NMP National Mortgage Professional January 2023

Something BIG is on the horizon(s).

Introducing

A SLUMP IN SAN DIEGO

Why is Southern Cal's destination city in the doldrums?

California is large and in charge. That’s why there’s California Broker magazine. We cover the nation’s biggest mortgage market, and the state with more originators than anywhere else in the country. It’s the industry leader, and so is California Broker magazine.

Debuting January 2023.

Texas is one big state, and it takes a mortgage origination pros in the game. the job done. We roundup the data, Texans win the mortgage rodeo.

Debuting February 2023.

Debuting March 2023.

STAFF

Vincent M. Valvo

CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick

ASSOCIATE PUBLISHER

Christine Stuart

EDITORIAL DIRECTOR David Krechevsky

EDITOR

LETTER FROM THE PUBLISHER

Brave New World

If 2022 has one big lesson to teach 2023, it’s this: Bold innovation will win the day.

Too many companies went into the start of last year with expectations of a three-peat. Some tempered their outlooks out of caution over slightly higher interest rates. But it’s hard to find anyone who was planning for the largest and fastest rate hikes in history.

Suddenly, lenders found themselves with no refi business and in a tough slog for purchase originations. Alternative products offer some reprieve, but while consumers may be interested in Non-QM or private lending loans, the investor community is too shell-shocked. That leaves those niche providers with borrowers but few buyers.

There are a lot of predictions for what is to come this year, many contradictory. But here’s the clear part: Companies without the ability to reinvest and those who continue to approach the market with the same techniques are the ones least likely to see the start of 2024. What’s needed are “innocent eyes,” untainted by past expectations and ready to see the world anew. We need to look at reality as it is, not as it was and not as we wish it to be. And then, the winners will be those who take action, not those who hunker down.

SEEING THE LIGHT

So throughout this year, we’ll be looking at innovators and visionaries. We’ll be profiling the confident and the accomplished. And we’ll be bringing out the techniques and commitment that result in success in a market that’s marked by doom and gloom.

We’re starting with Pavan Agarwal. He’s not the kind of mortgage executive who gets a lot of press, not the guy who gets his name in all the news stories. But he’s building on the philosophies that guided his father, who started Californiabased Sun West Mortgage nearly 40 years ago. And since Pavan took over running the company during the Great Recession, he’s proven that compassion and competitiveness can work together.

But he’s also looking to the future, and he sees tech being the great accelerator. That’s why he founded Celligence, a tech startup based in Puerto Rico. It’s developing new systems for the mortgage industry, leading off with a program called Morgan that threatens to upend traditional loan-application processing and underwriting. He’s looking to transform a process that takes days or weeks to one that takes minutes or hours.

There’s a lot of work to do here. But Pavan and his family see the challenge as an opportunity, a chance to take big steps.

Eyes wide open, he’s looking to push into a stronger future. It’s a lesson worth learning. n

VINCENT M. VALVO Publisher, Editor-in-Chief

Keith Griffin SENIOR EDITOR

Gary Rogo SPECIAL SECTIONS EDITOR Mike Savino

HEAD OF MULTIMEDIA

Katie Jensen, Steven Goode, Douglas Page, Sarah Wolak

STAFF WRITERS

Rob Chrisman, Dave Hershman, Erica LaCentra, Nick Roberson, Lew Sichelman, Mary Kay Scully

CONTRIBUTING WRITERS

Nicole Coughlin, Nichole Cakirca

ADVERTISING ASSOCIATES

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

Tigi Kuttamperoor, Matthew Mullins, Angelo Scalise

MULTIMEDIA SPECIALISTS

Melissa Pianin

MARKETING & EVENTS ASSOCIATE Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Joel Berman

FOUNDING PUBLISHER

Submit your news to editorial@ambizmedia.com

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Helping Your Loan Officers Plan For 2023

Planning for the future requires you know where you are now

BY DAVE HERSHMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

There is no doubt that planning for the future is difficult in this industry because we never know what a year will look like.

No one predicted the pandemic, and certainly, no one predicted that our industry would boom if there were a pandemic. Though many predicted that the good times would end, few

made predictions as dire as the end turned out to be during the second half of 2022.

Planning for the future becomes even more critical in such a changing world. Many loan officers got lost in 2022, and they need a solid plan. It is a manager’s job to coach and guide them in developing such a plan. Though we have touched on elements of this plan — we think the timing is right to put

some of these concepts together to help managers in this regard:

Go back. You must go backward to go forward. Your plan for the future must include some perspective of where you are now. You don’t plan with a blank slate. Let me start with an important question — if you had the ability to do 2022 over, what would you do differently? The answer to this question will give you a basis as to what you need to change for next year. Make a list and see how these factors apply to your future endeavors.

Set specific goals. You can’t arrive at your desired destination if you don’t know where you are going. Saying you want to improve is way too generalized an objective. You must be more specific. Sure, you may want to earn more next year. How much more? What level of production will get you there? Where is that production coming from (targets)? What actions will you need to take to make this happen?

Start Now. These are not new year’s resolutions. These are specific goals you want to achieve in your business. How many times in the past have you said to yourself, “I am going to accomplish this in ___?” And it never happened. If you start the activity now, you will have the equivalent of a running start. This running start will

provide momentum into the new year.

GROWTH AHEAD

Looking to grow your database? Spend time adding a certain number of contacts each day. Looking to learn a technology? Take the class now and practice. Want to get active on social media from a business perspective? Stop perusing junk and start posting and sharing valuable information. Don’t’ start next week — start today. Add Synergy. Now we will add the last tip. From my book, Maximum Synergy Marketing, you can guess that I consider synergy important. Basically, you are already doing many things which are working — at least somewhat. Instead of trying several new things, why not make what you already do more effective by adding several doses of synergy? Adding completely different activities causes you to go in different directions and makes you less effective. In essence, you are spreading yourself too thin. Instead, go deeper with what you are already doing. For example, you are already closing transactions. Why not find more opportunities to market within the process of closing your deals? For example, if your customer has an accountant — meet that person instead of letting your processor talk with them.

EYES WIDE OPEN

When you assess everything you are doing, by opening your eyes wider, you will see additional opportunities every time. Most of them are right under your nose. Stop moving in 10 different directions and stand still with your eyes open. For example, if you go to an office every day, who else is a tenant in that building? Perhaps an attorney who could be an excellent referral source. Just go up one floor and introduce yourself. That is what synergy is all about

There are many additional tips I could present — but if you start with these, you will give your loan officers a good foundation for planning. The last thing you want to do is give them 20 different fundamentals. These four will provide a good basis for their improvement in 2023. n

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

ERICA LACENTRA

The Mortgage Industry (Still) Has A Problem

Sexism, misogyny, and gender bias still pervade our space

BY ERICA LACENTRA, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

With my professional milestone of 10 years in the mortgage industry rapidly approaching in February, it’s only natural that I started to reflect on the humble beginnings of my career

take a hard look at this issue and make a shift towards a better future. Why in the year 2023 does the mortgage industry continue to fall behind and allow sexism, misogyny, and gender bias to still pervade our space?

AN ACCOUNTABILITY PROBLEM

I recently had the experience of attending an industry conference that had a separate women’s luncheon. This luncheon was put on by a women’s industry group which had been formed within the last year in an effort to connect women in the industry so that we could find mentorship, mentor others and ultimately work to address the issues women continue to face in our space. I viewed this as a great opportunity to network, hear from a notable female speaker and simply enjoy the chance to get to know my female industry

peers over a nice meal.

When I arrived at the luncheon, small giveaway “swag” items had been provided by the various companies that had sponsored the event. One of these was a pocketsized container of pepper spray that bore the phrase “supporting women in private lending.” While I’m sure the intention of this item was good, it was hard not to feel uncomfortable due to the fact that someone thought it was not only a good idea but potentially necessary for female attendees to receive pepper spray while at an industry conference, where, like our male counterparts, we are just trying to do our jobs.

Receiving pepper spray set off an ah-ha moment for me as to why the mortgage industry has not been able to make bigger strides toward fighting misogyny and sexist behavior in our

space. Rather than focusing on creating a safer environment for women and holding men accountable, the onus is on women to protect themselves. And it’s true, one of the biggest issues preventing the mortgage industry from moving forward is we refuse to truly hold the bad actors responsible for their actions.

SEXISM AND SCANDALS

Over the last decade, I’ve witnessed my fair share of sexist behavior and outright scandals in the mortgage industry. So many instances of individuals exhibiting vile behavior towards women that simply should not be tolerated. But for some reason, while immediate backlash is typical, so is the incident getting glossed over after the initial outrage subsides. These individuals have been welcomed back into the mortgage industry time and time again after a slap on the wrist.

It’s no wonder that sexism, misogyny, and gender bias continue to exist in our industry.

When there are no real long-term repercussions, it signals that this behavior is OK and women don’t deserve the same level of respect or support because heaven forbid a man’s career is ruined over “one little incident.” Simply put, the mortgage industry has more to do in these situations before we see more permanent change.

WE CAN DO BETTER

While the mortgage industry has certainly improved over the last decade for women, we can still do better, and that change has to start at the top. It’s time for our industry leaders to stop ignoring the impact that sexist and misogynistic behaviors are having. Leadership in the mortgage industry needs to start implementing clear policies within their companies against gender inequality and sexism in the workplace with swift and lasting punishments. No more sweeping incidents under the rug or turning a blind eye, it’s time to weed out the bad actors once and for all.

Also, men need to be better allies to their female peers. It’s not just up to the women experiencing misogyny and sexism to have to speak up and hope it is dealt with appropriately. It’s up to men AND women in the industry to stop tolerating this bad behavior. Having been in uncomfortable situations before, there is nothing more validating than when someone else observing the situation steps in and echoes your sentiment; that what is happening is wrong. And as more people continue to speak up, it can cause more permanent change for the better.

Finally, it’s time the mortgage industry truly created safe spaces for women, and by that, I don’t just

mean creating women’s groups. While women’s groups create great opportunities for women to network, why can’t workplaces, events, and conferences just be safer overall? Women shouldn’t feel like they need to hide within a group to be safe.

Take reports of harassment, sexism, and discrimination seriously, and create lasting repercussions for the offenders. One of the reasons why so many women in the industry brush off harassment at events is because they feel like they have no one to really report it to, and even so, who is going to do anything about it? There is a good chance you’ll see that person at your next event, so it can be infinitely easier to try to ignore those interactions and hope you can avoid that person in the future. Women should have the ability to report offenders without fear of nothing being done and potential retaliation.

There are so many seemingly small things that can be done that will make a big impact on this problem in the mortgage industry. As I continue on my journey in this space, I truly hope these changes can be made, even if just gradually, so that when I look back after another 10 years, I can say, “Look how far we’ve come.” n

Erica LaCentra is chief marketing officer for RCN Capital.

Rather than focusing on creating a safer environment for women and holding men accountable, the onus is on women to protect themselves.

Fair Lending? Not For Blacks

Studies offer suggestions for fixing the problem

BY LEW SICHELMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

“M

irror, mirror, on the wall, who’s the fairest of them all?” Not Blacks, at least not when it comes to housing finance.

I know the wicked queen was talking about beauty when she uttered those famous words in the Disney classic “Snow White.” But taking editorial license, let’s twist the meaning a bit to be fair, as in evenhanded. And when it comes to Black home buyers, the fair meter in that context barely registers 50%.

Yes, 2021 was the fairest year for finding financing since the 2008 housing crisis for Black home buyers, according to a new report. But fairness was no better in 2021 than it was in 1990, according to the report from FairPlay. And if the past is prolog, the fairness meter is likely to drop in the

near future if it hasn’t already.

That’s what happened during the Great Recession, when Fairplay’s mortgage fairness metric, which it calls Adverse Impact Ratios, took a nose dive for Blacks. And the signs already are present that it could happen again — credit card utilization is going up, average credit balances are rising right along with it, and credit scores are tanking.

Overall, however, neither Blacks nor Hispanics nor Native Americans have made any headway over the previous three decades compared to their white counterparts, the study found. And another report, this one from a group of Black realty agents and brokers, reinforces FairPlay’s finding.

According to the National Association of Real Estate Brokers’ “State of Housing in Black America,” the percentage of Blacks securing loan approval has been stuck

at 7% since 2019. In 2008, it was just 6%, so it’s a tick better. But Blacks represent 12% of the U.S. population!

The two studies, which dropped the week after Thanksgiving, both base their findings on data collected from lenders under the Home Mortgage Disclosure Act, the most comprehensive publically available source that identifies race, ethnicity, and gender for mortgage applications.

FairPlay, an AI tool that identifies fairness-as-a-service solution for financial institutions reviewed all HMDA mortgage application data, including almost all mortgage applicants, from 1990 to 2021 — some 350 million transactions in all. And its 27-page “State of Mortgage Fairness” evaluated how much mortgage fairness has changed — or not — in the past 30 years.

STUCK IN NEUTRAL NAREB’s 100-page document is an annual endeavor, with this year’s study

using 2008 as its base year “so we can better understand Black homeownership progress since the height of the foreclosure crisis and the damage of predatory lending,” President Lydia Pope, who operates two real estate firms in Cleveland, explained in the report’s forward. The group isn’t widely known, but it has been active for 73 years.

“Stuck in neutral” is how the FairPlay study describes mortgage fairness — or better perhaps, the lack of same — for African Americans. That’s especially true in five Southern states — Alabama, Arkansas, Louisiana, Mississippi, and South Carolina — where persistent discrepancies in loan approvals are “deep and persistent” no matter how strong the macro-economic environment is.

The FairPlay study suggests an “alarming drop in mortgage fairness” for Native Americans and Latinos as well. The fairness meter has improved only for women. (Its Adverse Impact

NAREB says the “most direct route” to accomplish its goals is to release the GSEs from conservatorship and re-charter them.

FAIR LENDING?

Ratios, which are borrowed from an employment context, measure the rate of approval for protected status applicants for the control group, in this case lucre.)

“Our analysis shows that decades of policy interventions and economic reforms to equalize lending opportunities have largely failed to reduce the gap in loan approvals” between most minorities and Whites, the report maintains. While last year’s slight increase in underwriting fairness is an encouraging sign, we believe the persistent disparities in mortgage lending for Black and Native American borrowers deserves policymakers’ attention.”

NAREB has some thoughts on that score. The Marylandbased group’s recommendations are comprehensive. But, according to its study, “they recognize that significant actions must be taken to genuinely offer” Blacks a shot at the brass ring, otherwise known as the American Dream.

RELEASE THE GSES

The report lists six changes it deems necessary to put Black home buyers on an even playing field. But above those, fixing “the broken housing finance system itself” by turning Fannie Mae and Freddie Mac into the federal corporation structure is Job One.

NAREB says the “most direct route” to accomplish its goals is to release the GSEs from conservatorship and re-charter them as a single and independent federal housing and community investment corporation that would eschew lucre and focus on expanding affordable housing. “Rather than profits,” the group says, “the new agency could lower borrowing costs for all consumers by eliminating fees and risk-based pricing.”

Here are the other changes NAREB would like to see:

• Eliminate loan level price adjustments — Assessing higher

costs to those who are weaker financially is counterintuitive, NAREB maintains, because it makes financing less affordable and increases the risk of default. “LLPAs unfairly and disproportionately penalize the populations that were principal victims of exploitive lending.”

change that so SPCPs could “ultimately provide an alternative and productive lending channel to meet the credit need” of underserved markets.

• End discriminatory and abusive appraisal practices — Here, the group simply says more needs to be done to address what it calls “the pervasive racial bias” in home valuations and “undermine the major source of wealth” in Black communities.

• Fix the broken and out-of-date housing finance system — Noting that today’s housing finance system was built in the 1930s on “powerful discriminatory pillars,” the report says it is not equipped to address the housing needs in older urban communities, nor what it designed to address the racial economic disparities that exist today.

• End fees to access downpayment assistance — Some lending programs charge as much as 1.5 points for help with the downpayment because it is considered a risk element. But that’s “unfair and irrational,” the group argues because it contradicts the purpose of aid, which is to lower the cost to borrowers and decrease the overall risk. “Helping borrowers increase the down payments improves mortgage accessibility and sustainability.”

• Recalculate the impact of student loan debt — Also a contradiction is the treatment of deferred student debt as part of the borrower’s debt-to-income ratio, NAREB maintains, because it ignores the possibility of greater income in the future. “If borrowers cannot receive credit for future earnings increases, why should they be penalized for not-as-yet required education loan repayments?” the report asks.

• Leverage special purpose credit programs — SPCPs have been around for years as a way of meeting the credit needs of historically disenfranchised populations. But they have not become a significant vehicle for supporting affordable housing. NAREB, along with the National Fair Housing Coalition, which is leading the charge, would

“America needs a 21st Century housing finance system that has adequate capacity and flexibility to innovate and create affordable homeownership programs that can create millions, not hundreds, of new Black homeowners,” the report contends.

Given the historic level of systemic, federally sanctioned, and enforced discrimination, the report concludes, it is impressive that African Americans have achieved any meaningful level of homeownership and speaks to their tenacity. But the time is long overdue for change.

White households did not achieve 65 percent ownership rates without substantial federal assistance, NAREB points out. Now, more than ever, minority buyers need the same. 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. He also has been real estate editor at two major Washington, D.C., dailies and spent 30 years on the staff of National Mortgage News, formerly National Thrift News.

Acra Lending Lake Forest, CA

acralending.com sales@acralending.com (888) 800-7661

Non-QM / Jumbo

DESCRIPTION OF PRODUCTS

OR SERVICES: Acra Lending is the leader in Non-QM 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.

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Angel Oak Mortgage Solutions Atlanta, Georgia

angeloakms.com info@angeloakms.com (855) 631-9943

Angel Oak Mortgage Solutions is the leader in non-QM.

DESCRIPTION OF PRODUCTS OR SERVICES: We offer alternative mortgage solutions for originators throughout the country helping borrowers who don’t fit Agency guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

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Arc Home LLC Mount Laurel, NJ

business.archomellc.com sales@archomeloans.com (844) 851-3600

Multi-channel mortgage leader with exceptional service and comprehensive mortgage solutions.

DESCRIPTION OF PRODUCTS OR SERVICES: When it comes to choosing your lending partner, there are many things to consider. Our products set the standard in the industry for innovation. Since that innovation is in our DNA, we will always be on the cutting edge of what matters most to you and your borrowers. At Arc Home, our priority is to provide the best customer experience from registration to closing, and we continue to invest in that philosophy every day.

Champions Funding Gilbert, AZ

champstpo.com Wholesale@ChampsTPO.com (949) 763-9494

Mission Driven Non-QM + CDFI Wholesale Lender

DESCRIPTION OF PRODUCTS

OR SERVICES: Champions

Funding, LLC is a privately-owned wholesale lender providing NonQM loan options for mortgage brokers and their customers. As a Community Development Financial Institution (CDFI), Champions Funding, LLC empowers its Broker Partners to fulfill the dreams of their diverse homeowners as well as realize the mission of serving low-income and underserved communities.

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Global Integrity Finance LLc McKinney, Texas

globalintegrityfinance.com toby@globalintegrityfinance. com 2145485190

DSCR Rental NO DOC Loans

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Impac Mortgage Corp. Irvine, CA impacwholesale.com wholesale@impacmail.com (949)4756284

DESCRIPTION OF PRODUCTS OR SERVICES: Impac is a national leader in B2B lending with a long heritage of building successful relationships. We’re committed to great pricing, fast decisions, and sensible alternative products, like our comprehensive Non-QM suite. It’s why we opened our doors in 1995 and why they’re still open today.

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STATES LICENSED: 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, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

LoanStream Mortgage Irvine, CA

loanstreamwholesale.com (800) 760-1833

DESCRIPTION OF PRODUCTS OR SERVICES: LoanStream partners directly with mortgage brokers to provide access to a variety of home loan programs directly to their clients including Non-QM, Government and Conventional loan programs. Including propriety loan loan programs exclusive only to LoanStream mortgage.

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Luxury Mortgage Corp. Irvine, CA

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

DESCRIPTION OF PRODUCTS

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luxurymortgagecorrespondent. com

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Civic Financial Services Redondo Beach, CA www.civicfs.com carolyn.pham@civicfs.com (877) 472-4842

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

Description of your products or services.

DESCRIPTION OF PRODUCTS OR SERVICES: CIVIC Financial Services is a private money lender, specializing in the financing of non-owner occupied residential investment properties.

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

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Deephaven Mortgage Charlotte, North Carolina

deephavenmortgage.com info@deephavenmortgage.com (800)983-0457

Founded in 2012, Deephaven is a national, Non-Agency/Non-QM mortgage provider.

DESCRIPTION OF PRODUCTS OR SERVICES: A full-service innovator in the Non-Agency/Non-QM mortgage space helping millions of Americans unable to qualify for a traditional, governmentbacked mortgage to achieve their dreams of homeownership. Available through both wholesale and correspondent channels, our differentiator is our borrower-centric culture and service delivery model. Particular strengths include our own in-house underwriting and collaborative teams that directly support our national network of independent mortgage brokers and loan officers.

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Finance of America Mortgage Conshohocken, PA

FOAmortgage.com customerrelations@ financeofamerica.com (800) 355-5626

Flexible mortgage solutions designed with unconventional borrowers in mind

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First National Bank of America East Lansing, MI www.fnba.com/wholesale requests@fnba.com (800) 400-5451

DESCRIPTION OF PRODUCTS

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• Alternative Income Documentation Options

• 12 months only of income history

• Self-Employed/1099

• ITIN or SSN

• Recent Credit Events Our alternative mortgage solutions are designed to help people turn homeownership dreams into a reality in the Retail, Wholesale or Correspondent space visit: www.fnba.com/wholesale www.fnba.com/correspondent www.fnba.com/mortgage

Equal Housing Lender

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PCF Wholesale Tustin, CA pcfwholesale.com Marketing@pcfwholesale.com (714) 955-5700

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Quontic Bank New York, NY

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No Ratio & Lite Doc - Owner Occupied & Investor

DESCRIPTION OF PRODUCTS

OR SERVICES: Our unique Community Development Loan programs help historically excluded borrowers look beyond income documentation to help make homeownership dreams a reality. Quontic is exempt from Dodd Frank’s ATR requirements. This enables us to offer our unique Owner Occupied - No Ratio (no income stated & no DTI calculated) and Lite Doc (borrower prepared P&L) loans to credit-worthy borrowers. Quontic also offers a Fast Track underwriting process. Get started growing your business with Quontic Wholesale.

STATES LICENSED: All U.S. States

Stratton Equities

Pine Brook, NJ

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

DESCRIPTION OF PRODUCTS

OR SERVICES: Stratton Equities is the Leading Nationwide Direct Hard Money & NON-QM Lender that specializes in fast & flexible lending processes. • Fix and Flip • Soft Money Loans • Cash Out — Refinance

Fixed Commercial Loans

Commercial Bridge Loans

Bridge Loans

Stated Income/No-Income

Verus Mortgage Capital Washington, DC

verusmc.com sales@verusmc.com (833) 862-3863

Full-service correspondent investor offering residential nonQM and investor rental programs

DESCRIPTION OF PRODUCTS

Rental Loans

Verification Loans

Foreclosure Bailout Loan • NO-DOC • Blanket Loans

Fixed Rental Programs • Multi-Family Loan

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

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

OR SERVICES: Verus is the nation’s largest issuer of securitizations backed by nonQM loans. We’ve purchased over $15 billion in expanded, nonagency and offer correspondents an array of expanded non-prime solutions for residential and business purposes. Our flexible lending guidelines, underwriting and pre-purchase diligence tools, and training help correspondents confidently move into non-QM. It’s all we do, and we do it extremely well.

STATES LICENSED: Continental U.S.

Broker business is built here.

In California, brokers, originators, and support staff love the California Mortgage Expo. The show, which is available in Irvine, San Diego, Oakland, and Pasadena, offers educational sessions, product showcases, networking opportunities, and more (we can’t forget to mention the hors d’oeuvres, open bar, and networking parties). Attendees also have the chance to renew their NMLS license with the class the following day. Plus, the show is free for NMLS licensees* with our code NMPFREE. No brainer? We think so.

> FirstClose Inc., a provider of data and workflow solutions for mortgage and equity lenders, announced that James Bolger is its new chief financial officer.

> Movement Mortgage, the nation’s sixthlargest retail mortgage lender, welcomes Lyra Waggoner as chief information officer.

announced that Michelle Amato has joined the company as chief

>

announced its expansion into the Mid-Atlantic region. The new group of

Four Things You Need To Do Before ‘Quiet Quitting’

Understand your motivations and seek a solution before leaving your job

BY REBECCA TAY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Similar to any viral TikTok phenomenon, the trend of “quiet quitting” has caused its fair share of confusion and controversy. Why is it called “quitting” if you’re still working? Is a quiet quitter lazy or just drawing healthy boundaries?

label can be a damaging self-fulfilling prophecy. If people come to view you as a quiet quitter, you’ll get fewer opportunities to have mastery and grow in your job, experiences key for employees to feel engaged at work.

By checking out, you neither accept your working situation — flaws and all — nor make moves to change what isn’t working. So, while checking out can make you feel less negative toward your job, it’s unlikely to make you feel as positive as someone who is fully engaged in their job.

So here are four things you need to do before quiet quitting:

IDENTIFY YOUR MOTIVATIONS

Tay

While quiet quitting covers a range of worker mindset and behaviors in response to unhappiness at work, at its worst, quiet quitting is checking out. The most extreme quiet quitters work only as much as needed to keep from being fired, and often feel very negative or passive aggressive toward their work, colleagues, and employers.

WHY TRY TO AVOID QUIET QUITTING?

While reducing your workload can curb burnout, checking out doesn’t solve many other issues that lead to burnout, such as poor leadership, unreasonable deadlines, or failure to be properly recognized for your work.

Additionally, the “quiet quitter”

PEOPLE ON THE MOVE //

> Planet Home Lending, a national mortgage originator and servicer, has promoted Kathryn Edelen to eastern divisional manager.

First, understand why you’re feeling burnt out and think quiet quitting will help.

Some workers check out to avoid

hustle culture. A study by UK marketing company Impero found that less than half (45%) of Gen Zers equate career and money to success. And a middleschool English teacher notes that more of his past students are now prioritizing travel or finding a job they enjoy after college. These trends show that younger generations are more likely to view work as simply a means to their desired life, and not a purpose-giving endeavor that should be allowed to detract from their time or mental health.

Other factors leading to burnout include heavy workloads, long hours, feeling underappreciated, finding no meaning in work, and dealing with challenging colleagues or bosses. In other cases, the person might not be a good fit for the role — for example a salesperson who doesn’t like interacting with people.

Alternatively, some workers may be

> National mortgage lender Waterstone Mortgage Corp. has named Chik Quintans as the company’s new director of digital marketing.

> Jim Janczy joins NewFed Mortgage as executive vice president-chief production officer. He will be responsible for sales and marketing.

> Opteon USA, an international provider of valuation, advisory, and property services, has promoted Lee Trice to managing director.

Once you understand your motivations for quiet quitting, propose actionable and reasonable changes your boss could implement to help reduce your burnout.

Rebecca

tempted to follow coworkers who’ve already jumped on the quiet quitting trend. Whether resentful or admiring, for many workers it doesn’t make sense to do more work while others are doing the bare minimum.

As you brainstorm your reasons for quiet quitting, identify which factors are within your control. Did you work overtime because of bad time management or because your boss assigned you work right before a deadline? Are you confused about your role because you volunteer to help other departments or because other teams give you work? Record the details of your burnout experiences to both help you and your manager better understand the problems and identify solutions.

SET BOUNDARIES

Ideally, employees want to give 100% while at work, including doing as much high-quality work as they can. However, to make working like this sustainable, you need to become comfortable setting and sticking to boundaries with yourself, coworkers, and bosses. Here are three tips to help you avoid wanting to check out at work:

Avoid taking on work outside your role

By being assertive, avoid work not directly related to your job. For example, don’t volunteer for tasks just because you’ve done them in the past and others have come to expect you’ll do them. Only accept assignments that fall within the scope of your work, interest you, or provide a growth opportunity for you.

Reduce overtime with smarter time management

If working overtime has led to

your burnout, improve your time management skills to work more efficiently, including avoiding distractions, streamlining processes, and using technology. Prioritize the tasks that are most urgent and important to your role, accepting that some to-do items won’t get done. If possible, increase how much work you delegate to others. But be wary that optimizing your time management skills can only save you so much time, especially if many aspects of your work system fall outside of your control. For example, if you rely on a coworker to provide the data for a report, how quickly they finish their work will determine how much time you have left before the deadline.

Stick to your work-life boundaries

Avoid answering emails or taking meetings after you leave work. Additionally, try not to worry about work during off-hours. Although not worrying is easier said than done, actively focusing your attention on hobbies or interests outside of work can help. If exhaustion is contributing to your burnout, ensure you get enough good sleep. Try to take the full number of vacation days

> Nations Lending, a fullservice national mortgage lender, announced the onboarding of Capt. (retired) Eric Flores, a 29-year lending veteran and Indiana’s #1 VA

originator.

> Cenlar FSB announced that Nayda McKain has been promoted to vice president, human resources business partner.

> Granite Mortgage of Champlin, Minn., has hired Brian Fritz as its first president.

> Planet Home Lending, a national mortgage originator and servicer, has named Lynette Hale-Lee its western divisional manager.

SPONSORED BY

SPONSORED BY

QUIET QUITTING

employer. For example, you may look for jobs that have certain benefits helpful for avoiding burnout, such as flexible working arrangements or mental health days.

you’re allowed, even if doing so makes you feel uneasy or is frowned upon at your company. Equally crucial to taking time off is commiting to not working during your vacation.

TALK TO YOUR MANAGER

Once you understand your motivations for quiet quitting, propose actionable and reasonable changes your boss could implement to help reduce your burnout.

Solutions can include more recognition, more growth opportunities, better pay, flexible working arrangements, or removal/management of the stressful aspects of your job. For example, if you’re constantly given work outside of your specialty, ask that assignments be commissioned to the appropriate team instead.

Use popular psychology tool the DEARMAN technique to help you approach the conversation with your manager. Here’s how:

• Describe your problem

• Express your feelings

PEOPLE ON THE MOVE //

> Homestar Financial Corporation, a privately held mortgage lender, announces Gurp Bhandal as executive vice president of national production.

• Assert what you need

• Reinforce gratitude towards the opposite party

• Mindfully stay on point

• Appear confident

• Negotiate as needed

Additionally, keep in mind that having a solutions-oriented conversation is a win-win. If your boss is receptive, you can improve your situation. If your boss doesn’t respond well, that will help confirm that you don’t want to work for this employer anymore.

PREPARE TO ACTUALLY QUIT

If the steps outlined haven’t successfully reduced your burnout, it may be time to quit. Ultimately, quitting and finding a job more aligned with your interests and lifestyle will improve your short- and long-term happiness more than quiet quitting at your current job will.

Keeping in mind your reasons for quiet quitting will help you determine what you’re looking for in your future

Alternatively, you may focus on choosing a workplace with a healthy company culture, which you can determine by talking with past or current employees at the target company. Also, when interviewers ask if you have questions for them, you can use behavioral questions to probe how employees are treated. For instance, if your current boss never acknowledges your work, you can ask potential employers how they view or reward employees who’ve successfully completed their work.

It’s normal to want to do as little work as possible for your current employer while you search for a new job. But make sure you don’t check out or act in a passive-aggressive way that catches your boss’s attention. Maintaining amicable connections with old employers increases the likelihood they’ll think of you for other job openings or be willing to write you letters of recommendation in the future. Additionally, you don’t want to be “loudly fired” if you haven’t yet secured a new job and aren’t prepared financially. n

Rebecca Tray is a content writer and researcher at Resume Genius, a careerfocused website known for its AI-powered resume builder, free resume templates, and job search resources.

HAVE A NEW HIRE OR PROMOTION TO SHARE?

> Nations Lending opened its newest branch in Summerville, S.C., and hired native South Carolinian Hunter Jackson as branch manager.

> Union Home Mortgage announced the hiring of Kimberly Evers as branch manager for its Fayetteville, N.C., location.

Submit the information to Keith Griffin at kgriffin@ ambizmedia.com for possible publication. Announcements should include a headshot.

THREE PIECES OF ADVICE TO SHAPE YOUR LEADERSHIP

By Kevin DeLory, Chief Lending Officer and Partner, Equity Prime Mortgage

You either get “it” or you don’t … It sounds crass, but it’s really not. It’s more about self-awareness than anything.

“Leadership has been innate in me since I was on the playground with my friends, I’d be the first one to say, “hey, we’re going to do this, we’re going to jump off the side of the slide, let’s go do it.” It wasn’t my job to be a follower, I am a leader.” DeLory explained

Kevin went on to explain that one of the strongest lessons he has learned in business is authenticity. He believes that when you are working or dealing with someone who is inauthentic that those who are real will see right through it. Kevin built his success by being in the trenches, putting the time in, and learning as much as he could. As an Account Executive he earned the trust of his brokers, never asked of his underwriters anything he wouldn’t do himself, and always set the proper expectations; he likes to say, “bad news is a dish best served hot.”

Kevin was a leader without the title in his earlier years in the industry and was privy to real culture and real influence before it was made out to be the “celebrity status” it is today. Now some may even join a culture only for influence and that would be for the wrong reasons. According to Kevin, culture is doing the right thing, respecting each other, lending a hand because you want to see someone get better, not because you’re in it for yourself.

“There’s not much that brings me greater joy than seeing my team do well, some of those include winning the day and the month, being a father, and bringing business to EPM,” says DeLory.

Another rewarding piece of advice Kevin received in his career was to slow down and wait for others to catch up; everyone learns differently. Kevin deems this some of the best leadership advice he has ever received from a late mentor who has since passed away. He has taken that advice in stride and applies it every day to his leadership skillsets.

“I do find that slowing down and working through things to develop a plan is extremely valuable. However, I don’t wait until the end of the month to know if the plan didn’t work. I figure it out weekly. Leaders check in; leaders tweak the plan. Leaders trust their gut; follow their intuition, and know that one misaligned person can burn down any culture faster than an aligned person can build it up.” – Kevin DeLory

Lastly, to lead is to be loyal not because of the word but because of the action. Pay it forward and always put people before the profits, when you do that, more profits come than you could have ever imagined. Kevin is partnered with EPM not only for its values, culture, and belief in their people but their mission to empower PEOPLE more. “Our industry is all about the people” Kevin goes on to say… “When you have a strong community, anything is possible and we aren’t just EPM Wholesale, We Are Wholesale.”

Kevin DeLory has over 20 years of experience in the TPO space. Kevin has a leadership style that always puts him in the trenches working through any problem with his team versus a bird’s eye view from above. Kevin believes in the bottom-up philosophy that the leadership team at EPM has created. Kevin has several internal core values but among them his favorites are accountability, relationships over transaction, and integrity.

This team-oriented sales approach has gained Kevin results that he is very proud of. There is never a day that goes by where Kevin is not watching growth under his guidance, and the results speak for themselves. When Kevin sees a challenge, he jumps on it and is very quick to embrace the conflict head on so no outcome can ever be hindered with unacceptable behavior.

Today, Kevin is the Chief Lending Officer and Partner at EPM (Equity Prime Mortgage) where he thought culture was just a buzzword, and boy was he wrong. Kevin explains his journey at EPM as a complete 180. “Everybody

speaks about culture, but nobody lives it like I have seen in this organization” said DeLory after celebrating his one-year anniversary in August of 2022.

More than anything, Kevin’s experience has left him an eager mentor. The greatest joy in Kevin’s life aside from his daughter is to help his team become the best that they can be. That means both in and out of the office. He learns from his people just as much as his people learn from him and for that he is eternally grateful.

Having been in the industry through its ebbs and flows, Kevin is familiar with the stresses and rewards, and can turn ANYONE into a high performer. His strong sales training ability mixed with his leadership and culture knowledge is a perfect recipe for anyone who walks through his door ready to learn and grow.

Kevin graduated from Rhode Island College and at one point thought he may have been a teacher but after seeing what he could do in the sales force, he never turned back. It is Kevin’s

belief that a leader should: know the way, go the way, and show the way.

You can reach out to Kevin anytime by email at Kevin@epm.net or you can go to epmwholesale.com and fill out any form or see anything EPM’s team is up to there. You can also tune into his podcast, “The Whole Perspective” with his SVP of Lending at EPM and best friend of 30 years, Kenny Phillips. They air an episode every Friday at 11:30AM EST.

When Kevin is not at work or in the field, he truly is living the dream at home in in Rhode Island with his beautiful wife, Dana, their daughter, Brooklyn and as many dogs as they can manage. In his downtime, you can catch Kevin on the golf course, with friends, or with his family.

Nine Ways To Upscale Your Business On TikTok

Reach a wider, younger audience without posting a single dance video

BY CHLOE CHAI, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

TikTok is currently the fastest-growing social media platform in the world, with over 800 million active users worldwide.

For a small business or a newly established entrepreneur, TikTok is a great platform for you to expand your brand identity and increase your consumer target audience.

Whilst TikTok has traditionally been used mostly by 16-24-year-olds, it is becoming increasingly popular with older generations, giving businesses a platform to express creativity to a wider audience.

Here are nine ways businesses can upscale and reach wider audiences

using TikTok.

ESTABLISH YOURSELF AS AN AUTHORITY

First, you want to establish yourself or your business as a credible, trustworthy authority. This will instantly attract audiences and keep them engaged with your business.

To do so, you need to create videos that bring value to your customer.

Whilst there are plenty of people creating videos of dance challenges and pointing at text bubbles, it is doubtful that this kind of content will help build your business’ credibility. Audiences much prefer to hear a voice behind the business.

Therefore, engage with audiences

by using your voice, whether it be answering questions you are receiving frequently from customers or providing informative content they want to see.

There are several ways you can do this, such as: using the keyboard shortcut tool, demonstrating internal training, or creating educational content videos around what your audience wants to know.

BE THE FACE OF YOUR BUSINESS

Whether you are the face of your business or your product is the star, a consumer needs to establish who or what clearly can offer them familiarity — and this is all part of building your brand.

This is important because, on TikTok, a user’s default feed is not

the feed containing the people they follow. Instead, it’s the ‘for you’ feed, meaning TikTok algorithms are personally customized for the users watching habits.

Therefore, if you are posting videos of yourself as the face of your business and your journey, you are extremely likely to get put in front of users who have no idea who you are.

This is because TikTok loves to push a business’ success story onto a user’s ‘for you’ feed and share the growth of a company — which is why it is so important to be the face of your brand.

CROSS PROMOTION

If you are already established elsewhere, whether it be on your own personal website, other social media platforms, or perhaps you have built a podcast, TikTok can actually be a great vessel to promote external projects you

have going on.

You can do so using the ‘edit profile’ section within the app by simply including links to where your business appears elsewhere across the internet.

LINK YOUR BUSINESS IN YOUR BIO

Having a link in your bio is extremely important, ensuring it is extremely easy for a user to direct themselves to your business website once landing on your TikTok page.

It is worth remembering that you need a minimum of 1,000 followers to have a link in your bio. However, once that is achieved, it is recommended to have the link to your website in the ‘website’ section, which is below the ‘bio’ section.

In the bio section, you could add a link to “check out more here” with an arrow pointing downwards, which

clearly indicates to your customer where your business’ main website is.

Essentially, having ‘actionable’ links will help you encourage users to navigate themselves away from TikTok, which is how you are going to make your money!

GO LVE!

Going live is a great way to get to know your audience in an unscripted, unfiltered kind of way. Customers love to know the person behind a business in a personal way, as it makes them feel more involved in the business and the journey.

To go live, you do, again, need to have at least 1,000 followers. However, once you do, the best way to feel comfortable is to practice on a smaller audience.

Once you have made a few mistakes in front of a smaller audience, you will

Engage with audiences by using your voice, whether it be answering questions you are frequently receiving from customers or providing informative content they want to see.

TIKTOK

be a pro by the time you have built up a mass following.

Going live reinforces the point mentioned above: You want to establish yourself as credible and trustworthy. By showing your audience the real you, you are encouraging them to trust you and your business, giving it authenticity.

USE THE LATEST TRENDING SOUNDS

On TikTok, audio matters, and 88% of TikTok users say that sound is essential to the TikTok experience. Being an essential asset for going viral, brands should learn how to get it right. Therefore, by following the latest algorithms, you can check the “TikTok Viral” tab via the video editor, then select “Sounds” to browse the latest trending audio tracks.

It is important for businesses to be extremely careful when using songs, as they must comply with copyright. As a business account on TikTok, you can only use TikTok commercial sounds. You should also check that the trending sounds aren’t at odds with your brand image, of course.

To jump on the latest trending sounds, take advantage of the Creative Centre, where you can go to see the top performing sounds on TikTok, whether a trend is on the rise, at its peak or starting to slow down.

DEMONSTRATE A DAY IN THE LIFE

“Adayinthelife” videos have a staggering 1.4 billion views on TikTok, so jumping on the trending hashtag is a no-brainer for any account wanting to attract attention.

Taking your followers along with you on a typical day as a small business owner is a great way to keep them engaged and involved with your journey and the growth of your business.

Whether it be the simple things like coffee and breakfast to product launches and marketing events, it is nice for your customers to get to know you, as well as the team that helps to keep your business afloat.

USE HASHTAGS TO ATTRACT NICHE AUDIENCES

For a business wanting to attract niche audiences, hashtags are a great way to do so. Using relevant hashtags in established TikTok communities such as #WineTok, #FoodTok, #CleanTok or #BookTok can help you tap into users in certain niches.

As a small business, it can be easy for you to be involved with your audience if you don’t have a huge stream of comments. Therefore, you can also connect with audiences in your comment section or answer their questions.

PRODUCE AND POST CONSISTENTLY

Once any TikTok account attracts followers, they will continue to want to see more.

Therefore, posting rich and valuecentered content around 1-3 times daily is a great way to keep your audience happy.

Short-form videos are an excellent marketing tool, and since TikTok is the home of this type of content, as a business owner, you should take advantage.

Posting more than once every day increases your chances of getting seen by your desired audience and increasing your following. n

Chloe Chai is a spokesperson for Business Name Generator.

ACC Mortgage Rockville, MD

WHOLESALE LENDER RESOURCE GUIDE

Angel Oak Mortgage Solutions Atlanta, GA

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

ACCMortgage.com

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

Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

angeloakms.com (855) 631-9943 info@angeloakms.com

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

Change Wholesale Irvine CA

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

ChangeWholesale.com (949) 255-6085 info@changewholesale.com

Acra Lending Lake Forest, CA

Acra Lending is the leader in Non-QM 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

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

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

First National Bank of America East Lansing, MI

Bio: FNBA is a portfolio lender with over 65 years of experience. We understand that in the Non-QM business, service makes all the difference. That’s why we are committed to providing you with the fastest turn times, exceptional service and loan programs that make growing your business easy!

fnba.com/mortgage-brokers

LICENSED IN: All 50 U.S. States Find

4 Cybersecurity Tips for Businesses

Combined together, all should protect you against attacks

BY MICHAEL MUNDELL, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Arecent international campaign focused on Cybersecurity Awareness Month was led by the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance (NCA). The two groups highlighted four key action steps that everyone can take to better protect themselves against cyber threats.

In this post, we will discuss the four steps and why they’re essential, as well as provide some valuable tips that small and medium business owners can follow to make sure that their businesses and employees are protected.

Step #1 — Think Before You Click: Recognize and Report Phishing

Phishing is a type of cyberattack in which an attacker tries to trick someone into doing something that they shouldn’t, such as clicking on a malicious link or sharing their username and password. It is a huge threat to businesses because one small mistake by an employee could result in sensitive

company and/or customer data falling into the wrong hands, the installation of malicious software onto company computers, and lots of other serious cybersecurity issues.

Phishing most commonly happens via email. Below are two real phishing email examples that were detected by Trend Micro — a global leader in cybersecurity — recently.

As you can see, the examples above look legitimate. However, there are some commons signs of phishing

scams that employees can be trained to recognize, including:

• Threats or a sense of urgency —

“Your account will be closed in 24 hours if you don’t click this button,” for example.

• A questionable email address — If an email claims to be from a certain company, but the email address domain doesn’t include the company’s name, it’s a huge red flag.

• Suspicious attachments — Cybercriminals will often attach files to emails that when opened will install malicious software.

• Strange requests — Out-of-theblue emails that ask for payment and/ or personal information are almost certainly phishing scams.

• Grammar and spelling errors.

In addition to ensuring that all employees know what to look out for when it comes to the common signs of phishing scams, security software should be installed on all company computers. Look for a product that comes with anti-phishing capabilities — most security software from wellknown companies will include this.

If you or one of your employees receives a phishing email, forward it to the Anti-Phishing Working Group at reportphishing@apwg.org. Phishing scams can also be reported to the FTC at FTC.gov/complaint.

Step #2 — Update Your Software

Making sure that all company computers’ operating systems and apps are regularly updated to the latest software versions is essential because software updates will regularly include fixes for known security issues. The use of out-of-date software makes it exponentially easier for cybercriminals to exploit a computer/system.

The global WannaCry/WannaCrypt ransomware attacks in 2017 targeted Microsoft computers running outof-date software that had a known vulnerability that had already been fixed by Microsoft. However, because many computers hadn’t been updated, cybercriminals were able to take advantage of the exploit and install ransomware on them that caused an estimated $4 billion in damages.

If your business employs only a very small number of employees, teach them about the importance of installing the latest software updates and remind them from time to time to

check for new ones. However, if that wouldn’t be practical, consider hiring a person to take care of IT-related issues or give an existing, tech-savvy employee this responsibility.

Step #3 — Use Strong Passwords

Using password hacking software, a cybercriminal can crack a 10-character password made up of only numbers instantly, whereas a 14-character password made up of a mix of numbers, uppercase and lowercase letters, and symbols (@, %, &, etc.) would take 200 million years.

However, it’s difficult to remember complex passwords, so it can be

passwords, allowing every employee to have unique, ultra-strong passwords for all their accounts — without the need to remember them all. Many password manager providers offer licenses specifically designed for small and medium businesses, too.

Step #4 — Enable Multi-Factor Authentication

Multi-factor authentication (MFA) — also called two-factor authentication (2FA) — adds an extra layer of protection to accounts by requiring users to provide two separate forms of information to log in.

Conventionally, users log in with

tough to resist the temptation to use suboptimal ones. If only there were an easy way to create strong, toughto-hack, memorable passwords, right? Well, there is! You can create strong passwords from memorable song lyrics, poems, etc. using letters, numbers, and characters to represent words and/or letters.

For example, take the AC/DC lyric “It’s a long way to the top if you wanna rock ‘n’ roll.” This can be converted to a strong password like so: i@ Lw2tTiUwr’n’r (it’s a long way to the top if you wanna rock ‘n’ r). As long as you can remember it, you can get as creative as you want, too. For instance, the dollar sign can be used to represent the letter “S” or the word “money” and parenthesis makes for a good, toughto-guess substitute for the letter “O”.

You can check how strong your passwords are and how long it would take a hacker to crack them by clicking here.

You should also consider purchasing a password manager for your employees. Password managers can automatically generate and store secure

a username and password (the password being the first form/factor of identification). However, MFA requires users to provide an additional factor to prove that they are who they say they are — such as a code sent to a trusted phone number. According to Google, MFA via SMS helps “block 100% of automated bots, 96% of bulk phishing attacks, and 76% of targeted attacks.”

There are several common authentication methods for MFA, including SMS verification, email verification, and authenticator apps. However, no matter which authentication method is used, the improvements to account security are tremendous.

It is strongly encouraged that you enable MFA on all your personal and business accounts and make it mandatory for employees to enable it on all their work accounts. n

Michael Mundell wrote this article https://www.score.org/blog/4cybersecurity-tips-businesses for SCORE. org, which is the website for the Service Corps Of Retired Executives.

One small mistake by an employee could result in sensitive company and/or customer data falling into the wrong hands.

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YOUR FIRST MILLION DOLLARS

Creativity Never Goes Out Of Style

But make sure people feel comfortable taking chances and failing

BY HARVEY MACKAY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Ashopkeeper was dismayed when a brand-new small business, much like his own, opened next door on his left and erected a huge sign which read BEST DEALS.

He was horrified when another business competitor opened on his right, and announced its arrival with an even larger sign reading LOWEST PRICES.

The shopkeeper panicked until he got an idea. He put the biggest sign of all over his own shop. It read MAIN ENTRANCE.

There is no substitute for creativity. That shopkeeper could have spent a year’s profits on an ad campaign, mailings, giveaways, you-name-it, and probably wouldn’t have made as large an impact. A stroke of brilliance kept his business humming.

There is no correlation between IQ and creativity. Every single person has the potential to become more creative than they think they are. The key is developing a mindset that enables them to look at things from new perspectives. Creativity and innovation

these factors into account: Money. Creativity and innovation can’t breathe in an atmosphere of budget cuts and downsizing. You may produce creative ideas to get around a lack of funds, but in the long run, you won’t get many practical ideas unless you’re willing to spend cash on developing and testing them.

Elbow room. Cramming people into tight little cubicles is no way to get their imaginations working. Give them room to move around: conference rooms to spread out, windows to stare out, and the freedom to work in different environments that spark innovative ideas and insights. In this age of working from home, be open to allowing people to escape the distractions of the office to do some brainstorming outside the confines of the workplace.

Freedom. Part of this is related to the space issue — freedom to work in nontraditional surroundings. But more important is freedom to suggest

changes and question assumptions. Don’t challenge people to think creatively only to squash their ideas with “But that’s not how we do things around here.” Keep your eye on the prize and consider innovative ways of reaching that goal.

Risk. Remember how many times Thomas Edison tested his first light bulb? You can’t generate creative thinking if people don’t feel comfortable taking chances and failing. You should tolerate intelligent risk — and even celebrate failure — if people are acting in good faith while trying to help the organization grow. Failure is not fatal; it’s just proof that there’s another solution out there.

Advertising genius Alex Osborn, considered the “father of brainstorming,” devoted his life to promoting and teaching creative thinking. He believed the fiercest enemy of creativity was criticism: “Creativity is so delicate a flower that praise tends to make it bloom, while discouragement often nips it in the bud.

Any of us will put out more and better ideas if our efforts are appreciated.”

Make creativity a core value. There is no business that cannot benefit from creative thinking. Talk about the power of ideas and the benefits of innovation.

model creative thinking. If your staff hears you express not-so-traditional ideas, they will be more inclined to share their thoughts.

A real estate tycoon from New York City visited a Miami bank and said his

“Well, I’ve got a brand-new Cadillac outside.”

The banker jumped all over it and took the Cadillac. A week went by, and the New Yorker returned and paid off the $3,000 note and $25 interest for the week.

The banker said, “I don’t understand, sir. I looked at your application and called New York City. You’re a very successful real estate operator. Why did you have to come into my bank and borrow a paltry $3,000?”

“Can you think of a better place to keep my car for seven days for $25?”

Provide training that hones people’s thinking. Reward creative efforts, even when they fail, to reinforce the value you place on imagination and creative thought. Sometimes a minor tweak can make a major difference.

As a manager, it’s critical that you

wife wanted to fly over to the Bahamas, so he needed a fast $3,000. The banker said, “I don’t know who you are.”

He said, “I have a very successful real estate office in New York City.”

The banker said, “That doesn’t matter. I’d have to have some collateral.”

Mackay’s Moral: A spark of creativity can ignite a blazing business success. n

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

KAY SCULLY

New Year, New Perspective

Four good pieces of news to focus on at start of 2023

BY MARY KAY SCULLY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

It’s a new year, so it’s time to reset. What better time for new habits, a new mindset, and more? And I’m not talking about the new year’s resolution you’ll probably be done with by the time you read this. I’m talking about lasting changes — not the two weeks you’ll devote to your Peloton before it starts collecting dust.

According to Johns Hopkins Medicine, there is a link between positivity and wellness, most likely due to a reduction in inflammation that is caused by stress. Regardless, their study found that people with a positive outlook — whether they had a history, other risk factors or not — were less likely to have a cardiovascular event.

With a sense of gloom pervading the industry for what feels like years, let’s work to break through the negativity and focus on the good news for the industry. I’m not disputing the validity of market concerns on home price appreciation, higher interest rates, or inventory constraints, but there is still plenty of good news for the market as we begin the new year. Let’s concentrate on these four:

1. RATES ARE STILL LOW

Rates may be high compared to recent levels during and prior to the pandemic, but they are still historically low, according to a historical mortgage rate chart from TIME. It’s so easy to get caught up in the here and now that we forget to bring current rates into perspective.

2. PEOPLE ARE BUILDING WEALTH

Homeownership continues to help Americans build wealth for their futures. The National Association of Realtors (NAR) reported that single-family homeowners typically accumulated $225,000 in housing wealth over 10 years. The NAR also reports that average monthly rents increased by more than 14% year-overyear in December 2021 and the Federal Reserve Bank of Dallas forecasts that year-over-year rental price growth will

reach 8.4% by May 2023.

With rent prices soaring, homeownership is not only a great wealth-building tool for the future, but it could be the more affordable option for the here and now. While it seems like a big commitment upfront, buying a home could potentially offer a lower monthly cost, while allowing buyers to start building equity that will pay off in the long run.

3. HOMEOWNERSHIP BRINGS SOCIAL BENEFITS

Another study from the NAR found that homeowners see a lot of social benefits, too. For one, homeowners tend to be more involved in their communities. The study showed that they are more likely to vote in elections and volunteer at local charities, because of the stake they have in the community.

Homeowners also form social bonds with neighbors and feel a sense of attachment to where they live. They

also have more incentive to deter crime and can even see positive health benefits, much like those that come with positivity.

4. NEW BUILDS CAN CATCH UP

Supply chain issues are finally subsiding. Sea-Intelligence, a supply chain research and analysis firm, reports that 50% of supply chain congestion has been resolved and that a “full reversal to normality” could come in March 2023.

Lumber prices also are coming down. Quartz reported that lumber prices are near pre-pandemic levels and expected to continue falling into 2023. With many of the challenges that faced new construction now easing, builders can better address the inventory issue the market has been facing for quite some time. Better inventory can help bring prices down and remedy many of the

challenges we’ve been seeing this year.

The bottom line is no one knows what 2023 will hold. Whatever events we may encounter, your attitude will play a large role in your success this year — or any year, for that matter.

Lucille Ball is quoted as saying, “One of the things I learned the hard way was that it doesn’t pay to get discouraged. Keeping busy and making optimism a way of life can restore your faith in yourself.” Start 2023 off with

your head held high and try to keep the good in perspective, it may pay off better than you think. n

Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum. The statements in this article are solely the opinions of Mary Kay Scully and do not necessarily reflect the views of Enact or its management.

I’m not disputing the validity of market concerns on home price appreciation, higher interest rates, or inventory constraints, but there is still plenty of good news.

“ It is truly an honor to work in this industry with such an amazing team!” - Twyla

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

NON-QM LENDER RESOURCE GUIDE

Angel Oak Mortgage Solutions Atlanta, GA

We offer alternative mortgage solutions for originators throughout the country helping borrowers who don’t fit Agency guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

angeloakms.com (855) 631-9943 info@angeloakms.com

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

Arc Home LLC

Mount Laurel, NJ

Multi-channel mortgage leader with exceptional service and comprehensive mortgage solutions.

When it comes to choosing your lending partner, there are many things to consider. Our products set the standard in the industry for innovation. Since that innovation is in our DNA, we will always be on the cutting edge of what matters most to you and your borrowers. At Arc Home, our priority is to provide the best customer experience from registration to closing, and we continue to invest in that philosophy every day.

business.archomellc.com (844) 851-3600 sales@archomeloans.com

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, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

Find the company and tools you need. Browse through our directories.

FIND IT.

THE COMPANIES AND TOOLS YOU NEED

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

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

Find what you’re looking for. Visit nationalmortgageprofessional.com/ directories

Champions Funding

Gilbert, AZ

Mission Driven Non-QM + CDFI Wholesale Lender

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

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

champstpo.com (949) 763-9494

Wholesale@ChampsTPO.com

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

NON-QM LENDER RESOURCE GUIDE

Civic Financial Services

Redondo Beach, CA

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

CIVIC Financial Services is a private money lender, specializing in the financing of non-owner occupied residential investment properties. CIVIC provides Mortgage Brokers and Real Estate Investors with a fast and cost effective funding source for their real estate investment needs.

civicfs.com (877) 472-4842 info@civicfs.com

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

Deephaven Mortgage

Charlotte, NC

Founded in 2012, Deephaven is a national, Non-Agency/Non-QM mortgage provider.

A full-service innovator in the NonAgency/Non-QM mortgage space helping millions of Americans unable to qualify for a traditional, governmentbacked mortgage to achieve their dreams of homeownership. Available through both wholesale and correspondent channels, our differentiator is our borrower-centric culture and service delivery model. Particular strengths include our own in-house underwriting and collaborative teams that directly support our national network of independent mortgage brokers and loan officers.

deephavenmortgage.com (800) 983-0457 info@deephavenmortgage.com

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

TOP OF MIND RECOGNITION

Non-QM Lender Resource Guide cont’d. next pg.

First National Bank of America East Lansing, MI

With over 65 years of lending experience, First National Bank of America specializes in Non-QM loans, nationwide.

• Alternative Income Documentation Options

• 12 months only of income history

• Self-Employed/1099

• ITIN or SSN

• Recent Credit Events

Our alternative mortgage solutions are designed to help people turn homeownership dreams into a reality in the Retail, Wholesale or Correspondent space

Visit: www.fnba.com/wholesale www.fnba.com/correspondent www.fnba.com/mortgage

Equal Housing Lender fnba.com/wholesale (800) 400-5451 requests@fnba.com

LICENSED IN: All 50 U.S. States

NON-QM LENDER RESOURCE GUIDE

Global Integrity Finance LLC McKinney, Texas

DSCR Rental NO DOC Loans

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

globalintegrityfinance.com (214) 548-5190 toby@globalintegrityfinance.com

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

Luxury Mortgage Corp. Stamford, CT

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

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

luxurymortgagewholesale.com (949) 516-9710 tpomarketing@luxurymortgage.com

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

PRIVATE LENDER RESOURCE GUIDE

Alpha Tech Lending West Hempstead, NY

alphatechlending.com (888) 276-6565 info@alphatechlending.com

Alpha Tech Lending is a trusted direct lender, with over a combined 30 years of experience in the private lending sector. We offer a variety of loan programs for nonowner-occupied residences that are customizable to suit your real estate investment needs. From fix and flips, long term rental, new construction, commercial bridge, and more. We lend to both new and experienced real estate professionals throughout the country. We value long term relationships built on trust. Our brokers are protected.

LICENSED IN: CT, DC, DE, FL, GA, IL, MD, MA, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA

DSCR Rental NO DOC Loans

NON-QM LENDER RESOURCE GUIDE

PCF Wholesale Tustin,

CA

Build your 2022 pipeline with PCFWholesale.com , the home of the EZ DSCR and Alt Choice Non QM Products. We make NonQM E-Z. Direct Wholesale Lender Licensed in 38 States. We love 1-4 and 5-8 unit properties. Ask about our Preferred Lender Program and our on time closing commitments to you!

pcfwholesale.com (714) 955-5700 Marketing@pcfwholesale.com

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, NV, NH, NJ, NM, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA,

Quontic Bank

New York, NY

No Ratio & Lite Doc — Owner Occupied & Investor

Our unique Community Development Loan programs help historically excluded borrowers look beyond income documentation to help make homeownership dreams a reality. Quontic is exempt from Dodd Frank’s ATR requirements. This enables us to offer our unique Owner OccupiedNo Ratio (no income stated & no DTI calculated) and Lite Doc (borrower prepared P&L) loans to credit-worthy borrowers. Quontic also offers a Fast Track underwriting process.

Get started growing your business with Quontic Wholesale. quonticwholesale.com (888) 738-9016 sschnall@quonticbank.com

LICENSED IN: All 50 U.S. States

Hands-On Advice

Pine Brook, NJ

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

Only RISK Will Lead To Reward

Brokers may need to move to middle ground to stay alive in depressed market

BY KATIE JENSEN, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Addressing a gathering of mortgage executives a few years ago, Freedom Mortgage CEO Stan Middleman made a blunt assertion. There are only two ways to make more money in mortgages: create more production, or take on more risk.

For mortgage brokers who are staring in the face of another year of disappearing originations, Option 2 may be the only real option at all.

The Mortgage Bankers Association (MBA) expects originations to amount to $2.26 trillion this year, and drop down to $2.05 trillion in 2023. Those numbers had peaked at a record $4.4 trillion in 2021.

Rising interest rates are spooking would-be buyers to back out of home deals, and lenders are competing hard to slash rates. UWM waged war against other wholesale lenders by temporarily lowering rates, making it hard for others to compete. Now big-name lenders like loanDepot, FOA, and Amerisave are pulling out of the wholesale business, leaving brokers with fewer partners.

REMEMBER THE APPEAL

When times are tough like they are now, it’s important to remember the appeal of being a broker in the first place. Many have decided to become brokers so they could have more control over their careers. In fact, many refer to themselves as entrepreneurs, since they are 100% responsible for any success or failure that comes their way.

As a broker, you start off wearing all the hats within your business; you’re a full-time administrative assistant, processor, underwriter, marketing director, social media coordinator, researcher, compliance manager, and sales agent. You need to plan for market downturns, like a

business owner would, and have enough financial resources to carry you through tough times. Above all, you have to answer to your clients. Without them, you have no business.

When the housing market began to boom in 2020, active state mortgage loan originator licenses increased 21% from the year prior. Because interest rates were near historic lows, bringing in business was easy for brokers and loan officers. Many were looking to refinance or buy a home in a more affordable market. Broker comps were high then, but they naturally began to taper off as buyer demand faded. Data from ATTOM shows that by the end of the third quarter in 2022 purchase loans fell 33% and refinances fell 67% from last year.

DON’T BE HOPELESS

Feeling a bit hopeless? Well, you shouldn’t. Remember, you got in this business so you could be in charge of your own destiny. Now is the time to take control and figure out what options are out there for you.

With originations plummeting, many mortgage companies are evaluating ways to future-proof their origination engines so the next boom can be met with better systems and more control, so they can come out more profitable. For mortgage brokers who have enough volume, becoming a mortgage banker is one such direction they can pursue to take their company to the next level. If you’re considering mortgage banking as an option, there are two particular terms that you should add to your vocabulary that might help you in the long run: delegated and non-delegated.

Plenty of industry professionals struggle to define the difference between delegated and nondelegated, though they may be too embarrassed to admit it. Here, you’ll get the full breakdown

Plenty of industry professionals struggle to define the difference between delegated and non-delegated, though they may be too embarrassed to admit it.

of how correspondent lenders view each path, including the costs and benefits to each.

DEFINITIONS

The big difference between working with correspondent lenders on a delegated or a non-delegated basis is who’s doing the underwriting.

Non-Delegated: If the mortgage banker has a non-delegated relationship with the correspondent lenders, then the mortgage underwriter from the correspondent lender underwrites and approves the loan.

Delegated: If the mortgage banker has a delegated relationship with the correspondent lender, then the mortgage banker will need to underwrite the loan with their in-house mortgage underwriter.

(MortgageNon-Delegated Banker)

Shane O’Dell, Premier Mortgage Resources director of correspondent lending, explains that the transition from nondelegated and delegated happens in a specific order. You start out as a mortgage broker, but those that want more control over their business and work flow would transition to non-delegated. Then, those who want complete control over their business would transition into delegated.

Being a broker is all about freedom and the power of options. When you become a mortgage broker, you have plenty of options working with the various wholesale lenders. As a mortgage banker, you can still participate in wholesale programs, but it’s not a product they do often. Bankers have more options working through correspondent channels.

FROM BROKER TO NON-DELEGATED BANKER

In order to transition into non-delegated, the broker needs to get a lender license, open a warehouse line, and choose lenders who will underwrite their loans. The mortgage broker then becomes a mortgage banker.

“Some states require a separate license,” O’Dell says. “There’s a few more insurance and other requirements that are needed out there. You’d establish a warehouse line with somebody like Independent Financial and choose a lender to underwrite your loans. Then once you’ve done

that for a while, you might say, ‘Hey, I want to hire my own underwriter and I want to start underwriting my own loans and sell that loan delegated.’”

Non-delegated bankers have a correspondent relationship with their lenders. The mortgage banker passes off the loan to their lender’s underwriter, who eventually issues a conditional loan approval. That loan goes back to the processor who gathers conditions by working with the loan officers and the borrowers. Then, the processor submits the conditions back to the underwriter for a clear-to-close.

THE PLUS SIDE

(MortgageDelegated Banker)

Mortgage Broker

The beauty of becoming a mortgage banker is that the loan closes under the banker’s name, not the lender’s — even with non-delegated. After the originating mortgage banker funds the loan through the warehouse line of credit, most bankers sell the loans to their correspondent lending partner, which is typically a larger mortgage lender. Once the lender receives funds from the sale of the loan, they pay down the warehouse line of credit and make more loans.

This may vary from lender to lender, but typically the larger correspondent lenders retain the servicing rights and package up these loans from other smaller mortgage bankers. Then these loans can be sold on the secondary market. Alternatively, a large lender like Freedom Mortgage might maintain servicing rights and not sell the loans off in order to build a servicing portfolio.

Most mortgage bankers sell off the loans they fund so their correspondent lender will pay down the warehouse line of credit, allowing the mortgage banker to originate and fund more loans.

“When you’re moving from broker to banker, it generally looks very similar to a broker transaction,” O’Dell says. “The biggest difference is you’re going to be drawing the documents, whereas a broker would not. You’ll also be funding the loan from a warehouse line. So there’s not a lot of additional work that goes into the loan. Some people would argue there’s actually more control over it and you can offer better service to the customer. I would say there definitely is because you’re in charge of your own destiny instead of relying on some lender out there to draw documents and their timeframes and then making mistakes.”

THE JOURNEY FROM NONDELEGATED TO DELEGATED

If the mortgage banker has a delegated relationship with the correspondent, then the banker needs to have an inhouse underwriter issue the loan approval. This in-house underwriter needs to follow guidelines of the correspondent lender and underwrite the loan to their standards.

“So it really becomes a matter of it being cost effective,” Roberts said. “Because when you go from being a nondelegated to a delegated, you have to hire an underwriter.”

And underwriters aren’t cheap.

“An underwriter salary is roughly $100,000 a year,” O’Dell says. “You’ve got to look into the math and see what your underwriter can underwrite and you know, if you’re willing to take on that additional risk for the additional return on those loans.”

Having an in-house underwriter can be extremely helpful during busy times. On average, underwriting turnaround times can be seven days or more, but with a good in-house underwriter, it can be done much quicker. However, this also

comes with more risk. If the in-house underwriter makes a mistake, the lender will not purchase the loan.

“The higher up the food chain you go, you’re taking on more risk,” O’Dell says.

Transitioning from non-delegated to delegated means taking on more risk. If the in-house underwriter approves too many bad loans, it can easily bankrupt a small mortgage banker. In a non-delegated scenario, if the correspondent lender’s underwriter approves a loan that goes bad, it’s the lender’s responsibility. In a delegated scenario, the responsibility falls on the mortgage banker. When loans go bad, the mortgage banker has to buy the loan back, also known as scratch and dent loans.

HIGHER EARNING POTENTIAL?

Mortgage bankers also have higher earning potential. As you may know, mortgage brokers get paid by wholesale lenders or borrowers going lender paid or borrower paid

The beauty of becoming a mortgage banker is that the loan closes under the banker’s name, not the lender’s — even with non-delegated.

respectively. The loans close under the wholesale lenders name and the broker compensation maximum a company can earn acting as a mortgage broker is 2.75%.

“By far the majority of the loans that are stuck on the line are the delegated loans,” Roberts says. “And so you wanna make sure that there’s not any manufacturing errors and you’ve got to be prepared.”

WHEN TO MAKE THE LEAP

There are certain times when it can be opportunistic to transition into becoming a mortgage banker.

Getting A Warehouse Lender

Awarehouse lender looks at multiple metrics to determine whether or not someone is qualified for a warehouse line.

Unlike mortgage brokers, mortgage bankers do not have to disclose their fees or how much they make on each transaction because they use their own money to fund loans (their warehouse line). Thus, mortgage bankers can see substantially higher profits than they would with a broker compensation plan where the maximum is 2.75%. However, the higher the compensation, the higher the mortgage rates. As a result, mortgage bankers typically have higher rates and fees than brokers. Given the high interest rate environment we are now in, this channel may have some drawbacks.

“Typically warehouse lines are based on net worth,” Dre Roberts, senior vice president and national sales manager at Independent Financial says. “So we will leverage the net worth to 20 times. In the case of a non-delegated and a delegated, up to 15 times their net worth. We want to make sure there’s adequate liquidity to run the business, and we want to make sure that they’re profitable.”

Other questions that warehouse lenders consider are more instinctive, Roberts says. For example, do they have experience? Have they been a correspondent before? If they haven’t been a correspondent, do they have a

“As opposed to a broker that’s got a fixed compensation plan, when you move to delegated, you don’t have a fixed compensation plan as the owner of the company,” O’Dell says. “When you move to a true delegated relationship, you’re taking on a lot more risk. And, of course, you should get a bigger return on that from selling the loan from fee income and everything else.”

When a broker transitions into non-delegated and then delegated, the risk is in the disclosures, O’Dell explains. Are you disclosing that correctly or is a third party disclosing that correctly for you? Are you drawing the documents correctly?

“So if there was a mistake made on the debt ratio or the appraisal wasn’t scrutinized correctly you could have a loan that’s not sellable,” O’Dell says. “The lender would choose not to buy that loan based on the underwriting errors that happened on that. And then of course you have the same risk in terms of drawing documents that are compliant and match your underwriting approval.”

If a delegated or non-delegated loan is unsellable, it gets stuck on the warehouse line. When loans get stuck, the warehouse lender works with their client to get those loans moved off the line.

mortgage DNA? Do they know how to originate? What resources are they going to use? What investors are they gonna sell to?

“So as far as getting the warehouse line, it can be an obstacle,” Roberts says. “Right now there’s excess liquidity in the market and excess warehouse capacity. So I think the warehouse lenders tend to be a little bit more lenient on the items that are subjective (experience, resources, investors). However, the tangible net worth liquidity, the profitability — those things are not as subjective.”

Certain warehouse lenders are gonna understand the needs of somebody transitioning from broker to banker, Roberts says. Some are more understanding of the fact that they’re not gonna know how to order a wire, they’re not gonna know how to calculate a wire, they’re not gonna know how to reconcile their loan. n

If you’re thinking of transitioning from mortgage broker to mortgage banker, the first thing to take into consideration is how many loans you’re closing, Roberts says. If a broker is a high producer, they may want to consider transitioning into a nondelegated with a correspondent lender. Typically, brokers move into non-delegated first because they can save expenses and reduce risks from outsourcing the underwriting process. Again, mortgage bankers charge higher interest rates because of fees and additional expenses, so the pricing needs to be competitive.

“Like if you’ve got a broker that’s looking to convert to a banker or a non-delegated correspondent, they’re looking for somebody that’s gonna help them and handhold them in the beginning,” O’Dell says. “So they might be a little less price sensitive and might be more interested in that personal relationship and being able to walk through loans, you know, a bigger lender out there definitely is more price driven.”

In terms of what technology a lender offers, it’s important but it does not weigh so much on the mortgage banker’s decision making, O’Dell says. Most lenders have pretty similar and pretty good technology right now. “It’s less of a factor than we used to talk about, you know, a few years back,” he added.

It’s important to note that just because you have an inhouse underwriter, does not mean they need to underwrite all the loans you bring in. For example, if your underwriter is not confident or qualified to handle Non-QM loans, a Non-QM lender that offers their programs through their correspondent channel can do them for you, and those loans

could be non-delegated.

“You might have a lender that you send your non-QM product to that specializes or only does Non-QM product. You might have another lender that does HELOCs and you send that loan to them. You might have another lender that just does agency loans and so you’ll send those loans to them,” O’Dell says. “Typically most of our non-delegated correspondents, I would say, do business pretty regularly with two to four investors out there like me.”

The same is true with the delegated correspondents, Roberts says. The delegated correspondents need to have multiple channels to sell that loan to because they may, in some cases, not even have a lock in place until the loan’s ready to be delivered.

You need to be able to deliver it to multiple different investors and you have to underwrite it to the most stringent guidelines for all of them.

When transitioning from non-delegated to delegated, they again have to consider the costs of bringing on an in-house underwriter. According to Indeed, the national average salary is nearly $76,000.

“Are you doing enough loans and is there a big enough delta between the pricing of non-delegated and delegated for it to make sense for it to pay for itself?” Roberts says. “It can be an expense, it can be a profit center, or it could be break even. You do take additional costs on not only for the underwriting but compliance, et cetera. So that’s something you would want to sit down and do the math on before you make that transition.”

There are also certain times when the market makes it more or less favorable to go non-delegated or delegated. When origination volume is high, it’s more advantageous to go delegated. When volume is low, it’s better to go nondelegated.

“The busier it is, the higher demand for underwriting there is,” Roberts says. “It’s also harder for investors to retain the number of underwriters they need in order to handle volume. So they start stepping on the price, so to speak. They start ratcheting back the pricing of non-

delegated loans, and improve the pricing for the delegated loans. This makes it more attractive to buy delegated loans. This way it doesn’t affect their underwriting capacity as much. Conversely, if you’re not dealing with a lot of volume, you would go for non-delegated.”

Roberts continued: “Right now the deltas between non delegated and delegated pricing is not very much. But back in 2020 when there was a shortage of underwriting, it was like 125 basis point difference. So it’s easier to make sense of making that transition then than it is now.”

As the MBA reported, loan origination volume is expected to drop even further in 2023, making non-delegated loans the better option. Margins have been shrinking in all channels across the industry, which happens when lenders are forced to lower mortgage rates to compete with other lenders in the market. This is due to lenders trying to grow volume through lower rates and

using pricing opportunities to gain market share like UWM’s price war spawned by their “Game On” strategy.

In simple English, you can’t make as much on a loan now as you made back in 2020 or 2021. During times like this, it’s easier to stay a broker, However, you can use this downtime as an opportunity to upgrade to mortgage banking by becoming a non-delegated mortgage banker. Once volume picks up again, you will be ready to become a delegated mortgage banker.

“Make sure that you’re comfortable with whoever you’re dealing with,” O’Dell says as his last piece of advice. “Try to call them (the lender) a few times and make sure you can get them on the phone and they answer. Email them and ask them some of the deep questions. If you’re just talking to account executives, ask them something about drawing documents or ask them something about post-closing and see if they can answer that. Ask how long it takes them to get you that answer on things, because that’s what you really need. Once again, somebody that’s all encompassing and can help you when stuff goes wrong or coach you.” n

Many have decided to become brokers so they could have more control over their careers.

It’s important to remember the appeal of being a broker in the first place.

HOUSE of the RISING SON

Our cover illustration and the image of Pavan Agarwal on this page and the table of contents are generated by artificial intelligence. Agarwal himself is betting on AI to drive a better mortgage experience for originators, real estate agents and borrowers.

Family values drive Sun West

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Pavan Agarwal loves to dance, even though it’s clearly not his forte. He’s a little too reserved, a bit too stiff — better yet, too polite. But he’s got a message he wants to get across, and as he takes the stage with a nervous reserve, he nonetheless does it with all the gusto he can. Pavan’s a 54-yearold Napoleon Dynamite, who just happens to run a multi-billion dollar mortgage company and a blockchainbuilding tech innovator.

Still, his message is clear: let’s celebrate being human and tap into human efficiency to help people achieve homeownership.

Pavan is the CEO of Sun West Mortgage Company, but he doesn’t come across as a domineering leader. He’s the first to admit that the title “boss” doesn’t suit him — nor does it suit Sun West’s values. The word itself implies egotistical values, those of which Pavan doesn’t embody. He’s a casual, family-oriented CEO, showing up at trade shows and conferences sporting a Sun West t-shirt and jeans. He could easily send one of his 600 employees, but that’s not Pavan’s style. He shows up walking amongst a gaggle of enthusiastic employees as if he is just another originator. And, sometimes, walking alongside her son is Sharda Agarwal, who serves as a member of the company’s board and attends conferences with Pavan as his cheerleader.

When Pavan takes center stage, he’s soft-spoken and well-mannered. He plays music to delight and connect with his audience, even pulling out a few dance moves to entertain them. His timid energy shifts to a confident air when he starts to talk about Sun West and the values that his father, Hari, embedded the company with.

ALL HANDS ON DECK

Pavan, who grew up in Cerritos, Calif., spent most of his childhood helping his parents — both in the

real estate business — with cleaning, collecting rent and pitching open house signs. His father, Hari, started Sun West in the 1980s. Even though Pavan expressed an early interest in coding and later pursued a electrical engineering degree, his father groomed and encouraged him to try out mortgage originating — even as a young teenager. “By the time I was a young adult I served multiple duties at the company, including being a wholesale representative, brand rep and a loan originator,” Pavan said. “I even served as head janitor,” he joked.

Pavan has fond memories of playing with his two sisters at Sun West’s first office after school while their parents worked late into the night. Being an immigrant family, all the Agarwals were expected to help out and prioritize the family’s livelihood.

“Like most tight-knit families there was no clear line between the family business and the family home,” Pavan said. “Yes, I had a wonderfully entertaining full childhood, but it was always scheduled around the priorities of the business needs.”

Just like Hari curated a tight-knit family, he also poured these values into creating a family-oriented business. Both parents encouraged their children to work for the company and learn the ins and outs of the business. “I always used to instruct Pavan to go sit with his father and listen to him close a deal,” his mother, Sharda, said.

Pavan, who had an affinity for technology at a young age, was asked by Hari to assist with making Sun West more technologically forward-facing. Hari flirted with the idea of artificial intelligence, but during the 80s, it seemed too daunting and futuristic. “[My father] realized even though he knew the tech basics he didn’t possess the vocabulary and detailed knowledge of how to implement his technologyrooted vision of Sun West,” Pavan said. “So, it was a natural progressive hand-off.”

Mortgage. But artificial intelligence will drive its growth.

As Hari began to withdraw from duties, he asked Pavan to take over as CEO in 2008 — in the middle of the Great Recession. While Pavan was doing business in New York, he and his father shared a quick phone conversation in which he was asked to take over the managerial role. “It was a casual conversation [that we had],” Pavan says. “My father was in California and I gave him a call about a collateral margin-call situation that was happening. He essentially said to me, ‘If you can figure this out, you can take care of everything going forward’.” That “collateral situation” wasn’t a walk in the park. Bear Stearns had crashed, decreasing loan values at a staggering rate. Pavan’s loan values plummeted, leaving him to decide how to

handle all that he and Hari had worked for amidst a financial disaster. “In short, our company warehouse declined by 14 points — equivalent to $20 million lost. We had to find people to take loans off our hands to reduce the difference.” Pavan naturally called Hari and promised he would figure everything out. He says that his strong relationships with his clients came into play that day; he approached UBS Investment and said, “Listen, [Sun West] is in a tough situation, can you help me?” UBS was able to buy the loans just below par value with one condition: that when it came time to sell off the loans in a bond, Sun West had to issue securities. Pavan kept that promise. “That trade only happened because my [promise] meant something to UBS,” he said. “My relationships saved me that day.”

LIKE FATHER, LIKE SON

Pavan, who has fond memories of his late father, credits Hari for inspiring his leadership skills. “My father was the business leader before me and as his son, I am like him as a leader,” he said. “I’ve always tried to lead by example in my work.” The Agarwals lost their patriarch at the end of 2021, which greatly affected Pavan. “My main focus when we lost dad wasn’t on the company at first, it was taking care of mom,” Pavan said, his voice wavering ever so slightly. “But then, we had to think about how to go from here and lead without his help.”

Pavan’s leadership draws inspiration from Hari, and it’s evident in his philosophies. “My father always used to say to me ‘forget the credentials,” Pavan said. “Ask yourself if you would lend them the money and, if you would, how would you want to be treated as a customer?”

People first has always been Sun West’s top priority, which is why Pavan prioritizes his staff as much as his customers. His leadership style can best be described as an open-door policy,

Morgan: Bringing AI Aspirations To Fruition

Just as Hari Agarwal dreamed of improving the user experience at Sun West, so did Pavan. Determined to bring his father’s artificial intelligence aspirations to fruition, Pavan worked on developing a program to carry out Hari’s philosophy of people first. Enter Morgan, Sun West’s AI

“Like most tight-knit families there was no clear line between the family business and the family home. Yes, I had a wonderfully entertaining full childhood, but it was always scheduled around the priorities of the business needs.”

– Pavan Agarwal

mortgage platform branded with the tagline “empathetic technology.”

Morgan, which Pavan says is a combination of “mortgage” and “magician,” has only been in development for about four years and is a product of Sun West’s technology subsidiary, Celligence. In October 2021, Sun West made the platform available for internal employees, but as of September 2022, every licensed mortgage professional can use it, even

if they don’t work with Sun West.

Morgan not only acts as a financial transaction platform between Sun West and its customers but also as if it’s a real-life originator. And while it’s not labor-free, it does cut down on the time it takes to originate a loan. Those annoying little chatbots may be AI-generated, however, they are checked by real humans to make sure the conclusions are accurate.

Morgan’s logo, a graceful ballerina,

is confusing to understand at first. Why did Pavan and his team choose such a classical figure to represent a modern platform? Pavan says the answer is more simple than what meets the eye. “Think about it this way: to become a ballerina is a lifetime commitment. A ballerina is someone who makes something that’s, in actuality, very hard look easy,” Pavan says. “Artificial

according to Angelynne Elliott. Elliott serves as Sun West’s managing director of organizational development. She’s been with the company since 2020 and says that since the start, Pavan has been approachable and available to her, especially being a remote employee. “Pavan is a transformative leader,” Elliott preached. “As a boss, he’s always focused on continual improvement and what can be done to improve the mortgage transaction process.”

Continual improvement in Pavan’s eyes means taking the weight out of job titles. “We’re encouraged to participate and bring our own ideas to the table regardless of our job titles,” Elliott said. “He’s always been able to look at the bigger picture rather than narrow in on one sector or metric of the business. He’s driven by all angles and strategic.”

As an immigrant, Pavan grew up looking at the bigger picture. Hari immigrated from India to the United States in 1973, followed by the rest of the family in 1975 when Pavan was five years old. The Agarwal family first stayed with Hari’s brother — a real estate broker — in a cramped Norwalk, Calif., apartment following their arrival to the states. From there, the Agarwals finally settled in Cerritos, Calif. “He was in his 40s when he came to the States and essentially was starting his life over again,” Pavan says. “And, with three kids in tow.”

So what does the bigger picture involve?

Pavan says that above all, growth is key in a company that’s ever-changing like Sun West. In 2019, the company added 32 retail branches. That number soon jumped to 80 branches in 2021. Compared back to its humble beginnings in 1980, Sun West today has been recognized as one of the top mortgage lenders by Scotsman Guide and ranks among the 50 best companies to work for by Mortgage Executive Magazine. “I’m proud of my son for becoming such a successful businessman,” Sharda beamed. “It’s wonderful to see how far he’s taken the company.” And according to data shared by the Sun West team, Sharda has every right to be proud. The company originated $10 billion in 2021 and over $3 billion this year. Back in the early 2000s, the company was barely clearing half a billion dollars.

MUSIC MAN

Growing up, Pavan and his siblings attended Cerritos public schools. After school Pavan says he gravitated towards skateboarding and, from there, found an affinity for punk rock music. The Sex Pistols, Van Halen, Metallica and Pink Floyd became the background tracks to Pavan’s adolescent life as he navigated high school.

An influence that never left him. Pavan uses music to connect on social media. He posts a song of the day on his personal LinkedIn account

intelligence is much like a ballerina in that way. Doing a mortgage is difficult, but Morgan makes it look easy.”

Pavan says that even though Morgan is relatively new to consumers it’s been years in the making.The greater part of those years has been training the machine to understand every rule of mortgages and to react to nearly every worst-case scenario.

He adds that the Morgan interface uses machine learning to generate an

understanding of a customer’s habits, such as signaling cues like keystrokes and tone of voice in order to gauge the moods and attitudes of a customer. Pavan also says that Morgan can offer appraisal and loan statuses, calculate income and change the terms of the loan — all in multiple languages. Last October, Morgan’s processing time for documents was about six hours. Today, Morgan can process 95% of paperwork in under an hour.

SPREADING AWARENESS

Most recently, Celligence has partnered with Jason Oppenheim, owner and president of The Oppenheim Group, a professional brokerage serving the luxury real estate community in Los Angeles. Sound familiar? The Oppenheim Group is the star of the Netflix series ‘Selling Sunset.’ Oppenheim and Pavan plan to spread awareness about Morgan through video advertising and attending

and uses each song to make a connection back to Morgan. “At UseMorgan.com: My answers are TRUE. My loan approvals are TRUE. My condition resolutions are TRUE (and always under one hour)” reads one LinkedIn post with a link to Spandau Ballet’s 1983 hit “True” underneath. Another post, accompanied by a link to The Jackson 5’s hit “ABC,” reads: “This morning Morgan said, “UseMorgan.com and your loans close As Easy As 1 2 3, Simple As DO RE MI.”

Pavan’s love for music is a key factor in his career and success. “I use music as a way to connect with people in the industry,” he said. “Most loan originators are around my age and grew up in the 80s, so they perk up when they hear a song they grew up listening to.”

And he’s right. At the 2022 Originator Connect conference in Las Vegas last August, Pavan wooed the crowd with a presentation chock full of 1980s hits. Queen’s “A Kind of Magic” and The Buggles’ “Video Killed the Radio Star” pumped through speakers and serenaded the crowd as he demonstrated how Morgan can act as the industry’s own form of magic.

Whether online or in-person, Pavan makes himself known, but in an unassuming way.

“When you look through [Sun West’s] social media, it’s Pavan who is the one directly replying to comments,” Elliot said. “He’s always readily

available, too. I’ve never met a CEO who gives out his direct cell phone number so often.”

Pavan has done just that, making himself accessible to employees and loan originators regardless of their parent companies. “If anyone has a question, he’s there to answer,” Elliott said. n

conferences together to promote the product. Oppenheim says that out of the hundreds of project pitches, Morgan stood out. “It’s kind of genius,” Oppenheim said. “It really struck me as the future and something that I was comfortable putting my brand behind.”

Oppenheim says that Pavan sold him on the product. “He’s deeply engaged and an expert in what he does,” he said. “He knows everything about the field. I kept wondering, ‘How has this not

been done before?’ On a personal level, I’m happy to partner with someone that I believe in and someone who is as knowledgeable and genuine as Pavan.”

It’s not just Oppenheim who rallies around the power of Morgan. Former Texas Capital Vice Chairman Vince Ackerson praised Pavan and Sun West’s dedication to the platform. “What I was impressed with when he introduced [Morgan] was that he talked about empathetic technology, in other words,

it’s not just about the numbers or your credit score, they take a lot of additional factors into consideration.”

Ackerson worked with Sun West for 14 years through Texas Capital. “What I’ve always appreciated about Pavan is that he always does the right thing. And that’s important in any business that you have people who want to do the right thing. He’s always provided services to everyone because it’s the right thing to do.” n

“He knows everything about the field. I kept wondering, ‘How has this not been done before?’ On a personal level, I’m happy to partner with someone that I believe in and someone who is as knowledgeable and genuine as Pavan.”

– Jason Oppenheim, owner and president of The Oppenheim Group

Meet The NMP 2023 Titans Of Industry

Accomplishments matter, especially when they benefit the entire mortgage industry. Share your or others’ experiences.

In this issue, National Mortgage Professional Magazine honors 24 individuals who stand out for their achievements. They range in age from the early ‘30s up to the early ‘70s. Some have founded their companies, while others are firmly ensconced in the C Suite.

All the common traits of innovation and leadership. Yet what strikes us most is how consistently our Class of Titans come across as good people who value the contributions of others and want to see them succeed and excel as they have themselves.

NMP Magazine honors the 2023 Industry Titans — the key players who have dedicated their expertise and years of experience to the mortgage business, and represent the industry with professionalism and pride.

Erica Acie

Head of Fulfillment Operations and Post Closing TRUIST BANK

After 26 years in the mortgage industry, what differentiates Erica Acie as a leader is her ability to preempt the cyclical fluctuations, plan for a blend of technology as well as human capital-related changes to ensure that when the downturn happens, she’s able to preserve the morale of her team.

Erica embodies that role with this advice she shares for people new to the mortgage industry.

“Accept change and grow while being comfortable in the uncomfortable. Although it is more challenging in this climate to predict what is coming next, focus on what you can control and remain in proactive mode to remain in the best position. If you stay ready, you do not need to get ready,” she says, adding, “Remember all that we have survived and trust we will survive this too.”

An issue the industry needs to tackle is racial disparity. Erica says, “Technology today can still carry bias based on machine learning which would require the approach to be different.

Our country is diverse within all socioeconomic levels and our financial services should mirror that of the communities as a whole.”

Technology is also important. “Education is foundational to shapeshifting the mortgage industry.”

John Cady

Senior Vice President, Retail CARDINAL FINANCIAL

John Cady got into the mortgage business at the age of 18, escaping a long commute and managing a retail store.

It’s a transition he’s glad he made. “I thought I was just cutting down my commute, but little did I know when I started two days later that it would be a major turning point that would take my career where it is today. That gave me my start, and from there, I’ve never looked back!” he said.

Cady is proud to say his career has been based on helping others, not the blind pursuit of big paydays. “My values were put to the test from 2003-2007 during the boom of the subprime mortgages and negative amortizations that offered profit at the expense of homebuyers’ livelihoods.

“I’m very proud to say that I left a lot of money on the table to prevent people from taking on loans they couldn’t afford. I just wouldn’t have been able to sleep at night knowing disaster was ahead for those families, and I continue to take pride in my integrity and dedication to doing what is right. I’ll sacrifice the payday before I sacrifice my values.”

If the mortgage industry had a supervillain, it would be racial disparity.

When it comes down to it, this business isn’t rocket science. It’s an exercise in work ethic.

Brent Chandler

Founder and CEO

FORMFREE

Fifteen years ago, the house-buying process so frustrated Brent Chandler he was inspired to launch FormFree, which makes it easier and more secure for borrowers to share direct-source financial information with lenders electronically.

“My career in the mortgage industry started after a frustrating homebuying experience in 2007. I was struck by how archaic the process lenders used to verify information was, and I knew there had to be a better way. The next year, I founded FormFree.”

Chandler has invested his talents into making home ownership open to more people. He says, “High-FICO white males represent only a fraction of the population, yet they dominate the lending landscape. A mortgage market that is poorly diversified and is built to serve only a relatively shallow pool of relatively similar homebuyers will always be subject to huge swings in demand. With transparent, alternative credit algorithms … , we can greatly expand the credit box to include credit invisibles and lower-income borrowers.

“It’s time to empower ALL people, regardless of race, gender or socioeconomic background, with access to credit. Creating homeownership for all would create a better world for children to grow up in and more wealth for parents to grow old with.”

Rob Chrane Founder & CEO

DOWN PAYMENT RESOURCE

Sometimes others see your potential before you do. As Rob Chrane recalls, “When I was a managing broker more than a decade deep into a real estate career, a friend in the mortgage industry recognized that I was ready for a change even before I did. He encouraged me to explore mortgage career opportunities, and since then, I haven’t looked back. Guided by a passion for helping families gain the well-being and financial benefits of homeownership, over the next two decades, I flourished as a top-producing loan officer, branch manager, and senior leader at a large mortgage lender.

“Over the years, I became a proponent of homebuyer assistance programs because of their ability to help qualified families overcome common hurdles, such as down payment and closing costs. Even as an affordability program enthusiast, I found it challenging to keep up with all of the programs and their changing requirements. I also noticed that the programs were being underutilized because most borrowers and housing professionals were not aware of the programs available in their area.

“Seeing an opportunity to help housing professionals connect homebuyers with homebuyer assistance programs, I made a second career pivot with the founding of Down Payment Resource.”

I view complacency as the baddie of the mortgage industry.

I served in the United States Marine Corps … which time I learned vital skills such as the adaptability to overcome any situation and the tenacity to never quit.

Kevin DeLory Chief Lending Officer/Partner EPM

Kevin DeLory’s story is similar to many others in the mortgage industry. His initial career wasn’t panning out when it was recommended he give mortgages a shot.

After a stint in retail, he switched to the wholesale side. It was there his values were tested.

“The mortgage industry can be a greedy place. There are some people who are willing to compromise their values for the dollar. You must have internal core values that help you with your moral barometer. My core values are love, honor, and respect.

“All of these have been compromised at some point, but one specific time was early in my wholesale career when it was clear that people were manipulating documents to get a loan. I decided that no one loan would ever be worth my name, reputation, and

the respect I had for the borrower, so I had to make a choice; that choice is why I am a leader at EPM today,” DeLory recounted.

He exudes positivity, too. “The personal brand is one of the most effective platforms in this industry, market, and era. Continue to share your story and why clients should work with you — and always remember, relationships before transactions.”

Trevor Gauthier CEO

ACES QUALITY MANAGEMENT

Trevor’s mantra is, “If not me, then who?” which reflects how he approaches all facets of life. While the pandemic allowed him to leverage ACES’ data and technology to support the industry’s compliance needs, it also enabled him to be of service to his employees. He and other company executives reached out to customers to see if there was any additional assistance the company could provide. Because ACES operated a distributed workforce model prepandemic, many clients sought the company’s advice in transitioning to a remote environment.

Gauthier also shifted ACES’ internal operations to provide increased flexibility and more accommodations, like taking Friday afternoons off to catch up, offering flex schedules as needed and unlimited PTO so that employees could take care of themselves and their families as they navigated the uncertainty and convergence of work and life triggered by the pandemic. He also expanded the company’s philanthropic program, ACES CARES, to include donation matching of up to $250 per employee and encourage employees to volunteer and engage in community outreach.

On an individual level, his family fosters and trains service dogs, who eventually (hopefully) become assistance dogs for those with mobility issues, autism and/or veterans with PTSD.

If Trevor Gauthier had a superpower, it would be the ability to see into the future.

The supervillain is complacency. Combat that by always evolving.

Austin, don’t go brokering

heart.

Don’t miss out on the event Texas LOs LOVE the most! The Texas Mortgage Roundup returns to Austin on February 14, 2023, and we’d love for you to join us there. Create long-lasting relationships, and ensure your success in one of the hottest mortgage markets in the nation.

With educational sessions, product showcases, networking opportunities, and more, it’s no wonder the Texas Mortgage Roundup is Texas’s favorite event for mortgage professionals. Not to mention the event is completely free for attendees when you use the code NMPFREE.* And don’t miss the free continuing education class offered the following day, exclusive to conference attendees, our Valentine gift to you!

ORTGAG

Twyla Hankins

Executive Vice President of Operations

AMERICAN

FINANCIAL NETWORK INC.

With over 40 years of experience, Twyla Hankins has experienced the good and the bad of the mortgage industry.

On the positive side, “The president of a national mortgage lender who turned off my computer monitor and told me to leave the office to go to my son’s recital when he knew how important it was to my family for me to be present, teaching me an important lesson about work/life balance that I have used in my governance for the last 20 years,” she recalled.

“With a previous employer, a data entry issue was discovered after new software was implemented. It was suggested by the IT director that the data could be mass-updated on a lookback and we could do it correctly going forward. This was a good solution from one angle, but he was not fully aware of the implications.

The erroneous data meant we owed borrowers refunds of daily interest overpaid. I informed the executive team … and checks were cut to hundreds of borrowers. It was a tough pill to swallow, but it was absolutely the right thing to do.”

She even sees the positive in the negative. “Lulls are always followed by fantastic surges.”

Dean Kelker

Senior Vice President, Chief Risk Officer SINGLESOURCE PROPERTY

SOLUTIONS

Dean Kelker saw the writing on the wall. His job in the steel industry had little to any future due to increased steel imports. Kelker saw the growth potential of real estate, specifically in appraisals.

Mentors played a big influence. “Due to the long duration of my career, I have had many mentors and influences. The common thread with my mentors, particularly during the formative stages of my career, was that in every case, my mentors required me to work outside of my comfort zone so that I learned new skills and techniques to accomplish my goals and objectives.

“In addition to providing career and functional challenges, each of my mentors provided a secure environment and active feedback so that in exploring and developing new skills there was always some level of a safety net to prevent a catastrophic failure,” Kelker recalled.

The mentee has become a mentor. “The best advice I can give to mortgage professionals struggling in the current environment is to think outside of the box and find creative solutions to contemporary challenges. During periods of rapid change or negative influences in the market, new opportunities are created that didn’t exist in the recent past.”

Oftentimes, fast success leads to slow and longterm problems down the road.

The cycle of business highs and lows is the BIGGEST supervillain the mortgage lending industry faces.

Chris Knight Group CEO OPTEON

Chris Knight could be best described as a titan of action. He has steered Opteon through four American acquisitions (Valuation Partners, William Fall Group, Valucentric, Northeastern Appraisal Associates) over the last 12 months. Melding four businesses into one highperforming, well-oiled machine is no easy feat, but Knight has managed to do so without missing a beat and having a laugh. Knight is not only the US team’s director, but as Group CEO, is leading both Opteon’s Australian and New Zealand businesses as well. Regardless of which time zone he’s speaking to, he ensures the team feels his support and availability.

Under Knight’s leadership, Opteon USA is developing technology that will drastically shorten turn times. Bolstering the staff’s confidence in this technology is the fact that

Knight has already brought similarly focused technology to Australian and New Zealand with great success. For over a decade, the brand’s counterparts in AU and NZ have maintained twoday average turn time averages, with a significant percentage of files returned same day.

That’s evident in the advice he offers struggling mortgage professionals. “All markets work in cycles — hold on and stay tough through the difficult times and have a strong belief that the season will change.”

Stanley

C. Middleman President and CEO

FREEDOM MORTGAGE

Stanley Middleman says his best mentors were his first customers. He recalled, “I started doing one loan at a time and helped consumers become homeowners. At the same time, I helped existing homeowners consolidate debt. This happened at a time of tremendous change in our country when interest rates were really high. With others, I found opportunities to help existing homeowners with high-interest rates refinance … and decrease their monthly payments.”

Those homeowners taught him a lot. “I was able to serve a large number of diverse people from all different economic backgrounds. They taught me much about the needs of the people in this country and how I could help them in a wide variety of ways.”

He has a long history of respecting his customers. “Around the time of the 2006 housing crisis, there were opportunities to offer consumers loans that were less valuable for them and more valuable for my company. We opted to do the right thing and put our customers first, offering loans that benefited them. This was probably the hardest test we have ever faced and I’m proud we passed. At Freedom Mortgage, we always have and will continue to put our customers first.”

The greatest supervillain is always yourself. If you don’t prepare for things to go your way, then you are inviting them to not go your way at all.

Pause next time when you are experiencing abundance and appreciate that cycle just a little more.

Ben Miller CEO

SIMPLENEXUS, AN NCINO COMPANY

From failure comes success.

Ben Miller tells the tale. “While building a company in a business incubator, I was introduced to SimpleNexus Founder Matt Hansen. After the company I worked on failed, I had a few meetings with Matt and learned about the technology he was working on. We decided to partner together. At the time, we were selling a simple mobile app to brokers. Each month we got bigger. The rest is history.”

While Miller values tenacity and grit as a means to success, he also embraces empathy for the customer.

“I remember a circumstance that occurred late on a Friday afternoon. We had a support case come in from a client.

One of our core values is empathy for the customer and each other.

Even though we wanted to go home, we could see how our lender customer

needed help right then. Several engineers and support staff decided to stay late and help. We wanted to be there with our engineering and support staff as they worked on a resolution. The team was able to fix the issue after a couple of hours. I was proud of how we lived up to our value of being empathetic.

Gibran Nicholas CEO

MOMENTIFI

In his 22 years in the business, Gibran Nicholas has experienced career growth and challenges.

He recalled, “I started as a mortgage broker at the age of 20. I struggled for a bit and then built a niche working with financial advisors. When I was 22, I began teaching continuing education classes to financial planners, and when I was 23, I became the youngest (and only mortgage broker) to serve on my local Financial Planning Association board. I grew my business to the point where I was originating 15-20 loans monthly, almost exclusively from financial advisor referrals. In 2005, I started a training business to teach other loan officers how to work with advisors. Over the years, I’ve trained and coached over 10,000 loan originators.”

Nicholas is open about the challenges he has faced. “Many times in my career I struggled with self-doubt and depression. Those two nasty creatures generally antagonize me after a huge failure or before a huge victory.

The way I’ve dealt with them is to imagine them as actual characters, as villains in the story of my life. I then imagine myself as a Great Warrior going to battle against them. I can’t let them win.”

Self-doubt and the negative thoughts in your head are the biggest villains you’ll ever encounter in life and business.

There are a lot of villains in the industry! If we could wave a magic wand, everyone would be treated fairly and have equal access to capital to pursue the dream of home ownership.

Laird Nossuli CEO

IEMERGENT

Laird Nossuli was brought into the business by her father Dennis Hedlund but that doesn’t mean things have been easy.

“As a small, bootstrapped company that invests heavily in the development of innovative data offerings, we have had our share of revenue struggles,” Nossuli said. “One thing that is important to my value system is to stay focused on what I can give rather than on what I can get. I have often shared my knowledge and time at no cost when our financial position might have been better served by billable projects. There have also been times when clients have offered to ‘overpay’ me, and I have never taken advantage of that.”

Nossouli has advice for these times. “In this changing market, I would encourage clients to be innovative in how they think about today’s challenges and opportunities.

Try to gather and unify

insights of all kinds to figure out what your path forward should be. My dad used to say, ‘Go to the future you want to see and look backward from it to see what you need to do to get there.’ That’s what I am trying to do with iEmergent’s work to close the homeownership gap.”

James Polinori Chief Marketing Officer

GENEVA FINANCIAL

Influences are varied in the mortgage industry as James Polinori proves.

“The music industry has … had a profound influence on me as a marketer. Specifically, Madonna. I recognize now that I inherently understood marketing even as a child. A natural knack. Growing up during Madonna’s now historic rise, I distinctly understood what she was doing and why she was doing it. I always knew it was her marketing brain behind it, not a manufactured pop product. As the world gasped at her antics, I smiled and knew exactly what she was up to. She is probably the greatest marketer that’s ever lived. And I took notes.”

Polinori says focusing on sticky factors in post-close marketing will build deeper relationships. “We’ve created an HGTV style ecosystem for our borrowers — DIY, design, recipes, home management — all things homeowners want to engage with. The industry standard open rate for email is 14% — our weekly Home By Geneva newsletter is 45%. We are fostering real relationships with our borrowers. They buy our BE A GOOD HUMAN t-shirts and they send us photos of their DIY projects. Long-game: they remember who did their mortgage and are less apt to work with anyone else.

I think our supervillain is Captain Complacent. We tend to get stuck in this industry sometimes.

I see the mortgage industry as having two supervillains: first, the institutional inequity … and second, the fear of change.

Phil Rasori Chief Operating Officer MCT

One of the things that makes Phil Rasori a Titan is his development of the groundbreaking mortgage pipeline hedging algorithms that form the foundation of MCT’s HALO Program today. He has also pioneered several metrics that have become standard industry parlance, including “beta pullthrough” factors. In addition to banking clients, Rasori has consulted with GSE agencies and the US Government on hedging best practices for community banks.

Rasori is a recognized thought leader in capital markets operations within the mortgage banking community. His areas of expertise include complex financial modeling, computational dynamics, and linear programming for operational optimization.

Rasori also reaches out beyond the mortgage industry. He recently joined the Forbes

Finance Council so that he could provide thought leadership for a broader audience than just clients and colleagues. His insights in the articles he has published for Forbes have shown a dedication to expanding knowledge and awareness of the secondary mortgage market.

Like many in the industry, Rasori faced challenges in the early days of the COVID-19 shutdown. “My values were put to the test during the pandemic in 2020. Luckily we were able to come together to support our clients and help them through the struggles,” he said.

Tammy Richards CEO

LENDARCH LLC

Tammy Richards’ roots in the mortgage industry reach back to 1984 when she started as a loan secretary for RNG Mortgage Company. “I loved it from the start. It was fun helping people buy their dream homes,” she recalled.

Since then, she has been instrumental in creating the first-ever loan origination system in the mortgage industry. She has been part of a massive maturity transition that this industry has seen, from handwritten notes, printed papers, rolodexes, calculators to machine learning-led algorithms.

In her illustrious career that spans across four decades of diverse experience from a hands-on operator to a hands-on leader of many lenders, Richards has spearheaded changes in operations fulfillment along with the evolution of changes in the technology and regulatory landscape.

Richards is also known for her support of women in the industry. She has been an advocate for women in finance and continues to mentor and train the next generation of leaders. She has been a vocal icon for women’s leadership in the mortgage industry, from a time where positions for women were scarce to today’s date. She has established high-level corporate leadership for gender equality as well as promoted education, training, and professional development for women.

Ethics and integrity are two of the most important traits for a leader to possess.

Make sure you’re hedging. It’s the best tool to combat volatile markets.

Dave Savage Chief Innovation Officer

SALES BOOMERANG AND MORTGAGE

COACH

In Dave Savage’s nomination, his nominator wrote Savage “is a household name in the mortgage industry with a reputation as a passionate advocate for connecting borrowers with mortgage strategies that help them achieve their … homeownership dreams.”

Employees are also important to him.

“Throughout the financial crisis of 2008, seeing colleagues and those that I managed struggle put my values as a leader to the test. During these years, instead of retreating, I initiated frequent team meetings and check-ins with employees to offer the guidance and support they needed to keep going. What I learned is that the most important thing you can do during challenging times is to show up and bring leadership, especially when others are not,” he recalled.

His first mentor played a key role in Savage’s career. “Mel Samick was my first and most influential mentor. In addition to introducing me to the mortgage industry, he introduced me to resources that helped me thrive on a personal level. By teaching me to be disciplined in prospecting and providing me with the guidance that the ‘riches are in the niches,’ I found my stride as a top producer that catered to financial advisors and financial planners,” Savage said.

Matt Seu Partner

ACTUALIZE CONSULTING

Matt Seu has spent over 33 years in the mortgage industry. He’s worked at large (Freddie Mac) and smaller (Actualize) - and his values make him much happier at Actualize.

“As an executive at Freddie Mac, I had a chance to see how the big-time execs treated each other and how you had to sell your soul to get to the top. It made me realize that big corporate wasn’t for me. That’s what made me look for other horizons, and that led me to Actualize.” Seu has been there for 16 years.

“My first job was at Freddie Mac. I needed a job, so I took an offer to work in the document vault. I never had a clue that it would be the beginning of a 33-year run. From there, I worked in Freddie Mac’s mortgagebacked securities area, where I brought automation to ARM securities and REMICs. I was in charge of delivering significant portions of Freddie Mac’s mortgage purchase infrastructure and was the chief data officer.

“From there, I started the Mortgage and Fixed Income practice at Actualize and 16 years later, I’m still helping our clients optimize their business.

The biggest supervillain is Amnesia. People are so quick to forget that this business is full of peaks and valleys.

The supervillain of the mortgage industry is homebuyers’ lack of financial education. There is a financial literacy crisis in America.

William J. Tessar President

CIVIC FINANCIAL SERVICES

William Tessar’s mortgage career commenced

because of a violent act.

In his own words, “Being hit by a drunk driver at 16 was the beginning of my journey into mortgage. As a result of my injuries, I ended up getting a settlement that I used to buy my first home at the age of 18.

“I remember … going through my first goodfaith estimate like it was yesterday. There I was, a freshman in college, sitting at a table, going line item by line-item over each expense with the loan originator.

“We ended at the loan origination fee. This, by far, was the largest of all expenses — and as I dug in to better understand why that expense was so big, what occurred to me was that I, the borrower, was providing all of the documentation, and all of these other vendors were providing services to facilitate the closing … yet the originator … was earning the biggest fee.

“At that point, I asked, ‘How do I do what YOU do?’ Shortly thereafter, I got my NMLS license. An accident that almost ended my life ended up being the beginning of a life in lending with eternal appreciation and love for the industry.”

Gerret

Van Wagoner

Founder and CEO

CITY 1ST MORTGAGE COMPANY

Gerret Van Wagoner says integrity is an important part of successful mortgage originators.

“When you are in the mortgage business, there is no shortage of opportunities that could measure how much your integrity is worth,” he said. “Especially as an owner, sometimes the smallest difference in how a loan is structured or outlined with the investor can have a major impact on the financial liability or upside of it. Like many folks, I’ve had a few of these situations run across my desk.

“What I did in those times was to stay focused on my core values. As tempting as it may appear, my integrity cannot be purchased at any price. In addition, the dishonest route for solving a challenge may appear to be the quickest, but in my experience, that’s rarely the case in the big picture.”

He has effective advice for loan originators who are nervous about the current climate. “No matter how hard it gets, it’s going to be OK ... eventually. Prepare yourself mentally for the lean times, but never stop working, and be confident you’ll get through it. The most important thing is to make sure you ‘get to work’ every day, regardless of how you feel.”

Ask for the referral business from everyone. Be relentlessly consistent in your connection efforts.

The industry’s experience going through the financial crisis has led to … the highest quality, best-performing mortgage paper in the history of lending.

Melissa Walker Enablement Consultant

EQUIFAX WORKFORCE

SOLUTIONS

Melissa Walker traces her mortgage career to her senior year of high school.

She recalled, “I was an intern at a real estate company when I was a senior. After graduation, I obtained my real estate license, but the market just didn’t ‘move’ fast enough for me. An owner of one of the mortgage broker companies that came in a few times a week to drop off rate sheets (yes, drop off rate sheets) asked if I had ever thought about looking at the mortgage industry. I had always loved working with numbers, and, well, the rest is history. I worked for that company for four-and-a-half years before the owners moved out of state. I purchased the assets of that company and went on my own at 24.”

Walker likes to emphasize how important the work of the mortgage industry is. “Always remember that the housing market is one of (if not THE) most important factors to our economy. With that said, it is very cyclical ... what goes up will eventually come down but also vice versa. Stay true to YOUR personal values, and treat and talk to your customers as if you are working with your very best friend.”

Thomas Yoon President & CEO

EXCELERATE CAPITAL

From a stumble came great success for Thomas Yoon. As he recalled, “I stumbled into the industry through a high school friend that introduced me to the mortgage business. I thought it would be a summer job that led to a career.”

Yoon said downsizing within the industry has been a systemic and painful reality. “I always believe in times of crisis, your values surface. Our core values are leading with empathy and valuing relationships. The leadership needs to protect, provide and lead if we are a people group in a company.

“That starts with me. I took a significant salary cut to help out with us having to right size too steeply. All senior management followed suit and decided on their own accord to reduce their income to help the people under their control. We need to practice what we preach and if your people know it’s genuine. They will go above and beyond for one another because they know they belong.”

Ask Yoon if the industry has a supervillain, and his response is: “I will steal a villain from a series I love, ‘Stranger Things.’ The Mind Flayer. Inflecting ‘fear’ to the industry is the biggest issue.”

We need leaders in our industry to lead and provide clarity and a voice of certainty and direction in these times.

We watched so many of our competitors take the ‘greed’ route and eventually close their businesses and exit the industry.

Mohammad Yousaf

Executive Vice President, Information Technology & Operations NATIONAL MORTGAGE INSURANCE

At a time in this industry where technology and operations roles were distinct functions, Mohammad Yousaf found a comfortable leadership spot on the cusp of where these functions intersect. With his diverse yet deep expertise in fulfillment operations and, recently in technology, he has been a trailblazer in seeking transformative efforts that yield efficiencies and redefine what the industry aspires in terms of digitization.

Mortgage technology is a niche space that has specialized and successful players and historically did not usually attract the attention of many larger technologies outside of this industry. There had not been a big influx of external capital or interest from the bigger technology firms two decades ago when this industry had the highest appetite seeking for transformative change.

Yousaf recognized this very early in his career and to seek efficiencies, he thought of technology as a strength and not a vulnerability. The situation today is much different with technology becoming industry agnostic and accessible to every player within the mortgage ecosystem

Throughout his career that Mohammad had so far, he has contributed significantly to the transformation of IT organizations with measurable efficiency impacts. Pairing operations gains with technology enhancement while attaining maximum flexibility in scale.

Monica Zhang CEO

CENTRAL GROUP MORTGAGE

Phone skills helped dial Monica Zhang into a mortgage career. She said, “It was completely unplanned. It just happened. I was working as a relationship banker. One day, an old colleague returned to the branch I was working in. We chatted briefly, and she told me that she is now in the mortgage industry, and she found it to be interesting. She said, ‘You like calling people on the phone. You’d be great at this.’ She referred me to her company for an interview.

“I remembered asking a lot of questions about how to start generating my own leads and developing my own business during the interview. My gut told me to go for it and the rest is history.”

To find success, Zhang advocates looking beyond compensation.

“The value of a career should not be defined by money and salary. Every loan officer should think like an entrepreneur. People should invest in their future and growth, upskilling, and maintaining consistency.

Even in the toughest times, (if) they have a great foundation of intangible skills and the hunger and passion to grow for their future success, this will help them through the tough times and capitalize on the good times.

Our industry should put more effort towards equal housing opportunity, not just for different races, but also for self-employed individuals.

The biggest supervillains in mortgage are over-engineering solutions and fear of assumed outcomes.

Tear the paper ceiling that is keeping you from discovering over 70 million STARs: workers Skilled Through Alternative Routes that are being held back by degree screens, stereotypes and more. Find out how STARs can meet your talent needs.

Keith, Data Analyst, Google Career Certificate Graduate, STAR

It’s time for “qualified” to mean qualities, not just a bachelor’s degree.

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Founded in 2012, Deephaven is a national, Non-Agency/Non-QM mortgage provider.

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Dogs, Domino’s, And … Kermit The Frog?

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:

Aguy spots a sign outside a house that reads “Talking Dog for Sale.” Intrigued, he walks in.

“So what have you done with your life?” he asks the dog.

“I’ve led a very full life,” says the dog. “I lived in the Alps rescuing avalanche victims. Then I served my country in Iraq. And now I spend my days reading to the residents of a retirement home.”

The guy is flabbergasted. He asks the dog’s owner, “Why on earth would you want to get rid of an incredible dog like that?”

The owner says, “Because he’s a liar! He never did any of that!”

• • •

A poodle and a collie are walking together when the poodle suddenly unloads on his friend. “My life is a mess,” he says. “My owner is mean, my girlfriend ran away with a schnauzer, and I’m as jittery as a cat.”

“Why don’t you go see a psychiatrist?” suggests the collie.

“I can’t,” says the poodle. “I’m not allowed on the couch.”

• • •

“I don’t mind a reasonable amount of trouble,” Humphrey Bogart.

• • •

• • •

Do you think, in a pinch, Jim Henson ever used Kermit as an oven mitt?

I knew Savannah’s old kids’ trays would come in handy.

• • •

Brings therapist to family meeting. Me: See?

Therapist: OH.MY.GOD.

• • •

Alternative responses to “I love you.” Who doesn’t?

I know. Thanks. A horrible decision, really. Why?

Laughs nervously. Laughs hysterically. YEET

I’m sorry. Finger guns. • • •

Just bumped into a mannequin and said, “Sorry.” Then said, “I thought you were a person.” Then realized I was still talking to a mannequin. • • •

I was just sitting here by myself thinking what if instead of saying “are you kidding me” we said weird food related things like, “are you flipping my pancakes right now?” Or how about, “Are you seriously burning my steak with this?” • • •

It’s so awkward when you say goodbye to loved ones on the phone and you’re like, “I love you” and they’re like, “Thank you for choosing Dominos.” • • •

I hate waiting in lines. I wish this lady would hurry up and pick a suspect already. n

• • •

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

Nick Roberson