NMP National Mortgage Professional December 2024/January 2025

CRACKS IN THE CODE

HOW CYBER COMPLACENCY IS PUTTING SMALL MORTGAGE COMPANIES AT RISK

SNAKES AND LADDERS

CLIMBING TOWARD MORTGAGE PROSPERITY IN 2025

RESCUE MISSIONS

TALES OF LOANS SAVED AND BORROWERS REDEEMED

Kelly Deaton, VP, Marketing Operations

CRACKS IN THE CODE

HOW CYBER COMPLACENCY IS PUTTING SMALL MORTGAGE COMPANIES AT RISK

SNAKES AND LADDERS

CLIMBING TOWARD MORTGAGE PROSPERITY IN 2025

RESCUE MISSIONS

TALES OF LOANS SAVED AND BORROWERS REDEEMED

Kelly Deaton, VP, Marketing Operations

DECEMBER 2024/ JANUARY 2025

CONTENTS

COVER STORY

PAGE 52

40 UNDER 40: MOVERS, SHAKERS, AND MORTGAGE MAKERS

Meet NMP Magazine’s 40 Under 40 Class of 2024 — trailblazers redefining the mortgage industry with fresh ideas and unstoppable energy. From the front lines to the C-suite, their impact is here to stay. Dive into their stories and get inspired.

Deshawn Smith, COO, CMS Mortgage

PAGE 26 GUARDING THE DIGITAL GATES

Cyber criminals don’t break in — they log in. Former originator Jordan Bingham is on a mission to close the door on rising cyber threats, helping mortgage companies of all sizes secure their systems and protect borrower data. Discover how complacency is the industry’s biggest vulnerability — and how resilience starts with action.

6

Herstory In The Making Erica LaCentra and other women proving why leadership isn’t a boys-only club.

8 Growth Spurt Or Forecast Fizz?

With a 25% increase in originations predicted, explore how to craft a plan that can handle both a boom and a bust, no crystal ball required.

A step-by-step guide to refining your marketing budget, reviewing past initiatives, and making data-driven decisions for a smooth renewal process and discovering new opportunities in the year ahead.

16

‘Lasagna Loans’: The Complex Layers Of LIHTC Financing Dive into the intricate funding stacks behind affordable housing projects, where conventional mortgage lenders provide a crucial piece of the puzzle.

20

Planting Smiles, Reaping Joy Happiness isn’t just contagious; it’s essential. Find out how prioritizing your own joy can inspire those around you.

Turning Denials Into Dreams

When other lenders say “no,” these mortgage pros step in to turn lost causes into success stories. From VA loan rescues to Non-QM problemsolving, discover how loan officers earn their hero status — and loyal clients for life.

42 Forecasting Fortune

From shifting markets to transformative trends, STRATMOR Group’s Garth Graham shares predictions for 2025 and beyond. Are you prepared to navigate the next cycle?

DECEMBER 2024/ JANUARY 2025

STAFF

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

Alison Valvo CHIEF OPERATING OFFICER

Beverly Bolnick ASSOCIATE PUBLISHER

Andrew Brooks Baker, Kathryn Fitzpatrick, Katie Jensen, Ryan Kingsley, Aaron Marsh ASSOCIATE EDITORS

Dave Hershman, Erica LaCentra, Harvey Mackay, Lew Sichelman CONTRIBUTING WRITERS

Julie Carmichael PROJECT MANAGER

Melissa Pianin MARKETING & EVENTS ASSOCIATE

Navindra Persaud DIRECTOR OF EVENTS

Meghan Golden 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

Joel Berman FOUNDING PUBLISHER

Let’s Call It Mambo Number Five For Mortgage

Ilove reading the news every morning. I like to feel as though I’m in touch with the important things going on in the world. And yet, there are mornings I just hang my head in despair. Rather than a nation embracing diversity, looking for great ideas from differing backgrounds, we seem hell bent on pushing society back to a singular dominant demographic: white men. And yes, I know some will call me a snowflake, or woke, or whatever. But with so many assaults on Diversity, Equity, and Inclusion initiatives, maybe we ought to also acknowledge that a lot of white men know a lot about bro culture, and not a lot about anything else. A healthy dose of testosterone doesn’t impart brains, practicality, or talent. If we’re arguing that only the best should get the top slots, regardless of background, then we ought to be seeing a lot more women in senior positions.

Take, for example, Erica LaCentra.

Erica is the chief marketing officer for RCN Capital. For the past four and half years, she’s also been a columnist for this publication. They are some of the best, most considered, most useful columns, imparting real-world advice and actionable tips every month. She also wraps this up in prose that’s easy to read and understand. Frequently, she brings the subject matter closer to the reader by putting herself in the piece. One of her most memorable columns focused on knowing your audience, never making assumptions, and owning your own worth. She told a tale of people refusing to look past her facade and their preconceived notions. Erica is relatively young. She also presents herself well. But too

many folks have come up to her, seeing those attributes, and assume she is the junior associate on the way up, not the accomplished executive who’s already leading her group.

It feels like, across the nation, there are increasing roadblocks for women in the workplace. Health laws that hobble a woman’s options, an evisceration of corporate policies designed to help disadvantaged groups get access to the same opportunities as white men, and a general culture now that seems to communicate that men can just do anything they want to women, without consequence to the man but with evident consequence for the women.

Over the course of the next year, in stories, webinars, podcasts and live events, across our company we’ll be telling the tales of women who have made great achievements, women who have overcome odds against them, to find success, to lead companies, to take their place at the top. We know there are many great women leaders, great women business people — like Erica LaCentra — who need their stories told. There seem to be plenty of men available to tell the story of why they’re better than women. But there are also plenty of women who put the lie to those bold, brash, and embarrassing kinds of attitudes.

We’re looking forward to telling their stories.

VINCENT M. VALVO Publisher, Editor-in-Chief

Submit your news to: editors@ambizmedia.com

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THE KEYS TO BUSINESS PLANNING FOR 2025

How to help your team take the lead in the new year

TBY DAVE HERSHMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

he Mortgage Bankers Association has released its forecast for next year which includes a whopping 25% increase in originations. As a manager, you are expected to set up a plan for this growth with the absolute knowledge that any prediction of the future is no more than an educated guess. This increase in business may happen — but keep in mind that many thought 2024 would be a stronger “rebound” year. On the other hand, perhaps the rebound may be stronger than 25%. We just don’t know.

To make things even more challenging, as a manager it is your responsibility to help your loan officers with their planning for 2025. It is not enough for them to say that they want to increase their production and earn more money. They must have a plan, and you need to help them develop a plan. If you asked a hundred managers what should a business plan be comprised of, you would get a hundred different answers.

While I do have a business planning document that I have developed for the industry which accompanies my business planning seminars (feel free to email me for a copy) — instead of presenting the plan in this article we will be delivering concepts which should be part of the plan you develop. The format is not as important as the substance. Here are a few of these concepts:

The plan should be flexible. Because you can’t predict what type of year next year will be, I favor a plan that has three scenarios. If you can live with the results of all three of these, you have a winning plan:

• The best-case scenario. What will your production be like if rates go down significantly and we have a combination of a refinance and purchase boom.

• The medium-case scenario. What will your production be like if business becomes marginally better next year.

2025

• The worst-case scenario. What will your production be like if the bottom falls out of the market. In this case rates stay near the 7.0% range all year.

Goals should be a balancing act. Most everyone would like to increase their production, but the goals must be reasonable. It is close to impossible to go from $5 million in a year to $30 million. If you set out impossible goals, the act of goal planning will be worthless. On the other hand, one’s goals should help them reach for higher achievements. You should not be accepting of the status quo. That is where the balancing act comes in. You must reach, but the goals must be attainable.

Someone’s goals should help them achieve long-term objectives. If you are going to make more money — what is it for? Paying down your debts? Sending your children to college? Getting closer to retirement? These longterm goals should give you the motivation to reach higher for next year. In other words, you need to know the “why” of your goals. One of my favorite sayings is:

If you don’t know where you are going, how do you know when you get there?

Setting out monetary and production goals are not enough. What actions will help you achieve your goals? Here you are drilling down to the dayto-day and week-to-week. If you don’t increase your activities, it is not likely that you will produce more. So, what actions are you going to add? Which ones do you need to modify or elim-

Setting out monetary and production goals are not enough. What actions will help you achieve your goals?

Here you are drilling down to the day-to-day and week-toweek. If you don’t increase your activities, it is not likely that you will produce more.

inate? What targets are you going to zero in on?

Don’t forget about this year. I typically use a special exercise to facilitate the planning process. I ask each participant within my seminars to imagine a “do-over” for the previous year — in this case 2024. I ask them, if you had this year over again, what would you DO differently? This will give you a great baseline for planning for next year. We are not planning in a vacuum — your experiences must influence your decisions.

Implement your plans immediately. Don’t wait until 2025. That is too late. You must implement your plans now to get a running start for next year. Starting by standing still will not propel you forward. You don’t want to start getting results in March.

I hope these tidbits will help you change your thinking while you are planning for 2025. Would love to hear whether these were helpful to you — especially in getting positive results for next year. Good luck! ■

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

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RENEWALS, NEW BEGINNINGS, AND CLOSING OUT CHAPTERS

Taking the drama out of annual planning

BBY ERICA LACENTRA, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

y the time this article is published in December, most of my annual planning for RCN Capital’s marketing department will be complete. After years of trying to figure out the best way to tackle department budgeting and annual planning, it still isn’t something that necessarily comes easily. However, there are ways to handle the process that can reduce some of the associated stress. So, when it comes to planning for the upcoming year, how can you ensure that you are making the right decisions so that your future self will end up thanking you?

THE ANSWER IS ALL IN THE DATA

One of the first courses of action you should take when planning out the year to come is to review all of the initiatives that you have completed over the past year. Starting the process by analyzing what worked and what didn’t work in the last year allows you to prioritize what initiatives should be renewed and what can be axed. This can give you a much better idea of where

your budget will sit in the new year and how much needs to be allocated on renewals vs. what you can spend on new items.

Take time to analyze the KPIs you set for each initiative and your return on investment. If you are considering renewing certain initiatives, you’ll want to also determine if you want to renew at the same level, a lesser level, or a greater level based on performance over the past year. Finally, if you have items that were set up on a recurring contract basis, make sure you are carefully reviewing the stipulations of your contracts to determine if all deliverables were provided within the specified time frame and if there are specific time frames that you need to adhere to for renewals or opt-outs. If there are time-sensitive contracts that need to be addressed first, you know that is where to focus on first.

Spending this time upfront will ultimately make your renewal conversations with outside partners as smooth as possible because you will know what needs to be tackled first, what to ask for, and what price points make sense based on past

Analyzing what worked and what didn’t work in the last year … can give you a much better idea … [of] how much needs to be allocated on renewals vs. what you can spend on new items.

Leave a bit of a buffer in your annual budget in case an initiative or event pops up during the year that you want to allocate money to.

performance. Once you have all of this information determined and laid out, it’s time to schedule your renewal calls.

IT’S NOT ME, IT’S YOU

Having renewal calls can be one of the most nerve-wracking parts of the annual planning process, especially if you’re planning on not renewing with certain vendors, which will be inevitable. To reduce some of the anxiety associated with these conversations, prepare your talking points, asks, or general feedback for each call.

For renewals, make sure you have a list of requested deliverables, the general budget you want to spend for the year, and the goals you are looking to accomplish from your requested efforts. Be prepared to go through a few rounds of discussions as vendors often have new initiatives they may be offering for the upcoming year and additional recommendations for items that could help you hit the goals you discuss with them which could both affect your final budget.

For the harder conversations when you plan to cut ties and not renew with a vendor, be prepared to provide your reasoning for why you won’t be renewing. End the existing contract gracefully but try to keep the door open for future

opportunities. There is always a chance that the vendor will improve their initiatives in the future or offer new initiatives that better align with your goals so you may want to re-engage.

DISCOVER NEW OPPORTUNITIES

Once you have completed your rounds of renewals and opt-outs, it’s time to review your goals for the upcoming year and identify new channels and opportunities that may be beneficial to helping you achieve those goals. Whether its expanding market share, reaching new audiences, or increasing brand awareness, identify potential vendors or partners, and initiate calls to see where they could fit into next year’s plan. Approach these calls in a similar manner to how you worked through renewals by discussing the goals you are trying to achieve as well as a general idea of what you are looking to spend to see what solutions these prospective partners propose. If a proposal looks good, make sure you outline objectives and KPIs that you will be tracking to see if the initiative will be successful or not before proceeding with a contract. You want to be sure you can easily identify if a new initiative has been successful for future planning purposes.

At this point, between renewals and new

initiatives, you should be at a comfortable point where most of your planning for the upcoming year is in a good spot. Anecdotally, it can be useful to leave a bit of a buffer in your annual budget in case an initiative or event pops up during the year that you want to allocate money to. It is always better to give yourself a bit of wiggle room rather than have no ability to commit to something later in the year. You never know what may come up that is an offer you feel like you can’t refuse.

ANNUAL PLANNING DOESN’T HAVE TO BE PAINFUL

When it comes down to it, annual planning is a necessary part of any organization to prepare for initiatives in the coming year. While the idea of trying to pin things down three to six months before the start of the new year can seem daunting, there are steps you can take to make the entire process more methodical and less painful. It is also one of those things that if you can take care of it sooner rather than later, you can breathe a sigh of relief once it hits the new year, and most importantly, your future self will thank you for all of the careful coordination and meticulous planning. ■

Erica LaCentra is chief marketing officer for RCN Capital.

MORTGAGE LENDERS ARE KEY TO FINANCING STACKS

Low-income tax credit financing brings traditional lenders into crucial role

MBY LEW SICHELMAN, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

any Low-Income Housing Tax Credit developments wouldn’t get off the ground without conventional mortgage lenders, who are often called upon to supply a significant piece of the financing puzzle on a lot of LIHTC deals.

LIHTC projects — affordable multi-family housing — are notorious for having many sources of funding because the equity raised in an LIHTC transaction is not enough to completely finance the project.

The amount of conventional financing a LIHTC deal requires “ranges a bit,” says Daniel Cruz, senior vice president of development at Cruz Cos. Ten to 15 percent is a good estimate with the lenders the Boston outfit uses, which includes Rockland Trust, Eastern Bank, the old Boston Private (now SVB

Private), and agency lenders such as MassHousing, Cruz says. In fact, sometimes there are so many layers of money in a particular LIHTC development that industry insiders refer to them as “lasagna loans.” Besides first mortgages, financing stacks often include construction loans and “soft second” mortgages from municipal and state sources that may or may not have to be repaid.

OPTIONS ABOUND

Mortgage lenders make a couple of different kinds of loans to LIHTC developers. They make construction loans to get shovels in the ground. And they make permanent mortgages. Then, too, there is a hybrid of the two, called a construction-to-permanent loan, that covers both bases. In addition,

Though it’s complicated, the HIHTC has been a workhorse program for building new and rehabbing existing low-income multi-family properties.

banks often buy LIHTC equity in the deals to reduce their tax burdens and to get Community Reinvestment Act credit for their investments.

What is the Low-Income Housing Tax Credit? It’s complicated. For starters, renters in any property funded at least in part with tax credits must have incomes at or below 60 percent of the area median. Those with higher incomes must live elsewhere.

Since the LIHTC is a tax credit, the process starts out at the Internal Revenue Service, which doles out authority to state housing finance agencies based on population. (California gets a lot of LIHTC allocation. Delaware, not so much.)

Developers apply to state HFAs for their projects, which, if they earn enough points, are funded. But the successful developer doesn’t use the tax credits for himself. He has to hire a capital markets firm called a “syndicator” to locate investors who want to purchase the tax.

Some firms have no need for tax breaks, so they aren’t targets. But banks and insurance companies are big investors. The government-sponsored secondary market enterprises, Fannie Mae and Freddie Mac, aka the agencies, traditionally have been big buyers as well.

And the deals vary based on market rates. So, depending on how the market is performing, an investor may be able to buy a dollar’s worth of tax credits for less than a dollar and realize a second benefit on the transaction. In yet another complication, the investor in the equity can be either a single

investor or a group that has banded together. Finally, there are two kinds of LIHTC deals, called 4 percent and 9 percent transactions.

BIG RESULTS

Whew! But though it’s complicated, the HIHTC has been a workhorse program for building new and rehabbing existing low-income multi-family properties. Since its inception in 1986, the tax credit has been responsible for about 100,000 units per year, or 3.55 million through 55,000 projects as of 2021, according to the latest figures from the Department of Housing and Urban Development.

Here’s a recent example of a typical LIHTC deal: Queen Manor, a public housing project in Dover, Del., was combined with a nearby LIHTC property (Owens Manor) into a single 110-unit development in a $29 million transaction, through HUD’s Rental Assistance Demonstration program. A first mortgage from Citibank came to $4.8 million, or about 16 percent of the financing.

But there’s more, way more. Nine layers of financing, in fact. Hence the lasagna moniker. Without them, Queen Manor would have been well-short of what was needed:

Sources of Funds, Queen Manor :

• $4,800,000 First Mortgage from CitiBank

• $11,083,051 in LIHTC tax credit equity from Cinnaire

• $4,091,879 Seller Note/Take Back Financing

• $1,000,000 HOME funds

• $6,500,000 from the Delaware State

Housing Authority (DSHA) Development Fund

• $400,000 from the State of Delaware American Rescue Plan Act Fund

• $500,000 in deferred developer fees

• $320,000 in interim income during the construction period

• $485,142 from the pre-existing reserves at Owens Manor

Developer Cruz offers this short tutorial on the complicated ways lenders are involved in LIHTC deals:

“Banks have multiple roles they can play,” developer Cruz says in explaining the ways lenders can become involved in LIHTC deals. It all depends, he says, on whether the debt is taxable or tax exempt.

“If it’s tax exempt, it means they purchased the bonds that were issued within the state under the state’s volume cap. Those bonds allow us to access credits which we sell as equity. If it’s on the taxable side, typically it’s a 9 percent deal. It would be a taxable mortgage at the bank’s then-current lending rates.”

On a recent Cruz LIHTC project called Michael E. Haynes in the Boston area, the tax-exempt lender on a 4 percent deal, Rockland Trust, also purchased some of the equity in the deal.

“They’re definitely part of the team,” Cruz says of mortgage lenders. “You can’t do anything without them. Without a mortgage lender, you don’t have a deal. But the debt is not the highest percentage of sources in an affordable housing deal.

“A tax-exempt deal has a certain amount of tax-exempt debt that has

to be in the deal. It has to be more than 50 percent of the eligible cost. So, you can have a tax-exempt construction loan and a tax-exempt permanent loan. The loan will act as a bridge until completion of construction, and then that becomes permanent.”

Then we see how much debt we can support. We use the tax credit rents for years one, two, and three. We have a rough range of what the expenses are per unit. We factor that in and come to an NOI, the net operating income. We use that to size the debt.”

its for projects in 49 states and several territories since 2018.

Fannie Mae has a Congressionally-mandated “duty to serve” affordable housing preservation, manufactured housing, and rural areas, including American

Sometimes there are so many layers of money in a particular LIHTC development industry insiders refer to them as “lasagna loans.”

Because of the way agency funder MassHousing worked, financing on the Haynes project was even more complicated, with tax-exempt series A and B binds and a taxable construction loan.

BUILDING PLANS

Construction loans are shorter term than permanent loans, and the funds are not disbursed all at once, but throughout the construction period. They often — but not always — have lower interest rates as well. On the Haynes property, the construction loan was for 30 months, while the permanent loan was for 17.5 years.

How does a developer plan for a loan, and when does the bank come in? According to Cruz, “We do a pro forma in house.

“We know what the square footage costs are and what our costs are. And then we look at the soft costs and determine a total development cost.

But since equity and hard debt alone won’t finance a project, more debt has to be stacked, one on top of the other. That’s where soft money from a municipality or state come ins. And if all that is not enough, state tax credits can be used as a gap funding source.

At another Cruz project — 135 Dudley, also in the Boston area — the permanent debt came to $5.5 million on a $52 million deal, or about 10.6 percent of the financing. “It ranges a bit, but ten to 15 percent is probably fair to say,” Cruz said.

FANNIE FINANCING

About 85 percent of the investors in LIHTC are commercial banks which can achieve Community Reinvestment Act credit when investing in low-income projects, according to the CohnReznick advisory firm in Washington. Another big-time investor, Fannie Mae has committed to $3.2 billion in cred-

Indians on their homelands, and LIHTC equity counts toward its DTS mandate.

The agency describes its involvement in tax credits this way: “We provide a reliable source of capital to support the creation and preservation of affordable rental housing and have invested in hundreds of properties since re-entering the market in 2018, working closely with syndicator partners, developers and housing experts.” ■

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.

My associate Mark Fogarty contributed to this report.

HAPPINESS IS AN INSIDE JOB

The choice to be positive about your life is yours to make

TBY HARVEY MCKAY, CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

here once was a farmer who won the award for the best wheat in the county every year. One day a woman asked him the secret to his success. He told her that the key is to share his best seeds with his neighbors so they could plant good wheat as well.

The woman asked, “How can you share your best wheat seed with your neighbors when they compete with you every year?”

“That’s simple,” the farmer replied. “The wind spreads the pollen from everyone’s wheat and carries it from field to field. If my neighbors grow inferior wheat, cross-pollination will degrade everyone’s wheat, including mine. If I’m to grow the best wheat, I must help my neighbors grow the best wheat as well.”

This is not only good advice for growing the best crops, but also excellent advice for how to live your life. If you want to live a meaningful and happy life, help others find happiness.

I love the saying: If you want happiness for an hour, take a nap. If you want happiness for a day, go fishing. If you want happiness for a year, inherit a fortune. If you want happiness for a lifetime, help someone else.

Happiness is incredibly important. That’s why August is Na-

tional Happiness Month. It is not just a fleeting emotion or a byproduct of success. It is a state of mind that can significantly influence both your personal and professional life. I often say that happiness is not a spectator sport — you must actively participate in the pursuit of your own joy. It is a powerful force that can shape your outlook on life, your interactions with others and your overall well-being.

“Happiness is an inside job,” said New York Times best-selling author Mandy Hale. “Don’t assign anyone else that much power over your life.”

The pursuit of happiness is a personal journey, and what brings joy to one person may differ for another. However, there are several universal strategies that can help you obtain happiness.

Some of the insights that I’ve found to be effective include:

Choose to be positive. Cultivate a positive outlook and focus on the good in your life. Develop an attitude of gratitude. Regularly reflect on and appreciate the things and people you’re thankful for. Happiness is contagious. It can improve your relationships and friends, family, and colleagues because people are naturally drawn to those who exude pos-

itivity. With a positive attitude, you are better equipped to bounce back from setbacks and maintain a hopeful perspective. Also, a positive mindset can lead to greater productivity and success. When you are happy, you are more engaged, creative, and motivated to achieve your goals.

Incorporate humor into your life. Life is too short to be serious all the time. Look for humor in everyday situations and allow yourself to laugh. Use humor as a tool for hope, signaling that better times are ahead and that you can handle life’s challenges.

Follow your enthusiasm. Be open to taking detours on your roadmap to happiness. Your enthusiasm may lead you to unexpected and fulfilling places. Enthusiasm is the spark that ignites our lives.

American financial adviser Suze Orman said, “Happiness is not a luxury. It is a necessity. When we are happy, we are in the best possible place to be good to ourselves and those we love.”

Happiness also has been linked to better health outcomes. When you are happy, you are likely to experience less

If you want to live a meaningful and happy life, help others find happiness.

Be helpful and kind. Volunteer and help others. Engaging in acts of kindness and volunteering can boost your mood and lead to a happier life. Compliment and thank others. Recognizing the value in others can enhance your relationships and bring joy to both you and them.

Choose joy. Every day, you have the choice to seek out and embrace joy. Make the conscious decision to pursue activities and thoughts that make you happy. At the same time, avoid selfpity, worry, and complaining. These negative tendencies can sap your happiness. Work on eliminating them to make room for more joy in your life.

stress, which can con tribute to a stronger im mune system and a lower risk of chronic diseases.

Happiness is not a destination; it is a way of life. It is about enjoying the journey and making the most of the moments you have. By actively engaging in these practices, you can create a happier and more fulfilling life for yourself.

Mackay’s Moral: Happiness is like a kiss — you must share it to enjoy it. n

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

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As new cybersecurity regulations take effect, smaller companies lack visibility into their own organizations. Others simply choose not to look.

RYAN KINGSLEY, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

day that Jordan Bingham entered the mortgage industry as an originator, he saw his exit. A disconnect persisted between mortgage professionals and cybersecurity experts: like cats and dogs, neither really understood what the other one does. Bingham, though, has lived both lives.

“It was almost an inevitability to me, where I saw from the inside how much data we have access to, how easy it would be if someone wanted a big score,” explains the former broker-owner, now founder and CEO of LendSafe. “I realized that this is coming down the road one way or another.” Bingham also understood that if he could calculate the risk, cyber criminals had already calculated the opportunity.

Beginning his career in the world of ones and zeroes, Bingham reinvented himself as an originator in 2017, joining the Bellevue, Wash.-based Homelink Mortgage and using a proficiency in both Cantonese and Mandarin to serve a market in need of those skills. He left Homelink in 2018 to open Ridge Home

Loans, a small broker shop in Lindon, Utah. Frightened by the industry’s systemic lack of cybersecurity and determined to address this emerging risk, he left Ridge Home Loans in late 2020 to start LendSafe, a firm that helps mostly mom-and-pop mortgage companies implement cybersecurity protections and comply with new regulations.

The disconnect Bingham highlights underscores what cyber experts see as an industry-wide complacency to build resilience against rising cybersecurity threats. Industry regulators are ill-equipped to implement and enforce cybersecurity policies. Indicative of this deeper problem, Bingham estimates that 90% of breaches at the mom-andpop shops he serves aren’t reported.

“It’s very clear that up until this point, it’s kind of been ignored by regulatory agencies, both state and federal,” he says. Updates to the Gramm-LeachBliley Act (GLBA), which took effect in June 2023, provide a modern, federal framework for protecting consumer data. A handful of states have been proactive, passing their own cybersecurity regulations. Agencies like Gin-

nie Mae have instituted strict breach notification requirements.

It’s the deaf leading the blind, though, because the greatest cybersecurity threat mortgage company owners and operators face is their own reluctance to take the threat seriously. Cyber criminals, like most criminals, look for the path of least resistance. Don’t be your own worst enemy, experts say — it’s not about eliminating risk, but creating resistance.

“Turning a blind eye is just another term for risk acceptance,” says Michael Nouguier, chief information security officer and head of cybersecurity consulting services for Richie May, the mortgage industry-specific tax, audit, and advisory firm. Even following a recent spate of high-profile cybersecurity incidents impacting the likes of Mr. Cooper, Fidelity National Financial, First American, Fairway Independent, and loanDepot, Nouguier still hears from mortgage executives, “I don’t want to know because then I have to do something about it.”

Three years ago, it was difficult for

Bingham to get mortgage professionals to listen to his warnings. As companies gradually incorporate cyber risk in their overarching business models, a gulf exists between top-down regulatory actions and bottom-up compliance efforts, forcing cybersecurity experts to ask a new question of the industry: which companies — and customers — are left behind?

“IT WON’T HAPPEN TO ME”

The pervasive attitude among mortgage executives concerning cyber attacks is, “it won’t happen to me.” To that, experts reply, “until it does.” Because investing in cybersecurity does not directly correlate to the way mortgage companies make money, companies find it difficult to justify the expense. Experts say it must become part-and-parcel of operations.

“Lenders understand financial risk as kind of a foundational aspect of their business, but you really have to look at compliance risk and digital risk there,” says Craig Mertens, principal architect at High Gravity, a cyber consulting firm. Prior to High Gravity, Mertens spent a decade in “big consulting” for Accenture, working with healthcare, finance, and mortgage companies.

From his perspective as a software architect and implementation specialist, “there’s a whole portfolio of risk liabilities that sometimes just kind of fall through the crack.” Companies know they need someone to lead, monitor, and audit their financial operations, which requires leadership and expertise to do so effectively. They still see a need for cybersecurity leadership

and expertise as optional, despite their day-to-day financial operations becoming more digital.

During 2020 and 2021, mortgage companies grew exponentially overnight. As they grew, many invested in new technologies and platforms, including cybersecurity. As profits and savings dwindled over the past two years, cybersecurity spending was often one of the first expenses to be cut.

Bingham tries quantifying for clients how system breaches cost much more than preventative investments. “It falls on deaf ears unless regulation is pushing them that way already,” he says. Given the belt-tightening measures many companies have taken over the past two years, people tell him, “I practically don’t have a company to lose if someone were to hack me.” He doubts that logic would satisfy the borrowers whose data ends up on the dark web.

Helping companies overcome the expense of investing in cybersecurity was part of Bingham’s plan in starting LendSafe. His subscription-style pricing model scales with the size of the shop, with monthly pricing starting at $100 per office location, plus $10 per employee. He can operate at this lower price point because he was an originator — he knows how the industry operates, the digital tools companies use, the third parties they grant access to, and the regulations.

Many companies fail to realize that having cybersecurity protocols mitigates the impact of a breach, such as by reducing downtime after an attack. Demonstrating strong awareness of the risk also plays better than negligence in courtrooms. Ultimately, no

company is too small to avoid being the target of a cyberattack.

“I get on the phone with owners of companies that are crying sometimes,” says Nouguier, “ ‘I don’t know what to do. Nobody can email. We’re losing money left and right. We can’t access our systems.’ Those things were truly not considered ahead of time.”

A RISING CYBER RISK

One client Bingham helped recently had an attacker in their email accounts for four months before being discovered. Imagine someone living in your attic all winter without you knowing.

“They had no idea that there was even someone in there,” he says. Every email sent and received was available to that intruder. He estimates that 10% of small brokerages have an employee with a compromised email account. He also estimates that simple actions like resetting passwords and requiring multi-factor authentication can mitigate 80-90% of all attacks.

At the end of the day, most cyberattackers aren’t hacking in, but logging in. Most cyber criminals are opportunists — if a door is left ajar, they’ll push it open. Only very sophisticated hackers employ a digital battering ram to break down the door altogether. Rarely is a smaller mortgage company targeted with something like a “zero day exploit” — a vulnerability that Microsoft, say, or whichever company developed the vulnerable technology — does not know exists.

Mertens has consulted for small mortgage companies with 300–400 employees producing $150 million or less annually that experience tens of thousands

One of the concepts that I’ve been preaching for years and years is that there’s no longer this segmentation between business risk and cyber risk. They all exist as one at this point.

> Michael Nouguier, CISO and head of cybersecurity consulting services for Richie May

of security events each day. “Security events are at a very granular level,” he explains. “There’s a huge amount of malicious activity going on just as drivebys.” That number grows as the industry itself becomes more of a target.

Headline-grabbing ransomware attacks are typically orchestrated by sophisticated cyber criminals targeting larger lenders and servicers. Those attacks involve encrypting, stealing, and holding data for ransom — under threat of publishing the data online. Those attackers recognize that data is how mortgage companies, especially servicers, make money. Less sophisticated cyber criminals, which are most, experts say, target borrowers and businesses directly through compromised email accounts, phishing campaigns, and wire fraud.

“We’re seeing that a ton in broker shops and small, mom-and-pop shops,” says Bingham about the latter type of attack. “It’s like two originators in the company, and yet they have someone sitting on their emails, basically skimming all that information and then shooting out emails to borrowers as they get close to

closing.” This happened to another client of Bingham’s recently.

He whittled down the cause to re-used passwords. “You don’t have to be smart at all,” Bingham continues. Most likely, a cyber criminal found the company’s passwords and correlated email address in a database on the dark web. Until the last year or so, companies and regulators have largely ignored these emerging cyber threats, especially for smaller mortgage companies.

However, the clients of smaller mortgage companies have the same right to data security as the borrowers who get a mortgage from Mr. Cooper or loanDepot. Bingham fears a lack of regulatory pressure on smaller shops threatens to leave those customers and companies unprotected, even as new federal and state regulations are being drafted and implemented.

CYBER RISK IS BUSINESS RISK

When Bingham was still originating and LendSafe was still in the planning stag-

es, a conversation with a broker-owner confirmed his worst fears.

Bingham asked the man how his shop conducted business. “Over email,” the man said. How old was the business? “10 years old,” he replied. Had he ever changed his email password? “Never.” Did the man use multi-factor authentication? “Nope, none of that.” If I broke into your email, would I find 10 years of your borrowers’ documents? “I guess so.”

“One of the concepts that I’ve been preaching for years and years is that there’s no longer this segmentation between business risk and cyber risk. They all exist as one at this point,” says Nouguier. “You as an organization need to consider that technical cybersecurity risk as a part of your business risk.”

By their nature, he explains, cybersecurity risks pose a much more acute threat to companies than other business risks. Elevated interest rates impact a company over time. A tornado or wildfire destroying an office is an acute risk, but unlikely in most places. Online

systems anywhere can be hijacked from anywhere and kept offline for days or weeks. Millions of dollars of lost revenue can be realized extremely quickly.

Mertens calls digital risks “uncaptured liabilities,” and insists that understanding cyber risk as part-and-parcel of business risk means companies must reconcile network and endpoint vulnerabilities with a more nuanced financial accounting. “If you have a loan portfolio, you have a statistical understanding of what that risk looks like as kind of a liability,” he says. “But, what’s the on-paper value of a hacker getting into the network?”

Nouguier hopes that aggressive reporting requirements by the Securities and Exchange Commission (SEC), Ginnie Mae, and state regulators like the New York Department of Financial Services (NYDFS) will force companies to develop a more mature security posture.

When a breach happens to a mortgage company operating in New York, for example, failure to inform regulators incurs a hefty fine, and possible loss of licensure. The NYDFS also requires annual attestations as to a company’s cybersecurity protocols. At 48 hours, Ginnie Mae has instituted the shortest breach notification window of any federal mortgage regulator. The SEC requires publicly traded companies to report breaches within four business days of their knowledge of the breach.

And yet, many companies lack the infrastructure to identify or diagnose a breach so quickly. “It’s a hyper mature organization that can detect a cybersecurity incident that is material to them and go through an entire incident response program in 48 hours,” Nouguier

says. “Mortgage companies are looking at this saying, ‘We don’t have this visibility inside of our organization.’ ”

The way cyber risks can impact mortgage companies also changes as technologies evolve.

“What’s kind of reared its ugly head in the last half-a-year or so is this third-party risk that is impacting organizations,” Nouguier continues. “The two largest things impacting the mortgage industry at this time is the human element, due to their public exposure, and third-party risk management.” Third-party risk management is more of a legal issue than a technical problem for mortgage companies using third-party technology providers to run their daily operations.

A mortgage company can be liable if a third-party provider is breached, even if not directly by fault, and regulators like Ginnie Mae and the NYDFS force their stricter standards on mortgage companies’ third-party providers. While forcing stricter standards on companies and third-party technology providers can drive a culture shift within the industry, there’s much to be desired when it comes to enforcing laws and auditing compliance to prevent cyber incidents, first of all.

Most state regulators charged with auditing mortgage companies are not even IT experts, let alone cyber experts. “They’re lawyers,” Nouguier says. “They’re not in-the-trenches IT and cyber people.” Submitted responses to a questionnaire is what’s being audited 90% of the time that regulators come knocking, he says. When a breach occurs, “I don’t think that any regulatory body at this point is send-

ing somebody into mortgage banks to understand what’s happening,” Nouguier continues. “It’s usually just questions that are emailed back and forth, and it’s based on what responses you give.”

STATE REGULATORS SLOW TO ADAPT

In August 2023, Utah implemented new policies for reporting and protecting against cyber incidents. Bingham was directly involved in this process, offering his expertise as a consultant to Utah’s Department of Real Estate’s (DRE) Mortgage Commission. He says he had to push “pretty hard” just for Utah regulators to include breach notification requirements.

For an attack like that experienced by California-based loanDepot in January, “if that had only happened in Utah, you would probably never find out about it. It’s such a patchwork of different reporting laws that frankly falls really, really short,” he explains. The news of loanDepot’s cyber incident stemmed from a regulatory filing in Maine, where breach reporting is mandated.

If a mortgage company operating in Utah suffers a data breach now, they must notify borrowers as well as regulators. Other changes include deleting customer data when it is no longer needed and removing access to all systems for terminated employees. Employees not working in licensed branch locations must be provided with a VPN by their sponsoring entity.

An industry veteran of more than a decade, Gina Johnson is co-owner of Clearfield, Utah-based Lift Home Lending, and contributed to the state’s efforts as a DRE commissioner. Her in-

I get on the phone with owners of companies that are crying sometimes.

‘I don’t know what to do. Nobody can email. We’re losing money left and right. We can’t access our systems.’ Those things were truly not considered ahead of time.

> Michael Nouguier

volvement began at the tail end of the process, but Johnson has been implementing cybersecurity best practices at her company for years.

A friend of Johnson’s recently fell victim to wire fraud during a mortgage transaction. Not using Johnson’s company, he had been showing her documents throughout the loan process to glean her expertise as a second opinion. Then she received this text from him: “I just lost $190,000.”

He had wired the sum to a cyber criminal posing as his title company. Highly intelligent and armed with a Master’s degree, “he’s not your victim that’s like 75 and doesn’t know how to use a computer,” Johnson says. Nevertheless, he is one more data point proving that any borrower can fall victim to cyber crime, as can any business. Her friend was doing business through a local credit union and a local title company, as opposed to a large, national company.

A day-one conversation with every client of Johnson’s includes a lecture on wire fraud and the safe transmission of documents. Despite Utah’s step in the right direction, though, Johnson and Bingham believe weak enforcement undermines the new rules. There are more than 6,000 licensed loan officers in Utah. When it comes to auditing a mortgage company operating in the state, ensuring the use of VPNs or testing their system for vulnerabilities, “I don’t think that’s anybody’s wheelhouse from the regulator standpoint,” Johnson says.

Third-party experts like Bingham bridge a knowledge gap within the department, advising on policy and enforcement procedures. But, a lack of technical expertise impedes state regulators’ ability to be proactive. Bingham has worked with regulators who admit to not knowing how to assess companies’ efforts at implementing cyber protections — they just mark the sheet that the company has done so.

“They have investigators who will go out and conduct investigations,” he says. “These investigators are not IT professionals. They’re not cyber security professionals.” Un-technical regulators trying to fix technical problems “is going to create issues for a while” until regulators decide “that should be part of the job description” — and can afford salaries for those experts.

The regulatory bang has to be worth the regulatory buck.

“No five-person shop is getting audited by whoever’s supposed to be enforcing the Gramm-Leach-Bliley Act safeguards rule,” Bingham continues. “It really comes down to the states to get their act together.” While Washington, Utah, New York, and North Carolina have been proactive, he says, others have been less so. Listing the states doing poorly is difficult.

“A lot of them are just not doing much of anything,” he says. “That’s about as bad as it gets.” n

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TO RESCUE

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

L.O. THE RESCUE

Days from the deadline, a closing begins to collapse. A lender pulls out. You need a fixer, an experienced hand, someone tenacious and creative to bring the deal back from the brink. Where do you turn? Who do you call? The answer: LO heroes like these.

MLOs who want to be the name on that business card, listen closely.

VA LOANS

“A lot of the rescue stories we get into are appraisal-related,” says Robert Fillyaw, senior LO and managing partner at Holland Mortgage Advisors (HMA) in Gainesville, Florida.

Fillyaw specializes in VA loans, which boast different procedures than most other home loans, a trait that repels most LOs. But not this LO.

“When you look at the VA lending process and the guidelines, they’re the most forgiving of any product that we have. They have the loosest credit standards and the most robust appraisal dispute and support process to try to get to the true value,” Fillyaw says.

Back in 2021, a veteran couple was buying their dream home and their appraisal came in $25,000 short of the contract price. Fillyaw was there.

“This national, veteran-centric lender refused to do a dispute for these clients on their behalf to the Region Loan Center (RLC), which is absolutely just asinine. Long story short, the client flipped over to us.”

He took the appraisal to the RLC with comps provided by the listing agent and had the property value raised.

“Unfortunately it added about two weeks to our closing time, but we were able to step in where there was a lack of knowledge and lack of understanding with another lender,” he explains.

There are still misconceptions about VA loans, even though the federal government has changed guidelines over

the years to streamline this program.

“There’s this perception out there that VA appraisals come in under-value compared to a conventional appraisal. There’s no statistical data to support that. It’s actually the opposite,” Fillyaw says. “VA is the only loan program out there where we can dispute that value outside of the appraiser. The RLC has staff appraisers to listen to our dispute and review it as an independent party in the best interest of the veteran, to see if that value can be supported.”

Another misconception is that inspections are still stringent. An example could be a wall that hasn’t been painted, which might have been flagged as a necessary repair in the past. “The VA has worked really hard from the regional loan centers’ direction and guidance to the appraisers to modernize a lot of their thoughts and views on property standards,” Fillyaw says.

Properties are still required to undergo a Wood Destroying Organisms (WDO) report, which conventional loans don’t require.

But not every veteran qualifies for the program. They need a Certificate of Eligibility (COE) proving that they’ve met the VA’s military service requirement.

“If you’re doing VA loans, the first thing you should be doing is pulling a certificate of eligibility for your veteran and making sure that their service qualifies,” says Fillyaw, adding that this is a pet peeve of his. “The VA also uses a secondary income calculation called residual income, so you have to make sure they qualify with that as well.”

He started in retail banking while serving in the Marine Corps Reserve and be-

came a full-time originator after returning from a tour of duty in Iraq.

“VA lending is near and dear to my heart because of my brothers and sisters that served as well,” Fillyaw says. “We pride ourselves on being an advocate for veterans. We tell people all the time, if you’re running into trouble with a VA loan, call us, we’ll help you. Obviously, we’d love to do your loan, but first and foremost, we want to help veterans and right the expectations and perceptions of the VA loan.”

AN INVESTOR, AN UNDERWRITER, AND AN ACCOUNT EXECUTIVE

Having the know-how when it comes to bank statement loans and investment properties has helped Mortgage Capital Advisors President Mark Dodson build his business.

“Back in my early career, when I first got into the business, the owners of a company taught me how to do [investment property loans] because that’s what they did,” Dodson recalls. “We did Elton John’s deal in ‘92 and ‘94. I just sort of got the niche for that and have been thriving ever since.”

One issue Dodson sees is self-employed borrowers often being turned down for home loans because they haven’t declared all their income sources on their tax returns.

“Two weeks from closing, the traditional lender will say they can’t do the loan. And then they call me in a panic to see what we can do. I’ve gotten those for so many years,” Dodson says.

A realtor-partner called him recently after an investor-client was denied

by their bank. With 24 months of bank statements, he was able to get the client pre-qualified two days later and the loan closed within three weeks.

“Sometimes when the client calls us, they’ve just been turned down. They jumped through hoops trying to get this deal approved and they’re a nervous wreck because they have a closing coming up. You have to be confident knowing what you’re doing,” Dodson points out. “Even if it’s saying, ‘look, we’re

not going to meet the closing date of the 30th, but we’re going to close it by the fifth.’ Let them know upfront what you’re looking at.”

That’s why it’s crucial for an LO to have good working relationships with investors, underwriters and account executives.

“You just have to get the word out. We have a great database. We do social media very well. And you have to be constant. It’s not going to come overnight.”

“This national, veteran-centric lender refused to do a dispute for these clients on their behalf to the Region Loan Center (RLC), which is absolutely just asinine. So long story short, the client flipped over to us.”

> Robert Fillyaw, senior LO/managing partner, Holland Mortgage Advisors

LOT O’ LENDERS

Rafelky Cotto, who is a branch manager and MLO for NEXA Mortgage, dba Best Life Mortgage, closed her first loan in Nov. 2022. The following year, she met a client purchasing a $2.7 million property with a bank statement loan and another lender.

“They denied him because he didn’t meet tradeline requirements,” says the Georgia-based mother of three. “We work with over 100 lenders. So if something doesn’t work with one, it’ll most likely work with another one.”

That high-income client wanted to be in his new home by Thanksgiving, and Cotto had less than two weeks. “I interviewed a lot of banks and I found one that was able to close him the day before Thanksgiving and he did his celebration there,” she recalls.

Taking on a client who’s been through the wringer with another lender and saving their loan makes a client — and a referral partner — for life.

Cotto’s very first loan closed, which she detailed in an interview with Staff Writer Sarah Wolak in Mortgage Women Magazine’s Sept. 2023 issue, was with a client denied the day they were closing on their new home.

“As soon as I looked over the application, I kept wondering why the people they had worked with didn’t help them or present them with a better option. We got the client into a house in 30 days and this client continues to refer people to me.”

She’s closed more than 150 loans since then, and counting. You know you’re good when other LOs are calling with

clients they don’t have the means to handle.

“They know that I work with a lot of lenders,” she explains. “I feel like each transaction is a different experience and I am blessed because I have a lot of other loan originators and closing attorneys that trust me and know that I’m going to work hard to get a file to the closing table.”

Realtor relationships are key, she adds. “Even if it’s not their buyer that I’m

representing, they have a listing and they send buyers, who aren’t even their clients, to me to see if I can help them out and give them a better rate and close them quickly.”

The list continues with a referral from a closing attorney.

“They needed transcripts from the IRS and there is a workaround with this,” she says, adding that she was in Arizona at a conference and the borrower needed to close in a week.

“Sometimes when the client calls us, they’ve just been turned down. They jumped through hoops trying to get this deal approved and they’re a nervous wreck because they have a closing coming up. You have to be confident knowing what you’re doing.”

> Mark Dodson, president, Mortgage Capital Advisors, Atlanta, Georgia

“We closed her in a week and we didn’t need the transcripts.”

Cotto can recall a tax-ID borrower with a low credit score who was denied because of it.

“I took my time to re-score him just so that he can get better terms and I closed them in a week. This buyer came from another loan originator, from another bank that has known me for years.”

Another was a buyer with a complicated history of employment.

“The lender he was working with had a hard time understanding the staffing agencies,” Cotto explains. “I actually got it clear-to-close in three days, just in time because the sellers did not want to extend anymore.”

THE HARD ONES

“You can be like everybody else and do

basic deals and that’s fine. I mean, a lot of people made a lot of money these past few years doing that,” Dodson says. “But if you want to separate yourself, get good at bank statements and NonQM. The key is having the right investors and getting a good account rep.”

LOs who have a difficult time sourcing large deposits may end up failing to be successful with bank statement loans, and he adds, “throwing them up against the wall.”

“They don’t know the warning flags to look for so you can address them before you submit. A good buddy of mine owns a broker company and we laugh about it all the time. People will go to another lender and we’ll say, ‘just give them 30 days and they’ll be back’.”

Dodson sends the requested 24 months of bank statements directly to his account rep to review and determine the

individual’s income eligibility.

“If the income is not there, if the credit score is not there, I’ll know right away. Any things of that nature that do not look right, we turn it down right away. We’ve had a couple recently, the cash flow is coming, but it’s not there yet. So they’re going to revisit us in about six months.”

In April, Dodson wrapped up a $3.3 million deal for a well-qualified, high-income-earning individual whose young enterprises were showing losses.

“So the bank tells him they can’t do it, they refer him to me and we flipped it to a W-2 income using asset allocation because he had so much in stock,” he recalls, adding that they calculated the potential income and closed.

For borrowers with multiple investment properties, it’s typically not possible to qualify using tax returns. They

don’t look at bank statements or income, W-2s or tax returns.

“We look at the market rent of that property per month,” Dodson says.

While Non-QM mortgages befuddle some, “all the brokers, we’re sitting here doing those types of loans.”

He warns borrowers against going to Non-QM newbies.

“Do not go to a person who’s just trying to figure out how to do these mortgages,” Dodson says. “I won’t pull their credit if I don’t have a deal.”

While other lenders will pass on certain deals, especially if the credit score is just too low, a difficult client can be a thankful one, and that’s good for business. Taking time to review all of their documentation is key.

“We work with over 100 lenders. So if something doesn’t work with one, it’ll most likely work with another one.”

> Rafelky Cotto, who is a branch manager and MLO for NEXA Mortgage

“We have a little bit more leniency,” Dodson says. We put a lot of work into it to get them ready. Once we do that, we have a customer for life because they’re so appreciative.”

A daring escape from loan denial in the final hour — how mortgage heroes are made. n

Another Trip Around The Sun

NMP sat down with STRATMOR’s Garth Graham about how 2025 will usher in new market dynamics

BY ERICA DRZEWIECKI, STAFF WRITER, NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Followers of the Chinese Zodiac believe that the Year of the Dragon symbolizes power, strength, good luck, and wisdom. Considering 2024 for the collection of these elements, mortgage professionals can hit the accelerator on the road to success in 2025.

NMP sat down with STRATMOR Group Senior Partner Garth Graham in the fall of 2024 to discuss the mortgage trends of 2024 and how they will shape the industry in 2025. One of the co-founders of Mortgage.com and a 30-year industry veteran, Graham has navigated through several mortgage cycles. Though less symbolic and forgiving than the 12-year cycles of the

Sheng Xiao calendar, mortgage industry cycles, too, are defined by preparations, predicaments, predictions, and, ultimately, priorities.

A YEAR OF TWO MARKETS

“I think the first thing I would say is, 2022 was a year of two markets,” Graham began the conversation. “2022, if we think back, was a year where there was decent refinance activity and a steady purchase volume until June. The first half of 2022 was a relatively balanced market. Suddenly in the middle of 2022, when interest rates went way up, the refinance activity went away.”

Graham added that most of 2024 was defined by extreme competition, bolstered by a sizable dip in refinance activity and cutthroat contests for the purchase business.

Decreasing interest rates in the second half of 2024 — for the first time in four years — is likely to stimulate refinance activity and improve the purchase market in 2025, Graham predicted.

But which mortgage channel will profit the most from this incoming boost so many are waiting on their marks for?

“It depends,” he said. “Historically, over 50% of all refinance transactions are done by consumer direct or centralized units. But centralized units do only 15% of purchases, which explains why consumer direct these last couple years has been down so much because refinance has been down. Is the increase in refinances we are forecasting, the way that the overall market will grow in the next two years, roughly 12% a year?”

Graham expects consumer direct operations like banks and large servicers will sweep over half of incoming refinance transactions. Loan originators and mortgage brokers are likely to pick up approximately 85% of the anticipated increase in purchase transactions, he said.

“The volume increases due to lower rates will not spread smoothly, like peanut butter. They’re gonna go primarily to individuals that meet certain segments … Not everyone’s going to get a little better. The high producing teams, I think, will reap the majority of those opportunities.”

THE ELEPHANT

It’s impossible to talk about the residential mortgage market these days without factoring in impacts from the National Association of Realtors (NAR) $418 million settlement, which permanently altered compensation practices for agents and brokers. How the new rules change market dynamics and partnerships in the long run has yet to be determined.

“I think it really could drive consolidation. That’s sort of my theory,” Graham said. “I think there’ll be some very high-producing listing agents who may participate more in the buy-side, or there may be groups of agents who do more buy-side activities in partnership with higher-producing loan originators as well.”

The number of individuals performing those services could diminish, either way. So who do you want on your team?

“Whether you’re a loan originator or someone who manages a wide range of loan originators, you really need to say, do I have relationships with full-time, high-producing professionals that are in the real estate space? If you have 10 realtors who do three deals a year and send you their business, that is — I think — at much more risk than if you have meaningful relationships with high-producing teams who may drive a significantly higher percentage of the volume. Take a good hard look at who you’re doing business with historically and try to figure out, are they going to be able to continue to drive business for you in the future if the market fundamentally changes?”

ORIGINATOR COMPENSATION

Graham prefaced a discussion about originator compensation with the acknowledgment that he began his mortgage career as a loan officer in 1987.

“Generally, the problem as an industry that we have is that we continue to pay basis points,” he went on to say. “The problem with paying basis points is that as the average sales price goes up, so too does the average commission.”

This is all fine and dandy for the LO earning that commission, but it does impact how competitive their rate can be and did hurt business profits the last several years. Inflated loan amounts meant companies paid out substantially more.

“ Enter 2025 — the Year of the Snake, associated with transformation, growth and prosperity. Graham cautioned mortgage professionals to ready themselves for battle — over refinance and purchase volume, of course.

“One thing as an industry we’ve really got to think about is whether a cost-per-unit payment rather than basis points makes more sense,” Graham said. “Because at least you can budget what that cost might be and create a model where you might be more competitive.”

Loan originators who are dual-licensed can double dip into the commission jar. As the industry assimilates changes from the NAR settlement over the next few years, this could be the straw that breaks the camel’s back, according to Graham.

“So suddenly you have buy-side professionals who might be doing real estate-related services for a negotiated commission plus origination activity for some sort of commission as well. That will be the item that really may change how we pay people — both on the real estate and on the mortgage side.”

Depending on how the market shakes out, mortgage firms may opt to make adjustments to their business model that affect how originators are compensated. Generally LOs are paid 90 days

after they originate a loan, so it won’t be apparent in their numbers right away.

“The real impact on the bottom line in 2025 may be minimal, but I think we’ll begin to see some of those programs be put in place,” Graham said. “I think if you are a low-producing originator, it’s going to be difficult to get the refis back unless you work somewhere they’re servicing. I think that the high-producing professionals will begin to align with each other. For the top 30% who do 80% of the volume, I think it actually can be positive. If you’re in the bottom, it could be a threat.”

STAFFING

When the housing market picks up and companies begin raking in higher volume again, personnel changes could be invited to join the party. But before layering on more people to scoop up the next batch of loan volume, mortgage executives might examine inefficiencies and productivity.

“We have learned that a real focus on productivity and expense control through all cycles is extremely beneficial,” Graham said. “If we start to improve as a market, but we go back to throwing bodies at problems … I think we’ll repeat the mistakes of the past. We go through these big cycles of hiring up and ramping down. At our peak, we had 180,000 loan officers. We have under 100,000 now.”

One area that Graham recommended lenders invest in is customer experience. Borrower satisfaction is at the top of mortgage executives’ priority lists, recent

“

The volume increases due to lower rates will not spread smoothly, like peanut butter. They’re gonna go primarily to individuals that meet certain segments.

> Garth Graham, senior partner, STRATMOR Group

research by STRATMOR indicated. The mortgage business advisor is a staunch advocate for secret shopping, an unbiased operational audit designed to improve customer experience and brand performance.

“We consider closing the victory, right? Touchdown. But we don’t go back at a deep level and analyze the steps in the process and the borrower’s perception of the process,” Graham pointed out. “Our research shows that’s what drives their next buying decision. They may not go back to that loan officer again if the process overall was substandard. So focus on a deep understanding of the customer’s perception of your process and how you can improve it.”

M&A ANOTHER DAY

Mergers and acquisitions have been frequent over the last several years, as credit unions, banks, brokerage firms, and other mortgage companies cut their losses.

“For eight quarters in a row, the typical mortgage company was losing money every quarter. In fact, 80% of them lost money for eight consecutive quarters. That’s pretty daunting,” Graham said.

More than 100 deals took place over that period, but M&A activity has since begun to slow down. Graham expected there to be about 40 deals total in 2024 and even fewer in 2025.

“More companies will at least be able to make money and not have to sell out of fear of the market,” he said, going on to add that M&A’s largest driver historically is aging ownership.

“Father Time does not lose. And we continue as an ownership group in the mortgage industry to get older. So these individuals begin to approach a period in their life when they would like to retire. Unless it’s a legacy business or they have people queued up to take over, they need to get their balance sheet. They need to get their net worth out of the business.”

This can lead mortgage execs to sell off their companies, and it’s often the wisest decision, according to Graham.

“You have a good home for your people, and in addition to getting a premium for your business, you may get some portion of an earn out over a couple of years,” he said.

SERVICING, INSURANCE AND THE FUTURE

Many independent mortgage banks sold off their servicing rights during the market downturn for quick cash. This went against Graham’s best advice around the same time last year — MSRs are a valuable asset. Selling won’t be in their favor when rates drop further and borrowers decide to refinance. At that point, the large aggregators will benefit.

“The mortgage companies who were making money, especially on the independent side, were mostly ones that had large servicing books continuing to spit off profits and offset losses on the origination side,” Graham said. “Now as those higher coupon loans start to run off, as rates drop, it’s those lenders with the servicing who are gonna take the lion’s share of that recapture opportunity.”

Homeowners insurance — including rising premiums, and ineligibility due to climate risks — has given many borrower-hopefuls their marching orders, making mortgage unaffordable.

“It is absolutely, at some point, an existential threat in certain markets,” Graham said. “From a loan originator standpoint, I think the best thing they can do is be experts in their market, and be sure they’re having meaningful conversations with homeowners upfront on the potential cost.”

A borrower might be under the impression that their insurance payment will be similar to what it was at their prior residence, for example. Comforting them as they are blindsided at the closing table is no way to gain a return client. This is also a prime opportunity for LOs to gain referral partners in their local market, Graham pointed out.

“Suddenly you become a professional for which that insurance concern is a reason for that realtor to refer it to you because you’re an expert,” he said.

Enter 2025 — the Year of the Snake, associated with transformation, growth and prosperity. Graham cautioned mortgage professionals to ready themselves for battle — over refinance and purchase volume, of course.

“It’s time now for lenders to prepare for the changes that are coming,” he said. “Standing still is not a good option and hope is not a strategy.” n

Lead Generation In A Slow Cooker

When Garth Graham pointed out that 2022 was a year of two markets, he forgot to include how it also was known as the “good old days” to loan officers who experienced effortless leads and phones ringing off the hook.

This shift from 2022 into the market today has left a lasting impact, and even as the industry approaches 2025, many loan officers find it hard to let go of the pandemic-era boom.

In forums like the NEW Loan Officer Group on Facebook, loan officers are candidly acknowledging the challenges they face in today’s market. They cite common struggles, including insufficient training, wavering confidence, and insecurities about self-marketing.

Yet the most pressing issue remains the struggle to manage unfulfilled and loose leads. In response, loan officers are taking proactive measures to enhance their performance during the winter season. A recent post asking, “What are the top three hurdles LOs face in our industry?” garnered 31 comments, with nearly half pinpointing lead genera tion as a significant obstacle. However, amidst this wave of neg ativity, loan officers are seeking constructive ways to uplift their skills and overcome the threat of a winter slump.

EXPLORING LEARNING CURVES

Tony Modrono, divisional manager at 1st Financial Inc., based in Florida, offered his advice about hurdles he’s faced and observed as a 27-year industry veteran. Modrono wrote, “1. Be organized, 2. Don’t spend it before you close it, and 3. Work for the right company.”

Modrono, who mentors young LOs within the 13 offices he manages, attends weekly in-person Tuesday pipeline meetings to help them work through their loan difficulties.

“I understand what they’re dealing with. I got into the business in 1996 and part of my success was the refi business,” Modrono said. “I’ve seen the market shift three times. So there are a few commandments that I preach

to those young LOs.”

The first commandment is “It’s not what the borrower wants, it’s what they qualify for,” Modrono said. He was taught this by a manager earlier in his career as a way to prevent deals from falling through at the closing table.

“It’s easy to get excited about the prospect of a $10,000 commission when the aver-

>

Tony Modrono, divisional manager, 1st Financial Inc.

These young LOs go and buy Gucci or Rolex before the deal closes and then if the deal falls through, they burn themselves .

> Tony Modrono, divisional manager at 1st Financial Inc.

> Scott Brom mortgage loan advisor, Edge Home Finance

age loan here in Florida is $500K. These young LOs go and buy Gucci or Rolex before the deal closes and then if the deal falls through, they burn themselves,” Modrono warned.

This brings Modrono to his second piece of advice for LOs looking to improve their performances: “Time is precious, time is money. Remember, you’re the professional.”

Modrono says LOs — including himself — still need to remind themselves that they’re the professionals in the transaction. But they also need to acknowledge when there is an area that needs to be improved and embrace the learning curves that come with advancing professionalism.

“For me, social media is a huge learning curve. But I’ll be the first to say to my team that we need to invest in marketing and a social media team of experts to improve ourselves,” Modrono admitted.

Though he frequently hears complaints about lead generation, Modrono said “The best advice I can offer is to not depend on a lead source. I’m the type of person to be out at events. The key is to be repetitive, be seen, go to those realtor events and regional conferences.”

This is a crockpot business, not a microwave.

> Scott Brom, mortgage loan advisor at Edge Home Finance

A CROCKPOT BUSINESS

Scott Brom, a mortgage loan advisor at Edge Home Finance who joined the industry in March 2023, offered a unique perspective on the nature of the mortgage business, likening it to a beloved kitchen appliance.

“This is a crockpot business, not a microwave,” he shared in the NEW Loan Officer Facebook group.

Just as a crockpot slowly blends flavors to create a rich and satisfying meal, social media success comes from consistently engaging with your audience over time. It’s about nurturing relationships, providing valuable content, and developing trust organically. In other words, a crockpot approach to social media means embracing the process, knowing that the time and effort you put in now will yield rewarding outcomes in the future.

Brom encourages loan officers to leverage social media as a powerful tool for their success. “Post every single day,” he advised, highlighting the necessity of maintaining a consistent online presence. He also recommends building a network by connecting with local realtors, suggesting that loan officers should “friend every realtor in your area and start sending DMs to make connections.”

Todd Koplin, an account executive with Foundation Mortgage Corporation, gave similar advice: “[LOs] need to remain dedicated and focused,” the 20-year tenured professional said. “[Some key lessons are] keeping a great database for marketing and learning the word no.”

– Sarah Wolak

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.

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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.

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mwlcouncil.com

Collectively, this year’s National Mortgage Professional Magazine’s Class of 2024 40 under 40 honorees cuts across a wide swath of the industry — from loan officers and operation managers to chief operating officers and CEOs. Whether it’s client-facing or behind the scenes, these young achievers are building on their past successes and developing promising futures. They bring fresh perspectives and new energy not constrained by convention.

NMP Magazine asked for your nominations and you came through with a diverse and talented selection. These 40 professionals have unleashed their talents to improve the mortgage industry. Their impact will continue for decades to come.

Congratulations to NMP Magazine’s 40 under 40 winners for 2024. We know you will be as impressed with this collective pool of talent and leadership as we were. Read their profiles on the following pages. It’s not too early to think about who you want to nominate for 2025!

Sylvia Bae / 36 VP, Originating Branch Manager

CROSSCOUNTRY MORTGAGE

If you could go back in time, what advice would you give your younger self starting out in the industry?

First and foremost, don’t give up. Every setback is a stepping stone, so keep pushing forward. Rejection is a part of the journey; it’s not a reflection of your worth. Keep trying your best, even when the path seems daunting. And above all, consistency is key. Small, steady efforts build momentum and lead to success. Embrace the process, trust your instincts, and know that every challenge is an opportunity for growth.

How would you describe your leadership style, and how do you inspire your team?

My leadership style is rooted in patience and a genuine desire to see my team thrive. Creating a supportive environment where everyone feels valued is essential for growth. I strive to be an encouraging presence, celebrating individual and collective achievements. I aim to be an inspiration by sharing my vision and reminding my team of the bigger picture, motivating them to keep pushing forward even when challenges arise. Together, we create a culture of collaboration and resilience where everyone is empowered to reach their full potential.

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

One primary goal is to manage a branch of loan professionals dedicated to enhancing the client experience. I envision leading a team focused on streamlining processes, making it easier for clients to navigate loan options. I aim for an environment that prioritizes exceptional customer service, ensuring every client feels supported and valued. By implementing innovative strategies and cultivating a culture of collaboration, I hope to achieve operational excellence and build lasting relationships with our clients that contribute to their financial success. /

Chris Bixby / 40

Managing Director of Strategic Equity Investing RICE PARK CAPITAL MANAGEMENT

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

Much of the prioritization piece comes from having an opinion on where things are heading and then having the ability to ingest insights from outside of the mortgage industry — by drawing on perspectives and experiences from Silicon Valley, private equity, and the fintech payments and banking industries — and making them applicable to what we are doing so that success can be achieved.

From a creativity standpoint — it can be valuable to take a step back and reframe the problem at hand. For example, instead of using KPIs with lenders to track the ‘number of touches per loan,’ the goal could shift to driving to the highest percentage of ‘touchless transactions.’ This small shift in mindset has the potential to not only optimize the efficiency curve but addresses a challenge from a fresh perspective. It requires a willingness to tackle everyday problems and extrapolate from there — to rethink how things are tracked, how the rest of the organization will be impacted, and what needs to be accomplished to ensure success.

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

I want to be part of building an ecosystem of industry leaders, networkers, and collaborators that are all interested in building the future of mortgage. To that end, I am hoping to facilitate meaningful connections to drive change and adoption in the industry by coordinating across thought leaders. Focusing on influencing positive change in the mortgage market will help carry the industry forward into the digital age. /

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40 UNDER 40 2024

Mike Bloch / 38

SVP of Operations

AMERISAVE MORTGAGE

CORPORATION

If you could go back in time, what advice would you give your younger self starting out in the industry?

One piece of advice I would give is to truly enjoy the journey. The mortgage industry is fast-paced and often comes with its share of challenges. Early on, I was so focused on closing deals and hitting targets that I overlooked the importance of the experiences and relationships built.

Also, appreciate small wins and learn from setbacks. Each client interaction, successful or not, contributes to personal and professional growth. Building connections with clients, colleagues, and mentors can lead to invaluable insights and support systems that last throughout one’s career.

It’s OK to take breaks and recharge. The industry can be demanding, and maintaining a healthy work-life balance is crucial for long-term success and happiness. By embracing the journey, I would cultivate a more resilient mindset, allowing me to navigate the ups and downs more easily.

Ultimately, success isn’t just about the destination; it’s about enjoying every step of the process. Focusing on the journey would have enriched my career and my life as a whole, fostering more joy and fulfillment in my work.

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

I envision myself growing and evolving within the mortgage industry, striving to become a thought leader who challenges the status quo. By actively engaging in discussions about emerging trends and technologies, I aim to contribute fresh ideas that transform how we approach lending.

Additionally, I plan to advocate for best practices that prioritize consumer experience and accessibility. By emphasizing transparency and efficiency, I aim to help reshape the industry into one that better serves borrowers. /

Brock Cassidy / 32

Chief Revenue Officer NEWZIP

If you could go back in time, what advice would you give your younger self starting out in the industry?

Actively seek out and learn from individuals in various roles and backgrounds within the industry. Each person’s unique experiences offer valuable insights that can broaden your understanding of the mortgage landscape.

I would also emphasize the importance of building relationships. Networking with colleagues across different sectors fosters collaboration and opens doors to new opportunities and innovative ideas that can shape your career trajectory.

How would you describe your leadership style, and how do you inspire your team?

I always try to be pace-setting. I don’t ever want to ask any of my teams to do work that I wouldn’t be willing to do myself, to lead by example and keep a finger on the pulse of the team.

I also try to lead strategically. I always try to tie any work I’m expecting to be completed back to the big picture. When a team member can see that their effort is helping our clients accomplish something huge like buying their first home, the level of effort and pride skyrockets.

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

In the next several years, my primary goal is to drive innovation between the mortgage, real estate, and overall fintech industry. I will do everything I can to continue building the gold standard solution for integrating all the components of the home buying and selling experience.

I also want to continue bolstering my overall mortgage industry knowledge and experience to keep growing in my career and hold roles advising and operating companies on different sides of the industry over the long term. /

Crystal D. Cobb / 37

Senior Loan Officer

USA MORTGAGE

If you could go back in time, what advice would you give your younger self starting out in the industry?

To be patient with learning the guidelines and all the programs that are available. Don’t be afraid of the different caliber of agents; be confident. They need financing. They need you.

How would you describe your leadership style, and how do you inspire your team?

I’m very professional, hardcore, and upfront. I don’t sugarcoat anything. My team is inspired by the amount of business I get. All the closed loans are extra bonuses for them. They say, bring it on!

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

I’m consistently utilizing my marketing department. They do a fantastic job at social media, keeping me in the forefront. I support my agents with marketing flyers, mailers, and social media. I advertise on multiple billboards, radio ads, and magazines. This adds to my success keeping my name present in my communities.

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

I feel like I inspire other loan officers to know they can do 200–300 loans a year if they stay dedicated and self-disciplined. I started in a town where no one knew me, and I had to work my way from constant No’s to Yes’s. I do a lot of government loans, and I give the communities hope that home ownership is possible. I don’t take no for an answer. /

40 UNDER 40 2024

Adam Cohen / 41

CFO

ASSET BASED LENDING

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

Over the next decade, I’m aiming to take ABL as a top-tier lender in the Northeast and transform it into a nationwide powerhouse. My ultimate goal would be to consistently do over $250 million a month in loan servicing. Over the next decade, I would love to cement ourselves as one of the industry leaders in utilizing technology to revamp the loan process for lenders and borrowers completely.

Also, to constantly surround myself with best-in-class people who share in our company’s goals and align with my approach to work. The ultimate result is to create a culture of excellence, professionalism, and fun.

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

Contributing to the mortgage industry’s future means emphasizing the importance of human relationships, especially in an era increasingly dominated by automation and AI. I want to focus on reprioritizing authentic interpersonal connections throughout the borrowing process. There’s a huge opportunity to develop a more thoughtful, client-centered approach — one that encourages critical thinking and moves beyond automated, rinse-and-repeat routines.

Equally important will be my guidance to future generations on properly utilizing technology as a tool, not a replacement for human decision-making. It is human beings who must think independently and consider the broader implications of their actions on borrowers and the market. As competitors continue to adopt low-touch, automated processes, standing out will depend on staying committed to the people at the core of the business — whether clients, borrowers, or those servicing assets. /

40 UNDER 40 2024

Erin Conrad / 33

Sr. Director, Services Program Management

MERIDIANLINK

The following is written from the 40 Under 40 nomination.

Erin Conrad is a transformative leader at MeridianLink, with over a decade of expertise in software, customer success, and professional services. Her strategic foresight, exceptional communication skills, and focus on establishing clear expectations and consistently exceeding them eliminates gaps and pain points between sales, marketing, and operations, driving measurable results for mortgage lenders nationwide. Erin’s passion for technology and commitment to customer satisfaction have enhanced operational efficiencies and elevated profitability, strengthening lenders’ positions in a competitive market. Her ability to turn complex challenges into streamlined successes has made Erin instrumental in MeridianLink’s mission to empower mortgage lenders and support their growth.

Despite entering the mortgage industry without prior experience, Erin has rapidly become a pivotal force in helping lenders fully leverage their technology investments. Known for her commitment to excellence, Erin ensures that every implementation she and her team of mortgage technology subject matter experts make is successful, fully optimized, and configured to the unique standards and expectations of each lender. This attention to detail enables lenders to achieve peak performance. Her strategic contributions have directly enhanced lenders’ competitive positions, transforming technology into a powerful and profitable recruiting tool for loan officers, while allowing them to gain competitive advantages within their markets.

Erin’s ability to eliminate gaps between various teams has strengthened relationships and improved processes. She has played a crucial role in elevating the industry standing of the lenders she collaborates with, solidifying her reputation as a transformative leader. /

Kelly Deaton

/ 39

VP, Marketing Operations

CMG FINANCIAL

If you could go back in time, what advice would you give your younger self starting out in the industry?

If I could go back in time, the advice I would give my younger self starting out in the industry would be to embrace every challenge without getting discouraged by setbacks. Those moments of difficulty often become the best learning experiences. I’d also remind myself that taking risks can lead to the greatest opportunities, even when they seem daunting.

Rather than just working harder, I’d focus on working smarter — strategizing my time and energy more efficiently. It’s not always about being the smartest person in the room; it’s about communicating effectively and building meaningful connections with the right people.

And finally, when something makes you uncomfortable, lean into it. Growth happens when we push ourselves beyond our comfort zone, so keep doing the hard things until they no longer feel hard.

How would you describe your leadership style, and how do you inspire your team?

My leadership style is rooted in care, support, and creating opportunities for my team to stand out. Every person is unique and has various working styles. There is no one-size-fits-all management for everyone. You have to be able to change your management strategies to allow for people to thrive. Taking the time to understand how someone thinks, works, and executes makes it easier to know how best to manage them.

I believe leadership is about creating opportunities and empowering others. My goal is to ensure everyone feels valued, supported, and given the tools they need to succeed. It’s not about my recognition but about seeing the team grow and accomplish things together. /

40 UNDER 40 2024

Adam Dellemonico / 30

Loan Officer

MOVEMENT MORTGAGE

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

In the next five to 10 years, I want to continue building my presence in the mortgage industry, not just locally but nationally. The real goal is to be the #1 loan officer in the nation. That goal isn’t for personal recognition, but I truly believe in what we do and how we do it. The more loans we close, the more families we get to serve, which is what it’s all about. I hope to expand my business into new markets and develop a reputation for being a trusted loan officer beyond Rhode Island/New England. I’m also passionate about mentoring new professionals in the industry, so I’d love to build a strong mentorship program to help others grow in their careers. Ultimately, my goal is to make a lasting impact by fostering innovation and setting new standards for customer service in the mortgage world.

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

Innovation and creativity are central to my success. I’m always looking for new ways to simplify the home financing process for clients, whether it’s through technology or more personalized service offerings. Staying ahead of industry trends and adopting new tools that enhance both customer experience and team efficiency is crucial. Creativity allows me to see opportunities where others may not, whether finding unique loan solutions or developing strategies to improve client relations. /

Anais Fernandez / 28

Operations Manager

LENDINGPAD

If you could go back in time, what advice would you give your younger self starting out in the industry?

I’d tell my younger self to stay curious and embrace change.

The mortgage industry is fastpaced and constantly evolving, with new regulations, technologies, and market conditions shaping how we do business. The key to success is a combination of continuous learning and adaptability. Curiosity drives growth, and those who actively seek out knowledge — whether from mentors, colleagues, or new experiences — are the ones who thrive in the long run.

Change is inevitable, and the sooner you embrace it, the stronger your position will be. Rather than seeking comfort in what’s familiar, it’s important to be open to new ideas, processes, and innovations. Whether it’s a shift in technology or adapting to market trends, those who stay ahead of the curve find the most success. Learning doesn’t stop with mastering the basics — each challenge offers an opportunity to grow and innovate.

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

I see myself contributing to the future of the mortgage industry by driving innovation and operational excellence through my work at LendingPad. One of my primary focuses is to continue evolving our LOS platform, ensuring it remains the most modern and adaptable solution in the market.

Beyond technology, I’m committed to improving operational processes. I see a huge opportunity to create more streamlined, efficient workflows that enhance productivity and improve the overall client experience. By optimizing these processes, we can help organizations work smarter, not harder, and reduce friction in an industry that is often seen as complex and cumbersome. /

40 UNDER 40 2024

Tanner Garver / 30

Producing Branch Manager / Loan Officer

FAIRWAY INDEPENDENT

MORTGAGE CORPORATION

If you could go back in time, what advice would you give your younger self starting out in the industry?

If I could go back in time and give myself advice about starting in this industry, it would simply be to try everything and make it yours. I see so many people in this industry who spend money to go to conferences, take numerous classes online, and hire coaches to teach them how to produce just to continue to do minimal work. The people who make it in this industry are the ones who are willing to learn and adapt to the times. To be a successful mortgage lender, you must be a doer. No deal is a guarantee, and you must be willing to do what others won’t in order to succeed. That does not mean working 100 hours a week; it means finding and actually implementing systems that work.

How would you describe your leadership style, and how do you inspire your team?

My leadership is one of servant leadership. I am not going to ask my team to do something I am not willing to do myself. As a producing branch manager, I must not only lead but produce at a high level to gain the respect of my teammates. Every teammate is inspired differently. As a leader, you must have constant communication in order to know what drives each member and then enable them use their strengths to help grow the team. The biggest lid to growth is to try to micromanage each producer. Give teammates platforms, let them make mistakes, and coach them to be the best version of themselves. /

Vipul Hapani / 40

Broker Partner

VEMA MORTGAGE LLC

If you could go back in time, what advice would you give your younger self starting out in the industry?

I would emphasize the importance of preparation while acknowledging that complete readiness is impossible in our constantly changing industry.

Keeping an open mind and asking questions is essential; every interaction is a learning opportunity. There’s no universal formula for success, so focus on building connections and seeking knowledge. Networking is crucial — attend events, cultivate relationships, and maintain an active presence on social media to stay engaged with referral partners. Ultimately, success lies in adaptability, integrity, and a strong support network.

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

I prioritize innovation and creativity by actively seeking new technologies and tools that enhance efficiency and improve the customer experience. I foster a culture of creative problem-solving within my team, encouraging collaboration and idea-sharing. Staying informed about trends allows me to offer tailored solutions, building trust and strong client relationships. Continuous learning and adapting to market changes benefit both my team and the clients we serve.

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

As a mortgage broker from a diverse ethnic background, I aim to contribute by leveraging technology to enhance client experiences and streamline processes. I plan to develop innovative solutions for a wide range of clients and increase community outreach to educate underserved populations. By mentoring aspiring professionals and participating in industry discussions, I hope to promote inclusivity and drive positive change, ensuring that diverse perspectives are represented in the mortgage landscape. /

Angel Hernandez / 40

Chief Strategy Officer

STAVVY

If you could go back in time, what advice would you give your younger self starting out in the industry?

Do the hard or tedious work others around you are unwilling to do and do it with a commitment to excellence for those menial tasks will one day become the foundation for mastery and will begin to shape your approach and reputation. Also, never forget that you and others will do more and better when the objective of what you do is centered on the people you ultimately serve and the people you serve with. Thinking of your career objective as making life better for people may be a loftier goal, but it is also one that is far more rewarding which can help fuel the soul when things get tough.

How would you describe your leadership style, and how do you inspire your team?

Most of us inherently want to pursue excellence, even if each person defines that a bit differently. I see my job as a leader as simply helping others find their definition of excellence and the realm that aligns to it. I want people to love what they do, because if they do, excellence, synergy, and inspiration are natural outcomes. My objective is to get to know my team intimately, and to help them pivot to the type of project or position that most aligns with their aptitude and passion. I am seeking to balance our collective objective with their capacity to achieve individual dreams. I have not always succeeded in doing so, but I have always found that your team is willing to go the extra mile when they know you have their best, from all angles, in mind. /

Blake Hyatt / 32

Branch Manager

DIRECT MORTGAGE LOANS

If you could go back in time, what advice would you give your younger self starting out in the industry?

I would say focus on continued learning. Early in my career I was extremely focused on the day-to-day activity of my business. As I got older, I focused on business training, such as podcast/coaching/industry connections. This is where I learned how to scale my business. A mentor told me I am working in my business rather than on my business. I was involved in daily tasks and didn’t focus on scalability. Once I changed my mindset, my business began to grow. I owe a lot of growth in my career to industry mentors and wish I was more open to continued learning early on in my career.

How would you describe your leadership style, and how do you inspire your team?

Lead by example. I want my team to feel that I am working in the trenches with them. I try always to be the first one in and the last one out. I want to make myself available to my team, so they never feel like they don’t have the support they need. This industry is tough, and I focus on being my team’s rock of support.

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

I surround myself with the best people. My team comprises some of the smartest and most creative people I know. Our goal is to always improve the loan experience for our clients. My team understands that to improve, we must be open to changing our processes and procedures. This forces us to be innovative and creative. /

David Kakish / 38

Producing

Branch Manager

ANCHOR HOME LOANS

If you could go back in time, what advice would you give your younger self starting out in the industry?

Here’s what I’d say:

Prioritize People Over Profits: The relationships you build will take you further than any single transaction. Focus on adding value to clients, referral partners, and team. When you genuinely invest in people, success follows.

Master the Process, Not Just the Results: Don’t get caught up in immediate results. develop a process you can refine and repeat. Process leads to consistency, and consistency leads to sustainable and scalable success. Focus on doing things the right way rather than just getting things done

Embrace Rejection and Failure: Early on, every “no” feels personal, but rejection is part of the process. Each setback is a stepping stone to learning, refining your skills, and growing stronger.

Don’t Wait for Confidence: Confidence comes from stacking small wins and proving to yourself that you can do it. Take action, even when you don’t feel ready. The more you do, the more confident you become.

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

Progress comes from questioning traditional methods and seeking better ways to serve our clients and grow the business. I encourage a culture of experimentation within my team — where new ideas are welcomed and tested rigorously. We track everything, using data to validate creative ideas and ensure they align with our long-term goals

I also prioritize creativity in problem-solving by empowering my team to think beyond the obvious. We explore multiple angles, knowing that unconventional approaches often offer the best outcomes. /

Ryan Kaufman / 34

IT Manager of Integrations

INFORMATIVE RESEARCH

If you could go back in time, what advice would you give your younger self starting out in the industry?

Every person you interact with is experiencing their own struggle or mountain to overcome. No matter how small or large their mountain seems to you, be conscious of the struggle they’re facing. Be the steps that make the climb easier. As you help others carve their path, you’ll find your own steps carved, as well.

How would you describe your leadership style, and how do you inspire your team?

My leadership style is centered around mentorship and empowerment. I believe in leading by example and providing hands-on support to guide my team through complex system modifications. I strive to foster a culture of growth and development where team success takes priority. By clearly communicating my vision and encouraging innovative thinking, I aim to inspire my team to tackle challenges and continuously improve confidently. When team members feel ownership over their work, they are more motivated to deliver exceptional support and technical solutions.

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

I am contributing to the future of the mortgage industry by driving technological improvement that optimizes processes and adapts to the needs of top-tier lenders and independent mortgage companies. Additionally, I’m passionate about mentoring others and helping cultivate a new generation of tech professionals wellequipped to tackle industry challenges. By leveraging my integration, automation, and process optimization expertise, I aim to continue shaping the industry’s technological landscape and setting new benchmarks for efficiency and client support. /

Brian

Lavelle

/ 22

Loan Officer

ABSOLUTE HOME MORTGAGE CORP.

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

I aim to be a leader in the mortgage industry and an advocate for positive change. I plan to focus on personal and professional growth, expand my influence within the industry, and take on greater responsibilities. I want to continue building a reputation as someone who consistently delivers value for clients and the industry as a whole. Growing up in a generation with instant access to information 24/7, I recognize the need for the mortgage industry to adapt and meet the expectations of younger generations. I want to be at the forefront of that transformation, ensuring the industry evolves to better serve and meet the needs of people in my age group.

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

I consider myself an open-minded individual, especially when it comes to embracing new technology. The key is finding the right tech stack that aligns with your goals and helps you work smarter. I am always looking for the next best thing to see how it can improve my day-to-day activities. I’m always pushing myself to find better, more efficient ways to operate. I am constantly on a mission to find new, faster solutions for the everyday problems of mortgage professionals. I believe many people in this industry get stuck in their ways and are unwilling to get creative and try new things. This failure to adapt allows open-minded individuals such as myself to leap ahead and find success more easily. /

Ana LeBlanc / 35

Director of Human Resources

INTERLINC MORTGAGE

If you could go back in time, what advice would you give your younger self starting out in the industry?

I’d encourage my younger self to trust the journey, embrace adaptability, and view every challenge as an opportunity to grow. The mortgage industry has cycles of change, much like HR, and learning to navigate these fluctuations with resilience and adaptability is essential. I’d remind myself that every experience, whether a success or a setback, is an opportunity for growth and that building strong relationships is invaluable.

How would you describe your leadership style, and how do you inspire your team?

My leadership style is collaborative, mission-driven, and people-centered.

I inspire my team by leading through example, never asking of them something I’m not willing to give myself first. I model the commitment and transparency I expect from them. I like to foster a culture where ideas are welcome, challenges are opportunities, and achievements are recognized. This approach empowers the team and helps them see their work’s real impact on our organization’s success and the lives of the clients we serve.

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

I envision further refining our people strategy to enhance talent acquisition and retention, aligning closely with our company’s growth targets. I also want to focus on leveraging HR technology to optimize our processes, improve efficiency, and enhance the employee experience. Ultimately, I aim to establish our HR practices as an industry benchmark for engagement, development, and alignment with business growth. /

Andy Levison / 37

Associate Director of Retail Originations

GROUNDFLOOR

How would you describe your leadership style, and how do you inspire your team?

I always tell my team that sales is the only job in which you can make up for your lack of skill by working harder. If you’re a bad doctor, you can’t make up for it by seeing more patients. If you’re a bad accountant, you can’t make up for it by doing more people’s tax returns. But if you’re not yet great at sales, you just need more shots on goal to get the same results as the more experienced people. So, my leadership style emphasizes the value of increased activity and working harder than everyone else!

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

50 under 50! In all seriousness, I sincerely hope to continue growing personally and professionally with Groundfloor. We have an amazing product and an incredible team, and I can’t imagine being anywhere else. I’m very excited to see where the company goes in the future.

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

We have tools available to us today, allowing us to reach potential customers like never before. One of the keys to being a successful loan originator is not to be overly dependent on any one lead channel. With plenty of worthy competitors out there, it’s important to find new and creative ways to reach customers. That being said, older methods (like smiling and dialing) still work! /

LaDonna Lockard / 40

Chief Executive Officer

MAXIMUM ACCELERATION

If you could go back in time, what advice would you give your younger self starting out in the industry?

Girl, what you thought would be a job just to get you through college will ignite a love for an entire industry that will fuel your ambition in ways you cannot even imagine. Advocate for others and fight harder for what you want. Stand up for yourself more. You’re worth it and although you won’t figure it out for a little bit (OK, for a lot a bit), when you take the chance and bet on yourself, you will find your true self. In turn, you will find the most incredible people who champion your success and allow you to become the best version of yourself. Stay grateful to those who want to see you succeed, and don’t worry so much about what other people think about you because, in the end, you like you, and that’s what actually matters.

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

Building MaxClass from the ground up has allowed me to really dig deep on what type of experience our students have with us. From an intuitive learning management system that will continue to grow and evolve as our students’ needs grow and evolve, to the level of warmth, humor, and feeling of inclusivity at our live classes to our fun and informative webinars, we are truly just getting started. My MaxClass team is paramount to our innovative success and the future is looking bright. /

JJ Mack

/ 37

Branch Manager/Mortgage Advisor

AMERICAN PACIFIC MORTGAGE

If you could go back in time, what advice would you give your younger self starting out in the industry?

When I got into the industry, I was 21. I took a decent amount of risk then, but I wish I had taken more. For the last 15 years, I have realized that “the bold conquer challenges where others falter.”

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

There was a time when my focus was on being the #1 loan officer, running the biggest branch, and making the most money. But my goals have evolved. Now, I prioritize building the best culture, creating an environment where loan officers and staff genuinely enjoy coming to work. It’s about growing with the right people, not just expanding for the sake of size. While I still aim to be a top-producing loan officer, it’s no longer about being #1; it’s about truly helping our clients receive the care and attention they might not find elsewhere.

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

We strive to be the branch recognized as the team that loves where they work. We achieve this through innovative events that bring people together, whether past or current clients, professional partners, family, friends, or even competitors. We aim to create an open, welcoming space for all, whether it’s a Realtor using our public office area or a loan officer from another company tapping into our marketing resources. We want to be known as the branch that fosters collaboration, cares about everyone’s success, and embraces creativity. /

Mike Matarazzo / 38

Secondary

Market Leader BANK OF CANTON

How would you describe your leadership style, and how do you inspire your team?

I describe it as collaborative and supportive. I empower others by giving them the tools and freedom to take ownership of their work. I draw inspiration from the professionals around me, and aim to foster a culture where we push each other to innovate and raise the bar together. I’ve learned from outstanding industry veterans who are passionate about passing down their knowledge and inspiring others.

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

An organization must perfect its tech stack to optimize customer experience, operational efficiency, loan quality, and cost. I strive to become a better leader and guide to achieve these goals.

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

I make it a point to stay updated with bulletins, announcements and newsletters. There’s a wealth of knowledge available through online and live training hosted by our great industry peers and vendors. Attending conferences and participating in an online community is important to learn from others who are advancing to stay on top of emerging trends. This helps implement creative, competitive solutions.

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

I contribute by advocating for end-to-end technology that creates a seamless borrower experience and reduces cost. Leveraging these innovations, I aim to make homeownership more accessible and affordable for a broader audience, ultimately creating a more efficient, customer-focused industry that benefits lenders and borrowers. /

Derek McGowan / 34

Loan Officer/Branch Manager

MCGOWAN MORTGAGES

If you could go back in time, what advice would you give your younger self starting out in the industry?

Go for it! Get a strong foundation, including the right people around you — then don’t be afraid to dream.

My wife, Thao, does a ton to help, so I would tell my younger self to find the right partner who cares about the business, don’t take shortcuts, and you’ll be surprised where this career will take you.

It’s tough to imagine when you’re starting out, but the sky’s the limit.

I used to tell myself that I didn’t have the most experience, but I could outwork the rest of the room. That’s the one thing that’s always an option to get ahead and help your clients — when you have the instincts always to do more for your clients and the experience comes, then watch out — because this thing will start to grow faster than you can imagine.

How would you describe your leadership style, and how do you inspire your team?

My leadership style has a lot of sports influences. It resonates so much more when the coach/leader was a player themselves.

I want my team to know I’m never afraid to jump into the trenches to help.

I want to lead by example. I want the team to see me working during the day, so they know my drive to take us to higher heights.

We’re all adults, so I keep an open dialogue with the team — I let them know we’re never done growing, and I’m never set in my ways, so I encourage those who think outside the box and bring up good ideas to make us better. /

Maggie Mclagan / 35 SVP, Business Development REDWOOD TRUST

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

I’d love to manage a large team and help grow and mentor others. I hope to grow and advance in my current role, as I have a decade of relationships I have been building, and I love my clients. No matter the timing of the future, I know it would be extremely rewarding to help my company achieve its goals of taking the current business to the next level.

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

Innovation and creativity are important. While my main role is relationship manager for loan sellers, I also take on a lot of marketing projects and events for Redwood. I love the creative work of creating content for social media, flyers for new programs, and beneficial short videos for our clients and their loan officers. I find it fun and challenging to think differently and that requires a lot of innovation in the non-conforming loan space.

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

Most households are dual income, and it isn’t talked about enough how crucial it is to support young parents to achieve their goals. The biggest impact to be made is mentoring and growing the women in the industry — as women tend to take on more of the mental load at home and still do an incredible job professionally. I’d love to create a network to help this era of women as they are vital to the success of the mortgage industry. /

40 UNDER 40 2024

Ryan Moon / 33

Vice President, Wholesale Sales

ACRA LENDING

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

I aim to advance my expertise in the mortgage industry by taking on leadership roles that allow me to influence policy and drive innovation. I envision myself in a position where I can mentor and guide emerging professionals, shaping best practices and contributing to the sector’s ongoing evolution.

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

Prioritizing innovation and creativity is key to my success, and I foster an environment that encourages experimentation and open communication. I make it a point to bring together team members from different backgrounds and disciplines, as this diversity leads to fresh ideas and unique solutions. I also dedicate time for brainstorming and creative thinking, allowing my team to explore new concepts without the pressure of immediate results.

Embracing failure as a learning opportunity helps create a culture where taking risks is encouraged. I also invest in continuous learning, ensuring my team stays current with industry trends

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

I see my contribution to the future of the mortgage industry as primarily focused on mentorship. I’m passionate about helping the next generation of professionals develop their skills and navigate the complexities of this field. By sharing my experiences, offering guidance, and supporting their growth, I hope to contribute to a more knowledgeable and capable industry. /

John Pavlakovich / 40

Sr.

Mortgage Consultant

PROSPERITY HOME MORTGAGE LLC

If you could go back in time, what advice would you give your younger self starting out in the industry?

Embrace curiosity and be unafraid to take risks. Networking is imperative, so be sure to prioritize building genuine relationships early and stay connected. Connections are invaluable and can often lead to unexpected opportunities. Listen actively and seek mentorship; experienced professionals’ guidance can significantly shape your path.

Stay focused on continuous learning — every experience, even failures, is an opportunity for growth. Learn from it rather than fear it! Take risks — some of the best experiences come from stepping outside your comfort zone!

Time management is key; slow down and prioritize your daily routine to realize the most effective outcome. Take the right action to get the right results.

Trust your instincts and be patient; success takes time. Prioritize work-life balance to avoid burnout. Take care of yourself.

The industry is always evolving, and adaptability will set you apart. Going the extra mile often leads to gaining a competitive edge.

How would you describe your leadership style, and how do you inspire your team?

My leadership style centers on open communication and collaboration. Fostering a transparent environment encourages everyone to share their ideas and concerns, ultimately enhancing our collective creativity and problem-solving abilities. Ensuring that everyone feels heard and valued builds trust and rapport within the team.

Focus on setting a clear vision. Establish your goals and create a blueprint for achieving them, empowering the team to take ownership and contribute meaningfully to our collective objectives. /

40 UNDER 40 2024

Michael Richardson / 40

Producing

Branch Manager

GOLD STAR MORTGAGE FINANCIAL

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

Over the past six years of running my own branch, I’ve found great fulfillment in mentoring new loan officers (LOs) and watching them succeed. In the next five to 10 years, I envision expanding this passion into a larger endeavor. My goal is to create a space where new LOs can thrive, develop their skills, and become leaders in the industry themselves.

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

I thrive on change and always seek creative ways to keep my work fresh and efficient. Monotony is my enemy, so I constantly seek new methods to streamline processes and improve our operations. Recently, embracing AI has played a big role, allowing me to automate routine tasks and focus on higher-value activities. By integrating new technologies into my workflow, I’ve been able to stay ahead of industry trends, adapt quickly to changes, and maintain a dynamic and engaging environment for my team and clients.

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

I see my future as a blend of innovation and customer focus. I plan to use advanced technologies to streamline the application process, making it faster and easier for clients. My goal is to ensure every borrower’s journey is seamless from application to closing. Additionally, by embracing change and focusing on education, I believe I can help create a more inclusive and efficient mortgage lending environment, adapting to market shifts and staying ahead of industry trends. /

Adam Rose / 39

Vice President

WESTERN OHIO MORTGAGE CORP.

If you could go back in time, what advice would you give your younger self starting out in the industry?

This business is a marathon, not a sprint to the finish. If someone believes that the reward will come immediately, they may be set up for disappointment.

Work-life balance is extremely important. When I first started I worked from dusk to dawn and all weekend. Does this industry take that type of commitment? Yes, I think it does, BUT setting boundaries with your clients and Realtor partners is extremely important.

How would you describe your leadership style, and how do you inspire your team?

I feel I have always led by example. I stayed late, helped our customers when there was nothing in it for me, and never asked someone to do something I wouldn’t do. If you put your hard work on display, people will follow you. I do my best to not let the stresses that I bring onto myself to be shown to my staff and ensure that we we laugh and keep an upbeat attitude.

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

One of my goals is to double the company’s production through well-manicured decisions, whether it be new technology or taking a chance on a newbie to our industry.

I am also in the process of moving into ownership within our company and have a long-term vision of providing other financial services to our clients. I see us becoming a one-stop shop for all things finance in the next 10 years. /

Gianina Rosenblatt / 40

Senior Vice President, Corporate Operations

CMG FINANCIAL

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

My only true goal has always been the same: simply to express my potential to its fullest. I plan to continue developing myself as a mentor, invest deeper into my relationships, and inspire anyone to take pride in themselves and their work, see their potential, and realize it. Not everyone is meant to be a leader, but I’d like to help create as many leaders as possible.

I want to continue expanding my reach and influence within the enterprise, take on additional responsibilities, and be given more opportunities to take ownership.

My ultimate goal is to be a C-suite-level executive and have a seat on the executive management team of my firm. This is only meaningful if I can achieve it, continuing to be my authentic and honest self.

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

My driving engine is iteration, which I practice constantly. When designing a process, I am always building in flexibility and leaving room for new ideas. I capitalize on every opportunity to improve and do not discriminate between multi-million projects or the white space in a single email. I encourage my team to think outside of the box about how we can do it better, even when we think we’ve nailed it.

I have invented my role at every company I’ve ever worked for simply by creating what I saw was needed. This is the mindset I try to instill in my team as well — never be afraid to make something better! /

40 UNDER 40 2024

Alex Rozhansky / 24 Loan Officer

SUPREME LENDING

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

In addition to continuing to grow my business and skillset in the industry, I’d love to grow a team of my own to work alongside me, mentor, and have fun together doing it. I don’t think there would be anything better than working with a bunch of my friends and helping more and more families get into homes at the same time. I’m also dedicated to continuing to partner with local real estate agents and helping them grow their business as well.

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

I emphasize creativity in my business approach. I work hard to originate loans that others wouldn’t typically take on. This has played a huge role in my success because I have gained the trust of borrowers and their real estate agents. Finding creative solutions to close a difficult loan with a new referral partner is huge in establishing trusted relationships. Someone once told me that “the best way to build relationships with anyone, is to face adversity with them.” So, when facing a challenge with a referral partner you haven’t worked with before, overcoming the challenge together can build trust 10x faster.

I also combine innovative technology with the basics. While we have industry-leading platforms and automated systems in place, my fundamental selling tactic is picking up the phone. Whether it’s making 50–100 calls a day or being available whenever someone needs me, these actions build an element of trust and has significantly grown my business over the short course of my career. /

Tyler Slesk / 35

Branch Manager

GOLD STAR FINANCIAL

If you could go back in time, what advice would you give your younger self starting out in the industry?

1) Think long term.

2) Do not forget the relationships you make along the way.

3) Pivoting is part of business/life — get comfortable with it.

How would you describe your leadership style, and how do you inspire your team?

I want others to feel responsible for making their own decisions on both micro and macro levels. I want those I work with to be empowered by their responsibilities. The best way for a leader to inspire is to put in the hard work and let his/her team see the results. If accomplished, the mentality is contagious.

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

To help others begin and continue to grow their careers. We are working on this by teaching others how to treat their clients respectfully while educating them about real estate. This education is empowering and helps give our clients a sense of pride in controlling certain aspects of their life. Growing our team and creating a larger footprint is our next goal.

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

There is no one secret to success. Success comes from being consistent with making connections, treating people with respect, pivoting or implementing new ideas, then seeing how they improve your current process. We constantly think of ways to improve the process and reach more people. Innovation is the top priority for us. /

Deshawn Smith / 32

COO

CMS MORTGAGE

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

Innovation and creativity are essential to staying competitive and meeting clients’ evolving needs. I prioritize these elements by continuously seeking new technology, exploring fresh approaches to client engagement, and fostering a team culture that values proactive thinking. For me, innovation is about creating systems that make processes more intuitive, transparent, and client-centered.

Creativity comes into play by finding unique solutions to common challenges, whether streamlining internal workflows or personalizing the client journey. I encourage my team to bring new ideas and actively contribute to our goals, creating a collaborative environment where everyone feels invested in better serving our clients. This focus drives growth, improves client satisfaction, and ensures we’re always moving forward.

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

I see my role as one that champions accessibility, transparency, and continuous improvement. I’m committed to advancing how mortgage services by leveraging technology to simplify and personalize the client experience. By streamlining processes and enhancing digital engagement, I aim to make homeownership more approachable, especially for first-time buyers who often face complex barriers.

Fostering a culture of learning and adaptability within teams is essential for long-term success. I aim to build mentorship programs and growth-focused initiatives that enhance our team’s skills and strengthen our industry. My goal is to contribute to a mortgage industry that values innovation, client care, and the professional growth, setting a strong foundation for years to come. /

Michael T. Smith /

39

CEO

HOME MORTGAGE SERVICES LLC / MORTGAGE SYSTEMS USA

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

Innovation and creativity are essential when you’re aiming to achieve uncommon results, and they’ve been key components of my overall success. I didn’t really hit my stride until I made a conscious decision to do better — to challenge the status quo.

That’s one of the things I love about the broker space — it allowed me to combine what worked from the bank and direct lender models while shedding what didn’t. I created something more streamlined and client-focused by keeping the components that worked well and eliminating the parts that created roadblocks.

I consider my brokerage highly innovative because it allows me to partner with some of the largest names in the industry and offer top-tier products without the burdensome overhead. This flexibility allows me to keep fees low for my clients while maximizing compensation for my team. It’s a win-win.

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

Through Mortgage Systems USA, I believe I’m contributing to the industry in a revolutionary way. By opening the door for professionals in industries strategically aligned with mortgages — such as real estate, insurance, and even legal fields — I’m shifting the mortgage process away from being largely associated with banks. These professionals are already trusted figures in clients’ lives, and empowering them to offer mortgage services could fundamentally change how loans originate. /

Rich Stevenson / 38

Leadership Development Trainer

SERVICELINK

If you could go back in time, what advice would you give your younger self starting out in the industry?

I spent a lot of time building up a knowledge base at the start of my career before I felt comfortable seeking more responsibilities and opportunities. If I could go back in time, I would tell my younger self that you will spend the rest of your life somewhere between knowing nothing and knowing everything, and you will grow much faster when you get comfortable with being uncomfortable.

How would you describe your leadership style, and how do you inspire your team?

My default leadership style is transformational, focusing on inspiring and motivating others to achieve a shared goal. But established leaders understand the need to flex into different styles depending on individual needs and scenarios. The people I work with on my team, and in the programs I lead, are typically intrinsically motivated, but connecting individual perspectives to strategic targets via storytelling can also be incredibly helpful.

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

I try to continually consider more effective ways to approach challenges faced by leaders in our industry. Our leaders have so much experience and ability that they are extremely helpful in aiding me in identifying opportunities for improvement. But I also embrace being open-minded and willing to find inspiration anywhere, from within the industry to academia to lessons learned in my personal life. I could never be successful without considering all these perspectives when interacting with leaders and developing and delivering content. /

Dee Toal-Brothers Chief Executive Officer

Dee Toal-Brothers / 37

Chief Executive Officer

LYNK CAPITAL

If you could go back in time, what advice would you give your younger self starting out in the industry?

Embrace adaptability from the very beginning. The mortgage and real estate industries are constantly in flux, and flexibility is crucial for successfully navigating those changes. I would also emphasize building relationships — every connection made can be invaluable, and fostering genuine connections often leads to unexpected opportunities. Finally, I would stress the significance of patience and resilience; success frequently requires persistence and a willingness to learn from setbacks. Embracing these principles early on would set a solid foundation for a rewarding career.

How would you describe your leadership style, and how do you inspire your team?

My leadership style is centered on collaboration and driving results. I empower my team by allowing them to make decisions and trusting their expertise while providing necessary support. Open communication is key, and I foster an environment where continuous learning is encouraged, as a knowledgeable and engaged team is critical to our success. I inspire by clearly aligning the team with the company’s vision, ensuring everyone understands their role in achieving our long-term goals and feels appreciated for their contributions.

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

My primary goal is to solidify LYNK Capital’s reputation as a frontrunner in the private lending sector by expanding into new markets. Personally, I would like to mentor emerging leaders within our organization, providing them with the guidance and resources necessary to thrive. Ultimately, I envision growth and a strategic and sustainable expansion that creates lasting value for our clients and partners, ensuring we remain at the forefront. /

Mary Kate Traficano / 34

Client Engagement Specialist

SAGENT

The following was written from the 40 Under 40 nomination.

Sagent’s Customer Success team serves a crucial role as we deliver today while building for tomorrow, and a key member of that team is Mary Kate Traficano, whose influence on Sagent’s customer communication is shaping the way lenders and servicers adopt and use servicing technology.

During three years at Sagent, her grit, innovative approach, and exceptional communication skills have nurtured meaningful customer relationships that are prerequisites to servicing innovation for both our current solutions and Dara, the platform we’re building for the future of our industry.

Mary Kate knows the smallest details matter when interacting with our customers. Mary Kate reviews and assesses all customer communication requests, which requires her proven reliability and agility under tight deadlines. Mary Kate ensures her expertise remains relevant by continuously learning about our industry, then skillfully translates complex technology concepts into useful information that our customers apply in their daily workflows. Relentless in her pursuit to elevate Sagent’s engagement with our customers, Mary Kate brings creativity to every initiative, from enhancing website usability to hosting the perfect social gathering for customers to relax after a challenging day of hands-on training.

As we build Dara, the industry’s first-ever servicing platform to unify all data and user experiences for servicers and homeowners across the entire servicing lifecycle, Sagent relies on tight collaboration with our customers to ensure we understand and address their needs. By making this collaboration possible, Mary Kate shapes how our industry adopts technology, innovates, and ultimately succeeds in delivering positive homeowner outcomes. /

Bethany WilliamsWoodward

/ 32

Data Solutions Product Manager

DARK MATTER TECHNOLOGIES

If you could go back in time, what advice would you give your younger self starting out in the industry?

I would advise my younger self not to withhold my thoughts/ ideas from people in leadership just because I felt intimidated by their position. Like the rest of us, executives put their pants on one leg at a time.

As long as I can approach a situation with humility and a willingness to learn, it’s a safe assumption that good leaders will want to hear about things that will move the needle. Even if they don’t respond how I anticipated they might, I’ll have learned something.

It boils down to never stop swinging the bat — a base hit can still bring someone home.

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

I spend a lot of time filtering through information that will enable me to focus on the things that matter.

AI is a game-changer for everyone, and staying on top of new trends is a full-time job, but blocking out the noise that comes with these technological advancements and innovative ideas is essential. I hone in on where to innovate by listening to podcasts like The Data Chief on how other leaders tackle the same landscape. It helps me think about things differently.

With the accessibility of AI, making the technology work for our customers has been a huge priority. While I’m not the most creative person in the traditional sense, I think I’m pretty creative in figuring out how to use AI to help solve problems, complete tasks, or even be more creative. /

Josh Woodward / 36

President and CEO

LIMA ONE CAPITAL

If you could go back in time, what advice would you give your younger self starting out in the industry?

Stretch to hire good people. Lean on your network and employees to find good people. Spend more time interviewing, getting to know, calling references, and talking to people in your network. Focus on core personality traits as much as specific business acumen. Ensure compensation aligns with organizational goals and then “pay up” for talent.

How would you describe your leadership style, and how do you inspire your team?

I try to find ways to create environments where my team can be at their best. This approach starts with listening and observing. From there, we set very tactical goals and communicate those in a clear, concise, and consistent way — formation requires repetition. Then, we work to support each other and hold each other accountable for accomplishing our objectives. I also like to have some fun along the way.

Innovation and creativity are critical. Our business will be dramatically different in six months, and even more dramatically in a year, and so on. Necessity is the mother of invention, so we embrace change and adaptability as core values. We use the eager anticipation of change to fuel innovation and creativity. New ideas and continuous improvement are the lifeblood of almost every business, particularly one that is highly competitive, cyclical, and has commoditized elements.

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

I would like to continue to help drive the creation of quality housing. Housing shortage and instability are some of our country’s largest challenges, and I would like to continue to try to figure out and solve this problem. /

40 UNDER 40 2024

Kyle Wright / 34

Branch Manager

AMERICAN PACIFIC MORTGAGE

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

I’m naturally a pretty creative person. I always have several business ideas in my head, and I’m always researching and following successful entrepreneurs to see what they’re doing. What I’ve found helpful is to surround myself with people who push me, provide accountability, and are not afraid to give honest feedback. When I have new ideas, I bounce them off my sphere first. Then I prioritize my ideas to make sure they fit into my business and rely on my team to implement them. This collaborative approach helps ensure that we’re focusing on ideas that can truly move the needle.

Creativity is essential, but execution is what drives success. I count on my internal and external team to filter out impractical ideas and bring focus to what’s realistic and impactful. By fostering an open environment where ideas are discussed and challenged, I create space for innovation that can actually be realized.

By tapping into the collective creativity of my team, we ensure that our ideas are both fresh and executable, driving long-term success.

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

The mortgage industry can be seen as the opposite of innovative, with many professionals sticking to familiar approaches that everyone is using. One of my unique strengths is that I’m not afraid to try new things that are unconventional. I’m also not afraid to invest in new ways of doing things. These two things will probably lead to a much bigger contribution to the mortgage industry in the years to come. /

Taylor Young / 36

Deputy General Counsel

ICE MORTGAGE TECHNOLOGY

If you could go back in time, what advice would you give your younger self starting out in the industry?

I would tell myself that no company has it all figured out. Everyone is dealing with some level of inefficiency, so don’t let perfect be the enemy of progress.

How would you describe your leadership style, and how do you inspire your team?

My style is fairly informal, open, and candid, with an emphasis on building relationships so everyone feels safe asking questions and proposing new ideas. We are spread out all over the country, so we stay in touch on Teams (which is really about 50% GIFs) and have an onsite every year.

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

I’m happy in my current role working with great teammates. This may not make me a LinkedIn influencer, but … my focus, both short-term and long-term, is to have a positive impact each day on the company, our people, and our customers.

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

My goal is to reduce contracting and legal friction in the industry as a lot of what lawyers do can be streamlined or removed entirely.

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

My job often requires finding creative solutions to problems stemming from rigid systems, processes, and/or regulatory environments. For better or worse, opportunities for creativity find me, and my ability to craft efficient solutions is an important and fulfilling aspect of my role. /

PALM SPRINGS | FEB. 11, 2025

MORTGAGE ROUNDUP

AUSTIN | FEB. 18, 2025

UNCASVILLE, CT | JAN. 15–17, 2025

Events for mortgage brokers & originators

Connecting you to the story of your success.

Don't miss out! These recent events were huge successes — providing great educational and networking opportunities. Make plans to attend the next one nearest you!

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

To find the next event nearest you, visit:

5th Street Capital Inc. Your Non-QM Concierge offering Niche Solutions

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 Easy Street Capital

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

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

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

Mortgage Home Loans

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

NQM Funding: NonQM/ Nonagency wholesale, non-delegated correspondent, and delegated correspondent channels

One Capital

and flip, rental, new construction, multifamily 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

STEALING JOKES, NOT IDENTITIES

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:

When I was kid, my parents told me I could be anyone I wanted to be.

Turns out this is called, “Identity Theft”.

• • •

Life Hack: Get a birthday card with anything you are embarrassed to buy.

• • •

Never, under any circumstances, take a sleeping pill and laxative on the same night. Just sayin.’

• • •

In every relationship there is one person who stacks the dishwasher like a Scandinavian architect, and one who stacks it like a racoon on crystal meth.

• • •

The downside of being tall and going for walks before sunrise is I am the one that clears out all of the cobwebs. By the time I got back from my walk, I looked like a new Halloween decoration from Home Depot.

• • •

Me: My memory is so messed up.

Person: How bad is it?

Me: How bad is what?

•

At the young age of five, a bear told me that I am the only person who can prevent forest fires. Why I was chosen, I’ll never know.

I can’t decide what pants to put on today: smarty or fancy?

•

Interviewer: “What did you like best about your last job?”

Me: “Sometimes, people had birthdays and there was free cake.”

• • •

That’s the last time I try to donate blood! So many freakin questions! Where did you get it? Whose blood is it? Why is it in a bucket? Geesh, try to do one good deed … and they didn’t even give me a cookie! • • •

Am I the only one that looks at food like a sports handicapper in Las Vegas? Like, what’s the over/under on the number of minutes it will take me to get part of this lovely breakfast on my shirt? Also, why does my inner sports handicapper always sound like Yoda? “Hmmmm. Food on your shirt you will get.” n

To see more by Nick, just go to

facebook.com/nickroberson

WHERE IDEAS GO HEAD TO HEAD

VALVO VS BERMAN