NMP National Mortgage Professional August 2024

ENCORE!

James Allen's Move From Music To Mortgages

From Facebook feuds to legal battles, RAMON WALKER navigates the mortgage minefield untethered and unbothered

BUILDING A NEW COMP MODEL BAND OF BROKERS CFPB AIMS AT CLOSING COSTS

ENCORE!

James Allen's Move From Music To Mortgages

From Facebook feuds to legal battles, RAMON WALKER navigates the mortgage minefield untethered and unbothered

BUILDING A NEW COMP MODEL BAND OF BROKERS CFPB AIMS AT CLOSING COSTS

COVER STORY

PAGE 62

From his early struggles in Oakland to founding Client Direct Mortgage, Ramon Walker’s unfiltered advocacy has sparked both praise and critique, making him a lightning rod for industry debate. CONTENTS

MORTGAGES, MAVERICKS, AND FACEBOOK MAYHEM

Celebrating

J

Smart capital. Fast.

2024 ORIGINATOR CHOICE AWARDS

Discover the pulse of mortgage greatness! Delve into this year’s Originator Choice Awards, where industry stalwarts shine through votes cast by frontline experts. From San Diego to Las Vegas, and beyond, celebrate top achievers shaping tomorrow’s homeownership landscape.

6 From Conversations To Confrontations

To forge a better mortgage industry, we need frank discussions that can sometimes be friendly and other times fiery.

8 Attitude Adjustment

Learn strategies to uncover a candidate’s true demeanor and ensure your new hires lift your team and clientele, not drag them down.

10

Job Hop To Joy

Uncover what truly drives you, set achievable goals, and build a supportive network to find lasting fulfillment in your professional life.

14

Closing Costs Conundrum

Innovate, Educate, Dominate

In a landscape marked by historical lows, fluctuating rates, and surging housing prices, brokers must adapt to maintain their edge.

23

People on the Move

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

24

Dive into the latest from the Consumer Financial Protection Bureau as they scrutinize soaring fees and seek solutions to ease the financial burden on buyers and lenders alike. 20

Your First Million Dollars: Hitting the Myth

Debunking the Legend of Clutch Hitting and the Real Key to Success 27 Originator Tech

Wholesale Lender

28

Benchmarks and Best Practices: Homefront Heroes

From understanding VA loan eligibility to building trust within this close-knit community, ensure you’re ready to help those who have given so much.

Beyonce’s Melody

Uncover why Texans are facing some of the highest insurance costs in the nation, and how experts are navigating these turbulent waters.

Future Frontiers Prospects for AI integration in mortgages, ethical considerations, and the path forward for industry transformation.

50 Mortgage Maestro

James Allen’s journey from music management to mortgage mastery mirrors Freddie Mercury’s evolution on stage.

STAFF

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

Beverly Bolnick ASSOCIATE PUBLISHER

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

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

Alison Valvo DIRECTOR OF STRATEGIC GROWTH

Julie Carmichael PROJECT MANAGER

Melissa Pianin MARKETING & EVENTS ASSOCIATE

Navindra Persaud DIRECTOR OF EVENTS

Meghan Hogan DESIGN MANAGER

Stacy Murray, Christopher Wallace GRAPHIC DESIGN MANAGERS

William Valvo UX DESIGN DIRECTOR

Krystina Coffey, Matthew Mullins MULTIMEDIA SPECIALIST

Andrew Berman HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT

Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST

Nicole Coughlin ADVERTISING ASSOCIATE

Joel Berman FOUNDING PUBLISHER

Speak Out, Sing Out

How does a better industry get built? Foundationally, it has to start with honest discussion about what works, what is needed, and what can be changed for the better. Sometimes that advice is conversational, sometimes confrontational. Either way, change comes only when people understand that there may be differing opinions, and that someone speaking up may be the one with clarity about what’s happening, rather than the one accepting the status quo.

That’s why it’s important to hear the views of folks like Florida’s Sam Harris and California’s Ramon Walker, both of whom are putting out thoughtful ideas about bettering the mortgage broker segment. Walker has gained some notoriety since starting a Facebook group called “Rocket Pro TPO v. UWM,” encouraging debate about the pros and cons of both large wholesalers. Those online discussions haven’t always been cordial or kind, but the group is mostly unfiltered, giving readers insight into the adherents of each lender — as well as providing a sounding board about other wholesale companies, as well. Given how folks in business and politics seem to love operating in an echo chamber — only hearing ideas and opinions that already sound like what they already believe — Walker’s foray into more open discussion has to be applauded.

For Harris, meanwhile, building better brokers means aiming at comp models. He’s suggesting a complete overhaul, in which originators share in the overall profitability of the loans they generate, going far beyond the initial commission. Regardless of the likelihood of his ideas gaining ground, it’s heartening to see feet-onthe-street practitioners thinking expansively about how to make a more equitable system for all industry players.

These days, there is little room to talk about improving the industry that doesn’t include bringing artificial intelligence systems into the conversation. AI is clearly going to reshape our entire economy, and mortgage industry pros are rushing to be part of the action. The history of tech advancements tells us that whatever we’re seeing now is merely AI in infancy, and that it will rapidly grow into a critical force, well beyond its current capabilities. Our story in this issue about how several industry leaders are incorporating and evangelizing AI is an insightful look at not just the present, but the future of mortgage systems.

Yet, enough talk about talk. Sometimes the way forward is to let a song in your heart — and a song in the air — lead your way. James Allen is doing just that, moving from music to mortgages, but always with a few notes in the mix. His is a lesson in joyful success, built on purposeful clarity, with a clef. Does anyone else want to join the band?

VINCENT M. VALVO Publisher, Editor-in-Chief

Submit your news to: editors@ambizmedia.com

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

Hiring: Back To Attitude

You can’t motivate someone who doesn’t want to be

BY DAVE HERSHMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

When I started the “Inside the Glass House” series this spring, I started with the topic of attitude. Believe it or not, we soon will see an increase in retail production because mortgage rates will be coming down — finally. That means we will be hiring more loan officers — whether you have an on-line focus, are part of a bank/credit union, on the street, or inside a real estate office/ builder site. Thus, it is time to remind managers around the industry that a person’s attitude is the most important trait that they can hire for. You can’t change a person’s attitude. I know, because I have hired many 50-year-old experienced loan officers. Their attitudes are set. You can send them to a motivational session, and they will get pumped up with the rest of the attendees — but when they get back, this uplift will last about 48 hours. I say this with all deference to my fellow speakers within the industry. We teach that someone can only motivate themselves. Therefore, you must hire motivated employees. Hiring “slugs” and then trying to motivate them is next to impossible. Here is the good news — you can find out plenty about someone’s attitude BEFORE you hire them. Stop hiring

on W-2s and dreams of W-2s and dig down and find out about the person. You can do so with pointed questions in the interview process, as well as reference checking throughout the industry. Yes, you need to check references and not only their best friends which they gave you. Try talking to their title/ settlement company and see how their closings go and how they act when things go wrong:

• Do they hide?

• Do they kick, yell, and scream?

• Do they act as a leader and guide everyone through the crisis?

I can give twenty more examples, but I believe from this one you get what I mean. Attitude is more than being motivated. It is working as part of a team. Do processors fight to work for them, or do they run and hide when a file originated by them comes in the door (remember when we used to call them files?). Do they take business for granted or do they appreciate their customers and their referral sources? Do they work hard to make sure that the business they close results in more referrals because they are so appreciative to serve?

BRING ON THE BEST

I have always been an advocate of hiring the best person — not the most experienced or the highest producer.

When I look back — I realize that my first job in this industry happened because my boss knew me from the racquetball courts, not from experience. I was working for the government on Capitol Hill in a Congressional Office. Yet, I closed 600 loans in my first 18 months of closings. I can honestly say that nobody knew — including me — that I would do that much business. Picking up the mortgage business

was the easiest part of the equation. That is why I created a mortgage school years later.

And back to being a loan officer inside a real estate office — again I remind you that the need for a great attitude is even more pronounced. Sitting in a real estate office, a poor or even average attitude will stick out like a sore thumb. Your job is to lift the attitudes of the agents around you. You can’t do that from below. You need to be the example. Yes, it starts with attitude. And there are plenty of competent people with great attitudes out there. Let’s give them a chance

Hire the best person — not the most experienced or the highest producer.

during the coming refinance boom. ICE says that a great portion of homeowners now have interest rates above 5%. The longer rates stay high, the stronger the refinance market will be on the other side. n

Dave Hershman is the top author in this industry with six books published as well as the founder of the OriginationPro Marketing System and the OriginationPro’s on-line comprehensive mortgage school. His site is www.OriginationPro.com and he can be reached at dave@hershmangroup.com.

Getting To A Balanced Goal

Finding fulfillment in your career

BY ERICA LACENTRA, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

As people grow and build their careers, it can be natural that individuals look for more out of their jobs and seek greater meaning and fulfillment. Sure, you may feel like you are contributing to a company and its greater goal, but how does that translate into your personal and professional satisfaction? If you aren’t getting fulfillment at work, you could always look for other opportunities, but unless you figure out what is going to bring you that sense of satisfaction, you will likely hope from job to job still

nagging feeling that something is missing. So how can you take career and find fulfillment in the work you

UNCOVER YOUR NEEDS

The first step to figuring out what will bring you greater fulfillment in your career is taking time to look inward and reflect on what will bring you satisfaction in your work. Think about what excites you, and what makes you most passionate about the work you do. It could be your work environment, the team you work with, certain tasks or projects you work on or the end rewards that bring you the greatest sense of accomplishment. Whatever that looks like for you will help you understand your own motivations and allow you to take steps to either adjust the role you are in so that it better aligns with your professional desires, or find a new opportunity that can help you achieve that satisfaction.

SET GOALS AND DEFINE YOUR OWN PATH

Once you have determined what your professional passions are, it’s important to start setting goals that will help you grow in your career and achieve fulfillment. Think specifically about what you are working towards and the things you are doing to grow both professionally

The first step to figuring out what will bring you greater fulfillment in your career is taking time to look inward and reflect on what will bring you satisfaction in your work.

and personally. You should be setting tangible shortterm and long-term goals with defined metrics and objectives. For larger goals, break them down into smaller easy to accomplish pieces so you can keep yourself on track. For example, if you set the goal to grow your social media audience by 10% in a year, you can break this down into smaller milestones like developing a more comprehensive content plan, setting time to be able to analyze monthly content, improving what you are posting, and finding other companies to cross-promote and collaborate with. Remember, everything doesn’t have to happen overnight. By setting manageable goals, you have objectives to work towards and milestones to celebrate that will keep you on a path in your career you are happy with.

GET MORE OUT OF YOUR NETWORK

Sometimes there needs to be give and take to achieve balance.

KEEP REALISTIC EXPECTATIONS

As you start developing goals, it’s important to set realistic expectations about what you can expect from your work and your workplace. Unfortunately, sometimes the things that you want and feel you need to be fulfilled may not be feasible for any company to provide. Sometimes there needs to be give and take to achieve balance. For example, if you are looking for a more flexible schedule and shorter work hours from your employer but you work in a field where you know you are required to be in the office at least 40 hours a week, you likely will be unsatisfied no matter what you do as your employer can’t reasonably meet your needs. While many of us would get a great deal of satisfaction from making a six-figure salary while doing minimal work, that’s not a realistic expectation. Determine what are must-haves in your professional life to feel fulfilled vs. what are the things that would be nice to have. This will help you ultimately develop the right balance in your work life and personal life to have greater satisfaction.

Developing a professional community of individuals who share your passions and overall mindset can be extremely valuable to your professional growth and developing a sense of accomplishment. Take the time to surround yourself with people that you can learn from, that will not only support you, but who will push you to better yourself and achieve more. When you start to become the “smartest person in the room” you have no room to grow. Find people whose experience you can learn from to be able to grow not just in your current position but also in your career over time. On the flip side of this, you may also want to find opportunities to mentor others to find fulfillment. It can be extremely rewarding to be able to share your own experiences and skill sets with others who are just starting to find their footing in your industry or professional niche. Being able to guide others to help them meet their own goals, and watching their trajectory and growth, can bring a strong sense of satisfaction.

THERE IS MORE TO LIFE THAN WORK

Often when you are feeling stuck in your career it can be due to a lack of purpose, growth, and recognition. Take the time to understand what is going to make you feel fulfilled at work and recognize that you don’t have to settle for working a job day in and day out. You have the power to turn your career into something that provides you with satisfaction and fulfillment. Take those steps to ensure your work is meeting your professional and personal needs and if you need to find new opportunities to achieve that, let this be your sign to take that next step to find what will ultimately bring you professional fulfillment. n

Erica LaCentra is chief marketing officer for RCN Capital.

A Closer Look At Closing Costs

Rapid run-up In title, credit, appraisal costs force an investigation

BY LEW SICHELMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Everyone bemoans the high cost of housing. But what about the high cost of closing, which also is out of hand?

Start with the cost of title insurance, which has been in the headlines recently because of proposals that allow lenders to go around title coverage. But don’t stop there. How about the price of a credit exam? That’s gone up exponentially, too, as has the cost of an appraisal, a property survey, and numerous other charges.

All these items add to every buyer’s bottom line, making it that much more difficult to buy a house, even if they can afford the monthly payments. The

median total buy-side loan costs in 2022

increase of 21.8 percent from $4,889 in 2021. But a new study from Clever Real Estate, an agent matching service, found that sellers pay roughly $8,000 themselves in closing fees.

Which is why the CFPB is asking mortgage market stakeholders to weigh in on what might be done to ease the closing cost burden. And what a burden the package of fees and charges buyers must pay at settlement — in addition to their down payments — has become. According to the CFPB’s request for information, between 2021 and 2023, median total loan costs increased by some 36 percent. The median amount paid by borrowers in costs and fees in 2022 was nearly $6,000. Worse, at least in the government’s mind, anyway, many of the charges do not change based on the size of the loan, resulting in an outsized impact on lowerincome borrowers.

In its RFI, the bureau went to great lengths to point out that lenders also are impacted by rising closing costs, especially in a “market where mortgage originators are already facing financial challenges.”

“The cost for credit scores, credit reports and employment verification, for example, have all increased markedly

The median amount paid by borrowers in costs and fees in 2022 was nearly $6,000.

The amounts borrowers pay “is often much greater than the risk” lenders’ policies cover.

> CFPB report

over the last few years,” it admitted. “Dominant market players have driven up costs through annual price increases that significantly outpace inflation, leaving lenders with little choice but to pay these higher rates.”

PROFIT MOTIVE

But, the CFPB also noted, these higher costs are passed on to the consumer or eat into lenders’ bottom lines. Perhaps that’s why the Mortgage Bankers Association, along with the American Bankers Association and the Housing Policy Council, almost immediately drew a line in the sand.

“A rule-making process governed by the Administrative Procedure Act — and supported by a robust cost-benefit analysis — is the only appropriate vehicle to initiate [this] work,” the organizations maintained. “Such a rule-making process would allow for the proper level of engagement to produce changes that benefit consumers and do not add compliance costs and lead to negative unintended consequences.”

Whatever the outcome of this potential mortgage market Mexican Standoff, a deeper look into the seemingly unfettered rise in closing costs is warranted. Generally, the CFPB, among other things, is looking into what fees may be unnecessary to close a loan, how much consumers shop closing costs, how fees are set and the leverage lenders have on those charges, which charges have increased the most and what is driving those increases, and would lenders be more effective in negotiating costs than borrowers.

FEES TARGETS

The CFPB has its regulatory eye on several specific areas. And since it has been in the news lately, let’s start with title insurance, which the CFPB notes is “one of the costliest settlement services.”

Here, the bureau points out, lenders require that borrowers pay for their lenders’ coverage against any possible claims. And the amounts they pay, it adds, “is often much greater than the risk” lenders’ policies cover. According to the industry’s own numbers,

insurers took in $3.35 billion in premiums in the first quarter while paying out just $161.1 million in claims.

Also, an early responder to the CFPB’s RFI, the American Land Title Association was quick to point out that the cost of title insurance has actually fallen by 5 percent over the last five years. And in the course of curing title defects companies catch in their searches, they collect $3 billion annually in delinquent federal income taxes, $600 million in delinquent property taxes, and $55 million in unpaid child support.

Another problematic area, at least in the bureau’s eyes, are the fees paid for credit reports. A $1.3 billion business, the agency notes that credit reporting is highly concentrated with just a handful of dominant players dictating the price of credit reports and scores. Moreover, it says it “has heard” of instances in which costs have spiked by as much as 400 percent. “Steep increases in a market that lacks competition and choice warrant further scrutiny,” the bureau says.

NONCOMPETITIVE PLAYERS

Here, the Community Home Lenders of America weighed in earlier this year on the high cost of electronic verifications of employment, singling out Equifax as a key driver in the rising costs of VOE. With two and sometimes three verification pulls required per loan, the cost can easily reach $280. And without any real competition, the giant credit repository owns roughly 60 percent of the market, locking out smaller, more nimble players who can work cheaper and save consumers money.

At the same time, First Financial Lending of New Jersey and Greystone Mortgage of Pennsylvania have filed a class action suit against Equifax, charging it has “a stranglehold” over the market for electronic verification of income and employment reports.

Although Equifax is more widely known for offering credit report services, the suit alleges that income and employment verification is driving more revenue. Now closing in on $2 billion annually, VOIE services make up about 40 percent of the company’s annual profit, the suit charges. By entering into exclusive contracts and buying up competitors, the

Fannie Found Bias In Closing Charges

Transaction costs related to obtaining financing to purchase a house are highly discriminatory, according to a long-forgotten research paper from Fannie Mae.

The late 2021 paper found that closing fees are regressive in that median costs are 13 percent higher for low-income first-time buyers. If the median closing costs paid by Black and Hispanic low-income rookie buyers had been the same as those of their White counterparts, the report also said, their total costs would have been as much as $379 lower.

In addition, Fannie Mae found that the closing cost burden varied from state to state. Depending on the state, closing costs relative to the purchase price can deviate by almost 400 percent, the government sponsored enterprise discovered. And it noted that consumer disclosure forms were inconsistent among various jurisdictions.

But it was the discriminatory nature of the fees that is the most striking. For example, the costs incurred by 14 percent of the first-timers were equal to or more than their down payments. But if their closing costs as a percentage of the purchase prices had been equal to the median for all buyers in the one-plus million loan sample, the enterprise

found, their costs would have been reduced by $3,580.

Two other findings in the 20-page study, which was dated December 2021, stand out:

• Even though closing costs for first-time buyers and lowincome first timers are lower, the share of the total costs is more burdensome. And in that the rate at which the fees decrease for the two groups is slower than for the sample as a whole, closing costs tend to be “regressive in nature.”

• Although there is an extensive list of common closing costs terms, there is an even more extensive use of the term “other” on settlement sheets. In a small sample of the study group, a third had a fee designated as “other.” A further examination revealed that some were actually lender and origination charges, some were title and settlement fees and the remainder were really “other’ costs.

Among other things, Fannie Mae researchers recommended that closing costs be capped for “qualifying” first-time buyers on dollar-cost basis; that lenders, rather than borrowers, pay for services required to manage risk, and that the forms consumers receive be made more simple and more transparent.

– Lew Sichelman

plaintiffs maintain, Equifax controls 40 percent of all payroll data and “almost the entire market” for VOIE services.

The CFPB also is taking a hard look at — “monitoring” is the word the agency used — discount points, the up-front fees lenders charge borrowers to lower their mortgage rates. These charges are hardly junk fees; they are the cost of obtaining a lower rate and a choice borrowers make. But the bureau has labeled the fees questionable in that they don’t always save borrowers money.

In an effort to lower their mortgage costs, the percentage of buyers opting to pay discount points nearly doubled from 2021 to 2023, from 32.1 percent in ‘21 to 50.2 percent in ‘23. Borrowers also are paying more in discount points. And the increase was even greater among borrowers with lower credit scores.

But points, the bureau argues, have no fixed value in terms of the change in interest rate. “Most borrowers only benefit from discount points if they keep their mortgage long enough that the cumulative monthly savings from the reduced interest rate outweigh the upfront costs,” it says. n

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

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— LaDonna Lockard, CEO

YOUR CAREER IN HIGH GEAR

Building Better Brokers

New approaches are necessary to empower independent mortgage brokers for success

BY SAM HARRIS III & BJ HARRIS, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

The mortgage industry is currently undergoing significant transformations, presenting both challenges and opportunities for independent mortgage brokers. In today’s dynamic landscape, brokers are compelled to adapt and innovate to meet the evolving needs of borrowers. This analysis explores the critical aspect of collaboration with wholesale lending communities and proactive measures to overcome industry challenges, with a focus on empowering independent brokers to strengthen their brokerage businesses.

NAVIGATING INDUSTRY DYNAMICS:

The mortgage industry is experiencing seismic shifts, with key metrics hitting historical lows and economic variables such as inflation exerting considerable influence on market dynamics. Interest rates are fluctuating, housing prices are surging, and regulatory reforms are reshaping the lending landscape. Independent mortgage brokers find themselves at the forefront of these changes, tasked with navigating market uncertainties while addressing the diverse needs of borrowers. Recognizing the evolving landscape and adapting strategies accordingly is imperative for brokers to maintain competitiveness.

EQUITY AND COLLABORATION:

Access to equity is essential for independent brokers to fortify their businesses and drive growth. Collaboration with wholesale lending communities plays a pivotal role in this

regard, granting brokers access to equity options. By leveraging these strategic partnerships, brokers can provide borrowers with customized solutions tailored to their specific needs, thereby enhancing the value proposition for brokers and borrowers alike.

Furthermore, brokers can now cultivate a culture of innovation and adaptability within their firms. By embracing change and novel ideas, brokers can position themselves for sustained growth and success in the highly competitive mortgage industry.

In 2019, my team and I proposed a suggestion to some of the prominent wholesale lenders and mortgage broker associations. The idea was to implement a program called the “Mortgage Broker -1 Fees” (or MB-1 fees) on every loan originated with wholesale partners. Similar to mutual funds which may receive 12b-1 fees, the MB-1 fees would offer brokers ongoing compensation for the life of the loan, contributing to the accumulation of generational

wealth for broker owners. Additionally, the proposal suggested the implementation of stock purchase plans of publicly traded lenders, for mortgage broker owners to have access to wealth building platforms to facilitate growth and success within the industry in the long term. This proposition stems from the belief that mortgage broker owners deserve the same respect as all other professions in the financial services industry. We are still awaiting responses from the prominent wholesale lenders or associations to

and harnessing the power of artificial intelligence, brokers can expedite loan processing, minimize errors, and ultimately improve the overall client experience.

CONTINUOUS EDUCATION AND ADAPTATION:

Ongoing education and training are indispensable for brokers to stay abreast of industry trends and best practices. Actively seeking opportunities for

Access to equity is essential for independent brokers to fortify their businesses and drive growth.

see if they recognize the value and contribution that mortgage brokers bring to their business and industry as integral members of the community.

CLIENT RELATIONSHIPS AND TRUST:

Establishing strong client relationships is paramount for independent brokers. Brokers must position themselves as trusted advisors, guiding clients through the intricate mortgage process with expertise, professionalism, and empathy. Building rapport and demonstrating a genuine commitment to clients’ best interests fosters loyalty and generates valuable referrals for future business.

INNOVATION AND EFFICIENCY:

Building better brokerage businesses requires a multifaceted approach that encompasses innovation, collaboration, and equity. Independent brokers must proactively invest in technology and automation to streamline processes and enhance operational efficiency. By leveraging cutting-edge software solutions

professional development allows brokers to maintain a competitive edge and differentiate themselves in the market. By continuously expanding their knowledge and expertise, brokers can better serve their clients and remain ahead of competitors.

CONCLUSION:

With a commitment to excellence and a dedication to serving clients’ needs, independent brokers can chart a course for success in today’s competitive mortgage market. Embracing innovation and striving for excellence are key to thriving amidst challenges and obstacles. Collaboration with wholesale lending communities provides access to equity, and investing in technology, continuous education, and proactive measures to address challenges are essential. By fostering innovation and equity, brokers can position themselves for long-term success in the dynamic mortgage markets. n

Sam Harris and BJ Harris are brokers at Blue Dolphin Capital in Tampa, Fla.

HOW

Clutch Performers Unveiled BENCHMARKS & BEST PRACTICES

Homefront Heroes: Serving Those Who Served Us CAREER TICKER People On The Move

> Lowell, Mass.-based Enterprise Bank recently welcomed a new Chief Executive Officer, Steven Larochelle. Larochelle was formerly the company’s chief banking officer.

> Former ICE Mortgage Technology President Joe Tyrrell recently succeeded interim CEO Scott Smith of Optimal Blue’s parent company, Constellation Software, Inc.

> A&D Mortgage announced the appointment of Tracie Wain as the new Account Executive covering Arizona. Wain joins A&D Mortgage from Nova Home Loans & LHM Financial in Scottsdale, AZ.

> Viviana Abarca was recently promoted to managing director of mortgage lending operations for loanDepot.

YOUR FIRST MILLION DOLLARS

Come Through In The Clutch

Don’t be distracted, keep your focus on winning

BY HARVEY MACKAY, SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Pioneer baseball analyst Bill James and researchers for Stats, Inc., determined the phenomenon of clutch hitters is simply a myth. They noted that what a hitter does in most clutch situations is pretty much what he does the rest of the time.

Sure enough, baseball statistics reveal that top hitters average a 13-point drop in their overall batting average when the game is close in the late innings.

This is no different from what happens in every aspect of daily life. When things are tough, the person who comes through is generally the same person who consistently comes through day in and day out, when things aren’t so tough. These are people who

PEOPLE ON THE MOVE //

> After 17 years of service to The Carrington Companies, Brett Wilbur has been promoted to EVP, Chief Information Officer. Wilbur succeeds previous CIO Brent Rasmussen, who is retiring.

> Xactus welcomed Joseph Peterson as its new Chief Financial Officer. Peterson most recently served as Executive Vice President and Chief Financial Officer at Sagent Lending Technologies.

deliver under pressure, rise to the occasion, step up when it matters most, perform in critical situations, prove reliable in a pinch, hold fast in a crisis, stand tall in the face of adversity, shine in high-stakes moments and exhibit grace under pressure.

Coming through in the clutch is all about preparation from practicing excellence every day, focus, and the ability to perform under pressure. If you do that consistently you will have a far greater likelihood of coming through in the clutch.

Let me share a personal story to illustrate this point. At age 26, I walked into the General Mills boardroom to compete against four other competitors for their envelope business. I knew what I wanted to say, but I became a bit flustered. I hadn’t prepared myself to perform under that kind of pressure. From that experience, I learned valuable lessons about coming through when it counts.

The great inventor Thomas Edison said, “Good fortune is what happens when opportunity meets with preparation.”

Preparation is the key. A person who is prepared has won half the battle. You must know your material, anticipate questions and rehearse under pressure. Be so

> The Freedom Bank of Virginia announced in June that it hired Rob Dyson as Senior Vice President and Government Contracting and Information Technology Industry Practice Leader.

> New American Funding (NAF) recently announced the addition of Craig Stammler to its team as regional vice president.

> Change Lending announced the appointment of Madison Simm as its Chief Financial Officer. Simm was most recently President of Real Estate at Texas Capital Bank.

> JMAC Lending welcomed mortgageindustry veteran Sabrina Lopez as Regional Vice President — TPO WEST.

> Bob Bordenet of JMAC Lending was recently promoted to Regional Vice President — TPO EAST. HAVE

“The will to succeed is important, but … what’s more important — it’s the will to prepare. It’s the will to go out there every day, training and building those muscles and sharpening those skills.”

> Bobby Knight, legendary college basketball coach

familiar with your subject that you can focus on delivery rather than content. Prepare for potential questions or objections so you can handle them smoothly. Practice your presentation or performance in conditions that simulate the real event as closely as possible.

Confucius said, “In all things, success depends upon previous preparation, and without such preparation, there is such to be failure.”

More recently, Robert Schuller, the American Christian televangelist, pastor, and motivational speaker, said, “Spectacular achievement is always preceded by unspectacular preparation.”

BE ONE WITH THE TASK

Focusing on the moment is all about staying present. How many times have you heard an athlete talk about focus? It is a topic I also hear about frequently in business. The most common complaints? Too many irons in the fire. Too many projects spinning at one time. Too many interruptions. Too many phone calls. Too many emails. Too many things to do. Too little time. The person who is everywhere is nowhere. Control your breathing and visualize success. Use deep breaths to maintain calm and keep your nerves in check. Picture yourself succeeding in your endeavor to build confidence.

Embrace the pressure with a positive mindset. Remind yourself that pressure is a privilege and an opportunity to showcase your abilities. There will be setbacks, but use these past experiences where you

didn’t come through to reform your approach and improve. Trust in the skills and experience that have gotten you to this point.

Remember that everyone experiences moments of doubt and anxiety when the pressure is on. The key is to channel that energy into a focused performance. And if you find yourself struggling, don’t hesitate to reach out to trusted colleagues for advice. Keep your ego in check and be open to constructive feedback.

Muhammad Ali said, “I hated every minute of the training, but I told myself, ‘Don’t quit. Suffer now and live the rest of your life as a champion.’”

The late legendary college basketball coach Bobby Knight was a strong believer in preparation. When he led the undefeated Indiana Hoosiers to the 1976 NCAA championship, Knight was interviewed on the television show “60 Minutes.” The commentator asked him, “Why are your teams always so successful? Is it the will to succeed?”

“The will to succeed is important,” replied Knight, “but I’ll tell you what’s more important — it’s the will to prepare. It’s the will to go out there every day, training and building those muscles and sharpening those skills.”

As I so often remind you, Prepare to Win. Then you will always be the clutch player that saves the day.

Mackay’s Moral: When the game is on the line, the best players want the ball. n

Harvey Mackay is a seven-time New York Times best-selling author with 15 books.

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ORIGINATOR TECH RESOURCE GUIDE

wemlo

Boca Raton, FL

Area of Focus: Loan Processing

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Zero 1 Solution LLC

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LENDER RESOURCE GUIDE

ACC Mortgage

Rockville, MD

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ACCMortgage.com

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Find the full Wholesale Lenders list on page 81

WHOLESALE

Serving Those Who Have Served

Give more for those who were willing to give their all

BY MARY KAY SCULLY, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

We’ve talked a lot about working with unique subsets of borrowers before, but arguably none are more unique or worthy of attention than our veterans. They also make up a not insignificant subset of the population at an estimated 7% of Americans, according to the Census Bureau.

So, how are you supporting this important group of borrowers? The U.S. Department of Veteran Affairs, more commonly referred to as the VA, has products designed to promote veteran homeownership, but those products may not be the best fit for every borrower. And this is a demographic that is overall eager for homeownership, with a higher homeownership rate than civilians.

According to Census data reported by Military Times, 80% of veterans own a home, compared to 60% of non-veterans. This group of borrowers

wants to buy homes — are you prepared to serve them? Let’s look at how to best serve these borrowers who have served us.

WHO QUALIFIES?

I mentioned that the VA has products designed for veterans, but it’s important to note that access to these products is not restricted to those who have formerly served in the armed forces. Those eligible for VA loans include active duty servicemembers, as well as reservists, National Guard, surviving spouses, and even certain government employees.

There are a few additional stipulations from the VA that determine eligibility, such as length of service or service commitment, duty status, and character of service.

To better support your borrowers, know the eligibility guidelines for the various VA products so you can better connect them with the products and programs that are right for them and their specific situation.

WHAT’S BEST FOR THEM?

The VA has some great products for veterans. The VA has a loan with 0% down, which can be a great option for first-time buyers.

The military community is a close-knit one. Veterans want to work with businesses and individuals who can speak their language and understand their situation.

To qualify financially, the applicant must have sufficient credit, income, and a valid Certificate of Eligibility (COE). A COE is a document provided by the VA stating the dollar amount of eligibility available, and it can be obtained by the lender if the veteran does not have one.

VA loans can be used for a lot of different cases. Veterans can buy a home or condominium unit in a VA-approved project, build a home, simultaneously purchase and improve a home, make energy-efficient improvements to a home, repair or improve a residence they already own, buy a manufactured home and/or lot, or even purchase a farm residence.

individuals who can speak their language and understand their situation. Even the small nuances like knowing what an LES (Leave & Earnings Statement) is and how to read it can go a long way in building credibility with this community.

Veterans also want to work with someone they can trust. This is the same for any borrower, but the way in which you build that trust may look different for this group. Be upfront and honest and communicate clearly about the options available to them.

Being a strong resource for veterans is not only a great way to give back to those who have given so much to our country but also a great way to build a

80% of veterans own a home, compared to 60% of non-veterans.*

This group of borrowers wants to buy homes — are you prepared to serve them?

* Census data reported by Military Times

Despite all these uses, however, a VA loan may not always be the best option for veterans, especially if they are not first-time buyers. Though the VA offers 0% down options, the funding fee may not make it worth it if the borrower has funds for a down payment or equity from the sale of a previous home. Do the math and consider all the products your borrowers are eligible for so you can ensure they are getting the best option for their unique situation.

SPEAK THEIR LANGUAGE

The military community is a close-knit one. Veterans want to work with businesses and

network of referrals with a new group.

Arthur Ashe is quoted as saying, “True heroism is remarkably sober, very undramatic. It is not the urge to surpass all others at whatever cost, but the urge to serve others at whatever cost.” So, let’s be prepared to help veterans own a home in the country they have protected and sacrificed for. Do your homework on this group to make sure you know their needs, speak their language, and can provide the right loan products for them. n

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

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KEEPING UP WITH PARTLY CLOUDY MARKETS AND COSTS

, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

ATTOM recently released a list of the 10 most sunny, secure, and stable housing markets in the United States for Q1 2024, highlighting areas least likely to experience price declines or other negative economic impacts. The analysis shows that the least vulnerable markets, enjoying clear and partly cloudy conditions, are predominantly in the South and Midwest, with 22 of the 50 least likely to decline located in Virginia, Wisconsin, and Tennessee.

But the report also identified counties where storm clouds are gathering, signaling a high risk of economic downturns or deCalifornia,

New Jersey, and Illinois

to have the highest humidity in terms of the nation’s most at-risk housing markets, particularly in the counties around New York City, Chicago, and inland California.

Regionally, the risk analysis reveals a distinct weather pattern: out of the 50 counties least vulnerable to housing market fluctuations in the first-quarter report, the majority (24) are in the sunny South. The Midwest also enjoys favorable conditions, with 19 counties on the list. Unfortunately, only a few counties in the Northeast (4) and West (3) are experiencing these calmer skies.

Meanwhile, Redfin’s May 2024 home price data forecasted clear skies ahead for housing analysts’ predictions – that the rate of home price growth and sales would start to level

off as mortgage rates hover high and buyers’ purchasing power dwindles.

In May, U.S. home prices warmed up by 0.3% month over month, marking the smallest seasonally adjusted increase since January 2023.

On a year-over-year basis, prices sweltered 7.2% in May, but Redfin’s Home Price Index (RHPI) signaled that annual growth is showing signs of stabilizing and moving towards milder conditions.

Last August saw a cold front moving in on home price growth just

as new listings began to increase substantially, with price growth cooling during the three months ending October 31.

This spring, home prices remain at record highs, but the pace of growth has slowed, Redfin data show. New listings have crept upward in several markets as buying activity has cooled, reducing pressure on sale prices.

The nation’s housing shortage is gradually improving, with new listings rising 0.3% month over month

May on a seasonally adjusted basis and climbing 8.8% from a year earlier. From a historical perspective, new listings were still roughly 20% below pre-pandemic levels.

Watch it on

Tune in to new epiosdes of Mortgage Meteorology every Thursday on The Interest

KNOW MORE ABOUT PREMIUMS THAN US? DOES BEYONCE

Amid skyrocketing insurance costs and a surge in natural disasters, Texans face an increasing insurance premium inferno

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESIONAL MAGAZINE

Notorious Houston native Beyonce Knowles-Carter sang it best in her twentieth track on her latest album, Cowboy Carter: “Wildfire burnt his house down / Insurance ain’t gon’ pay no Fannie Mae.”

The quippy lyric is just one of Beyonce’s many pointed cultural references to the harsh realities of

living in America. As a nod towards the country’s unforgiving affordability crisis. she belts “Are you tired, workin’ time and a half for half the pay?”

The lyrics briefly brush on themes of housing costs and wildfire devastation, suggesting a commentary on the escalating toll of natural disasters on homes, possibly exacerbated by

climate change. Beyonce’s brief, albeit impactful, line underscores how insurance may not always provide the needed relief in the face of such challenges.

It’s not just pop moguls like Queen Bey who have noticed that insurance is skyrocketing. According to S&P Global analysis, insurance premiums in Texas jumped 23% last year, the highest increase in the country and more than double the national rate increase of 11%, exacerbated by inflation, high costs of building supplies, and an influx of natural disasters in the Lone Star State. The Texas Department of Insurance (TDI) denotes factors such as a home’s age, location, the cost to replace a home, credit score, and claim history as what goes into an insurance premium. From that list, one factor has reigned superior in the past year: where the home is located.

Per the National Oceanic and Atmospheric Administration, between 1980 and 2023 Texas experienced an average of four natural disasters — including droughts, floods, storms, tornadoes, wildfires, and winter storms — per year with damages above $1 billion. It’s only gotten worse, and costlier, in recent years; between 2019 and 2023 Texas suffered an average of eleven billion-dollar events each year,

with sixteen in 2023 alone.

The National Oceanic and Atmospheric Administration’s (NOAA) National Weather Service forecasters at the Climate Prediction Center predict above-normal hurricane activity in the Atlantic basin this year. NOAA’s outlook for the 2024 Atlantic hurricane season, which spans from June 1 to November 30, predicts an 85% chance of an abovenormal season, a 10% chance of a near-normal season, and a 5% chance of a below-normal season.

THE INSURANCE SQUEEZE

National coverage of rising home insurance rates has focused on Florida and California as highpremium hot spots. However, a recent analysis published in May by Bankrate says although Florida has the highest average premium in the country, at $5,770, Californians only pay an average of $1,403 per year. Texans, on average, pay $4,039.

The Texas Fair Plan Association, which provides coverage to residential properties that are denied by other insurance carriers, reported $74.1 million in direct homeowners premiums in 2023, compared to

Texas

Tornadoes and wildfires are a present threat for those living in the Lone Star State, as shown by data from the Triple-I. In 2021, Texas had the most tornadoes of any state, with 118 tornadoes recorded. In the same year, texas also came in second for the most recoreded wildfires, with 5,576.

$48.1 million in the prior year, and $46.9 million in 2021.

Matt Desmond, owner and principal agent of Austin-based insurance brokerage Desmond-Integra, says he can attest that a premium over $4,000 is not uncommon. Desmond observes that Texas has a lagging effect on insurance and many companies are refusing to write policies in certain areas. “There’s just not a lot of capacity in the market, meaning a lot of companies that typically will do business and write policies here are no longer doing so. And so you have companies exiting the market altogether,” he explained. “And then you have the companies that are continuing to do business here, but not offering as attractive policies.”

“There’s just not a lot of capacity in the market, meaning a lot of companies that typically will do business and write policies here are no longer doing so.”

> Matt Desmond, owner and principal agent, Desmond-Integra

write in Dallas. We get requests for Dallas, we just send it to other agencies,” he admitted, adding that some companies opt to write policy for less risky areas around the country and, subsequently, outside of Texas. “Dallas is more prone to having hail and tornado activity up there. Some of it can be as granular as zip code by zip code reporting for past hail storms. On the Coast, you have hurricane exposure, obviously, or even tornadoes in Houston, which is not

the norm, but you have a hurricane on the Coast. Dallas is considered to be the most frequent hail site.”

HOW LOW CAN YOU GO?

Desmond says this has proven to be a difficult home insurance marketplace. “Part of the issue during the past 18–24 months is that you have some of the lagging effects from when inflation was very high for materials and labor the past two years, but the market hardened here in Texas and pricing in recent years ended up equaling a higher cost,” he added.

Desmond also relayed that certain areas of Texas have few insurance carriers that write policy. Even though Desmond primarily does business in Austin, which he describes as “friendly to do business in,” he’s noticed that in areas like Dallas, there’s a drought of carriers that will write insurance policies.

“There’s so few carriers that even

Even in the wake of natural disasters and nationwide high premium costs, many people jump to blame the state. That, however, is denied by the Texas Department of Insurance (TDI). Its website reads “Consumers often tell the Texas Department of Insurance that their insurance company or agent told them that their premium went up because the state made them raise rates. TDI doesn’t set the homeowners or auto insurance rates that your insurance company charges. Insurance companies can change their rates and premium formulas by sending them to TDI. This is called a “rate filing.” Companies can use the new rates as soon as they send them to TDI.”

The website also

adds rather cheekily, “If your auto or home insurance bill is rising, ask your company to explain the increase and if you’re getting all available discounts. You might want to shop for a better deal.”

Desmond says that it’s not abnormal for him to see people have “year over year [rate increases] of 30%, maybe 35–40%.” And while people may take TDI’s advice and shop around, that’s a risk in itself. “The problem is when you shop around you may find a lower rate but it’s with a deductible that’s twice as high,” Desmond said. “There are ways to make [a premium] go down such as optional coverages like if you want to make a calculated risk by removing those, but there is always the potential for carriers to lower rates at the time of rate renewal. However, that’s extremely rare.”

Desmond says that although seeing a rate go up is more common, it’s important to put the rate in context: how does the current rate compare with other rates provided by carriers of the same quality

and service? “Changing coverage, if done at all, should be done thoughtfully,” he quipped.

PREMIUMS AFFECTING PROFITS

Eric Boshart, co-president at Parallel Lending, a private credit fund that specializes in providing short-term, non-owner occupied loans backed by real estate primarily in Texas, says that he’s observed disparities in premiums increase over the last few years. “We are seeing the profitability of a lot of our single-family flips be impaired by high interest rates and high premiums. There’s a huge disparity between different insurance brokers that we go to to find the best deals on behalf of our borrowers. Traditionally, the insurance brokers that we go to, which we really only used to go to one or two, now we typically go to five or six, just because there’s such a large discrepancy between premiums,” he said.

But Boshart adds that factoring in high premiums is just like accounting for high inflation that has run rampant nationwide over the past few years. “We have seen average cash on cash returns for our flippers and builders be significantly impaired as a result of having to pay a high premium that’s usually 100% earned,” he explained. “You just have to factor that in. Just like you would factor in inflation costs, if you are looking at a long-term deal, let’s say you’re holding on to a property for 18 months, and if we think prices are going to go up on certain things — building materials, utility costs — you should be thinking about some type of increase in your premium and build that into your return on investment model.”

“We are seeing the profitability of a lot of our single-family flips be impaired by high interest rates and high premiums.”

> Eric Boshart, co-president, Parallel Lending

which seems highly unlikely, then prices could definitely drop because premiums are tied to actual cash value or replacement costs,” he explained. “So, yeah, [I] definitely don’t anticipate things going down. There is typically an ebb and flow, but not to this degree over the past three years.” Desmond says that his business is referral-based with mortgage companies and real estate professionals, which has kept activity afloat.

Boshart says that he’s grateful that premiums haven’t squashed business altogether, and he attests that to location. “I’d imagine investors in Houston are walking away from deals,” he mused. “We haven’t lost any deals specifically due to premiums. Affordability is still really difficult, so flippers are just keeping properties on the market. If they thought they were going to sell their property in five days, it’s taking 60, which is still fine. Thirty days on the market is still a healthy economy, so that’s okay. They’re just not going to get into a new project until they sell their current one.”

ROLLING WITH THE FLOW

Boshart says that he doesn’t imagine relief anytime soon. “If there’s a major market correction and we go into a deflationary spiral,

“Activity at certain periods of time over the past 18 months almost came to a halt in Austin specifically, there’s a lot of inventory and a lot of buyers who may not want to get out of their lower rates,” he said. “It’s drastic compared to last year, but we’ve managed to circle back with clients and pick back up within the last couple of months.”

Right now, Desmond says, it’s time to roll with the flow. For originators dealing with client grumblings, Desmond encourages them to form relationships with insurance companies who can offer education on premiums. “I think people come to the table upset about year-over-year increases in their pricing, but the capacity and lack of health in the marketplace isn’t great right now. So it’s all about a holistic view,” he said. “I think there is still an expectation vs. reality outlook in terms of what a premium is supposed to be, and if originators can seek out local resources like us they can get a better idea of what the cost will be like. Things change fast, and if they can become more familiar with underwriting changes that happen week to week, that will help them give their clients more accuracy and a realistic expectation.” n

Events for mortgage brokers & originators

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NOV. 5, 2024

JAN. 15–17, 2025

TX NOV. 14, 2024

Wholesale Lender SHOWCASE

A&D Mortgage

Hollywood, FL

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ACC Mortgage

Rockville, MD

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AREA OF FOCUS: Non-QM

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Mortgage Irvine, CA

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The Amazing Race

Is it just fear of missing out, or is it time to dip a toe into the pool of artificial intelligence products?

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESIONAL MAGAZINE

History tends to repeat itself. Just ask an AI chatbot.

During the 1950s, there were elements of patriotism, confidence, and contest in the air. It was the decade of the Space Race, a competition between the United States and the Soviet Union accompanied by the nuclear weapons race and an arms race. The Space Race, though, was a critical aspect of the Cold War,

during which both superpowers sought to demonstrate their ideological strength and control. While there were moments of triumph and celebration, there were also periods of uncertainty and adversity. Above all, the race was a catalyst for scientific and technological innovation, pushing the boundaries of human achievement, and beckoning renowned scientists, engineers, and explorers to go the distance.

Today’s race is a bit different, but it’s not too far off the roots of space exploration. It’s the race for technological superiority in a market that’s still in its infancy: artificial intelligence (AI).

automation. But, how soon is now? Is new AI coming into the marketplace too soon, or are companies making conscious efforts to market it effectively?

THE CALM BEFORE THE STORM

Pavan Agarwal, CEO of Sun West Mortgage Company and Celligence, is an AI pioneer, revolving his business around Celligence’s artificial intelligence platform, Angel Ai. Angel Ai has been used by Sun West internally since 2018 and is considered an early piece of industryspecific artificial intelligence. Agarwal says

“It’s just the beginning for AI companies. There’s going to be a lot of them that will come in and a lot of them will get worked out. Last year when ChatGPT 4 came out, a bunch of AI companies got worked overnight.”

> Pavan Agarwal, CEO, Sun West Mortgage Company and Celligence

Of course, AI has bled into the mortgage industry, resulting in a deluge of programs promising “machine learning technology” and “scalability.”

Just like the U.S. and Soviet Union were scrambling to get their acts together, the mortgage industry is doing the same. With the release of ChatGPT in November 2022, companies like Big Purple Dot integrated the chatbot into its CRM system.

So it makes sense that companies like A&D Mortgage and Rocket Companies are releasing artificial intelligence-backed programs to get their skin in the race to

it’s a good time for companies to compete in the AI space. “I do believe it’s smart because you don’t want to be the last person to adopt email. You don’t want [to be] the last person to have a website. It’s the same [now] you don’t want to be the last person doing AI,” Agarwal said. “And this is even more disruptive than the Internet was. So this is a land grab, a mind share grab. This is whoever grabs the most mind share first wins.”

Agarwal likens the marketing of AI to companies like Amazon. “When the first version of Amazon came out, it was just books, very simple … They were able to start

off with something simple and did that one simple thing really, really well, and then they expanded systematically. As opposed to so many others. You don’t remember any of the other e-commerce brands that came out at that time,” Agarwal pointed out.

EYES WIDE OPEN

Agarwal also noted that now is the calm before the storm, with a lot of “mindshare” up for grabs, meaning the amount of consumer awareness or popularity surrounding a particular product, idea, or company. “It’s just the beginning for AI companies. There’s going to be a lot of them that will come in and a lot of them will get worked out. Last year when ChatGPT 4 came out, a bunch of AI companies got worked overnight,” he said. “Right now, the barrier to entry in terms of an AI product is low. I think it’s become easier to build something that you can call AI easier than ever before because the tools are mature. But it also means the expectations keep rising as well. So the real barrier of entry is ultimately dictated by how much market have you captured, and how much mindshare have you captured. That’s the real barrier of entry. So whoever captures the most mindshare wins at the end of the day.”

Kristopher van Beever, a principal at STRATMOR Group, has been in the technology space for 40 years, with 20 of those years simultaneously being in mortgage consulting. He’s concerned about

> Pavan Agarwal

technology is AI-enabled. But when you peel back the layers, you realize they’re using rulebased engines, they’re using different ways to make decisions, they’re using expert systems, which is an early form of AI, but it’s not what a lender would expect to get from AI,” he said. “The second group, which I think is the largest group, are people who are very committed to doing things for their clients and their customers better. They market their AI by using AI in various ways. They’re using them as assistants or as chatbots. In

the longest pipeline. I would classify underwriting in that category and beyond the use of assistance,” he added.

THE ROOM WHERE IT HAPPENS

Rocket Mortgage is ready to step into van Beever’s “innovators” category. Dan Vasquez, Rocket Mortgage’s AI Strategy Lead, says the idea for Rocket’s own artificial intelligence platform started percolating seven years ago. The

“If it can be demonstrated and shown that it’s good and better, you still have to have a few humans in the loop, or you still have to have people that oversee that to make sure that the claims that they have of 85 or 95 or 99% accuracy really are accurate.”

> Kristopher van Beever, principal, STRATMOR Group

mortgage, the group that’s using AI the most, I would say, are the ones that are dealing with documents. They’re taking documents and getting AI and machine learning to recognize, classify and extract data from documents and put it into their loan origination systems or their servicing platforms.”

The third group, van Beever says, are the “innovators,” meaning the vendors leading the charge with AI marketing. “That’s going to be the slowest and

program, called Rocket Logic, is an AI-driven technology platform aimed at simplifying and expediting the process of obtaining a mortgage for homebuyers. Vasquez rattled off some of the platform’s functions, namely secure document processing and its latest tool, Rocket Logic-Synopsis, which is generative AI to listen to, transcribe and search client calls, analyze sentiment and record client patterns and preferences.

“Early on, we looked at plugging

machine learning models, document recognition capabilities, and image recognition capabilities,” Vasquez said. “These jobs to be done in creating a mortgage that are so critical and happen so many times throughout the process. Early on from the beginning, we were asking, ‘How can we use these new technologies to do these more accurately, to scale up our team members, to help them make better decisions?’ That’s been the driving force of Rocket Logic from the very beginning.”

Vasquez added that Rocket Logic is aimed at Rocket’s team members and partners in the TPO space. “You can’t tell the story of Rocket Companies, what we’re doing with AI, how we are trying to help everyone achieve homeownership, without talking about Rocket Logic,” Vasquez said. These days, there is no such thing as a technology company. Every company is a technology company, and Rocket Logic is the heart of our technology.”

Why now? Vasquez said that after being backed by Amazon, Rocket felt confident to contribute to the tech space due to Amazon’s notorious brand loyalty and market dominance. “What we’re trying to do right now is make sure that wherever these innovations may come from, we have a seat at that table,” Vasquez added, noting that Rocket’s partnership with Amazon is going on six years. Per a company press release about Rocket Logic-Synopsis, the platform is “built on Amazon Web Services (AWS) and using Amazon Bedrock, the Rocket Logic-Synopsis technology is active for calls handled by Rocket’s client experience teams, including loans from mortgage brokers who work with Rocket Pro TPO. The tool is also used by the company’s servicing team, who oversee Rocket Mortgage’s 2.5 million serviced loans.”

But, this wasn’t a freefall launch. Despite seven years of development, Rocket Logic

is still in its infancy. “When it comes to AI, I think it’s always important to crawl, walk, run,” Vasquez commented. “With AI, it’s important to not rush into things in a way in which you miss risk vectors or potential gaps in your strategy. And do we have a good, safe, ethical way to mitigate that risk? Or are we unsure? And in an industry like ours, we can’t afford not to be sure.”

AI ADJACENT

Just a week after Rocket Logic’s launch, A&D Mortgage unveiled AIM, described as “the next evolution of [our] partner portal with enhanced AI integration.” A&D’s Chief Information Officer Nikolai “Nick” Avgustinov said that while continuing to develop A&D’s existing portal, including AI functions was a no-brainer. He noted that the previous portal’s interface wasn’t intuitive, nor did it create an easy user experience. “One of the challenges was we figured out that we had a lengthy approval process, complex documentation, and we needed some better risk assessment and better collaboration with our broker. So the answer was to significantly improve the interface of the portal,” Avgustinov said. “From the technological point of view, it’s a modern technology stack. Also, of course, we implemented pieces of AI to manage condition automation better and to speed up the approval process.”

From Avgustinov’s perspective, there was no better time to update the portal than as soon as possible. “We’re making automation not just for the broker, but also for our internal team, so they will do their work faster with the good tools and with the good technologies,” he said. And here we’re thinking about the text recognition, the workflow automation, their workflow automation … it’s not just a nice piece

“We’re making automation not just for the broker, but also for our internal team, so they will do their work faster with the good tools and with the good technologies.”

> Nikolai Avgustino, chief information officer, A&D

of software, it’s also a powerful tool to provide cost-effectiveness and streamline process.”

Van Beever would most likely categorize A&D in the first category of AI vendors. “Artificial intelligence is a beautiful word, but in reality, it’s just the machine copying human thoughts and human interaction,” Avgustinov said. “Right now, we are utilizing more machine learning and natural language processing. But if we’re talking about future development, of course, we have a lot of ideas.”

FEAR OF MISSING OUT

There’s an element of missing out on the next opportunity to crack the AI code, especially for an industry that is still cautiously approaching the use of artificial intelligence. According to the Mortgage Lender Sentiment Survey published by Fannie Mae in October 2023, even though 65% of lenders are familiar with AI, only 7% have deployed it within their current mortgage process. Another 22% say they’re trialing the use of AI solutions on a limited basis. “I think there is this fear of missing out. You’ve got that, ‘Hey, my competitor has AI, therefore I

should have AI.’ But I do think some lenders are looking for better ways to do a better job for their customers,” van Beever said. “[They’re gauging whether] AI can give them the ability to be more effective, more efficient, do a better job of providing a consistent solution to their clients, keep up with regulations in a faster way.”

For van Beever to consider a product worth checking out, he wants to see a proven track record of evolution and accuracy. “If you have limited capabilities and you can provide an enhanced ability for a lender to use your product, then you introduce it at a lower scale … When I look at vendors who can actually show me that their product is good, that’s something that I can now start to adopt. Because if it can be demonstrated and shown that it’s good and better, you still have to have a few humans in the loop, or you still have to have people that oversee that to make sure that the claims that they have of 85 or 95 or 99% accuracy really are accurate,” he said. “Because whether they use that technology or not, they’re still accountable for the results. If you rely on an AI, you still have to be able to defend that decision or that use of that technology in an audit or if you have to go to court over something.” n

Let Me Take A Crack At It

From

music

to

mortgages: The unconventional journey of James Allen to mortgage lending success

> Allen sees the drive to be great at music to be no different than cultivating a strong work ethic.

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

On the wall behind James Allen’s desk is a striking 40x50 inch print capturing Rami Malek in his portrayal of Freddie Mercury during the 1985 Live Aid concert scene from the 2018 Bohemian Rhapsody biopic. Allen lights up when asked about it. “This was arguably Freddie’s best performance and it happened almost two decades into his career,” he said. “This [print] reminds me that the best performance comes after years of hard work.”

“Every level that you get to in business has its own new set of challenges. A lot of people think that they want what my team has, to do 15-20 loans per month, but it’s not always obvious that there is so much pain and pressure at those levels that is a lot to deal with.”

> James Allen, Team Lead Loan Officer, Movement Mortgage

On the surface, people might scoff at this sentiment. Allen’s been a licensed loan officer since 2016 and has already been named in Guaranteed Rate’s President’s Club and Chairman’s Club, as well as one of the top producing loan originators in his home state, Connecticut.

For a career that appears to come naturally to Allen, the path to achieving greatness mirrors Freddie Mercury’s: it all began with music.

When Allen was fresh out of high school, he sidetracked the typical college or trade paths and started touring with his band, a Connecticut-based hardcore group. The

band was signed right away following Allen’s graduation, and then worked on a record for a few years, eventually being signed by Solid State Records. “When [the band] did our record deal we had a manager who was a great, young guy, but as we went through the process I realized ‘This person doesn’t know what they’re doing’ and although he was doing the best he could, I felt like I could do it better,” Allen said. “Twice in my life, I’ve had a weird premonition where I feel like I could do this job well and then eventually [did] that job.”

A couple of years later, Allen went into music management, representing artists and working with labels like Los Angelesbased Epitaph Records. But Allen says that the introduction of music platform iTunes marred his career, and he soon realized he couldn’t support himself — never mind a future family.

During this time was Allen’s first introduction to mortgage “Part of the transition [out of music management] involved working with a gentleman that my brother knew who was a high-level mortgage executive,” he explained. “He helped me review a contract that I had for a buyout and during the review he wanted to recruit me to be an LO. I said I wasn’t looking for a job, but it was my first exposure to mortgage.”

CLUELESS OPPORTUNITY

But Allen’s second “I can do this better” moment, came two years later, when he was about 24 years old and buying his first home with his now wife, Stacey. “I felt like my LO didn’t know what

> Before becoming a top-producing loan officer, Allen started his career in the music industry. He toured with a Connecticut-based hardcore band and worked in music management, representing artists and working with labels like Epitaph Records. This experience shaped his understanding of hard work and dedication.

he was doing … almost like he was clueless and the job could be done better,” Allen said. “It was an arrogant thing to think because I didn’t know what was required to be good at this job at the time. The two jobs where I feel like I’ve thrived the most have been exposure to experiencing a bad experience and just thinking that it could be better and people would be happy to have it better.”

Allen knows, of course, that the grass is always greener on the other side. “In both cases, the jobs turned out to be substantially harder than expected,” he admitted. “I was young, and when you’re young your belief in your ability to figure everything out overshadows the reality of what it actually means to figure it out. I think that’s a good characteristic for young people to have but sometimes it can make you borderline delusional.”

Allen said he didn’t immediately jump into a new career or get his license. But the high-level mortgage executive he met through his brother continued to poke and prod about when Allen was going to dive headfirst into lending. Allen was doing business development consulting work and started working with financial advisory firms, and after a brief stint of going back to school for a seminary program in 2014, he decided to cancel his plans and just get his mortgage originating license. “My wife was pregnant with our first child and I was studying by myself every night with no guidance, no mortgage company, no nothing. I just decided that I was going to get licensed and figure out what I can do from there,” he said. “It was a sudden career change where I said maybe I can explore

that job I think I’ll be good at.”

SPREADING HIS WINGS

Allen had two offers coming into the business: one was by Prospect Mortgage, which was eventually purchased by HomeBridge Financial Services, and the other was a position with Fairway Independent Mortgage Corporation. “The job with Prospect made a lot more money but had no mentorship opportunities, and Fairway’s position paid a lot less but allowed for me to have a mentor,” Allen said. “So I joined Fairway as a loan officer assistant in 2016, working under a loan officer [named John Hodgkins] for a whole year and learning the business. I didn’t close any loans in my name, they all went under John’s.”

In the fall of 2017, Allen and Hodgkins moved over to Guaranteed Rate and Allen started closing loans under his own name, eventually earning the title of branch manager and vice president of mortgage lending. “Next thing I knew, I was a loan officer,” Allen joked.

Allen and Hodgkins remained business partners at Guaranteed Rate until 2021, with their team becoming number one in Connecticut out of every other Guaranteed Rate team in the state. “We were doing 40 loans a month, post-COVID-19 pandemic, and we had two pipelines that were each going to do more than $100 million that year,” Allen explained. “We were trying to operate as one business and it was just too big.”

Allen makes it clear that the ending of his and Hodgkins’ business relationship wasn’t bitter. “We grew together and that was a fruitful relationship for both of us,” Allen said.

> Allen and his family. Allen’s leadership style emphasizes character, family, and customer satisfaction over profits. His team members, Nadia Shah and Matt Somuk, praise his commitment to maintaining a work-life balance, exceptional communication, and ensuring the well-being of both his family and team. This approach has fostered loyalty and high performance within his team.

“What I admire is that he doesn’t ditch the team to go to the golf course to try and make a deal. He works as hard as I do and when people ask how he does it, I can tell you this: it’s a people over profits mentality.”

> Nadia Shah, loan partner on the James Allen team at Movement Mortgage

“I’m a better loan officer today because of our time. He was a great mentor for me and in many ways I’m indebted to him forever … I think he’s the best loan officer I know.”

Eight months later, after closing over 350 units in 2021 at Guaranteed Rate, Allen accepted a job at Movement Mortgage, a choice that he felt was better for his future as a top producer and for his team.

“When I left Fairway, I didn’t feel like I did it with a lot of integrity, and what I mean is that I sent a resignation letter and walked out the door. That’s just not a very adult thing to do to people who have worked with you and invested in you … and I regret that,” Allen said. “So when I left Guaranteed Rate, I [decided] to not do that and I had very adult conversations with senior management about where we were and why [my team] was unhappy.”

Allen’s contract with Guaranteed Rate

meant that he couldn’t notify his team that he was leaving. His first week at Movement Mortgage had him “sweating bullets,” hoping that his team wasn’t retained. “There was a moment of doubt when you’re the first one to jump and hoping your parachute’s gonna pop out,” he joked.

But Allen’s team followed him. The James Allen team is growing, but the core four are Allen, his preapproval manager Matt Somuk, loan partner Nadia Shah, and team lead Robin Stegeman. Allen adds that they’ve recently hired an executive assistant for himself and someone to work under Somuk’s preapproval arm.

LOOKING INWARD

Keeping a team happy means making sure that they feel supported. Allen says that’s why 2024 will be a year of focusing on reorganizing and elevating service levels rather than focusing on growth. To accomplish this, Allen’s assistant, Brittany Lascko, has been working on a realtor database project for the team to offer realtime status updates on all three pipelines: contact lead to application, application to preapproval and underwriting, and contract to close. “All three of those will have one stacked view for our real estate partners within 30 days,” Allen mentions at the end of February. “I’m not trying to go backward … every level that you get to in business has its own new set of challenges. A lot of people think that they want what my team has, to do 15-20 loans per month, but it’s not always obvious that there is so much pain and pressure at those levels that is a lot to deal with.”

> Allen and his tennis teammate, Max Castrogiovanni, who runs MC Team at eXp Realty, in a picture taken before their first official USTA match last Fall. It was their first season playing organized USTA tennis.

“There are plenty of people in the industry who delay figuring things out. But not him, he wants certainty and he’ll carry out what he says he’ll do.”

> Matt Somuk, preapproval manager, Movement Mortgage

Allen admits it’s a lot on his plate to think about and that at times he finds that he reflects on what he can do better by looking inward.

“Your production feeds multiple families now, and there’s a lot of pressure with keeping people employed … as this thing grows it becomes infinitely complicated. And one thing I’m still figuring out is where I best fit in the process,” he said. “I’m still the first one to talk to customers, and we’ve reached a size in the last few years where I don’t feel ecstatic about the service level that I want to provide.”

But there’s a reason his team has followed his guidance. Nadia Shah, who started working with Allen three years ago, calls him “a man of character,” citing that he’s more family and customer-obsessed than profit-obsessed.

“He’s the smartest person in regards to numbers and finances, and he always has the best interest of the customer,” Shah said. “I don’t think he sleeps. He has three young kids and makes his schedule flexible so he can make time for family, work, and customers. What I admire is that he doesn’t ditch the team to go to the golf course to try and make a deal. He works as hard as I do and when people ask how he does it, I can tell you this: it’s a people over profits mentality.”

Matt Somuk, who has also worked on

Allen’s team at Movement Mortgage for three years as his preapproval manager, has been in the mortgage industry since 1997 — over two decades before Allen joined. Somuk knows the ropes, and knows that “lending is hard” and “so many things can go wrong.” But he says he’s stayed part of the James Allen team because of Allen’s can-do leadership style. “There are plenty of people in the industry who delay figuring things out. But not him, he wants certainty and he’ll carry out what he says he’ll do,” Somuk says. “James’ family comes first and that includes his extended family at work. Everything always comes down to great communication, making sure we can do what we say, and making sure everything is okay with us on the team.”

Allen has a laundry list of goals to make sure employees like Shah and Somuk continue to feel supported. “I’m focusing on staffing us correctly, making sure our technology works well, I want our partners to be happy, I want our clients to feel like there’s a humanized part of the experience … that they’re receiving acknowledgment from us that feels meaningful,” he said. “I want us to be exceptionally different and do more [of the] things our competitors may not be willing to do.” n

Velocity, Celebrating 20 Years in Lending!

In an era where stability in any industry is a rare feat, surpassing 20 years in mortgage lending is more than just a milestone — it’s a testament to resilience, trust, and top-tier customer service.

Like a seasoned racer who knows every twist and turn of the road, Velocity Mortgage Capital’s journey in the mortgage lending industry has been marked by

FROM HUMBLE BEGINNINGS

“When you’ve been through all the ups and downs like we have in 20 years, you learn to be nimble”

Velocity started as a small local group of just four founders.

“We started with just 4 employees.” Farrar explained. “We put our desks together at first with everyone pitching in. We’re pretty close and we’ve been together through so many ups and downs. Our biggest asset is the way we interact with each other and now the team.”

Farrar and Taylor added, “Our business model was the same — originating loans through mortgage brokers. We brought a solution to the table that allowed borrowers to get a lender’s attention. Banks lend to their best customers with the small guy being overlooked. We saw that and built Velocity to address that.”

THE CUSTOMER ALWAYS COMES FIRST

“Our mission from day 1 has been to provide exceptional customer service.” Cowell told us, “We’ve always believed that speed and ease of execution is a driving component.”

Just like the name entails, Velocity’s practices revolve around speed. “To achieve our goals, we deploy a full gamut of technological solutions and leverage our tenured vendor relationships to achieve faster turn times,” Joe explains that speed has been integral to their mission since day one, “As our name implies, we are fast!”

evolution, adaptation, and a steadfast dedication to their clients. Not to mention, their speed!

As Velocity reflects on two decades in the ever-changing landscape of lending, we sat down with CEO Chris Farrar, COO Joe Cowell, and EVP Capital Markets Jeff Taylor to learn about some of the things that have led to Velocity’s monumental accomplishment.

NATIONWIDE COVERAGE AND DIRECT LENDING EXPERTISE

This year, Velocity Mortgage Capital marks two decades of transforming the mortgage lending landscape with its nationwide reach and direct lending model.

“Our product offerings are nationwide,” affirms Cowell, emphasizing their operational centers and sales offices spread across multiple states. This infrastructure ensures localized support and accessibility across multiple different time zones, underlining Velocity’s commitment to serving clients nationwide.

A DIVERSE ARRAY OF OFFERINGS

“We’ve been working in this niche for 20 years, it’s more of an art than a science.”

Velocity has shone with their comprehensive financing solutions that span over a wide range of property types. “We provide financing for residential 1–4 investor properties, multifamily, mixed-use, and commercial properties,” Cowell highlights. “Many of our borrowers are self-employed, and we pride ourselves in supporting America’s small business owners.”

Some of their residential investment and commercial mortgage programs include:

• The FlexTerm Loan, which offers interest-only loans up to 10 years and a 30-year fixed rate, based on property value, not personal income.

• The ARV Pro Loan, which is a short-term

solution to improve property value, stabilize cash flow and minimize vacancies with a quick close based on “As Repaired Value.”

• The Flex I/O Loan is an interest-only, 24-month term with lower monthly payments, a higher LTV and cash-out options.

• The Fast50 Loan is designed for investors with limited credit high equity, and

• The Foreign Investor Loan, which is perfect for international real estate investors seeking US property.

WHAT’S NEXT?

With 20 years zooming by, one has to wonder what’s in store for the Velocity over the next two decades.

“Our biggest opportunity is technology and implementing it properly. We see it as a way to make our people more successful,” Farrar explained. “We run a high volume business and it’s important to deliver good products while managing our expenses. Even AI is in our future! We’re developing a pilot program to make people more productive through AI tech. It’s a supplement to what we’re doing. “

Velocity Mortgage Capital is celebrating two decades of direct wholesale lending, to seasoned pros, fresh investors, and small businesses. The industry leader in small balance commercial and single-family investor loans, the founders have much to celebrate. Velocity is set to power into the future, focusing on innovation and excellence in mortgage lending.

Visit Velocity at VelocityMortgage.com or call (888) 822-3304 to find an office near you.

CHRIS FARRAR JOE COWELL JEFF TAYLOR

Private Lender SHOWCASE

Lima One Capital Greenville, SC

limaone.com

hello@limaone.com (800) 390-4212

AREA OF FOCUS: Fix and flip, rental, new construction, multifamily

DESCRIPTION OF PRODUCTS OR SERVICES: Lima One Capital is the nation’s premier lender for real estate investors. We offer private lender financing for fix and flip, rental properties and portfolios, new construction, and multifamily bridge loans.

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

RCN Capital

South Windsor, CT

rcncapital.com

info@rcncapital.com (860) 432-5858

AREA OF FOCUS: The leading nationwide lender for real estate investments.

DESCRIPTION OF PRODUCTS

OR SERVICES: RCN Capital is a national, direct, private lender that provides loans for the purchase or refinance of non-owner-occupied singlefamily & multi-family properties. RCN specializes in groundup construction financing, short-term bridge loans, fix & flip financing, and long-term DSCR financing for real estate investors. RCN lends to both new and experienced real estate professionals throughout the country. RCN Capital value referrals; brokers are protected.

STATES LICENSED IN/SERVICE:

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

Sun West Mortgage Company, Inc.

Cerritos, CA

swmc.com

inquiry@swmc.com (833) 478-6937

AREA OF FOCUS: Nationwide mortgage lender and servicer, driven by technology and innovation.

DESCRIPTION OF PRODUCTS OR SERVICES: Sun West Mortgage Company, Inc. (NMLS 3277) is a trusted leader, offering a wide range of loan products and innovative solutions across 50 states including the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Sun West’s latest offering, Angel Ai, combines advanced AI and blockchain technology to revolutionize the mortgage process. With features like TRU Approval® and on-demand condition review.

Sun West provides borrowers and loan originators with a seamless experience.

STATES LICENSED IN: All U.S. States, Puerto Rico, U.S. Virgin Islands

COVER STORY

> Ramon Walker, 45, sees himself as a fierce advocate in the mortgage industry, pointing out wrongdoings and challenging the status quo in his Facebook Group, “Rocket Pro TPO Vs. UWM.”

RAMON WALKER HAS A FEW THOUGHTS …

Direct, confrontational, and unapologetic, one loan originator is refashioning the industry’s culture clash

BY SARAH WOLAK, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Ramon Walker won’t shut up. The omnipresent mastermind behind a tendentious Facebook group, Walker is a self-described introvert by nature and probably wishes he could shut up too. Though he’s no angel or shrinking violet, Walker sees himself as a warrior for justice, tackling unethical behaviors he’s witnessed in the mortgage industry.

“This industry, it’s way bigger than any of us, and nobody owns it. The only person or the only entity that you’re really reporting to in this industry is the industry itself.”

> Ramon Walker

The name Ramon Walker uttered in a room evokes a mixed-bag reaction that only the mortgage industry could conjure. His name, enveloped in controversy, has also been the subject of many a news headline: “United Wholesale Mortgage Sues for Breach of Contract and Trademark Infringement Over Facebook Page” and “Mortgage Broker Exposed People’s Personal Info After Bad Yelp Reviews,” to name a couple.

Many assume they have Ramon Walker figured out, placed in a box, pigeonholed, even.

At 45, Walker stands at the helm of Client Direct Mortgage, a DBA of Mortgage Solutions FCS Inc., and isn’t shy about sharing the trials and tribulations that have shaped his journey. Renowned for his forthright and often unfiltered communication style, Walker is known to air grievances and

spotlight unethical behavior. This candor has cemented his reputation as a blunt and unapologetic advocate for the broker community, though it has also drawn criticism from those who perceive his methods as confrontational or disruptive. His creation of a private Facebook group, which Walker claims was to spark industry debate, only amplifies his controversial standing, making him a lightning rod for both praise and critique within the mortgage world.

Walker claims the purpose behind creating the group back in November 2023 was to create a soundboarding opportunity to compare and contrast industry giants Rocket Mortgage and United Wholesale Mortgage (UWM). The group’s About section even reads “With there being so much groupthink, controversy, and control of the narrative around the two largest wholesale lenders

in America, we decided to create a safe place where honest and uninfluenced conversations can take place.”

Walker said he wants the group to be “a pure environment, unlike the Association of Independent Mortgage Experts (AIME)’s Brokers Are Better group.”

CONTENTIOUS CLAIMS AND CONVERSATION

The group’s page quickly became a focal point for contentious industry debates, eventually evolving into a battleground where the two companies were openly challenged, and their business practices scrutinized. Other companies and people got dragged into the discourse.

Reactions have been mixed. “Don’t get it twisted, this is not a comparison group. It’s attacking to

the benefit of Rocket,” argues Mike Kortas, CEO of NEXA Mortgage, a company that has faced open criticism in the group. “This is his way of staying relevant.”

Kortas, who also is keen to air his own industry grievances on social media, claims his multiple requests to join the Facebook group were denied by Walker. Kortas says that back when Walker faced allegations from the Federal Trade Commission (FTC) that he violated the Fair Credit Reporting Act and other laws by purposely posting nonpublic (and negative) personal information about disgruntled customers on Yelp, he encouraged NEXA loan officers, known as NEXAns, to defend Walker. “I like him as a person, I just don’t understand his desire to burn friendships and

supporters,” Kortas commented. “Losing friendships with winners in a business doesn’t make sense, you should be sticking with those friendships.”

Walker assuaged Kortas’ sentiment. “I don’t let anyone that has a following or close ties to UWM’s EPO situation in the group,” Walker said. “Kortas has good company; there are many, many people who are not in the group.”

EDUCATION AND EARLY STARTS

Walker’s defender personality stems from his childhood. The oldest of six children, he grew up in what he described as “an economically depressed area in Oakland … a lot

of challenges, a lot of crime.”

Walker had a two-parent household; his mom worked as a stay-at-home mother, and his father worked odd jobs while dealing with ongoing substance abuse. Walker’s grandparents, who were real estate investors, strongly encouraged education. “They would tell me ‘You’re going to have to be extra smart and compete extra hard.’ They told us that the one thing that no one can ever take from you no matter what, is your education. Education was really big. My grandfather who promoted education, he didn’t get higher than a sixth-grade education because he had to start working to help family,” Walker explained.

Because of how rooted education became as a value in the Walker

“I commend Ramon for taking on a difficult subject. [The Facebook group] was absolutely needed, [as] a board to get pros and cons out on. He took a personal risk to do this, and made the hard decision at a personal cost knowing there would be repercussions.”

> Shane O’Dell

family’s life, the Walker children didn’t attend local schools. “I went up to the schools in the hills. They weren’t private schools. They were still public schools, but just the better-graded schools,” he said. “That part, I think, was good and very important to the overall structure of my being raised. I’ve been able to see a lot of different environments and elements, and really understand different perspectives of people.”

He graduated from California State University, Chico, in 2001 with a degree in business administration and management information systems. In addition to starting a job as a tech analyst, he also obtained a broker’s license. “My grandmother was in real estate, so I was exposed to the real estate industry. In California, You can’t do this anymore, but back when I graduated from college in California, under the Department of Real Estate, you could get a broker’s license if you had a college degree [and passed] the test,” he explained.

Walker says that in 2009, he’d had enough of the tech corporate world. After dabbling in real estate and working for a couple of financial groups, he opened a mortgage brokerage called Mount Diablo Lending, which operates as a DBA of Mortgage Solutions FCS Inc. “I used some of the crossover skills from the IT side and went online. I didn’t have a big sphere of influence, and I didn’t have a lot of family members buying homes and all that thing,” Walker said. “I knew to be successful, I needed to

▶ Ramon Walker records for a podcast with Minh Nguyen of WhatsaMortgage.

work with the perfect stranger. So that was one thing I established as one of my fundamental lines to be successful: the perfect stranger is my clientele base.”

The first lender that he worked with, Provident Funding, fired him.

“My pull-through rate was bad,” the Bay Area native admits. “But I give a lot of credit to Provident Funding for making me successful in my early years because of the fact they are so stringent.”

Eventually, Walker started brokering loans to UWM.

ACCUSATIONS

Walker started sending loans to UWM after they noticed his name appearing on Scotsman Guide rankings. “At first I said no because my other lenders’ pricing was much better, but eventually they agreed to match pricing,” Walker explained.

The relationship between Walker and UWM was “appreciative.”

After a while, Walker said that he noticed the tone started to change. “I had some frustrations with UWM … they had gotten more aggressive towards analyzing my overall book of business and asking why am I not sending a certain percentage to them,” he said. “Their tone changed to almost that I owed them. It put a sour taste in my mouth when they started

> Walker receiving the 2023 Top Correspondent Award presented by New Rez.

talking about me needing to send them 65% of my business.”

As he was building his origination business, Walker became acquainted with Thuan Nguyen of Loan Factory. Both were consistently listed as top producers and both lived in the Bay Area. Nguyen, one of Rocket’s top producers, asked Walker how things were going as a UWM broker. Walker expressed his dissatisfaction with his experience. “My relationship with UWM at that time, if you look at it from the perspective of loan volume being sent, I wasn’t sending them a lot of deals … because of my nature of being more consumer-centric, I never have blind loyalty,” he explained. “Listen, it’s the man that makes the organization. It’s not the organization that makes the man. I think there’s too much draw in believing that the makeup of who individuals are [is] netted to a particular group or company.”

Nguyen helped arrange a meeting between Walker and Rocket executives Mike Fawaz and Chris Behrns.

“When Ramon asked, I told him the truth that I was happy with Rocket and told him about all the benefits,” Nguyen said. “He told me he wasn’t

happy with UWM, but was worried Rocket wouldn’t want to work with him,” due to an incident between AIME’s Anthony Casa and Rocket’s Austin Niemiec, in which Walker had shared some social media posts favoring Casa over Niemec.

By the end of October, Walker began seriously considering aligning himself with Rocket.

Before Walker sent Rocket a loan, he created the Facebook page as “a pool marketing strategy” to compare and contrast UWM offerings with Rocket.

Then, Allen Beydoun — UWM’s Executive Vice President — called and asked about the intent of the group. Beydoun accused Walker of perpetuating hate speech. In the first week of 2024, Walker received a cease and desist order from the Mat Ishbia-led company. In addition to asking him to take down the Facebook group, attorneys for UWM stated that Walker owes more than $124,000 in EPOs on 12 different transactions dating back to 2020. Walker was given only a week to make that payment.

> Walker receiving first ever Rocket Trailblazer Award presented by Mike Fawaz

UWM declines to comment on the cease and desist or about Beydoun’s phone calls.

Walker commented that Rocket never expressed opposition to his Facebook group.

DEBUNKING THE PAST

Walker knows that his presence as a vocal broker makes him subject to frequent attention and questioning. He’s been accused of recruiting other LOs in the Facebook group, being in cahoots with hedge fund organization Hunterbrook Media, and roped into the 2020 Anthony Casa and Austin Niemiec drama by association. Walker, who was slated to have a chapter in Kyle Draper and Brian Vieaux’s book “Rethink Everything You Know About Being A ‘Next Gen’ Loan Officer” ended up being cut out of the book.

Said Draper, “There were some things happening in the broker community that were being spearheaded [by] a Facebook group he runs. We hated to do it, but we just didn’t want to risk taking that heat.”

Shane O’Dell, who has sent Walker loans for about 5 years, called Walker a “straight shooter” who runs “a hell of a business.” O’Dell admits he isn’t a member of the Facebook group. “I commend Ramon for taking on a difficult subject,” he said. “[The page] was absolutely needed, [as] a board to get pros and cons out on. He took a personal risk to do this, and made

the hard decision at a personal cost knowing there would be repercussions.”

And repercussions have piled up. Kortas has his own opinions about the group and Walker’s reputation. “He’s actively recruiting NEXA loan officers … Ramon’s intentions [with the group] is to ‘benefit’ Rocket-based brokers,” he said. “My perspective of Ramon is that he always has tried to be a leader. He hides behind the group. I don’t hide behind anything. The group gives him the attention that he craves. And his cronies, Angry Andy [Harris] and Evan Wade, want to attack the big guys.”

Walker asserts that he doesn’t use his group to recruit. “Kortas has a good company, but the majority of NEXA LOs don’t fit my business model,” he added.

KEEPING HIS HEAD UP

Despite the backlash, Walker speaks confidently and almost unbothered about the group and the mortgage industry as a whole. “I know what the mortgage industry did for me as a whole, and it completely changed my life. It changed where I live. It changed the school my kids go to,” Walker said. “The probability, statistically, to make it from where I did to be one of the top originators in the country, that’s a wide range. People

should be inspired by that. You can do it. Anybody could do it. A lot of it is timing and luck and some consistency in there. Listen, my college GPA was 2.8 … if you really want to put in that effort, you can get out there and do it. That’s really what I want people to see or believe when they hear my story.”

Walker admits that not a lot of time outside of work is completely business-free. He’s been married for 12 years and has two children, ages 10 and eight. “My free time now is my kid’s sports. That’s where I get enjoyment,” Walker jokes. “I go to a lot of Warrior games, I’m a Warrior season ticket holder. I used to golf but don’t as much anymore now that my kids are older. We live a pretty simple life.”

When Walker gets overwhelmed, he likes to recall a quote from David Stevens, the late former Federal Housing Administration director and Mortgage Bankers Association president. “He said something like, mortgage volume is owned by no one. It’s simply borrowed for periods of time,” Walker elaborated. “This industry, it’s way bigger than any of us, and nobody owns it. The only person or the only entity that you’re really reporting to in this industry is the industry itself.” n

“Listen, it’s the man that makes the organization. It’s not the organization that makes the man.”

Empowering Women In Mortgage

Welcome to

the

Mortgage Women Leadership Council

A warm welcome to you! I’m Kelly Hendricks, the Managing Editor of Mortgage Women Magazine and Senior Vice President of Delmar Mortgage, and it brings me great joy to extend this invitation to you. Throughout my career in the mortgage industry, I’ve been fortunate to have leaders and mentors who played pivotal roles in shaping my journey. I am thrilled to introduce a transformative initiative – the Mortgage Women Leadership Council, created by Mortgage Women Magazine.

In my role, I’ve experienced the challenges that women face in leadership within the mortgage sector. These challenges led to a profound realization — the need for a dynamic network to empower women in our industry. This realization is the driving force behind the creation of the Mortgage Women Leadership Council. I believe in the power of collective support, and I am excited about the opportunity to share and benefit from each other’s experiences.

Our mission is clear: to promote and empower women’s leadership in the mortgage sector. The council aims to create a supportive environment for professional growth, mentorship, and networking. Joining the

Our

council comes with various benefits, including networking opportunities and access to industry-specific professional development resources. We understand the unique challenges women face in mortgage leadership and have tailored mentorship and support systems to address them.

I invite you to join this movement to empower women in the mortgage industry. The Mortgage Women Leadership Council is committed to fostering a welcoming and supportive environment. Your involvement will not only contribute to your personal and professional growth but also play a crucial role in advancing women’s leadership in our industry. To join or get involved, simply click here to apply.

Thank you for considering this invitation to join the Mortgage Women Leadership Council. For further inquiries about the council and details on how to join, please contact Beverly Bolnick at bbolnick@ambizmedia.com. Let’s work together to advance women’s leadership in the mortgage industry — because collective action brings about meaningful change.

Kelly Hendricks Managing Editor, Mortgage Women Magazine

Our voices

As a valued member, enjoy these benefits:

Access to a Powerful Platform: Amplify your voice and influence through Mortgage Women Magazine, exclusive sponsored programs, email newsletters, and impactful events.

Editorial Opportunities: Showcase your expertise and insights through editorial features in Mortgage Women Magazine, gaining visibility and recognition among industry peers.

Awards and Recognition: Receive well-deserved recognition through our award programs, celebrating your achievements and contributions to the mortgage industry.

Community Support: Become part of a dedicated community committed to celebrating and driving meaningful progress in the mortgage sector. Connect with likeminded women leaders, share experiences, and foster collaborative initiatives.

Mortgage Women Magazine: Enjoy your complimentary digital subscription to Mortgage Women Magazine, the premier publication for women in mortgage. Read advice, learn about industry updates, and take in the inspiring stories of your peers.

Become a member today.

Join us and be a driving force in creating a more inclusive and thriving mortgage industry. Together, as a united community, we believe we can make real change.

Enjoy 1 year of your individual membership free! Use code MWM2024

mwlcouncil.com

Celebrating Those Companies Originators Deem To Be Best

The Originator Choice Award survey gives professionals in the mortgage industry the opportunity to voice their opinions and celebrate the companies that have consistently stood out as the best in the business. It’s a platform for those on the front lines of the industry to share their experiences, preferences, and recommendations.

National Mortgage Professional Magazine reached out to its extensive audience across the nation at shows in San Diego and Las Vegas, as well as online, to pose this question: who are the best in the business? It was all for this year’s Originator Choice Awards.

professionals play pivotal roles in connecting future and current homeowners with the right lenders and services that can turn their needs into reality.

Members of the industry cast their votes for the lenders and services that have exceeded their expectations, providing unparalleled support and value throughout the home financing process. This survey is not only a recognition of excellence but also a valuable resource for those looking to partner with the most reliable and customer-focused entities in the industry.

In the dynamic landscape of the mortgage industry, excellence and innovation are the cornerstones of success. Originators, brokers, and mortgage

Thank you for joining us in celebrating excellence in mortgage services by participating in this year’s Originator Choice Award survey. Your voice mattered, and your votes contributed to the recognition of the industry’s top performers. Together, let’s honor those who clearly strive for excellence in the ever-evolving world of mortgages. ✔

AGENCY / CONVENTIONAL LOANS

United Wholesale Mortgage

Pontiac, MI

States Licensed: All 50 U.S. States Silver

Rocket Pro TPO

Detroit, MI

States Licensed: All 50 U.S. States Bronze

Pennymac TPO

Westlake Village, CA

States Licensed: All 50 U.S. States

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

United Wholesale Mortgage

Pontiac, MI

States Licensed: All 50 U.S. States

Rocket Pro TPO

Detroit, MI

States Licensed: All 50 U.S. States

Bronze (TIE)

Paramount Residential Mortgage Group, Inc.

Corona, CA

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

Freedom Mortgage Corporation

Boca Raton, FL

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

JUMBO LOANS

United Wholesale Mortgage

Pontiac, MI

States Licensed: All 50 U.S. States

Silver

Chase Home Lending

New York, NY

States Licensed: All 50 U.S. States

Bronze

Rocket Pro TPO

Detroit, MI

States Licensed: All 50 U.S. States

NON-QM LOANS

A&D Mortgage LLC

Hollywood, FL

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

Angel Oak Mortgage Solutions

Atlanta, GA

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

HomeXpress Mortgage Corp

Santa Ana, CA

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

REAL ESTATE INVESTORS, INCLUDING PRIVATE LENDERS

Gold

A&D Mortgage LLC

Hollywood, FL

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

Silver

Acra

Lake Forest, CA

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

Bronze

RCN Capital

South Windsor, CT

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

5th Street Capital Inc.

Easy Street Capital

Your Non-QM Concierge offering Niche Solutions

DSCR, Non-QM, Fix And Flip, RTL, BRRRR, Short Term Rentlas

AZ, CA, CO, CT, FL, GA, ID, IL, IN, LA, MD, MN, MT, NV, NJ, NM, NC, OH, OR, PA, SC, TN, TX, UT, WA, WY 5thstcap.com

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

easystreetcap.com

First National Bank of America Non-QM Lending All 50 U.S. States fnba.com/wholesale

Lendz Financial Non-QM Products AZ, CA, CO, FL, GA, IL, MI, NJ, OH, PA, TX

lendzfinancial.com

LoanStream Mortgage Home Loans

NQM Funding

Quontic Bank

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

loanstreamwholesale.com

NQM Funding: NonQM/ Nonagency wholesale, non-delegated correspondent, and delegated correspondent channels All 50 U.S. States nqmf.com

Quontic specializes in non-traditional borrowers. All 50 U.S. States quonticwholesale.com

Sun West Mortgage Company, Inc. Nationwide mortgage lender and servicer, driven by technology and innovation. All U.S. States Puerto Rico U.S. Virgin Islands swmc.com

A&D Mortgage

A&D: Making homefinancing accessible through innovative products and superior customer service.

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

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

AZ, AR, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, ME, MD, MA, MI, MN, MT, NC, ND, NV, NJ, NJ, NM, NC, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI loanstreamwholesale.com

The Wonders Of Amish Dating

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

Now that the 4th of July is over, it’s time to buy school supplies, buy Halloween costumes, plan the Thanksgiving dinner menu, light the menorah, or buy Christmas presents, and basically it is 2025 now. So, Happy New Year!

•

I was asked by a friend of mine what I do to act and look younger than I am. I told him I couldn’t take credit for it, I owed it all to my mom. He said it must just be good genetics. I said, no. Every time I acted up my mom slapped me into the middle of next week. So, I’m missing about a decade of my life.

•

When I was a kid, my English teacher looked my way and said, “Name two pronouns.” I said, “Who, me?”

•

The first rule of the Traffic Circle, is to not stop in the middle of the traffic circle.

•

I need the government to do something about the high prices of groceries and gasoline. Because I do not have the body for Only Fans!

•

I’ve decided to stop fighting the excessive heat when I leave the house and embrace the health benefits. I’m going to start keeping a bowl of rocks

on the dash of my car and pour water on it for a nice steam as I travel about. Now. If I could just keep my glasses from steaming up and my butt from sticking to the leather seats.

How do Amish girls know if it’s a romantic candlelight dinner or just a regular dinner?

If we are ever drinking together and I say I can do a backflip, please stop me because, no I can’t.

I told the owner of my favorite record store that my CPA just notified me I had spent enough money there to claim him as a dependent.

“You have to be odd to be number one.”

~Dr. Seuss

What a rip-off! This tape doesn’t even taste like Scotch! •

Not a single person asked me if I could run fast in my news shoes today. Being an adult is stupid. n

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

Nick Roberson