Mortgage Banker Magazine June 2021 by ambizmedia

RATE TRENDS

NON QM’S TOP PLAYERS

CFPB CONCERNS JUNE 2021

MortgageBanker MAGAZINE

DUDE, WHERE’S MY HOUSE?

MILLENNIALS SHUT OUT OF BUYING BOOM COMMISSIONS GET

CRAMMED DOWN

THE VERY MODEL OF A MODERN MORTGAGE MAKER

INSIDE:

NEW ENGLAND MORTGAGE EXPO PROGRAM GUIDE PAGES 40-41

A PUBL I C ATI O N O F A M E R IC AN B U S IN ES S M ED IA

NOT THROWING AWAY MY SHOT HOW RCN CAPITAL TURNED A PANDEMIC PAUSE TO ITS ADVANTAGE

BACK COVER

FRONT COVER RATE TRENDS

NON QM’S TOP PLAYERS

CFPB CONCERNS JUNE 2021

MortgageBanker MAGAZINE

DUDE, WHERE’S MY HOUSE?

MILLENNIALS SHUT OUT OF BUYING BOOM COMMISSIONS GET

CRAMMED DOWN

THE VERY MODEL OF A MODERN MORTGAGE MAKER

INSIDE:

NEW ENGLAND MORTGAGE EXPO PROGRAM GUIDE PAGES 40-41

A PU B L I CATI O N O F A ME R IC A N B U S IN E S S ME D IA

NOT THROWING AWAY MY SHOT HOW RCN CAPITAL TURNED A PANDEMIC PAUSE TO ITS ADVANTAGE

June 2021 CONTENTS

Special

FEATURE 6

Not Boom, But Bust?

Why Millennial are feeling left behind in the home buying frenzy.

SPECIAL DIRECTORY

Top NON-QM Lenders

BY ROB CHRISMAN

Regrets, I’ve Had A Few ...

Some mortgage borrowers say they’re regretting jumping into the homebuying fray. COVER STORY

CASE STUDY: How One Private Lender’s Leadership Strategies Took On The Pandemic

NEW ENGLAND MORTGAGE EXPO:

Welcome Back To The Land Of Live Events

Agenda For New England Mortgage Expo

BY JEFF TESCH MORTGAGE COMP

Volume Up, Dollars Down

Loan officers are working harder than ever. And while total compensation is climbing, commissions per loan are getting shaved. COMPLIANCE

From The Desk Of The ‘Om-Bobs’Man’: Servicers Getting Slack?

Monthly

DEPARTMENTS 4 Editor’s Letter: Opportunity Takes Off Its Mask 5 June 2021 Authors 22 Mortgage Banker Calendar of Events 37 Databank 34 Mortgage Banking Lawyers

11 Regulatory Corner

BY BOB NIEMI

MORTGAGE BANKER | JUNE 2021 3

MortgageBanker OUR MISSION Mortgage Banker magazine is dedicated to providing quality informational/educational content that betters the mortgage process at every step. The content is oriented to help professionals progress their understanding of the residential mortgage banking business and develop their skills at improving the efficiency and profitability at all levels. VINCENT VALVO, CEO, Publisher & Editor-in-Chief vvalvo@ambizmedia.com ASSOCIATE PUBLISHER Beverly Bolnick bbolnick@ambizmedia.com FOUNDING PUBLISHER Ben Slayton BSlayton@ambizmedia.com STAFF WRITER Katie Jensen kjensen@ambizmedia.com SENIOR EDITOR Jill Emerson Jill@ambizmedia.com ADVERTISING David Hoierman David@ambizmedia.com GRAPHIC DESIGN Stacy Murray smurray@ambizmedia.com HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman andrew@ambizmedia.com INTERACTIVE DESIGN DIRECTOR Alison Valvo avalvo@ambizmedia.com ONLINE CONTENT DIRECTOR Navindra Persaud npersaud@ambizmedia.com USER EXPERIENCE DESIGNER Billy Valvo bvalvo@ambizmedia.com MARKETING & EVENTS ASSOCIATE Melissa Pianin mpianin@ambizmedia.com www.ambizmedia.com

© 2021 American Business Media LLC All rights reserved. Mortgage Banker magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313, West Hartford, CT 06117 Phone: (860) 719-1991 | info@ambizmedia.com

4 MORTGAGE BANKER | JUNE 2021

L ET T ER FR O M T H E PU B L I S H ER

Open Opportunity

ust a few weeks ago, our company ran a new live conference in Memphis, the Mid-South Mortgage Expo. Shortly after, we were in San Antonio, for the spring edition of the Texas Mortgage Roundup. And we’re getting ready for similar events in Chicago and Portland, Oregon during June. But first we’re heading to the Mohegan Sun casino in Connecticut for the New England Mortgage Expo. This is a whopper of an event – the largest regional mortgage conference in the nation, with attendance regularly between 2,000 and 2,500 mortgage pros. Coming out of a pandemic, and in a June berth instead of its usual January date, the show still boasts nearly 1,500 who’ve signed up this year. This is an astounding roar of support, a clarion call that this industry wants to come together in person, and that there is general acceptance that the time of fear and concern is falling behind. It doesn’t mean that caution isn’t still warranted. But we’re cautious about many things – not stepping off the curb without looking both ways, not sticking sharp objects into whirring lawnmowers. Being cautious doesn’t equate with being shut down. As the nation’s Covid rates plummet, some areas are recovering faster than others. But all of the U.S. is showing improvement. And that means there is more businesses recovering. More entrepreneurs expanding. More consumers borrowing. The opening of the nation is the opening of opportunity, particularly in the mortgage industry. How companies adapt, how they add to their product lineup, how they revamp their marketing approaches, will all factor in how likely they are to be here after the next great wave of industry M&A shakes out. Clear-eyed leadership – like we see in the case study of RCN Capital in this month’s cover story – will be critical. As will open mindedness. Because that’s where opportunity most likes to come calling.

V IN C E N T M . VALVO

CEO, Publisher & Editor-in-Chief

June 2021 AUTHORS Rob Chrisman

Rob Chrisman began his career in mortgage banking – primarily capital markets – 35 years ago in 1985 with First California Mortgage. Since then, he’s held a variety of high-level positions at mortgage banks across the country. Currently, he writes a daily commentary subscribed to by mortgage leaders nationally. He is on the board of directors of Inheritance Funding Corporation, a financial services company which advances capital to heirs, of Doorway Home Loans, of AXIS Appraisal Management, and of the California MBA. He is also a member of the Secure Settlements Advisory Board, an associate of the STRATMOR Group, and of the Mortgage Bankers Association of the Carolinas and its membership committee. Rob has provided expert witness services for mortgage and real estate-related cases, has lectured to groups around the country. He holds a BS from Cal Poly, San Luis Obispo, and an MBA from UC Berkeley.

ROB CHRISMAN

James Morin BOB NIEMI

James Morin is president of the Connecticut Mortgage Bankers Association, and is executive vice president of Norcom Mortgage, based in Avon, Conn.

Bob Niemi

Bob Niemi is a Senior Advisor for Financial Services at Bradley, a national law firm. He was formerly Ohio’s chief lending regulator . He has served as the NMLS Ombudsman, a state regulator, a mortgage leader, and now a regulatory compliance advisor. JAMES MORIN

Jeffrey Tesch

JEFFREY TESCH

Jeffrey Tesch, Chief Executive Officer, is responsible for overseeing the operations of RCN Capital, including sales growth initiatives, underwriting review with compliance oversight and leadership of senior level strategic planning. Joining the Company in 2010 as Managing Director, Tesch led efforts to develop a national brand in private lending with the best practices and transparent products for a diverse customer base. Since RCN’s inception, Jeff has personally overseen over $2 Billion in originations. Jeff’s previous real estate experience was as an investor in both commercial and residential properties, ranging from single family homes to commercial retail centers. Jeff currently serves as a member of the American Association of Private Lenders’ (AAPL) Ethics Advisory Committee and as an Advisory Council member for the National Private Lenders Association.

MORTGAGE BANKER | JUNE 2021 5

FEAT U R E

The Millennial Mortgage Mess WE KNEW THAT THEY WOULD BE DIFFERENT. SO NOW WHAT?

By R O B CHR IS M A N, M ORTG AGE BAN KE R M AG A ZIN E CON TRIB U TIN G WRITER

n the past we never named generations. That changed when former People Magazine editor Landon Jones named the “Baby Boom Generation,” and now the pattern has stuck. Millennials, categorized by the Census Bureau as having been born between 1982 and 2000, are now the nation’s largest generation, numbering 83 million and representing more than one quarter of the nation’s population. Their size exceeds that of the 75 million Baby Boomers. After years of depressed homeownership rates for the generation, it seems they finally want a place to own. What are lenders doing about it? Millennials have prided themselves on renting to stay nimble and keep work opportunities open, but the last 14 months during the pandemic have showed lenders that they’re ready to buy. Millennials have been steadily making up a slightly larger share of the nation’s home purchases each year. The figure rose from 34 percent in 2017 to 38 percent in 2020. First-time home purchases have exhibited similar growth, from 31 percent to 33 percent over the last three years.

MATH PROBLEM

Despite the millennial homeownership rate increasing faster than that of other generations over the past half-decade, at age 30, fewer millennials own homes (42 percent), versus 48 percent of Gen Xers and 51 percent of boomers when they were the same age. The 2020 millennial homeownership

6 MORTGAGE BANKER | JUNE 2021

rate stood at 48 percent, accordmost saying they simply cannot afford homeownership. (“Foring to the most recent data from ever” is a long time.) Other reathe Census Bureau. For people sons for renting included added aged 40 to 55 in 2020 (Gen X), flexibility, avoiding unforeseen the homeownership rate is 69 maintenance and expenses and percent. Baby Boomers have the the feeling that buying a home nation’s highest homeownership is financially riskier than renting rate at nearly 79 percent. one. Homeownership has always Affordability remains the bigROB CHRISMAN been a vehicle for wealth creation gest hurdle to prospective milin America but as the wealth gap lennial home buyers. It’s not that widens between homeowners and renters, all of them don’t want to own a home, it’s some millennials feel they have missed the that they can’t, mostly due to the cost of a boat all together. down payment. 40 percent of millenniAs this current generation of home buyals say the COVID-19 pandemic has had ers has aged, they have seen that lenders are a direct effect on their homeownership not evil as informal opinion believed ten plans, due to partial or total income loss, a years ago. In fact, the vast majority of lendreduction of down payment savings, or the ers are very helpful. This wave of new buyers feeling that homeownership is no longer a will have the opportunity to build and pass smart decision in a volatile economy. on wealth, and shape the market for years to come, many by using a reputable lender to help finance a home. This is in contrast to the financial crisis of 2008, many people bought homes they couldn’t afford, allowing investors and developers to absorb foreclosures and distressed sales.

IN 2020, MORE THAN 18 PERCENT OF MILLENNIAL RENTERS SAID THEY PLANNED TO RENT FOREVER

Lenders should take note. In 2020, more than 18 percent of millennial renters said they planned to rent forever, up from 12 percent in 2019 and 11 percent in 2018, with

TRADING UP

First-time millennial buyers are indeed buying homes with the knowledge their first home may not be their dream home. Millennials are more open to multi-family options like condos and quadraplexes, converted commercial buildings, or accessory dwelling units so they can start building wealth despite today’s low inventory of

AFFORDABILITY REMAINS THE BIGGEST HURDLE TO PROSPECTIVE MILLENNIAL HOME BUYERS. IT’S NOT THAT ALL OF THEM DON’T WANT TO OWN A HOME, IT’S THAT THEY CAN’T.

single-family homes. In fact, with the oldest millennials turning 40 soon, they want more space for their growing families. Lenders and real estate agents are reminding them that they can build equity, have more space, take advantage of low relatively mortgage rates, and put their savings to work buying a roof over their head. Lenders know that a 75-year-old mortgage loan originator, while experienced, may not be in the best position to attract a 25-year-old client. A Realtor. com survey showed that 43 percent of first-time millennial homebuyers have been looking for more than a year, 44 percent say they still need more money for a down payment and other closing costs, and 34 percent say they can’t find a house in their budget. This age group appear to be leaving larger cities like the New York metro area and heading west or south. If they can work from anywhere, why not do it from a place that doesn’t have state income tax like Texas,

Florida, or Nevada? (Washington, Wyoming, Alaska, South Dakota round out the states without income tax.) Real estate agents will tell you that most millennials want a house with good internet, a nice backyard in a desirable, quiet location, a garage, updated kitchens and bathrooms, good schools, and attractions and restaurants nearby. Is this really any different than any other generation? Successful originators watch the demographics of their clientele. Are they open to referral-based marketing? How do they like to be communicated with, whether it is email, phone, U.S. postal service, or text? Does their parent company offer the products that cater to their home buying needs, at a competitive price? And do they have the patience to explain the lending process to younger clientele, and how servicing works? There are millions in this age group that will need financing, and someone has to do it!

MORTGAGE BANKER | JUNE 2021 7

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Borrower’s Remorse NEARLY TWO-THIRDS OF MILLENNIALS HAVE NEW HOMEBUYER REGRETS, SURVEY FINDS

n today’s highly competitive real estate market, it’s all too common for buyers to rush into a deal that doesn’t fit their budget or suit their needs. Millennials, in particular, have the most regrets after buying a home, according to a new Bankrate survey. Buyer’s regrets are even more of a factor in the pandemic, with sight-unseen offers and contingencies waived to win the bid. Homebuyer regrets broadly fell into two major categories: financial and physical. In general, the survey found that the older the buyer, the less likely they were to have misgivings about their purchase after the fact. In all, 64 percent of millennial homebuyers (ages 25-40) have some regrets about their purchase compared with just 33 percent of baby boomer buyers (ages 57-75).

KEY FINDINGS

• Maintenance costs can be a big unexpected issue for new homebuyers • Shopping for a mortgage remains important because some buyers think they paid too much in interest • A home’s layout and location are key sources of angst for those who purchase a home • Regrets about the costs of homeownership By far the biggest regret among recent homebuyers was not being prepared for maintenance and other costs associated with homeownership. More than 20 percent of millennial homeowners said they felt the costs of homeownership were too high, and that number jumped to 26 percent among younger millennials, ages 25-31. “It can cause a rude awakening if one fails to plan for inevitable expenses,” said Mark Hamrick, Bankrate’s senior economic

FINANCIAL HOMEBUYER REGRETS Top Money-related Regrets For Recent Homebuyers By Age Group

SOURCE: Bankrate/YouGov Survey

analyst. “It isn’t a question whether such expenses arise, only when and how much they will cost.”

WORRIES ABOUT GETTING THE BEST MORTGAGE RATE

Millennials were also the most likely to say they didn’t get a good mortgage rate, or that they overpaid for property. For example, 12 percent of millennials said their rates were too high, and 13 percent said they agreed to a sale price that was more than it should have been. Although mortgage rates are near historic lows, it remains important to shop around for the best offer. Even a few basis points difference in interest can mean a savings (or extra cost) of thousands of dollars over the life of your loan. According to a study Freddie Mac conducted in 2018, a borrower who got one extra rate quote saved an average of $1,435

BY FAR THE BIGGEST REGRET AMONG RECENT HOMEBUYERS WAS NOT BEING PREPARED FOR MAINTENANCE AND OTHER COSTS ASSOCIATED WITH HOMEOWNERSHIP.

over the life of a typical $250,000 mortgage. Moreover, 80 percent of those borrowers saved between $966 and $2,086 by shopping around with one additional lender. The more you shop around, the more savings you rack up. Borrowers who got five rate quotes saved $2,914 — on average — with 80 percent of those shoppers who got five quotes saving between $2,089 and $3,904.

REMORSE OVER THE HOME ITSELF

While financial frustrations topped the list of regrets for new homebuyers, many survey respondents said they also came to realize their new place was literally not the right fit. Millennials again were the most likely to be unhappy with their new home’s physical characteristics. According to the survey, 15 percent of respondents from that generation said they disliked their new property’s location. Meanwhile, around 30 percent felt the home was not the right size. “Because the market is so competitive, you have less time to make a decision on a homebuying purchase than you do on a laptop at Best Buy,” said Olmsted. “You’ve already had, possibly, a couple of offers not accepted, you feel that pressure to make a decision and put an offer in.” MORTGAGE BANKER | JUNE 2021 11

COVE R

M ANAG EM EN T C H A L L EN G E

STORY

Inside A Year Of Uncertainty

THE LESSONS ONE PRIVATE LENDER LEARNED DURING COVID ARE LAYING THE GROUNDWORK FOR HOW IT OPERATES GOING FORWARD.

By J EFF T ES CH, S PEC IA L TO M ORTGAGE BAN KE R M AG A ZIN E

arch 2020 was a month that started with problems that had been building for months. RCN Capital was growing fast but not fast enough to keep up with demand. In the private lending industry, we focus on lending directly to customers acquiring one- to four-family homes for investment purposes. As the CEO of one of the nation’s largest lenders in this space, our ten-year-old company was bursting at the seams as all of the hard work put in by our amazing team was paying dividends with record demand for bridge lending as well as 30-year loans for aggregation of rental properties. These were good problems to have all things being equal. Our Connecticut-based management team had heard of the pandemic, but it truly seemed a world away. There always seemed to be some virus threat from overseas but the United States always seemed to handle it without too much disruption to commerce. As we all know, that turned out to be very much wishful thinking. On March 16th, 2020 we sent just about our entire workforce remote to protect them from any outbreak in our main office in Connecticut as well as our satellite office in Charlotte. This was the first test for our management team as well as our RCN family as a whole.

TALK, TALK, TALK

Like other employers, the steps we took to make sure the company ran as business as usual were critical at that stage. Communication within each department, but even

12 MORTGAGE BANKER | JUNE 2021

WE SPENT TEN WEEKS WORKING ON EVERY SINGLE AREA OF RCN CAPITAL FROM LOAN INTAKE ALL THE WAY TO SERVICING. more importantly from management to the employees, happened daily. I can not stress how important it was that all the employees had at a minimum, at first, conference calls, and very soon into the new normal, video calls three times a week. I made sure that I was on at least one video call inside every department every week to provide updates and answer questions. As a very close-knit company, it was just bizarre not being able to see each other in the office. The OVER communication that we mandated was truly a lifesaver for morale. I highly encourage all business leaders to get in the weeds with how each manager communicates with their team and make sure that it is more than would be expected in any normal business situation.

FISCAL FREEZE

As if going remote was not bad enough, the very next week the pandemic caused a complete freeze of the capital markets as it relates to the securitization of our two main loan products -- both the short-term bridge and the long-term rental. In layman’s terms, our ability to be able to sell our closed loans to access the long-term debt markets was completely cut off. Yes, we have warehouse lines supplemented by a great deal of our own equity but this was uncharted territory.

By the end of March, like many other private lenders in our space, we made the very difficult decision to pause all origination of loan products. The next lesson, which is a good lesson for all leaders, was that RCN benefited from the ultra-transparent communication we had with our customers, brokers, and correspondent lenders as to exactly what was happening. Yes, we told them we were not funding and why we were doing exactly that. Many folks in the lending industry chose a different path of pretending to be lending when there were not, but we as a company generated a tremendous amount of goodwill with our partners by being transparent. That lesson, while hard to execute at the time, is one that every leader can use for future challenges in the marketplace. Internally we decided from day one in the pause in lending to double down on not only our core company mission but our employees as a whole. The employees were scared, heck we were all scared at the time. The key, as I look back at it was an unwavering belief that if we kept the employees, and I mean all the employees, working on our process as a company so that when we resumed lending we would be stronger than ever.

I HIGHLY ENCOURAGE ALL BUSINESS LEADERS TO GET IN THE WEEDS WITH HOW EACH MANAGER COMMUNICATES WITH THEIR TEAM. We spent the next ten weeks working on every single area of RCN Capital from loan intake all the way to servicing. The most important aspect of it all was to just keep working. That was a luxury we had with our strong balance sheet and a company culture of mutual support no matter what.

EASING BACK IN

By mid-June, the housing data showed housing values not only stabilizing but rising in many markets and rent collection extremely strong for our single-family rental loans. At this point, I knew we were going to be back and poised to grab market share. At first, rates were a little higher and

some leverages a little lower but the appetite was strong for our products. As we really started to ramp up it was so heartening to hear so many of our partners thanking us for keeping in close touch with them and quickly getting the product updates they need to run the brokerages and lending shops. The true value of these relationships was the support that we offered each other in those darkest of hours. Not only picking up the phone to say hello but the picking up the phone to ask how are you holding up? The simple act of that phone call continues to pay huge dividends for our company today. I urge all leaders to think about the power of that phone call and ways you can

leverage it in your own business today. Once again we are back to the problems that had been building for months. RCN Capital is growing fast but not fast enough to keep up with demand. Private lending non-owneroccupied loans are in demand like never before. The securitization market seems to have an insatiable appetite for our loan products. The market today is as if 2020 never happened. As a leader that has spent the last ten odd years building such a vibrant organization, nothing could be further from the truth. The lessons learned will last a lifetime. Jeffrey Tesch is Chief Executive Officer of South Windsor, Conn.-based RCN Capital. MORTGAGE BANKER | JUNE 2021 13

CO M P LI A N C E

REGULATORY CORNER FEDERAL COMPLIANCE CFPB: TRID FAQS The CFPB has added five new FAQs relating to housing assistance loans to its TRID FAQs page. The new FAQs explain how the Building Up Independent Lives and Dreams Act affects the TRID rule requirements for certain housing assistance loans. CFPB: COVID-19 CHALLENGES FOR MORTGAGE BORROWERS On May 4, 2021, the CFPB released two reports showing that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. “Characteristics of Mortgage Borrowers During the COVID-19 Pandemic” documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers. In its May 2021 “Complaint Bulletin,” the CFPB reports that overall mortgage complaints to the CFPB have risen to their highest level in three years and complaints mentioning forbearance or related terms have reached their highest average since March and April of 2020. CFPB: ANNUAL REPORT ON SERVICE MEMBER AFFAIRS ISSUED The CFPB and its Office of Servicemember Affairs issued on May 6, 2021 their eighth annual report regarding their commitment to educating and empowering servicemembers, veterans, and military families, monitoring their complaints, and coordinating with other state and federal agencies to ensure their financial concerns are given the attention they deserve. In 2020, the CFPB received over 40,000 complaints from servicemembers. These complaints are examined within the report in addition to narratives from servicemembers that discuss some of the emerging issues and continuing trends for military consumers in the financial marketplace.

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MORTGAGE BANKER | JUNE 2021 15

LO Comp Punctured In Q1 MORTGAGE LOAN COMPENSATION REPORT SHOWS SLIGHT DECREASE IN BASIS POINTS PAID

LBA Ware, a provider of incentive compensation management (ICM) and business intelligence (BI) software solutions for the mortgage industry, released summary statistics on the state of mortgage industry loan compensation in the first quarter of 2021. The firm’s data analysis showed that increases in year-over-year refinance and purchase loan volume contributed to higher overall commissions for loan originators (LO) and loan processors despite a slight decline in basis points (BPS) paid per loan.

METHODOLOGY

LBA Ware reviewed account data for mortgage lenders who used CompenSafe to automate incentive compensation throughout the first quarters of both 2020 and 2021. The controlled, sample dataset consisted of retail, first-lien production from LOs and

loan processors with at least six funded loans during the three-month period beginning January 1, 2021, and ending March 31, 2021.

KEY FINDINGS

• Commissions earned by LOs in Q1 2021 increased 52% from Q1 2020 because the average LO funded 55% more loan volume in Q1 2021 than in Q1 2020. • LOs averaged $1.43M in funded refinance volume per month, an increase of more than 87% over Q1 2020 ($764k), and received an average of 96.332 BPS per refinance loan (versus 96.944 BPS in Q1 2020). • Purchase volume grew 22% year-overyear, with LOs averaging $1.11M in funded purchase loans per month (versus $912k in Q1 2020) and receiving on

average 109.091 BPS per purchase loan (versus 108.251 in Q1 2020). • Although LO paychecks were larger in Q1 2021 than Q1 2020, the uptick in refinance production and slight downward pressure on BPS paid for refinance loans contributed to a 1.79% decrease in overall per-loan commissions from 103.564 BPS in Q1 2020 to 101.709 BPS in Q1 2021. • Loan processors handled 29% more loans per month in Q1 2021 compared to Q1 2020, fueling a 51% increase in average incentive compensation earned from $1,451 per processor per month in Q1 2020 to $2,194 in Q1 2021. • Loan teams grew significantly from Q1 2020 to Q1 2021, with the average lender increasing LO head count by 32% and processor head count by 58%. • On average, 3.6 individuals were paid a form of loan compensation per loan unit in Q1 2021 (versus 3.2 individuals in Q1 2020). “They say ‘many hands make light work,’ and in the first quarter of this year we definitely saw lenders sharing the workload,” said LBA Ware Founder and CEO Lori Brewer. “Lenders employed 32% more originators and 58% more processors than this time last year and paid incentive compensation to an average of three to four individuals per loan. So far, volume remains brisk across purchase and refi, but as refi volume wanes it could prove difficult to sustain this level of staffing. This is a trend we will be monitoring closely in the coming months.”

16 MORTGAGE BANKER | JUNE 2021

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S P O NSO RED EDI TO RI A L

Jerry Mojarro Regional Team Manager Irvine, CA

Non-QM loans, also referred to as non-qualified mortgage loans, are loans that do not fit the conforming limits of government and conventional loan products. As such, they are not guaranteed by the government and carry more risk for the lender. Non-QM loan solutions work well for independent contractors, self-employed borrowers, investors, and foreign nationals. They also work well for those with less than perfect credit and those who can benefit f rom alternative income verification, such as 1099s, bank statements, and profit and loss statements, as many self-employed borrowers do.

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From A&D Mortgage

A&D Mortgage is a premier lender of Non-QM, conventional, and government loan products. With close to two decades of experience serving the community as a Non-QM lender, many turn to A&D Mortgage as a leader in the Non-QM mortgage world. Here, the company sheds some light on Non-QM loans, including how they beneﬁt brokers and borrowers and what the future looks like for the Non-QM market.

WH AT A R E N O N - Q M LOA N S?

Non-QM in 2021

Non-QM loans include reﬁnance, cash-out reﬁnance, and purchase loans for primar y, secon dar y, an d investment properties. HOW DO BROKERS BENEFIT FROM PA R T N E R I N G WI T H N O N - Q M L E N D E R S?

With Non-QM loans, brokers have an opportunity to increase profits with an untapped market. They might also benefit f rom replacing lost profits that could result f rom the slowdown of the refinance boom that the market has experienced in recent years. About 30% of the population fits into a Non-QM product. These borrowers could be self-employed, investors,

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foreign nationals, or someone who might not have the best credit histor y. A n on- QM len der like A&D Mor tgage offers loan products for each of these proﬁles. Equipped with this knowledge, brokers can assess their current client listing and identify borrowers that did not qualify for a conventional loan in the past. From there, they can work with an A&D Mortgage Account Executive and go over each of those scenarios and gain insights into who best ﬁts into the different Non-QM products available. The broker would also be equipped to provide loan options to new clients that do not fall into conventional conforming limits in the future.

WH AT D O E S T H E F UTU R E O F N O N - Q M LENDING LOOK LIKE IN 2021?

Non-QM is a product that has continued to evolve and adapt to its demand. With the lockdown f rom the COVID crisis behind us, Non-QM lenders are gaining traction, and several new lenders are now entering the Non-QM market. In addition, A&D Mortgage had a record-breaking month in loan volume in March of 2021. These trends highlight the demand for Non-QM products, as well as the stability of the Non-QM market.

For questions or to further discuss Non-QM products and industry trends, contact A&D Mortgage at 855. ADLOANS or email info@admortgage.com.

MORTGAGE BANKER | JUNE 2021 19

Perfect Harmony

HOW LENDERS CAN CREATE A BETTER CUSTOMER EXPERIENCE BY COMBINING MULTIPLE TECHNOLOGIES

oday, mortgage lenders can leverage copious amounts of data on consumers to create a personalized customer experience. However, does more data mean more problems? With numerous ‘moment-in-time’ signals available, lenders often struggle to effectively leverage the multiple sources of data to contact consumers at the right time. Mortgage Banker Magazine recently spoke with Mike Eshelman, CMB, head of Consumer Finance for Jornaya, about the recent data revolution and how lenders can effectively rein it all in to enhance the experience for their customers.

and helps form the big picture: 90 percent of the world’s data has been created in the last two years. It’s one of those stats where, upon hearing it, you start to realize that we’re truly having a technology revolution. Specific to the mortgage industry, the digital mortgage discussion has been going on since 2012. Today, we’re seeing companies like Total Expert and Blend with a laser focus on digital mortgage technologies. Data is the fuel that powers a lot of these personalized customer experiences that everyone’s chasing. So, when you start to realize how new it is to have so much data available at your fingertips, it makes sense

data points that have been around for quite some time and are outdated when it comes to marketing outreach. Data-as-a-Service (DaaS) companies are making it easy for lenders to tap into new data sets; yet, not all data is created equally. Leveraging behavioral data sets widens the view of the consumer, helping lenders deliver better customer experiences and increase their marketing performance. Multiple technologies can cloud that picture. It’s important to find a true partner in your DaaS provider. One works with you on your outreach strategies, and one who uses data and intelligence to connect to known consumer wants, desires, and needs based on actual consumer behavior. We know this formula drives better engagement and higher acquisition, growth, and retention. It’s just more relevant as we look at the digital evolution.

MORTGAGE BANKER: How has leveraging data evolved in the last few years?

MIKE ESHELMAN: Initially, a client

would monitor a consumer list, someone who they care about, and we would just signal yes or no. Did we witness them in-market for a mortgage? We took it to the next level as we understood the data of which we had access. We built algorithms to understand how consumers were interacting with comparison shopping sites.

Mortgage Banker: Why is aggregating data from multiple technologies been a challenge for mortgage lenders?

MIKE ESHELMAN: There is a stat

from a few years ago that blows my mind

20 MORTGAGE BANKER | JUNE 2021

that the challenge for marketers is trying to piece those different data sets together to create a seamless customer experience. We’re not talking credit triggers, mortgage leads, or MLS listing alerts. Those are static

We were able to identify if they were inmarket, and what they were in market for. For example, we could identify a refinance versus home purchase journey, which enabled marketers to send the right type of engagement, which could be, “Hey, if you’re in-market for a mortgage, we’d like to help you.” Or more focused messages like, “Thinking about a refinance? We can CONTINUED ON PAGE 22

Do you have what it takes to get your clients across the finish line?

As you know, one missing piece can hold up the entire mortgage process. At Embrace Home Loans, we have every part in place and tuned-up to hit maximum speed. Last year when business revved up, we increased processing by 34%, closings by 67%, and underwriting by 300% to prevent bottlenecks. Today, we’re underwriting in hours, not days. We have offices all over the country and are expanding into more locations. And when it comes to growing your business, we go the extra mile. As an Embrace mortgage professional, you’ll enjoy more products and unique programs, dedicated local processors, more REALTOR® connections, and your own award-winning marketing team — and there’s a lot more under our hood.

Ready to put your clients — and your career — on the fast track? Call to schedule a confidential conversation today. Paul A. Laprade Regional Executive | NMLS ID # 22295 plaprade@embracehomeloans.com c: 401.529.4415 | p: 800.333.3004 x3749

embracehomeloans.com/GrowWithUs

© 2021 Embrace Home Loans, Inc. All rights reserved., NMLS # 2184. 25 Enterprise Center, Middletown, RI 02842. 800-333-3004 (toll free). www.nmlsconsumeraccess.org. Licensed in all states except Hawaii. AZ - Mortgage Banker License #BK-0906375; CA - Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; CO - Regulated by the Division of Real Estate, License #096162; DE - Licensed by the Delaware State Bank Commissioner, License #7317; GA - Residential Mortgage Licensee #12848; KS - Supervised Lender License #SL.0000625; MA - Mortgage Lender & Broker License #MC2184; ME - Supervised Lender License; MO - 400 Chesterfield Center, Suite #400, Chesterfield, MO 63017; MS - Licensed Mortgage Company; NJ - Licensed by the New Jersey Department of Banking and Insurance; NY - Licensed Mortgage Banker-NYS Department of Financial Services, 100 Motor Parkway, Suite 590, Hauppauge, NY 11788; OR - License #ML-3228; RI - Rhode Island Licensed Mortgage Lender & Broker.

CONTINUED FROM PAGE 20

SOME LENDERS ARE NOT ONLY MODELING WHO TO MARKET, BUT MODELING THEIR LOAN OFFICER STAFF AS WELL. THIS HELPS THEM MATCH THE LOAN OFFICER TO THE CONSUMER FOR OPTIMAL CONVERSION RATES. help you with that,” or “Are you looking for a new home?” This approach allowed them to target the messaging in an accurate way that’s appreciated by the consumer. Today, we’re able to identify the level of intent, the time of day the consumer typically shops, how frequently they shop, and their specific journey. This evolution in consumer behavior identification and classification allows for our clients to understand the day of week or time of day. From there they can determine when is the best time to get in front of this consumer, and when is it likely that they have time to have a conversation or research. As a result, we’re seeing an increase in answer rates, email engagement rates, and display ad engagements because they’re being delivered at the most appropriate time. One other distinction is that there’s consumer generated data and then there’s machine learning generated data. It’s important to understand micro data sets about a consumer, their behaviors, and have algorithms or machines determine the best next engagement. As an example, I know of clients who are not only modeling who to market, based on a lot of data, but modeling their loan officer staff as well. This helps them match the loan officer to the consumer for optimal conversion rates, which is relatively new. I’ve only heard of that really coming about in the last few years. Let’s say you know a consumer is a veteran and you have a loan officer who is also a veteran. You want to match those two up, because there’s going to be an instant bond. Then you’ll see conversion rates tick up. Now take that a million times deeper with leveraging big data to understand personality match, etc. between consumers and loan officers, which now has gained traction over

22 MORTGAGE BANKER | JUNE 2021

the last couple of years. And I would classify that under that 90 percent as well.

MORTGAGE BANKER: How can

mortgage lenders harmoniously implement different technologies to create an effective retention strategy and improve customer experience?

MIKE ESHELMAN: There are different

datasets and different technologies that are purpose-built for mortgages. This typically means they’re not purpose-built for the marketing function, which usually controls the customer experience. So, we typically see lenders who have multiple platforms that are stitched together. And if some data lives in one platform and other data lives in another platform, it can be fragmented in trying to create a good customer experience. Those that I see having the most success may have multiple platforms that they’re stitching together, but they have one platform that’s considered the source of truth about a customer, which is something I feel is key. It’s using this source of truth to build and deploy the journey mapping of the customer experience and creating a seamless campaign. I wish my mortgage servicer were a client of mine. I receive about four emails a week that communicate, “Are you interested in refinance? Rates are low. Are you thinking about selling your house? Get pre-approved for your next home. Are you thinking about moving? Do you need cash out?” The message is so back and forth crazy, it’s a buckshot. Just casting a wide net to see what hits. But if they were to understand more about when the right time is to market to me, I would be more open to moving forward

with them should I be in-market for something. But I’m so disappointed in how they just blast email me all the time. I don’t want to do business with them. In returning to the question on harmoniously implementing different technologies, a colleague of mine compares it to an orchestra. If you have one musician in the orchestra who is off key, missing the notes, and just clearly not on the same page as others, it stands out terribly. So, make sure that as you’re using these multiple platforms, which are like musicians, they work well together and create beautiful music from a marketing standpoint. It’s going to be appreciated and recognized by the consumer who, over time, has been demanding a better personalized customer experience. There’s a great quote that caught my eye on an email list that I was on that says, “In a time of drastic change, it is the learners who inherit the future. The learned usually find themselves equipped to live in a world that no longer exists.” And so, this pandemic has changed so much and forced loan officers to work from home. Yet, it’s created a massive amount of mortgage volume with incredibly low rates. A rising tide lifts all boats. Everyone’s swimming in this high tide right now. However, as rates are starting to tick up, the MBA and others are predicting that the latter half of the year the refinance wave is going to be pretty much gone. This is going to be a successful purchase market. Everyone who’s dependent on living in this refinance-dominated origination production cycle will soon be struggling to figure out how to survive and feed all of the mouths that they’ve hired over the past year when rates increase. And it’s going to be those who understand how to leverage various and new data sets to keep in front of the consumers who are still in-market; to market them well and efficiently and to continue to survive and thrive. Those that are just surviving from what previously worked years ago are going to struggle quite a bit. When the tide goes out, we’ll find out who has been swimming naked.

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@aselitellc MORTGAGE BANKER | JUNE 2021 23

NON QM Showcase

Angel Oak

http://www.angeloakms.com Atlanta, GA

Carrington Wholesale

http://www.CarringtonWholesale.com Anaheim, California

Change Wholesale

http://ChangeWholesale.com Irvine, CA

What Non-QM programs does your company offer?

Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. Our innovative non-QM products include: Bank Statement, Platinum Jumbo, No Income Investor Cash Flow, Portfolio Select and Asset Qualifier. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

The Carrington Advantage Series is a full suite of Non-QM Loan solutions that ”Delivers More” for you and your borrowers.

Which states are you licensed in?

• DTIs up to 50% • Bank Statements (personal or business) accepted

Change Wholesale helps brokers close more loans and close them fast. As a CDFI, we finance prime borrowers others can’t by eliminating unnecessary paperwork. Our Community Loan gets your borrowers approved using our 3-step underwriting to confirm LTV under 75%, FICO over 640, and reserves over 6 months. Qualified borrowers don’t need to submit income, employment, or unnecessary statements. It’s ideal for the selfemployed, investors, immigrants, those with gaps in employment, recent divorcees, and other non-traditional borrowers. Our fullservice platform has proprietary products up to $3 million for foreign nationals, investors, conventional, and non-QM borrowers. Visit ChangeWholesale.com for more information.

• We don’t require disputed tradelines to be removed

Which states are you licensed in?

With the Carrington Investor Advantage (DCR)

AZ, CA, CO, FL, GA, ID, IA, LA, MD, MI, MN, MO, NV, NM, OH, OR, TN, TX, UT, VA, WA and DC

• DCR down to .75

_____________________________________

NATIONWIDE except: AK HI ID MA MO NY VT _____________________________________

Ideal for borrowers, like the self-employed, that don’t fit Agency or Government Qualified Mortgage standards based on credit quality, property type, documentation type, income documentation, or other borrower situations. • FICOs 550+ • Primary wage earners FICO

• First-time investors are ok

Arc Home LLC

https://business.archomellc.com/ Mount Laurel, NJ What Non-QM programs does your company offer? When it comes to choosing your Wholesale lending partner, we know there are many things to consider. Our products set the standard in the industry for innovation. And because that innovation is in our DNA, we will always be on the cutting edge of what matters most to you and your borrowers. We offer a plethora of Non-QM programs, such as Alternative Income-Bank Statement, Asset Utilization Qualification, DSCR, Agency Plus, Clean Slate, Foreign National, and ITIN. Which states are you licensed in? Arc Home LLC is licensed in all states except MO, HI and NV _____________________________________

24 MORTGAGE BANKER | JUNE 2021

• Only 48 months seasoning for major credit events • 1x30x12 mortgage history ok Which states are you licensed in? 47 States (excluding NH, MA & ND) _____________________________________

NON QM Showcase

First Guaranty Mortgage Corporation

http://www.fgmc.com/maverick-solutions Frisco, TX What Non-QM programs does your company offer? Looking to reach borrowers who fall just outside of agency guidelines? Maverick Solutions™, FGMC’s proprietary Non-QM product suite, is here to tell the unique stories of today’s borrowers. With bank statement qualification, asset utilization, debt service coverage ratio, second home, and jumbo options; they have your clients covered! Their Products include: Trailblazer Jumbo, Champion Prime, Achiever Expanded Credit, and Visionary Investment. Widely regarded as an industry leader in the non-agency space, they offer personalized trainings, webinars, a loan pricing and qualifier tool, and a Structure Desk at nonqm@fgmc.com. Which states are you licensed in? All except HI + NY.

Lendsure Mortgage Corp. http://www.lendsure.com San Diego, CA

Oaktree Funding Corp.

http://www.oaktreewholesale.com Chandler, AZ

What Non-QM programs does your company offer?

• 2, 12, and 24-Month Bank Statement Programs with LTVs to 90% and loan amounts to $3,000,000 – Pre-qual within 24 Hours

Oaktree’s NonQM products include a multitude of flexible guidelines that give brokers an advantage in the current market. Our most recent addition to these programs is the Titanium Advantage. It allows for a single year of tax returns with a P&L, the lowest rates available, and 3 months of bank statements. Our Investor Advantage program doesn’t require reserves! Plus, you’ll get up to $3M in loan amount on all fixed-rate products or do a Non-Agency Advantage for 90% LTV up to $2M!

• Jumbo Loans up to $3,000,000 and Cash Out up to $1,000,000 • Bridge Financing to access equity to purchase a new home with no monthly payments on the Bridge • Condotel and Non-Warrantable Condo Loans • Investment Property Options - Full Doc, Bank Statement, DSCR (Investor Cash Flow) Loan • Investor Cash Flow (DSCR) Loan Amounts up to $1,000,000 with C/O up to $500,000 • Foreign National – LTV to 75%, Loan Amounts to $1,000,000

Which states are you licensed in? AZ | CA | CO | CT | DC | FL | GA | ID | IL | IN | MA | MD | MI | MN | MO | NC | NJ | NM | NV | OH | OR | PA | SC | TN | TX | UT | VA | WA | WI ___________________________________

_____________________________________ Which states are you licensed in? NATIONWIDE except: AK HI KS MO MS ND NE SD VT WY _____________________________________

Quontic

http://www.quonticwholesale.com New York, NY What Non-QM programs does your company offer? Quontic offers loan programs to the underbanked consumer such as our owner occupied No Ratio program and our Lite Doc borrower prepared P&L. Which states are you licensed in? We are licensed in all 50 states. _____________________________________

MORTGAGE BANKER | JUNE 2021 25

NON QM Showcase

Sprout Wholesale

http://www.sproutwholesale.com East Meadow, NY

Verus Mortgage Capital http://www.verusmc.com Washington, DC

What Non-QM programs does your company offer?

Jumbo / Full Doc– Qualify borrowers with pay stubs & tax returns. E1 Premier Jumbo Full Doc: the industry’s simplest prime jumbo program. Also: J10 Select Jumbo Full Doc and C1 Conventional Agency programs.

Verus Mortgage Capital is the nation’s largest issuer of securitizations backed by non-QM loans. We’ve purchased over $11 billion in expanded, non-agency and offer correspondents a comprehensive array of expanded non-prime solutions for residential and business purposes.

Bank Statement / Alternative Qualification– the A10 Select Income per Bank Statements for borrowers with income best represented by their bank statements. For borrowers with modest income but significant assets: A11 Select Asset Optimizer. Investor–US or foreign RE investors qualify using cash flow from their property. Includes: I10 Inve$tor Debt Service Coverage and I12 Inve$tor Mixed Use up to 8 mixed commercial / residential units. Which states are you licensed in? NMLS #1844521 Sprout is licensed in the following states: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IO, KS, KT, LA, ME, MD, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY

26 MORTGAGE BANKER | JUNE 2021

For residential mortgages, we offer flexible loans that meet the needs of applicants who don’t fit into conventional programs. Verus Business Purpose loans meet the needs of real estate investors. Our flexible lending guidelines, underwriting and pre-purchase diligence tools, and training help correspondents confidently move into non-QM. It’s all we do, and we do it extremely well. Which states are you licensed in? All of them.

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GREAT EVENTS START AT AMBIZ MEDIA LIVE, IN PERSON 2021 SHOWS

MAY 5

Mid South Mortgage Expo Memphis, TN

MAY 11

Motor City Mortgage Expo Detroit, MI

MAY 18

JUNE

Texas 10-11 Mortgage New England Roundup / SA Mortgage San Antonio, Expo TX Mohegan Sun, CT

JUNE 15

Great Northwest Mortgage Expo Portland, OR

JUNE 22 Chicago Mortgage Originators Expo Chicago, IL

JULY 6

Ultimate Mortgage Expo New Orleans, LA

JULY 13

Carolinas Connect Mortgage Expo Charlotte, NC

ORIGINATOR CONNECT MAGAZINE 30 30MORTGAGE BANKER | JUNE 2021 | SUMMER 2019 30 MORTGAGE BANKER | JANUARY 2021 www.mortgageconferences.com

JULY 22

Arizona Mortgage Expo Phoenix, AZ

AUG 3

NY Mortgage Expo Suffern, NY

AUG 12

CA Mortgage Expo San Diego, CA

The Originator Connect Network is the nation’s largest coalition of mortgage conferences, reaching more mortgage originators in person than any other organization. Coast to coast, we offer many opportunities for companies to reach the front-line sales and origination professionals critical to you success. There’s nothing quite like standing faceto-face with potential new clients. At American Business Media, we produce some of the most successful and largest business-to-business conferences and trade shows in the nation. Visit www.mortgageconferences.com for a full listing of our shows and links to register your company as a sponsor, exhibitor or attendee.

SUN O OAST M O R TG AG E E X P O

AUG 20-22

Originator Connect Las Vegas, NV

SEPT 2

Texas Mortgage Roundup Dallas, TX

SEPT 9 CA Mortgage Expo North Glendale, CA

SEPT 14 Great Northwest Mortgage Expo Seattle, WA

OCT 7

Colorado Mortgage Summit Denver, CO

OCT 12

CA Mortgage Expo San Francisco, CA

OCT 19

Suncoast Mortgage Expo Tampa, FL

NOV 4

Utah Mortgage Expo Park City, UT

www.mortgageconferences.com

NOV 18

Texas Mortgage Roundup Houston, TX

DEC 8

OCN California Mortgage Holiday Party Irvine, CA

DEC 9

CA Mortgage Expo Irvine, CA

MORTGAGE BANKER | JUNE 2021 31

THE ‘OM-BOBS-MAN’

Could Prudential Standards For Nonbank Mortgage Servicers Be Eased?

By B O B NIEM I, M ORTG AG E BAN KE R M AG A ZIN E CON TRIB U TIN G WRITER

he Conference of State Bank Supervisors (‘CSBS’) published a white paper last September on Prudential Standards for Nonbank Mortgage Servicers. Noting the growth of nonbank entities specializing in mortgage servicing, CSBS proposed an increased baseline of standards for state regulators to utilize in their regulatory oversight. The industry pushed back against adopting standards that differ from existing CFPB and Federal Housing Finance Agency requirements. Chuck Cross, CSBS Senior Vice President, was asked about the status of the prudential standards while participating on a panel for MBA’s Independent Mortgage Bankers Conference. He shared a few points on the evolution of the CSBS white paper, review of the submitted comments and next steps. He noted CSBS received 17 industry comments during the comment period. He also shared that CSBS had conducted one-on-one meetings with “much of the industry” and the MBA. The Non-Depository Supervisory Committee (‘NDSC’) is the CSBS committee responsible for the review and recommendation to the CSBS Board. Chuck shared the NDSC has reviewed the comments and made specific Accept, Reject or Compromise determinations around the requests made. The final draft of the standards incorporated some of the comments. The latest version focused on Capital Liquidity and Financial Condition as before, but also included recommendations on Risk Management, Data Standards for Borrower Information, Data Protection & Cyber Risk, and Servicing Transfer Requirements. Chuck also shared a few thoughts on what industry could ‘possibly’ expect from the most recent revisions.

MODIFICATIONS SOUGHT

The NDSC requested that some of the enhanced standards be modified so that Commissioners would retain the authority

32 MORTGAGE BANKER | JUNE 2021

to act based on risk. This would remove the ‘subjective requirements’ that would need be determined on a case-by-case basis. This results in that some of the enhanced requirements will be formatted more like guidelines than actual standards. This could also eliminate the complex servicer definition and place most of the baseline standards to all non-depository servicers. Please note that these observations are subject to further review and CSBS board approval. Chuck shared the timeline for the standards has been also updated based on the latest revisions and reformat. The expectation is for the CSBS Board to be briefed, provided time to review of the latest draft, and then a special board meeting will be held to approve the revised standards. Then CSBS will go into implementation period with model language written and shared with industry. The approved standards will be in a formal format, but the model language and implementation plan will be brought back to the CSBS Board in the fall for update and direction. Please note that CSBS approving the standards, model language and implementation plan does NOT make these standards regulations. Not all states currently license or supervise mortgage servicers. Most states would need to review, adopt and then draft rules to implement. A few states may be able to move straight to the administrative rule phase and a smaller few may be able to adopt under the commissioner’s current authority. However, CSBS is driving the direction.

MORTGAGE BANKER | JUNE 2021 33

L EGAL

MORTGAGE BANKING LAWYERS These attorneys are universally recognized by their peers as setting the highest standard for the legal profession, excelling in all fields – knowledge, analytical ability, judgment, communication, and ethics.

Ja Mort

Thomas King Attorney

Mitchel H. Kider Managing Partner

Gregory S. Graham Co-Managing Partner

tking@ravdocs.com 713-980-9521

kider@thewbkfirm.com 202-557-3511

ggraham@bmandg.com 972-353-4174

jbrod

Thomas (Tom) King’s practice is focused on federal financial servicesrelated regulatory and compliancerelated issues. He advises small and medium-sized mortgage and consumer lenders and servicers on a broad variety of topics including, among others, implementation of Dodd-Frank Act requirements, compliance program development and management, examination preparation, employee regulatory compliance training, general counseling, transactional work and loan level advice. King has a juris doctorate, cum laude, from The Thomas M. Cooley Law School where he was notes editor of the school’s law review. He has a bachelor of science from Michigan State University with majors in Psychology, Sociology and Political Science. Licensed to practice in Michigan; not licensed in Texas; practice limited to federal regulatory law.

In his 35 years as a practicing attorney, Mitch has represented banks, mortgage companies, residential homebuilders, real estate settlement service providers, credit card issuers, and other financial service companies in a broad range of matters. Mitch represents clients in investigations and enforcement actions before the Consumer Financial Protection Bureau, Department of Housing and Urban Development, Department of Veterans Affairs, Department of Justice, Federal Trade Commission, Ginnie Mae, Fannie Mae, Freddie Mac, and various state and local regulatory authorities and Attorneys General offices. In addition, Mitch acts as outside general counsel to smaller companies and special regulatory and litigation counsel to Fortune 500 companies.

Black, Mann & Graham Co-Managing Partner Gregory S. Graham has practiced in the areas of real estate, litigation, and bankruptcy law since 1989, and is currently licensed in Texas and admitted to practice before the United States District Courts for the Northern and Eastern Districts of Texas. Mr. Graham is also currently licensed to practice law in Georgia and has been since 2017. He received his Juris Doctor degree from Southern Methodist University School of Law in 1989 after receiving a Bachelor of Arts cum laude from UT Dallas.

James Br the comp litigation matters f Brody’s e legal issu originati loan secu bankrupt indemnifi his B.A. i from Dra his J.D., in Advoc of the Pa of Law. H American Whitney practice been adm the Unite the Centr Southern addition, lead litig mortgage related d and feder or on a p FL, MD, PA, TN, a

34 MORTGAGE BANKER | JUNE 2021

Mr. Graham’s affiliations include the Dallas MBA, where he previously served as a Director & Chairperson of the Legislative Committee; DFW Mortgage Brokers Association, where he previously served as Legal Counsel; MBA; NAMB; Texas AMB prior to its closure; and Texas MBA.

ames W. Brody, Esq. tgage Banking Practice Group Chair dy@johnstonthomas.com 415-246-3995

rody actively manages all plex mortgage banking n, mitigation, and compliance for Johnston Thomas. Mr. experience centers on those ues that arise during loan ions, loan purchase sales, uritizations, foreclosures, tcy, and repurchase & fication claims. He received in International Relations ake University and received with a certified concentration cacy, from the University acific, McGeorge School He was a recipient of the n Jurisprudence BancroftAward. He is licensed to law in California and has mitted to practice in front of ed States District Courts for ral, Eastern, Northern, and n Districts of California. In , Mr. Brody has served as gation counsel for numerous e banking and commercial disputes venued in both state ral courts, in a direct capacity pro hac vice basis, in AZ, CA, , MI, MN, MO, OR, NJ, NY, and TX.

Marty Green Attorney marty.green@mortgagelaw.com 214-691-4488 ext 203 Marty Green leads the Dallas office of Polunsky Beitel Green, one of the country's top residential mortgage law firms. Mr. Green is an accomplished attorney with more than 20 years of experience in the legal, banking and financial services industries. He is the former Executive Vice President and General Counsel for Dallas’ CTX Mortgage Co. and previously worked with the Baker Botts law firm in Dallas as Special Counsel. In his role as leader of the firm’s Dallas office, Mr. Green advises clients on the latest rules and regulations covering residential lending, in addition to building on Polunsky Beitel Green’s long tradition of delivering loan closing documents with speed and accuracy. Mr. Green is admitted to practice before all Texas state and federal district courts in addition to the U.S. Court of Appeals for the Fifth Circuit. An honors graduate of the University of Texas School of Law, he earned his undergraduate degree at Southern Utah University. Texas Monthly has selected him as a Super Lawyer multiple years.

Chicago

June 22, 2021

+ Free NMLS Renewal June 23rd

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MORTGAGE BANKER | JUNE 2021 35

SERVING THE MORTGAGE BANKING COMMUNITY FOR MORE THAN THREE DECADES 202.628.2000

PROVIDING COUNSEL TO THE FINANCIAL SERVICES INDUSTRY FOR MORE THAN THIRTY YEARS SERVING THE REVERSE MORTGAGE INDUSTRY SINCE ITS INCEPTION

202.628.2000 WASHINGTON DC | DALLAS TX | IRVINE CA

202.628.2000 36 MORTGAGE BANKER | JUNE 2021

MortgageBanker

DATABANK

MAGAZINE

Apr-21

Month-overmonth change

Year-over-year change

4.66%

-7.11%

-27.68%

0.29%

-6.29%

-28.67%

3,700

-26.00%

-50.00%

Monthly Prepayment Rate (SMM):

2.58%

-22.79%

10.77%

Foreclosure Sales as % of 90+:

0.14%

-9.82%

26.99%

2,500,000

-172,000

-900,000

1,768,000

-151,000

1,306,000

153,000

-9,000

-58,000

2,653,000

-181,000

-959,000

Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): Total U.S. foreclosure pre-sale inventory rate: Apr-21

Month-overmonth change

Year-over-year change

4.66%

-7.11%

-27.68%

rate:

0.29%

-6.29%

-28.67%

not in sure):

tarts:

3,700

-26.00%

-50.00%

SMM):

2.58%

-22.79%

10.77%

f 90+:

0.14%

-9.82%

26.99%

Total U.S. foreclosure starts:

12 Month Trend

Number of properties that are 30 or more days past due, but not in foreclosure:

sure:

2,500,000

-172,000

-900,000

Number of properties that are 90 or more days past due, but not in foreclosure:

sure:

1,768,000

-151,000

1,306,000

ntory:

153,000

-9,000

-58,000

sure:

2,653,000

-181,000

-959,000

Number of properties in foreclosure pre-sale inventory:

Number of properties that are 30 or more days past due or in foreclosure:

, Proprietary and/or Trade Secret ack Knight IP Holding Company, LLC, or an affiliate. Data Analytics, LLC. All Rights Reserv ed.

12 Month Trend

Page 1 of 1

MORTGAGE BANKER | JUNE 2021 37

Congrats

Northeast Top Originators! Guaranteed Rate is dominating the region. 11 of my loan officers throughout Connecticut, Rhode Island and western Massachusetts made the highly coveted Scotsman Guide Top Originator rankings. We will welcome even more Top Originators next year.

Let’s talk about how we can help your business.

Jim Earl

Visit careers.rate.com.

Regional Manager (CT, RI, Western MA)

jim.earl@rate.com rate.com/jimearl O: (860) 406-8102 C: (860) 309-0625 409 Canal St, Suite 2, Plantsville, CT 06479 NMLS ID: 21374

Guaranteed Rate, Inc.; NMLS #2611; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply • AR: 3940 N Ravenswood, Chicago, IL 60613, (866)-934-7283 • MA: Mortgage Lender & Mortgage Broker License #MC2611 • ME: Supervised Lender License #SLM11302 • MS: 3940 N. Ravenswood Ave., Chicago, IL 60613 • NH: Licensed by the New Hampshire Banking Department, Lic #13931-MB • NJ: 3940 N Ravenswood, Chicago, IL 60613, (866)-934-7283, Licensed by the N.J. Department of Banking and Insurance • NY: Licensed Mortgage Banker - NYS Department of Financial Services • RI: Rhode Island Licensed Lender. Source: Scotsman Guide 2020 Top Originator’s list. Guaranteed Rate is an Equal Opportunity Employer that welcomes and encourages all applicants to apply regardless of age, race, sex, religion, color,national origin, disability, veteran status, sexual orientation, gender identity and/or expression, marital 38or MORTGAGE BANKER | JUNE citizenship 2021 parental status, ancestry, status, pregnancy or other reason prohibited by law. (20210506-192403)

EXPO EXPECTAT I O N S

CMBA CORPORATE ADVISORY PLATINUM American Business Media LLC Data Facts First County Bank Liberty Bank Norcom Mortgage Robinson + Cole SimpleNexus Thomaston Savings Bank Union Savings Bank Webster Bank

CMBA CORPORATE ADVISORY GOLD Bendett & McHugh Birchwood Credit Services CATIC Connecticut Housing Finance Authority (CHFA) Fairfield County Bank First American Title Insurance First World Mortgage Genworth Mortgage Insurance Guilford Savings Bank McCalla Raymer Leibert Pierce LLC RES/TITLE People’s United Bank Washington Trust Mortgage Company

On behalf of the Connecticut Mortgage Bankers Association, working in conjunction with American Business Media and the Originator Connect Network, I am pleased to welcome you to the 2021 New England Mortgage Expo.

JAMES MORIN

Really, those are words that are incredibly satisfying to write, after the past year we’ve all been through.

It is great to be able to meet in person after so many months apart. The Expo presents a world of opportunity for the entire mortgage community, both residential and commercial. We have the largest attendee roster, the largest exhibitor lineup, top industry speakers and industry-leading event partners all coming together for a spectacular day at Mohegan Sun. We have created a strong agenda with ample networking opportunities. The past year and half has been a challenging time for everyone personally and professionally. As we recover from the pandemic, I am convinced more than ever about the importance of mortgage lending and the resiliency of our industry. Home ownership has meant more this past year than ever before. Please make sure to also enjoy all the wonderful dining and entertainment options available at Mohegan Sun. I want to thank AmBiz, the staff of the CMBA, and all the volunteers for making this the premier event of its kind in our region. James Morin

President, Connecticut Mortgage Bankers Association

MORTGAGE BANKER | JUNE 2021 39

Agenda THURSDAY, JUNE 10 12:00 pm Registration Opens 1:00 pm — 4:00 pm

Build-A-Broker

Pre-Conference Event. Must pre-register. Build-A-Broker is an in-person training event designed to help you establish the solid foundations of your business. This program is designed to show you the basics of setting up your business — from how to rent space, to what accounting programs are recommended — and will also cover topics including choosing your loan origination systems, how to pick a CRM system, and more. Brokerage 101 Brokerage 101 focuses on the foundation for establishing your business, presented by experienced mentors. This course includes topics such as: • How to lease an office space that will grow with you • How to furnish your space with a budget • Choosing an accounting program and payroll provider • What is the right corporate form for you? (LLC vs. Corp.) • How to determine if your workers are employees or independent contractors. Getting the Tech Advantage We have a panel of technology providers to discuss innovative tech tools you can use to set your brokerage up for success, such as: • Marketing automation • Finding better LOS systems • Tracking & mobile tools to dramatically increase your brokerage’s effectiveness Establishing a Competitive Advantage Few brokerages can fully grow without

Jamie Gueltzow LendSure

Jeffrey Tesch RCN Capital

40 MORTGAGE BANKER | JUNE 2021

offering more than the standard-vanilla residential home mortgage. We bring in product experts to discuss an array of diverse products such as: • Non-QM loans, and the pros and cons • Reverse Mortgages • Fix & Flip mortgages and more Brokerage 102 Brokerage 102 focuses on the additional foundational issues for establishing your business, with topics such as: • Policy & Procedures that every company needs, including BSA/AML, Sexual Harassment, and more • Marketing & Compliance — under RESPA, TILA, Reg. N, the CFPB, getting leads, co-marketing with Realtors, and more. • Compliance training, auditing, and testing. 4:00 pm — 5:00 pm

YMPU - Keeping U Informed; All Things Industry Knowledge

Rocket Pro TPO Main Stage From technology, to the new “norm” to advancing your career. Join the CMBA’s Young Mortgage Professionals committee to get your peer’s perspective on the past year and what’s to come. This interactive forum is one you will not want to miss. 5:00 pm — 6:00 pm

CMBA Cocktail Reception

Cocktail reception with exhibitors, presented by the CMBA. 5:30 pm

Game On, Bowling Happy Hour

Join Res/Title at Mohegan Sun for some fun! We are hosting a Bowling Happy Hour event at Game On located at the entrance to the Earth Expo. Let us know if you are coming by clicking the going tab. We are so excited and hope to see you there!

Paul Yatooma, Rocket Pro TPO

Jamie Bellingham, Angel Oak Mortgage Solutions

8:00 pm — 10:00 pm

Networking After Dark

Networking After Dark with RCN Capital, hosted in the Vista Lounge at Wombi Rock

FRIDAY, JUNE 11 7:30 am Registration Opens 8:00 am Exhibit Hall Opens 8:30 am — 9:15 am

5 Ways to Originate More Business Post-COVID

Rocket Pro TPO Main Stage The needs of post-COVID homebuyers are more diverse than ever before, which is why they need funding options suited to meet their unique situations. Learn about the latest tactics and programs available that will help you generate more business than ever before. • Handling significant fluctuations in monthly income • Refinancing options after forbearances • Options designed specifically for today’s business owners, self-employed, and high commissioned sales professionals • New opportunities with second homes and investment properties • How lenders are evaluating income from PPP loans • Generating more referrals from Real Estate Brokers with loans that help borrowers make non-contingent offers

Kris-Ann Carduff, AmeriSave Wholesale Mortgage Solutions

Alex Kutsishin, Sales Boomerang

Agenda • Winning more deals in a hot purchase market • Emerging opportunities and how to capitalize on them ‍Presented by Jamie Gueltzow, LendSure 9:30 am — 10:15 am

Transitioning from the Refi Boom to Untapped Opportunities: Leveraging Commercial Mortgages for Residential Properties

Rocket Pro TPO Main Stage While the pandemic has affected many aspects of the real estate industry and the refi boom is showing signs of slowing down, real estate investor activity and demand for single-family homes remains stronger than ever. Private lending continues to offer flexible, lucrative options for fix and flip, long-term rental and other real estate investing scenarios that don’t fit traditional guidelines. • Identify profitable solutions for some of your most commonly overlooked leads • Leverage fix & flip loans, long-term rental loans, and other private lending products to make more money now • Guide investors through the origination process so that you can develop and retain more business • Strengthen your business and set yourself up for long-term success. Don’t miss this session. Presented By Jeffrey Tesch, RCN Capital 10:30 am — 11:15 am

Harnessing Your Superpower

Rocket Pro TPO Main Stage Discover how a 3-person brokerage firm grew, re-invented and went head-to-head with big banks to become America’s largest mortgage lender. Paul Yatooma, Vice President at Rocket Pro TPO, shares philosophies that you can use to shape innovation, client service, marketing, technology and partnerships. Learn

Lawrence Garfinkel, Greene Law P.C.

what top brokers are doing to grow their business and how you can leverage your superpower. Bring your questions, because this is an interactive presentation. Presented By Paul Yatooma, Rocket Pro TPO

brokers over other lenders. We’re sharing the data analytics and recommendations that you can leverage to increase business and customer loyalty. Join us! Presented by Kris-Ann Carduff, SVP Marketing at AmeriSave Wholesale Mortgage Solutions

11:30 am — 12:15 pm

1:15 pm — 2:00 pm

Rocket Pro TPO Main Stage Alternative lending is the fastest growing segment of the mortgage industry - come learn why. With a growth potential of upwards of $200 billion, it’s imperative to get involved today. By offering non-agency/ non-QM products, lenders can break into an untapped market, increase their reach and help millions of underserved American homebuyers find a mortgage that fits their needs – ultimately growing their business. Learning objectives include understanding: • What exactly is non-QM • Common misconceptions regarding nonQM • What programs are available to help challenging borrowers • How technology is helping make non-QM even easier to close • How to identify and reach potential nonQM borrowers • How to qualify and actively market to add volume • What to look for in a non-QM investor Presented By Jamie Bellingham, Angel Oak Mortgage Solutions

On average, lenders hold on to fewer than 20% of past customers. That’s the worst customer retention rate of any major business sector, and the problem is only getting worse. But some lenders are beating the odds — and you can, too. Explore the latest research into what causes high borrower churn, what it costs mortgage lenders, and what you can do about it. Presented by Alex Kutsishin, Founder and CEO, Sales Boomerang

The New Non-QM: How It Works For You

The Biggest Missed Opportunity In Mortgage Lending

2:15 pm — 3:00 pm

Legislative Panel

12:30 pm — 1:15 pm

Rocket Pro TPO Main Stage What is in store for the mortgage industry in 2021? How will you need to change the way you do business going forward? Will a metamorphosis of laws, regulations, and enforcement activity have a large or little impact? What should you focus on at the federal and state level? This session will give you the information you need to know and will cover CT, MA and RI. Panelists include Lawrence Garfinkel, Greene Law P.C.; Deborah Sousa, Mass. Mortgage Bankers Association; David Pellegrino, Navigant Credit Union; and Robert Wichowski, Bendett & McHugh LLC. Moderated by Norm Roos, Robinson & Cole.

We commissioned Hamline University to research why borrowers choose mortgage

2:45 pm — 3:00 pm Last chance with exhibitors, raffle prizes announces, conference adjourns.

12:00 pm — 1:00 pm

Buffet lunch is served inside the exhibit hall. Why do Borrowers Choose Brokers Over Other Originators?

Deborah Sousa, Mass. Mortgage Bankers Association

David Pellegrino, Navigant Credit Union

Robert Wichowski, Bendett & McHugh LLC

Norm Roos, Robinson & Cole

MORTGAGE BANKER | JUNE 2021 41

EXHIBITORS COMPANY BOOTH

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findmortgagejobs.com

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We are the easy-to-use, light-speed wholesale lender you’re craving. 833-4AUSSIE | www.awms.com

44 MORTGAGE BANKER | JUNE 2021

Mortgage Banker Magazine June 2021

Articles inside

THE ‘OM-BOBS-MAN’

Perfect Harmony

Inside A Year Of Uncertainty

LO Comp Punctured In Q1

Borrower’s Remorse

The Millennial Mortgage Mess

Open Opportunity