50 U.S. States, Puerto Rico, U.S. Virgin Islands

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ORIGINATOR CHOICE AWARDS

2023

NON-QM LOANS Gold

Silver

Bronze

Angel Oak Mortgage Solutions

United Wholesale Mortgage

HomeXpress Mortgage Corp

Atlanta, GA

Pontiac, MI

Santa Ana, CA

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

States Licensed: All 50 U.S. States

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

PRIVATE LENDING (uses non-public investor funds) Gold

Silver

Bronze (TIE)

Acra

RCN Capital

Irvine, CA

South Windsor, CT

Velocity Mortgage Capital

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

States Licensed: AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, 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, VA, WA, WV, WI, WY

Westlake Village, CA States Licensed: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WV, WI, WY

LendingOne Boca Raton, Florida States Licensed: AL, AK, AZ, AR, CA, CO, CT, DE, DC, 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, WY, Puerto Rico

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

ORIGINATOR CHOICE AWARDS

2023

LEAD GENERATION Gold

Silver

Bronze (TIE)

rebel lQ (fka LeadPops)

Empower Funnels

Monster Lead Group

San Diego, CA

Meridian, ID

Owings Mills, MD

RelPro Short Hills, NJ

CRM Gold

Silver

Bronze

Total Expert

360 View

Bonzo

Minneapolis, MN

Franklin, TN

Columbus, OH

Gold

Silver

Bronze

Encompass

Arive

Calyx Software

Pleasanton, CA

San Ramon, CA

LOS

Dallas, TX

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ORIGINATOR CHOICE AWARDS

2023

POS Gold

Silver

Bronze

Blink

SimpleNexus

Floify

Pontiac, MI

Lehi, UT

Boulder CO

Gold

Silver

Bronze

Snapdocs

ServiceLink

Qualia

San Francisco, CA

Coraopolis, PA

San Francisco, CA

Gold

Silver

Bronze

DocuSign

Notarize

Signix

San Francisco CA

Boston, MA

Chatanooga, TN

CLOSING SOFTWARE

E-NOTARY

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

ORIGINATOR CHOICE AWARDS

2023

DOCUMENT SERVICES Gold

Silver

Bronze

Docutech, A First American Company

Ocrolus Inc.

International Document Services (IDS)

New York, NY

Idaho Falls, ID

Draper, UT

CYBER SECURITY Gold

Silver

Bronze

LendSafe

Compass IT Compliance LLC

Arctic Wolf

Salt Lake City, UT

Eden Prairie, MN

North Providence, RI

RISK/ COMPLIANCE MANAGEMENT Gold

Silver

Bronze

Compass IT Compliance LLC

360Factors

Firstline Compliance

Austin, TX

Portsmouth, VA

North Providence, RI

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ORIGINATOR CHOICE AWARDS

2023

DATA ANALYSIS Gold

Silver

Bronze

LexisNexis

Black Knight Financial Services

First American Data and Analytics

Jacksonville, FL

Santa Ana, CA

Gold

Silver

Bronze (TIE)

Class Valuation

ValueLink

AppraisalWorks

New York, NY

AMC/ VALUATION

Troy, MI

Houston, TX

Independence, OH

Reggora Boston, MA

TITLE INSURANCE Gold

Silver

Bronze

First American Title

Fidelity National Financial

Old Republic Title

Santa Ana, CA

Jacksonville, FL

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Tampa, FL

ORIGINATOR CHOICE AWARDS

2023

GENERAL HOME INSURANCE Gold

Silver

Bronze

Goosehead Insurance

EzAffinity.com

Farmers Insurance

Westlake, TX

Irvine, CA

Los Angeles, CA

Gold

Silver

Bronze

Black, Mann & Graham LLP

Johnston Thomas Attorneys At Law PC

Weiner Brodsky Kider PC

Flower Mound, TX

Santa Rosa, CA

Washington, DC

Gold

Silver

Bronze

Mortgage Educators and Compliance

Optimize Compliance Solutions

Knowledge Coop

American Fork, Utah

New York, NY

States Served: All 50 U.S. States

States Served: All 50 U.S. States, Puerto Rico, U.S. Virgin Islands

States Served: All 50 U.S. States Puerto Rico U.S. Virgin Islands

LAW FIRM

CONTINUING EDUCATION

Vancouver WA

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ORIGINATOR CHOICE AWARDS

2023

CONSULTING SERVICES Gold

Silver

Bronze

Mortgage Educators and Compliance

Bankers Mortgage Consulting

LendArch

American Fork, Utah

Lexington, KY

Incline Village, NV

CREDIT SERVICES Gold

Silver

Bronze

Advantage Credit Inc.

Xactus

CreditXpert

Evergreen, CO

Broomall, PA

Baltimore, MD

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Thanks for making Velocity an award-winning lender. We wish to express our heartfelt gratitude to our valued mortgage broker partners for selecting Velocity as a top National Mortgage Professional Private Lender. Your commitment to working with us is pivotal in our success, and we are thankful for your recognition. Like the brokers we service, we believe real estate investors play an important role in growing communities by providing places where people can live, work, and play. Your expertise, dedication, and trust have allowed us to provide innovative solutions to thousands of borrowers, helping them achieve their goal of investment property ownership. Investor 1-4 | Multi-Family | Mixed-Use | Small Commercial

(866) 968-3562 velocitymortgage.com

Grow with Velocity.

©2023 Velocity Commercial Capital, LLC, DBA Velocity Mortgage Capital. All rights reserved. California Finance Lender’s License #603A336. For mortgage professionals only. This information is intended for the exclusive use of licensed real estate and mortgage lending professionals in accordance with local laws and regulations. Equal housing lender.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Take It From The

Old

They were rockin’ the industry before social media even BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

old-calling and meeting for coffee are not dead yet, although the younger generation of originators might want it that way. Experienced industry vets are sticking to those traditional methods — because they work. And some of them are not embracing modern technologies like Linktree or TikTok, or even actively engaging on LinkedIn to attract customers. The average age for an LO, according to STRATMOR data in 2019, was 47, making most of the demographic Gen X-ers. And although some have taken the reins on becoming an influencer of sorts in the industry, others are sticking to their roots and keeping it old school. But the old timers aren’t in a rush to embrace new technologies. Heck, they’d much rather stick with what they learned back in the good old days before the internet and automation. At least that’s according to Bob Buehler, a senior vice president of mortgage lending for Guaranteed Rate. Buehler started in the lending industry in 1990 when he worked for Greater Western Financial Services. Buehler says he specialized in consumer finance and held a management position. “I essentially worked up the

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

managerial role into making loans, he took what he learned at Greater Western and applied it to draw in an entirely new book of business. “[I] had to go out and develop contacts for banking needs and I tried to cross-sell other banking needs. Back then, you literally hit the streets and cold [called],” he explained. “ There was no [contact] database back then, I had a Rolodex of contacts and did fliers and documented everything in handwriting … it was the best training I could have gotten because I knew how to do the whole loan and marketing and do it face-to-face.”

ONLINE SHIFT

Timers came into the picture

uehler says that Guaranteed Rate is “number one or two in mortgage technology” and most of what Buehler does is automated now. But he admits that he often reflects on the days of manually writing loans and before email was a means of contact. “The newcomers aren’t taught sales skills over the phone or how to approach someone face to face. It’s easy to get lazy,” he said. “Nothing has changed with how I develop those relationships. I prefer in-person and I believe in the value of an in-person dinner, drink, lunch, or coffee. You get interpersonal

“Tech has taken [the younger generation]

away from knowledge around lending.

They don’t truly understand the loan process and structure and how to present a good loan to an underwriter.” > Bob Buehler, senior vice president of mortgage lending for Guaranteed Rate

corporate banking ladder,” he said. “The type of training I received was more than an originator today, though. I manually pulled credit reports, underwrote my own loans at 23 years old, and had loan approval authority up to $25,000.” Buehler says that he stuck around in banking management for a while working

at places such as CitiFinancial and Wells Fargo before moving to New York in the early 2000s. There, he started working at Anchor Street Mortgage and, shortly after, Manhattan Mortgage, which Guaranteed Rate ended up purchasing. Buehler said that when he transitioned from a consumer finance-focused

skills and bonding and it’s not done over Zoom.” The beauty of now, Buehler says, is that he has a huge database of customers and can automate emails when there are any special promo offers, or if it’s a client’s anniversary or birthday. Buehler commented that a lot of the

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

“There wasn’t internet so we didn’t advertise

the same way [as today]. You would walk into

offices with printed materials if they let

you in. You had to drive to pick up loan packages

because even a fax wasn’t a thing.” > Lynne Kirby, loan officer, Rize Mortgage

younger LOs are almost “afraid” of the phone and much prefer the online shift that the industry seems to be taking. “They have low confidence,” he said. “The top originators do both [online and in-person marketing]. And it’s not because they have the largest database, it’s because they have an old-school approach of developing relationships,” he said. “It’s not just email blasts: let’s host an event [together] or do business over dinner.” And Buehler worries that tech has set back younger LOs’ learning and information retention. The main difference between the generations of LOs is the way they understand the path of a loan. For example, Beuhler says that he understands liability, comp factors, and what a good-performing loan is, and he’s used to dealing with 15 different lenders with different policies and procedures. Newcomers are less keen on memorizing every program. “Tech has taken [the younger generation] away from knowledge around lending. They don’t truly understand the loan process and structure and how to present a good loan to an underwriter,” he said. “There’s a lost skill set as to how to package loans. Even underwriting is automated now. From an efficiency standpoint, it’s outstanding, but younger generations don’t know what a good loan looks like.” Lynne Kirby agrees. A 30-year industry veteran

LO currently working for Connecticut-based Rize Mortgage, she says that today’s lending is easier to do than before — even when a borrower didn’t even need a credit score to apply for a loan. “There wasn’t internet so we didn’t advertise the same way [as today]. You would walk into offices with printed materials if they let you in. You had to drive to pick up loan packages because even a fax wasn’t a thing,” she explained. “Technology has made everything uniform and automated for the process. Heck, FICO scores didn’t exist back then.” For Steve Grossman, owner of NJ Lenders Corp., an online shift isn’t scary. Grossman’s been in the industry since 1991 and has done strictly residential mortgages for 32 years. “I’ve dabbled in doing videos, but other things like TikTok and Instagram Reels aren’t for me,” he said. “A lot of top LOs have tons of followers. I believe in it [because] it hasn’t been proven to me that you could grow a tremendous amount of business from doing that in a purchase market.”

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

CONSISTENT MARKETING TIPS

ne pro that Buehler shared was that automation is second nature to younger LOs. “Technology will do nothing but help. It used to take me 30-45 minutes

to handwrite a manual application and manually pull a credit report. Now it takes me less than 10 minutes,” Buehler said. “If I were to sit down with a 25-year-old new to the biz, I would say to utilize tech for time management.” Consistency is key, especially when it comes to marketing yourself, Buehler says, adding that he used to make “at least 100” calls a day in the early 1990s for business. “You need to be good at marketing, sales, administration,

to do open houses to meet borrowers and agents … but the old school way of walking into a real estate office? That world doesn’t exist anymore.” Although the days of chatting up Realtors and referral partners in realtime are seemingly gone, Grossman says that technology has helped him decide who out of the agents he knows should get his attention. “The good news is that today you may not have the same accessibility but there’s better data to

“That’s like going to a restaurant and [the waiter] saying that they’re going to bring you hot and fresh food … like that’s what you expect. You can’t go up to a realtor and say that you’re a great guy and would like a shot at their business.” That’s why Grossman says that it’s important for the newer and younger LOs to find ways to show their value. Grossman says that he always tells loan officers to stay in touch with their databases, as it’s proved to bring him

“I used to do open houses to meet borrowers and agents … but the old-school way of walking into a real estate office?

That world doesn’t exist anymore.” > Steve Grossman, owner, NJ Lenders Corp.

attention to detail, discipline, and good follow-up,” he noted. “The gifted [LOs] can call 10 people and get five loans, but some people have to call 100 people for three loans. Natural salespeople will win. Top originators have built those databases and have been consistent with calling, emailing, marketing to, and coordinating in person. That model hasn’t changed from 1990.” Grossman says that like Buehler, he’s keen on the old-school ways of doing business and marketing himself. “Back then, you had a designated town and you tried to connect with all the local Realtors. It was before the internet and cell phones,” Grossman explained. “It was office presentations, buying the bagels, sending postcards, newsletters, and mailers to stay in touch.” Although those traditional marketing methods have aged, Grossman says that the value of being in-person won’t fade in the business. “What became harder is that over the years between technology and covid, fewer agents physically come into an office,” he said. “I used

know who the players are,” he explained. On the flip side, Kirby simply misses the days of in-person meetups and a boots-onthe-ground approach to generating leads. “Doing everything over the phone is nice but you don’t get the same connections,” she said. “This used to be a handshake, in-person type business.” Kirby said that what got her the best results was getting herself out of her comfort zone to establish referral partners. “With every transaction brought an opportunity to touch four people at a minimum and I had to be good about keeping all those people informed,” she said. “I used to seek out top performers and ask to be introduced to them because when those people trust you and others see that, they’ll be encouraged to do business with you.”

RISING ABOVE THE YOUNGSTERS

rossman says long gone are the days of showing up to realtors and saying that you can close their loans on time and that you have great rates. “That’s your job,” he said bluntly.

continual success in the business. But he’s also learned that seasoned industry pros like him can’t ignore what the youngsters bring to the table. “I can be at a ski chalet and run a customer’s credit and send them preapproval on my phone,” he said. “I don’t have to run back to my office or wait three hours for a credit report now. Technology has made this job easier, but at the same time, people now want — and expect — immediate results.” And to compete with the younger generation, Grossman says that there is an expectation to be in constant contact with clients. “Technology puts handcuffs on you but also gives you freedom. The freedom is that you don’t necessarily have to be in an office, but the handcuffs are you’re expected to respond nearly 24/7,” he explained. “At the end of the day, it will always be a relationship business. And while accessibility is harder, information now is better than it was when I first started in the industry … and if you leverage it, you can use that to your advantage.” n

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

KNOW IT ALL.

Way more than a magazine. Stronger Stories We discuss the issues in the industry others may be too wary to touch, and we never let advertise relationships affect our stories.

Hands-On Advice Find actionable advice from professionals across the industry with tips to further your career, grow your business, and more.

Industry Insights Don’t just read the news — understand it. Find insightful articles from leading industry voices to help digest all the changes in the industry.

O RIGIN ATOR TEC H RE SOU RC E GU IDE

WH OL E SAL E L E N DER RE SOU RC E GU IDE

wemlo

Boca Raton, FL Area of Focus: Loan Processing Third-party processing service, wemlo, empowers mortgage professionals through transparent, flexible, and efficient loan processing. To better serve our customers and their borrowers, wemlo proudly offers processing support in 47 states (plus Washington DC) for more than a dozen loan products including Conventional, FHA, Jumbo, VA, and Non-QM. wemlo.io (866) 523-3876 info@wemlo.io Licensed In: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, VT, VA, WA, WV, WI, WY

ACC Mortgage Rockville, MD

ACC Mortgage is the oldest NonQM 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

Newfi Wholesale Emeryville TX

DSCR, Bank Statement, 1099, Asset Depletion, Buydowns, Full Doc Non-QM

Zero 1 Solution LLC Stockton, CA

Area of Focus: Software 1Solution Mortgage allows you to Originate, price a loan scenario with proposal, CRM, Marketing and more … • Scenario • Communication • CRM • LOS

• Essentials • Marketing • HR

1smtg.com (888) 458-0650 info@1smtg.com Licensed In: All U.S. States, U.S. Virgin Islands

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Find the full Originator Tech list on page 93

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Helping the

H.E.L.P.E.R.s

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Federal bill poised to open up market to more teachers, first responders

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

eady to increase loan volume? The market could soon be awash in red, white and blue as millions of new, civicminded borrowers await the expected passage of a key piece of federal legislation.

WHAT IT MEANS

The Homes for Every Local Protector, Educator, and Responder (HELPER) Act was designed to help public servants reach their goals of home ownership in the communities they serve by eliminating barriers to affordability. This legislation expands the National Housing Act, the law that first established the Federal Housing Administration (FHA) in 1934. It creates a one-time-use, FHA-sponsored home loan program for law enforcement officers, firefighters, Emergency Medical Technicians (EMT), paramedics, and pre-K through 12 teachers who are first-time homebuyers. Those eligible would receive 100% Loan-To-Value (LTV) financing (no down payment, excluding closing costs) with no monthly Mortgage Insurance Premium (MIP). Buyers will still be responsible for FHA’s upfront MIP at an increased rate of at least 3%, in accordance with adjustments made by the Secretary of the Treasury. More than five million Americans work in HELPER Act professions, according to 2023 data from the Bureau of Labor Statistics, Bureau of Justice Statistics, and National Center for Education Statistics. That equates to a lot of potential new borrowers.

WHERE IT CAME FROM

The HELPER Act was originally introduced in May 2021 with bipartisan support, but expired in the last Congress. It was reintroduced to the 118th Congress in May 2023, as H.B. 3170 by U.S. Reps. Bonnie Watson Coleman (NJ-12) and John Rutherford (FL-05), and S. 1514 by Sen. Marco Rubio (R-FL). “This is a program that uses the FHA’s Mortgage Insurance Fund to help create

more homeowners in our community’s heroes,” said Dan Green, CEO of HomeBuyer.com, which exclusively serves first-time buyers. “In the last Congress there were about a dozen bills targeting [first-time homebuyers] and they all reached various forms of discussion. When we look at the HELPER Act in particular, one thing that makes it stand out from other bills that have not come out of Congress is the large number of cosponsors,” Green

in full-time employment acceptable and most significantly, limiting loan eligibility to FTHB only. LOs might educate themselves on the program requirements and affordances, especially since first-time homebuyers comprise a large portion of the home lending pie. “It’s a specific niche; they come with their own set of questions and have different needs than a repeat buyer or investor,” Green pointed out. “There are so many ways that LOs can be helpful. The best way is to be educated and to show some empathy for the unique challenges a lot of [first-time homebuyers] are having at this time.”

GRATITUDE WITHOUT GRATUITIES

> Nathaniel Bittman, President, Florida Association of Mortgage Professionals

continued. “It is a bipartisan bill; it has a lot of momentum; it’s adding more co-sponsors, and it’s a common-sense program. This may not be the only bill for [first-time homebuyers] that makes it through Congress, but we think this is going to be the first one to get a vote and very likely — the first one to pass.” The program is set up to essentially be self-funded without the need for taxpayer dollars — perhaps another reason it has garnered widespread support.

FIRST-TIMERS ONLY

The main differences between the original 2021 bill and the HELPER Act of 2023 is the addition of tribal governments to the eligible employer list, making gaps

The Florida Association of Mortgage Professionals (FAMP) has been behind the HELPER Act since it was first introduced. FAMP Chairman of Government Affairs Mike Pearson is following the progress of this and other state and federal bills closely. He’s hopeful about the HELPER Act moving forward — not only due to its growing support but due to the fact that the necessary framework is already in place among federal statutes. HUD’s Good Neighbor Next Door (GNND) program also serves borrowers in these groups, although it is exclusive to HUD-owned properties. One commonality is that both programs serve borrowers who tend to earn more heroic accolades than they do good salaries. “As a husband of an educator, I can tell you the work they do versus the salary they are paid is sometimes out of balance,” Pearson said. “Working on a public salary in high-income areas can make it difficult to afford financing in those markets. We’ve talked to firefighters who have to drive into the communities they serve from hundreds of miles away from where they live. That’s very unfortunate. Eliminating some of the barriers to entry — the down payment and monthly mortgage insurance premium — can assist to get more first responders into the

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

“This is a program that uses the FHA’s Mortgage Insurance Fund to help create more homeowners in our community’s heroes.” > Dan Green, CEO of HomeBuyer.com

neighborhoods they serve.” President Nathaniel Bittman says FAMP’s 1500-plus active members have concerns about affordable housing and rising insurance costs, both of which this proposal addresses. “We have a surmounting number of people moving into the state of Florida,” Bittman explained. “We are facing some challenges with infrastructure and density so it makes it very difficult to commute into denser markets, and housing has become a challenge in terms of affordability. A program like this helps to protect our environment, protect our streets and helps with the commute some of our professional servicers need to get within close proximity of their service areas.”

MORE HAPPY HOMEBUYERS

Giving potential borrowers an incentive to invest in their future is always a good move. “I like to read about people who didn’t think they could buy a home and found the resources available to get past their obstacles,” Green said. “There is a lot of inertia that keeps people out of homeownership … it has to be a purposeful move to go and buy a home.” The HELPER Act could be the catalyst for homebuyer-hopefuls to cement their decision in concrete and hop on the road to closing on their first home. HomeBuyer.com is already putting resources on its site to direct folks to pertinent information about the bill, according to Green. “We lead with information and content as a lender,” he said. “This is a necessity; our community needs it,” Bittman said. “It doesn’t matter which side of the aisle you sit on — this has a lot of bipartisan support.” n

>M ike Pearson, Chairman, Florida Association of Mortgage Professionals

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

VALVO VS

BERMAN E X C L U S I V E LY O N

PR O D UCED BY NMP F OR T HE INT ERE ST

FE AT U RING VINCE NT VALVO & ANDREW BERMAN T UNE IN E VER Y MONDAY F OR A NE W ROUND.

SEATTLE | SEPT. 19, 2023

Events for mortgage brokers & originators. Connecting you to the story of your success. We want every broker and originator to feel empowered, informed, and connected to the resources needed to develop your career. The Originator Connect Network, the nation's largest producer of mortgage events, is about fostering a community founded on professionalism, collaboration, and personal and professional growth.

To find the next event nearest you, visit: O R IG IN ATO R CO N N ECTN E TWO R K.COM

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

DENVER | OCT. 11, 2023

SAN FRANCISCO/OAKLAND SEPT. 12, 2023 NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Teachers & Coaches Are Ripe For The

g n i k c i P 56

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

Great originators and business leaders come from classrooms and sidelines

BY KATIE JENSEN, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

he mortgage industry is a mish mosh of individuals who come from various backgrounds and have somehow stumbled into this career. Many of whom have never worked in finance or sales prior to joining the industry, which, some will argue, is a better way to get started. That includes Christian Plocica, co-owner of VIP Mortgage Group. Plocica was formerly a physical education teacher, a behavioral specialist, and a high school sports coach before becoming an originator in 2012. Only a few years after joining the industry, he became a top producing originator. He now runs a brokerage consisting of only five loan officers, that has generated more than $22 million in origination volume over the last 12 months, according to Modex. “I’m not a salesperson,” Plocica said. “I’m here to educate and inform. Sometimes people ask, ‘Don’t you miss being a teacher?’ No, because now I get to educate adults on the process of buying the biggest investment of their life.” Teaching and coaching seems far from the realm of sales, but that’s exactly the point. What many seasoned originators come to realize is this industry is not about selling, but about developing relationships with people. That is why people like Plocica and Milner believe that those who come from other relationship-based careers are better equipped to be mortgage professionals than people who have a sales background. Steven Milner, CEO, founder, and president of US Mortgage Corporation, was once a teacher who wanted to become a principal. In 1981, he began originating mortgages as a side hustle, but discovered he was quite good at it. Five years later, he decided to become an originator full time and started a brokerage firm in Bayside, N.Y. By 1990, the company had become one of the fastest growing brokerage firms in the Empire State. Later, Milner made the decision to start his own independent mortgage bank and, in the past 12 months, his company originated nearly $500 million in loans. Milner is able to develop a close connection with borrowers, referral partners, and prospective employees by getting their whole story, not just the mortgage and rate they want. Every time he asks where they have been, where they are now, and where they are going.

“I’m very much focused on what I can do to help them get to where they want to go,” Milner said. “To help them feel comfortable about telling me their story, I tell them my story first.”

BETTER EARNING POTENTIAL

ilner’s story begins in Long Island, N.Y., in a community called Brentwood. In the 1970s, he began teaching at his former elementary school. After earning his Master’s degree in mathematics, he went on to teach math in grades seven through twelve. “I really loved it,” Milner said. “I started teaching math from grade seven through twelve. That included consumer math, algebra, geometry, trigonometry, advanced calculus, and so on. But I was making maybe ($6,000) or $7,000 a year.” Despite having a passion for teaching, Milner could not tolerate the meager teacher’s salary. Studies show that the same frustration is felt by many educators today. A nationwide survey from the National Center for Education Statistics shows that 55% of public school teachers are unsatisfied with their salary. There aren’t many ways teachers can increase their salary unless they change school districts or obtain a higher degree. One projection from Pepperdine Graduate School of Education and Psychology is that teachers with Master’s degrees can expect a 10% to 15% average increase in earnings compared to those with only a Bachelor’s degree. But this varies depending on the subject being taught, the amount of teaching experience the person has, the location of the school, and the school district’s policies. But while Milner was teaching and pursuing higher degrees, he also met the love of his life, got married, bought a house, and started a family. His wife, Andrea, needed to stay home and take care of their newborn, so their $30,000 household income was cut in half to $15,000.

MAKING UP LOST INCOME

ilner learned he could apply to be principal of the Brentwood High School if he obtained a doctorate, so he continued his education to get a PhD in mathematics. “So I did anything I could to make up the income we had lost,” Milner said. “I coached all the different sports in high school. And the school district gave me tutoring jobs … I would teach from house to

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

This industry has given me opportunities that I thought I would never, ever be able to achieve.

I tell people, I’m just a kid from Brooklyn, [had a] single mom, had a tough life. I’m a survivor. > Christian Plocica, co-owner of VIP Mortgage Group

house for $1.25 an hour.” Milner also got involved with some multi-level marketing companies like Amway and Shaklee, which he referred to as pyramid schemes. Milner bought a bunch of cleaning products from Amway and vitamins from Shaklee, hoping to sell them all off and make a small profit. But Milner wasn’t a salesman, and soon every closet in his house was filled with his unsold inventory. “We were building up a lot of credit card debt, just trying to survive,” Milner said. “Then I went to refinance my house to consolidate my credit card debt. And that’s when my life changed.” The loan officer took out a 1003 and

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

interviewed him on his income, assets, and credit history. The arithmetic she did to thoroughly comb through Milner’s financial situation was nothing he couldn’t do himself. So he began asking questions: how do you earn money at this? How much do you get paid? What’s a basis point? Then he went to speak with her sales manager who handed him a four-inch thick book called the Fannie Mae and the Freddie Mac Seller Servicer Guidelines, and began explaining what being an originator really means. “He explained to me that you want to try to develop relationships with people that have their own circle of influence — their own client base — such as Realtors, attorneys, financial advisors, accountants, contractors, and so on. And if those people ask where they can go for a mortgage loan, they would possibly refer business to you,” Milner said. But what really made Milner’s eyes twinkle was the commission he could earn. He learned, at the time, the average purchase price in Long Island was about $125,000 to $150,000, and the average loan size was $100,000. After being told he would make 12 and a half basis points on each loan, the PhD math wiz did a quick calculation and figured he would make $125 off each loan he closed. So if he could close eight loans per month, he’d make $12,000 to $15,000 in a year, which would allow him to pay off his family’s debt.

he was expected to get those troubled kids in order, his only tools were behavioral charts and positive reinforcement. Nonetheless, it was rewarding for him to see some of those students make progress. “Every industry has its challenges,” Plocica said. “You can only control the controllables.” He drew a comparison to what mortgage companies deal with in this industry, like not being able to control mortgage rates or the market in general. Similarly, teachers may lack funding or resources, which causes Plocica to say, “Make the best of what you have, [and] get creative.”

PROBLEM SOLVING

n 2012, Plocica was offered a new opportunity by a parent of one of the boys he coached for the high school basketball team. Brett Linquist, formerly the CEO of The Mortgage Firm in central Florida, offered Plocica a job. Similar to Milner, Plocica and his wife were building a family at the time, and he saw it as an opportunity to bring in more income. Same as before, Plocica had no idea what to expect in this new position. He was told he’d work as a dialer, calling up hundreds of people a day and setting up appointments for his boss. Instead, he found a stack of papers on his assigned desk and was told that he needed to help get a few loans closed. Linquist asked Plocica to source some deposits from a borrower. After asking a processor for GETTING CREATIVE some help and sorting through bank statements locica views new challenges as new to find the difference of a few thousand cents, he opportunities. So when the principal of presented it to his boss two hours later. English Estate Elementary recognized Impressed with his timeliness, Linquist asked, Plocica’s ability to connect with the kids in his “How’d you put it together?” To which Plocica P.E. classes and said he’d be perfect for filling the responded, “You asked me to do something. I did position of behavior specialist, Plocica readily it.” He was promoted to loan partner on the spot. accepted it. That’s when Plocica began taking on more of a Except, he had no idea what a behavior specialist leadership role where he would train the other two was or would entail. loan partners and assist with any difficult tasks. Plocica learned quickly, though, because on his Soon enough he became known as the go-to guy for first day he got a call from a teacher who said her answering questions and offering guidance. student was acting very disruptive, “rearranging” her Plocica graduated quickly from that position as classroom. So Plocica had to bring him to his office, well and became a loan originator. At first, the idea but the troubled student went ballistic again, swinging of transitioning from his comfy salary to a position a keyboard around, knocking things to the ground, that was 100% commission scared him, but it ended including Plocica’s “Teacher of the Year” awards. up being the right decision. At that moment, Plocica thought to himself, “My income doubled, tripled, quadrupled, because ‘I didn’t know this is what I was getting into.’ I was now able to do everything,” Plocica said. “It Eventually, he found that the key to getting through was the greatest thing to happen to me.” to those kids was by getting to know them and Being a natural problem solver, Plocica quickly their home situation. It required lots of time, effort, became one of the top producers in the company, energy, but most importantly, love, he said. entering an exclusive group within the company “A lot of the kids that I was teaching [their] parents deemed “circle of champions.” were in jail, were drug addicts, were living with their much older grandmother that just couldn’t be there, LEADERSHIP or were living in and out of a hotel … that was really, ilner’s primary goal is to keep the company really challenging,” Plocica said. solvent and profitable, which often means Unfortunately, there was nothing Plocica could do having to make hard decisions. to remedy the students’ family situations. Although “One of the hard decisions I made was not to do

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

I always feel that if it

doesn’t make sense, it doesn’t make dollars. > Steven Milner, founder and president of US Mortgage Corporation

any of those subprime loans as a banker,” Milner said. “At that time, when you did a subprime loan as a direct lender, the company made revenue equal to 6% to 8% of the loan amount.” For one $300,000 loan, a direct lender would make $18,000 to $24,000 in revenue, Milner explained. Before LO Comp was established in 2011, loan originators would get paid based on the gross revenue of the loan. So if the company had gross revenue of $18,000, the loan originator would make $9,000 on the loan. Yet, Milner could foresee some issues with the subprime loan. “I always feel that if it doesn’t make sense, it doesn’t make dollars,” Milner said. “They were given to borrowers who did not demonstrate the ability to repay the loan or the willingness to repay the loan. I just felt that [it] was going to create the demise of my company.” Instead of banking the subprime loans, US Mortgage Corp. would broker those loans out. However, an originator only makes two basis points for brokered loans. On a $300,000 loan, the brokerage would get $6,000 in revenue, and the originator would only

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

get $3,000 in commission. When asked why he didn’t disregard subprime altogether, Milner said his originators needed subprime products because they were in demand by so many borrowers. By brokering them out, the company incurred less liability rather than if they were banked. That is why many left his company to join brokerages on Long Island; some even went to their competitor just down the block that was paying originators $12,000 on every loan. Leading up to the market crash in 2007, brokers were raking in cash while many mortgage bankers were going out of business. In 2006, Milner nearly decided to close his company and move to a different occupation, but then decided on recapitalizing instead. “I wrote out a check for $3 million so that I could keep everybody employed and to develop a new business plan for the company,” Milner said. The new plan was to expand the company’s footprint throughout the country, since it was only doing business in New York as a banker and New Jersey as a broker. Holding onto the company ended up being a wise decision for Milner, since the housing market crashed in 2007. As evidenced by the implode meter that was posted online every morning, many of those mortgage bankers did eventually go out of business because of their subprime loans. As part of the new regulations put in place by the Dodd Frank Act, the Safe Act required loan officers to become licensed federally and for each state they plan on doing business in. This challenged Milner’s plans for expansion, but he muscled through. He elected himself as the licensed designee for US Mortgage Corporation, taking the 20 hour federal licensing education and national exam, as well as the one to eight hour state pre-licensing education and each state specific exam. It took Milner two years before he was licensed as an originator in every state, and the District of Columbia.

people or were the greatest at laying things out. You felt like you had this great rapport and then all of a sudden they went somewhere else. Get over it, because that’s gonna happen.” Adaptability is another vital skill for leaders to have. Whether it’s employees or students, Plocica believes a leader must adapt to different learning styles to achieve the best results. Considering that Milner has been able to sustain his company through thick and thin, he knows a lot about being adaptable to changing circumstances. The best safeguard to shielding his company against losses when the market changes is reinvesting in the company when the market is doing well. “I always say a tree doesn’t grow straight to the sun,” Milner said. “ I’ve been through every cycle, probably more so than anybody in the business. And I think that my philosophy has always been that I have to be prepared. And I have been able to give some of that money back. And I think that’s how we’ll get through this cycle.” “Do you know how to educate? Do you have this determination, this competitiveness to want to just achieve great things? And that is what I would look for in LOs and help unleash that greatness that they have.” And what do former teachers and coaches get out of it? A second chance at applying their skills and passion towards a career that could potentially be much more rewarding to them. “This industry has given me opportunities that I thought I would never, ever be able to achieve. I tell people, I’m just a kid from Brooklyn, [had a] single mom, had a tough life … I’m a survivor,” Plocica said. “I’ve been through it. But I’m here.” n

FINDING THE RIPE ONES

hen Plocica is interviewing prospective employees at VIP Mortgage, he doesn’t care what kind of background they have as long as it demonstrates skills that are important to being an originator. He explained how former coaches and athletes demonstrate great potential as originators and leaders because they are competitive and resilient. “You work harder. When your back is up against the wall, you puff your chest down and say, ‘Hey, I got this.’ You don’t, you don’t whittle down,” Plocica said. “It’s not always gonna work just because you informed

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

DATABANK

Purchase / Refinance Mix 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

3 11 1 11 3 20 12 1 20 12 3 20 13 1 20 13 3 20 14 1 20 14 3 20 15 1 20 15 3 20 16 1 20 16 3 20 17 1 20 17 3 20 18 1 20 18 3 20 19 1 20 19 3 20 20 1 20 20 3 20 21 1 20 21 3 20 22 1 20 22 3 20 23 1

Purchase %

Refinance %

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Fellow MLOs share their favorite drinks for those celebratory moments in their careers

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

hat better time of year to gauge the drinking habits of our loan officerreaders than the holiday season? Those who participated in a survey entitled CHEERS! had fun with the challenge posed, sharing their signature drinks, those poured when the closings are stacking up like hotcakes and what fills their glass when that big deal falls through. A handful of people who are not friendly with ethanol-based beverages

also chime in, offering up a few alternative ways to commemorate and maneuver the good and bad days of this industry.

THE NUMBERS

Sixty-five percent of survey participants say they celebrate closing a loan with a cocktail. Exactly one-quarter indicate there is some variation of bourbon in their celebratory/clear to close drink. Jameson Irish Whiskey and Old Fashioneds are mentioned frequently. Five say they rejoice with champagne;

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

two enjoy a “fine” or “nice” India Pale Ale (IPA) and three, red wine. Other answers include Two Hearted Ale, tequila, martinis and Long Island Iced Tea. Dennis Gilmore, senior mortgage broker with Treelight Mortgage in Denver, Colo. answers diplomatically with a “Whatever you are drinking!”

WHO’S DRINKING

Unless they’ve closed every deal in their portfolios without a hitch and never had a bad day at work, no LO is immune to office burnout. Maybe

“Not too dirty, just dusty.” > Dennis Gilmore, senior mortgage broker with Treelight Mortgage in Denver, Colo., on how he likes his dirty martinis.

catching flak from a competitor, a boss, a client, or the day itself, everyone has experienced the feeling of defeat. When they’ve “lost that deal” or are “burnt out from work” — the drink of choice among LOs varies as widely as their celebratory beverages.

Emily Wilson, president of Heritage Financial in Ojai, Calif., often chooses red wine or Jameson to celebrate a closing or lament a lost loan that fell through the cracks. “I love the complexity of red wine. You can have two bottles of the same

wine from different vineyards and they could taste completely different,” she tells NMP. “Wine changes as you drink it and it’s not the same on all palates. I love to simply enjoy wine, take my time with it and see how it evolves. This makes for a perfect celebratory drink. Relish in your accomplishments.” As for the hard stuff, this mortgage master contends that it’s good for the soul. “Jameson is just upfront and honest, like all good mortgage brokers should be. It’s good from the first sip to the last and is the perfect companion when you’re

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Big Apple Manhattan 2 oz. rye whiskey 1 oz. apple brandy 2 dashes angostura bitters Apple slice, for garnish Fill a pint glass or cocktail shaker with ice. Add whiskey, brandy, and bitters, then stir. Strain into a glass and garnish with an apple slice. > Recipe submitted by Curt Tiedeman, American Pacific Mortgage

Similar in his abstention after a hard day or losing a deal is Jacob Arko, account executive with Acra Lending in Irvine, Calif. Arko elects for H2O when times are tough. “Nothing to celebrate,” he says. “Back to the grind.” Elena Mata, LO with EMC Equity Mortgage Consulting, answers every occasion with tequila and nothing more. “We just do shots,” she says. Meanwhile, Barbara Goldman, an LO with Yellowstone Mortgage in Newport Beach, Calif., rejoices in good business with an Old-Fashioned and mourns a lost deal with a high-ABV, barrel-aged beer. Her signature drink? Rock ‘n’ Rye, which Whisky Advocate describes as “a blend of citrus and rye whiskey sweetened with crystallized sugar, sometimes known as rock candy.” > Curt Tiedeman, loan officer,

> Samantha Rizzo, mortgage loan officer,

American Pacific Mortgage

SmartLink Financial

sulking over a lost loan, interest rates, homeowners insurance in California, I could go on.” Wilson’s signature cocktail? The Blushing Bride — fresh watermelon juice, vodka, St. Germain, and a squeeze of lime. Her original recipe made its debut at her wedding and she’s been whipping it up ever since. “Keep it in your back pocket,” she says. “It’s easy to make it in big batches and it’s a real crowd pleaser.” Frank Audino, president of Fidelity

Capital in Larchmont, N.Y., has but one preference, in various quantities. His celebratory/clear to close drink is a shot of bourbon and his burnt out from work/lost that deal drink is a double shot of bourbon. His brand? Kentucky’s own Basil Hayden. Gilmore, the flexible finisher of deals, does not reward his losses. “No drinking is allowed under those circumstances,” he says. But when he is behind the bar, this broker is shaking up dirty vodka martinis. “Not too dirty, just dusty,” he clarifies.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

SOBERING UP

Answering anonymously, the person who comes to closings with a bottle of champagne for the new homeowners prefers to fill their own glass with Diet Dr. Pepper. And the one who would rather a Grasshopper Martini to the cookie, or a Froz-mopolitan to frozen yogurt? It’s not Samantha Rizzo, MLO at SmartLink Financial, whose after-dinner treats never skirt the line between dessert and drink. “Everyone likes to celebrate with little indulgences, and for me, that happens

> Emily Wilson, president, Heritage Financial

to be sweets,” says Rizzo, who is based in Utah. “I choose to be sober because I come from a traumatic childhood, so I don’t think alcohol would suit me well since I’ve struggled with my mental health in the past. With desserts, you get the same dopamine hit (and accompanying sugar rush) without any of the headaches, nausea, impaired judgment, or other side effects that alcohol might cause. It’s just pure, decadent, sweet, luscious goodness

that you’ll be able to relish and remember every celebratory moment.” Then there is Ramon Mendoza, a real estate investor with Real TX Home Buyers in Galveston, Texas, who appears to have a similar take on imbibing on the job. He responds to all questions on the CHEERS! survey with, “THE BIG JUG OF STRAWBERRY MILK!!” Lisa Toscano, a broker in Murrieta, Calif., says she sips coffee or water no

TRANSPARENT PRICING.

matter the occasion. Her signature drink recipe? “Put coffee beans in water.” That brings us to Curt Tiedeman, an Issaquah, Wash.-based LO with American Pacific Mortgage who also says he never toasts a closing with an adult beverage. “Maybe I should now since it is a ‘win’ with fewer closings,” Tiedeman says. When work gets taxing, he too takes a different tactic. “I don’t get upset when I lose a deal if I know that I did everything possible to keep it — that is a go-workout-hard- versus gohave-a-drink-event,” he tells NMP. Outside of work, his go-to summer drink? A gin and tonic. Times have changed for MLOs and business people in general. The threemartini lunch doesn’t happen as often as it used to in the working world. Take it from Tiedeman, who doesn’t dip his paycheck in the hard stuff much anymore. “Many of my agents don’t drink and it is too risky to drink and drive,” he explains, adding, “It’s no fun anymore! I miss the old days!” n

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BIJAN FARASSAT 1. 1–2 family and condo purchases and rate and term refinances – primary residences. | 2. On primary residences. (LTVs apply). | Terms and conditions subject to change without notice. Loans subject to credit approval. | © 2023 Ridgewood Savings Bank. All rights reserved.

(917) 731-4870 bfarassat@ridgewoodbank.com NMLS ID# 646654

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

Melinda Maloney,

Assistant Vice President, Business Line and Field Marketing

ServiceLink congratulates Melinda Maloney on being named a 2023 National Mortgage Professional 40 Under 40!

Melinda Maloney’s deep understanding of the mortgage tech landscape, marketing smarts and empathetic leadership style make her one of the industry’s top 40 Under 40 to watch. Thank you, Melinda, for all that you do to move the industry forward! ServiceLink congratulates you on this well-deserved honor.

Learn more at svclnk.com

40 UNDER 40 SPECIAL AWARDS SECTION

2023

RECOGNIZING THE 40 UNDER 40 UNLEASHING THEIR TALENTS NATIONAL MORTGAGE PROFESSIONAL SALUTES THE MORTGAGE INDUSTRY’S RISING STARS

n every profession, the future is written by the next generation. They bring fresh perspectives and new energy. The young deliver a point of view unhindered by dogma nor constrained by convention. We all know young leaders inspiring others through their professionalism and accomplishments. NMP Magazine asked for your nominations and you came through with a diverse and talented selection of 40 people truly unleashing their talents to better the mortgage industry. Honorees were selected based on their industry contributions and impact. Some are already top executives while others should quickly see their careers headed there. Congratulations to NMP Magazine’s 40 under 40 winners for 2023. We know you will be impressed with these young professionals as much as we were. / > 40 Under 40 honoree, Tariq D. Bailey , 40, Branch Manager, MortgageDepot

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

PATRINA AMATO , 31

AKSHAAN ARORA , 35

VP, Lending Support

SVP - Capital Markets

UNITED WHOLESALE MORTGAGE

PROSPERITY HOME MORTGAGE

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

One of my long-term career goals is to aid in the continuous growth of the broker channel. It has been a source of pride to see independent mortgage brokers gain market share and I want to continue to contribute to that growth. It’s vital to find ways to support mortgage brokers whenever possible. Innovating current products to meet today’s needs while creating new technology to address the needs of the future ensures that brokers are put in the best position to succeed. Another long-term goal is to help as many team members as possible grow. I would not have been able to reach the point where I’m at if it wasn’t for those around me who were willing to show me what the path to success looks like. I want to pay it forward and help build the next generation of leaders. In what ways do you see yourself contributing to the future of your industry or field?

I want to remain at the forefront and act as a driving force for the way our industry transforms and evolves. Likewise, I want to help UWM team members grow in their careers; empower them to challenge our processes and think of better ways to close loans easier and faster. The more minds we have thinking of ways to improve, the better we can grow the industry together for UWM and mortgage brokers alike. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

What motivates you to excel in your field, and how do you stay inspired and driven?

I find motivation in the ever-evolving nature of our industry. Mortgage markets are dynamic, influenced by economic shifts, regulatory changes, and technological advancements. This dynamism fuels my drive to stay at the forefront of our field. Staying competitive in this environment demands continuous learning, adaptation, and innovation. It is this constant challenge that keeps me inspired. Moreover, I draw inspiration from my colleagues and mentors in the mortgage industry. I’m fortunate to be surrounded by a community of professionals who share their experiences, insights, and enthusiasm, pushing each other to raise the bar. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Innovation and creativity are integral components of my approach, and I consider them essential to my success. I foster a culture of innovation by encouraging team members to share ideas and be open to experimentation. Innovation can come from anyone at any level, so I ensure that all voices are heard and ideas are considered. Collaboration is key to driving innovation. I encourage cross-functional teams where employees from various departments work together. This diversity of perspectives often leads to more creative solutions especially when dealing with complex challenges. When we try new approaches and they don’t succeed, we analyze what went wrong and apply those lessons to future endeavors. /

40 UNDER 40

2023

TARIQ D. BAILEY , 40

CHELSEA BALAK , 32

Branch Manager

Vice President of Operations

MORTGAGEDEPOT

WEMLO

What motivates you to excel in your field, and how do you stay inspired and driven?

What motivates me to excel in my field is my inherent competitiveness and a constant desire to be the best version of myself. Complacency is the antithesis of my approach to work. I am driven by the need to accomplish more, to surpass my own previous achievements, and to avoid settling into a routine that might hinder my growth. This restlessness fuels my determination to excel. Additionally, I maintain a supportive network of peers and mentors who provide encouragement and share insights. Collaboration and sharing ideas with like-minded individuals invigorate my creativity and drive. In what ways do you see yourself contributing to the future of your industry or field?

Mentorship and Education: I aim to impart my knowledge and experience to the next generation of MLOs. My focus is on instilling in them the essential perspective of viewing each loan scenario as a broker would and emphasizing the client’s journey towards successful homeownership. Comprehensive Problem-Solving: By sharing my strategies for comprehensive problem-solving with aspiring MLOs, I can equip them with the skills and mindset needed to overcome challenges and find creative solutions. Innovation and Technology: By actively adopting and integrating state-of-the-art technologies, I can play a pivotal role in simplifying procedures, boosting operational efficiency, and elevating the overall quality of customer interactions. /

What motivates you to excel in your field, and how do you stay inspired and driven?

I grew up in a family of strong Italian women, each successful in their career path. It has been important to carve my own path while still adding to our overall legacy. I have allowed myself to step out of their shadows and excel in the mortgage industry. I stay inspired through coaching and networking. I love to mentor new managers or provide perspective for seasoned leaders.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Pivoting is a skill that I love to flex. I really learned how to do this when wemlo was in the startup phase. We would test a theory, gather data on it, and if the process wasn’t successful, we would make changes. I learned how not to be tied to a process but rather its outcome. If you define success based on the result, finding the right path becomes easier. The ability to adapt becomes easier if you stay up to date on what is happening in the market. In what ways do you see yourself contributing to the future of your industry or field?

I am a big proponent of visionary leadership and will continue to instill that in anyone I have the opportunity to mentor. I love to “ask what if,” and challenging the status quo will only bring the mortgage industry to higher levels. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

JONATHON BARNES , 39

JAY BIRONG , 37

President

Chief Information Security Officer

VANDYK MORTGAGE CORP.

XACTUS

What motivates you to excel in your field, and how do you stay inspired and driven?

People. The people you surround yourself with are the difference between average and excellence. Ensuring that I am never the smartest person in the room and continuing to live in a mindset of curiosity. I want to see those around me be given an opportunity to realize their dreams.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Networking with those in the industry and engaging with a number of industry groups and committees are still the best ways to stay informed of what’s going on across this industry. The adaption piece is entirely about staying away from the concept that “this is the way it’s always been done” is how business is done. Being able to pivot quickly with a decision and take action are essential in being able to survive and thrive in today’s market. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Too often we look to technology to be the motivation behind innovation and creativity. Technology is there to make the user better and more efficient, not replace them. Every day, I ask questions, not to challenge what’s being done, but to understand why it’s being done and try to find a new, more efficient way to the same or better result. I welcome feedback and criticism, these are the things that influence innovation and creativity. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

What motivates you to excel in your field, and how do you stay inspired and driven?

Knowing what’s at stake in protecting such sensitive data helps me keep my eye on the ball.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

The information security community is fastmoving and highly collaborative, and as such, social media platforms like X and Mastadon are extremely valuable. Threat actors and the available tools and tactics move at what seems to be light speed, so it’s helpful to see how others have found success and failure.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

Over the next few years, I aim to continue to spearhead the development and implementation of information security and data protection protocols to help ensure that Xactus’s products are not only industry-leading in capabilities but also fortified against the future threat landscape. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

In many cases, implementing controls from a technical perspective is not the challenging part, but rather designing controls to meet and exceed requirements while also protecting the experience of our employees and customers. Thinking outside of the box and challenging the status quo are critical parts of that design process. /

40 UNDER 40

2023

LAUREN BLACKBURN , 34

SAMANTHA BOWIE , 37

Director of Marketing

Senior Loan Officer

AMERICAN FINANCIAL RESOURCES

FIRST HERITAGE MORTGAGE

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I regularly talk with home buyers, home sellers, and industry professionals to gain insights into their experiences, needs, and the challenges they face. This helps me keep a pulse on the market, understand evolving trends, and identify areas where improvements are needed. By staying connected and learning from those directly involved in the housing market, I can respond effectively to changes and better serve the community. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Innovation and creativity are paramount, both within my position as marketing director and within the mortgage industry as a whole. These factors play a crucial role in success because they enable us to provide unique financing solutions as well as be creative in expanding our reach. Both creativity and innovation come into play when addressing the diverse needs of families and making home financing solutions more accessible. In what ways do you see yourself contributing to the future of your industry or field?

I see myself contributing by driving positive change and helping to highlight affordable housing solutions to families. By collaborating with likeminded organizations and advocating for housing accessibility, I hope to inspire others in the field to prioritize the well-being of families in need. Through these efforts, I envision a future where housing is more inclusive. /

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

This is another reason why I love my job. It’s never boring and always changing. Knowledge is power, and I dedicate myself to learning something new every day. You will always face obstacles in this industry, and I love turning them into opportunities. My motto for years has been “doing what others cannot,” and one of the main reasons is knowing there is a solution to every problem. Additionally, I love to read and learn. You must be a guideline expert to find solutions. I love attending as many conferences, trainings, and lunch & learns as I possibly can, which allows me to see where the market is going and adjust accordingly.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I plan on opening my own branch in the next year and hiring a few more loan officers to join my team. My long-term goal is to focus on business development. I love being able to grow my builders’ and Realtors’ businesses, which in turn grows my team’s business. I will add one new builder per year to become their preferred lender and assign different loan officers on my team to those new accounts. I believe you will see the construction-to-perm business pick up in the future, and we are experts in that currently, which will open many doors for us in the future. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

PJ CRESCENZO , 26

JONATHON HADDAD , 32

Vice President of Sales

President

APM — CAROLINAS

NEXT DOOR LENDING

Short Bio:

Responsible for overseeing all aspects of production, operations, & marketing as the Vice President of Sales. PJ is a system-driven leader & has helped multiply production for the APM Carolinas division exponentially over the last 4 years. Significant Industry Contributions

Contributed to the development and implementation of sales strategy and file follow practices for a top 10 national lender. Additionally, PJ has been a featured guest on Mortgage Marketing Radio and involved with the Real Producers Organizations in several South Carolina markets. Why does this person deserve to be recognized as one of this year’s 40 Under 40?

In a short career, PJ has succeeded at a high level as a loan officer, sales leader, and developer of new mortgage talent. He has shown a desire to give back to both mortgage professionals and potential homeowners. PJ has developed a culture of changing lives by working with clients everyone else has overlooked. Many of his customers are the first people in their families to accomplish the dream of homeownership. He is truly changing lives and communities. Area of Expertise:

Originations (Volume or unique approach) Technology Community Participation Industry Participation /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

What motivates you to excel in your field, and how do you stay inspired and driven?

I just had twins and that has completely changed my life. What inspires me the most is the thought of being 80 years old one day and my kids or anyone asking me how my life was. I work hard to ensure I never have to lie whenever someone asks me that question when I am older. How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

The more events you can attend, the more you learn. Being in the trenches with your people is the best way to stay on top of all the changes.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

In the next five years, the goal is to be a consistent top five mortgage broker in the country. In the next 10 years, I would love to go after my dream, which is public speaking. In what ways do you see yourself contributing to the future of your industry or field?

I want to be known as a workhorse who is relentless and gives back to the broker community. I believe I will contribute my resources to the entire broker space. Contributing and providing value takes time, but as I was taught by my mentor. “Changing people’s lives starts with one person at a time.” That is the approach I will have with everyone I come in contact with. /

40 UNDER 40

2023

MOLLY HOSKINS , 38

JANE HUGHES , 30

EVP, Client Experience

Director, Community Investment

CLASS VALUATION

NEWREZ

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My primary goal is to refine our operational processes to provide the best possible client experience to our lenders and client users. Class Valuation has been active in the M&A world! We have many talented leaders and team members from successful businesses we have acquired, and I am excited to meld practices and talents into the best organization possible. I gained valuable experience from my former company working with the technology groups in writing business logic for operational tools for QC Review, USPAP Compliance, and even order management software. We have incredible tech and data resources in-house, and I am excited to play a role in the architecture of new tech tools and platforms here at Class. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I set aside time for creativity and strategy. I block it off and protect it in my calendar just as I do with meetings and projects. I use this time to read industry and market updates, connect with peers and mentors, brainstorm, mind map, and look out toward the next three to six months. I also let my mind wander as I’m doing menial tasks such as laundry or vacuuming. I let the ideas flow, and it feels efficient as I’m multitasking. I find that being creative is essential to my work. /

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My long-term career goals are an extension of what I’m doing now, but with greater consequence. The challenges before us are significant, including but not limited to the stock of affordable housing and accessible lending, increasing diverse representation of mortgage professionals and homeowners alike, and fortifying homes for climate resiliency. Solving them takes commitment and cooperation between the major players in our industry as well as public-private partnerships. I see myself continuing to build those relationships and do the work that achieves measurable progress in solving these challenges. In what ways do you see yourself contributing to the future of your industry or field?

I’m a relationship-builder at heart. Rarely does an employee, a nonprofit partner, or a community leader not receive an invitation to get more involved with our programs or an introduction to someone with similar interests. Investments into these key relationships result in improvements to our shared future. Again, I believe the future of our field, and my niche within it, is in the impact that the mortgage industry can make on some of the most pressing issues for our time — affordable housing, equitable and inclusive wealth-creation, and sustainable communities. To do that, we need to become true partners to our customers and communities beyond the mortgage loan ecosystem to support and build vibrant communities across the country. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

MARK ILLUSTRATO , 32

CAITLIN JERGER , 34

Vice President

Loan Officer

HARTFORD FUNDING LTD.

ACADEMY MORTGAGE CORP.

What motivates you to excel in your field, and how do you stay inspired and driven?

I’ve always taken more joy in other people’s success rather than my own. Whether I am on the ball field or in the office, seeing my teammates succeed and achieving our goals together is an incredible feeling. Also, in difficult times like these, I take time to step back from the daily grind and realize what the result of our hard work is: helping people achieve their homeownership dreams. Being a small part of a big achievement in someone’s life is something I take pride in every day. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

If you’re not growing, you’re shrinking. And to sustain growth, you must think outside the box and generate unique ideas to not only separate yourself from others but also create an edge. I am constantly trying to find ways to help our company stand out, increase brand awareness, and develop new business. Change is good. Can’t be afraid to be different. In what ways do you see yourself contributing to the future of your industry or field?

As I continue to become more knowledgeable in our industry, I’d like to eventually pass that down to others, share my successes and failures, and help mold the next generation of mortgage bankers. I have my share of mentors, and one day I’d like to pay that back. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

In what ways do you see yourself contributing to the future of your industry or field?

I see myself contributing via mentoring, promoting financial literacy, and fostering inclusivity and diversity within the industry. I’m dedicated to shaping the future of our field through educational initiatives that encourage accessibility and equitable financial knowledge. To make financial literacy more approachable, I’ll employ various methods, such as gamified learning experiences, interactive workshops, and the development of user-friendly educational content. These strategies aim to break down complex financial concepts, ensuring that people from all backgrounds can comfortably navigate the world of finance. How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I keep a keen eye on financial news and the bond market … and engage with a network of peers eager to learn and share insights. Equally important is my willingness to try new strategies and pivot when the industry evolves. This adaptability is key to staying competitive and relevant in the ever-changing mortgage market. Furthermore, I actively engage with a network of peers who share a passion for learning and knowledge sharing. Collaborating with likeminded individuals, whether through events, forums, or professional associations, allows us to exchange insights and best practices, keeping our collective knowledge current. /

40 UNDER 40

2023

KAT KEETON FLANAGAN , 37

LINDSEY KUHNLE , 37

Senior Director of Customer Success

VANDYK MORTGAGE CORP.

SAGENT

What motivates you to excel in your field, and how do you stay inspired and driven?

The infectious energy that’s created as our in-house teams work alongside our servicing customers keeps us all driven and moving forward in the right direction: toward building the future of mortgage servicing together. Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I want to grow and deepen Sagent’s relationships with its servicing customers, ensure Sagent’s cloud-native servicing platform reflects the challenges of those servicers, and continue to build our strong internal culture. I also want to continue to find new ways to effectively connect with customers. Since I’ve been at Sagent, we’ve added more intentional, frequent, and remote-friendly touchpoints. That’s already helped us increase attendance at events, craft more impactful messaging, and grow our network of customers over the last 12 months. In what ways do you see yourself contributing to the future of your industry or field?

The future of mortgage servicing will require freedom of data, and I will ensure that’s reflected in every product decision that we make. Servicers deserve access to their own data because that helps them empower and understand the complex journeys of the borrowers they serve. /

Lending Operations Manager

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I thrive on the rapidly changing landscape. It’s one of the very things that made me fall in love with what I get to do every day. Change in our industry is one of the only consistent things. From our partnerships with the agencies and PMI companies, the additional trainings and resources they offer to our AI technology that is advancing every day, the knowledgeable team members that share their expertise, and social media are all ways that I continue to grow, be challenged, and adapt and help others to do the same. A key concept is not staying in a “this is how it has always been done” mentality and looking at the how and why.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

When I started in 2008, I had no knowledge of the industry at all. By 2009, I was sitting in our now-acting CEO’s office, telling her that I wanted to be her someday. My goals then were to absorb as much knowledge to continue to grow and advance. Over the last 14 years, I have realized that my goals are also to have a team and be a part of a team that is poured into as I have been poured into. To help the next receptionist who wants to become a CEO believe in themselves and realize those goals. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

PETER KURUC , 39

VICTOR KUTNETSOV , 37

Vice President of Wholesale Operations

Managing Director & Co-Founder

AMERICAN FINANCIAL RESOURCES INC.

What motivates you to excel in your field, and how do you stay inspired and driven?

There’s no better feeling than knowing you’ve played a part in turning someone’s dream into a reality. The awareness of the impact we have and the trust that clients place in us with their most significant investment is what keeps me driven, motivated, and committed to consistently delivering the best service and solutions.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Staying informed and adapting is key. This involves subscribing to newsletters, following industry announcements and webinars, engaging with industry experts, attending conferences, and committing to continuous learning. Staying up to date with new information is crucial in our dynamic field. Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My long-term career goals revolve around my continued dedication to American Financial Resources, where I have proudly contributed for over 19 years. Additionally, I aim to maintain my success as an approachable leader and mentor, fostering the growth of a successful team, enhancing productivity, and streamlining mortgage processes through the adoption of technology. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

IMPERIAL FUND

What motivates you to excel in your field, and how do you stay inspired and driven?

Number one is — I love what I do. This country gave me an opportunity to do what I wanted, and I want to achieve as much as possible. With time, you grow, and so does your company. Every little milestone is an extra inspiration — the first rating agency review and approval, the first securitization, the first warehouse facility from a big Wall Street bank. These little steps inspire me to make bigger steps and drive me to keep pushing and keep achieving.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My goal is to become a top three residential mortgage bond issuer with a stellar performance record. I want to build a company where employees love to work and spend as much time working as possible, helping people across the nation to purchase houses and build their own version of the American dream through homeownership. In what ways do you see yourself contributing to the future of your industry or field?

Non-QM is something new to the mortgage industry, with less than a 10-year history. We would like to develop this asset class and contribute to positive changes in market standards related to it. Our company aims to be a part of the regulator decision-making processes on Non-QM regulation to help this sector of the market grow and evolve. /

40 UNDER 40

2023

GARRETT LOCKLEAR , 39

MELINDA MALONEY , 33

Founder & Senior Loan Officer

Assistant Vice President, Business Line and Field Marketing

LOCKLEAR LENDING & CANDID

What motivates you to excel in your field, and how do you stay inspired and driven?

A combination of my passion for innovation and advances in technology and the desire to make a real impact on the lives of homebuyers and mortgage professionals. As a loan originator, I’ve witnessed firsthand the challenges and complexities of the mortgage industry. There is an enormous potential for better experiences from having too many costly and disconnected technology platforms and inconsistent user experiences. This became the driving force for me to build something brand new The creation of CANDID, our mortgage marketing and sales technology ecosystem, was a pivotal moment. I’m a firm believer in the power of technology to transform traditional processes. Making the homebuying experience more transparent, cohesive, and ultimately more enjoyable for clients has always been a significant motivator. How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Continuous learning is at the core of my approach, always embracing the role of a student. The moment we start thinking of ourselves as experts is the moment we limit our potential. One must remain open to new ideas, technologies, and approaches. Managing multiple businesses while tending to newborns can make finding time to stay up to date with industry changes quite challenging. Nevertheless, I make an effort to carve out moments for engaging with new ideas and tuning in to podcasts whenever possible. Seeking feedback from clients and partners is also an essential practice. /

SERVICELINK

What motivates you to excel in your field, and how do you stay inspired and driven?

My team really motivates me. I work with a group of talented individuals who are committed to pushing and bettering themselves. They produce high-quality work. I also work at an organization that is committed to moving the industry forward from a technological standpoint. I’m constantly motivated to ensure my work complements the innovations put forth by our team.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

We are lucky in the mortgage industry to have a large lineup of strong organizations and publications that keep us informed, of which I’m an avid consumer. I also work with a lot of subject matter experts who have been in the industry for many years and are always happy to connect me with resources and the latest information. More recently, social media has become another great way to stay up to date.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I want to expand my knowledge of the mortgage industry and find new ways to market our latest technology offerings. I’m looking forward to supporting the professional development and growth of my team: they are so passionate about their areas of focus and help grow our organization. In a rapidly changing industry, I’m excited to help ServiceLink, our clients and my team continue to lead the way. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

GREGG MOORE , 30

SHARMEE PATEL , 40

Senior Vice President — Head of Loan Management

Chief Financial Officer

COREVEST

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

One of my main goals is to continue growing my career and taking on more responsibility within the company by leveraging the expertise I’ve gained. A priority of mine is to continue to absorb and learn from my colleagues as well as the leaders in the market and also mentor our next generation of leaders. In what ways do you see yourself contributing to the future of your industry or field?

One of the biggest ways I want to contribute is through using my position to help foster the growth of others and to be a mentor to those rising through the ranks in this industry. I have been very fortunate to be mentored by some great leaders and I think that is an extremely important role to play. I also want to look to leverage my unique and diverse background to bring new ideas and innovation to this industry. What motivates you to excel in your field, and how do you stay inspired and driven?

Every day presents a new challenge in the constantly changing real estate environment. I personally enjoy the creative process of building and enhancing workflows and processes. Early on in my career, I had an opportunity to work in multiple departments, which has allowed me to have a broader view and enabled me to contribute and improve workflow efficiencies company wide. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

THRIVE MORTGAGE

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

There are various resources I tap into regularly. For example, Google is my best friend! This also includes my mentors from previous lives, new mentors I’ve made within the industry, my business coach, and various reading materials, among others. As far as adapting to the rapidly changing landscape in the industry, I have learned to live within it. Being in a constant futuristic thinking mode has allowed me to flow with the hasty changes. It’s the only way not to fall behind.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I have recently achieved one of my most significant career aspirations: becoming a CFO. I am now at the beginning of my journey towards becoming the kind of CFO I envision. I believe that the role is not one-size-fits-all, and I’m excited to define my unique approach in this pivotal position. My background in accounting has provided me with a solid foundation, but I’m eager to expand my horizons by diving deeper into various facets of finance. I will take this opportunity to broaden my skill set, enabling me to make more comprehensive and insightful decisions. My goal is to identify innovative ways to interpret financial data and deliver analytical insights that empower the organization to make the best business choices. /

40 UNDER 40

2023

MATT PETTIT , 35

BRANDON POSNER , 28

CEO & Co-Founder

Director - Home Lending Revenue and Industry Insights

ARRIVE HOME

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Being in housing for the last decade, I have had a front-row seat on the rollercoaster ride that is the mortgage industry. My team and I pride ourselves on staying current on all the latest trends in the market and actively listening to the needs of our correspondent lenders. Honest feedback from our lending partners is a key factor in our team’s ability to create new products and programs that help the borrowers who are most in need of our assistance. Our team prioritizes meeting regularly with our correspondent lenders, and we encourage them to provide us with their honest feedback. In doing so, we have created some of the most unique down payment assistance offerings and non-traditional credit programs in the market today. Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My goal is to have the “Arrive Home” brand be the most well-respected and reliable affordable housing program available in the industry. My team and I have worked hard to create sustainable program offerings that will assist thousands of potential homeowners and, in doing so, change the face of the American Dream. A down payment should not be a roadblock to homeownership for responsible consumers. Our goal is to increase minority homeownership, decrease the racial wealth gap, and increase generational wealth through equity, one family at a time. /

PENFED CREDIT UNION

What motivates you to excel in your field, and how do you stay inspired and driven?

The market environment over the past few years has presented no shortage of challenges to solve for our members, and I’m grateful to have the opportunity to work with a team equally passionate about learning and evolving to better power our members’ dreams of homeownership.

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

As PenFed Home Lending evolves following the refinance boom, I am excited to grow with the institution and my team, helping shape a greater vision for what it truly means to be a PenFed member. Mortgage is a notoriously behind-intechnology, transaction-focused business, but at PenFed, our mission is to be a trusted advisor for our members along the entire journey of homeownership. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

In a high-rate mortgage market, it is easy to drown in the negative headlines. However, creating a culture of innovation and problem-solving through difficult times is no small task. I am fortunate to work for an institution where this culture is the foundation of every meeting and discussion, and to work alongside industry experts who utilize their decades of experience to creatively solve problems. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

PREETAM PUROHIT , 39

BRIAN RALSTON , 38

Head of Hedging and Analytics

Chief Mortgage Banking Officer

EMBRACE HOME LOANS

NEXBANK

What motivates you to excel in your field, and how do you stay inspired and driven?

I’m fascinated with capital markets, numbers, and human behavior. I’m drawn to the interplay of these factors and how they shape the financial markets. Whether it’s the ebb and flow of interest rates, shifts in investor sentiment, or global economic events, there’s always something happening that keeps you on your toes. My strong interest in these areas is what motivated me to create a fallout model powered by machine learning that predicts the likelihood of loans closing as interest rates and other factors change. I’m also captivated by what causes people to behave the way they do, as well as what causes changes. The pandemic is a good example. There was initially a damper on housing prices and the mortgage market at the start due to uncertainty, but that rapidly changed. Most of all, I’m motivated by how my work can impact my company’s bottom line. It’s a powerful feedback loop. It’s not just about analyzing data and making predictions; it’s about making tangible, real-world contributions. How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I’m an avid reader of mortgage and economic and other market news, which I find key to staying up to date. I also listen to mortgage and economic podcasts and pursue certifications to enhance my skills. Basically, I want to ensure I’m always learning, staying on top of industry developments, and adapting to new technologies. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I enjoy continually thinking about how we can make things better and more efficient. In every meeting we have about a new process, I am always asking how it can be automated. Working with my team to discuss ideas and issues through collaboration always sparks further innovation and creativity. No one person can ever have the best idea about everything. It is key to ensure that you are always sharing things with others to spark new thoughts and ideas. If you aren’t always thinking about how you can innovate and make things better within your organization, you will be a thing of the past because your competitors will be. In what ways do you see yourself contributing to the future of your industry or field?

I believe that the success of our industry hinges on the individuals who are a part of it. I always encourage my team and partners to embrace innovation, challenge the norm, and continuously strive for improvement. My main goal is to find and implement efficient and profitable solutions to the challenges we face whenever possible using creativity and automation. I want to be a catalyst for change, inspiring my teammates, colleagues, and industry partners to think outside the box and be successful. I genuinely hope they would agree that my influence has encouraged them to see things differently and has offered valuable assistance in overcoming hurdles. /

40 UNDER 40

2023

PAIGE H RINGKAMP , 33

JOSEPH RODRIGUEZ , 37

Producing Branch Manager

Chief Operating Officer

USA MORTGAGE

ABSOLUTE HOME MORTGAGE

What motivates you to excel in your field, and how do you stay inspired and driven?

Consistent motivation can be difficult to maintain, and trust me, I have my days. However, I am fortunate to have been in sports all my life, so the competitive nature comes naturally. Sports also instilled a direct correlation between repetition and results, which is one of the main things that drew me to this industry. In what ways do you see yourself contributing to the future of your industry or field?

I will continue to break the mold of a highly male-dominated industry, as well as the societal belief that women cannot be great moms and topproducing professionals at the same time. Our industry also needs more data-driven loan officers. Loan officers who track their contacts, conversations, appointments, referrals, conversion ratios, etc., and use that data to adjust and adapt as needed. In my experience, tracking and using data has helped reduce the severity of the ebbs and flows of production. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I strongly encourage coaches and mentors. They challenge me to think outside the box and implement new practices out of my comfort zone. They help me make sure I am in the right mindset, quite possibly the most important factor in maintaining a successful business. It doesn’t matter how creative and innovative I am; if my mindset isn’t where it needs to be, my production will reflect that. /

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I interact with as many people as possible every single day. It doesn’t matter if it’s a friend, colleague, or competitor — there is always something to learn. I also love to consume podcasts to get real-world insider views on today’s strategies and market. But the best form of information is my team — they educate me on different facets of the industry every day.

How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

It’s easy to prioritize innovation and creativity when you’re surrounded by people who appreciate it. The cornerstone of my position is solving problems and normalizing our ability to change, pivot, and adapt. It’s incredible how many of our biggest pivots have come from someone on our team mentioning a small detail that they thought could be improved. In what ways do you see yourself contributing to the future of your industry or field?

We will learn from the headwinds of today’s market and make sure we are walking through the open door of opportunity. I’m going to continue to redefine processes and make the industry more attractive to smart, talented people. I’ll continue to adapt by expanding and sharing our methodologies and technology. We will make it more engaging and beneficial to the overall process. We have to bring mortgage origination into the future. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

VINCENT RONCELLI , 31

CHRIS RUIZ , 34

Senior Partner Development Manager

Loan Officer

ROCKET PRO TPO

What motivates you to excel in your field, and how do you stay inspired and driven?

One thing I have learned in the past few years is that mortgage professionals are resiliant, and are true masters of their craft. Working alongside the broker community day-in and day-out, navigating the complexities of technology, licensing, compliance, and sales is like a puzzle that keeps me energized every single day.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

The job market, industries, and technologies are continually evolving - be proactive about updating your skills and knowledge. Attend seminars, workshops, and conferences. Enroll in relevant courses and certification programs. Regularly read industry publications and follow news related to real estate and finance to stay informed about the latest trends. Most importantly, never underestimate a solid relationship; the amount of knowledge you can learn from your peers is priceless. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Ideas are fundamental to who we are at Rocket Pro TPO. We encourage them. We love them. But ideas alone aren’t enough. It takes both ideas and execution to make great things happen. It takes stamina and commitment to bring innovation to life. I approach the world, my career, and my life with a growth mindset. If I pursue vision with uncompromising passion, then I firmly believe there is nowhere to go but up. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

SUPREME LENDING

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

My business philosophy is focused on the in-person interactions with people I’m able to help every day. My goal is to continue helping put people into homes so they can start building equity, expanding their real estate portfolios, and establishing generational wealth. My target is to serve 200 families during a single calendar year.

How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I live by the philosophy, “If they’re not a buyer right now, they will be in the future. It’s just a matter of guiding them to take the right steps so they can get into a home.” And that mindset correlates with offering creative home loan solutions and staying innovative with new technology and processes.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

The mortgage industry is ever-changing. It’s never been more important to stay up to date on all news and developments, whether it’s new loan programs, market forecasts, or creative mortgage products such as interest rate buydowns and HELOC loans. I regularly attend industry workshops and seminars to learn new strategies so that I can continue to better serve my buyers. It’s important to see what others in the industry are doing and what new technologies or loan programs are available. /

40 UNDER 40

2023

REBECCA SEWARD , 31

ADAM SHOGER , 41

Director of Product

Executive Vice President

OCROLUS

GUARANTEED RATE INC.

In what ways do you see yourself contributing to the future of your industry or field?

I will carry on with my work in leading the development of digital solutions that help automate mortgage operations and processes at scale. A lot of areas need improvement within the space, and I look forward to contributing to the evolution of mortgage technology. I will continue to speak directly with industry professionals to help uncover more opportunities for collaboration and innovation. I am proud of the work I have done so far, but I’m just getting started. Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I hope to strengthen my skillset as a product leader and people manager. As a product leader, I would like to continue my work of crafting long-term product strategies, working alongside my business partners and customers to make my company more successful. I am extremely futuristic and like to develop an aspirational vision for the product. I’d like to remain focused on effectively scaling the business within the mortgage landscape by delivering bestin-class digital solutions that drive real revenue. As a people manager, I want my employees to be successful. I want to continue to mentor product managers and effectively scale and lead larger teams. It is my hope that I will one day lead an entire product organization, working alongside leadership teams to drive successful outcomes for the business and its employees. /

Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

Absolutely, I aim to continue to establish myself as a thought leader, contributing insights and expertise through speaking engagements and industry collaborations. Being recognized as a trusted authority would not only fulfill a personal aspiration but also reflect positively on my organization. I look to continue making significant contributions to the financial services industry and Guaranteed Rate. This includes more board seats and continuing to take on more leadership roles. I’m committed to fostering innovation and growth, not only in my own career but also within my team and Guaranteed Rate as a whole. My goal is to empower and mentor the next generation of high-achieving professionals, helping them reach their full potential. Ultimately, my goal in life is to leave the world better than how I found it. I plan on building products, services, and processes that change the world in a positive way forever. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Creativity and innovation are not just buzzwords; they’re the backbone of how we think at Guaranteed Rate. They’re the reason why the products and services we have invented have resonated with people and become integral to their professional lives. These factors have played an indispensable role in my success. I continue to prioritize them as the driving forces behind my work. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

CHANDRA SRIVASTAVA , 37

BRANDON STEIN , 33

Chief Marketing Officer

THE LOAN STORE

CALQUE

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

I benefit from talking to our expert advisors, receiving newsletters, listening to podcasts, and consuming other industry updates. This exposure helps me stay in step with current trends and market needs. As an economist by training, I’m always reading and thinking about news more generally, such as the Fed’s latest decisions, job reports, price of goods, etc., and considering how these may impact the housing market. I am a professor of marketing, and in this role, I have to update my curriculum every semester. Because much of my coursework is experiential, my students and I experience the changing marketing landscape in real time. Staying up-to-date with marketing isn’t a luxury; it’s a requirement of my job. With that said, no one can stay abreast of everything and I remain humbly aware of that! In what ways do you see yourself contributing to the future of your industry or field?

In the field of marketing, I hope I can continue to be a ‘pracademic’ who spans both theory and practice. This allows me to bring theory, frameworks, and the latest research to marketing implementation in the “real world.” In the real estate and mortgage industry, I hope to make ‘buy before you sell’ commonplace and the de facto method for homeowners who want to move. This would be a huge shift for the industry, but it would make consumers’ lives so much easier (and I am committed to supporting an option that is affordable). /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

President

What motivates you to excel in your field, and how do you stay inspired and driven?

I’m motivated by the dynamic landscape of our industry. Lenders are constantly developing new products, proprietary technology, and working to streamline a notoriously antiquated loan process with modern enhancements. Competition, particularly in the wholesale space, is a powerful driver that encourages me and other industry leaders to constantly seek improvement so that the needle continues to move.

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

With rates eclipsing 20+ year highs, being ahead of the curve can dramatically amplify shortterm success. Remaining proactive in approach, anticipating future problems due to the constantly changing landscape and market challenges, then finding a niche to fill those needs can make all the difference whether it is product, price, or servicerelated. When working to address an issue, I’ve often tried drawing parallels to other industries, in search of an effective common-sense approach that can lead to a resolution. In what ways do you see yourself contributing to the future of your industry or field?

Having spent most of my career in wholesale, it has been awesome to experience the migration of market share from retail to TPO. Healthy competition amongst lenders is what drives this benefit to the borrower. It forces all companies, large or small, to raise the bar, innovate, and progress their business and the channel forward. /

40 UNDER 40

2023

MICHAEL SULLIVAN , 36

ANNA TOMMASELLO , 30

Director of Procurement and Supplier Diversity

Marketing Director

ROCKET CENTRAL / ROCKET COMPANIES

What motivates you to excel in your field, and how do you stay inspired and driven?

I am a naturally curious person and enjoy problem-solving, which aligns well with working in a procurement role. Procurement works with product owners to define their third-party support needs and assist with market research to find the right supplier. It’s exciting to play a part in bringing the best solution to the table that helps create a great client journey. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I am obsessed with finding a better way. No matter how perfect something might appear, I think there is always an opportunity for some level of improvement. I keep my finger on the pulse of new innovative products in the market to ensure we are working with the right suppliers to assist with delivering the best possible service for our clients. In what ways do you see yourself contributing to the future of your industry or field?

I believe an inclusive supply chain that is inclusive of diverse suppliers in bid opportunities is the right thing and also good business. Diversity in the supply chain is proven to increase innovation. In the future, I would like to continue assisting with building out a solid network of diverse suppliers that other mortgage or financial service companies can leverage. /

DIRECT MORTGAGE LOANS

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Change is inevitable, especially in the mortgage industry. If you can’t embrace that, you’ll go crazy. For me, it’s one of the things I love about my job. There are many ways to stay informed about mortgage updates and new marketing initiatives: podcasts, publications like NMP and STRATMOR Group, the Chrisman blog, forums, etc. Find the media you enjoy consuming the most and spend at least 2-3 hours per week educating yourself about the industry. We are the professionals that clients and partners turn to for advice. If we’re not educating ourselves first, how can we best serve their needs? How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

Marketing mortgages is not always the most glamorous job, but it is essential. Consumers can find the mortgage world confusing, so it is important for us as marketers to explain mortgage jargon in a simple way. We are always brainstorming new ideas and discussing how to improve Direct Mortgage Loans’ market share. Our leadership team gives us creative freedom, which enables us to focus on creative solutions rather than simply solutions. When I first started working at Direct Mortgage Loans, my eagerness to try new things led to opportunities that I never imagined would be available at the time. My success is due to my hunger to learn and create better solutions. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

40 UNDER 40

2023

NATE TRUNFIO , 36 Chief Revenue Officer

LIMA ONE CAPITAL

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Staying in proactive and frequent communication with my diverse network allows me to keep a pulse on the industry and market. One of my roles in our executive team is to be the eyes and ears of our sales team and borrowers. I spend time throughout the week checking in with our top producers, competitors, service providers, and borrowers. Additionally, I attend and speak at industry conferences, participate in masterminds and trade associations, and host our company podcast, which focuses on interviewing real estate investors, our core client. All these platforms allow me to have in-depth conversations with top operators around the country. These regular interactions allow me to understand the pulse of Lima One’s real estate investor clients and understand what is happening and what will likely happen in our industry. In what ways do you see yourself contributing to the future of your industry or field?

I’m passionate about the private lending industry, and it’s important to me that our industry continues to grow, thrive, and succeed. It is only a small piece of the greater mortgage pie, and hasn’t been institutionally backed for as long as the conventional mortgage industries. This is one of the main reasons that I’ve become an active Best Practices Committee member of the National Private Lending Association, a trade organization created to represent and protect the interests of private lenders as it pertains to legislation and public policy. /

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

MATTHEW VANFOSSEN , 38 CEO

ABSOLUTE HOME MORTGAGE

What motivates you to excel in your field, and how do you stay inspired and driven?

The mortgage industry offers the opportunity to maximize your creative output. There’s no shortage of solutions needed to innovate, streamline, and address the challenges our companies face daily. The complexities of regulation, technology, and operational procedures have always driven me to push both myself and my companies forward. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

All too often, we let our daily workload overshadow our innovation and roadmap goals. It’s vital to maintain a robust support team around you. Ensure that you have time blocked out to strategize and plan your roadmap objectives. Stagnation is not an option; you must propel both yourself and your company forward. The only way to achieve this is with a clear plan and the time management skills necessary to push that plan forward. In what ways do you see yourself contributing to the future of your industry or field?

Regulatory advocacy through trade groups, combined with system innovation from the tech sector, is the best way for me to make a significant impact. Continuously studying and mastering the regulatory climate and recommending defining policy changes on Capitol Hill will keep our regulators informed about how their policies affect consumers. /

40 UNDER 40

2023

EDWIN VELA , 39

DAVID WIECZOREK , 39

Senior Mortgage Banker

Director of Product

LAKEVIEW MORTGAGE BANKERS CORP.

MERIDIANLINK

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

Staying informed and adapting to the rapidly changing landscape of the mortgage and real estate industry is crucial for success. I invest in industry courses, workshops, and seminars. These events often provide insights into the latest trends, regulations, and technologies, as well as industry magazines and blogs. I also attend construction and technology-focused conferences and expos to explore the latest tools and solutions in the construction and mortgage industry. Can you share some of your long-term career goals and what you hope to achieve in the next five to 10 years?

I currently manage a small mortgage team and I own a real estate brokerage and my long-term goal is to become an equity partner with the mortgage bank I currently work with and expand both my real estate company and mortgage company in all 50 states. I will develop a mentorship program to help both loan officers and agents grow in their careers. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

I have failed many times, and I view setbacks as opportunities for growth. Mistakes can cost a lot of money if we don’t use them to help us align ourselves and keep on moving forward. I also encourage collaboration between my real estate agents, mortgage professionals, and any other team members. Cross-functional brainstorming sessions are very effective. /

How do you stay informed and adapt to the rapidly changing landscape in your industry or field?

With the complexity of the mortgage and technology industries, it’s not always easy! I do a lot of reading about both mortgage and technology. I tend to start my days reading new articles and blogs about the economy and the mortgage industry. At night, I like to read about some of the latest technology trends and applications. However, I gain the most valuable insights about changes to our field’s landscape through interactions with colleagues, customers, and vendor partners. This helps alert me to the key changes I need to focus my attention on and gets me thinking about the ways in which my company’s technology can be of service. How do you prioritize innovation and creativity in your work, and what role do these factors play in your success?

This is perhaps a contrarian answer, but I don’t prioritize innovation and creativity in my work; I prioritize solutions that balance fixed constraints to produce the best risk-adjusted outcomes. History is full of innovative ideas that failed due to a lack of feasibility for their time and place. For one’s ideas to truly succeed and make a difference in the world, they must be feasible, and that’s why it’s most important to have real-world constraints of time, cost, and scope at top of mind when developing solutions. However, I don’t discount innovation and creativity entirely. Finding the best solutions often requires creativity, and the most profitable solutions are often innovative. /

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

ARE YOU A TOP ORIGINATOR? In 2023, a year characterized by uncertainty, closing loans demanded creativity and adaptability. Amidst the challenges, your hard work paid off, and now it’s time to celebrate your accomplishments. Consider nominating yourself or someone you know for recognition in NMP Magazine’s 2024 class of LEADING LOS: TOP ORIGINATORS. Challenges are met by resilient individuals through the embrace of discipline, organization, and a meticulously crafted plan. Submit a candidate who demonstrated resilience amidst the turbulence of 2023. NMP Magazine is seeking to honor high-achieving loan originators and brokers who have demonstrated adaptability and success in the midst of the dynamic and constantly evolving mortgage market. Honorees will be showcased in the April 2024 issue of National Mortgage Professional Magazine.

Celebrate your 2023 successes!

Nominate yourself or a worthy individual you know today. Submission Deadline: January 12, 2024 ambizmedia.com/recognition/nmp-top-originators Nominations are open to all licensed brokers and originators operating within the U.S. A minimum of $50,000,000 loan volume or 50 total units is recommended

NOMINATE TODAY Other 2024 nominations are also open. Nominate today! 2023 nominations may be closed, but you can begin nominating for our 2024 recognition awards now! Follow the links for more information about each award and to nominate worthwhile people and orginazations — or yourself — today. PRISM AWARDS

BEST MILITARY ORIGINATORS

Submission Deadline: March 1, 2024

Submission Deadline: Aug. 2, 2024

MOST CONNECTED MORTGAGE PROS

40 UNDER 40 Submission Deadline: Aug. 30, 2024

Submission Deadline: March 29, 2024

MOST LOVED MORTGAGE EMPLOYERS Submission Deadline: May 31, 2024

INDUSTRY TITANS Submission Deadline: Sept. 2024

DIVERSITY LEADERS Submission Deadline: Nov. 2024

BEST MILITARY LENDERS Submission Deadline: Aug. 2, 2024

WOMEN OF INSPIRATION Submission Deadline: Dec. 2024

Award winners will be recognized in future issues of National Mortgage Professional Magazine. Don’t wait until the last minute. Nominate now to make sure you don’t miss a deadline.

nationalmortgageprofessional.com

S P E C I A L A D V E R T I S I N G S E C T I O N : NO N- Q M LE ND E R D I R ECTO RY

COM PA N Y

A R E A O F FO C US

STAT ES L I CENSCED

WEB SI T E

Acra Lending

Non-QM / Jumbo

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

acralending.com

Champions Funding

Mission Driven Non-QM + CDFI Wholesale Lender

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

champstpo.com

LoanStream Mortgage

AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, Home Loans

LA, ME, MD, MA, MI, MN, MT, NV, NH, NJ, NM,

loanstreamwholesale.com

NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, WA, WI,

Newfi Wholesale

DSCR, Bank Statement, 1099, Asset Depletion, Buydowns, Full Doc Non-QM

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

newfiwholesale.com

Quontic Bank

Quontic specializes in nontraditional borrowers.

All 50 U.S. States

quonticwholesale.com

Open and operate your brokerage with confidence. Starting a business doesn’t have to be daunting. Build-A-Broker is a halfday bootcamp designed to help you establish the solid foundation needed to launch your business, or streamline and strengthen your existing one.

WWW.BUILDABROKER.COM

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

S P E C I A L A D V E R T I S I N G SSPEECCTI A I OL NA: DWHO D IOL R ECTO V E R T LE I S ISA N GLE S ELE C T ND I O NE: RWH E SALRY E L E N DE R DIRECTORY CO MPA N Y

SP EC I A LT Y/ N I C H E

STAT ES L I CENSCED

WEB SI T E

ACC Mortgage

Non-QM

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

ACCMortgage.com

First National Bank of America

Non-QM

All 50 U.S. States

fnba.com/mortgage-brokers

Newfi Wholesale

DSCR, Bank Statement, 1099, Asset Depletion, Buydowns, Full Doc Non-QM

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

newfiwholesale.com

S P E C I A L A D V E R T I S I N G S E C T I O N : OR I GI NATO R TEC H D I R ECTO RY CO MPA N Y

A RE A O F FO C US

WEB SI T E

wemlo

Loan Processing

wemlo.io

Zero 1 Solution LLC

Software

1smtg.com

S P E C I A L A D V E R T I S I N G S E C T I O N : AMC D I R ECTO RY

CO MPANY

AR E A OF FOCU S

WE B S ITE

ACT Appraisal, Inc.

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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023 |

FACEBOOK THOUGHTS

NICK ROBERSON

No, Pescatarian Is Not A Religion

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:

Nick Roberson

’ve said it before, and I will say it again. The person who invented the ties for bread bags has to be the same person who invented camouflage. That is all. ••• If you haven’t watched “The Chosen,” you are missing out. It is brilliantly done and life-altering. ••• Dammit Costco! Why must you tempt me?!

So this just happened. I returned from running errands, and there were cars parked everywhere on my street. As I exited my car, a nice couple with two small children were all dressed up and carrying containers of food. Of course, Mr. Friendly here had to chat them up. I said, “Looks like someone is throwing a big bash around here. My invite must have gotten lost in the mail.” I laughed a bit, and they smiled and chuckled while their children looked confused. Then I said, “Have fun at your party. Let me know if you need a DD.” The husband laughed and said, “Will do, but I think we will be alright. The “Celebration of Life” is being held at the church, and they don’t allow alcohol.” At this point, I am still not catching on. I said, “Oh bummer, well, have a great time.” Then it clicked, and extremely mortified, I said, “Oh my gosh, I am so sorry. It just hit me that you said celebration of life. I’m so sorry for your loss.” The wife replied, “No worries, my uncle would have loved you. That sounded like something he would have said, and he always wanted everyone to have a big blowout party when he died.” Then they headed on their way. I can’t take me anywhere … ••• I will carry 17 grocery bags or die trying before making two trips. ••• This guy is feeling lonely, and he decides to get an exotic pet, so he goes to the exotic pet store and looks around, and suddenly, he sees there’s a sale. “Rare Giant talking centipede, with house. $100”. He decides he wants a talking centipede and takes it home. The guy and the centipede spend several days chatting and drinking beer, and they become good friends. One day, the guy says to the centipede, “Hey, centipede, let’s go out to a movie”. “Ok, one second,” the centipede says, and he disappears into his house. 5 minutes go by. 10 minutes, 15, 20, and finally, half an hour later, the guy goes, “Hey centipede, you ready?” no answer. He taps on the house. “Centipede!!” The centipede pokes his head out and says, “Hang on, man, I’m putting my freakin’ shoes on.” ••• What’s the difference between a rib-eye steak and a meteorite? One is pretty meaty, and the other is a little meteor. ••• My ducks are definitely not in a row. I don’t even know where some of them are. And I’m pretty sure one is a pigeon. ••• Seeking one night stand. Possibly two … because I have two lamps. n

•••

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | DECEMBER 2023

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

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