Mortgage Women Magazine 2024 Issue 1

FINDS SUCCESS IN TRANSIENT MARKET

INSIDE:

A CAREER BASED ON CHALLENGING NORMS > PAGE 4 DIVE INTO TOMORROW'S 'GROUNDBREAKING' MARKETING TECH IMPROVEMENTS > PAGE 10 GSEs OFFER UP CONFUSION FOR 2024 > PAGE 18

FINDS SUCCESS IN TRANSIENT MARKET

INSIDE:

A CAREER BASED ON CHALLENGING NORMS > PAGE 4 DIVE INTO TOMORROW'S 'GROUNDBREAKING' MARKETING TECH IMPROVEMENTS > PAGE 10 GSEs OFFER UP CONFUSION FOR 2024 > PAGE 18

The most impactful event for mortgage women.

The Mortgage Star Conference for Women returns to the beautiful historic Hotel Monteleone in the heart of the French Quarter of New Orleans. This event brings together the stars of mortgage, for meaningful discussions, insightful presentations, and to celebrate one another. Then, stay for the Ultimate Mortgage Expo, free for Mortgage Star attendees.

Register for free with code M MWMFREE mortgage-star.net

JULY 10

*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to conference attendees only. Exclusive events and networking party are open to registered attendees only.

Vincent M. Valvo CEO, PUBLISHER, EDITOR-IN-CHIEF

Beverly Bolnick ASSOCIATE PUBLISHER

Kelly Hendricks MANAGING EDITOR

Christine Stuart NEWS DIRECTOR

Keith Griffin SENIOR EDITOR

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

Tina Asher, Michele Bodda, Vanessa Bodnar, Laura Brandao, Chrissy Brown, Jack Dunn, Ashley Gravano, Mary Margaret Hogan, Veronica Nguyen CONTRIBUTING WRITERS

Alison Valvo DIRECTOR OF STRATEGIC GROWTH

Regina Morgan ADVERTISING SALES EXECUTIVE

Nicole Coughlin ADVERTISING ASSOCIATE

Julie Carmichael PROJECT MANAGER

Meghan Hogan DESIGN MANAGER

Stacy Murray, Christopher Wallace GRAPHIC DESIGN MANAGERS

Navindra Persaud DIRECTOR OF EVENTS

William Valvo UX DESIGN DIRECTOR

Andrew Berman HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Krystina Coffey, Matthew Mullins MULTIMEDIA SPECIALIST

Melissa Pianin MARKETING & EVENTS ASSOCIATE

Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST

Celebrating Excellence And Empowering Women In The Mortgage Industry I

n an industry often dominated by men, it’s imperative to recognize and celebrate the outstanding contributions of women who are making waves in the mortgage sector. Mortgage Women Magazine is thrilled to accept nominations for the Mortgage Star Award, a platform dedicated to honoring women across all levels of the industry who not only excel in their roles, but also inspire, lead, and innovate.

We invite our readers to nominate women who are pioneers, leaders, and innovators in the mortgage profession. Whether breaking new ground, guiding teams with vision and wisdom, or revolutionizing the way we think about mortgages, we want to hear their stories. We’re not just interested in accolades; we want to understand the challenges they’ve overcome, the obstacles they’ve faced, and the resilience they’ve shown on their journey.

The 2024 Mortgage Star honorees will be prominently featured in issue 2 of Mortgage Women Magazine. What’s even more exciting is that they will be recognized at our Mortgage Star Conference for Women, a live event set to take place in the vibrant city of New Orleans on July 10, 2024. This conference promises to be a celebration of excellence, a gathering of inspiring minds, and an opportunity to connect with leaders in the mortgage industry.

EMPOWERING WOMEN IN MORTGAGE LEADERSHIP: THE MORTGAGE WOMEN LEADERSHIP COUNCIL

In our ongoing commitment to promoting and empowering women’s leadership in the mortgage sector, Mortgage Women Magazine is proud to introduce the Mortgage Women Leadership Council. Our mission is clear: to create a dynamic network that fosters professional growth, mentorship, and networking opportunities for women in the industry.

The council envisions a supportive environment where women can thrive, collaborate, and succeed. Through mentorship programs, educational resources, and networking events, the Mortgage Women Leadership Council aims to contribute to the advancement of women in mortgage leadership positions.

We encourage our readers to stay tuned for more updates on the Mortgage Women Leadership Council and to actively participate in our mission to empower and elevate women in the mortgage industry. If you share our vision, learn more at www.mwlcouncil.com. Together, let’s celebrate excellence and build a more inclusive future for the mortgage profession.

Kelly Hendricks

Success Comes From Challenging The Status Quo

BE PREPARED, THOUGH, TO WEATHER STORMS OF CRITICISM AND SELF-DOUBT

By LAURA BRANDAO, Contributor, Mortgage Women Magazine

For this issue, I have had the pleasure of speaking with Erica LaCentra. Erica is the chief marketing officer at RCN Capital, a nationwide, private direct lending company with its corporate headquarters in South Windsor, Connecticut. She lives in Glastonbury, Conn. In addition, she is a regular contributor to our sister publication, National Mortgage Professional Magazine. Erica grew up in Revere, Massachusetts, with her parents and an older brother. She attended Suffolk University to study advertising and advertising design. Her dad was in the real estate business as she grew up, working in property management and owning several apartment buildings in the state. Erica credits her dad for introducing her to the industry in this way and still talks with him about her work in the mortgage industry.

How did you get your start in the mortgage industry?

EL: I was attending the closing networking party at an event in Las Vegas when I fortuitously met with Jeffrey Tesch, the CEO of RCN.

During our conversation, it came up that RCN was looking for a new marketing person, and the role sounded like exactly what I was looking for to align with my long-term career goals.

Before I left Las Vegas, I had scheduled an interview, and I was awarded the job shortly afterward.

What does being a trailblazer mean to you?

EL: For me, being a trailblazer means challenging the status quo, even if that means you must weather some storms of criticism and self-doubt.

I see trailblazers as people willing to take a risk in the hope of making something better or setting a precedent that adds value to whatever product or project is the focus of the task at hand.

Being willing to voice an unpopular opinion or take a step that others might shy away from may be the only

way to innovation and a new way of thinking about something that needs improvement, and someone to take that bull by the horns.

I have experienced what it’s like to work with a trailblazer at RCN. Our CEO was one of the first to suggest professionalizing hard money and trying new ways of approaching financing to offer our clients options and opportunities they might otherwise not have had or thought of.

Taking that chance and challenging industry norms is a great example of

trailblazing that I have been privileged to be a part of in my role.

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

EL: Over the next few years, I hope to continue to contribute to our industry and the growth of RCN Capital. I want to be part of a team that is reaching new milestones, enhancing existing processes, and providing leadership in the mortgage business.

I would love to see more women in our profession and those who are already our colleagues gaining confidence, increasing their influence, and aspiring to leadership roles across the industry. I want to see women in the mortgage business growing, learning, and taking on bigger and better roles.

“Be yourself; everyone else is already taken.”

What is your professional superpower?

EL: My professional superpower is my ability to work collaboratively and constructively with everyone, even those who may be difficult to work with for many different reasons.

Our industry has a lot of big and sometimes

overwhelming personalities within its ranks. I can work with any type of person to accomplish goals and navigate any differences of opinion in a professional manner.

to be heard was to do my homework and approach any discussion very prepared.

My advice to others is to enter the discussion with a thorough knowledge and understanding of your subject and have the information needed to back up your contributions so that you are ready to answer any questions that may come your way. Being prepared and confident in your subject matter will give you the courage you need to be seen, heard, and valued as you deserve to be.

What does success mean to you?

EL: For me, success is measured by completing whatever goals you have set for yourself.

Whether it is being promoted, making more money, or completing a specific project, you are successful if you can accomplish your goal and work on setting the next one for yourself.

I can work with any type of person to accomplish goals and navigate any differences of opinion in a professional manner.

I find that remaining emotionally neutral and avoiding any personal drama or competitive situations means that I can keep us on track and progressing toward the completion of projects without spending unnecessary time on items that aren’t germane to getting our work done in a timely and productive manner.

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

EL: Speaking up and making yourself heard is critical to finding success and satisfaction in your career.

Too often, I find that women, especially, can let themselves get drowned out in a conversation in which they could be a valuable participant. Our industry has traditionally been very male-dominated, and there is still a perception for some young women that they aren’t worthy of having their ideas and opinions heard and considered. That is something I hope is changing and will continue to change in the future.

When I was early in my career, I found myself sometimes not willing to speak up for fear of being criticized or, worse, ignored. The best way to avoid those feelings and ultimately gain the confidence

Success is also being able to set an example through exuding confidence, working hard, and helping others to work toward being the best version of themselves they can be. Supporting other people in the accomplishment of their goals, be they professional or personal, is a wonderful example of success and one that I work toward every day.

I also see my personal success as being able to contribute to the overall success and growth of my company, my colleagues, and the clients we serve. Being able to look back and recognize that my leadership of my team was not only beneficial to them but also had a positive impact on the corporation as a result of our team success, is a big part of the goals I set for myself when I head to work every morning.

What do you enjoy away from the office?

EL: When I am not at work, I really enjoy being in the kitchen.

Cooking is a passion for me. I find it relaxing and invigorating all at the same time. When I am working on a new recipe and testing and trying new methods and styles of food preparation, I feel a sense of great satisfaction.

I grew up in an Italian household where food was presented as an expression of love and care, and I continue that tradition in my own home today. It keeps me connected to my roots and grounded, especially after a busy, challenging day or week in the office.

Erica Lacenta attends the American association of private lenders conference with Erica Sikoski, senior marketing manager at Bridge Loan Network.

I often think about working in the food industry at some point in my life. I have mused about starting up a catering or supper club type of business to indulge my love of cooking and my need to build a business that can grow and employ others in a rewarding and satisfying career.

I also love spending time with my husband, Matt, and our pup, Charlie. I stay active through practicing yoga and kickboxing. We also love to travel for personal enjoyment (not just for trade shows and work!).

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

EL: I think it is crucial to have several mentors and not just one.

Having a group of people you can bounce ideas off of and giving you constructive feedback when you need it is critical to having a successful career and to growing as a person as well.

Mentors can provide honest discussion and should be the people you trust to tell you when you are off track or need to adjust your approach to a problem that requires a solution.

They should be a resource for alternative options and have experience and wisdom to share when you need to make decisions about which direction to take at a crossroads. A mentor can provide reference and context based on their own experiences that can bolster your confidence in whatever options you choose.

Mentors may also be able to provide you with access to their own networks. The connections that this access makes available to you will expand your own knowledge base and a wider array of opinion and opportunities to learn and grow.

What

do you

want to be remembered for in our industry?

EL: I want to be remembered for being a person who has contributed to my industry and the world in a meaningful and impactful way.

Specifically, I want to have the content I produce and share within my industry to be used as an educational and inspirational tool for those who are working towards their own goals, both personal and professional.

I would like to leave a legacy of information and inspiration for young

people who are just starting out in their own careers and are looking for guidance and an example of how hard work and perseverance can result in success and satisfaction.

I also feel like I can provide an example for young women who are looking to move forward in their chosen roles. It is not an easy task to find the confidence to speak up and share your ideas and opinions, especially when the preponderance of management may be male-dominated.

Women are still finding their way into the C-suites of corporations, and many need to be reminded of their worth and the fact that they have earned the right to be there through dedication to their work and the contributions they make and can make in the future.

If I can be the inspiration for younger women who may see me as a trailblazer in that way, I would be honored and excited to have that impact on them. I have had my own share of inspirational women to whom I look up and respect. They have taught me that my self-worth and ability to advocate for myself are skills that I needed to learn to move ahead in my career and to take pride in my accomplishments to date.

Be brave, be innovative and work on finding your voice and confidence in whatever tasks you take on. You will be pleasantly surprised to find that you are always worthy of being heard, seen and listened to if you are prepared, strong and willing to share. n

Speaking up and making yourself heard is critical to finding success and satisfaction in your career.

RCN Capital team volunteers at the 2023 CT Children's Superhero Walk.

Changes Coming For Investment Properties

USING LEASES TO QUALIFY WILL REQUIRE PROOF

statements showing that amount being property that did not have previous rental income, the date in which rental payments must begin will need to be on or before the

Previously the lease had to be supported

a property that has become a rental property less than a year ago. No

we should always be verifying that the lease agreements are viable and accurate.

Navigating The Future Of Marketing Technology

TAKE INSPIRATION FROM THESE TOMORROW-ORIENTED IMPROVEMENTS AND SEE HOW THEY COULD BE ADAPTED

By MARY MARGARET HOGAN, Contributor, Mortgage Women Magazine

We are slowly approaching the era that was only depicted in science fiction. The supposed age of floating, self-driving cars, robot nannies, and cataclysmic alien arrivals inches nearer. While we’ve hit many of those once-fictitious landmarks already (and are approaching scarily close to others), the demand to keep up with technological advances is higher than ever.

Consider those (the?) residents of those futuristic sci-fi cities: would they ignore instant contact collection and settle for collecting paper business cards? Would they pass up on the opportunity of artificial intelligence reigniting their brainstorming sessions for networking event themes?

Potentially yes, if the aforementioned intergalactic war was occurring, they might have some bigger problems. However, as resourceful business professionals without an imminent extraterrestrial invasion in the year 2024, surrounded by high tech solutions for our day-to-day needs, we really have no excuse. Zooming in on the world of event marketing, if you’ve graced the scene of a trade show floor, you’ve likely experienced the exchange of business cards — sometimes an unconceivably mundane, yet frustrating process. While some trade show attendees carry a classic pack of paper business cards, others will explore various options of QR codes, digital cards, and an amalgamation of phone-tappingtechnology that all upload right to their new connections’ cellular Contacts. This is a perfect example of the occasional incompatibility of new-age technologies. Even in the year

API kits to capture badge barcodes, scan QR codes, and more(,?) to innovate your in-person lead interactions. When choosing one of these systems to adopt, it may require some Goldilocks browsing for you to decide what is “just right” for your company’s needs, and even then, it will come at quite a cost, as these lead capture systems are incredibly expensive.

However, a universal capture system on busy trade show floors is quite valuable and will soon be the standard for all event marketing occasions. With this cutting-edge technology, say goodbye to manual transcription and delayed follow-up, and step into the 21st-century to make your team’s time at the booth futuristically efficient.

Get ready for this word straight out of the sci-fi future: Gamification. Does it sound fun? Good, because that’s exactly what it is! Trade show booths across the globe are adopting gaming to increase booth traffic and overall engagement. Gamification is getting increasingly popular due to its innate ability to liven up customer interactions and leave lasting impressions.

The diversity of gaming options is quite endless and consistently expanding. Traditional backyard games, such as cornhole, mini golf, or basketball, can make quite the impact in your space without digging too deep in your marketing budget’s wallet. Meanwhile, more expensive and revolutionary examples of gamification can include digital options of these classic games and more like Connect 4, claw machines, Jeopardy, and beyond.

Trade show booths across the globe are adopting gaming to increase booth traffic and overall engagement.

2024, with those self-driving cars, there seems to be no clear solution for covering all methodologies of contact collection on the trade show floor.

THE FUTURE IS GAMING

Yet, we can make strides to get close. Automatic lead capture systems are popping up left and right, offering an abundance of options. From the comfort of your cell phone or tablet, these capture systems can take pictures of business cards and transcribe them instantly, integrate with conference

With all these gaming options, the initial attention-grabbing moment is already conquered; it’s just up to the booth staff to solidify the connection. Not to mention, these more high-tech gaming systems can even collect contact information for you. If not, you make the rules: “Before you play my game, give me your information.” Maybe add a please at the end, too.

BEST THINGS ARE FREE

While we’ve dove into some of the cutting-edge technologies of tomorrow that are now today, we’ve racked

Mary Margaret Hogan

up quite the bill. It’s about time we explored some of the free technological advancements that are quite valuable if you know where they are and how to use them.

It seems like just yesterday, social media was the be all end all way to secure the modernization of your company. As long as there is a social presence, engaging with your audience, your company stays hip and relevant. But we’re people of the future now; it’s time to push the envelope and elevate the role of social media marketing even further. The addition of the “livestreaming” option across various social platforms dominates our TikTok and Instagram feeds but remains to be somewhat of an underused feature in our space.

Unlocking the potential of “going live” and communicating with your audience in real time could be just the social media innovation your team has been looking for. Whether capturing discussions among industry experts, live-streaming from a bustling trade show floor, or showcasing your energetic employees from the comfort of the office, each instance creates the opportunity to connect directly to the watchful eyes of your audience and engage with them in a new and immediate way. With the addition of interactive Question and Answer sections at the tail end of these streams, viewers will also have the privilege of receiving answers instantaneously.

The modern element of livestreaming has transformed into a space for you to create immediate, accessible, and free content straight to your customer base, all with just one click of a button. Removing any room for an editing floor or any additional filters also adds the unique benefit of adding a layer of transparency to your brand and enhances consumers trust and confidence. Better yet, not only do the streams contribute to your usual content, but these videos can be saved on your page as permanent content for those who missed the streams. It’s no Princess Leia “You’re-Our-OnlyHope”-hologram, but it’s pretty darn close.

DON’T OVERLOOK AI

It wouldn’t be an all-encompassing article about the future of marketing technology if we didn’t dip into the conversation of artificial intelligence. Potentially a fragile buzzword for some of us marketers, AI, whether we like it or not, is becoming a very necessary tool across all industries.

Instead of being annoyed or afraid, now is the time to slowly incorporate it into your team’s routines. This doesn’t need to be the overtaking AI depicted in those sci-fi thrillers, slowly making its way into our lives and soon after plotting humankind’s demise, but it can be a nice way to alleviate some of the burdens of your day-to-day workflows.

From the well-known and free AI tools such as ChatGPT to the more complicated and premium ones now offered by every major internet conglomerate like Google and Microsoft, there are so many avenues to take when looking to modernize your marketing efforts. In terms of efficiency, most AI tools are useful when you and/or your team need to fast track some ideas. If you’re in need of inspiration for a marketing campaign, an internal company celebration, social media theming, and more, artificial intelligence will provide immediate concepts to consider and some flavorful copy inspiration to boot.

When paying for the more premium services, AI can capture trends in your consumers’ behaviors and apply predictive analytics to see what will be trending and popular for these audiences in the future. Overwhelmed by an influx of questions on your website? A ChatBot could be your saving grace. Beyond that, there really is no stopping where AI can be integrated into your marketing systems; identify where your processes need improvement and consider implementing some artificial intelligence. These small steps towards optimizing your workflows for the modern age shouldn’t kickstart the plot of “The Matrix,” but no promises can be made at this time.

It is necessary to take the time to investigate the role technology plays in your marketing strategy. Those featured in this article are only the fringe of the futuristic tech available, and while a few of these advances may feel unobtainable in this current environment, it’s good to be aware of the innovations heading our way in this space.

There’s always room to take inspiration from these tomorrow-oriented improvements and see how they could be adapted for your team, your budget, and your needs. It’s time to catch up with the Jetsons and lean into the new era of marketing technology. n

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

By MICHELE BODDA , Special To Mortgage Women Magazine

Mortgage lenders operate in a landscape shaped by several challenges, each demanding a strategic response. Economic volatility, rising interest rates, regulatory changes, and the lingering effects of the global pandemic create a dynamic environment that requires lenders to be agile and forward-thinking.

It can be challenging to determine where to hone your focus. I believe there are steps we can take to retain customers and drive business growth in our current environment and beyond.

It begins and ends by focusing on the consumer experience. I believe this focus is crucial for mortgage lenders to build trust, differentiate themselves in a competitive market, and retain customers.

Here are four strategies mortgage lenders can implement to enhance the consumer experience:

Make getting to know your customer your priority: Today’s lenders have access to an unprecedented amount of information that can be used for good. By leveraging data and analytics, including credit data, income and employment information as well as property data, lenders can gain a complete view of a consumer’s financial needs and personalize interactions in meaningful ways.

Meeting rising consumer expectations depends on knowledge. Data allows you to tailor communication and offers based on each person’s preferences, history, and needs. Beyond that, personalization can enhance the overall customer experience by making borrowers feel valued and understood, helping to provide the personalized experience borrowers want.

Prioritize education for aspiring homebuyers:

education, being a trusted source of information, and connecting borrowers with tools designed to improve their financial health, lenders can grow their business while helping make the dreams of homeownership a reality for more consumers.

Communicate transparently: Let’s face it, to people outside of the industry or to an inexperienced borrower, much of the jargon used in the mortgage process can seem like a foreign language. Establish clear and transparent communication channels with borrowers. Keep them informed about the status of their loan application, any required documentation, and the overall timeline. Provide an opportunity for borrowers to ask questions and respond in a way they’ll understand.

Streamline for a seamless consumer experience:

Today’s borrowers expect simple, fast and convenient online experiences. Many mortgage lenders struggle to meet borrower expectations because they depend on outdated systems. For example, many lenders rely on complex and time-consuming manual income and employment verification, which can increase costs and potentially extend closing dates. This is problematic for lenders and borrowers alike. Today’s lenders can save money, reduce buyback risks, enhance security, and accelerate time to close by leveraging the latest innovations in income and employment verification, including Experian Verify, to meet borrower expectations effectively.

Today’s lenders have access to an unprecedented amount of information that can be used for good.

Knowledge is power. And this is an area where many prospective homebuyers could use your help. Experian research shows a common barrier for consumers who aspire to own a home is not knowing where to start. Many are unaware of reliable sources of information.

At the same time, many consumers denied a mortgage do not know how to get approved in the future. By prioritizing

The mortgage industry is uniquely positioned to change peoples’ lives for the better. By embracing a consumercentric approach and implementing these strategies, mortgage lenders can not only weather market uncertainties but also thrive and contribute to sustainable business growth.

Take a minute and remember the last time you got a mortgage loan. What helped you feel confident, supported, and seen? Building trust, fostering loyalty, and prioritizing the consumer experience will undoubtedly set lenders on a path to success, regardless of the challenges that may lie ahead. n

Michele

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

Michele Bodda

Build your business in the Big Easy!

The Gulf Coast’s premier mortgage event, the Ultimate Mortgage Expo, returns to the stunning Hotel Monteleone in New Orleans. This year, enjoy 2x the exhibit hall, 2x the education sessions, and one incredible networking party.

Originators attend for FREE using code MWMFREE.

The Ultimate Mortgage Expo happens in conjunction with the Mortgage Star Conference for Women

*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to conference attendees only. Exclusive events and networking party are open to registered attendees only.

ASK THE EXPERTS

WITH Natalie Henderson

NEW COMPLIANCE REQUIREMENTS ADD CHALLENGES

LATEST CHANGES ARRIVE AT AN ALREADY DISRUPTIVE TIME IN THE MORTGAGE INDUSTRY

For mortgage lenders, the delicate dance between production and compliance often resembles a high-stakes chess game, one in which every move is critical. Unlike chess, however, the rules involved in the mortgage lending game are constantly evolving — which means a lender’s operational strategy must constantly evolve.

The latest rule change — new quality control requirements from Fannie Mae — arrives when the mortgage “chessboard” is already being disrupted by higher interest rates and lower loan origination volumes. As a result, the resilience and adaptability of even the most seasoned players are being tested like never before.

This complex setting demands more than just routine moves. It calls for a strategic rethinking of how lenders approach loan integrity and quality control. Yet, amidst these challenges, there are innovative strategies and tools emerging that not only help level the playing field but present new ways to master it.

GRAPPLING WITH CHANGE

Beginning Sept. 1, 2023, Fannie Mae required pre-funding QC reviews for a minimum of 10% of all loans, not just loans sold to them, or up to 750 loans per month. In addition, postclosing reviews, which were previously given a 120-day window, now must be completed in 90 days. This can represent a substantial increase in the volume of loans lenders must audit. It is likely only a matter of time until Freddie Mac mirrors this approach, reflecting a broader industry trend toward a greater focus on loan quality assurance.

In fact, Fannie and Freddie’s ongoing focus on enhancing loan integrity began in the wake of the 2008 financial crisis

and continued with recent pandemicdriven market anomalies. It’s clear both GSEs are intent on minimizing the risk of loan defects, which are not just costly errors for lenders but also potential indicators of broader systemic risks in the housing market. For lenders, it means scrutinizing every detail of the loan production process, from underwriting to closing.

The stakes of non-compliance are high and can only erode profit margins already thinned by current market conditions. For more significant defects, especially those that affect the loan’s eligibility for sale to the GSEs, we have seen repurchase demand increase for loan vintages from when the industry volume was at its peak. Frequently, such defects are related to underwriting errors, including data involving the borrower’s income or the appraisal, as well as data errors and missing documentation.

A TECH DIFFERENTIATOR

Of course, ensuring loan integrity is not just a matter of GSE compliance, but it is crucial for maintaining a lender’s financial stability and reputation in the industry. Repurchases can have a substantial impact on the lender’s business, but for smaller organizations, they could be devastating. And yet, the current environment could also represent an opportunity to leverage automation to scale QC, not people. Lenders must learn to do more with technology — which, if implemented correctly, can create the business outcomes of better margins and lower defects that they seek.

More than ever, lenders could use innovative approaches to maintain loan integrity and compliance. Fortuitously, advanced technologies

“Similar to how chess masters never stop learning new offensive and defensive strategies, lenders must do the same if they hope to stay ahead.”

> Natalie Henderson

such as machine learning and business outcome automation are emerging as critical allies in the fight against the types of loan defects that frequently trigger costly repurchase demands. When incorporated into the loan review process, these tools have proven powerful catalysts for identifying potential risk areas and increasing accuracy and efficiency in loan QC processes.

When complemented by a large library of structured and unstructured documents, machine learning tools can analyze vast amounts of loan data and flag inconsistencies and anomalies that could signal defects — all in a fraction of the time it takes human auditors alone. Of course, the most effective approach lies in a synergy between technology and human expertise. While machine learning can process and examine data at incredible speeds, business outcome automation can provide straight-through processing and exception identification, giving human auditors more time to bring a nuanced understanding and judgment to the table, further decreasing the chances of errors and missing data that could lead to trouble.

For example, our audit and machine learning platforms now include 20 different component review options

to create flexibility for lenders to meet prefunding review requirements. We have also created a well-defined postclose process that is now being used for all our post-close audit services clients. Our turn times and clients’ turn times across every phase of a project are clearly specified to keep all audits on track.

These technologies have broader operational benefits as well. By automating and accelerating their prefunding QC and post-closing reviews, lenders can gain insights into defect trends earlier and focus on highrisk loan characteristics and defect avoidance. Defect trending and action plan tracking provide the controls needed to manage quality effectively. In a market environment where every lender is trying to optimize resources, ensuring closed loans are saleable can create huge competitive advantages.

NO TIME TO WASTE

Right now, every lender that sells to Fannie Mae or Freddie Mac is actively reconfiguring its teams and processes to adapt to these changes and meet new timelines. Because success in today’s mortgage industry hinges on being open to new ideas and

resources, many are also examining options for both outsourcing and more automation via advanced technologies like machine learning and audit test sets to automate more pre-close, component, and post-close reviews. To be certain, there is no single blueprint for success. For most lenders, the ideal approach involves leveraging a mix of strategic thinking, technology, and operational agility.

Ultimately, the journey toward effective adaptation in the face of new QC requirements is ongoing. But one thing is clear: embracing change, adopting new technologies, and learning from peers are essential steps for ensuring not just compliance but also continued success. Just like chess, the mortgage game is never unwinnable — but similar to how chess masters never stop learning new offensive and defensive strategies, lenders must do the same if they hope to stay ahead.

As the mortgage industry continues to navigate these uncharted waters, learning from those already charting a successful course can be a gamechanger. For this reason, I reached out to experts at leading lending organizations to find out how they could implement the internal changes and controls necessary to meet Fannie Mae’s new minimum requirement for pre-funding reviews and new postclose timeframe to consistently ensure loan integrity.

More to the point — how did they determine the right mix of preclose and component reviews? And how successful were their efforts to complete post-close reviews in a 90day window?

Their insights are a testament to our industry’s resilience and innovative

“By making the originations staff aware of items they are missing during processing it changes their behavior going forward.”

> Helen Law

spirit, which are thriving in spite of ever-evolving requirements and market pressures.

HELEN LAW

VP, Quality Control Planet Home Lending

As vice president of quality control, I’ve led Planet through significant changes to align with the new QC requirements. Given our practice of selling to both Fannie Mae and Freddie Mac, we were generally prepared for the shift.

Overall, we focused on early sampling selections, gaining cooperation from business units and our correspondent lending partners, and reevaluated our structural and staffing strategies. Embracing Fannie Mae’s recommendation of a mix of pre-close and component reviews, we also increased our focus on component audits to address missing documents and income calculations, tailoring the approach to our specific channel mix.

Freddie Mac’s existing QC timeline already required post-close reviews to be completed within 90 days from the date of sampling, so meeting Fannie Mae’s timeline just involved moving

up our cycle by about 15 days rather than a full 30 days.

We began implementing these changes a few months ago, and they have not come without challenges. Making our sampling selections earlier in the month ensured reverifications were received before our audits began. Gaining the cooperation of our business units and third-party originators was also important since the shorter timelines for identifying and curing defects demanded a more streamlined and concerted effort from all involved.

Fannie Mae suggests lenders implement a mix of pre-close and component reviews to increase the number of audits without adding more staff. In response, Planet is conducting a higher percentage of component audits to focus on missing documents and income calculations. For example, we are reviewing for gift/asset documentation on purchase loans or Other REO/Rental Income requirements on loans with multiple financed properties. Because every lender’s situation differs, this ratio might vary for other organizations based on capacity, risk profiles, and past QC results. Pre-close component reviews can also be used to test the

Helen Law

Julie Baril

success of an action plan in a timelier manner. Defects identified during preclose reviews also have an immediate impact. By making the originations staff aware of items they are missing during processing it changes their behavior going forward.

Finally, we also had to rethink our structural and staffing strategies. While pre-fund component audits are less time-consuming compared to full audits, we were increasing the total number of reviews we conduct. This has impacted the way our team is organized and operates daily.

JULIE BARIL Quality Control Manager Norcom Mortgage

Since beginning as quality control manager for Norcom Mortgage four years ago, I’ve advised our operations team that we must work to respond to loan defects more quickly by providing five business days to respond to defects issued from a Post-Close QC review. My thinking is that the less time following a closing, the better chance we have at resolving any issues. If we are missing any information from the borrower, the transaction is still fresh in their minds.

This approach has helped us meet the GSEs’ new QC requirements without implementing much change. But it also meant I needed to get loans reviewed within a certain timeframe, so I began paying close attention to how many loans per day each analyst was reviewing and multiplied that by the number of working days in the coming weeks or months. At one point, we were pushing out all defects at once to begin our five-day timer easily. However, we realized

“There are many reporting tools available with the GSEs and HUD to evaluate your organization’s quality review.”

> Julie Baril

we should be issuing defects as loans were being reviewed, especially if there were material defects, so we had a little more time to resolve them. I began assigning loans within the first few days of every month. This was a challenge since analysts were still looking at defect responses from the previous month, so we always had multiple months going on at a time. Now, we audit one month at a time and work hard to keep it that way.

We recently began taking things a step further by pulling loans for postclose review twice per month using a loan selection automation feature in our audit software. This way, our reverifications team can get started within the same month. To stay on track with this pace, we have to be right on top of the responses from our operations team. I also run reports as soon as defects are issued, so I know exactly what I’m dealing with and the next steps to take, rather than waiting to report at the close of rebuttal timeframes.

As for Fannie Mae’s recommendation on mixing full and component reviews, being a smaller organization, we lean towards full reviews as much as possible. Larger organizations might need

more flexibility to meet their 10% requirement and address their risk management needs. Our selection process is driven by our previous audit findings, trends, or sometimes a repurchase that hits a particular area of concern.

After uncovering issues, we take immediate action to find the root cause and implement further training in that particular area. For example, after encountering two material errors based on appraisals, we initiated a pre-fund component review focusing solely on collateral. There are many reporting tools available with the GSEs and HUD to evaluate your organization’s quality reviews against your own. I strongly encourage use of those to help in the loan selection process.

We continue to move quickly in our review and response turn times for loan defects and analysis, but we always remain flexible to any changes taking place in compliance guidelines or industry trends. n

Natalie Henderson is the vice president of API automation at LoanLogics. She has 20 years of mortgage technology experience and has spent the last 15 years at LoanLogics.

Surviving The Slump

HOW TO KEEP STAFF ENGAGED IN A DOWN MARKET

By JACK DUNN , Special

To Mortgage Women Magazine

Let’s face it. It’s hard to stay engaged with business when, quite frankly, there is none. The mortgage industry and its market are naturally cyclical, which can create challenges for loan officers and their managers. One of these challenges is simply staying engaged. How can one stay positive in a deflated market, and what are some motivations and practices to avoid the typical mortgage moping? Having observed the impact of a down market on salespeople, Christine Curran, a professional sales coach at Southwestern Consulting, understands not only how to survive but also how to thrive in challenging circumstances.

Curran’s sales experience didn’t start in the mortgage arena. Upon graduating from the University of Central Missouri with a bachelor’s degree in public relations, advertising, and applied communication, she found herself working for Tom James Company, running the Sacramento, California office. Tom James Company is one of the world’s largest providers of custom clothing, and although it isn’t mortgage-related, Curran faced her own colossal change in business around the time COVID-19 hit.

“So I worked for a custom clothing company, and obviously this thing called COVID happened — I don’t know if you’ve heard of it,” Curran said sarcastically. “People went from wearing suits to work to pajamas on Zoom, so trying to sell custom clothing during that time was wild.”

THE ART OF COACHING SALES

All sales coaches at Southwestern Consulting must have 10 years of sales experience at the top of their field to qualify as a coach. Curran’s track record of being a top producer surely meant she could coach others, and her experience in a challenging sales environment has helped build her into the coach she is today. One that is not limited to a single profession.

“Our company is not industry-related as far as the people that we coach,” Curran said. “We work with real estate, mortgage, financial advising, insurance, CPAs, business owners, and everyone from an entry-level sales job to the CEO.”

Her job as a coach centers around figuring out the “why” behind each client. Why are they in business, and what are some of their short-term goals and long-term visions?

“Your short-term goals we reverse engineer to figure out what are the controllable activities you need to do daily, weekly, and monthly to help you get to where you want to go,” said Curran. “As a coach, I hold my clients accountable to hitting those numbers and work with them through it. If they need to get better at the close, we work on closing techniques and role-playing scripts. We also talk about where they’re getting clients and how they’re using different streams to find prospects.”

Coaching mortgage and real estate professionals is certainly unique to other sales roles. As previously mentioned, the market is naturally cyclical, and sometimes, there are external factors out of your control that can squander business. Sometimes, those external factors drive business. No matter the case, Curran has seen both sides.

“From roughly 2019 to 2021, loans were falling from the sky; the market was insane, and there was a bubble,”

It’s important to know what changes need to be made to daily activities to maximize your good habits and truly reap what you sow.

Curran said. “The biggest thing that happened was loan officers and lenders stopping their activities and habits like prospecting realtors. When the bubble popped, and people stopped using their systems that worked, they stopped getting the results they wanted. A lot of them will make the excuse that it’s just the market. Yeah, but you also stopped doing the things that helped you to be successful.”

Here lies the simple reality of Curran’s advice for staying engaged in a down market.

“The reality is motivation is cultivated,” Curran said. “You just have to attach yourself to activity, not results. If you’re not doing enough activity to yield the results you want, that’s when you have to take a real hard look at what’s the activity you’re doing and are you doing enough to yield the results you’re expecting.”

IT’S ALL ABOUT ACTIVITY

Relying on motivation to come from production goals alone is unrealistic. Especially in a tough market that saw record-setting numbers from most loan officers in recent years turn into barren years of minimal commission. Instead of motivating yourself through lofty production numbers based on years past, motivate yourself through daily activity. This will avoid setting yourself up for failure and ensure you’re still keeping up with

the systems that made you successful before the pandemic.

“When you focus on the activity, it’s a lot easier to be motivated because you’re not attaching your worth to whether you succeeded or failed,” said Curran. “If you do enough of that activity, you’re going to get results. You just have to figure out what that activity level is specifically for you to get there.”

How do you know what your moneymaking activities are, though? Meeting with Realtors is one everyday activity most loan officers associate with production. But how do you know whether or not a particular activity is directly making you money? Those are the ones Curran says you should be replicating, after all.

“What is your closing percentage? How many calls do you need to make?

How many names do you need?”

Curran asks. “These are things that people don’t track on their own. Then, they wonder why they had a good month, and they don’t know how to duplicate it because they weren’t tracking what they did to get them there.”

The only way to properly identify your most valuable activities is to track what they are and what they provide. Once you know what these are, it’s important to replicate and repeat them.

INCENTIVIZING ACTIVITY

For managers, tracking activity can be a great way to incentivize staff. When sales teams don’t meet their production goals, it can be challenging to keep them interested and engaged. Rewarding activity is important because, as Curran says, you can’t control results.

“The incentive needs to be based on activity, not results,” Curran said. “You can’t control the results, but you can control the activity.”

Ok, we get it. This probably isn’t the first time you’ve heard that you need to meet with real estate agents to get more deals. But that’s not exactly Curran’s point, and it’s the reason her role is vital for so many sales professionals, not just loan officers.

> Christine Curran, a professional sales coach at Southwestern Consulting

“If you reverse engineer properly and make sure that the activity you’re doing is going to yield results and consistently do your activity without fail, then you should get the

proper results,” continues Curran. “If not, you have to rework your activity.”

Once you know which activities are generating the most business, it’s time to practice what Curran preaches and incentivize those activities. See who can make the most calls or meet with the most people. Most good managers know that one incentive doesn’t always generate the same excitement across an entire office or team. Well, Curran knows the importance of understanding your staff to engage them. She believes there are certain actions that need to happen to understand what best incentivizes your team members.

“I think two things have to happen,” Curran adds. “I think that the leader has to meet individually with each person on the team so they know what specifically motivates each loan officer and where they might be personally struggling.”

When you’re more familiar with your team, you’re not only more aware of their weaknesses. You can also rely on their strengths.

“Have people on the team teach what they’re good at so that everyone is engaged and you’re not always hearing from the same person all the time,” said Curran.

The other common motivator Curran advises is simply a scoreboard.

“I think having a scoreboard helps. How many dials did you make? How

many meetings did you run? How many drop-ins did you do at different Realtor offices?” Curran said, explaining the results that should be scored. “When you praise people for the work, everyone typically wants to participate because you can control the work you do.”

BUILDING (AND BREAKING) HABITS TAKES TIME

Return on investment is paramount in the mortgage industry. It serves as the compass for most decisions a loan officer will make, and it’s easy to understand why. There are few guarantees when originating loans, and there’s little time to plan ahead as a lot of typical business is reactive to market conditions. What’s Curran’s advice for identifying, completing, and repeating the systems and activities that make you money? Stay patient and stay committed!

“On my first call, I like to tell people we will go as fast as we can and as slow as we have to,” Curran said. “We might see results immediately, but there might be certain habits that we have to break and rework the foundation before we can see results in that area.”

Maybe you’ve successfully identified good habits that you believe are helping generate business, but the deals still

just aren’t coming through. Everyone comes into coaching with habits; being coachable is crucial to adapting to market changes. It’s important to know what changes need to be made to daily activities to maximize your good habits and truly reap what you sow.

“Even if they have really good habits, but those habits aren’t serving them to get to their goals, then we've got to rework those habits,” said Curran. “A lot of times it’s: can you be coachable enough to do what you need to do? Some people get results in a matter of two calls. For some people, it takes a little longer because they need to put pressure on themselves. I can’t want something for my coaching clients more than they want for themselves. The only way that coaching doesn’t work is if you don’t work.”

Curran finishes with arguably her best point. In order to see change, you must embrace it. Cultivate a mindset of adaptability and take intentional actions towards your desired outcomes. Focus on the activities and systems that make you money and replicate them. Keep consistent, and results will show. Above all else, Curran knows how to keep it simple.

“As a salesperson, you can’t get mad about results you didn’t get from work you didn’t do,” concluded Curran. n

respect and opportunities as their counterparts.

These fallacies include the concept of “work-life balance,” the ability to multitask, the need to always say yes, and the need to perform better than male counterparts to earn the same level of respect. Women create these rules for themselves, thinking that it will help them excel in their careers when, in reality, they can be the most detrimental.

FALLACY #1: WORK-LIFE BALANCE

Since many women are mothers and wives, as well as professionals, they may be delighted to hear their employers say they support a healthy work-life balance. But Natalie Bartholomew, community president for First Community Bank, says there is no such thing.

“I feel like work-life balance is some kind of concept that a corporate group created just to say that they were doing something to help the culture at their organization,” Bartholomew said during her session at the 2023 New England Women in Banking conference, put on by Mortgage Women Magazine’s parent company. “It’s one more thing for us to check the box.”

It’s disingenuous for someone to say they support a healthy work-life balance when, for instance, they text, email, or call their employees after working hours. Bartholomew asked the audience, “As a woman leader in your bank, are you sending out emails or text messages to employees after hours?” causing some in the audience to smirk and point to the guilty party at their table.

She explained that even if the message starts with “Don’t answer this” or “I know it’s after working hours, but I’m

family responsibilities like taking care of elderly family members, planning and preparing for social gatherings, and representing their partners at functions they cannot attend.

THE 50/50 SPLIT

The fallacy is believing that anyone can achieve a 50/50 split between their working life and outside life. By continuously trying and failing to keep the balance, women will only frustrate themselves and receive disapproving looks from both their kids and their bosses. One for not showing up to an important ball game and the other for not staying late to complete a work project.

Rather, Bartholomew said that women are constantly in a state of imbalance. Sometimes work will demand more of their attention, and sometimes, family obligations demand more attention. It’s more of an ebb and flow that women need to navigate as long as they make sure their attention isn’t solely dedicated to one or the other.

“We’re either leaning more into our career like I am right now, I missed my son’s football game last night. Or sometimes we’re leaning more into our family,” Bartholomew said. “Sometimes we’re leaning more into ourselves, and that’s OK.”

And for those who have bosses that continue to send messages after working hours, Bartholomew stated firmly on her podcast, Girl Banker, to not respond.

“Stop answering emails after 5 p.m. even though you love to show your boss that you will respond at 7:30 p.m. at night. They don’t care. When it comes down to it, they will lay you off in a heartbeat,” she said.

“Brains are remarkably plastic,” Nass said. “We train our brains to a new way of thinking. And then when we try to revert our brains back, our brains are plastic but they’re not elastic. They don’t just snap back into shape.”

It’s easy to get caught up in the rigmarole of the industry considering how fast everything changes, said Roxanne Emmerich, founder at Institute for Extraordinary Banking, empathizing with those who bend themselves out of shape just to stay ahead.

“This is an industry that’s on the move, and only those who are staying ahead of it are going to survive this next phase,” Emmerich said.

women (56%) call themselves people pleasers than men (42%). A YouGov survey shows that 70% of women go to great lengths to avoid conflict, and 55% of women say they often feel as if they can’t say no when someone asks for something.

The evidence makes it clear as to why setting boundaries is often discussed at New England Women in Banking and Mortgage Star events. Bartholomew threw another question to the audience, asking, “How many of you have said this phrase? ‘I’m gonna be on PTO next week, but I will have my phone and my computer with me.’”

Many in the crowd looked at their colleagues, and one said that’s what she told her coworkers before leaving to attend the conference.

The research is pretty much unanimous, which is rare in the social sciences, but people who chronically multitask show deficits in multiple areas.

Bartholomew said she had an employee who went to Italy. As he was getting on the plane, he sent a message saying, “I don’t have an international cell phone plan. Here’s an app if you need me for anything, and you can use this app to message me.” But Bartholomew messaged him back saying she would not be messaging him on vacation, which she said was hard because he plays a big role in the bank.

“But you have to live by that standard,” Bartholomew said. “And it’s a really hard habit to break, but it’s up to us to do that.”

Essentially, being a people pleaser or “yes woman” is a fear response to avoid conflict or losing their job. However, when someone says yes to taking on a task they actually cannot complete since they have other tasks at hand, they’ll be letting down that person who made the request, backfiring on the people pleaser.

Instead, Bartholomew recommends saying, “Can I get back

FALLACY #4: ANGER AND RESENTMENT AS WEAPONS

he fourth fallacy is that women must mow over all other men to reach their desired level of success, which only creates resentment and enemies out of potential allies.

Emmerich admits it can be frustrating when female leaders, such as herself, sometimes struggle to earn respect from their male employees or peers because they don’t look like the type of individual they are used to taking orders from. Once, before stepping on stage at a conference, in front of a large audience of executive and c-suite men in banking, Emmerich was told by a man that “Men aren’t ready to take orders from women.”

“Don’t get upset about it; take action,” Emmerich said. “Move on, or it will define you. If you get into that energy of being angry and trying to prove them wrong, that’s

Emmerich’s advice to younger women or any women who are new to this industry is “Don’t hate men.” She explained that the pendulum has swung, and she is finding more intolerance among female professionals against men, which is not conducive in an environment where women will

The pendulum has swung with more intolerance among female professionals against men, which is not conducive in an environment where women work alongside mostly men.

have to work alongside mostly men.

“Yes, we were held down and discriminated against, but many of us rose up in spite of all that, but that doesn’t mean we go the other direction,” Emmerich said.

Although it can be more difficult for many women to break into the c-suite and upper echelon of the industry, Emmerich says that it’s not impossible, as evident by her own success.

KNOW THE METRICS

She often encourages women, no matter what position they hold at their bank or company, to understand the big picture as their executives do. Before the sessions began, Emmerich walked around the room and asked some ladies what their net interest margin was at their bank.

“Several of you said, ‘I don’t know.’ And I said, ‘You’re never gonna say that again. Okay?’ Men in this industry understand that language … You have to understand the language of banking, and you can’t just understand your department,” Emmerich told the audience during her session. The same holds

Emmerich said. “You need to understand some of those key leading indicators and the lagging indicators that then move profitability and growth, because if you don’t understand how those things tie together and you don’t know where your numbers are at you can’t have a seat at the big table.”

THE REAL PROBLEM

Reading this, some women may identify with a few of the characteristics mentioned such as being a people pleaser or a multitasker, but the underlying theme in all these fallacies and internal issues is that they all are associated with anxiety.

Taking a note from Megan Marsh’s “Big Girls Do Cry’’ article in last year’s Mortgage Women Magazine — and who has also attended a number of Mortgage Star and NEWIB events — women are still learning to adapt to the corporate business environment.

“The problem that we all have to overcome is that men built the professional word and devised the rules that were geared towards them at the time,” Marsh stated. “Women are still trying to figure out how to behave in this world where we are told to be calm under pressure, diligent in the way we carry ourselves, and always mindful of keeping our emotions in check.”

Back to why women leave the conference feeling rejuvenated, it’s because they are connecting more with their own community; people who have experienced the same feelings, made the same mistakes, and have the same anxieties as their own.

Although not every woman professional in this industry has the privilege of having a female companion at the office, there are groups of women out there who are looking to form more connections and a stronger, more supportive female community in the mortgage and

“What I have found is that the community of women in banking wanted a community,” Bartholomew said, and that’s why she created The Girl Banker podcast.

“There is a Facebook group that you’re all welcome to join if you’re a woman in banking. I think right now it’s like 8,500 members and it represents 32 states across the country and it’s full of women in banking. And there’s a lot of great conversations that go on in there.”

n

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The Fragile World Of Inclusion

THE LEGAL ASSAULT ON INCLUSION AND ITS RIPPLE EFFECTS

COULD SOON INTRUDE ON DEI INITIATIVES IN THE MORTGAGE INDUSTRY

BY SARAH WOLAK , STAFF WRITER, MORTGAGE WOMEN MAGAZINE

The clock is ticking, and the calendar pages are reversing course. Suddenly, we’re back in the 19th century before policies and practices like affirmative action were on the table.

Let’s revisit the aftermath of the Civil War during the establishment of the Civil Rights Act of 1866. It aimed to protect the civil rights of all individuals, regardless of race or color. It was enacted on April 9, 1866, and was the first federal law to define citizenship and affirm that it equally protected all citizens.

Edward Blum successfully challenged raceconscious college admissions policies in the U.S. Supreme Court, advocating against affirmative action and is now attempting to leverage the Civil War-era law, specifically Section 1981, and claiming reverse discrimination. The goal is to dismantle — or at least modify — corporate diversity programs in America.

Blum is a conservative activist and a key figure in the court case that effectively ended affirmative

founder, initially raised the issue of affirmative action before the Supreme Court in Fisher v. University of Texas, ultimately losing the case.

The 1866 act was a direct response to the Black Codes enacted by Southern states following the Civil War, which aimed to restrict the rights and freedoms of newly emancipated slaves.

The act has been modified several times since its release during the Reconstruction era. For one, Section 1981 of the act protects individuals from

“When people say that everybody should be starting from the same spot, that’s not fair because our ancestors didn’t even start out on the same playing field."

> Tai Christensen, president, Arrive Home

action in college admissions. One of his organizations, Students for Fair Admissions, characterizes itself as a nonprofit with over 20,000 members, all described as strongly opposing racial classifications and preferences in college admissions, considering them unfair, unnecessary, and unconstitutional. This stance dates back to 2012 when Blum, the

discriminatory treatment by granting all persons the right to make and enforce contracts regardless of race and provides legal remedies for those suffering from discrimination. It also, in its time, safeguarded former slaves.

Now, Blum’s new group, the American Alliance for Equal Rights (AAER), is taking on programs it deems discriminatory. Programs such as law firms Perkins Coie LLP and Morrison & Foerster LLP’s

diversity fellowships and Fearless Fund, an Atlanta-based venture capital fund that supports Black women who own small businesses, have been accused by Blum and his group of unlawful racial discrimination. Blum is quoted on the AAER website as saying, “Race and ethnicity are attributes, not accomplishments. It is the hope of this organization, as well as most Americans, that these law firms end these racial restrictions and open these fellowships to all qualified applicants.”

LOSING THE MESSAGE

Critics are concerned that Blum’s crusade will bleed into other industries, namely mortgage and financial services, and

the countless diversity, equity, and inclusion (DEI) programs associated with each. In an email sent to National Mortgage Professional, Blum only shared the following statement: “Our nation’s civil rights laws apply to all companies, educational and cultural institutions, and government actors. Those laws require each individual to be treated the same, regardless of their race or ethnicity.”

In a New York Times article in July 2023, Blum didn’t explicitly say if challenging DEI initiatives was off the table. He’s quoted as saying, “DEI programs are not challengeable unless [they] involve a racial preference. It is not illegal for a corporation to hire a DEI officer and staff that office with dozens or hundreds of people and compel employees to listen to speeches … What is actionable is a corporation that says, ‘We are putting a help wanted sign on the office door, and here’s the kind of employee that we’re looking to hire. We’re looking to hire those of this race, but not that race.”’

Some say history is just repeating itself. Junia Howell, an urban sociologist and race scholar, called the overturning of affirmative action a legal speedbump. “I will note that from a historical perspective, it is expected that after people of color [can] raise the public’s consciousness regarding injustices and change realities (like what occurred in the aftermath of George Floyd’s murder), then there are systematic legal challenges. After the Civil War and the implementation of Reconstruction, the backlash came in the form of a series of laws now deemed ‘Jim Crow’ laws. After the Brown vs Board victory that desegregated schools, there was the largest outmigration of White children from public schools and multiple legal challenges that resulted in more segregated schools.”

However, some in the industry who lead DEI initiatives are concerned that this could go further than ending affirmative action at the collegiate level. Tai Christensen, president of Arrive Home — which focuses on underserved communities by offering down payment assistance programs — says she’s seen firsthand the gap between white and Black, Indigenous, People of Color (BIPOC) communities. Christensen’s been in the industry for two decades, serving as Arrive’s chief diversity officer and, before, DEI officer at CBC Mortgage Agency.

“One thing I worry about specifically with the housing industry is losing the messaging that people of color do need to be brought into the homeownership fold [to] close the racial wealth gap,” she explained. “It’s been powerful to use my voice as a Black woman and as a homeowner and [someone who] has done everything from retail to underwriting, I’ve seen the lack of black and brown applications that would make it to my desk…as opposed to when I’ve been in the affordable housing sector, how many [BIPOC applications] I see with working in DPA and nontraditional credit programs.”

FEAR MONGERING

What Christensen pointed out, too, was that following the Supreme Court’s decision to ban affirmative action, she took notice that many large corporations were quickly abandoning their diversity officers. “I get concerned when we start losing the message of authenticity,” Christensen said. “There has been a lot of financial trauma done to communities of color. Redlining, Jim Crow laws … there has been much done to keep people out

> Tai Christensen, president, Arrive Home

> Toniqua Green, vice president of corporate social responsibility, Mr. Cooper

of homeownership. So, bringing more people of color into the industry allows them to have authentic conversations. [This time] it’s a stark contrast to the 12 to 18-month period after George Floyd was murdered where people were pushing for diversity programs.”

Christensen worries about how litigation could potentially stifle innovation and inclusion in the industry. “I think programs could be put at risk because there are programs for marginalized groups … but what it really will do is make people nervous to create new, innovative programs for communities of color, and I think that’s where the pain point is,” she said. “If you start targeting these programs, people are going to be less inclined to be innovative and not create programs that bring diverse people into the housing market.”

Toniqua Green, vice president of corporate social responsibility at Mr. Cooper, says that the impacts of the affirmative action case aren’t necessarily known. Still, it’s something that is closely being monitored. She says that although there is the potential for companies to be targeted, the best way to combat fear is with extra support.

“While we and a lot of organizations have DEI programming, if you don’t have full buy-in from your top leadership, then it makes it very easy for this type of cancerous situation to bleed in.”

> Toniqua Green, vice president of corporate social responsibility, Mr. Cooper

“So we’ve actually touched on [the case] a few times within our organization, on a super high level. One, reassuring our employees that it is at the college level and it’s not going to have any impact on what we do today,” she said. “But there is still a fear from the employee level about what this looks like futuristically … while we and a lot of organizations have DEI programming, if you don’t have full buy-in from your top leadership, then it makes it very easy for this type of cancerous situation to bleed in.”

With the potential to change marketing, Green says that she and her colleagues at Mr. Cooper are considering how they can still reach underserved borrowers without being deemed discriminatory. “One of the things we talked about internally is that as things continue to come from that particular ruling, we have to get creative,” she explained. “We have to find ways to make sure that we are continuing to reach the underrepresented communities, whatever that looks like, if it’s instead of hosting job fairs at historically black colleges and universities, maybe we’re

on-site at a local community center or a library.”

Christensen says that marketing shouldn’t be considered discriminatory, especially when it involves inclusion. “Do [we] not put black and brown borrowers on [our] flyers anymore? You’re trying to reflect what you want these new neighborhoods to look like, right?” Christensen said. “Extending a message to a certain group of people isn’t discrimination. That is just advancing your message for that community in a way that is meaningful for them.”

REPRESENTATION MATTERS

Whether it’s underserved communities, borrowers, or employees in the workplace, both Green and Christensen pointed out that equality isn’t necessarily what they’re looking for; it’s equity, meaning recognizing that each person has different circumstances and, therefore, needs different resources to achieve the same feats. “When people say that everybody should be starting from the same spot, that’s not fair because our ancestors didn’t even start out on the same playing field,” Christensen said. n

One Star’s Rise In The Mortgage Sky

KRISTEN EKLUND FOUND SUCCESS BY FOCUSING ON TRANSIENT MORTGAGE MARKET

By ERICA DRZEWIECKI , STAFF WRITER, MORTGAGE WOMEN MAGAZINE

Amove from central Minnesota to the Florida Keys meant a fresh start for this mortgage broker, but it didn’t come without misadventures.

Named one of Mortgage Women Magazine’s 2023 Mortgage Stars, Kristen Eklund closed her Minnesota company, Cardinal Mortgage, in 2014. A few years later, when she was 47, her 20-year marriage ended, and she packed up, dropped off her daughter at college, and headed as far south as she could. Two weeks later, Hurricane Irma hit with more force than any blizzard up north ever.

“So now I’m in a territory where I don’t know anybody. We just had a major hurricane, and I didn’t know which way I was going, coming — nothing,” Eklund recalls. “I’ve been a mortgage broker my whole life, and I thought, I might have to go work for a bank.”

So she interviewed at a bank, was offered the job, and the rest is history. Except that’s not how it went.

“I got a phone call five minutes before I was supposed to get there that first day, and they said, ‘We’ve changed our minds and gone with another person because you need to close $2 million a month, and you’re not from here and don’t know

anybody. And we don’t know if you can do that.’ So I turned the car around and cried the whole way home.”

WHAT’S OLD IS NEW

It was at that point Eklund made the decision to re-enter the brokering world, and she set her one-year goal at $10 million in closings. The next year, it became $30 million, then $50 million.

But let’s back up to Christmas 2017. Eklund was headed to a business networking gathering hosted by Keller Williams Key West Compass Realty.

“She had just moved here. She had joined the Chamber of Commerce that day and came to our evening event,” Team Leader Sarah Dolson remembers.

Dolson and Eklund hit it off right away, becoming fast friends and business associates.

“I started using her pretty much 100% of the time for a lot of my deals right after she moved down here and got started,” Dolson says. “I introduced her to people, took her to our association meetings, and kind of got her out socializing.”

Eklund’s nexus of friends and business contacts expanded from there. Even back then, they knew she was a mortgage star.

“It’s not just a job to her,” Dolson explains. “If she can’t make it happen, nobody can because she will go to the ends of the earth to make it happen and make everybody happy.”

Eklund became an MLO at Coast2Coast Mortgage in 2018 and now manages the company’s Southern Florida office.

Early on, founder Keith Richardson had heard whispers about the new MLO down in the Keys.

“I started this company, but then I sold it to a guy named Vern, and Vern just is selling it back to me starting in September of 2022,” Richardson says. “So, in the interim, he had brought on Kristen. I’d heard about her, but I had never met her. She’s consistently been one of our top, if not our top, producers in mortgage volume each month.”

They’ve since met in person and Richardson was surprised to find out this mortgage maven is also easygoing and fun.

“I’ve been in the mortgage business a long time,” he says. “We all have the same product, basically. And so it’s really just one great, big personality contest. And Kristen comes across as someone very likable, but also

“When the passion stops, then I’ll stop. But until I don’t love this job, then I’ll keep doing it even if I’m 80.”

> Kristen Eklund, MLO and branch manager, Coast2Coast Mortgage

very trustworthy, serious, and respectful in regard to mortgage. But in the same sentence, she can be so fun and normal and easygoing. I think she puts her customers at ease with her personality, but then she knows the mortgage business super well. She knows exactly what to do for each customer to give them the best product, rate, term, all those things that are important.”

> Kristin Eklund, left, received her plaque last year honoring her as a 2023 Mortgage Star. Presenting the award was Mortgage Women Magazine Managing Editor Kelly Hendricks.

of operations, the Florida Keys.

“I think she puts her customers at ease with her personality, but then she knows the mortgage business super well.”

> Keith Richardson, Regional Manager, Coast2Coast

TRANSIENT CUSTOMERS

Eklund got to know the transient mortgage market on the Florida Keys, the country's southernmost island chain, which has millions of visitors per year but less than 100,000 year-round residents.

“When I moved down here, I was told everyone pays cash, no one’s going to finance. Well, that’s our job: to get them to finance and show them the opportunities. Everything is unique, whichever

Eklund with her dog near the southernmost buoy on the Florida Keys.

territory or area you live in, but you just kind of have to make yourself available and give them options.”

A house in the Keys might sell three times in 10 years, and there are many second-home investor-owners, so real estate agent and LO relationships are everything.

“It makes everything easier when emotions start running high that everybody’s kind of on the same field, talking the same language,” Dolson points out. “Kristen and I explain everything very clearly from the beginning so there’s no surprises. And then if something does come up, we handle it very calmly. We’ve had to do some extensions, but we’ve never had a deal that hasn’t got to the closing table eventually.”

Hurricane Irma destroyed 1,179 homes on the

Mortgage Star

Kristen

Kristen Eklund's base

her team prioritize.

“Even if we’re not busy right now, you still have to put in 40 hours a week. You don’t just work 10. The other 30 or 40 are marketing and social media and staying in front of real estate agents. When times are slow, you kind of get in a rut and you get off balance. The key is to stay in balance in good times and bad times so you can overcome those challenges.”

Eklund hates being told no but can’t imagine that the bank job would have suited her anyway.

Florida

Keys and another 2,977 suffered major damage, according to Monroe County records. Not only did this change the housing market in her new locale, but it also impeded Eklund’s ability to get right back to work.

“I couldn’t get out and meet anyone because every fourth or fifth house was destroyed down here,” she recalls. “I don’t think my first closing was until May of 2018, and then I had to ramp up and get going and then we had COVID.”

All of these hurdles have not tripped her up from building a life in a place she loves, and doing what she loves.

“I feel like I’ve made a big dent in the community down here as far as volunteering, but there’s just so much more I can do and so many more people that I need to meet.”

She was sick during Key West’s Fantasy Fest the last weekend of October, but Eklund still put on a costume and hit the streets.

“Work-life balance is tough, but you just fit it in,” she says.

ALWAYS ANSWER

She and her husband, a charter boat captain who is also an MLO, enjoy boating and fishing and all the beauty of the Keys. They’re also expecting a grandchild soon.

“It’s beautiful down here,” she says. “This is our life. This is our home.”

Eklund teaches the LOs on her team to put in 100% all the time and always answer the phone.

“Even if I’m out fishing, if I’m within range, I will pick up that phone and tell them I’m honest.

I live in the Keys. I’m out fishing. You’re buying a house down here. You’re coming down to do the same thing. I will call you back in two hours. I think people respect that you’re honest with them and that you make yourself available and you call them back.”

The same goes for work ethic, which Eklund and

“If she can’t make it happen, nobody can, because she will go to the ends of the earth to make it happen and make everybody happy.”

> Sarah Dolson, team leader, Keller Williams Key West Compass Realty

“If someone tells me no or doesn’t like me, I’m going to try harder and smarter and get them to see things my way,” she says, adding, “I’m not a get-dressed-in-a-suit-type-of-girl that’s going to go sit in a bank all day. I would have been miserable. So life gives you what you can handle.”

Having a passion for the work is more important to her than making the paycheck.

“I don’t ever think about the money or that aspect of it. It’s like, who can I help today? What can I do?” she says. “Especially if a customer is at a 688 credit score and I told them the rate and they’re fine with it but I know they can get a better rate over 700. That’s not good enough for me. I want to try and help them get over 700 and get a better rate. I want to make sure that person’s going to be successful in buying a house.”

Her goal is always to up her loan volume and keep on working for the greater good.

“I’d like to hit over $100 million and help everyone through the next refinance boom we have and see what it brings. I don’t have a retirement date. Some people say, I’m going to do another five years and I’m done. When the passion stops, then I’ll stop. But until I don’t love this job, then I’ll keep doing it even if I’m 80.” n

2023 Mortgage Star Kristen Eklund (Second from the right) with her realtor friends on the Florida Keys.

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

Listen by following the link or by subscribing wherever you get your podcasts.

Honoring Women Of Mortgage Technology

In this issue, Mortgage Women Magazine honors the women of mortgage technology who are making an impact on the industry. The Women of Tech award recognizes and promotes the achievements and stories of women working within mortgage technology.

It’s important to recognize these women and their accomplishments. They can offer fresh perspectives and different

approaches to the mortgage technology field.

Just as important, these women of mortgage technology honorees also encourage more women to become part of the technology world. That improves the diversity of the field and also helps narrow the well-known gender pay gap experienced in other fields.

Margie Ambrosio

SVP, Information Systems Manager George Mason Mortgage

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

I didn’t exactly pursue a career in technology. More accurately, I stumbled into one. I started my career in the mortgage industry as a processor. The workflows in that role are highly repetitive. I saw opportunities for technology to assist with some of that repetition. I took a bit of license within our loan origination system and learned how to automate some of those repetitive tasks. This greatly increased my output, and I was pretty proud of myself in fact. Until one day, my boss called me to his office to find out how or why my production was so much higher than my teammates.

Slightly anxious, I explained the automations I had established. It turned out that he loved my initiative and the results. Those small automations and that conversation were the genesis of our Encompass department and my start in technology.

“Don’t wait for someone to reach out to you. Be strong, and proactive and seek out partnerships and next steps for yourself.”

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions on overcoming these challenges?

Because technology has historically been a male-dominated industry, women who want to work within it are doubly challenged. If they can get hired into a role in technology, there are very few women mentors or role models from whom to learn and grow.

The answer to this problem as I see it, is for women in technology to be certain to give back. To look and reach back and to help other younger women to grow and succeed.

In my experience, the women I have worked with tend not to be in competition with one another, but act collaboratively. In my leadership roles, I have made a conscious decision to hire, mentor, promote, and partner with women and it has served me well.

How do you stay up-to-date with the latest advancements and trends in the tech industry?

I prioritize networking, staying current with a variety of industry periodicals, and attending conferences when possible.

I have learned not to be afraid to ask questions. I seek out opportunities to learn, and I dream big. Because of this, I have had the opportunity to partner with several industry leaders to design, improve, and bring several new products to market. All because I identified gaps and I raised my hand to be part of the solutions

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

Mortgage technology is ever-evolving. There will always be something new, something to be upgraded, a workflow to be optimized, or a gap to be filled. It’s important to stay current regarding trends and gaps. Constantly question, “How can I make this better, more efficient, more compliant, more secure, or just simpler?” Don’t wait for someone to reach out to you. Be strong, and proactive, and seek out partnerships and next steps for yourself.

Rochelle Cleland (Vecchio)

Director- LOS Systems Supreme Lending

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

Growing up in an era of rapid technological advancements, I became fascinated by technology’s potential to shape our future and enhance our lives. As I started learning and working in the tech industry, I was drawn to the problem-solving aspect. Additionally, the collaborative nature, where individuals from diverse backgrounds unite to create something greater, was highly appealing. My experiences also taught me the importance of adaptability and continuous learning. Effective communication and teamwork have proven crucial, given the involvement of various stakeholders with diverse expertise in tech projects. God’s guidance and being a committed wife and mother of three further motivate me to excel in tech, serve as an example for my family, and contribute to a brighter future.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

The tech industry offers substantial rewards, allowing your contributions to have a profound impact on the world. Approach your tech career with determination and enthusiasm, and confidently pursue your goals. Trust in your abilities, ignoring stereotypes and biases. Understand that you not only belong in the tech world but also bring valuable contributions to it. Embrace lifelong learning; technology evolves incessantly, so commit to ongoing education. Seek mentors and role models for guidance, support, and inspiration. Connect with experienced individuals, particularly successful women who’ve navigated their careers adeptly. Don’t hesitate to advocate for yourself — express your career goals, seek promotions, and negotiate salaries. Support your fellow women in tech and champion diversity and inclusion to enhance the well-being of all. Remember with God all things are possible.

How do you stay up-to-date with the latest advancements and trends in the tech industry?

Continuously staying informed in the tech industry requires the integration of various approaches into your daily practice

to guarantee you remain current in this dynamic field. I personally utilize multiple strategies to ensure I stay current in this ever-changing field. These methods encompass participating in online courses and webinars, leveraging e-learning platforms, nurturing professional relationships through networking, staying informed via industry publications, and actively participating in online communities.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

The future of technology is incredibly promising, with continuous innovation and advancements. Emerging fields such as artificial intelligence, data science, cybersecurity, and more offer significant opportunities for women to excel and make meaningful contributions. The tech industry increasingly recognizes the value of diversity and is actively working toward creating more inclusive environments. This provides women with the chance to thrive and have a substantial impact. It’s crucial to continue advocating for gender equity in technology and encouraging more women to pursue careers in this dynamic and ever-evolving field. With the right support and opportunities, women in tech have the potential to shape the future of technology and drive positive change.

“Emerging fields such as artificial intelligence, data science, cybersecurity, and more offer significant opportunities for women to excel and make meaningful contributions.”

Angel Elliott

Chief Communications Officer Angel Ai

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

A little-known fact about me is that I was in a full-time computer programming and networking program in high school (it’s worth noting that I was the only female in that cohort). I joined the program for the early jumpstart into college, not thinking I’d have a career in the field, but quickly found a spark of excitement every time a concept “clicked,” and something seemingly so complex broke down into a relatively simple, predictable model.

As I pursued degrees in business and worked throughout the financial industry, particularly in the learning and development field, I’ve had the privilege of working with mentors who helped me uncover my strengths and passion. My foundational understanding of technology and my study and practice of adult learning theory enables me to help people from all levels of technological comfort understand concepts that are often difficult to articulate.

“We can limit ourselves, often unconsciously, to the possibilities that we see directly around us.”

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions on overcoming these challenges?

Some of the greatest challenges women in tech face are a lack of representation and unconscious biases. These not only limit opportunities but also can contribute to limiting beliefs within women themselves. Leaders can contribute to

overcoming these challenges through mentorship opportunities and encouraging cross-department collaboration and role flexibility. We can limit ourselves, often unconsciously, to the possibilities that we see directly around us. As I’ve experienced first-hand, fluidity between business lines can uncover hidden talents and passions that prove extremely valuable, both for the individual and the business.

How do you stay up-to-date with the latest advancements and trends in the tech industry?

By attending tech conferences and industry events, I’ve had the opportunity to network and gain insights into cutting-edge technologies. I keep an open mind about new technologies and embrace change to keep up with the ever-evolving tech landscape.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

First and foremost, believe in yourself and your abilities. You have to be mindful of your own thoughts and beliefs, as well as the opinions of others that you choose to accept. That’s half the battle. Secondly, surround yourself with like-minded people who share your determination to succeed. Build a network that can provide guidance, motivation, and collaboration opportunities.

Lastly, don’t be afraid to ask questions and learn continuously. Embrace your unique perspective as a woman in tech and use it as a strength.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

Women are actually the leading demographic in early adoption of technology. This is vitally important because early adopters have many advantages in business, and I think that this will ultimately lead to incredible innovations by women and open doors to more opportunities for women to thrive.

Aneeza Haleem

Vice President — Application Technology Planet Home Lending

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

Technology — coding in particular, has always appealed to me because it is all about finding the most logical and efficient way to solve any problem. There’s joy in taking a complex situation, understanding the many disparate yet connected processes within that microcosm and developing sets of steps to achieve the overall goal.

Over the years, my career has developed from hands-on coding to more design and architecture discussions. Being able to untangle processes and design flows has been core to my success.

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions on overcoming these challenges?

The tech industry has made significant strides, yet there’s room for growth. While we’re witnessing a rise in women in leadership roles, “brogrammers” are still in the majority. It’s a challenge to work in an environment that perpetuates exclusionary behaviors. Given this culture, it can be difficult to be taken seriously, to feel confident enough to advocate for your ideas, and to feel secure enough to stand up for yourself. As with any discrimination, there’s microaggression, feelings of being unheard, undervalued — in addition to the regular stress of projects.

Personally, I’ve always aimed to be exceptionally prepared, ensuring I bring both technological and business insights to the table. While this drive for excellence has occasionally made me miss opportunities, it was my perseverance and the unwavering support from peers that paved my path. I believe fostering inclusive environments and mentorship are pivotal in addressing these challenges head-on.

How do you stay up-to-date with the latest advancements and trends in the tech industry?

I listen — to my team and their ideas and research, to my business partners and their findings, to various technology

and industry-specific podcasts. We live in this golden era of knowledge — there’s so much available. Listening to podcasts and reading industry news sources, like Mortgage Women Magazine, as well as technology news, gives you a broad view into what is happening. You never know how an idea can trigger a seemingly unrelated solution — for example, 3M’s first surgical masks were designed by Sara Turnbull, who took inspiration in designing the “bubble” mask from her first 3M product — the molded bra.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

The best way to succeed long-term in technology is to stay open-minded and be willing to learn. There are many ways to solve problems. Reading and listening to others who have been in similar situations can really accelerate your throughput and strengthen your understanding of the technical platform.

No matter how progressive your environment, there will be days when it feels like your code is an antagonist, tailormade to push you to the edge. Fight the urge to chuck your computer into the ocean.

“While we’re witnessing a rise in women in leadership roles, ‘brogrammers’ are still in the majority.”

Molly Hoskins

EVP, Client Experience Class Valuation

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

My mom was an appraiser and encouraged me to enter the profession. Once I became certified, I started my own appraisal company and was later recruited by an appraisal management company, where I worked my way up. During that time, I gained experience partnering with IT and created the development of business logic for new technology. We wrote our own in-house tech solutions to solve business problems and increase efficiency and wrote several proprietary tech solutions for appraisal QC, regulatory/compliance requirements, and client exclusionary list management. Today, I utilize our vast amount of technology and data to address lenders’ property valuation challenges. My continuous drive to develop and improve tech products comes from having a genuine understanding of appraisers’ daily challenges and experiences.

“Valuation and technology are male-dominated industries, but there is space for women to help innovate.”

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions for overcoming these challenges?

In the appraisal industry, women are still in the minority. The industry has been under scrutiny over the last few years, particularly when ensuring appraisals are free of bias, especially as it pertains to minority borrowers and underserved communities. In an effort to promote objective valuation, there is an industry initiative to promote more diversity in the valuation industry. The overarching goal has been to encourage more women and minorities to become interested in the appraisal industry and have a seat at the table in the valuation space. The valuation space is modernizing, and it is an exciting time to be a part of it.

Appraisal reports themselves are also transforming — with a focus shifting from purely traditional appraisals to digital valuation solutions. This is causing a reexamination of workflows and staffing. I am proud that Class Valuation is tech-centric and on the cutting edge of this digital revolution as we have invested heavily in modernization. We’re enabling property valuations with 3D property data collection tech and leveraging our data for desktop and hybrid appraisals.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

As time marches on, more valuations will be conducted with digital valuation products and I’m excited to be part of a company that is at the forefront of this revolution and one with such a tech-centric focus. Those who are investing in it have a leg up.

Valuation and technology are male-dominated industries, but there is space for women to help innovate — we’re seeing companies such as Class Valuation give me and other women a seat at the table. I think working for organizations that value diversity will help women ensure their own future success and make these companies winners.

My role has afforded me new opportunities, too, such as being appointed to my local MLS Board of Directors as the appraiser representative. I’m honored to support collaboration between realtors and appraisers and to represent Class Valuation.

Alpa

Lally EVP of Product Management Rocket Mortgage

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

Though I started my career in structural engineering, I was always drawn to tech. The beauty of engineering is that you get to take raw materials to construct something remarkable for clients — much like technology enables you to harness and develop innovative tools to deliver value to consumers faster. Both as an engineer and product manager, I’m always looking to deliver the best outcome for clients. If you have the resources that empower you to achieve that, it lights a passion and gets you excited for the end result.

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions for overcoming these challenges?

I think one of the largest challenges we are still facing today is lack of representation. Many great strides have been made in the industry, but we have a long way to go and many barriers to break down. To overcome these obstacles, organizations and leaders must not only talk about the importance of diversity but provide flexibility and opportunities to welcome more women into the field and expand representation in leadership.

How do you stay up-to-date with the latest advancements and trends in the tech industry?

In today’s world, we have so much information coming at us — it’s impossible to stay up to date on your own. I watch a lot of YouTube videos, take quick 15-minute LinkedIn courses, and rely on my network of peers across various fields, regularly seeking their opinions and expertise. To avoid information overload, I’d recommend finding the ways that work best for you to receive information and don’t be afraid to ask for help if you want to further understand a topic.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

Be fearless. Don’t be afraid to ask questions. Try new things. And most importantly, remember to advocate for yourself.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

I think the future of technology will be amazing for us and be full of opportunities. Anything is possible — you just have to roll up your sleeves and go after it. The journey won’t be perfect, but with the democratization of data and AI, we have access to more information at our fingertips than ever before — there’s nothing that can stop us from continuing to break down barriers to achieve our fullest potential.

“Organizations and leaders must not only talk about the importance of diversity but provide flexibility and opportunities to welcome more women into the field and expand representation in leadership.”

Kelly LeMonds VP, Product Development Sagent

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

From a young age, I remember working with my father in his wood shop. If we built something that didn’t work, his attitude was always, “Let’s find another solution.”

That sort of solutions-oriented thinking prompted me to go down a path toward a career in technology.

Although the tools used in technology and carpentry are different, the approach is the same: when something doesn’t work, there’s always another solution — you just need to know how to find and apply it to the unique situation.

When I first entered the financial services space, everything was done on green bar paper. To go from there to the cloud-native servicing platform we’re building now has been quite the journey. At every step, we’ve identified emerging technologies in the wider fintech space and applied them to the unique challenges our clients face.

“By working smarter, we can build a future that embraces innovation and the people that make it possible.”

What do you believe are the greatest challenges women in tech are facing today?

What are your suggestions for overcoming these challenges?

The simple truth is that even today, women account for less than 30% of IT roles in the US (while accounting for 47% of all employed adults). Our space is still male-dominated, and that makes it challenging to ensure our voices are heard, acknowledged, and taken seriously.

As a tech community, we need to recognize that everyone has a voice and that the loudest voices aren’t always the most thoughtful or accurate.

To overcome these challenges, I’d encourage the wider tech community to acknowledge the power of diverse teams and break down barriers that contribute to one-dimensionality.

But women in tech today can’t afford to wait for the industry-wide hurdles to fall. It’s on us to support one another as we continue to speak up and overcome the fear that comes with it. There’s a strong, authentic, and authoritative voice in all of us — we just need to practice using it (even if it’s in front of the mirror at first).

One additional tip: ask deliberate questions. This is often the easiest way to make sure our thoughts are heard and understood. Direct challenges create conflict, but questions create discussions.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

I’m excited about how our industry has changed as it’s become more people-focused and empathetic. That will deliver better opportunities for women (and all people) that follow this career path.

I worked from home long before the pandemic, and I’m grateful to see that flexibility has become more standard. For caregivers, the ability to pick kids up or be there on a sick day is extremely important.

There will always be a need for in-office time (even an occasional all-nighter for a big delivery can be tough to avoid), but that way of working isn’t sustainable. By working smarter, we can build a future that embraces innovation and the people that make it possible.

Jane Mason

CEO Clarifire

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

From an early age, I was captivated by finding better, more efficient ways to do things. The potential to revolutionize traditional, cumbersome processes fascinated me, especially within the mortgage servicing industry, where there’s often an over-dependence on paperwork and manual systems.

Because there were very few women leaders in the mortgage technology industry when I started Clarifire, I often faced a blend of bias and skepticism. For example, I’d show up to sales meetings and have people ask me where the “real CEO” was. Those experiences were difficult, to be sure. But ultimately, they only strengthened my resolve to create innovative solutions that brought about long-needed change in our industry. They also fueled my commitment to paving the way for other women pursuing careers in technology. In fact, 40% of our staff at Clarifire are women.

What do you believe are the greatest challenges women in tech are facing today? What are your suggestions for overcoming these challenges?

Women in tech still wrestle with issues of inclusion and perception. While opportunities have certainly improved since I launched Clarifire, there is still a significant shortage of women in mortgage technology, ultimately impacting the pace of innovation.

These challenges are not insurmountable, but there is a lot our industry can do better, starting with being intentional about creating opportunities for women serving in tech roles, including greater consideration for woman-owned vendors and partners.

DEI training is important. But companies can also create specialized tracks for women interested in technology to develop the skills needed for career advancement and include small women-owned businesses in their third-party RFPs instead of just choosing larger and perceived “safer” companies.

As women, we are our most reliable advocates. Remember to create a circle of peers providing insights, advocacy, and business introductions. If you’re passionate about innovation, that passion will make you more resilient against hurdles like intentional and unintentional bias. And when you reach

a position of leadership, do your part by mentoring other women and trying to create a more inclusive environment for others to follow you.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

The future of women in technology is brighter than ever and rife with opportunities. Tech is an ever-evolving landscape, and the demand for more diverse perspectives and fresh ideas has never been higher.

With the increasing need to automate every facet of the mortgage and servicing lifecycle, there’s a vacuum for talented problem-solvers who understand how technology and mortgage processes intersect. And with DEI initiatives finally gaining real traction in our industry, the doors are opening wider for women technologists, who have a unique opportunity to lead this charge.

The sky’s the limit. While hurdles and challenges are inevitable, every experience, good or bad, makes the destination all the more rewarding. Plus, the higher you climb, the better the view. So, keep climbing.

“As women, we are our most reliable advocates.

Remember to create a circle of peers providing insights, advocacy, and business introductions.”

Jamie Mottern

SVP Partnerships & Client Success Docutech, a First American Company

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

I never dreamed of working in tech, but my career path led me here. I spent 17 years in healthcare administration, including five years at Perot Systems implementing electronic medical records. That experience showed me the impact of technology and how I could have a positive impact through it. I then transitioned into finance, seeing firsthand how each lender’s ecosystem affects employees and customers. Putting the right technology together in the most efficient and effective ways can have a ripple effect on hundreds of thousands of people every day. My superpower is connecting people and solutions. I’m inspired to bring great people and great solutions together to make an incredible impact. The fintech industry is a perfect fit for me.

“Innovation is more than only technology; it demands we develop fresh ways of approaching and doing the work.”

What do you believe are the greatest challenges women in tech are facing today? What are your suggestions on overcoming these challenges?

Women continue to be underrepresented in leadership positions in the technology sector, which exacerbates the gender pay gap. During a recent mPower session, a speaker noted research that found men tend to be promoted based on their potential, while women are promoted based on their performance. I encourage our fintech leaders to consider the performance of women candidates, combined with their potential, when hiring their next leader. While I am grateful to work alongside many sharp, insightful, and innovative women at Docutech, I’m mindful that this is not the norm, and I am confident we can cultivate a future where it is.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

Ask questions. Be bold. Be brave. And seek out women who inspire and believe in you, then prioritize your investment of time and energy into those relationships. When I started in this fintech industry, I was in the right place at the right time to have such an opportunity. Only by being brave and bold have I curated deep and meaningful relationships with some remarkable women. Having other women who you can turn to for perspective, counsel, support, and often just a really good laugh, has been invaluable to me.

What are your thoughts on the future of technology and the opportunities it presents for women in the field?

The mortgage tech industry is poised for a transformative shift. Terms like blockchain, AI, and automation have been circulating for some time and I anticipate this momentum continuing as they hold the potential to revolutionize our industry. Fintech companies and lenders must innovate quickly to meet evolving customer needs. Innovation demands we develop fresh ways of approaching and doing the work. Diverse perspectives and experiences are crucial for conceiving and delivering this innovation. Women, taking on increasingly strategic and innovative leadership roles, enrich this diversity. Witnessing women aspire to higher, more impactful positions is inspiring [and] will pave the way for novel, beneficial solutions for lenders and borrowers.

Rebecca Seward Director of Product Ocrolus

What inspired you to pursue a career in technology, and how have your experiences shaped your path?

While working at a privately-owned lender in Maryland, I was encouraged by my boss at the time, Jennifer Dorr, to apply for a recently vacated position in the software division. She had observed during my time leading a few complex compliance projects that I had an aptitude for technology and felt I would be a strong fit for the role. It was within that role that I uncovered my passion for identifying problems and building creative digital solutions to solve them.

I took online courses to strengthen my programming skills and deepen my understanding of software engineering principles and best practices. After moving to the vendor side of the business, I realized that product was where I wanted to be, as I felt it was where I could drive the most meaningful change. I made the move, and I haven’t looked back since.

What do you believe are the greatest challenges women in tech are facing today? What are your suggestions for overcoming these challenges?

Unfortunately, I feel women are still underrepresented in the tech space, especially in leadership positions. I have been in several meetings where I was the only female in the room. When women do not have role models in positions of power, it can feel isolating and discouraging. It can also make it challenging to set clear business objectives and can deepen imposter syndrome. There’s also gender bias and common double standards, further driving women into the shadows.

To overcome these challenges, I encourage all women to use their voice when they do have a seat at the table. I am unapologetic about voicing my opinion, and I’m not afraid of being seen as too assertive. I’ve found that being direct, coupled with substantiating data and specific examples, serves as the best approach when expressing your expectations or needs.

What advice would you offer to young women considering a career in technology or who are just starting out in the field?

I would tell women who are considering a career in technology to believe in themselves and their capabilities — do not let imposter syndrome hold you back. You belong in this world as much as anyone else. Since technology is such a dynamic industry, I would also say to stay curious, never stop learning, and be open to acquiring new skills and knowledge throughout your career. Seek out mentors and connect with fellow professionals in the industry. Building a supportive network can provide guidance, insights, and opportunities for growth.

Most importantly, remember that you have the ability to make a significant impact in the field, and your unique perspective is a valuable asset. Stay true to your ambitions, work hard, and don’t be discouraged by challenges along the way. The contributions of women enrich the tech industry, and your journey can be an inspiring one.

“I am unapologetic about voicing my opinion, and I’m not afraid of being seen as too assertive.”

Brokers & Beignets

Build your business in the Big Easy

Picture this: You arrive at the historic French Quarter of New Orleans, the scent of beignets and freshly brewed coffee mingles with the soulful melodies of jazz drifting from nearby clubs. Your excitement grows as you approach your destination, the iconic Hotel Monteleone.

Nestled in the heart of the French Quarter, the Hotel Monteleone stands as a timeless symbol of elegance and Southern hospitality. Its grand facade, adorned with wrought-iron balconies and lush greenery, exudes old-world charm and allure. As you pull up to the entrance, you are greeted by the sight

of uniformed bellmen bustling about, ready to assist with luggage and offer warm smiles of welcome.

Stepping into the lobby, you’re enveloped in a sense of luxury and history. The opulent decor, with its marble floors, crystal chandeliers, and rich mahogany furnishings, harkens back to a bygone era of glamour and sophistication. Yet, amidst the grandeur, there is an unmistakable sense of warmth and intimacy, as if each guest is being welcomed into the embrace of a dear friend.

As you ascend the grand staircase, you are struck by the buzz of energy that permeates the air. The

sound of lively conversation and the clinking of glasses fills the hallway, mingling with the faint strains of jazz music drifting up from the lobby below. Arriving at the conference area, you are greeted by the sight of attendees from all corners of the mortgage industry, engaged in animated discussions and networking opportunities.

The expo hall itself is a bustling hive of activity, with rows of booths showcasing the latest innovations and services in the mortgage industry. From technology solutions to compliance resources, the array of offerings is vast and impressive. The traveler eagerly immerses themselves in the exhibits, eager to glean insights and make valuable connections with fellow professionals.

JULY 10 — 11, 2024 NEW ORLEANS

Throughout the day, you attend informative workshops and panel discussions, gaining valuable knowledge and industry insights from leading experts in the field. You take diligent notes, exchanging ideas with colleagues and forging new connections that will prove invaluable in your professional endeavors.

As the day draws to a close, you reflect on the wealth of information you have acquired and the connections you have made. With a sense of fulfillment and anticipation for the days ahead, you make your way back to your room at the Hotel Monteleone, grateful for the opportunity to participate in such a dynamic and enriching event in the vibrant city of New Orleans.

The Ultimate Mortgage Expo is a two-day event for the Gulf Coast Region’s mortgage professionals. Since 2013, the Ultimate Mortgage Expo has been providing unique opportunities for brokers, originators, and support staff to build their businesses.

This year, we’ve expanded the event, with even more sessions on Wednesday, July 10, plus another incredible networking party. The cherry on top is that all of this is free for attendees, thanks to supporters of the show, who you can meet in the exhibit hall on both Wednesday and Thursday. Just use our code OCNFREE on your registration.

*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to conference attendees only. Exclusive events and networking party are open to registered attendees only.

California’s top gathering for mortgage pros. Innovate. Educate. Motivate.

MAY 02

IRVINE, CA

Hilton Irvine/Orange County Airport Register for FREE with promo code MWMFREE

www.camortgageexpo.com

Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility.

PRODUCED BY

Taking The Lead

Join Mortgage Women Magazine in celebrating the diversity and success of women in the mortgage industry. They were the top-producing female loan originators and brokers in 2023.

In a tough year for the mortgage industry, these Leading LOs found success in 2023 and stayed at the top of their fields.

The following pages highlight 7 women who exceed $50 million in total origination volume between purchase and refinance volume. We also recognize 17 women who turned out a high volume of at least 50 units of originations proving success can come to those who pursue a high quantity of small-volume originations.

The year 2023 will not be looked back on fondly by most MLOs, but that doesn’t mean some hard workers did not find success. Mortgage Women Magazine celebrates the accomplishments of top originators by total volume dollar who shared their success with us. It’s a group led by Karen Chiu, Senior Vice President of Mortgage Lending, CrossCountry Mortgage LLC, with over $125 million.

Karen Chiu

Senior Vice President of Mortgage Lending, CrossCountry Mortgage LLC

Purchase Vol. By Dollar Amount: $116,757,742

Purchase Vol. by No. Of Units: 287

Refi Vol. By Dollar Amount: $8,435,410

Refi Vol. By No. Of Units: 18

I became a loan officer in 2005 & have grown my career into what it is today. Specializing in first-time homebuyers & non-qualified mortgages for all.

Melissa Cohn is a pioneer in the mortgage industry as we know it today, with nearly 40 years in the business. Cohn remains one of the industry’s top-ranked mortgage brokers and continues to hit past her billion-dollar mark. In 2020, she joined William Raveis Mortgage as Regional Vice President and has been the top originator in the company ever since.

In 2023, drops in dollar volumes could not be easily tackled by focusing on units, but this group of LOs found a way. Mortgage Women Magazine acknowledges the achievements of these originators who shared their success with us. They worked hard to originate mortgages for as many people as possible, regardless of the loan size. It’s a group led by Karen Chiu, Senior Vice President of Mortgage Lending, CrossCountry Mortgage LLC, who ended 2023 with 305 units.

Karen Chiu

Senior Vice President of Mortgage Lending, CrossCountry Mortgage LLC

Purchase Vol. By Dollar Amount: $116,757,742

Purchase Vol. by No. Of Units: 287

Refi Vol. By Dollar Amount: $8,435,410

Refi Vol. By No. Of Units: 18

Dollar Vol. Total: $125,193,152 Unit

I became a loan officer in 2005 & have grown my career into what it is today. Specializing in first-time homebuyers & non-qualified mortgages for all.

Tanja Allen Loan Officer, Fairway Independent Mortgage Corp.

Purchase Vol. By Dollar Amount: $77,366,828

Purchase Vol. by No. Of Units: 261

Refi Vol. By Dollar Amount: $3,223,617

Refi Vol. By No. Of Units: 11

Tanja and her team & I pride ourselves in creating a streamline Mortgage Process for all of their clients. Serving the military community.

Julie Velasco has been originating loans for 23 years and working alongside her current team for the last 13-plus years. Julie has consistently closed more than $70 million dollars in loan production.

Julie Velasco Loan Officer, Network Funding, LP

BROKER BUSINESS IS BUILT

Welcome to The Greatest Mortgage Conference In The Known Universe.

The Originator Connect Conference is the nation’s largest gathering of mortgage professionals, and it returns to Planet Hollywood in Las Vegas this August 15-18 for another fantastic, session-packed event.

Originators attend for FREE using code MWMFREE.

ORIGINATORCONNECT.COM

& A CAN’T-MISS NETWORKING PARTY

FRIDAY NIGHT RECEPTION

FEATURING THESE EXCLUSIVE EVENTS:

*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers reserve the right to determine final eligibility. NMLS Renewal class open to conference attendees only. Exclusive events and networking party are open to registered attendees only.