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The Financial Stability Oversight Council voted unanimously to issue for public comment a proposed analytic framework for financial stability risks. This new framework is intended to provide greater transparency to the public about how the council identifies, assesses, and addresses potential risks to financial stability, regardless of whether the risk stems from activities or firms.
The council also voted unanimously to issue for public comment new proposed interpretative guidance on the Council’s procedures for designating nonbank financial companies for Federal Reserve supervision and enhanced prudential standards. This proposed guidance would replace the council’s existing guidance and describes the procedural steps the council would take in considering whether to designate a nonbank financial company.
The actions proposed by the council would:
Enhance the Council’s ability to address financial stability risks. The financial system continues to evolve, and past crises have shown the importance of being able to act decisively to address risks to financial stability before they destabilize the system. The new proposed guidance would help ensure that the Council can use all of its statutory authorities as appropriate to address risks to U.S. financial stability, regardless of the source of those risks.
Provide transparency to the public on how the Council performs its duties. For the first time, the Council is proposing to issue a framework broadly explaining how it identifies, evaluates, and responds to potential risks to U.S. financial stability, whether they come from activities, individual firms, or otherwise. This framework outlines common vulnerabilities and transmission channels through which shocks can arise and propagate through the financial system. It also explains how the Council considers the tools it will use to address these risks.
Ensure a rigorous and transparent designation process. The proposed nonbank financial company designations guidance would continue to provide strong processes, including significant two-way engagement with companies under review. These processes would minimize administrative burdens on companies under review while providing ample opportunities to be heard and to understand the Council’s analyses. Further, the separate proposed analytic framework explains how nonbank financial company designations fit into the Council’s broader approach to financial stability risk monitoring and mitigation.
The Consumer Financial Protection Bureau (CFPB) issued a policy statement that explains the legal prohibition on abusive conduct in consumer financial markets and summarizes over a decade of precedent. The CFPB leads enforcement and supervision efforts to identify and end abusive conduct against consumers. In 2010, in response to the financial crisis, Congress passed the Consumer Financial Protection Act and created the prohibition on abusive conduct. The act tasks the CFPB, federal banking regulators, and states with the responsibility to enforce the prohibition and puts the CFPB in charge of administering it. The policy statement will assist consumer financial protection enforcers in identifying wrongdoing and will help firms avoid committing abusive acts or practices.
“In response to the predatory mortgage lending practices that drove the financial crisis, Congress banned abusive conduct in consumer financial markets,” said CFPB Director Rohit Chopra. “The CFPB issued today’s guidance to provide an analytical framework to help federal and state agencies hold companies accountable when they violate the law and take advantage of families.”
Policy statements provide background information about laws the CFPB administers and articulate how the CFPB will exercise its authority, but they do not impose new legal requirements. In 1980 and 1983, respectively, the Federal Trade Commission issued policy statements on both the unfair and deceptive practices prohibitions. Similarly, today’s guidance summarizes precedent and establishes a framework to help federal and state enforcers identify when companies engage in abusive conduct.
In this policy statement, the CFPB sets forth how abusive conduct generally includes (1) obscuring important features of a product or service or (2) leveraging certain circumstances—including gaps in understanding, unequal bargaining power, or consumer reliance—to take unreasonable advantage. In particular, the statement describes how the use of dark patterns, set-up-to-fail business models like those observed before the mortgage crisis, profiteering off captive customers, and kickbacks and self-dealing can be abusive.
Vincent M. Valvo
CEO, PUBLISHER, EDITOR-IN-CHIEF
Beverly Bolnick
ASSOCIATE PUBLISHER
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David Krechevsky EDITOR
Keith Griffin SENIOR EDITOR
Mary Quinn
MULTIMEDIA PRODUCER
Katie Jensen, Sarah Wolak, Erica Drzewiecki, Ryan Kingsley STAFF WRITERS
Rob Chrisman CONTRIBUTING WRITER
Gary Rogo
SPECIAL SECTIONS EDITOR
Alison Valvo
DIRECTOR OF STRATEGIC GROWTH
Steven Winokur
CHIEF MARKETING OFFICER
Julie Carmichael PROJECT MANAGER
Meghan Hogan DESIGN MANAGER
Christopher Wallace, Stacy Murray
GRAPHIC DESIGN MANAGERS
Navindra Persaud DIRECTOR OF EVENTS
William Valvo UX DESIGN DIRECTOR
Andrew Berman
HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT
Tigi Kuttamperoor, Matthew Mullins MULTIMEDIA SPECIALISTS
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MARKETING & EVENTS ASSOCIATE
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In the past, handling a borrower’s monthly payment was relatively straightforward. The servicer, more often than not the lender, would receive the check or bank transfer around the first of the month, hopefully by the 15th, deposit it in the correct account, and then possibly remit most of the payment to the investor. Servicing, and its ramifications and complications, has evolved, however, and as we enter the summer months of 2023, servicing is worth revisiting.
A mortgage servicing right (MSR) is the strip of interest from the loan. Based on the accounting rules, it becomes an asset when a mortgage loan is sold and servicing retained. Mortgage servicers are responsible for collecting payments on the mortgage loan and distributing these payments to appropriate authorities (including investors, tax authorities, and insurance companies).
The Consumer Finance Protection Bureau (CFPB) has taken an increased interest in ensuring all of this is done correctly, and that when servicing is bought or sold, the corporations handle it well, and that there is no confusion on the borrower’s part.
Speaking of which, the pace of blocks of servicing, large and small, being sold and bought has increased dramatically and should continue to the end of 2023, if not beyond. MIAC, Phoenix, Incenter, RAMS Mortgage Capital, Mountainview, to name a few companies, are actively involved in servicing transactions. “Why?” Smaller companies, which added servicing during the pandemic because aggregators weren’t paying for it, now need the cash to try to outlast their competitors with margins and volumes having declined.
For those companies who opt to retain their servicing, given that the value of the mortgage servicing rights represents the lion’s share of the value of a lender and servicer, protecting the value of the servicing is very important.
Like commodity prices, or a locked mortgage pipeline, the value of MSRs can be hedged but very few smaller companies do that.
Servicing is a numbers game. Simply put, if it costs a servicer $10 a month to service a loan and is paid $50 a month to do so, it is a source of revenue. The longer that situation exists, and the loan is “on the books,” the better. Originating or buying servicing and valuing it as if you’ll own it for years, only to have it pay off (prepaying) in four months, is a moneylosing situation. The value of servicing is the net present value of the servicing revenue components less expenses, adjusted for prepayment speeds. So, if expenses increase, or the income decreases, it is a problem. The servicer also can earn income from late fees, ancillary income, and float income.
(unique to scheduled / scheduled products), prepayments, voluntary payoffs through refinances, and involuntary payoffs through foreclosures.
The value of the servicing “book,” if held, is usually the primary source of value on the balance sheet. And prepayment speeds are the key driver behind servicing values: The longer a performing MSR is held in the portfolio, the more revenue will be received. And as interest rates rise, prepayment speeds will slow down. That increases the duration and resulting value of the MSR. And as interest rates drop, prepayment speeds will rise, which will decrease the life and the value of the MSR. As rates rise, voluntary speeds slow and the cash flows extend, increasing values, and as rates fall, voluntary speeds increase and the cash flows shorten, decreasing values.
Brokers see the results of all these calculations and forecasts in their daily mortgage pricing. They can read the borrower’s complaints in the CFPB’s published information and hear the occasional confusion from borrowers whose mailing address has changed for their monthly payments. They also see how some large companies with large amounts of MSRs place a value on the servicing that may be below or above the accepted market value.
Put another way, on the income side MSR valuation is composed of service fee revenue, escrow float earnings, principal and interest (P&I), and payoff float earnings, ancillary income (e.g., late fees, modification income, optional insurance, etc.). On the expense side, there are servicing costs, additional costs for delinquent loans and foreclosures, advances on delinquent P&I and escrow payments, interest owed on escrow accounts in some states, interest owed on early payoffs
However, the basic premise of servicing remains the same throughout all of this. A loan is given to a borrower who agrees to make their payments in a timely fashion. When the borrower does that, in the vast majority of cases, the “system” works. When the system doesn’t work, for whatever reason, brokers and LOs can step in to answer questions, once again adding value and further solidifying their relationship with the borrower.
The longer a performing MSR is held in the portfolio, the more revenue will be received.
Successful women are constantly looking to hone their skills, build relationships and better understand how to use and improve their abilities and talents. They want to be able to share their experiences and questions with colleagues who understand, and do it in an environment that helps build connections that last a lifetime. That’s why there’s the Mortgage Star Conference for women in the mortgage profession, a specially-designed hands-on immersion event centered around superior results.
There are apps for everything these days, including mortgages. But while we’re living life in an electronic landscape, not everyone prefers doing business behind a screen.
Maxwell, a digital mortgage platform that specializes in products for small to midsize lenders, found in its recently released 2023 Hispanic American Borrower Report that borrowers want to sit down and get into the nitty-gritty about their contracts. While the report also delves into the diversifying profile of American borrowers, one statistic shines through: 96% of HispanicAmerican borrowers are planning to choose a lender they can meet inperson in lieu of an online-based option.
While Hispanic-American borrowers are predicted to overtake the majority of borrowers’ demographic, they’re not so keen to jump into a digital mortgage experience. Instead, they’re gravitating toward local lenders known within the community.
Maxwell co-founder and CTO Rutul Davè says the reason is simple: They want genuine support.
Davè says there’s a definitive reason why over 40% of mortgages are originated by local small to midsize lenders: People crave the personal attention and guidance that comes along with working with a smaller lender. And, more specifically, underserved, minority borrowers want to make sure they’re making the best choices for their money..
“Part of the mortgage process is wanting to find someone trustworthy that can coach you through the transaction. It’s the biggest transaction of most people’s lives,” Davè said. “There are a lot of terms and concepts thrown at you [during the process.] They want someone they can connect with and who understands the local community as well.”
Small local lenders such as NorthStar Home Loans cater to their communities, and not just through mortgages. The Putnam, Conn.based company makes it a point to expand its outreach beyond the client level.
“In a small business like ours, we’re essentially helping out our neighbors. Locally owned businesses treat people like people, not transactions,” said Jason Verraneault, Northstar’s owner and founder. “What makes us different from a larger lender or online platform is that we’re in the business of building lifelong relationships where my clients will one day refer their kids to us.”
Verraneault’s company is in the northeast corner of Connecticut, known as the Quiet Corner. It’s in the state’s least populous county, Windham County, where the poverty rate sits around 11.5%, per 2020 records.
Verraneault says that the county allows USDA guidelines, meaning that no credit score is needed for a loan.
“We accept down to whatever is allowed by the FHA, which accepts as low as a 500 credit score and 10% down. Most lenders cap at a 620 or 640 score,” Verraneault said. “And with USDA guidelines, we have to work with our customers to help them find nontraditional tradelines for their payment history to prove that they’re fit to own a home.”
Denise Lanouette, a mortgage consultant at Hartford, Conn.based First World Mortgage, says that even though her company has multiple branches across the state, community is still at the core of its foundation.
“Because we’re a local lender, I have a whole network of local trusted financial experts, real estate agents, attorneys, inspectors, and contractors who have worked in these local areas in the past and who I feel confident recommending to customers,” she said. “Local lenders offer personalized service that extends outside of “bank hours” – they are often available evenings and weekends to keep momentum and maintain great communication.”
Like Northstar, Lanouette says that First World partners with local organizations such as the Connecticut Housing Finance Authority.
“We pair with these groups to run workshops and seminars designed to inform potential first-time homebuyers about the fundamentals of financial wellness and the mortgage qualification process,” she said.
And Lanouette says it’s not just customers who care about their lenders being local: it’s real estate agents, too.
“A huge reason why real estate agents prefer local lenders to online
“Part of the mortgage process is wanting to find someone trustworthy that can coach you through the transaction. It’s the biggest transaction of most people’s lives.”
– Rutul Davè
lenders is because of a combination of their local relationships, their reputation, and accountability,” she said. “People want to do business with people they know, like, and trust.”
Verraneault says that working with and being readily available to his clients is just half of the business. The other half is pushing out knowledge and support into the local community, using more ways
than just social media to do so.
“Me and my staff are out at events and sponsoring local sports,” he said. “We’re regulars on our town’s local radio show and we also deliver food to a pantry every Wednesday. That’s just the culture of the company.”
Verraneault added that the food deliveries aren’t to promote the company, they are to show clients and potential customers that Northstar cares about the communities in which they live.
“We’re not going to these events
and talking about the mortgage world, either,” he said. “We’re being a part of our community regardless of our work.”
Davè says that lenders can make themselves welcoming to customers by providing additional support, such as language help.
“For Spanish-speaking borrowers, it helps if there’s someone on staff to help them understand the process,” he said. “There are also specialized programs that lenders can use to help borrowers better grasp the mortgage process. Maxwell, for example, has a screen-sharing software where a borrower can see their originator’s screen and know exactly what their mortgage is.”
A sad truth about the mortgage process is that the support often doesn’t meet the needs of customers who may need extra guidance.
“Close to 50% of Hispanic borrowers who considered abandoning the homebuying process considered so because the lender didn’t provide enough support,” Davè said. “It’s not just underserved borrowers that want attention either. If you think about the largest sect of homebuyers, which is millennials, we see that they also want in-person experiences and conversations even though they’re usually proficient in technology and online transactions.”
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After years of soaring property prices and a red-hot real estate market, property investors are now facing a new reality: what goes up, must come down. As the global economy faces unprecedented challenges, property investors are seeing a shift in the market, with prices beginning to cool and demand starting to wane.
Following a record spike in the middle of the COVID-19 pandemic, investor purchases have fallen the most on record at 45.8% – which beats the 45.1% slump in the middle of the 2008 housing crash. A recent Redfin report showed that one out of every seven homes an investor sold was sold for less than paid for – causing many to lose out on any gain potential.
But it’s all about perspective. Redfin frames this data as being a red flag for the investor community, but others aren’t worried about the seemingly abrupt drop in purchases. Melissa Deal, head of sales at Haus Lending, says that the drop in activity is merely investor purchases leveling off following a period of rapid activity between mid-2020 and early 2022.
In 2021, investor home purchases grew by 64% over 2020 after being dampened by the onset of the pandemic but nevertheless grew by 39% compared to 2019, according to Realtor.com.
“While activity did drop, we have to look at that near-150% spike. But when you even out that huge spike with the gains and losses, it evens out,” Deal said. “While there still is a loss, there wasn’t a huge spike in 2006 or 2007 right before the 2008 investor activity crash.”
For Deal, this isn’t anything to be concerned about, and it certainly isn’t an indicator of a recession. After all, the too-good-tobe-true numbers needed to come down at some point.
“Trees can’t grow to the sky, the number couldn’t keep going up,” Deal laughed.
“For a while, [investor home purchases] hovered around an average of thirty or forty thousand units pre-pandemic, spiked up to 150,000, and now it’s down. But we’re still on a gradual, stable trajectory.”
“In terms of demand, we’re picking up but still seeing a somewhat healthy market. People are taking a bit longer to pay off loans and pay us back … I think a lot of [investors] are faking it until they make it.”
> Gregg Kennedy Haus Lending
Melissa Deal Haus Lending
Gregg Kennedy, Haus’ managing director of loan originations, says that investor activity is cyclical and that good, savvy investors know how to still be profitable.
“If anything, the market is finally normalizing after a frenzy during peak COVID times,” Kennedy said. “In terms of demand, we’re picking up but still seeing a somewhat healthy market. People are taking a bit longer to pay off loans and pay us back. … I think a lot of [investors] are faking it until they make it.”
Deal says that investors seemingly “pulling back” (according to the data) isn’t a message of panic. She pointed out that a lot of the market’s risk factors have dissipated, such as supply chain issues, labor shortages, and lumber prices.
“There will always be nervousness from
investors about whether they’ll be successful in their flips or make a profit,” Deal said. “But, we’ve seen that home flippers are still making a profit of between $65,000 to $70,000, which is steady. And, their market share has remained on par.”
For Deal and Kennedy, it makes sense that
markets and investor activity are cooling.
“Take a look at top pandemic spots like Scottsdale, Arizona, and Las Vegas. Those markets went crazy and so they’re bound to fall back as the market cools,” Deal said.
For experienced investors, this is just the correction that they’ve been expecting, according to Stephen Ballard, RCN Capital’s business development manager.
“While newer investors to the market are panicking, the experienced ones are looking at the bright side and noticing that today’s homes are more affordable than they were six months ago,” Ballard said. “We’re in a high interest rate environment, which you think would discourage investors. But the lower home prices are keeping them interested.”
Ballard says that as activity slows and investor purchases return to a normal level, RCN isn’t necessarily worried.
“The only concern that we have is whether our clients have the same level of data that we do about the market,” he said. “For this reason, we’re shifting our focus as to what we’re looking for from an investor… the market’s tighter, so we have to be more careful, and we want our clients to be protected. We want to see a higher credit score than we would have preferred a year or two ago, someone who has more equity and is a bit more conservative with their money.”
While investors could be alarmed about Redfin’s raw data, Deal and Kennedy both reiterated that they haven't experienced any investors expressing concern.
“They know that housing prices will only fall so far,” Deal said. “Yes, there was a crazy spike and a perfect storm for flippers last year, [which put them in] an entrepreneurial mindset. But despite a slowdown in the data, the percentages of houses that have been flipped keeps going up.”
Fred Matera, chief investment officer at Redwood Trust, says that the company’s subsidiary, CoreVest, hasn’t seen investors shy away.
“We deal primarily with small to midsized investors,” Matera explained. “Investors did step up their presence in residential mortgages over the last few years, but a lot of the larger purchases were done by institutional investors. So smaller investors that we handle have stayed relatively stable.”
While other investors have decided to slow down, Matera assures that this is cyclical and
“For the investor market, the slowdown is a combination of higher borrowing costs, but similarly we haven’t seen valuation fall, per the capitalization rate, to offset the costs of borrowing. So I think some investors are saying ‘let’s wait’ for rates to come down.”
> Fred Matera Redwood Trust
isn’t anything to be concerned about in the meantime.
“For the investor market, the slowdown is a combination of higher borrowing costs, but similarly we haven’t seen valuation fall, per the capitalization rate, to offset the costs of borrowing,” he said. “So I think some investors are saying ‘let’s wait’ for rates to come down.”
Matera also says that in the meantime, he’s seen investors with CoreVest have extra capital to play with.
“There’s a tremendous amount of lending capacity and dry powder among our clients, meaning available capital, like accessible cash and stocks, that can be sold,” he said. “It was pretty busy out of the gate this year, but now they’re taking time to sit back and see what the best financial decisions are for them.”
When rates jumped up last year, it was normal for experienced investors to take a
step back and reevaluate what they wanted to spend their money on, Matera said. Charles Weinraub, a professional flipper, home investor, and owner of Handsome Homebuyer out of Long Island, N.Y., says that he’s not pulling back altogether.
“In June [2022] I pulled back heavily waiting for the market to adjust. Since that time prices locally have dropped 5 to 10% ... I have since ramped up my marketing efforts to take advantage of less competition, but I've changed what I buy and how I buy,” he said. “Many investors are taking losses from properties they purchased in 2022. Between interest rates almost tripling, construction costs through the roof, unstab-
le market conditions, and the building departments taking forever to issue building permits, it's nearly impossible to do business.”
However, Weinraub isn’t discouraged by the seemingly impossible ways to do business. He says that he’s been approaching first-time homebuyers for safe investment opportunities. “People will always buy houses. Interest rates at 2% or 20%, people will always buy houses. As a business owner you have to be willing and able to make adjustments to meet market demand,” he said. “For the near future I’ll concentrate on the first-time homebuyer market. That's where we see the biggest demand and the lowest supply. These are the safest investments.”
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The CE Shop made waves in mortgage education since launching their courses last year. Why? Superior education content and instruction led by Michelle White. The CE Shop is proud to congratulate Michelle on her Legends of Lending designation!
White has had an admirable career as a mortgage professional since 1993 and has successfully navigated the ups and downs of the mortgage market over the years. Although Michelle is a legend in her own right, her rise to legendary status involves a diverse background in the mortgage industry and rather humble beginnings.
White began her career as an MLO Assistant and quickly transitioned to a Mortgage Loan Originator. Her zest for learning and variety also led her to explore careers that would allow her to experience all aspects of the mortgage process from underwriting to mortgage collections and insurance. Even when markets became volatile, she viewed what others would perceive as reasons to change their career instead as opportunities to strengthen her skills and knowledge within the industry.
Almost two years ago, White decided to take her passion for knowledge and join The CE Shop as a National Mortgage Expert and help launch NMLSapproved pre-licensing and CE courses for mortgage professionals. She came in with a razor-sharp focus on providing a quality curriculum that would set new MLOs up for success in the mortgage industry. She also brought a special interest in mortgage ethics.
White recounted the time that she experienced, what she calls, her “breaking point,” which only deepened her interest in mortgage ethics. She was expected to underwrite a loan where she had uncovered an attempt at fraud. After bringing the discrepancy to her supervisor, she found no support, and was still encouraged to go forward. She decided to take a stand against the decision of her supervisor, and although it cost her the position, she gained a new sense of purpose and dedication to ensuring that mortgage professionals are equipped and intent
on providing principled assistance to their clients.
In her work with instructional teams at The CE Shop, she infused some of these pivotal moments into the curriculum so that students get a real-world feel for what they may face at some point in their own careers. “Some of my own personal experiences were incorporated into the lessons,” White noted as she spoke of her process for designing The CE Shop mortgage courses.
The CE Shop’s mortgage education program had a formidable start with White at the helm. Her philosophy of variance in content delivery, making complex mortgage laws more digestible, and practical application of the duties of an MLO coupled with a well-designed curriculum and interface quickly moved the program forward. White is proud that students of different learning styles have been successfully navigating through the course and demonstrating content mastery.
“It’s encouraging to see how many people are able to get through the program successfully,” she said.
Fortunately for the mortgage industry, retirement is not in White’s plans. She plans to stay at The CE Shop as long as she can and feed her hunger for teaching and learning. Always the visionary, she has already begun formulating plans for new offerings that will further develop the program, including ongoing professional development courses.
Personally, she hopes to continue living out her belief that learning is a journey and not a destination by sharing her knowledge with other mortgage professionals as a motivational speaker.
As an industry veteran, now officially a “legend”, White has some valuable advice for aspiring and up-and-coming MLOs: “You can do a lot of good in the mortgage industry. You’re helping people realize the dream of homeownership; one of the great American dreams. If you can help someone achieve housing stability through purchasing their own home, you’re just making your community a better place to be.”
That may be the best commission any mortgage professional could ever earn.
“If you can help someone achieve housing stability through purchasing their own home, you’re just making your community a better place to be.”
MICHELLE WHITE
Investor interest may have leveled off in 2022, but when it returns they will want to start looking for those young investors.
Katie Jensen, staff writer for Mortgage Banker, says this younger generation sees themselves not as a first-time homebuyer, but more as an investor. Social media seems to be fueling the property investment craze among Gen Zers and Millennials.
They’re tech savvy, pragmatic, progressive, and very attached to their smartphones, meaning they can gather vast amounts of information within seconds and stay up to date on the latest news. Millennials and Gen Zers are born investors, and it’s only a matter of time before they enter the real estate market.
Those pesky smartphones their parents told them to put away at the dinner table are now making some millennials and Gen Zers a fortune. They can more easily access the stock market and other investments than any previous generation. Almost 60% of Gen Z and millennial investors own cryptocurrency and/or stocks. In 2022, 40% of Gen Z and millennial investors held meme stocks. What makes these particular generations ripe to invest in real estate? Gen Z and millennial investors prioritize the potential for longterm gains when picking stocks and reaping the benefits of property assets is a long-term game.
RCN Capital Chief Financial Officer Justin Parker says he thinks one of the reasons why millennials and Gen Zers are interested in investing is because it’s such a prevalent topic on social media.
“There’s a lot of social media presence around a lot of very successful entrepreneurs that have built their wealth around real estate,” Parker says. “I think that
has driven more interest because of the exposure kids get to that level of information that, historically, really wasn’t available.”
Although current price levels may have many cohorts of this generation feeling like homeownership is out of reach, the rapid increase in rents over the past two years is making them think twice.
“Gen Z is especially tuned into the idea that renting is ultimately a waste of money when compared to being able to build equity in your own property,” says Melanie Hanson, editor in chief of EDI Refinance.
Evidence shows millennials and Gen Zers love to invest their money, but at the same time, they’re noted for having the most financial anxiety compared to other generations. Looking at the major events that occurred through their lives, that actually makes sense. They have extraordinarily high levels of student debt, lower levels of wealth and personal income, and lived through the Great Recession. Some watched their parents lose their homes or their jobs because of it. At the end of the day, debt can be a friend or an enemy depending on how you use it. So when these kids go shopping for a mortgage, it’s safe to bet they’re going to have questions and they’re going to be careful about who they trust.
Truthfully, it’s tough for anyone to qualify for a mortgage right now, especially if they have poor credit, stu-
dent debt, or don’t have the cash to afford a home. That’s why many have explored alternative ways to dip their feet in the real estate market, such as REITs, real estate mutual funds and companies with a real estate focus. A survey by GOBankingRates found that nearly one in four (24%) Gen Zers report being real estate investors.
RCN Capital has its fair share of Gen Zers and millennial clients.
“We see a tremendous amount of clients under the age of 30 and under 20 — call it younger, newer investors that have entered the marketplace,” Parker says. “They have their own different approaches to how they go about business.”
Bill Mervin, regional vice president of NJ Lenders Corp., has plenty of Gen Z and mil lennial clients and says the basis of his entire business is built on being a mortgage planner. As someone who began his real estate investing career at 21 years old, he’s the perfect authoritative figure to help young investors forge their path.
“We always frame it as a mortgage consultation, never just an application,” Mervin says. “We wanna usually sit down and spend a lot of time upfront building that trust.”
Loan officers and brokers should be more than debt salespeople. Being somewhat of a financial advisor, educator, and working creatively to help the toughest of borrowers is what makes your business valuable. Otherwise, you’re a commodity.
“We’re not debt salespeople,” Mervin says. “When individuals think of you as transactional, they’re gonna kind of put you in a box, and then it only comes down to price.”
Hand-holding is absolutely necessary for younger, inexperienced investors.
“The biggest piece of advice that we give to each and every one of them is find people that you can partner with and trust,” Parker says. “That doesn’t necessarily mean go in on the deal with you, but what it means is find a lender that has a wealth of knowledge to where they can kind of guide you and talk you through those deals and what to expect and what not to expect and what to be on the lookout for.”
So when these kids come knocking on your door, be prepared for questions like “How does DSCR work?” or “Can I put down less than 20% on an investment property?” or “Is it okay to rent out my home on Airbnb?”
What young investors really want to know
logistics, flexibilities, and functionalities they offer. This means knowing the ins and outs of all your products, including FHA, DSCR, Flip’n Fix, FHA 203(k), and whatever else is on the menu.
Typically, first-time investors and homebuyers will try to time the market for the “right time to buy,” but loan officers, brokers, and real estate agents know from experience that feeling is elusive.
“I was involved in real estate in Florida in 2004,” Mervin says. “A big major national builder bought a bunch of lots and stuff like that. And then six months later they’d marked them down 75% and I got swept up in that. At the end of the day, what I learned was these guys had all the money and all the smarts in the world to try to look at this stuff and they missed it.”
If Mervin had a client say this was a declining market or that now is not the time to buy, he’d likely tell them, “I just bought a duplex last week. I tell people I’m putting my money where my mouth is.”
Timing the market also isn’t necessary if the investor client plans on holding the property long term.
“Real estate, when stretched out over 5, 10, 15 years, there’s never been a period in history where that hasn’t produced tremendous returns,” Mervin says. “That’s why I’m not a real estate flipper. I mean, I’ve done like one of them in my lifetime, but I want to buy and hold everything that I can get my hands on.”
Buying while rates are still high may be a good strategy, because it allows investors to get in
before rates drop and the buying frenzy begins. Mortgage rates can be refinanced, but the price of the home is
So what are the best strategies and products for young investors looking to get into the market right
House hacking with an FHA loan is a great strategy for those young real estate investors who don’t have a lot of capital. They’ll use an FHA loan to buy a multi-family property and put down only 3.5% to 5%, depending on their credit scores.
“This is particularly good for the folks that don’t have children yet, and want to buy this as a way to start a real estate portfolio,” Mervin says. “They might also need a home to live in. Then one or two years down the road, they move out of that duplex or triplex and turn it into a full-on investment property.”
However, if a client doesn’t need a primary residence, the single-family rental market is probably their best bet. These small starter homes are manageable in terms of maintenance, and the investor and/or landlord only needs to find one tenant.
“I think a single family rental is a great way to dip your feet in the water,” Parker says. “If you find a rent-ready stabilized property where you just have to put a tenant in there that generates income to cover your mortgage payment, that’s pretty hands off.”
Another popular product for first-time investors are single-family fix-and-flip businesses, Parker says. They’ll need to find a home that is a little run down or distressed, get a decent price on it, and then throw a fresh coat of paint and do a light rehab. Later, they can sell it or refinance it into a rental loan.
There’s plenty of options to make real estate investing more affordable for young investors. Loan officers and real estate agents are the ones who can help these borrowers beat institutional investors that are pushing more and more people out of the market.
“You’re gonna have to execute violently and quickly when you see in this market,” Mervin says. “The key to being able to do that is to have all the information, to have all of your ducks in a row, and to have that planning done upfront so that when something checks those boxes, you can move on it quickly.”
Loan officers and brokers should be more than debt salespeople. Being somewhat of a financial advisor, educator, and working creatively to help the toughest of borrowers is what makes your business valuable.
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“If you haven’t yet realized your full potential, feel like you’re not worthy of success or think you’ve not made it, this book is dedicated to you, the underdogs of the world. Remember, it’s not how you start, it’s how you finish.”
–Glenn Stearns
“Making hard decisions that require difficult changes is about learning to respect and honor your future self.” –Glenn Stearns
“The mindset that comes from adversity - from living through loss, fear, and pain can be a wonderful tool.”
–Glenn Stearns
Glenn Stearns, the founder and CEO of Kind Lending, is a well-known force in the mortgage industry and beyond thanks to his founding of Stearns Lending and his starring role in the television series, “Undercover Billionaire.”
Now he can add top-selling author to his biography. His new book, “InteGRITy,” debuted at the top of Amazon’s bestseller list when it debuted in mid-May.
According to information supplied by his publisher Simon & Schuster, the book is filled with anecdotes from Stearn’s roller-coaster life and career. He shares the lessons learned in his life, both personally and professionally, that helped him become the successful business leader he is. Through the book, he hopes to inspire others and leave a legacy built on kindness.
He spoke with Mortgage Banker Magazine staff writer Katie Jensen about his new book and the inspiration behind it.
Stearns: I’ve always led with my flaws, right? I’ve been very fortunate to have been able to grow a mortgage business through some tough times and come out in a very good place. I’ve had a lot of people say, how did you do it? By showing people the good, the bad, and the ugly, I think, and I hope it’ll motivate other people to know, when they’re ready to give up and when they think this is a dead end road, that they know everybody goes through that.
We all have very similar stories, and it’s just the power of persistence in not giving up. And so my goal is that if they are in our business, they realize we’re in a very small business and that they need to just keep their head down and live with integrity and try to surround themselves with good people and then it becomes a very rewarding business.
“When you’re in business, you’ve got to be willing to think outside the box and try new things, even if it makes you uncomfortable. It doesn’t matter if you’re a start-up or an established company - evolving is a never-ending pursuit.”
“Oftentimes, especially in business, you need to be chameleon-likemalleable and adaptable enough to your surroundings to survive. If you’re not, you’ll fall.
–Glenn Stearns
–Glenn Stearns
MB: Do you think aggression is an ingredient to success? And if so, what does healthy aggression look like within the business world?
Stearns: Of course a way to keep score is to watch your market share and how you rise above your next competitor and those kind of things. And, that’s OK. But when we turn and we say you are the enemy and we are going to try to destroy you or scorch the earth, and all those kind of things, we’ve missed the boat on what we are supposed to be doing when it comes to this industry.
We’re all in this together. When we don’t help each other, we do get into a place that we’re not helping each other. When I sold [Stearns Lending] to Blackstone, two years later, I was sitting in a board meeting. They were talking about … a 28% attrition rate and we had this and that. I said, wait, wait, back up. You said we had a 28% attrition rate? We’ve got 3,500 employees. When I sold the company to you guys, six people left that year. I knew their names. So 28%, you’re telling me over a thousand people leave our company and basically tell everybody else we suck.
That’s terrible. And so what happened? And the difference was that we’re kind and we knew our competitors, and we would call and go, “Hey, it looks like you got a few people that aren’t very happy over there. You might wanna talk to them because we are getting their resumes and maybe you can keep them.”
And when you put yourself in a position that allows you to be friendly and respectful of your competitors, then the next thing that happens is they honor you back. Right?
I’d rather go back to wanting to move the needle, wanting to be aggressive in our programs, in our marketing, in our ability to communicate to brokers or to our borrowers, our ability to have the best technology. I want to be aggressive in my ability to invest in my company and making sure we’re the best place to work so we can attract more people to come over here.
I don’t want to be aggressive in putting down the other lenders in saying why we’re better than them. I don’t have to do that. None of that matters. When people see happy people in your company, then that attracts other people.
I think I have a lot of respect for the other owners. I think they have respect for me and we just don’t get ourselves in a lot of pissing matches, you know?
competition between UWM and Rocket, it can get pretty vicious. Should you maintain that mentality of sticking to kindness and being a friendly competitor when your competitor is really trying to corner you?
Stearns: That wouldn’t happen with us. I’d call up [UWM CEO] Mat Ishbia and say, let’s go to lunch. I ran into Mat a while ago, and when we were talking, he said, “Glenn, I never had a better time in this industry then when we were number two and you were number one and we were fighting to try to beat you. We did that for a couple years and we sharpened each other. We made each other better. Everybody needs a very good competitor in order to get better. And I respect Mat for that. I loved that we went toe-to-toe and it was wonderful. When I got back in, I told him, hey, we’re coming after you in a joking way. Right? It was fun.
Now, I don’t want to get in a fight and say, you know, you can’t use another
You know, don’t get me wrong, don’t compare kindness for weakness, right? There’s a difference. I don’t mind standing up for myself, but I also don’t have a problem communicating with somebody else, another CEO that we need to. You know the problems happen when you stop communicating. There’s no reason why we can’t coexist. And hopefully in a space where we respect each other. I wouldn’t get into the fights that they did because I’d rather jump on a plane and try to solve the problems.
MB: A really great thing about this industry is that it seems to be populated by self-starters who succeed from difficult backgrounds. So it makes for a lot of great stories. Why do you think that happens? Why do people like that gravitate towards the mortgage industry?
Stearns: It’s an industry that has an unlimited upside and a very cruel
“The most important gift you can offer people is the encouragement to believe in themselves. Planting seeds of hope doesn’t require you to be bigger or more successful than others; you simply need to have enough confidence in yourself to build.” –Glenn Stearns
downside. Right? It’s a place where you can be very imaginative in your growth, and you can have your ideas and you can gain a lot of traction with people that believe in you and you can. Do some amazing things with a company very quickly and you can change a lot of lives.
So, there’s a lot to gain in getting into this industry. It’s a very cyclical world where if you only look a month ahead or at your present, you will fail. Drastically and fast and quickly. If you look at the cycles and you want to be in it for a career, then you realize you make a lot of money in this industry and you give at least half of it back during the down cycle. If you look far enough out, you understand that you need to always invest in the future and be prepared.
This has happened a few times where people have compared our company or myself to other owners that were living a real high life. I said that’s wonderful that they do that. I don’t feel it’s my money. It’s the company’s and I need to invest back in them. They’ll come a day and we see that today, right? They dividend out a lot of their money and now they need to have that money and it’s not there. You run into
some problems. You really have to look in the future if you want to have a strong business.
MB: You said in your book when you’re in business, you’ve got to be willing to think outside the box and try new things. Are there any examples that you can point to in your career where you thought outside the box and succeeded. Stearns: Right now we’re succeeding in Kind Lending in a world where everybody is struggling. And I’ll give you a couple examples of that and then I’ll tell you why I think it’s happening. If you look at our market share growth from all the reporting lenders, we were up 601% from last January to this January. We’re up over 200% just from January until [the end of April], and we are up a little bit more than that from last year this time to now when everybody else is down 60, 70, 80% from last year.
What’s different about us? Well, I’d say it’s because it isn’t our first rodeo, right? We’ve done this before and this time I’ve thought to myself, OK, what is it that I
want to do? Well, I want to be authentic. And an example of that is we had a wonderful software for the broker last time at Stearns, and it was called Snap. It was very quick, it was very efficient, and you could basically utilize that as a tool to help get you more business. And so when we sold the company, they changed that up and they wanted it to be a little bit different. And when they did that, we lost a lot of what was very special.
So when Kind came about, I said, I want to have the easiest software for the broker. I want to make it simple. I don’t want to make it perfect. I want it simple, and I want it fast. So we call our broker portal the Kwikie, right? And it’s the Kwikie because we have happy beginnings and happy endings. If it’s your first time, we’ll go easy on you. It doesn’t have to be hard. And we have all these puns that are very light and fun and make people go, did they just say that? Oh my God, a quickie, happy endings. Oh my goodness. And it makes people laugh and then they feel like, Hey, you know what? These guys are a fun company. They’re light. They make fun of themselves.
“Success isn’t a line you cross but the journey you take. If that’s true, then there is no finish line.” –Glenn Stearns
Nomination Deadline: July 28
By KATIE JENSEN, STAFF WRITER, MORTGAGE BANKER MAGAZINE
hen OpenAI released ChatGPT to the public, entrepreneurs and people working in various industries were overwhelmed with the amount of possibilities this new technology could do to help increase efficiency in their business. As a large language model capable of generating human-like text, ChatGPT has the ability to converse with humans and answer questions within seconds.
Founder and CEO of Instamortgage Shashank Shekhar wasted no time getting to know the program and seeing what it could do for lenders, originators, and real estate
Wagents. Shekhar began playing with it to see how competent the technology was by having it write essays and poems.
His biggest frustration? The program sometimes shuts down because an overload of users are signing into it. Then, OpenAI launched the paid version, going for $20 a month, a couple of months later. Shekhar says the wonderful thing about ChatGPT is that anyone can use it. If high schoolers can get it to write their essays on The Odyssey, grown adults should have no trouble getting it to perform basic tasks such as writing an email.
“You don’t need any programming experience or coding experience,” Shekhar says. “It uses natural human language. And that’s what I mentioned in the ebook as well.
It’s like talking to Siri or Alexa or Google Assistant.”
This technology, valued over a billion dollars, is available to anyone at zero cost. In an attempt to help advance the mortgage industry that’s notably far behind other industries in terms of technology, Shekhar decided to write an ebook (also for free) instructing mortgage professionals on the various ways they can use ChatGPT for their businesses.
The more time spent playing with the technology, the better people will become at using it. Shekhar says that it’s a good idea to learn some prompts to ensure commands
or questions are understandable, and to get more accurate responses.
Here is a prompt provided in the ebook that works for marketing emails: “Write an email to a prospect for using me as a loan officer to get a mortgage for buying a home in Las Vegas, Nev., using the four Ps persuasive framework — promise, picture, proof, and push.”
ChatGPT then spit out an email Shekhar could copy, paste and send to his prospect, or he could make edits and craft it to reflect his voice.
For those who struggle with using social media to market themselves effectively, ChatGPT can be a helpful guide. In Shekhar’s ebook, he says it can create a content calendar to help plan what works best for you and writes the content. If you already have a written draft, ChatGPT can revise it to a specific tone, even adding a touch of humor. For videos, it can suggest just the title and the description, or it can write an entire script.
The most useful way to use ChatGPT is by having it help build relationships with referral sources, especially real estate agents.
Mortgage veterans will say the best way to get your foot in the door is by providing these Realtors value. Shekhar says this is typically accomplished by solving their problems, or by helping them create more opportunities and close more business. ChatGPT can do both.
Ask it to write listing descriptions for a three-bedroom, one-and-a-half bathroom house set in a quiet cul-de-sac. Obviously, the more detail added, the better the listing description will be. Then, ask it to shorten the description for flyers or social media posts.
In Shekhar’s book he says that the use cases for real estate agents far exceed that of a loan officer. If a loan officer were to teach classes on this topic to local real estate boards or officers, they would be building relationships with plenty of referral sources. Shekhar used the same strategy to build referral sources when he got started in the mortgage industry around 2008.
“I started teaching Realtors on using social media and video marketing in 2009 when it was a very new technology,” Shekhar says. “Very few people were using it so I could get in front of hundreds of real estate agents … and I think the same opportunity is there for loan officers now with ChatGPT.”
ChatGPT can also calculate mortgage payments and even run amortization
scenarios and pre-qualifications for loan officers’ clients. Here is a prompt that Shekhar used: “What is the mortgage payment on a $425K loan at 6% for a 30-year fixed loan?”
ChatGPT’s response: “The monthly mortgage payment on a $425K loan at 6% interest for a 30-year fixed loan would be approximately $2,548.90.”
Although this is an advanced supercomputer machine, ChatGPT can make mistakes from time to time. Shekhar says it can calculate basic pre-qualification when provided the debt-to-income ratio, even for more complicated pre-qualifications, but doublechecking answers is recommended.
“I have tested it on a few numbers where it’s not too far off the correct answer, but it’s not the correct answer,” Shekhar says. “And so those are the things that we need to wait on. And we need to be giving it a thumbs down. That’s one of the ways ChatGPT learns is that if you give it a thumbs up, it knows that it’s the right answer. If you give it a thumbs down, then it knows it’s the wrong answer and maybe tries to figure it out by itself. Maybe you can teach it by saying, ‘OK, this is how you calculate debt-to-income ratio. How you’re calculating it is wrong.’”
Most of the cases that Shekhar provides in the ebook revolve around marketing, education, and content creation. But as newer versions of ChatGPT come out and improvements are made, it has the potential to make more accurate calculations and perform more complicated tasks.
In Shekhar’s ebook he notes how quickly the internet became obsessed with ChatGPT. An infographic shows that Netflix took 3 ½ years to reach a million users, Twitter took 2 years, Spotify took 5 months, and ChatGPT took only 5 days. Newer versions are already being made too. It was originally launched in November 2022 as GPT-3.5, then GPT-4 was launched March 14.
However, it will take time to enable ChatGPT to perform more advanced mortgage-related tasks, such as risk management, but Shekhar says it is theoretically possible. Unlike artificially intelligent platforms, ChatGPT uses machine learning technology so it can improve on tasks the more it is used. It does have the potential to detect fraud if it was trained to do so. Shekhar provides an easyto-understand example of how this works:
“Through learning millions of intakes, it can help with risk management for lenders.”
“Let’s say that you want a platform to understand or be able to recognize what a cat looks like,” Shekhar says. “Now that machine will be fed hundreds and thousands of pictures of a cat and will be told what the basic features of what a cat is. They have four legs, whiskers, they’re small, and so on. ChatGPT will be shown a lot of other pictures that may look like a cat, but it’s not a cat. Maybe a baby tiger or lion or whatever. And then after that, it comes to a point where the machine has learned on its own and now it’s able to figure out which one is a cat and which one is not.”
In the mortgage world it can do the same to detect fraud.
“You can use the same machine learning to teach a platform like ChatGPT to understand, for example, which one is the correct pay stub and which one is not, or which one is the right W-2 and which one is not,” Shekhar continued. “And through learning millions of intakes, it can help with risk management for lenders where it’s able to figure out, ‘This pay stub is not correct, it’s a fraud.’”
Is it competent enough to replace experienced staff members such as underwriters, loan officers, processors, or
risk managers? Shekhar says “no,” because it can make mistakes. It requires oversight on the tasks it performs, like an intern would. ChatGPT is not necessarily your best employee, but it can do some things for you and make completing your daily tasks easier.
Time is another currency that loan officers, lenders, and other mortgage professionals can never get enough of. Broker owners who don’t have a large support system around them or need to scale back on staff in a down market need help handling marketing, client management, and relations with referral sources. Interns are a great solution, but it’s also likely they would want to be paid more than $20 a month for assisting with all these tasks. They’re also not available 24/7 and aren’t talented in all of these areas.
“One of the challenges that I have always faced is the fact that you can’t find one person with all the talent,” Shekhar says. “If you’re looking for somebody who can write video scripts, write blogs, write social media content, research for me to figure out which content will actually rank and do better … you are probably looking at three, four different interns because not all of them
have the talent to be able to do all of this.”
However, having ChatGPT do the initial heavy lifting makes it easier for one person to complete all of these tasks.
“I mean, 50%, 60%, 70% of the work is done for you,” Shekhar says. “Now you can have an intern who can possibly then go and finish the rest of the task, or you can do it if you’re a one person shop.”
Users can measure the success of ChatGPT for their business the same way they normally would. For example, if the open rate on a marketing email was 15%, and after using ChatGPT it ticked up to 20%, then it’s working. You can measure success the same way with tracking likes on social media posts or visits to a blog web page.
Shekhar’s ebook ChatGPT For Lenders is free. Downloads are available at chatgptforlenders.com. Plug in your email, phone number, and NMLS ID and a free copy will be sent to you.
“It’s just my way of giving back or paying forward to the industry that has helped me quite a lot over the last decade,” Shekhar says.
Picture your dream home. Now look down. There’s a bright red line keeping you out. Join host Katie Jensen as we dive into redlining and the legacy of discrimination. You’ll hear first-hand accounts from those who’ve had to fight back to achieve their dreams. And we’ll challenge industry leaders on how to rewrite this legacy.
Silencing your notifications and ignoring your email at the end of the workday could make you a better leader at your job, according to new research.
Managers who disconnected from their jobs at home felt more refreshed the next day, identified as effective leaders, and helped their employees stay on target better than bosses who spent their off hours worrying about work.
Less-experienced leaders were especially prone to becoming ineffective if they spent their time focusing on their jobs at home.
The upshot is that the key to effective leadership in the office might be a better work-li-
“The simple message of this study is that if you want to be an effective leader at work, leave work at work,” said Klodiana Lanaj, a professor in UF’s Warrington College of Business who led the research. “This is particularly important for inexperienced leaders, as they seem to benefit the most from recovery experiences when at home. Leaders have challenging jobs as they juggle their own role responsibilities with the needs of their followers, and they need to recover from the demands of the leadership role.”
The study surveyed managers and their employees at U.S. businesses in 2019 and 2022. The researchers assessed leaders’ ability to disconnect from
Less-experienced leaders were especially prone to becoming ineffective if they spent their time focusing on their jobs at home.
“What we found is that on nights when leaders were able to completely turn off and not think about work, they were more energized the next day, and they felt better connected to their leadership role at work. On those same days, their followers reported that these leaders were more effective in motivating them and in guiding their work,” Lanaj said.
“But on nights when leaders reported that they were thinking about the negative aspects of work, they couldn’t really recuperate their energy by the morning,” she said. “They saw themselves as less leader-like and they weren’t as effective, as rated by their followers.”
So how can leaders – and businesses – promote this kind of work-life balance to build effective leaders?
“My hope is that this study will give managers data to support their decision to be present
at home and to disconnect from work,” Lanaj said.
While Lanaj’s study didn’t ask managers how they relaxed at home, other research points to well-known ways to unwind and reset: Exercise, socialize with friends, spend quality time with family, or engage with TV shows, books or hobbies. What helps one person leave work at the office might not help another. The key, Lanaj says, is to find the methods that let you decompress from work as much as possible.
And businesses that want the best out of their leaders on the job should help them recharge at home. Reducing after-hours emailing and expectations for on-call work is one way to do that.
Tech fuels a lot of this after-hours work, but also might offer a solution. You can set your phone to disable notifications after a certain hour or leave work devices in a dedicated office.
“You can start small,” Lanaj said. “Say, ‘After this time in the evening, I won’t check my work email.’ See where that takes you.”
sluna@ravdocs.com
469-730-4607
Scott Luna’s practice is focused on real estate law with an emphasis on mortgage document preparation and land title issues. Scott managed a successful multistate highvolume title and document preparation business for over 20 years before joining RAV and is recognized throughout the real estate legal community for his expertise. As a past President of the Oklahoma Land Title Association, Scott’s ongoing involvement in the industry adds to his wealth of title-related knowledge. Scott received his Juris Doctor degree from the University of Tulsa College of Law in 1991 after receiving his Bachelor of Science degree from Texas A&M University. Scott is currently licensed in Texas, Oklahoma, Missouri, Minnesota, Nebraska, and Kentucky.
Mitchel H. Kider Managing Partner
kider@thewbkfirm.com
202-557-3511
Mitch Kider is the Chairman and Managing Partner of Weiner Brodsky Kider PC, a national law firm specializing in the representation of financial institutions, residential homebuilders, and real estate settlement service providers. Mitch represents banks, mortgage companies, homebuilders, credit card issuers, and other financial service companies in a broad range of litigation and regulatory and compliance matters. He defends clients in investigations and enforcement actions before the Consumer Financial Protection Bureau, Department of Housing and Urban Development, Department of Justice, Department of Veterans Affairs, Federal Trade Commission, Fannie Mae, Freddie Mac, Ginnie Mae, 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.
Gregory S. Graham Co-Managing Partnerggraham@bmandg.com
972-353-4174
Black, Mann & Graham CoManaging 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.
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.
James W. Brody, Esq. Mortgage Banking Practice Group Chair
jbrody@johnstonthomas.com
415-246-3995
James Brody actively manages all the complex mortgage banking litigation, mitigation, and compliance matters for Johnston Thomas. Mr. Brody’s experience centers on those legal issues that arise during loan originations, loan purchase sales, loan securitizations, foreclosures, bankruptcy, and repurchase & indemnification claims. He received his B.A. in International Relations from Drake University and received his J.D., with a certified concentration in Advocacy, from the University of the Pacific, McGeorge School of Law. He was a recipient of the American Jurisprudence BancroftWhitney Award. He is licensed to practice law in California and has been admitted to practice in front of the United States District Courts for the Central, Eastern, Northern, and Southern Districts of California. In addition, Mr. Brody has served as lead litigation counsel for numerous mortgage banking and commercial related disputes venued in both state and federal courts, in a direct capacity or on a pro hac vice basis, in AZ, CA, FL, MD, MI, MN, MO, OR, NJ, NY, PA, TN, and TX.
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.
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.Marty Green
When looking at the appraisal process, there are two variables that create the biggest variance. How fast an appraisal is paid for and how fast it is scheduled. To set up a borrower for a better experience, make sure they understand the need to pay for their appraisal and be available to allow an appraiser to come to the property. It is critical to set the best expectations and have good transparency throughout the process to ensure you and the borrower are on the same page. Here are the 5 ways to create a better appraisal experience for your borrower:
While analyzing thousands of appraisals we found orders that were required to be paid for up front, averaged almost ¾ of a day longer in turn time than those that were not paid-up front. This is adjusted for the time the order is on hold waiting for that payment.
The process of waiting for the payment causes operational challenges for appraisal desks and Appraisal Management Companies (AMCs).
The scheduling of an appointment is another bottleneck in the process. Most appraisers accept assignments in the current market under the assumption they will be able to get into the property within the next 24-48 hours. Especially when turn times become very competitive, appraisers are worried about scheduling issues and being able to get into the property. When an appraiser cannot get access to a property within that timeframe, they usually end up putting the appraisal back onto the back of their queue because they’ve already committed to delivering several other appraisals in that timeframe.
Appraisers do not need to spend very much time at a property. The percentage of time spent inspecting a property compared to the overall completion of the appraisal report is very minimal. The majority of the time is not spent in a home, it is spent researching, adjusting, and analyzing property data and market trends. Their main role at the property is to gather an accurate measurement and evaluate the condition and quality of the property. They will have to get a photo of every room in the house. Some important things that may be good to mention to the appraiser are any additions of square footage, recently finished basements, or recently updated kitchens and bathrooms. Additionally, anything specific about the market that might be unknown to the general public, such as a new park going up, FSBO sales not listed publicly, etc.
The appraisal is not meant to be a value for the best possible price of a home. An appraisal is meant to be a snapshot in time view of the value of the home. Appraisers use recently closed sales to form a view of the value of the property. Houses under contract or for sale can slightly adjust prices, but the majority of the value comes from closed sales. The appraiser takes a fairly conservative approach to getting to the value and is meant to help the bank evaluate the risk of the loan.
As a lender or AMC, you are only as good as the information you have on your vendor pool when it comes to assigning appraisals. You want to ensure you are staying compliant with selection processes but also select the best vendor for the property. The best way to do this is through robust reporting and comparison analysis through KPI’s.
This includes things like form type, property type, location, complexity, and speed. It’s important to make sure the information is standardized. Relying on the AMC to provide their own reports is only compounding this issue. A solid order management system can level the playing field and let the lender select the best appraisal vendor based on standardized data for a consistent borrower experience.
Appraisal platforms can help make sure you create the best experience for your borrowers and appraisers. Everything from selecting the best available vendor for the job, to paying for the appraisal better quality will improve your borrower experience.
DocMagic, a provider of fully-compliant loan document generation, regulatory compliance, and eMortgage services, announced the addition of ADAcompliant mortgage loan documents to its extensive document library. The new digital documents are accessible to visually impaired users and others with disabilities, unlocking opportunities for these consumers into the broader mortgage market.
“Much of modern lending technology is designed to give consumers the convenience to access loan documents in the ways that work best for them,” said Dominic Iannitti, president and CEO of DocMagic. “It is imperative that our industry remains inclusive of all borrowers and that we design solutions that are accessible to all. By creating ADAcompliant documents, we can continue to ensure that more borrowers are able to easily access, and participate in, the loan process.”
DocMagic’s ADA-compliant loan documents are dynamic, data-driven and designed to automatically identify and index critical document components during the document generation process. ADA metadata tags are applied to each of these components within the documents. These metadata tags function like HTML code, logically displaying a document’s organizational structure and content hierarchy.
The metadata tags include contentlevel details as well as descriptive text for images, logos, etc. along with specific semantic instructions designed to make all text understandable via an advanced text-to-speech (TTS) engine that accurately translates on-screen information into clear speech through earphones or speakers.
The new ADA-compliant documents have been implemented at scale by some of the nation’s largest financial institutions, enabling them to serve more clients and lead the way in providing a heightened level of customer support and an exceptional user experience.
Tavant, a Santa Clara, Calif.-based digital lending solutions provider, announced it plans to add a new product, Asset Analysis, to Touchless Lending, its AI-powered digital lending platform.
Touchless Lending Asset Analysis is in the near-final stages of production and will be available by the end of June, the company said.
With the addition, Tavant said, Touchless Lending will further solidify itself as the most comprehensive automated underwriting solution available to mortgage lenders by providing coverage over all four major underwriting components — income, credit, collateral, and asset analysis.
“This upcoming launch of Touchless Lending Asset Analysis will perfectly complement our currently available underwriting products — Document, Income, Credit, Collateral, and Decision Analysis — and put Tavant one step closer to achieving our goal of enabling straight-through processing and fully automated underwriting for mortgage providers,” said Mohammad Rashid, head of fintech innovation at Tavant.
“Our current Touchless Lending products reduce the cost to process and underwrite by $1,000 per loan and achieve a scale of double-digit underwrites per day per underwriter.”
He added, “With Asset Analysis fitting in as the final piece, Touchless Lending will be capable of having even more of an impact on reducing cycle times and origination costs for lenders.”
Omaha, Neb.-based Core Bank has announced the launch of RapidTRAC Mortgage, an nationwide online mortgage platform that promises quick loan decisions with personalized assistance.
The platform will allow home buyers to easily upload documents and track the progress of their loan application online, leading to rapid purchase closings, the bank said.
RapidTRAC Mortgage is available nationwide and designed to meet the changing needs of customers who prefer to transact in the convenience of their home, on their phone, and outside of normal business hours, the bank said. Recent studies have shown that over 61% of consumers used an online application for their mortgage application, as well as electronically signing and notarizing documents. RapidTRAC Mortgage aims to cater to this growing trend of online transactions, allowing customers to make the best decision in less time while giving them certainty that their home financing goals can be achieved, the bank said.
“We’re happy to provide a solution to meet the changing needs of how customers interact in this new environment,” said Jack Pyle, senior vice president and director of mortgage lending.
Array, a financial innovation platform, said Monday it has launched Debt Manager, an embeddable solution that provides real-time information on a consumer’s debt.
The new app was launched during the CreditCon conference in New Orleans. It allows financial institutions, fintechs, and digital brands to speed up information sharing during the lead qualification or debt management process, mitigate borrower risk, and improve loan marketing by improving access to a customer’s most up-to-date credit account information, the company said.
With Debt Manager, financial services providers and their customers can quickly access account data in real-time to help identify risk and make faster decisions while remaining SOC2- and Fair Credit Reporting Act (FCRA)compliant.
In a fast-paced environment where having current data is critical to success, getting access to a consumer’s credit card, personal loan, student loan, auto loan, and mortgage can be an expensive and cumbersome process, Array said. Asking customers to provide individual statements for each account is inefficient and delays the process of paying down debt, finding loan prospects, or assessing financial health. In addition, using potentially outdated information increases borrower risk and can lead to suboptimal decision-making, it said.
“Debt Manager solves two key challenges for companies in the financial services market,” said Deepak Sharma, vice president and general manager of Digital Financial Management Products at Array. “First, because the process today is cumbersome for the applicant, they are losing business due to a subpar customer experience. Second, without visibility to a customer’s current financial information, these companies are making suboptimal decisions and blindly assuming significant risk.”
Moon Mortgage, a Miami-based cryptocurrency lending platform, has launched two products that allow crypto investors to materialize their digital wealth.
The first product, Trade & Borrow, is the world’s first crypto loan margin account that allows investors to borrow against the value of their cryptocurrency while still maintaining some control over it, the company said. Investors can still trade their digital assets after they have taken out a cash loan, meaning they don’t have to lose their potential upside, it said. Moon Mortgage added it is working with a fully chartered U.S. digital asset bank to ensure borrowers’ cryptocurrency is secure, and all digital assets are stored by Moon Mortgage with the bank on a like-for-like basis.
Investors can take out a loan using Trade & Borrow on one-, three-, or sixmonth terms, and borrowers have the option to renew their loans. There are no prepayment penalties or origination fees, and investors can easily exit their position when they feel the time is right, the company said.
Moon Mortgage said it has focused on keeping the process as simple as possible, with investors able to receive their loans in as few as three steps.
The second product is Moon Mortgage’s core mortgage product, which allows crypto investors to use their assets to secure funding for purchases of real estate. The product has been designed to work like a traditional mortgage, with the difference being that digital assets serve as additional collateral. Investors can receive financing for real estate purchases in as few as six steps, with the expected average close time in as little as 14 days. the company said.
First American Title Insurance Company, a provider of title insurance and settlement services, announced the addition of a secure document portal to its PRISM digital platform, an enhancement that is designed to help First American policy-issuing title agents reduce wire fraud risk and simplify communication with customers.
This new security feature allows title agents to provide their customers with secure access to wire instructions and transaction documents under the protection of multi-factor authentication. Also, it automates notifications for document and transaction updates.
“We’re committed to helping our title agents and their customers prevent wire fraud, while also simplifying the real estate transaction experience,” said Stephen Vincini, president of First American Title’s Agency Division.”
Launched in 2022, the PRISM platform provides First American policy-issuing title agents with a variety of automation and marketing tools to help their businesses grow and to better serve their customers. The PRISM platform also features integrations with third-party services to enhance the efficiency and convenience of the settlement process for title agents, lenders, real estate agents, and the buyers and sellers they serve. The PRISM platform also connects title agents to the following services available only from First American Title:
Customizable marketing
through Agent Print Pro
Automated settlement/closing fee quotes that include local recording fees, transfer taxes, along with title insurance policy and endorsement rates through First American’s Comprehensive Calculator.
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A look at the most talented, ambitious and legendary individuals. Mortgage Banker Magazine asked readers and mortgage professionals to nominate mortgage professionals deserving of the Legends of Lending award. We set out to find the most talented,ambitious and legendary individuals who are achieving excellenceand making a difference in the mortgage industry. We received many nominations. Each was reviewed carefully by a panel of judges and 19 winners were selected.
Please join us as we salute the 2023 class of Legends of Lending. >>
An Afghan refugee and a mortgage innovator, Dawar Alimi has embraced adversity as a source of strength and growth. “My experiences have given me a unique perspective, and I believe that my background can inspire others to push through difficult times and achieve success,” he says. “Life’s challenges have helped to deepen my skills, perspectives, and gratitude for what I have.”
Working in the mortgage industry has taught Alimi, 48, the importance of making a difference. “It’s an opportunity to help people achieve their dreams of homeownership and make a positive impact in their lives,” he says. “It’s remarkable to be part of such an industry that is central to the economic growth of the country. By providing top-notch service, valuable advice, and building trust with clients, I see the difference that I am making, not only in their lives but in the industry at large.”
Alimi is proud to have led the development of Lender’s mortgage pricing engine. “With my expertise in
algorithms, data analytics, and machine learning, I’ve helped revolutionize mortgage pricing and loan management, simplifying the process for lenders and borrowers,” he says. “The engine enables accurate pricing options and helps lenders stay competitive in fluctuating
winning financial technology that continues to be embraced by some of the largest banks, lenders, IMBs and credit unions in the nation, Dawar has earned a spot as a well-respected thought leader in financial technology and innovation,” Webster says.
markets. By identifying opportunities for optimizing pricing and loan terms, we’re providing better rates and streamlining the mortgage process, enhancing the industry overall.”
Rick Webster, Lender Price’s chief marketing officer, praises Alimi’s accomplishments. “Running several different mortgage-related companies over the years and building award-
Alimi identifies the mortgage industry’s most pressing challenge at the current time as margin compression, due to increased government regulation and intense competition. To provide more loan program options, he says, many larger lenders have diversified their product offerings. His company’s pioneering mortgage pricing engine opens lenders up to real-time insights on market trends and risks while helping them to manage their loan pricing.
“This optimization of pricing and loan terms helps lenders remain competitive while also maintaining healthy margins, providing a valuable tool for navigating challenging market conditions,” Alimi says.
“It’s remarkable to be part of such an industry that is central to the economic growth of the country ...”
Allycyn Bennett believes the best way for purchase transactions to go smoothly needs to happen even before the process begins. And that’s educating real estate agents, consumers, and potential borrowers on the pertinent information related to qualifying for a loan. This way, she says, “All parties will be more satisfied with my services.”
Her teaching happens during weekly talks to small and large groups of real estate agents, on social media, and through newsletters that hit email inboxes once a week.
“By posting regularly on social media outlets, I am able to share valuable mortgage tips and economic information to help educate future buyers as to what steps they need to take to make home ownership possible,” she says.
The 59-year-old senior loan advisor sees her path to becoming a legend of lending guided by a piece of valuable advice she once received: to be honest and forthright.
“(They) are two of the most important attributes that lead to being trusted and
successful,” she says. “At the same time, being responsive by answering emails quickly and picking up the phone when it rings also contribute to building trust with agents and borrowers.”
Kristine Smith, the CMO of Surterre Properties, touts Bennett’s record of accomplishment.
to private, institutional, and government underwriters.”
“Allycyn’s client profile ranges from firsttime home buyers to very experienced borrowers with diverse financial backgrounds and extremely complex financial portfolios,” Smith adds. “Formula packaging has no place in Allycyn’s approach to mortgage lending.”
As for the longevity of the mortgage industry, Bennett is concerned that not many young people or college graduates are electing to become originators. That, coupled with the fact that many originators will be retiring in the next five to 10 years, she says, poses a problem.
“Having closed over $90 million in loans in a single year, Allycyn boasts a proven track record of a 99.3% closed-to-origination ratio,” says Smith, who nominated Bennett. “Well-versed in all aspects of mortgage lending, she possesses a depth of experience in both conforming and nonconforming loans, as well as packaging
But like the legend in lending that she is, Bennett has just the niche for these future young lenders to occupy. “The uncertainty of the role that AI may occupy in the mortgage industry in the future creates the need for further discussion about how to integrate AI into the mortgage process,” Bennett says. “Young people can bring new creative methods and solutions to this industry which is essential in order for people to secure homeownership.”
“By posting regularly on social media outlets, I am able to share valuable mortgage tips and economic information to help educate future buyers ...”
Curiosity has not killed Tim Birkmeier. In fact, it’s actually made him stronger.
“One of my leading values is staying curious and wanting to know more about the people I work alongside and the clients I interact with daily,” the 52-year-old Birkmeier says. “I feel the best way to gain insight on your teammates is by asking how they would solve a problem or improve the business. Asking our clients questions beyond the surface enables me to build commonalities and mutual trust.”
A longtime mentor of Birkmeier has a saying: “You’re like a tree - you’re either growing or you’re dying.” “There is no status quo, only status grow,” he says. “It’s easy to get caught up in the day-to-day regimen. Real growth comes from taking a step back, identifying where you want to get better, and then actively taking steps to improve yourself, consistently.”
Birkmeier’s focus over the past five years has centered on Rocket Mortgage’s partnerships and striving
to find strong allies for the company’s brand and services.
Birkmeier’s positive attitude and client-centric mentality are infectious, creating an attractive culture for mortgage bankers.
“He fully believes in cultivating a workplace where team members do meaningful work, and he understands the true impact loan originators have by helping individuals and families unlock financial freedom and achieve their dream through homeownership,” Pesonen says.
“My team and I have made great strides in partnering with industry leaders and providing services to our clients that make sense for their financial wellness,” he says. “We continue to find ways to innovate the mortgage industry, including arming insurance agents and financial consultants with loan origination knowledge and technology to offer additional services to their already developed clientele relationships.”
Valerie Pesonen, senior public relations manager at Rocket Central, believes
Birkmeier laments the length of time it takes for a mortgage transaction to get from application to closing, and is constantly working on making the process more efficient.
“My team and I have been hard at work to push the envelope on how quickly a home loan can be completed, and we have seen turn times as low as seven days,” he says. “With a focus on innovative technologies and streamlining the mortgage process, we’re able to provide a better mortgage experience to our clients, as evident through our multiple J.D. Power wins.”
“My team and I have made great strides in partnering with industry leaders and providing services to our clients that make sense for their financial wellness.”
John Cady believes that the mortgage industry is an exercise in work ethic and effort is the foundation of success. Those words came straight from Cardinal Financial’s Senior VP of Retail, who holds himself to the highest standards as a mortgage expert.
“One of the many things I love about our industry is the ability to control your own destiny, your own effort, and your own brand,” Cady says. “Those who will experience legendary success will go above and beyond to delight homebuyers and chase greatness. Putting your boots on the ground, stepping out from behind the desk, and doing what it takes to build and maintain solid relationships is how to thrive in this business and is something I believe is a necessity rather than an option.”
Cady’s two career mentors instilled in him that having high standards is the only way to do business. They told him if you build the right team, lead with confidence, and leverage what each contributor brings to the table, you’ll
be on your way to success.
“Having these principles instilled in me from the beginning played a big role in my career as a producer as well as my transition into leadership,” Cady, 51, says. “As I now have the opportunity to lead our growing team of mortgage experts, I make it a priority to exemplify and instill these same principles in our team.”
He holds true that the fundamentals of hard work, great service, and solid communication are always the foundation for success, even when market conditions and new technology are making waves.
“With the incredible amount of talent in the next generation of mortgage legends, the swift changes in the housing market, and the rapid pace of innovation we see in the industry, I believe mentorship, training, and professional development will empower emerging professionals to lead our industry toward a bright future,” Cady says.
He imparted this wisdom on the more
than 600 new loan originators he mentored throughout his career, according to Adrea Reed, Cardinal Financial’s regional marketing director, who nominated Cady. “In John’s 30-plus years in the industry, he has cemented himself as a highly respected leader and mentor,” Reed says. Cady rises above the lingering temptation to be consumed by the neverending stream of noise, which he says is one of the main challenges facing industry professionals today.
“It’s easy to lose sight of the big picture and hold ourselves back from success,” he says. “While it’s certainly important to understand the market we’re in, there are always things we can control and things we can’t, and I’ve continued to promote the idea that mortgage professionals should focus their efforts on taking care of the things within their control. If you continue to get out there every day, meet people, return every phone call, act with integrity, and establish relationships built on trust, you’ll be in a position to succeed, no matter what the latest headlines may say.”
Keith E. Canter is driven each day by service. “I firmly believe that any organization can only achieve sustainable success if it serves its stakeholders with the utmost dedication and commitment,” Canter says. “The principle of being in service to stakeholders is not just a business strategy, but also a moral obligation for any responsible organization.”
In tune with its motto, “We Serve Four” - FCM recognizes the importance of clients, team members, shareholders, and community, striving to serve each of them effectively. That’s because the company’s CEO recognizes that relationships are the cornerstone of any successful business.
“While technology and processes play crucial roles in achieving success, in the end, it is the quality of relationships that determine the longevity and success of a business,” Canter says. “Whether working with clients, vendors, or our internal team, building strong and deep relationships is essential for long-term success. Actions speak louder than words, so
it’s important to follow through on promises and commitments to show that you value the relationship.
The primary challenge facing the mortgage industry today, Canter believes, is an excess of capacity. Due to a significant reduction in the mortgage market from over $4.5 trillion in 2021 to well below $2 trillion projected for 2023, the industry is experiencing significant contraction.
“In the end, building strong relationships takes time and effort, but the benefits are invaluable.”
Canter’s focus over the past 21 years has been on building a company that will continue to serve its stakeholders long after he has left the organization.
“This vision drives every decision we make, from investing in our people to refining our processes and platform,” he says. “Our goal is to build a company that is much more than just one person, but instead, an institution that is known for providing exceptional service to all our stakeholders.”
“FCM’s strategy to address this challenge has been to expand into new markets to increase revenue, optimize expenses, and implement extensive innovations and process enhancements,” he says. “The leadership team’s efforts to restore equilibrium to the organization have been exemplary, and I am extremely proud of their efforts.”
Lily Shepler, FCM’s marketing communications coordinator, highlighted Canter’s people-oriented approach in her nomination. “Keith Canter’s legendary leadership starts with his commitment to put people first,” Shepler says. “Easier said than done, he devotes his generosity to his employees, community, and stakeholders, which in turn fuels the business.”
“In the end, building strong relationships takes time and effort, but the benefits are invaluable.”
Kevin DeLory says he lives by three legendary values: honor, respect and love.
“Without one it’s hard to have any, and I live every day with those at the top of my mind,” he says.
DeLory, 51, says that in a quick-moving industry, he tried to keep pace just as quickly. That is, until wise words were delivered from a special friend who has since died.
“He said, ‘Slow down, not everyone is going to move as quickly as you do.’ The advice has stayed with me through my career,” he says. We are training new salespeople every day, we are working to build legacies across the entire TPO space in this division at EPM. Sometimes slowing down and making sure everyone understands and simply asking if they do can make all the difference.”
DeLory says he could not be more excited for the next generation of salespeople.
“When I think about our partners and how our core values as individuals align so brilliantly with the core values of the organization, it really allows all of us to be the best versions of ourselves and give that back to our partners,” he says.
in this amazing industry who give so many homeownership,” he says.
Kenny Phillips, senior vice president of lending at EPM, says of DeLory. “There are not many leaders who lead by being in the trenches with their people. … Kevin has built an empire and has doubled and tripled it year after year even while facing adversity in the markets or by those who may have not believed in him. Kevin’s people would follow him in a burning building and all of them would come out better people because of it.”
Everyone who knows him, DeLory says, knows that community is his priority after his people.
DeLory is proud of EPM’s training programs and the resources it has; together they are the future of the mortgage industry.
“The future is in our ability to see and teach the salespeople coming up so they can carry on what we have built
“We are breaking down the silos and letting everyone have a seat at the table together.”
This way, he says, “We can all learn and grow from each other and the only people who stand in our way are ourselves.”
“The future is in our ability to see and teach the salespeople coming up so they can carry on what we have built in this amazing industry ...”
Pulling in the “best” and “smartest” mortgage operators in the business has driven Fay Servicing and its CEO Ed Fay to great success.
“The only time I want to be the smartest person in the room is when I am alone,” the 48-year-old Fay says. “This has allowed our organization to excel and grow way beyond what I could have accomplished on my own. I’ve been fortunate in my career in that I’ve met so many really great people who are experts at what they do. I am thankful that others have seen the value in what we are trying to build here so they are happy to come on board and use their talents to continue our forward momentum.” One of these key players is CFO Robert Miller, according to Fay.
“As we spoke about some crazy market valuations years ago, he casually said to focus on value creation, and we would be successful. ‘Focus on value, not valuation’ has become our mantra since that day,” he says. “We are always looking for
innovations and entrepreneurial ideas that can drive our day-to-day performance and growth, but always with an eye to what it drives in value for our organization, our clients or, most importantly, to our customers.” The company’s position has propelled it to design products, pricing, and servicing to help close the wealth gap for minorities through homeownership.
next 10 years would decrease the racial wealth gap by almost $250 billion in just one generation.”
Most servicers aren’t set up to manage customers in distress, instead focusing on the accounts of the masses. Fay has poised his organization to remain smaller, so it has the ability to pivot quickly and focus on the segment that needs the most care – individuals who are struggling with their mortgages.
“Our team understands that we don’t service loans; we serve people just like them,” he says. “This has allowed us to help tens of thousands of customers remedy what’s probably the most difficult financial situation in their lives and to remain homeowners.”
“We need to continue educating prospective homeowners about rentversus-buy and why buying might be a great option for them to create generational wealth,” Fay says. “An increase in minority homeownership of just 833 families a month for the
“As a special servicer, Ed and the company are proud of their industryleading results in taking loans in foreclosure and getting customers out of foreclosure while growing a stable and profitable non-default servicing business,” says Thomas Bowman, vice president, corporate communications at Fay Servicing, who nominated Fay.
“We are always looking for innovations and entrepreneurial ideas that can drive our day-today performance and growth ...”
Carlene Graham imparts the “single most important” piece of advice she ever received to new lenders and that’s to honor their own instincts.
“You must believe in yourself and believe in you,” she says.
That self-love has propelled her up the ladder of success in the mortgage industry, climbing from loan processor to her current role as CEO.
The most important value to Graham is what defines her as a legend of lending.
“Demonstrating integrity regularly means building honesty into your everyday routine,” she says. “Living the value of integrity requires holding yourself accountable, accepting responsibility, and facing the consequences of your actions.”
A veteran of more than 20 years in the mortgage industry, Graham, 53, is committed to bringing young professionals into the business.
“We must do a better job at mentoring our young people and paving the way for them to succeed,” she says. “We have to invest in people. The most important asset that companies have is their human capital.”
mitment to excellence, and ability to inspire others plays an integral part in the success of the company.”
For Graham, this translates into volunteerism and advocacy. A member of the Diversity and Inclusion Committee for the Structured Finance Association and a member of Women in Securitization, Graham has regularly hosted, moderated, or spoke on panels and events. She is also on the advisory board for the University of Colorado’s Leeds Business School and the board of directors of The Gathering Place in Denver, a service provider combating poverty and homelessness.
Tuan Pham, chief marketing officer at CoreVest Finance, nominated Graham.
“Carlene has demonstrated exceptional management and leadership skills during her tenure with Redwood and has earned the highest respect from her colleagues and peers,” Pham says.
“Carlene willingly takes on new challenges, leads by example, and engages her team to pursue their shared vision. Her positive attitude, com-
As she moves forward in the industry, Graham sees an increased need to help businesses reduce cybersecurity and technology risks by incorporating technology and data analysis into mortgage company operations, delivery channels, and platforms.
“Digitizing mortgage processes can also help reduce operation costs and improve the customer experience,” she says.
“Demonstrating integrity regularly means building honesty into your everyday routine.”
Jonathan Hallstead never wants to become stagnant, no matter how great his success.
“It’s important to always be innovating, embracing new technologies, and implementing better solutions,” he says. “Whether you’re aiming for an elevated client experience, increased efficiency in the mortgage process, or more effective sales strategies, you’ll find success if you’re always looking for revolutionary new ways to push the industry forward.
“Never be afraid of trying something new. There is immense value in always seeking a new and better way to do business.”
Hallstead, 40, says the best advice he’s ever received is to always invest in people, add value, and create a better life for those around you. “In our business, we’re positioned to have a massive impact on the lives of those in our communities, serving as their partner through their biggest and most important investments,” he says. “They put their trust in us, and we must deliver for them.” He sees a
bright future for the mortgage industry through instilling successful habits and training the next wave.
“The impactful mentors I’ve been lucky to have throughout my career have served as a catalyst for my own success,” he says. “I now aim to pay it forward through sales training and professional development programs that emphasize the importance of embracing innovation and creating better, more efficient mortgage experiences.”
Adrea Reed, Cardinal Financial’s regional marketing director, can attest to the fact that these are Hallstead’s top priorities, as she nominated him for the honor.
“Jonathan has fostered the growth and success of future mortgage leaders through mentorship, sales coaching programs, and emphasizing the importance of implementing cuttingedge industry innovations,” Reed says.
Hallstead acknowledges the rapidly changing market conditions facing the mortgage industry, a shift away from
an exceptionally low-rate environment to one that has been marked by many rate adjustments and uncertainty.
“I believe many would say navigating this market is their biggest challenge going forward, and understandably so. It’s good to be aware of your circumstances,” he says. “However, I believe the way to address this problem, and many other hurdles we often face in the industry, is to always be looking for opportunities. Set goals, persevere, and focus your energy on the opportunities in front of you rather than things outside your realm of influence.
“I’m working to promote the idea that we control our own destinies and can persevere in any environment with the right mindset and unwavering determination.”
Hallstead continues to develop training and coaching programs to facilitate the growth and development of industry professionals, and leads discussions through the California Association of Mortgage Professionals’ High Trust Elite Coaching Program.
Roy Jones is a name that resonates throughout Texas, first and foremost as a professional who can be trusted, respected and who is willing to help the mortgage industry, says Randell Gillespie, executive vice president and national sales manager at Thrive Mortgage.
“Roy is also known for emphasizing his priority and goal of providing the greatest career and life as possible for those around him,” Gillespie says. “He knows that to leave this industry better than he found it, you must first start with inspiring those that represent your company. They in turn then encourage and excite their clients, all to make this better for everyone.”
Since Jones, 67, founded Thrive in 2001, it has consistently been ranked as one of the top mortgage companies to work for. In 2019, for the third time in four years, it was named to the Inc. 5000 list of fastest-growing privately owned companies in the U.S. In 2018, Thrive was inducted into the Baylor University Institute of Family Business Hall of Fame.
These honors, says Gillespie, bring respect and credibility to the mortgage industry.
Thrive was recognized in 2018 as the first company in Texas to close a digital loan. It went on to become the first in Colorado as well. Additionally, says Gillespie, Thrive was the first to accept crypto currency in the buying process.
mortgages. The program has caught the attention of many industry organizations as a model to increase access to home ownership.
Nationally, Jones may not be as recognizable by name alone, as he is a humble leader that shies away from attention and limelight, says Gillespie. Instead, Jones chooses to lift up around him and inspire those he “partners with” to be the best.
“Anyone who has ever dealt with Roy will always remember him as both pleasant and committed to them and their need,” Gillespie says. “Roy Jones is a legend in lending, because he lives out and develops leaders around him and in our industry in all the things that should be recognized in our profession.”
Thrive, says Gillespie, brought out the first comprehensive buyer incubation program, called Thrive4Home. The program places aspiring homeowners into a no-cost buyer education and assistance program with Thrive, which works with would-be buyers to get them into a position to qualify for
“The financial sector desperately needs trustworthy, competent, inspiring and high-integrity leadership like Roy Jones.”
“The financial sector desperately needs trustworthy, competent, inspiring and highintegrity leadership like Roy Jones.”
What he defines as ‘the ability to act in the face of fear for an espoused virtue with moral intent’ guides James Mac Pherson’s life and career.
“Courage is part of my foundation, but it is also the foundation of Academy Mortgage’s Core Convictions, which direct not only the actions of our company but our behaviors. They embody what we truly believe, and we hold onto them regardless of any success or challenge we face,” he says.
Mac Pherson, 47, strives to live by this famous quote from Harry S. Truman: “It is amazing what you can accomplish if you do not care who gets the credit.”
“As a leader I believe it’s important to face the hard things head on - not for yourself, but for others,” he says.
Mac Pherson also believes that the mortgage industry is not just about numbers, but actually helping people. That mindset is one he tries to impart on others.
“I hope that one day our industry will shift their focus to view every loan closed as an individual or family obtaining the dream of homeownership,” he says. “Through homeownership, families can create multigenerational prosperity for future generationsgiving them a greater opportunity for higher education, better health care, and an opportunity to pursue their dreams.”
to touch the lives of others in unique and subtle ways.”
One of the main problems Mac Pherson sees facing the mortgage industry today is the prioritization of technology over workers themselves.
“A non-negotiable at Academy Mortgage is that our people are our most important asset,” he says. “I believe it is crucial that we don’t leapfrog the loan officer with technology and compromise the personal experience for the customer.”
Academy Mortgage is committed to elevating its loan officers, not only with technology but as individuals, to help them and their business achieve their full potential. Mac Pherson’s words.
“James has a gift of listening to others in a way that makes them feel heard and valued,” says Kaylyn Rafferty, communications specialist at Academy Mortgage. “James understands the importance of investing in others to help them achieve their potential. He is constantly looking for teaching moments and will always have the time
“It’s important that we don’t overlook our people and the true difference they can make in the lives of others,” he says.
“As a leader I believe it’s important to face the hard things head onnot for yourself, but for others.”
Stanley Middleman’s most important value is a simple one: his word.
“It’s important to say what you mean and do what you say. In all aspects of our business and in life, credibility is crucial,” he says. “It’s important that people trust you and have confidence in what you say and do.”
This value system has helped Middleman grow Freedom Mortgage into one of the largest lenders in the country over the past 30 years.
“I’m so proud of our accomplishments through our relationships with all our stakeholders,” he says.
When he started in the business, Middleman, 69, was alerted by a savings and loan company’s leader that real estate is cyclical. This leader’s main point was that real estate values and the economy ebb and flow with a tidal effect.
“I took his comment to heart and, over the past 40 years, it has proven to
be true, which made it easier for me to predict what may be next within our industry,” he says. “A tremendous amount of the successes we’ve been able to enjoy at Freedom Mortgage have been tied to the fundamental understanding of the tidal forces of the world that we live in. That was the most valuable advice I ever received.”
With this, he vowed to share his knowledge, even with competitors.
“My contribution is sharing information and insights that I’ve worked hard to accumulate,” Middleman says. “I make time to do interviews, mentor, and speak at events.”
“Stan is a compassionate leader who cares for his employees and promotes the right culture. Most importantly, he values doing good along with doing well,” says Ellen Longo, Freedom Mortgage’s vice president of public relations, who nominated Middleman.
Middleman believes that a lot of his and his company’s success is a result of networking at industry events.
“As I was growing my business, I encountered business owners like me, and I found many view everyone as an adversary rather than someone to learn from,” he says. “This didn’t sit well with me, because I believe that, even if you know what I did or know what I know, it doesn’t mean you can do
One problem Middleman sees in the industry is the lack of institutional knowledge as well as peers forgetting that many of the issues are cyclical.
“Since our industry is so interest-rate sensitive and government dependent, I stress the importance of focusing on responding to the changes in the market to move our business along,” he says.
“It’s important that people trust you and have confidence in what you say and do.”
Her approach to mortgage tech is what separates Maria Moskver from other industry leaders.
“Most mortgage technology has been created to simply fulfill a task or requirement, rather than create a positive overall experience,” she says. “My team and I are endeavoring to create an enhanced user experience across the process: a platform that helps lenders generate more loans, more referrals, and more repeated business.” This aligns with her personal values and her company’s values.
“As a leader, I respect my team’s opinions, differences, and contributions, and encourage them to focus on their strengths and passions, which in turn drives Cloudvirga’s success,” she says.
Ethics are equally important to Moskver, 48, from integrity to work ethic. “Both are critical to the foundations of success in business and relationships,” she says. “For example, having pride in the work that is
produced, or integrity in working with clients.”
Moskver sees the mortgage industry as ever-evolving in terms of innovation, regulation, and technology. “There will always be room for growth and improvement,” she says.
resulting in faster speed to close, with fewer touches and lower costs.”
Rachel Drage, account supervisor at Seroka, says of Moskver, “Throughout her career, Maria has consistently demonstrated that she is a strategic thinker with a proven record of driving new business, innovation, and ensuring business objectives are being met. She has amassed significant legal expertise in acquisitions, divestitures, joint ventures, data privacy and security matters, consumer lending, and employment law.”
For her part toward that growth, Moskver and her team are helping the industry improve back-office function models, enhance the customer and loan officer experience, and deliver a true digital mortgage origination process. “On the consumer side, our technology is helping to build trust with consumers,” she says. “Loans are being closed faster by automating borrower and back-office tasks
“By delivering information accurately and compliantly, automating tasks with a truly intelligent workflow, and completing complex calculations, lenders can realize the benefits of tomorrow’s digital mortgage today,” she says. “We will continue to focus on the overall enhanced experience, as opposed to just task completion, and in doing so, we will transform current capabilities, enable the customization of products, and help create new products and lines of business for the mortgage industry.”
“I respect my team’s opinions, differences, and contributions, and encourage them to focus on their strengths and passions ...”
Murdock Richard sums up his legendary value in two parts. First is consistency and an appreciation of the meaningful role a lender has in the mortgage process.
“Most consumers are fearful of making a poor decision related to questions that they feel they are ill-equipped to make. They must be able to trust their lender to provide them with information to make an informed decision,” he says. “To be able to adequately present and explain options in ways that make it easy to understand requires knowledge and a commitment to remain aware of the constant changes imposed upon us.”
Second, he says, understanding the rationale behind guidelines is imperative because documentation seldom matches the requirements or because of the unique challenges among customers. “An appreciation of these two important aspects of my role is my legendary value and is the very reason how I separated myself from the masses,” Richard, 67, says.
Richard believes that guidelines are not rules, and presenting a credible narrative that addresses challenges is the way to overcome loan issues. “Don’t let an underwriter create the narrative at the end of the loan process,” he says. “Rather, take responsibility to do it yourself upfront.”
blaming others involved is never an option.”
Anisa Johnson, Premier’s vice president of marketing and communications, says of Richard: “He has had a unique career. It has been divided almost equally between the real estate and mortgage industry. But in each, he has reached the top. He attributes his success to two fundamental principles: learning the business in great depth and marketing.”
Richard strongly advocates for continual learning beyond what is typically taught. “I make a great effort to explain the concepts behind everything that we do that is required of us, so we understand the issues and can explain options to our customers with a deeper perspective than customers expected,” he says. “I stress that whatever happens in a transaction is our responsibility, and
Richard is concerned that the mortgage industry is moving away from the customer, that the business is less personal, ignoring the fact that the only transaction a customer cares about is theirs.
”With so much information that is readily available, it has resulted in adding to the confusion and anxiety about the loan process,” he says. “I endeavor in every opportunity that I confront to stress the importance and the value of the personal touch.”
“I endeavor in every opportunity that I confront to stress the importance and the value of the personal touch.”
Jerry Schiano’s vision can be described in one word: Simplify.
From products to guidelines, Schiano sees too much complexity in the market and prefers a streamlined approach to lending that benefits consumers, says Erin McCahill, Spring EQ’s director of customer experience.
“Schiano is a proven maverick and thought leader in the mortgage industry,” McCahill says.
Over his 30-plus-year career, Schiano, 62, has founded and successfully led multiple lending organizations, including Wilmington Finance, New Penn Financial and Spring EQ, a 2016 startup venture focused on reinvigorating the home equity lending market segment in the U.S.
Today, Spring EQ is among the fastestgrowing and most innovative home equity lenders, McCahill says.
Schiano is responsible for turning New Penn Financial from a startup
into a top-30 mortgage lender with more than 1,800 employees (during the 2008 mortgage meltdown) before selling the business to Newrez.
When it comes to home equity lending in today’s market, Schiano focuses on affordability and accessibility. He founded Spring EQ in 2016 to benefit and strengthen an underserved home equity market as an alternative to cash out refinancing.
Under his leadership, McCahill says, Spring EQ uses an innovative lending platform that provides fast funding, flexible borrowing options, competitive interest rates and an easy application process that gives homeowners easier access to the equity in their homes – all with the consumer in mind.
Traditional loans can be painful, McCahill says, but Spring EQ’s technology and process are designed to make things smoother for today’s homeowners. As a result, Spring EQ loans typically fund faster, with less frustration for all.
In 2020, Schiano led Spring EQ through major changes in the competitive landscape of home equity lending with innovative products and quality loan options with favorable rates and lower payments.
“Jerry Schiano is a true leader in the mortgage industry,” McCahill says. “His instincts, flexibility and unconventional thinking have enabled him to grow and succeed in an ever-changing, yet always challenging industry, from major market disruption to a worldwide pandemic.”
The secret to his success?
Focus on costs, controls and provide customers with great products, McCahill says.
“In fact, his motto is to treat customers fairly and work hard to help them fulfill their dreams,” she says. “As a true advocate for today’s homeowner, he believes that people should buy what they can afford.”
Tom Shaw has forged ahead where few have dared to venture, says Elizabeth Florek, LoanStream Mortgage’s director of marketing.
In doing so, she says, Shaw has made his mark within the industry for several decades in using both technology and marketing to maximize efficiency and innovation for lending organizations, brokers, and customers.
His expertise has included building out and implementing technologybased automated marketing tools, wherever he goes, to build flourishing brands and organizations.
Shaw, 52, has been a driving force within the industry for both large and midsize lenders over the last 25-plus years.
“Tom’s approach to implementing technology workhorse tools and successful marketing strategies has
empowered lenders, sales leaders, and originators to be successful in blazing new trails for business avenues they may have otherwise not considered and made it faster to do so,” Florek says. “His unique combination of technology and marketing experience and roles have resulted in quicker activation on understanding what the market and customers need and turning that technology (products and services) which can be delivered by a company to fulfill that need.”
Shaw takes a 360-degree approach to studying the mortgage business, from the back-end technology issues lenders face, to the frontend issues that brokers and clients might have. He does a deep dive into understanding how the various support arms of an organization integrate and make it all work - from sales to operations to underwriting.
In the end, it’s given lenders the ability to move quicker as an organization;
armed sales organizations with automated tools to help them be successful and given originators a better, faster, smoother experience so they keep coming back, Florek says.
“Tom is knowledgeable in all these facets of a lending organization, and this is what makes him unique,” Florek says. “In addition he’s been a marketing trailblazer, creating successful brands from scratch that included retail, wholesale, correspondent and commercial channels, and made them recognizable names in the industry.
These brands will continue to flourish in the industry after he moves on, Florek says.
“He has the magic sauce for making it happen. Tom leaves a walking trail of technology and successful marketing and branding wherever he goes, and that’s what makes him a legend.”
Growing and building for tomorrow is what Ron Vaimberg is doing today.
Those in the mortgage industry who take time to selfreflect while nurturing relationships with partners and clients end up succeeding no matter the market conditions, he says.
“It is easy to get caught up in simply going after low-hanging fruit to generate business,” Vaimberg, 59, says. “But 2022 taught us all a painful lesson about the dangers of this strategy. Many originators and mortgage companies ignored the reality that the gravy train of refinances would someday end. They ended up paying a big price.”
In 1988, a sales manager recommended Vaimberg read about his business for at least 15 minutes every day.
“To this day 35 years later, I am still doing this exercise, and I keep getting better and better at what I do,” he
says. “Our industry is constantly undergoing change, and whether you are selling mortgages or helping salespeople grow business, it’s critical to seek out knowledge and wisdom that allows you to grow. Yet in today’s increasingly fast-paced world, few sales professionals take the time for self-learning.”
There will always be a need for mortgage professionals who can solve the challenges facing borrowers and real estate professionals, Vaimberg says. However, the majority of originators and mortgage companies put very few resources into ongoing professional development.
“This has been a habit of the industry since I entered the business in 1984, and I believe it’s why so many originators and lenders struggle when the market shifts,” he says. “My contribution is to continually focus on the professional development of my audience so they are better able to identify these challenges and create opportunities to solve them, regardless of what is happening in
the market. I also advise mortgage professionals to embrace and utilize technology as an extension of their personalized service, but never allow technology to replace what they do. ”
Henry Drennan, account supervisor at Strategic Vantage, called Vaimberg’s coaching and training methods practical, inspirational, and grounded in real-world experience.
“He’s empowered thousands of salespeople to transform their floundering businesses into successful careers,” Drennan says.
Vaimberg dedicates much of his energy to helping individuals and companies build their business for today while setting themselves up to succeed through any market environment.
“The only way they can do this is by continuously honing and developing their skills,” he says, “which requires learning and relearning what they need to do through reinforcement and follow-up.”
Michelle White is not intimidated by the constant ups and downs of the mortgage industry, and integrity will always remain her top priority.
“Before the SAFE Act, the industry had many people who made decisions in their own best interest without regard for who may be negatively impacted,” White says. “Through all of the negativity, my concern always remained first for my customers over all else.”
The mortgage industry, she adds, is like the weather. “Wait a minute and it will change. Rates go up and down. Inventory is abundant or lacking. Loans go in cycles and there is always a new program or a remake of an old program. People will always want to buy houses and the industry will always rebound.”
The 56-year-old industry veteran uses her knowledge, experience and skills to educate fellow MLOs, as a means
of keeping an aging industry fresh. She teaches both pre-licensing and continuing education courses.
White started her career in the mortgage industry in 1993 as a loan officer assistant. Later, she earned her Master of Education degree, focusing on adult education and continuing education for professionals. She has worked in nearly every aspect of the loan process, spending significant time as an underwriter.
mortgage industry has to offer. Her first-hand knowledge helps put the current laws and guidelines into perspective for her students, giving them a deeper understanding of the ‘why’ in what they are learning. Her dedication to each student’s success is a key indicator of her passion for education and vast knowledge of the mortgage industry.
White acknowledges that many factors contribute to the challenges surmounting the mortgage industry today, but none have deterred her pledge to make a difference.
White went through the housing crash of 2008, both as a mortgage professional and a homeowner. She has seen the best and worst the
“I am working with state housing authorities and investors helping to identify the obstacles to homeownership and finding ways to overcome those obstacles through consumer education, new programs, and finding creative funding sources for grants and down payment assistance programs,” she says.
“Through all of the negativity, my concern always remained first for my customers over all else.”
Mortgage professionals are feeling the void left by one of the industry’s top leaders, whom they remember as a “beautiful soul” and a “tireless worker.”
HighTechLending (HTL) founder and President Don Currie died suddenly on March 2 at age 60, leaving behind his wife Vena and daughter Grace. He has been posthumously honored as a 2023 Legend in Lending by Mortgage Banker Magazine.
During his 40-year career, Currie founded and led HighTechLending, Inc. in 2007 with current Chief Operations Officer Erika Macias. The company has since grown to become a Top 10 reverse lender with 45 branches nationwide and platforms in retail, wholesale, reverse and servicing.
“Don was not just my business partner; he was like a brother to me,” Macias told Mortgage Banker.
The two met 23 years ago while working for Impac Lending Group.
“I immediately knew Don was a
man of his word, which is what stood out to me,” Macias recalled. “My best memory with Don is when we were opening up HTL. We would sit in his cabana for hours, setting our goals and expectations. Always laughing and having fun while taking care of business.”
Among the wisdom Currie imparted on her was how to be “the bigger person” in a disagreement.
“It didn’t have to be a negative disagreement but even when it was, he was always a class act,” Macias said.
Vilyam “Will” Toorosian, an HTL branch manager, recalls the friendly, familyoriented relationship he and Currie established early on.
“When a problem was presented to me or my branch, Don was the first one to jump up and help,” Toorosian said. “He never made me feel like the company came before me or my branch; it was always the needs of the individual employee over the company
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in my experience working with Don.”
Toorosian had been working closely alongside Currie on new, innovative systems to put HTL ahead of its competition right before he passed.
“We met often, had dinner a couple of times, and worked on strategies of making our company a better place and put the “HighTech” in HighTechLending,” Toorosian said. “It was heartbreaking to see him go, but he left our company in good hands with good leaders who I know will continue to see Don’s vision to fruition.”
Currie grew up in California’s San Fernando Valley, going on to earn a bachelor’s degree in business administration, finance and real estate from California State University, Northridge. Then he jumped right into lending, eventually becoming President of the California Association of Mortgage Professionals Orange County (CAMP-OC).
Impac co-founder Bill Ashmore remembers when Currie joined his company, where he worked up until 2006.
“Don left my organization and was one of the first originators that I know who turned from the non agency Alt-A production market to FHA lending and eventually into reverse mortgage lending,” said Ashmore, now CEO of Vista Mortgage.
“Even when he left my organization he always called me Mr. Ashmore,” he added. “Right up until he passed away.”
Eric Morgenson, director-at-large of CAMP-OC and vice president of business development at Angel Oak Mortgage Solutions, knew of Currie before even meeting him.
“We went and had lunch, and Don had this thing where he would always bring a welcoming gift if he were meeting somebody for the first time,” Morgenson said. “He and I hit it off. We had very similar backgrounds.”
Currie was the one who nominated him for the role at CAMP. The two
enjoyed playing golf and working trade shows together.
“His favorite thing to attract people to the booth would be to fill up a paper bag of cash,” Morgenson recalled. “And if you dropped off your business card - put it into his little fishbowl - you would be eligible to win said bag of cash. It would always get people riled up around him.”
This playful approach translated well into mortgage lending.
“Don had no problem building people up around him,” Morgenson continued, adding, “the mortgage industry is going to miss a very enthusiastic man who really knows how to leverage niche lending.”
HTL released a statement following Currie’s passing.
“HighTechLending, Inc will continue to stand strong in his vision of success,” staff said. “We wish everyone could be so lucky to work with someone like Don once in their lifetime. We are so grateful for the time we were able to spend with you and believe that the angels are rejoicing because one of their own has rejoined them.”
The National Reverse Mortgage Lenders Association issued the following statement in response to an inquiry from Mortgage Banker:
“The NRMLA was deeply saddened by the death of Don Currie. He was a strong and inspirational thought leader in the reverse mortgage industry for over 15 years. Although he’s no longer with us, we can only hope that the impact he had will continue to inspire future leaders in the years ahead.”
For Macias, Currie’s impact is farreaching and infinite.
“Our industry and HTL lost a leader, a visionary and a man who treated everyone as if they were his best friend,” she said. “He was always so happy. That great big laugh of his will always live in my memory.”
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