NMP National Mortgage Professional September 2023

SEPTEMBER 2023

Vol. 15, Issue 9 $20.00

BOOM! GO BABY BOOMERS

EMBRACE THE BRASH SIDE

Why reverse mortgages are the go-to product today

For success, a touch of abrasiveness is not a bad thing

THINK RICH

SWIPE RIGHT FOR MORTGAGES

Originators can feast on the high life

Turning home loans into hashtags

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SEPTEMBER 2023

Vol. 15, Issue 9 $20.00

BOOM! GO BABY BOOMERS

EMBRACE THE BRASH SIDE

Why reverse mortgages are the go-to product today

For success, a touch of abrasiveness is not a bad thing

THINK RICH

SWIPE RIGHT FOR MORTGAGES

Originators can feast on the high life

Turning home loans into hashtags

8 DAYS TO EVERY PAYDAY

SPECIAL SECTION

How Ben Cohen uses speed and execution to win deals > Ben Cohen, senior vice president of mortgage lending at Guaranteed Rate A P UB L I C AT I O N O F A M ERI C A N BU SIN ESS M ED IA

Acra Lending is a registered dba name of Citadel Servicing Corporation, 3 Ada Parkway, Ste 200A, Irvine, CA 92618; (888)-800-7661 (“CSC”) NMLS ID# 144549. Acra Lending operates in 47 states and the District of Columbia: Licensed under Arizona Mortgage Bankers License # 1034431, California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act license # 41DBO-74196, Finance Lenders License # 60DB0-94450, CA-DRE #01799059, Florida Mortgage Lender Servicer License # MLD523, Georgia Mortgage Lender License/Registration # 23462, Minnesota Residential Mortgage Originator License Other Trade Name #1 MN-MO-144549.1, Nevada Mortgage Company License # 4449, North Carolina Mortgage Lender License # L-160722, Oregon Mortgage Lending License # ML-5599, Tennessee Mortgage License # 125315, Utah-DRE Mortgage Entity License - Other Trade Name #1 12074249, Virginia Lender License # MC-5845. This is intended for business professionals only. For legal and professional advice on applicable state and local licensing requirements that apply to you, please contact an attorney. Acra Lending is an equal opportunity lender. Rates, terms, and programs subject to change without notice. Offer of credit subject to credit approval per applicable underwriting and program guidelines, applicant eligibility, and market conditions. Not all applicants may qualify. Not valid in the following states: AK, ND, and SD.

SEPTEMBER 2023

Volume 15 Issue 9

CONTENTS

nationalmortgageprofessional.com

16 Build-A-Broker: How Tech Can Assist

Use tech to bolster loan officers, not replace them.

20 Your First Million Dollars: Be Brash, Not A Bully Being assertive means being self-confident, firm, positive, decisive, and empathic.

22 Benchmarks & Best Practices: Make Yourself Memorable

56 Non-QM Lender Directory 57 Wholesale Lender Directory Originator Tech Directory AMC Directory 58 Facebook Thoughts: Beating The Heat With Humor!

About 1 in 7 of your customers are repeats.

Referrals can fill that gap.

24 Wholesale Lender Resource Guide

COVER STORY PAGE 46

26 Baby Boomers Are Consumers

The Map Maker

Don’t buy into the stereotypes.

Baby Boomers need mortgages and originators.

Ben Cohen finds success by charting new courses for his clients.

4 LOs Who Conquer

Sharing their stories can make all LOs winners.

6 Bring On The Rookies

30 The Social Mavericks

10 Your Government At Work

Learn from fellow originators the best online social media tips.

New initiatives could make housing more affordable and honest.

34 Data Bank

Sometimes no experience is better than a license.

14 Non-QM Resource Guide

8 Your Workers, Your Brand

AMC Resource Guide

How core values and company culture go hand in hand.

15 People on the Move See who the movers and shakers are in the mortgage industry.

36 Undercover Customers They’re an effective tool for measuring your company’s customer service.

40 Hobnob With The Wealthy

Develop the niche of working with the rich.

SPECIAL AWARDS SECTION PAGE 52

Most Loved Employers NMP’s annual look at the industry’s most beloved employers.

nationalmortgageprofessional.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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SEPTEMBER 2023

S TA F F

Vincent M. Valvo

CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick

ASSOCIATE PUBLISHER

Christine Stuart Volume 15, Issue 9

NEWS DIRECTOR

Keith Griffin

SENIOR EDITOR

LETTER FROM THE PUBLISHER

Gary Rogo

The Indefatigable Originator

Mary Quinn

A

re there too many loan originators for too few loans? You bet there are.

Loan volume is down some 80% or so from its peak in late 2021 and early 2022. But the number of licensed LOs is only down about 20%. Not all of those who are holding on to their licenses are actively originating, of course. Some are simply waiting things out. But many are in the trenches, still doing all they can to find whatever loans they can. And then there are always those brave souls who are actually entering the industry in this wobbly market.

While not everyone is going to succeed — or even barely scrape by — we nonetheless tip our caps in admiration at everyone. For each originator who is wondering where his or her next commission will come from, there’s someone else who is innovating, changing up sales tactics, finding odd new markets, or more.

They’re scrappers, contenders, and creators who are finding new paths to profitability.

These are the stories we love at National Mortgage Professional Magazine. Like athletes in the arena, not every day is a winning one. But the industry pros who find their way through trial and error, through success and repetition, through intellect and insight are the ones who inspire us. The football player whose career is endangered because of injury but never gives up and pushes himself to come back better than ever has nothing on loan originators working with the yoke of 7% interest rates crushing down on them.

Every month, we present our Build-A-Broker section in this publication (and conduct live BuildA-Broker training at many of our conferences across the U.S.). This is a place where entrepreneurs can turn for practical advice on how to create and grow their loan shop. Our section called “Your First Million Dollars” gives expert insight into what it takes to reach that milestone. It’s harder now than it used to be, but that just makes these columns that much more valuable.

Beyond that, though, are the stories we bring you of exceptional originators. They’re not winning. Theoretically, they’re conquering this market with precision and positivity. Their stories tell us that Horatio Alger was right: people find great reserves of strength when they’re down. Tough markets make for grizzled warriors — and those are the ones most likely to win.

As I write this, the National Mortgage Professional team is heading to Originator Connect, which humbly bills itself as the Greatest Mortgage Conference In The Known Universe. In just a few years, OC grew from nothing to the largest originator show in the nation. It’s the flagship for another two dozen regional conferences across the nation. These are wonderful venues to find experienced originators and newbies alike, all looking for their next big win. For us, it’s an opportunity to hear their stories face-to-face. And when we do, we invariably come away awestruck at how determined and resilient the LO community is.

Never give up, never surrender, the aphorism goes. Loan originators are in a battle for market share and in a race to find ways to expand the available marketplace. Neither happens quickly. But these LOs won’t give up. And we’ll be with them for the journey, writing their stories.

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

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

SPECIAL SECTIONS EDITOR MULTIMEDIA PRODUCER

Erica Drzewiecki, Katie Jensen, Ryan Kingsley, Sarah Wolak STAFF WRITERS

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

Regina Morgan

ADVERTISING SALES EXECUTIVE

Nichole Cakirca, Nicole Coughlin, Regina Morgan 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

Matthew Mullins

MULTIMEDIA SPECIALIST

Melissa Pianin

MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig

ONLINE ENGAGEMENT SPECIALIST

Joel Berman

FOUNDING PUBLISHER

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

www.ambizmedia.com

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

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DAVE HERSHMAN

RECRUITING, TRAINING, AND MENTORING CORNER

T

BY DAVE HERSHMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

his is a topic that has been on my mind constantly during my 40 years in the mortgage industry (I started when I was 7, by the way). You see, when I started, I was a rookie. No real estate experience, no mortgage experience, and no sales experience. Why did I get an interview? I played racquetball with the owner of a real estate company and the president of the mortgage company (and a few others). I was working as a manager of a Congressional office and expressed the desire to leave.

Here is what they said: You are really aggressive on the court. You would do well in our industry.

Seriously, that was the assessment! I first went in to meet the president of

the mortgage company and he said I should become a real estate agent. It did not occur to me at the time, but later I figured out that, while he liked me, he was not enamored with hiring a rookie. I then went to see the owner of the company and he said, “You are going to be a loan officer.”

So, I went back to the mortgage president and repeated what the owner said. His response? I guess you are going to be a loan officer.

I then started my training, which consisted of reading some program guides and a little booklet on real estate finance.

Luckily the second in charge was nicknamed “momma mortgage” in the DC area and she fielded the six thousand questions I gave her in the first week. (OK a light exaggeration.)

They sent me out to the real estate offices and the agents basically said, we don’t use your company because they messed up so many times. Stupid me, I thought they were supposed to give me business. Isn’t that an agent’s job? Well, I ignored the criticism, and I kept coming back. As far as the agents were concerned, my nickname was bad penny, because I kept turning up in the wrong place at the wrong time.

How did I do? I closed approximately 600 loans in my

6 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

Hiring Rookies A quality rookie is better than a less than quality experienced Don’t loan officer pass up the opportunity towith hireathose license. less experienced

first 18 months. That excludes the three months I took to get a pipeline as back then it took 90 days to close loans as we had to send them to FHA or VA for approval. I swear some of those loans are still wandering the halls of VA 40 years later! I closed 60 loans in my 12th month in the industry.

And the only reason I was hired is that the owner of the company forced me down the throat of the president, who became a good friend, by the way. Though I still have a bad taste in my mouth because he used to kill me in racquetball.

In reality, if I had walked into any other mortgage company and asked to be hired, I would have been turned down flat.

What did they do with their top producer? They made me a manager, which is par for the course in the mortgage industry. Then I got to hire

people. And I always had a soft spot in my heart for rookies because of my own start. As a matter of fact, other managers in the industry used to send me rookies they knew personally because I actually trained them. Years later, this became OriginationPro Mortgage School.

KEEP AN OPEN MIND Now the purpose of this article is not to convince all managers out there to hire rookies. After authoring the first book on management for the Mortgage Bankers Association, I started teaching hiring and management practices. One focus would be the assessment, training and mentoring of novices. The purpose of this article is to ask managers to keep an open mind when they hire. A quality rookie is better than a less-than-quality experienced loan officer

with a license. Anyone can get a license if they take the test seriously. I know because I have mentored so many through the testing process.

How can you tell if they are quality?

Success is not an accident. There are ways of weeding out those who are not serious about this career and those who are serious but could not originate their way out of a paper bag. More on this topic next month! n 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’s on-line comprehensive mortgage school.

Dave is also Director of Branch Support for McLean Mortgage. His site is www.

OriginationPro.com and he can be reached at dave@hershmangroup.com.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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ERICA LACENTRA

?

THE XX FACTOR

WHAT MAKES A BRAND WORK? Learn the value of the role employees play in your branding efforts

W

BY ERICA LACENTRA, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

hat makes a brand? It’s a question I was mulling over recently after witnessing a company acquisition get a bit messy after news came out that its current employees were not part of the deal.

While the acquiring company continued to tout the original company name and branding, a now-former employee fired off a comment about the company no longer having any worth without its former workforce. It was certainly an interesting thought considering the customers of that company were essentially losing all connection they once had.

Sure, the logo and branding still stood, but the people they had come to work with and, more importantly, trust over the

years were gone. Any customer loyalty would likely have to be won back because it would essentially be starting from scratch from a customer experience perspective. You can’t simply throw someone new at a customer and think that relationship can pick up where it left off. With all of this in mind, it’s hard not to wonder how that could ultimately impact the future success of this or any company for that matter. Despite every other aspect remaining intact, just how important are employees to a company’s brand?

When you think of some of the most recognizable brands, you probably envision their logos, their colors, and maybe the unique names of the products they sell. What you may not think about though is the role that a company’s employees play in brand development and brand strategy. Just like many other facets, the employees are also a critical part of a company’s brand and can be a major differentiating factor in a competitive industry, like the mortgage industry. So, if you have never given any thought to how employees play into your company’s brand, it’s time to recognize your workforce’s inherent value and how you can develop a more defined employee branding strategy for your business.

WHY IS IT IMPORTANT? If you’re wondering what exactly employee branding is, it’s a relatively simple concept. Just as a company has

8 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

Core values and company culture go hand in hand and should be the building blocks of your employee brand.

its own brand image that it portrays to current and potential customers, employee branding is how a company develops an image of its workforce

potential clients can feel compelled to want to work with one company over another because they feel connected at a more personal level. They don’t actually know these people and they may not work with the specific people highlighted, but they may feel like these employees are people they’d rather work with based on the experience they are seeing.

Employee branding can be a valuable recruiting tool to draw the right talent to your company. Future employees can see your company culture and if the company values align with what they are looking for in an employer. This means not only are you likely to get employees that are a better fit, but they will likely be happier and more engaged in the long run if they feel a stronger initial connection to your company and brand.

This also means you’re more likely to retain that top talent if you have created

Employee branding can be a valuable recruiting tool to draw the right talent to your company. that it portrays to the outside world.

Employee branding aligns with the company’s overall brand image and usually focuses on company culture and highlights more of the internal workings of what employee experiences are like within a company. It creates an idea of what customers should expect or typically envision when they think about what an interaction with someone at your company should be.

For example, a company might often show how their employees embody company core values or they may regularly showcase employees that go above and beyond, helping customers on social media or in marketing as methods of employee branding. By portraying these examples of who the employees of a company are through employee branding,

employee branding that resonates with your workforce.

HOW TO BUILD EMPLOYEE BRAND You know why an employee brand is important, but how exactly do you develop one? The best employee brands are built by showing exactly what it’s like to work for your company as seen through the eyes of the employee. Transparency is key so the experience actually matches what you are portraying. Some essential things you can do when building your employee brand are to define your company’s culture and set your company’s core values.

Core values and company culture go hand in hand and should be the building blocks of your employee brand. Since core

values define what your company stands for, these should resonate with your employees, and your employees should be living and embodying these values in their work every day. Core values will help you attract the people you want to properly represent your company. The same goes for company culture. Having a workplace culture and an understanding of what it’s like to be at your company on a day-today basis and interact with others in the workforce can help provide potential employees and clients a look at the inner workings of what makes your business unique and more human.

Beyond that, it’s important to be realistic about what your employee brand really is based on your current employees, not simply what you wish they were. Again, you want to make sure the vision matches the reality and if there are things you wish you could tweak about your employee brand, how can you accomplish that in a realistic way. And finally, consistency is key. However, if you want to portray your employee brand externally, that message should be consistent and properly aligned with your company culture, values, and overall brand image.

Consistency will create greater trust in the employee brand you created externally and internally, and without trust, you really don’t have much.

When getting to the bottom of the question: what makes a brand, the company, or its employees, the answer is both. A company must work with its employees to align its larger brand with its employee brand to create an experience that is cohesive for customers. Saying a company without its employees is an empty shell may be a slight exaggeration, but it certainly will not have as much success as a company that’s brand is properly aligned with its employees. n Erica LaCentra is chief marketing officer

for RCN Capital.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

9

LEW SICHELMAN

THE MORTGAGE SCENE

Finally, Government Works Different approaches could help boost home ownership

“I

BY LEW SICHELMAN, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

’m from the government, and I’m here to help you” is often considered one of the three great lies.

Indeed, there are plenty of people who have longheld gripes with their state, local, and/or federal governments.

However, Uncle Sam can be helpful, especially in the housing space. Or not. To wit: I was recently burned by a plumber who did a lousy job

and would not return to fix his work.

I say this because I was influenced by reviews on our local community message board. I don’t know whether the reviews were legit or not. But if they weren’t, the already unethical practice is about to become illegal.

The Federal Trade Commission has proposed a new rule to stop marketers from using illicit review and endorsement practices, such as using fake reviews, suppressing honest negative reviews, and paying for positive reviews.

10 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

the Federal Housing Administration recently began allowing lenders to include positive rental histories in their credit assessments. The programs are designed to improve equitable access to credit, whether someone wants to own or continue renting. They hope to accelerate the adoption of rent payment reporting by owners and managers of rental properties. And based on a small sample, more and more landlords are starting to report on-time payments.

According to a limited poll by TransUnion of 150 property managers who oversee mid- and large-size apartment projects with a total of 3,300 units, a third of those who are aware of their ability to report on-time payments currently do so.

That’s a 37% increase from a year ago.

There’s nothing particularly altruistic here. Indeed, the main reason they report on-time payments is self-serving.

Helping residents build their credit ratings attracts would-be occupants and encourages tenants to pay on time.

Currently, according to the Urban Institute, fewer than 5% of all rental households have their rental payment histories on file with the three major credit reporting agencies — TransUnion, Equifax, and Experian.

PERMANENT STANDARDS “We’re using all available means to attack deceptive advertising in the digital age,” said Samuel Levine, director of the FTC’s Bureau of Consumer Protection.

Attention loan brokers and real estate agents: The rule calls for civil penalties for violators, up to $50,000 per. The consumer watchdog agency says case-by-case enforcement without civil penalty authority might not be enough to deter clearly deceptive review and testimonial practices.

According to consumer groups, some 30% to 40% of online reviews are fabricated or otherwise not genuine. There are even online outfits that will supply fake reviews for anyone willing to buy them.

REWARDING GOOD BEHAVIOR Some landlords are quick to report tenants who miss a payment or two to credit bureaus. But positive rental histories are rarely reported.

“We’re using all available means to attack deceptive advertising in the digital age.” > Samuel Levine, director of the FTC’s Bureau of Consumer Protection Now, Fannie Mae is in the midst of testing a program that will allow on-time payments to become part of a renter’s credit record so they can have a better shot at obtaining financing for their first homes. And

There’s no question that lenders and their clients need to be protected from buying into condominium and cooperative projects that are suffering from critical deferred maintenance and special assessments. And so it is that Fannie Mae and Freddie Mac this month will make permanent project review standards put in place on a temporary basis two years ago as the result of the Champlain Towers South collapse in Miami.

The update will deny financing for condo and co-op units in projects with unfunded repairs totaling more than $10,000 per unit are unwarrantable.

The new guardrails also impose project review standards to address the risks posed by buildings with significant deferred maintenance that can result in “unsafe living conditions, evacuations, and uninhabitable homes.”

There’s also no question that condos — and to a lesser extent co-ops — are perhaps the lowest-cost option for

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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THE MORTGAGE SCENE rookie home buyers trying to get a toehold on the first rung of the housing ladder. So, the now permanent rules, rightly or wrongly, take what may be a significant share of less-expensive units off the market by making them ineligible for less-expensive financing.

But there are a couple of rubs here: One, Fannie Mae does not publically publish its list of unwarrantable properties. The FHA, VA, and Freddie Mae publish their lists, but not Fannie. Consequently, lenders and buyers can be caught unaware that a property in unwarrantable. Sometimes, not until the buyer is packed up and ready to move, leaving them to scramble for often more costly funding.

Some, like Jeff Lazerson, an Orange County, Calif., mortgage broker, complain that Fannie’s roster amounts to a “blacklist.” He says the “lack of transparency is financially blindsiding would-be home buyers that are unwilling or unable to pay the extra freight.”

Two, the Urban Institute, a bi-partisan think tank, argues that there are better ways to provide similar protections and with a lower market cost. One would be to require more frequent inspections. And if the architects and engineers performing said exams find severe structural damage, their findings should be reported not just to the condo board but to local building officials — within 24 hours!

The Institute also says there should be easier ways to find out when a building last passed an inspection and when the next inspection is due.

the inventory logjam by increasing the federal gain-on-sale tax back to $500,000 for single filers and $1 million for joint filers, where it was prior to 1997.

Currently, single sellers can exclude just half the old amount — $250,000 — in gains from the sale of their homes, while joint filers can exclude only $500,000.

That would certainly help people like alert reader Tom Littman in San Jose, Calif. The Littmans have lived in their home for 36 years, their kids are grown, and they would like to sell and move to a smaller place. But they are locked in because they would be hit with a capital gains tax on the “significant” amount of profit over and above the current write-off.

“Our bill will help prevent corporate landlords from driving up local housing prices, and put power back in the hands of working families who need a safe, affordable place to live and raise their children,” Brown said in a statement.

Other lawmakers on the bill include Tina Smith (D-MN), Jeff Merkley (D-OR), Jack Reed (D-RI), John Fetterman (D-PA), Elizabeth Warren (D-MA), and Tammy Baldwin (D-WI).

SHORTER MORTGAGES Not to be outdone, five Democratic Senators led by Mark Warner of Virginia and a lone Congressman have reintroduced bicameral legislation to help firsttime, first-generation buyers by offering them 20-year mortgages at “roughly” the same monthly payment as a 30-year loan would carry.

The Low-Income First-Time Homebuyers Act would require the Treasury Department to subsidize the mortgage rate and origination fees of the 20-year loans so the monthly payment “would be in line” with a 30-year FHA loan.

It also would allow buyers whose incomes are no more than 120% of their area median to grow their equity twice as fast.

Here’s how it might work: Say the buyer puts down $10,000 on a $210,000 property and finances the rest. At today’s rates, an FHA loan with all the necessary fees would cost $1,377 a month. But with a 20-year LIFT loan at 1 percentage point less, the monthly nut, again with all the fees included, would be $1,430 and the borrower would build equity twice as fast.

“It’s about time Congress took bold steps to support the American dream of home ownership for working-class families that for too long have been left behind,” the House co-sponsor, Rep. Emanuel Cleaver (D-Missouri), said in a statement. n

Helping residents build their credit ratings attracts would-be occupants and encourages tenants to pay on time.

BETTER GAINS The nation’s homeownership rate dipped in 2020 to its lowest level in 53 years, and it’s likely to be lower now because the market has been all but frozen because of high loan rates, high housing costs, and the low number of houses for sale.

Now, two House lawmakers, one a Republican from Pennsylvania and the other a Democrat from California, have introduced legislation they believe will go a long way toward clearing

12

“It turned out to be the deal breaker,” Littman wrote in an e-mail. Instead, like many others, they elected to “stay put.”

Perhaps with that single change and a return to yesteryear, it would help solve the inventory crisis.

REIGNING IN TAX BREAKS Speaking of creating inventory, eight Democratic senators have thrown into the hopper a measure that they hope persuades Wall Street investors from buying up thousands of houses that would otherwise be sold.

The bill, whose co-sponsors include Chairman Sherrod Brown (D-Ohio) of the Senate Banking, Housing, and Urban Affairs Committee, and Ron Wyden (D-Oregon), head of the Senate Finance Committee, would restrict tax breaks for private equity firms and other big investors.

Specifically, the legislation would deny investors who purchase more than 50 houses write-offs for interest and depreciation. These are the very same bennies that allow big-time investors to outbid real buyers for affordable houses that end up for rent instead of for sale.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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.

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Newfi Wholesale Emeryville TX

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

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

Find the full list of Non-QM Lenders on page 56

A M C RE SOU RC E GU IDE

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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

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YOUR FIRST MILLION DOLLARS 5 Features Rolled Into 1

BENCHMARKS & BEST PRACTICES

Fill That 85% Referral Gap

CAREER TICKER

People On The Move

PEOPLE ON THE MOVE //

> Truist

Financial Corp. has promoted David Smith to head of Truist Mortgage.

He will succeed Todd Chamberlain, who will retire.

> ATTOM, a land, property,

and real estate data curator, has added to its executive team. Lauren Trevathan has been appointed chief of staff, while Karen Tang joins the company as chief customer officer.

> Agile, a

fintech bringing mortgage lenders and broker-dealers together on a single electronic platform, announced the appointment of Greg Vacura as company president.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

15

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

Human Team

Tech innovations should assist — not replace — loan officers

PEOPLE ON THE MOVE //

> Insignia

Mortgage, based in Beverly Hills, Calif., welcomed Jay Robertson to its team of brokers. He is the former president of First Capital and Luther Burbank Mortgage in Los Angeles.

16

> CMG

Financial, a privately held mortgage banking firm based in San Ramon, Calif., has hired Courtney Thompson as executive vice president, head of servicing.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

> CrossCountry Mortgage appointed Jayma Banks as its new senior vice president of housing initiatives.

> Cenlar FSB,

a national mortgage loan subservicer, said that David C. Schneider has joined the company as executive vice president and chief financial officer.

SPONSORED BY

F

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

rom the beginning of the Stone Age to the current day, technology has transformed how the human race lives and works. We’ve reached a critical point, at which tech can perform tasks that parallel abilities unique to humans up until now. This beckons a self-examination by leaders of every industry, including mortgage.

HEART AND SOUL After all, a recent inquiry to

> New

American Funding, a nationwide mortgage lender based in Tustin, Calif., has hired industry veteran Andy Pettola as executive vice president, national sales.

ChatGPT about what jobs it ‘thought’ were susceptible to automation or augmentation by Artificial Intelligence (AI) revealed a list that included loan officers and underwriters.

Bill Mervin, regional VP at NJ Lenders Corp. says this doesn’t have to be.

“I think the battle for the heart and soul of our business is whether we’re going to be an industry that’s run by tech and supported by loan officers or an industry that’s run by mortgage professionals supported by technology,” Mervin says. “How do we keep ourselves in the same class as the CPAs, the

> Angel Oak

hired veteran attorney Timothy Saunders to serve as chief legal officer and general counsel for Angel Oak and its affiliates, Angel Oak Capital Advisors and Angel Oak Mortgage Solutions.

financial advisors and the attorneys, and how do we use technology to be able to deliver the best-level experience but one that is still driven by the relationships, the advice, and guidance?”

The answers to these questions, while not clear-cut, are lived by the mortgage professionals continuing to make strides in the human side of lending.

Steve Grossman, owner of NJ Lenders Corp., a residential mortgage company, remembers leaving a 1999 mortgage conference in Atlantic City forlorn, having heard that tech was pushing the LO to extinction.

> Arrival

Home Loans appointed Simon Chen as its new president and CEO.

> loanDepot’s

board of directors promoted Darren Graeler to executive vice president and chief accounting officer.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

17

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE BUILD-A-BROKER “Twenty years later,” Grossman says, “what I’ve learned is that technology has improved our business, but it’s also added cost to our business.”

Between the purchase of products, servicers, and compliance fees, the cost to complete a loan is often higher with tech versus skilled labor alone. In addition, loan regulations still require a licensed individual to talk to customers and quote rates.

“I don’t think automation presently is going to replace the human in the origination manufacturing fulfillment of residential mortgages,” Grossman says, adding, “The world changes. At the end of the day, you’ll still need a licensed LO. I don’t know what the compensation of that person will look like, but there will be a combination of technology, outsourcing, and onshore labor to support that loan going from open to close.”

TOOLS FOR TRADESMEN Josh Mettle, division president and director of physician lending at NEO Home Loans, says his company takes advantage of technology to monitor borrowers.

“We use those tools to understand what our customers need and to potentially get communication to them, but that’s just the starting point; then the relationship of the human steps in,” Mettle explains.

The platform known as Mortgage Coach allows NEO staffers — who call themselves mortgage advisors — to chart multiple options for clients and project their impacts decades later.

“We can show families the consequences of different decisions and forecast how

> Steve Grossman, owner, NJ Lenders Corp.

much wealth they will build,” Mettle says.

There are many contributing factors to financial health, however, and tech just can’t get at them all the same way an honest conversation can.

“The first call we have with a potential new customer is the dreams and goals call, to see if we’re compatible and can be valuable to one another,” Mettle says.

A prompt like, “Is there anything else relating to your financial situation that has your concern outside of the acquisition of this new house or refinance?” might come up in that initial meeting, for example, but it’s not until the second or third meeting that a $200,000 tax debt is uncovered.

“Very seldom do we get at the real issue the first time we ask the question,” Mettle says. “We had to get through the layers of the onion to find the real issue and then we can start giving advice. I am 100% sure that artificial intelligence is not today at

the place where it could connect deep enough to get the real information, then provide multiple different options and give a recommendation.”

Furthermore, mortgage companies keep clients in their databases so when the market shifts they can reach out and offer to lower their debt through refinancing.

“An AI or fintech platform won’t necessarily have any interest in telling you that you can refinance at a lower rate because perhaps they want you to continue paying that higher payment for longer,” Mettle says. “We’re monitoring our past client database with AI 24/7/365.

We get notified of a whole bunch of data points that let us know it’s time to step back and have a conversation with a customer to reassess their goals and give them more advice. I think you potentially give that up if you’re just trusting fintech.”

STRATEGIZING TAKES MANPOWER While it’s by no means for everyone, a tech-derived mortgage may be better suited for certain people than others.

“There’s a segment of the population who believes they are exceptionally or above-average financially literate and for those people,” Mettle says, “perhaps just going the automated route with perhaps lower costs to acquire that mortgage is the better path, but I would offer that is probably less than 20% of the U.S. population.”

If it was more than that, he adds, then this country wouldn’t be knee-deep in a retirement crisis.

“For the other 80% of consumers out there — they need advice, information

PEOPLE ON THE MOVE //

> Wolters Kluwer

Compliance Solutions, a provider of risk management and regulatory compliance services, has named Vikram Savkar as its new executive vice president and general manager.

18

> Agile, a

fintech for mortgage lenders and broker-dealers, has appointed Greg Vacura as president.

> First

American Financial Corporation announced the appointment of tech executive Jody Mulkey as its new chief technology officer.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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> Josh Mettle, division president and director of physician lending, NEO Home Loans

and analytics on which mortgage strategy they should take. The human aspect of helping people look at other options they may not be considering will help make them more wealthy in the long run, and those who need that help are going to need personal connection.

We help you pick the right loan and understand the ramifications.”

Fintech companies, on the other hand, are essentially selling an interest rate and a fee.

“They are going to expect you to have the financial literacy and tools to model out how that would impact your journey to retirement over the next 30 years,” Mettle says. “Eighty-percent of America doesn’t have that ability to distinguish between multiple different paths and understand how that’s going to integrate into their long-term financial goals.”

Hypothetically, if tech were to take over the mortgage industry entirely, there are other, unforeseen risks.

“If you have a prevailing technology offering advice, you run the risk of whoever is programming that tech to be offering advice based on whatever is best for them financially,” Mettle says, offering one example.

less likely to invest in new tech, he adds.

“We’re just trying to keep our heads above water. I think the mortgage industry from a technology perspective is going to go back in time two or three years. The momentum has slowed based on the economic headwinds.”

Ensuring tech continues to grow as a support to lenders and not a replacement is no passive act. It is one that will take careful planning.

“We need to continually increase our knowledge so we can transfer more financial literacy and better advice to our customers,” Mettle says. “Everybody who wants to survive in this industry is going to have to evolve to give a higher level of service and strategy to the customer.” n

A HIGHER LIFT Technology has bolstered every industry in one way or another, but that leaves companies with endless options to sort through and no clear path to individual success.

“You can’t not implement it,” Grossman says. “The problem is selecting the best tech solution and where you are going to get a lift from it.”

While the industry remains in a “mortgage pandemic,” companies are

“I think the battle for the heart and soul of our business is whether we’re

going to be an industry that’s run by tech and supported by loan officers or an industry that’s run by mortgage professionals supported by technology.”

> Bill Mervin, regional VP, NJ Lenders Corp.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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HARVEY MACKAY

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

YOUR FIRST MILLION DOLLARS

Be Assertive — But Not A Jerk

Find the right balance, though, because standing your ground is not always seen as positive

A

BY HARVEY MACKAY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

new college graduate reported for work on the first day and looked forward to meeting with her boss.

She asked if she could speak first and proceeded to inform the boss that she would not be working on Fridays and would expect to have new office furniture of her choosing. She also let it be known that any criticism of her work would be viewed as harassment since she was schooled in all the latest methods and practices.

The boss sat silent, which the new grad interpreted as agreement. But then he stood up and said, “I’m not sure who you talked to about this or why you think you have that kind of authority on your first — and possibly last — day here, but the answers are no, no, and no. And while I admire your assertiveness, you might want to work on your people skills.”

Assertiveness can help you express yourself effectively and stand up for your

point of view, but it can also intimidate and scare others. You don’t want to be viewed as a bully or arrogant. Finding the right amount of assertiveness is the key because assertiveness is not always seen as a positive trait.

Being assertive means being self-

asking or stating what you want?

Assertiveness will help you build positive relationships at work. And assertiveness, like most constructive traits, can be learned. Here are some practical tools that can help you take control of your career:

“The difference between successful people and really successful people is that really successful people say no to almost everything.” > Warren Buffett confident, firm, positive, decisive, and empathic, all rolled into one. Studies show that assertive people have better self-esteem, reduced mental health issues and stress, have healthier and more reciprocal relationships, and just have better overall satisfaction with their lives.

Simply put, assertive people get ahead, but you must know the territory. Some companies and geographic areas value more assertiveness, while others prefer a more persuasive and quieter approach.

I’ve found that seeking feedback from colleagues is the best course on how to proceed and become more comfortable in speaking up. Another tactic is assessing your own behavior if you are honest and truthful. Are you fearful of

Target your goal. Take a moment to identify what you want from an interaction with a co-worker or manager.

Our desire to please others can get in the way of what we really need. Think about your own objectives and constraints before agreeing to requests for help.

Be specific. The fewer mixed messages you send to people, the more likely you’ll get what you want from them.

For example, instead of saying something like, “I need that sometime today, if possible,” specify when you need something from a colleague.

Ask for more information. You need information to make good decisions for

20 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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yourself. If you think a boss is making an unreasonable request, ask for clarification.

That way you can understand the request more fully, and you’ll have the confidence to say “yes” or “no.”

Take ownership of your message. Use “I” phrases instead of trying to pawn off responsibility. Say, for example, “I need that report on my desk by the end of the day,” instead of “They want the report today.”

Say “no” when necessary. In an attempt to seem cooperative or nice, many of us don’t know how to say “no.” When you need to turn down a request, provide a short reason why you can’t do it. Don’t be overly apologetic — just be firm and polite.

Warren Buffett said, “The difference

between successful people and really successful people is that really successful people say no to almost everything.”

Watch your emotions. Try not to get angry or show frustration. Conflict can be uncomfortable. If you are too emotional, delay if possible. Remain calm and breathe slowly. Keep your voice steady and strong.

Use assertive body language. Studies show that body language is just as important, if not more, than actual words. Maintain eye contact and use expressions and gestures wisely. Keep an upright posture, leaning forward. Don’t cross your arms or legs.

Start small. Develop your assertive

skills in low-risk situations by practicing with people with whom you are close and trust. Solicit their feedback and evaluate yourself and then adjust your approach. With regular practice, you will become more comfortable and natural and less threatening.

The new grad in the first story could have used this advice — for this job or finding her next one.

Mackay’s Moral: Standing up for yourself isn’t about changing the other person. It’s about honoring your self-worth. n Harvey Mackay is a seven-time New York Times best-selling author with 15 books.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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MARY KAY SCULLY

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

Getting The

Referral

It’s important when only 15% of business comes from existing customers

R

BY MARY KAY SCULLY, CONTRIBUTOR, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

eferrals are the name of the game. Regardless of the market, everyone is looking for more business. So, are you getting referrals?

According to STRATMOR data, only 15% of borrowers choose lenders because of an existing relationship. Let’s look at why some loan officers get referrals — and why some don’t.

DID YOU EARN IT? It’s easy to think that just because you got a borrower into a home or closed a loan, you did a great job, but there’s more to it than that. Are you asking borrowers about their experience?

Did you know their expectations upfront and have you met them?

What is meaningful to you may not be meaningful to your customer and vice versa. So, the easiest thing to do is ask.

Ask upfront about what is important to them and what expectations they have.

Then, at the end, check in with them about their experience. How could you have improved? Asking shows that you care about your customer’s experience and not just their business. And don’t just ask and move on. Learning from that customer feedback helps you fine-tune the experience for future borrowers.

DID YOU ASK? If you give a great experience and still

22 | NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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legally can and can’t do.

Once you can reach out to them, it’s important to know your limit. You want to stay in front of borrowers without driving them crazy. Reach out consistently, but at a slow and steady pace. Following up too often can have the opposite effect that you’re intending.

Instead, use some of the personal insight you gained during the loan process to give you natural opportunities to check in. Did they purchase their home to start a new job?

Ask them how the job is going or how they like the area. Did you assist them with a cash-out refinance to pay for their child’s college? Ask them how their child is doing or how they like the university.

Ultimately, it’s not the borrower’s job to remember you, it’s your job to be memorable. find yourself wondering why you didn’t get any referrals, consider this: Did you ask? It’s easy to think that if the customer had a great time working with you, they’ll automatically tell their family and friends, but that’s not always the case. Be sure to remind them that you offer different products and can help anyone in their network in need of a lender.

Also make sure to remind them that you can serve them again if they ever move, need a home equity loan, or any other product you offer. Working with a lender involves sharing a great deal of personal information. And that information is more than just Social Security numbers and bank statements.

The loan officer also learns a lot about their borrowers’ financial and personal

situations and needs. It’s worth reminding them it can be much easier to work with the same person again. It can take a lot of extra time and effort to start over with someone new.

DO YOU KEEP UP? Keeping up with customers after the fact is another key to getting referrals.

But, as important as staying in touch is, it’s also important that you do it correctly.

First, make sure you have the right to ask for their business. As a broker, you may have signed something that says you cannot go after the customer’s business again for a certain amount of time, so it’s critical to know what you

It’s the small things like this that make them feel special.

And please make sure these personalized messages are genuine. No one is impressed with an automatically generated birthday wish weeks before their actual birthday.

For it to be impactful, show that you truly thought your outreach through.

Ultimately, it’s not the borrower’s job to remember you, it’s your job to be memorable. Be sure you are doing all you can to keep customers happy and get those all-important referrals. n Mary Kay Scully is the Director of

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

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

23

KNOW IT ALL.

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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.

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No one knows Non-QM like us. Newfi Wholesale is an exception-based Non-QM lender dedicated to helping brokers find success. We offer a full Non-QM product suite including: Full-Doc, Bank Statement, 1099, Asset Depletion, Interest Only, NonQM ITIN, Non-QM Buydown, DSCR 1-4 & 5-8 Units, DSCR Condotels, Graduated Payment Mortgages, and more. At Newfi about 1/3 of our funded deals have exceptions that we make in-house! newfiwholesale.com (888) 415-1620 support@newfi.com LICENSED IN: AL, AK, AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, WA, WV, WI, WY

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Find the full Wholesale Lenders list on page 57 24

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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Age Is Just A Number There's no age limit when it comes to consumers needing home borrowing options

26

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

D

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

efying the stereotype that they are all downsizing or relocating to retirement communities, the baby boom generation is making a significant impact on the housing market. Rather than taking a back seat to millennials and Gen Zers, baby boomers are taking charge and opening back up as a prospective market for originators. The generation is the largest pool of homebuyers at 39%, according to the National Association of Realtors (NAR).

Jessica Lautz, deputy chief economist and vice president of research for NAR, says numerous factors are impacting boomer homebuying rates. “People are living longer and that, in general, is definitely impacting the way that they approach homeownership,” Lautz said.

“Some boomers are also not necessarily downsizing. Maybe they’re looking for a single-story home or a new build that makes it easy for them to customize the home’s accessibility functions. And they save time and even money by not having to remodel their current home.”

Lautz also said that many baby boomers have excess cash for homes and could even skate past a mortgage. “[Their] housing equity in the last few years has opened up as home prices have increased,” she explained. “But their main reasoning isn’t money, it’s a desire to be closer to friends and family and enjoy retirement.”

SERVING THE SENIORS Tapping into equity is achievable for most boomers, according to the Center for Retirement Research at Boston College. However, serving those boomers (people born from 1946 to 1964) has proven difficult. A study, released earlier this year, suggests borrowers are more likely to be rejected for a mortgage the older they get. The study alleges that age goes hand-in-hand with race and ethnicity as being equally important when it comes to mortgage approval. The study concluded that age increases rejection because “having a borrower die can be costly to the lender, because it increases the likelihood of the loan being paid off early (prepayment risk) or entering foreclosure (default and recovery risk).”

That’s why Adam Huebner, co-founder

of Advantage Reverse Lending, says that with making sure seniors are properly reached comes a holistic approach to their situations. Huebner formerly worked as a sales trainer and mortgage professional at American Advisors Group (AAG), which specializes in financial solutions for retirees. His first step when consulting with a new senior customer is to listen first and hold off giving advice

to ask are if their kids know about their plan, how much can they afford, what is their goal with their home, and is there anything their current house needs to be redone to make it more comfortable for them to continue living in.”

Luckily, Huebner says that it doesn’t always winnow down to a reverse mortgage. Senior buyers may take on a HELOC or a short-term loan which

“Some boomers are also not necessarily downsizing. Maybe they’re looking for a single-storey home or a new build that makes it easy for them to customize the home’s accessibility functions.” > Jessica Lautz, deputy chief economist and vice president of research, National Association of Realtors until he knows the goals of that customer.

“You need to learn about their situation before predetermining what they want.

Listen and understand what that person is trying to accomplish, and from there it’ll be easy to find a product that will make the most sense for them whether it’s a HELOC [home equity line of credit] or reverse,” he explained. “It’s my goal to help educate and help them understand what else is out there, and if for some reason my products don’t align with their goals, I can direct them in a different way.”

Some questions that Huebner recommends asking are whether they plan to stay in the home for the rest of their lives, downsize altogether, or get access to short-term cash to fix up their current home. “My goal is to prepare the person from present day to whatever the endpoint is and help them have flexibility, control, and confidence in their home decisions,” he said. “Other questions

would allow them to fix up their places.

Some may even venture into another 30-year mortgage altogether. “There’s a big difference in an older buyer’s mindset when it comes to mortgages,” Huebner explained. “Younger buyers like Gen Zers and millennials are accumulating wealth, but seniors have a different mindset where they’re in a wealth distribution phase, and they’re trying to figure out how to best manage that wealth that they’ve spent the past 40 years accumulating.”

SENSITIVITY APPROACH Huebner has been in the reverse mortgage space for 11 years and says that he has a personal connection to working with older borrowers. “I saw my grandmother drop from two social security incomes and lose a non-transferrable pension when my grandfather passed away,” he said. “There was a long period

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

27

“Younger buyers like Gen Zers and millennials are accumulating wealth, but seniors have a different mindset where they’re in a wealth distribution phase and they’re trying to figure out how to best manage that wealth that they’ve spent the past 40 years accumulating.” > Adam Huebner, co-founder, Advantage Reverse Lending where my father had to help her navigate a lifestyle without another income. She had a reverse mortgage until she could refinance, and I remember her telling me shortly before she passed that her life was noticeably different when she was able to save money.”

That’s why Huebner says that it’s important to have sensitive conversations with borrowers about life and death.

“Talking about what happens if one income drops off has always been the toughest part of my career,” he said. “But it’s something that needs to be figured out to do the math as to what they can afford.

They need to know if they can afford their situation if one income passes on, as hard as that is for them to think about.”

Talking to seniors about their mortgage options is one thing, but reaching them is another. Huebner recommends connecting with financial planners, in-home care and nursing

specialists, and, of course, real estate agents who have clients looking to downsize. “The best advice I can give is not to be pushy,” he said. “Promote yourself as someone who can help educate [seniors] about their mortgage options. You don’t have to be in anyone’s face, but you need to make yourself a resource that is right in front of them.”

Like Huebner, Chris Munson — who is vice president of sales and marketing for Moneyhouse — says that helping seniors is on an individual-to-individual basis. “With a senior, that becomes more so because of the longevity in the home.

What originators need to understand is that one loan is not like every other loan,” he said. “You have to consider the application and the situation.”

SPHERE OF INFLUENCE But education and outreach go beyond

“Reverse mortgages aside, it’s important to ask what their game plan is. You’re advising them based on their situation what they need.” > Nick Rosynek, Midwest regional sales and marketing director, Moneyhouse 28

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

sitting down one-on-one with a senior, it also involves educating their circle of influence and those helping them make financial decisions. Nick Rosynek, who works as Moneyhouse’s Midwest regional sales and marketing director, says, like Huebner, that education is what should be at the forefront when it comes to working with seniors. “Reverse mortgages aside, it’s important to ask what their game plan is. You’re advising them based on their situation what they need,” he said.

“Education is at the forefront.”

Nick’s father, Ralph, who is senior vice president of wholesale and correspondent lending at Moneyhouse, reiterated that approaching a senior is mostly about education. “You also have to consider how to educate their circle of trust, which is family, their children, their bankers, and even the real estate agents that they’re working with,” the elder Rosynek explained.

Munson added, “If you are selling mortgages in an area with a high relocation rate of seniors, you ought to know about what products you can approach them with.”

Presenting options is also key, Munson said. “It’s important to know your market and where they’re at,” the younger Rosynek added. “It’s not always just directly presenting options to the senior.

I’m 34 and my father is 69, so how his options are displayed affects us both. And I have friends who have had one parent pass on, and they’re unable to help their other parent because they have three kids themselves. So instead of senior options being framed as last-ditch efforts, they really should be included in all serious financial planning and options.” n

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Log In T o Lock In Meet the mortgage mavericks raking in followers on social media

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

> Megan Marsh, co-founder, Co/LAB

I

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

n the ever-evolving mortgage industry, there are a select few who stand out as gamechangers, and it’s not necessarily because they’re thought leaders. These titans — industry influencers — are using social media as a marketing tactic and an educational resource. From industry veterans to up-andcomers, these influencers are making their mark on the mortgage landscape and driving change in the way clients and current originators approach homebuying. Their top advice? Content needs to be educational, don’t be a sardine in a can, and double dip your material.

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RAJIN RAMDEHOLL, THE MORTGAGE EXPERT Chronically online Rajin Ramdeholl starts his day by checking his numbers — his social media statistics, of course.

Ramdeholl brands himself as “The Mortgage Expert,” an online mortgage guru covering topics for amateur homebuyers and loan originators looking for advice on how to attract business.

Ramdeholl found success as a selfmade mortgage influencer, using social media and algorithms to market himself as a loan officer. He started out posting regularly on platforms such as Facebook, and then eventually hired a team to keep up with his newfound industry fame.

“I got into social media about seven years ago. What really prompted me to go all in on social media was that I saw the direction social media was going,” he said. “At that time, Facebook was really prominent, and it was a great platform to convert our print advertising to digital on.”

Ramdeholl, a senior vice president at New York-based Meadowbrook Financial Mortgage Bankers Corp., says that the old-fashioned ways of advertising, like mailers, limited him as to who could become a client. Social media, he said, gave him the ability to reach more people with a different medium.

“If I put out a video on social media, there’s a large chance that it could do well and reach hundreds of people,” he said. “When I did my first video seven years ago called ‘Who is Rajin Ramdeholl,’ it reached 50,000 people between Facebook and Instagram.”

Ramdeholl says that his video received exciting feedback from past clients and intrigued coworkers.

Ramdeholl says that sometimes he double dips with posting content to Instagram and Tiktok, but he says that the audiences for each app are completely different. “Users on TikTok are more there to get information and start to think about buying, but may not be eligible for it,” he explained.

“The content that

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clients or other professionals.”

Ramdeholl also said that incorporating education into his posts and videos has positively affected his online engagement.

Topics like dual licenseship pros and cons and locked vs. floating rates give Ramdeholl’s audience quick crash courses.

“Nowadays, content needs to have some form of education to it because you can educate customers or others in the industry, you can gauge your knowledge base.”

SEAN CAHAN, THE MORTGAGE GEEK

“Users on TikTok are more there to get information and start to think about buying, but may not be eligible for it.” > Rajin Ramdeholl, senior vice president, Meadowbrook Financial Mortgage Bankers Corp. works best for me for any platform is telling personal stories about my experiences in the industry or with clients. Those stories reach more people — whether it’s potential

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Sean Cahan isn’t a traditional president of a mortgage company. “I have wild ideas and I swear a lot,” Cahan said candidly.

“When I do something, I go all out.”

So it makes sense that Cahan’s social media efforts are oftentimes spontaneous, whimsical ideas. The self-branding of being a mortgage “geek” is a schtick, according to Cahan. “I used to do mortgage radio and they asked me to have a radio name.

Someone in the studio suggested that I call myself the Mortgage Geek, and it stuck,” he said. “And it’s true, I am a huge geek when it comes to what I do.”

Cahan’s not exaggerating. He’s been the number one top producer at his company, Cornerstone First Mortgage, for four years, and a Scotsman Guide Top Originator between 2014 and 2021, aside from managing company operations.

Cahan also runs a coaching agency called “The Mortgage Geek,” a selfdescribed loan officer boot camp. “The other programs I was seeing were boring. It was more of people telling others what they should be doing without showing them the correct way. I wanted to create a program that wasn’t about handing out worksheets to originators,” Cahan explained.

Going outside of the box is Cahan’s specialty, especially when it comes to grabbing a future client’s attention beyond the screen. His passion is creating original videos on Instagram’s Reels platform and YouTube. These aren’t your traditional how-to videos; Cahan has a segment called “WTFinance,” where he explains subjects such as “How long is my mortgage rate good for?” and “Calculating Military Income.” Cahan also dabbles in mortgage parodies, such as a Law & Order: Special Victims Unit parody called Loans & Origination: Saving Deals Unit. That one got about 160,000 views.

And the train doesn’t stop there. Cahan’s

step-by-step the process for a customer to get pre-approved for a loan. Even though Cahan directs his spiel toward clients, he also sprinkles advice for originators throughout his videos.

Outside of coaching and social media influencing, Cahan says he excels at inperson speaking opportunities because his approach is untraditional. “[Events] want me to speak because they know I’m going to disrupt,” he said with a laugh.

“How you get more business and being recognized nowadays doesn’t come from being a sardine in a can. You need to go above and beyond and do something that grabs attention because nowadays video attention span is short.”

“How you get “I’d say that MEGAN MARSH, LO LEADER Megan Marsh recollected an event more business where, my weakness is during a regular Sunday mass, in the church’s restroom said and be recognized atowoman that oftentimes her, “Megan, you’re everywhere.” woman — who Marsh didn’t even nowadays doesn’t That my content is know — was referring to Marsh’s videos started putting out on LinkedIn and come from being she professionalismsocial media. “[That woman] showed me that ‘Holy moly … this works!” she said. a sardine in a focused, and I Marsh says it’s been about 10 years since her first video, and since then her can. You need need to get more following has only grown. Her LinkedIn boasts over 4,000 followers alone. to go above and page vulnerable online.”

Content-wise, Marsh says that she’s her social media approach with beyond and do adjusted > Megan Marsh, the trending platforms. She uses TikTok co-founder, Co/LAB Instagram reels with the username something that and “@moneymentormeg.” “I really started example. It just took baby steps.” this to put myself out there, and to grabs attention.” doing Marsh’s sphere of influence — that make a connection with people to forge > Sean Cahan, president, Cornerstone First Mortgage

appealed to what’s trending online, even going as far as to do a makeup tutorial called his “Pre-Approval Routine.” The video is full of juxtaposition: Cahan’s goofily dressed in a wig and applying makeup products while explaining

one-on-one connections,” Marsh said.

Her videos have driven people to call her workplace for mortgage and money advice, or even seek her out at trade shows.

However, she doesn’t think she’s quite achieved status as an influencer, yet. “I say not yet because I feel like when I was originating loans I was doing more consumer-driven videos, but my goal now is to help loan officers with information and education. I don’t feel like I’m an influencer. Other people might consider me one, but I think we all have a different level that we keep trying to reach for,” Marsh said with a laugh.

After 10 years, Marsh says that video comes naturally to her, but other aspects of her social media posts such as writing articles are new. “Two years ago I hadn’t ever written an article,” Marsh admitted.

“But I was motivated to learn because I wanted to help other people in the industry because not everyone has someone to set an

is, her social media platform presence — has positively contributed to her ever-expanding clientele. “I sometimes have people come to do business with me because they saw me online or a YouTube video I did taught them something,” she said.

Marsh currently runs Co/LAB lending with her co-founder, Andres Munar. She says that she uses her experience of cofounding a business as a broker to coach others in the industry who maybe are considering starting their own businesses.

Like Ramdeholl, Marsh says she double-dips her content on Instagram, YouTube, and Tiktok to gain more exposure. “I try to put out my own messaging a few times a week, but I also put out company content for Co/LAB,” Marsh said. “I’d say that my weakness is that oftentimes my content is professionalism-focused, and I need to get more vulnerable online. But I’m going to challenge myself to do that.” n

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DATABANK

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Secret’s THE

Out

Craft customer experience through

self-analysis

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‘S

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

hop ‘til you drop’ might become ‘shop ‘til you rise’ in the world of secret shopping.

Companies small and large employ undercover “customers” to gather data on consumer experience, essentially conducting audits.

This is a tactic lenders can (and should) employ to figure out what they are doing right and wrong in terms of customer experience (CX), what their competition is doing better, and how to improve in the mad mission to close more loans. We talked to the experts, and here’s what they had to say about secret shopping in the lending world.

STARBUCKS AND UBER The CEOs of Starbucks and Uber stepped into the shoes of their respective baristas and drivers to gain perspective on customer experiences. The coffee king was startled to learn how hard it was to pair the proper lid with the proper cup.

“A consumer home loan is a lot more complex,” says Brett McCracken, a senior consultant for STRATMOR Group, which provides third-party guidance to lenders with its MortgageCX service.

Half of lenders have “secret-shopped”

themselves, according to a survey STRATMOR conducted, while 70% said they secret-shopped their competitors.

“There was a higher propensity to look outward and see what competitors were doing versus inward to see, ‘What are we doing?’ ” McCracken says. “I think it’s always a good idea for employees to secret-shop and understand what it’s like to be a consumer, but I also think it’s really important to get a separate set of eyes outside the organization — a dispassionate third party who has perspective about what competitors do.

When you do this as often as we do, you create benchmarks.”

For example, filling out a contact form on a lender’s website initiates a series of follow-ups from the company.

The timeliness of responses can make all the difference.

Of the companies STRATMOR’s secret shoppers reached out to, the average response time was 11 hours and 14 minutes. The fastest was nearly instantaneous and the longest was three days later, after being nudged.

BE HUMAN STRATMOR recently secret-shopped about 30 top companies, posing as a desirable borrower.

“Of those 30, not a

single person asked me why I was buying a home,” McCracken says. “It didn’t feel like there was a human connection.”

One of his favorite sayings comes from STRATMOR Senior Partner Garth Graham, and that’s “be human.”

“If you can engage consumers on that level and supply a technically proficient and consumer-centric process, you’ve probably built the raving fan that’s going to stick with you because you’ve made them feel validated, you’ve made them feel good, and you’ve made them feel comfortable,” Graham says.

The decision to buy a home is usually rooted in another meaningful life event, such as getting married, divorced, having a child, or getting a new job. Finding out what the catalyst is can bridge the connection between lender and borrower.

“There’s this opportunity to really get personal with someone really quickly,” McCracken says. “Some of the best advisors I’ve ever seen remind me of really good pediatricians. They’ve been doing it for many years, and they’re getting all the questions answered they need to fill out that 1003, but they’re not asking in a regimented way. It’s conversational.”

EXPERIENCE MANAGEMENT Experience management platforms put data and statistics to work to analyze companies’ CX systems,

“I think it’s always a good idea for employees to secretshop and understand what it’s like to be a consumer.” > Brett McCracken, senior consultant, STRATMOR Group

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“It’s very important to us to make sure our customers aren’t tripping over truth in advertising or truth-in-lending rules.” > Scott Harris, CEO of Experience.com

identifying gaps and areas to improve.

“We are all about collecting, analyzing and activating Voice of Customer to power the professional business online,” Experience.com CEO Scott Harris told NMP. “We’re not secret shoppers; we are proactive campaign folks.”

Experience.com collects customer feedback on behalf of loan officers and lending companies so they can discern who their top performers are and who needs work, but also to automate distribution of that feedback.

“We partner with all of the other platforms — Facebook, Twitter, LinkedIn, Zillow, Lending Tree — to share that great customer feedback everywhere so they can win online,” Harris explains. “I can give you a benchmark of nearly every loan officer in the U.S. and tell you where they stand in their local market.”

More than 400,000 LOs have profiles linked to the site.

“If you Google search anybody on the platform and they’re using the platform appropriately, they should be on the first page of search, and if you’re looking for a mortgage in a market that we have a customer in, our customers usually come up on top,” Harris says. “When you come into the platform as a user, you’ll notice that not only do we help you get to the top, we literally run an algorithm to show you why you’re not at the top, who’s ahead of you, and exactly what you have to do to jump them on search. As you play the game, your

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score goes up, and you can watch and recalculate where you stand online.”

A MECHANIZED MOTION Experience.com uses complex algorithms and data to provide CX monitoring and analysis.

“Our motion is a scaled motion and it’s mechanized, not one-to-one labor intensive,” Harris says. “It’s not secret shopping; it’s API secret shopping.

It’s literally monitoring activity both transactionally — from the way we touch base with customers — and programmatically, from the way we monitor what’s being said.”

One of the products the platform offers monitors employee activity and ensures compliance.

“If somebody says ‘interest rates’ in a post we catch it and make sure it has an NMLS ID so we know the post is legal,” Harris says. “It’s very important to us to make sure our customers aren’t tripping over truth in advertising or truth-inlending rules.”

In one recent case, a top performing loan officer was caught posting hate speech on social media. The system flagged this individual, and the lending company handled it appropriately.

Up to half the cost of originating a mortgage can be spent on sales and marketing to get borrowers to sign on.

“So you’re spending an awful lot of money to get that first loan, and statistics say that 80% of consumers choose not to get their next loan with the company they used before,” Graham says. “At some point if you don’t focus on that level of experience, you find out that every single year you have to buy customers at $4 to $5,000 a piece just to replace the ones that should be coming back to you for less. They’re not returning because it’s not a wow experience.”

In its surveying of more than a million customers the last few years, STRATMOR found that 20% of the time people report being asked for the same info multiple times.

“That is roughly a 50-point drop in net promoter score (NPS) or likelihood to recommend,” Graham says. “A 50-point drop in NPS means they’re not coming back. They’re a detractor at that point.

In fact, they’ll tell their friends not to go there, too.”

WHEN AND HOW MUCH

STRATMOR’s McCracken recommends lenders secret-shop at monthly, multiple times, and via EMPATHY FOR THE CONSUMER least different avenues.

Creating a “Wow!” experience takes “Look at data points,” he says. human power, according to STRATMOR. “Benchmark contact application rate,

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

“A 50-point drop in NPS means they’re not coming back. They’re a detractor at that point. In fact, they’ll tell their friends not to go there, too.” > Garth Graham, Senior Partner, STRATMOR Group

from pulled credit to locking of a loan, pull through rate, cost per contact, cost per loan, expense and analytics. What do you expect in your organization in terms of consumer experience, and how is that franchised across your organization?”

Check up on different loan advisors in various regions across the country,

walk in to retail locations and at least once a year, McCracken says, do a comprehensive review of the company’s production environment.

When STRATMOR conducts one of these, staff meet with all of the players in a team and go through their loan application process with them step by

step, changing the variables.

“Really, it’s the first time that all the employees in the room have seen the endto-end experience since they employed all the technology,” McCracken says.

However it’s performed, a selfanalysis of CX can be the driving force to a lender’s ultimate success. n

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How To Attract

WEALTHY CLIENTS

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As the rich get richer, so do their originators

P

BY KATIE JENSEN, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

lenty of originators think the best possible niche is working with high net-worth clients, and they could be right. It’s an obvious way originators can increase dollar volume and earn larger commissions. Not only do they have the advantage of developing a niche — something to stabilize their business — but they also benefit from the fact these clients borrow more often and in larger amounts.

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If they feel that you are not on top of your game,

they will ghost you like it’s Halloween.

Data from the may be the most Federal Reserve challenging part. shows that wealthy people WINNING end up borrowing THE CLIENT a lot more money > Jeffrey Feldman, vice president, Citizens Bank than the country’s Wealthy lowest earners. borrowers usually The top 1% hold have a higher million in liquid assets.

4.2% of all mortgages, while the bottom degree of financial literacy than the “I believe that they do have an half has 39%. This data study explains typical homebuyers, which is important advantage on multiple levels,” said that wealthier households take out for originators to keep in mind when Feldman. “They have the ability to waive larger mortgages to purchase bigger they’re communicating with their clients. their mortgage contingency and feel homes. Also, because mortgage interest Originators should convey confidence and comfortable in order to compete against is deductible from their taxes, which are expertise in order to earn their trust. other mortgage contingent offers.” likely higher than the average household, “They know about P&Ls, tax returns, Feldman, as well as Mark Dodson, they have an incentive to get a bigger and bank statement loans,” Dodson said. founder of Dodson Capital LLC and mortgage.

“So they’re just on top of it … a lot more Mortgage Capital Advisors, and Cindy High net-worth clients also like to buy than some people.”

Tansin, senior mortgage advisor of multiple investment properties. They “The most important piece for them HouseAmerica Financial, built a network favor jumbo loans, interest-only loans, is that they are comfortable with the of wealthy clients by working at a bank. bank statement loans, DSCR loans, and competency of the people they are Feldman transitioned from a mortgage can qualify for much more. working with,” Feldman added. “If they broker to a mortgage banker in 2010 and Better yet, they’re less impacted by feel that you are not on top of your game, took a position at Chase, working out the economy compared to the typical they will ghost you like it’s Halloween.” of the Chrysler building in New York homebuyer who is stressing over interest Dodson said it’s also essential for City. That’s when he got his first taste of rates, low inventory, and inflation. originators to have experience working working with high net-worth individuals.

The catch, though, is that it can be with self-employed borrowers. NonAnother factor is that they do not difficult to earn their business. Luckily, QM products are popular among this have qualification issues with the higher there are experts who can provide some demographic, such as bank statement rates where the majority of middle-class advice on earning their trust and insight loans, interest-only loans, and DSCR loans. families can no longer qualify for the on what it’s like working with these Independent originators and brokers are home they were looking at last year clients. especially valuable to wealthy borrowers based on the new interest rates and because of their ability to offer a wide array income ratios.” of products to better suit their needs.

THE PRIVILEGE TO NOT WORRY Experts in this niche agree that working “Most of them are self-employed,” with high net-worth borrowers can make In the past two years, Jeffrey Dodson said. “They know sometimes I’m the process easier in most cases, and it Feldman, vice president and producing their last option. A lot of times when I brings in greater commissions. However, sales manager for Rhode Island-based get them, they’ve been turned down by earning their business in the first place Citizens Bank, the banks.” said he has closed Because $420 million these borrowers in residential have a better volume with 330 understanding units, bringing of the market his average loan cycle, they’re amount to just not too worried under $1.3 million. about interest The majority of rates. Although clients are selfmortgage rates employed and are high now, they have at least $1 know that there

The more you know, the more you will have an opportunity to

speak knowledgeably and confidently and get business.

> Cindy Tansin, senior mortgage advisor of HouseAmerica Financial 42

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will be an opportunity to refinance in the next couple of years.

“Their expectations are more realistic,” Feldman said. “It is also easier to have high-level conversations regarding rate and product since a lot of my clients have a finance background.”

TAKING FROM BANKS Depository banks, such as Wells Fargo and Chase, oftentimes attract high net-worth borrowers with their jumbo products, providing great practice for originators who want to get into this niche. That’s how Dodson, Feldman,

embarrassing the attorney or financial advisor who referred them to her.

THE RIGHT REFERRAL SOURCES Bringing over past banking clients is a great way to get started in this niche, but it’s a necessary part of the job to keep that referral network expanding.

Nowadays, it’s quite easy to find and reach out to attorneys, financial advisors, and other referral partners on the internet. But in 1998, when Dodson was just starting up his company, The Private Capital Group, he didn’t have that convenience. Instead, he put his

“I’ll never forget, I was walking to my car and a guy passed me. He said, ‘Hey, you’re that mortgage broker I saw in the Business Chronicle.’ I ended up doing a million-dollar loan for him just (because he) recognized me,” Dodson said.

Nowadays, Dodson has switched to digital advertising, and the most cost-effective way to do that is through social media, he said. His team primarily utilizes Instagram and LinkedIn, which have brought in more business than Facebook in their experience.

When it comes to winning over referral sources in conversation, professionalism and confidence are

One of the senior partners at Harry Norman, a big real estate company, told me to

put my picture on everything.

I was so hesitant to do that.

But man, he was right. > Mark Dodson, founder of Mortgage Capital Advisors and Tansin were able to grow their customer base before transitioning to the independent originator side.

“The last job I had before I left the bank was being the mortgage manager for Santa Monica and Beverly Hills,” Tansin said. “I had no customers whatsoever, but I had a huge network base. I had so many business bankers, financial analysts, financial advisors, personal bankers, branch managers, CPAs, and attorneys.

So, that’s who I talked to first.”

Tansin began by reaching out to the people she knew and told them she was originating loans now. Because of Tansin’s well-built reputation and experience at her other job, these professionals already trusted her. It was important for Tansin to do a good job for these clients to avoid

ads in magazines, such as the Atlanta Business Chronicle, that attracted older, wealthier readers.

Putting ads in these local magazines that have targeted audiences is a great way to capture the attention of a specific demographic. “That got me a lot of attention,” Dodson said. “One of the senior partners at Harry Norman, a big real estate company, told me to put my picture on everything. I was so hesitant to do that. But man, he was right. I ran a lot of ads in my early career (and) I did a lot of presentations with attorneys, accountants, and financial planners.”

Like Dodson, other originators may be too modest to put their pictures in ads.

But Dodson swears by this strategy, saying his face has won him quite a few deals.

key. Many successful originators get their business through word of mouth, meaning reputations can make or break a business. As Feldman said, good news travels fast, but bad news travels even faster. To make a good impression on clients and other professionals, convey intelligence and confidence.

“You should definitely be comfortable talking to professionals and talking to people who do have a lot of money without feeling intimidated,” Tansin said. “The [next thing] is you need to learn stuff. Plan on doing a lot of research on your own to learn things.

The more you know, the more you will have an opportunity to speak knowledgeably and confidently and get business.” n

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ARE YOU AN INDUSTRY MOVER & SHAKER UNDER 40?

National Mortgage Professional is looking to recognize the movers and shakers in the mortgage industry. We want to spotlight those young professionals contibuting to, and making an impact on, the industry.

2023

Honorees will be showcased in the December 2023 issue of National Mortgage Professional Magazine.

Be part of the 40 Under 40 class of 2023!

Nominate yourself or a worthy individual you know today.

Submission Deadline: September 22, 2023 ambizmedia.com/recognition/nmp-40-under-40 Nominees must be 40 years of age or younger as of Sept. 1, 2023. Honorees will be chosen based on their industry contributions and impact. Only completed submissions will be considered.

Past honorees are ineligible to be recognized again.

NOMINATE TODAY Other 2023 & 2024 nominations are also open. Nominate now!

Some 2023 nominations may be closed, but you can still nominate for the remaining 2023 and some 2024 recognition awards now! Follow the links for more information about each award and to nominate worthwhile people and orginazations — or yourself — today.

BEST MILITARY LENDERS

WOMEN OF INSPIRATION

Submission Deadline: Sept. 1, 2023

Submission Deadline: Dec. 1, 2023

NMP’S 2023 BEST MILITARY ORIGINATORS

LEADING LOs Submission Deadline: Jan. 12, 2024

Submission Deadline: Sept. 1, 2023

INDUSTRY TITANS

PRISM AWARDS Submission Deadline: March 1, 2024

Submission Deadline: Sept. 29, 2023

DIVERSITY LEADERS

MOST CONNECTED Submission Deadline: March 29, 2024

Submission Deadline: Nov. 3, 2023

MOST LOVED EMPLOYERS Submission Deadline: March 31, 2024

Award winners will be recognized in future issues of National Mortgage Professional Magazine.

Don’t wait until the last minute. Nominate now to make sure you don’t miss a deadline.

nationalmortgageprofessional.com

COVER STORY

Top Of The World Ben Cohen knows the way to chart the course, and he doesn’t consider inefficiency to be part of his vocabulary

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

B

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

en Cohen will close any loan in eight business days. He says this matterof-factly as if the thought of a loan taking longer had never crossed his mind.

Cohen, 46, is a top-producing senior vice president of mortgage lending at Guaranteed Rate, where he’s worked for 13 years. He’s been lauded as the third top originator in America in 2022 and was voted the best loan officer in 2017 by the Illinois Mortgage Bankers Association.

And he’s originated over $1 billion in volume during both 2020 and 2021, a feat that he humbly calls “anomaly years” in the business. But even in 2022 – a tough year for originators — Cohen closed just shy of $480 million.

Cohen’s not one to take all the credit; He gives kudos to his “pod” of 20 people — all at Guaranteed Rate — that daily help him chart the course for each customer’s individual loan. “I try to brand myself as Team Ben Cohen,” Cohen says.

“I have great people that I’ve been able to train and taught them what my beliefs are on what a customer should receive from a service standpoint.”

Sure, Cohen’s ambitious — he’s licensed in all 50 states — but he manages to be personable and brilliantly successful in his endeavors, his coworkers say.

“Ben is an amazing salesperson, he

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> Ben Cohen vice president of mortgage lending, Guaranteed Rate in his Northfield, Illinois, office.

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creates connection, trust, and a likable personality … in such a short time period,” says Mike Dye, producing branch manager and production manager at Guaranteed Rate, as well as Cohen’s business partner. He has a “steadfast commitment to agents and clients, he doesn’t ever give up or take no for an answer, he’s passionate about being the best to help people … he cares about education, competition, fully informed clients, and that the process is easy, fast and technologically forward.”

Cohen’s business development manager, Christine Lutz, has those same sentiments. “When [Ben’s] on the phone, it seems like he’s known the client his whole life,” she says. “He takes time to help guide people into the right decisions based on their financial goals and is always working to improve our client experience when someone is getting a loan: better, faster, easier.”

Cohen went from living in his native Toledo, Ohio, to living across the pond on weekdays, something that he found enjoyable before marriage and kids but was unsustainable. He knew the sales aspect of his job was a right fit and decided to leave his tech roots in pursuit of somewhere he could showcase his skills.

After tinkering around for entry-level sales jobs, Cohen decided to take a leap and get his real estate license. Shortly after, dissatisfied with selling homes, Cohen took on a role at Chicago Bancorp and stayed there for about six years until he joined Guaranteed Rate. “My business was decent before Guaranteed Rate, but after I joined it shot up,” Cohen said. “I probably did about $35 million a year before joining the company, and as the years passed by it was $100 million, then $200 million, and so on.”

But who is Cohen beyond the business? To Dye,

“[Ben] takes time to help guide people into the right decisions based on their financial goals and is always working to improve our client experience when someone is getting a loan: better, faster, easier.” > Christine Lutz, business development manager, Guaranteed Rate

His colleagues tout Cohen’s work ethic. Dye says that Cohen is the face of his brand and is relationshipfocused above all. “Ben sells certainty,” Dye affirms.

“He’s quick to offer a value proposition of what agents and clients need. He knows that they want the certainty that the loan will go through and the client will be happy. And he knows he can do that.”

STRONG WORK VALUES

C

ohen’s strong work ethic stems from his educational background in computer programming, a field in which he excelled due to his maintenance of relationships. Cohen’s early career involved him traveling across Europe servicing clients’ IT needs. “I was a consultant for six-and-ahalf years, and it made me the loan officer I am today.

Cause it’s also a service business where the client’s schedule is the one that matters,” Cohen explains.

“At that job, though, I got tired of working 100-hour weeks and begging for a bonus every year when I knew I did a good job. After one job would finish, another client would refer me.”

Cohen is the person he’s growing old with due to how much time they spend together branding themselves and making deals. For Lutz, Cohen in her eyes is at the top of his game and not just when it comes to his volume.

“Ben is the CEO of his brand. I’ve never met a harder-working individual, he has a unique ability to make a personal connection quickly with people,” she explains. “He is big on giving back to the community, especially local charities. … I think it’s important when you’re at the top of your game to give back to your community.”

Both Dye and Lutz describe Cohen as “passionate,” not just about his business, but about the people around him. “Ben is a cheerleader,” Lutz says. “He’s grateful and appreciates good ideas.”

WORKING ON THE BUSINESS

A

fter nearly 20 years, Cohen is still trying to evolve his business. He knows what the life of a loan looks like and, better yet, he knows that every day is a chance to beat the competition.

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“Service, execution, follow up, follow through, don’t over promise and under deliver, and set those expectations upfront. You know that at the end of the day, everybody’s talking to 15 lenders, and speed and execution are what ends up winning.” > Ben Cohen

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

For him, it’s almost formulaic. “Service, execution, follow up, follow through, don’t over promise and under deliver, and set those expectations upfront,” he said. “You know that at the end of the day, everybody’s talking to 15 lenders, and speed and execution are what ends up winning. I’d rather get them in and out the door as fast as possible. The busier we get, the more efficient we are. The term inefficiency doesn’t register in my vocabulary.”

And time is money, too. Cohen doesn’t mind working those long hours that he detested at his IT job. “My team and I are available 24/7, even on the weekends.

We’re always available, and don’t let that phone go to voicemail,” he says. “It’s a lot easier working long hours now because you get what you put into [the business].

You need to be financially motivated, too. I’ve been

where I’m known as the mortgage guy. I was able to ping their [human resources] department and let them know what my values were.”

BILLION-DOLLAR PLAYBOOK

A

s a successful businessman, Cohen knows what the recipe is for him — and a customer — to be successful. “As an originator, I wear a lot of different hats. I’m not a financial advisor or a CPA, but I’m willing to share education with borrowers,” he says. “So many people call me and they don’t know how much they want to put down or how to even explore other options. But one thing that I absolutely need from them is to actually talk about the process. If they say they want

“[He has a] steadfast commitment to agents and clients, he doesn’t ever give up or take no for an answer, he’s passionate about being the best to help people … ” > Mike Dye, producing branch manager and production manager, Guaranteed Rate

able to scale my team so that if I’m playing a round of golf with clients for an afternoon, there’s coverage and always someone available.”

Cohen admits that it wasn’t easy to scale back and let others have their hands on his loans. “When I first started out, I was doing every part of the assembly line: processing the mortgage and doing all the underwriting. Loan officers are control freaks, and we don’t like to give up responsibility,” he says “But I’ve learned that sometimes you need to let people fall in order to succeed.And I had no choice but to trust my team when the pandemic hit and I needed all the help I could get.”

Cohen’s philosophy is that he’s not only working in the business, he’s working on the business. “The hardest thing about lending is making the phone ring,” he says. “What I sell is a value proposition: I have the speed, execution, support, and staff, and there’s the option to co-sponsor events or do open houses together.”

Cohen and his team have focused on corporate accounts as a way to get their value proposition out in the open. “The best thing about the industry is that everyone is a potential referral source,” Cohen says. “I think there are five or six companies where I’m the preferred lender. And there’s one company

to communicate electronically, I suggest that they contact someone else.”

Cohen knows that a lot of the loan process can get lost in translation, and an unhealthy transaction with a customer could jeopardize his referral relationship, too. And as Cohen says, he’s not a transactional lender: Part of the method to his madness is cultivating those reliable relationships to fuel his business.

Cohen’s method is like a favorite homey dish: Simple, but difficult to replicate. And others at Guaranteed Rate have noticed his map for success and have coined it “the Billion Dollar Playbook.”

Cohen’s a relationship guy, so he’s keen to teach others at the company about achieving success.

During monthly, company-wide sales calls, Cohen says that he often speaks about his business process. “I tell everyone that I can’t tell them to get up and work hard every day,” he says. “When I say that I work on the business, I mean that I also work on teaching other LOs how to make the phone ring while constantly evolving my own business.”

Dye says that part of Cohen’s playbook is the wealth of knowledge he brings to the table. “The thing about Ben is that he gets what people want,” Dye says. “He knows what Amazon has done to us: We want things fast and we want them now.” n

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SPECIAL RECOGNITION SECTION

Mortgage Lenders: Local (25-100 MLOs) MOUNTAIN WEST FINANCIAL

GOLD

M

E

2023 MOST LOVED EMPLOYERS

arlier this year, NMP reached out to mortgage employers across the country. We invited them to apply to participate in an exercise in which their employees voted on how well they were doing.

Once a company was accepted into the program, they were given a unique code to distribute to their employee base. That code and a special link allowed employees to rate their companies on various aspects, without those employers having any ability to see what the voting was like.

We asked about benefits and

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corporate culture; community involvement social interaction; commitment to diversity and racial justice; and, much more.

We received hundreds and hundreds of replies. From these votes, the results are tallied for each company in each category.

The result is this listing.

Companies did not purchase their slots here. They voluntarily submitted to the judgment of their workforce. In the end, each of them takes a place on the podium of excellence. These are, without a doubt, the Most Loved Employers in the mortgage industry. ♥

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

ountain West Financial’s team members and its valued clients are the “why” behind everything it does, every decision it makes, and the moral compass that drives its vision and goals.

“We are family,” Tiffany Hade, marketing manager, says of the employees. “We expect a lot and hold each other to high standards. We invest in our family with educational opportunities, financial planning, strong benefit packages, and growth opportunities.”

The company’s culture is conducive to high standards of work, strong ethics, and teamwork.

“Growth within the company is a high priority for us,” Hade says.

Mountain West’s core values are more than just words on paper, they were derived from the input of its team. When employees were asked to define who the company is and what it does, the words that were used time and time again: Community, Attitude, Reputation, Employees, and Service (CARES). MWF takes great pride that its values were not crafted from what it thinks people want to hear, but the voice of all who represent MWF and personify MWF CARES. Hade says MWF’s reputation is built on putting its clients into loans that suit both short- and long-term goals. “We are passionate about being an employer of choice and earning the right to be a lender/partner for life,” she says.

MWF values the differences of its team members and ensures that everyone is treated equally and feels supported. “One of our core values of MWF CARES for Employees is we are engaged, we embrace diversity, and we are family,” Hade says.

Among the benefits MWF offers its employees: 401k with a company match; paid life and health insurance; paid time off; maternity leave; remote workplace; executive bonus; and designated client advocate.

The pandemic was the catalyst behind the company’s Family Fun Facebook, which helped bridge the work-life balance and kept its family members connected.

MWF takes pride in its outreach, aligning with many local/national organizations, charities, and events. Its longest standing partnership is Relay for Life, for which it has raised funds and participated in 24-hour events. ♥

2023

EMPLOYERS

Mortgage Lenders: Regional (101-500 MLOs)

P

WATERSTONE MORTGAGE

PLANET HOME LENDING, LLC

GOLD

SILVER

eople who enjoy working collaboratively and creatively to meet common goals excel at Waterstone Mortgage. It is a fast-paced organization, and employees are motivated, teamoriented, and supportive. They enjoy contributing to the mission of helping as many people as possible achieve their homeownership goals.

“Our team members are constantly looking for new ways to improve processes, introduce innovative technology solutions, and make the mortgage experience more streamlined and efficient,” says Jenna Connour, communications coordinator. “We also have a strong culture of promoting from within — which motivates and drives our team members to excel in their respective areas.”

Waterstone strikes the perfect balance between working seriously and infusing a positive attitude into its environment. It ensures employees have the tools and encouragement they need to be engaged, grow in their skills, and have fun.

“Working with kind, compassionate, and caring people makes coming to work every day worth it. I love our team meetings, seeing new faces, and working on the Employee Engagement Committee!” said Cassidy Duborg, Sr. Organizational Development Specialist.

“The culture and the technology have been a highlight of working here. The employee events make the hard work worth it; also, the ability to impact change from entry level to executive level.

I feel like I am not just a random voice, but my opinion and thoughts matter. The collaborative culture is top notch,” added Magdie Rizk, Subservicing & Interim Servicing Manager.

“I love working for Waterstone Mortgage because I feel like a valuable contributor to the success of my department and company. My opinion matters, and I am encouraged by my peers and mentor to continue providing ideas which help foster innovative ways of expediting files to closing,” said Karen Bremer, Regional Closing Manager.

Its charitable contributions program invites employees to nominate organizations they want the company to financially support, and several are chosen each year. Corporate employees are given eight hours each year of paid time off to participate in volunteer activities. ♥

P

lanet Home Lending’s strength is its diverse and dynamic team of openminded, creative individuals who are passionate about delivering top-notch service to their clients while driving industry innovation.

Planet Home Lending believes that it can achieve greatness by bringing together people with a wide range of backgrounds and experiences.

“Planet is an exciting place to work. We’re a group of people who work together well and are open to innovative ideas,” says Dona DeZube, vice president, communications. “We know when our employees feel supported and empowered, they do their best work — and that’s when we all thrive.”

Originators who join Planet Home Lending can experience real growth. “People committed to making a positive impact in the lives of those around them thrive at Planet,” DeZube says. “We aim higher, work smarter, and constantly strive to improve ourselves.”

Planet believes in creating a long-term home for employees, and provides leadership training as well as courses via Planet University to help employees to learn and grow.

Planet was named a Top Workplace for Work-Life Flexibility, an award that recognizes organizations whose culture enables employees to meet the demands of their personal lives while maintaining high performance. More than half of employees work remotely, a quarter are hybrid, and just 20% work onsite.

Planet’s Diversity Advisory Council generates ideas to engage its diverse organization: 74% are minorities and women; 44% of the executive team are women; 49% of first/mid-level officials and managers are women; and 27% of first/mid-level officials and managers are minorities. Women and minority employees earned nearly three-quarters of the promotions in 2022.

Planet With a Purpose (PWaP), Planet’s environmental, social, and governance platform, has partnered with the National Forest Foundation to plant nearly a half million trees over the past five years.

Benefits include: 401k with company match; paid life, health, and disability income insurance; training; remote work options; and executive bonus. ♥

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Mortgage Lenders: Larger (501+ MLOs) AMERICAN PACIFIC MORTGAGE

NEW AMERICAN FUNDING

GOLD

SILVER

E

mployees love working for employers who don’t forget their roots. Even though it has over 500 mortgage loan originators, American Pacific Mortgage thinks like a small business. Just look at its values for proof: Respect, Transparency, and Scrappy.

Employees resoundingly report that the company is like a family, and they appreciate the open and regular communication from leadership, along with the clarity of its strategic direction. They are 100% focused on making APM’s branch managers and originators look good.

They also create experiences that matter, and their commitment to these and their values has fostered a positive work environment where employees feel valued and a true sense of belonging.

Its non-profit, APMCares, is funded 100% by employees and raises money to support employees and their families, as well as the communities APM serves with food, shelter, and clothing.

As an Employee Stock Ownership Plan (ESOP), the employees are also owners. Once eligible, participation comes at no cost to the employee and allows them to start building additional long-term savings with gifted shares.

The company supports work/life balance in multiple ways, including APM’s Wellness Team, which promotes healthy choices. They offer calming and meditation apps through the health insurance program, as well as hybrid remote work schedules. By also offering paid time off for volunteer opportunities (including volunteering in a child’s classroom), they ensure that their employees have the time and access to do good work within their communities and families.

Additionally, the company has several employee initiatives focused on diversity, equity, inclusion, and belonging. The mission of the Office of Diversity, Equity, Inclusion, and Belonging is to promote social and economic equity by nurturing a diverse workforce and providing underrepresented communities with access to homeownership. APM’s goal is to reflect the communities it serves and to exceed its peers in providing homeownership to underrepresented groups. By doing this, APM strives to stand out as a social and economic leader while supporting our employees’ and consumers’ success. ♥

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ick and Patty Arvielo, who each hold the title of co-founder and CEO, built New American Funding on the principles of helping families and individuals improve their quality of living through homeownership while maintaining the highest standards of integrity and customer service.

As the largest woman-owned and Hispanicowned mortgage company in the country, NAF’s success has made a significant difference in the lives of its customers, employees, and business partners. Not only has the company hired with diversity top of mind, but it has also elevated the lives of women, minorities, and millennials through career opportunities and personal advancement, says Lauren Barnes, executive assistant.

The one thing that sets this company most apart from its peers is its culture. It is wholly unique in the industry to have a company that so many of its employees enjoying working at.

More than 92% of NAF employees said that the company is a great place to work, compared to 57% of employees at typical U.S. companies.

This is the direct result of how the company operates: building an environment of respectful communication and cooperation among all employees; an open-door policy with executive management; teamwork; work/life balance; and employer and employee contributions to the communities they serve to promote a greater understanding and respect for the diversity.

NAF offers numerous programs for advancement. “If You Want to Grow, We Want to Know” allows employees to share their goals and aspirations. Patty Arvielo leads “Thrive and Lead,” which provides staff and outside mortgage professionals lifelong lessons through three months of intensive mentoring.

NAF360, the culture initiative that supports the goal of having happy employees who enjoy working, was designed to ensure workers feel balanced and valued. Employees have taken this philosophy to heart, creating a strong sense of community.

Among the benefits NAF provides are: 401k with company match; company partially paid life and health insurance; paid time off; maternity and paternity leave; training; remote workplace; and executive bonus. ♥

2023

EMPLOYERS Service Providers

S

SUPREME LENDING

WEMLO

BRONZE

GOLD

upreme Lending takes its responsibility to foster a supportive and collaborative environment seriously. So much so that its corporate workforce is often referred to as the “Supreme Family.”

“Supreme Lending’s culture revolves around engaging with our most valuable asset — our people,” says Denise Castillo, director of brand and customer experience. “We prioritize being welcoming, transparent, approachable, efficient, and trustworthy to build strong connections between our team members, customers, and referral partners.”

Employees who are passionate team players, supporting not only their immediate team but the entire “Supreme Family” are recognized and rewarded. Supreme Lending’s investment in training, including its on-demand digital training portal, professional development, and routine field training seminars, covers a range of topics from mortgage basics, standard operating procedures, and best practices aligning with company values.

“We believe in the endless potential of our teamplayers and are committed to developing their skills and helping them achieve their goals,” Castillo says.

Supreme Lending fosters a familial atmosphere, prioritizing community, and values. Its employees relish coming to work, knowing that their efforts contribute to a positive workplace. This is more than a typical 9–5 job — it’s a fulfilling experience where their hard work is recognized and genuinely appreciated.

Supreme invests in its employees through fun, collaborative work environments, employee rewards, and flexible schedules. High-performing sales and operations associates are rewarded annually with an all-inclusive trip to 5-star resorts as part of the elite President’s Club. Company events and outings, including monthly catered lunches, happy hours, and seasonal/regional celebrations, promote culture enrichment and team building.

What’s most important at Supreme are the contributions employees will make to building the company. Hiring people of all backgrounds brings an invaluable range of talent, experience, and knowledge to guide Supreme through periods of growth and challenges. ♥

C

ompany culture differentiates wemlo from other processing companies. A young brand, wemlo values the diverse perspectives and experiences of team members, and each plays a critical role in the growth and development of the company brand. It takes just a little grit and passion to excel.

The unique culture at wemlo focuses on collaboration, welcoming challenges, and ongoing development, and employees are celebrated daily.

Team members nominate colleagues by using recognition cards to signify that they are living wemlo’s core values, and winners are announced monthly during a company-wide meeting with the executive leadership team.

“We host ongoing focus groups with our processors because we understand the value of organic workplace evolution and authentic collaboration,” says Brittany Johnson, senior manager, PR and communications. “It fosters a culture where each team member feels like they are part of something bigger as they help to redefine and improve our processes.”

Employees are encouraged to be active community members and are granted paid time off to do so. wemlo recently partnered with the Junior Achievement BizTown Program to mentor elementary students on making lifelong personalfinance decisions. wemlo’s competitive benefits package and job perks allows it to hire and retain quality talent, extend employee longevity, and effectively grow the team. Employees earn annual bonuses or monthly commissions, plus they have access to an employer-paid financial wellness program and identity theft protection, 50% 401k match with no cap, discounted ClassPass, and employer-paid health advocate for medical benefits assistance. wemlo also offers unlimited paid time off for vacation, personal, or sick leave.

The company prioritizes hiring strong, talented, and driven people with unique backgrounds and talents and provides ongoing diversity and inclusion education courses. It looks for individuals with passions for growth and the ability to meet customers’ evolving needs. ♥

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

COM PA N Y

A R E A O F FO C US

STAT ES L I CENSCED

WEB SI T E

Acra Lending

Non-QM / Jumbo

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

acralending.com

Champions Funding

Mission Driven Non-QM + CDFI Wholesale Lender

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

champstpo.com

LoanStream Mortgage

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

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

loanstreamwholesale.com

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

Newfi Wholesale

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

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

newfiwholesale.com

Quontic Bank

Quontic specializes in nontraditional borrowers.

All 50 U.S. States

quonticwholesale.com

Open and operate your brokerage with confidence.

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

WWW.BUILDABROKER.COM

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| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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

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

STAT ES L I CENSCED

WEB SI T E

ACC Mortgage

Non-QM

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

ACCMortgage.com

Change Wholesale

Helping mortgage brokers close more loans, faster.

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

ChangeWholesale.com

First National Bank of America

Non-QM

All 50 U.S. States

fnba.com/mortgage-brokers

Newfi Wholesale

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

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

newfiwholesale.com

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

A RE A O F FO C US

WEB SI T E

wemlo

Loan Processing

wemlo.io

Zero 1 Solution LLC

Software

1smtg.com

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

CO MPANY

AR E A OF FOCU S

WE B S ITE

ACT Appraisal, Inc.

ACT Appraisal is a nationwide AMC focusing on residential appraisals

actappraisal.com

PCV Murcor

Nationwide Real Estate Valuations Management — Appraisal Management Company

pcvmurcor.com

SingleSource Property Solutions LLC

Appraisals, BPOs, AVMs, Hybrid Valuations, and Value Reconciliations

singlesourceproperty.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023 |

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FACEBOOK THOUGHTS

NICK ROBERSON

You Could Fry An Egg On This $2 Pistol

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Nick Roberson

P

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:

eople will stop asking you questions if you answer in interpretive dance.

••• I went out to the store after work today and was immediately hit by a blast of 100+ degrees of hot air as I stepped out the door. As I was walking around the store, I started cracking up thinking about all of the things people used to say back in Missouri on hot days like this.

Hmmmm, how old do I have to be to start saying old-guy things?

It’s hotter n’ blue blazes!

This one’s going to be a scorcher.

You could fry an egg on the sidewalk.

It’s hotter than a blister bug in a pepper patch.

It’s so dang hot I just saw a hound dog chasing a rabbit, and they were both walking.

It’s hotter than a $2 pistol.

Even Satan’s sweatin’ today.

If it gets any hotter, I’ll have to take off stuff I really ought to keep on!

••• During a recent password audit, it was found that an employee was using the following password: “MickeyMinniePlutoHueyLouieDeweyDonaldGoofySacramento” When asked why such a long password, he said he was told that it had to be at least 8 characters long and include at least one capital.

••• After 5 long years of studying, a student comes rushing into Einstein’s office shouting …

“Sir, Sir, I finally understand your theory of Special Relativity!”

Einstein rolls his eyes, “It’s about time.”

••• A New York attorney representing a wealthy art collector called his client and said to him, “Saul, I have some good news, and I have some bad news.”

The art collector replied, “I’ve had an awful day; let’s hear the good news first.”

The attorney said, “Well, I met with your wife today, and she informed me that she invested $5,000 in two pictures that she thinks will bring a minimum of $15-20 million. I think she could be right.”

Saul replied enthusiastically, “Well done! My wife is a brilliant businesswoman! You’ve just made my day. Now I know I can handle the bad news. What is it?”

The attorney replied, “The pictures are of you with your secretary.” n

Huh, I didn’t know I could sweat there. (This one is mine, inspired by a New Orleans trip in the summer).

Crank up the A/C until it is blowing snowballs!

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | SEPTEMBER 2023

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

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