Mortgage Banker Magazine September 2021

NON QM DIRECTORY

CA MORTGAGE EXPO

DATABANK SEPTEMBER 2021

MortgageBanker MAGAZINE

MANUFACTURED HOMES WHAT THE FED IS THINKING ABOUT

RATES

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REGULATORY CORNER FEDERAL COMPLIANCE SCOTUS: CDC EVICTION MORATORIUM VOIDED In a 6-3 decision, the Supreme Court invalidated the Centers for Disease Control and Prevention’s eviction moratorium, upholding a lower court ruling finding that the CDC moratorium was unlawful.

The decision only affects the CDC moratorium. Moratoria ordered by other federal agencies and by states or cities were not challenged in the case before SCOTUS. FINCEN: SAR FILINGS BY INDUSTRY UPDATED FinCEN has added data on calendar year 2020 filings to its SAR Filings by Industry webpage. The data is arranged by industry type and includes rankings by states/territories and suspicious activities.

Additionally, see Interactive Maps for state geographical displays of SAR filing trends and Interactive SAR Stats to generate more indepth statistics on SAR filing trends.

CFPB: REFINANCES CONTRIBUTE TO INCREASE IN MORTGAGE ORIGINATIONS IN 2020 The CFPB released a new Home Mortgage Disclosure Act report indicating the total number of closed-end originations as well as applications increased substantially between 2019 and 2020.

Closed-end originations (excluding reverse mortgages) increased in 2020 by 65.2 percent, from 8.3 million in 2019 to 13.6 million in 2020.

The CFPB’s press release said most of the increase was driven by the refinance boom observed in 2020. The data point also notes that, while the number of financial institutions reporting 2020 HMDA data declined compared to 2019, the number of closed-end records in 2020 increased compared to the previous year. While mortgage activity generally increased, year over year, significant differences between demographic groups persisted, including higher interest rates and denials among Black and Hispanic consumers in the mortgage market. Other trends found in the data include: • 4,472 financial institutions reported at least one closed-end record in 2020, down from 5,505 financial institutions who reported in 2019.

• The number of home-purchase loans secured by site-built, one-to-four-family properties increased by about 387,000, whereas the number of refinance loans increased by 149.1 percent from 3.4 million in 2019 to 8.4 million in 2020.

• The number of open-end line-of-credit originations (excluding reverse mortgages) in 2020 decreased by 16.6 percent, from 1.04 million in 2019 to 869,000 in 2020.

• The share of loans secured by closed-end home-purchase loans for site-built, one-to-four-family, first lien, principalresidence properties for Black borrowers increased in 2020 and the share of refinance loans for Asian borrowers increased in 2020.

• The refinance boom observed in 2020 largely continued the trends since the second quarter of 2019.

MortgageBanker OUR MISSION Mortgage Banker magazine is dedicated to providing quality informational/educational content that betters the mortgage process at every step. The content is oriented to help professionals progress their understanding of the residential mortgage banking business and develop their skills at improving the efficiency and profitability at all levels.

VINCENT VALVO, CEO, Publisher & Editor-in-Chief vvalvo@ambizmedia.com ASSOCIATE PUBLISHER Beverly Bolnick bbolnick@ambizmedia.com FOUNDING PUBLISHER Ben Slayton BSlayton@ambizmedia.com EDITOR David Krechevsky davek@ambizmedia.com STAFF WRITER Katie Jensen kjensen@ambizmedia.com SENIOR EDITOR Jill Emerson Jill@ambizmedia.com ADVERTISING David Hoierman David@ambizmedia.com GRAPHIC DESIGN MANAGER Christopher Wallace cwallace@ambizmedia.com MARKETING MANAGER Michael Castro mcastro@ambizmedia.com GRAPHIC DESIGN Stacy Murray smurray@ambizmedia.com HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman andrew@ambizmedia.com DIRECTOR OF STRATEGIC GROWTH Alison Valvo avalvo@ambizmedia.com ONLINE CONTENT DIRECTOR Navindra Persaud npersaud@ambizmedia.com USER EXPERIENCE DESIGNER Billy Valvo bvalvo@ambizmedia.com MARKETING & EVENTS ASSOCIATE Melissa Pianin mpianin@ambizmedia.com

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MORTGAGE BANKER | SEPTEMBER 2021 3

MB ST R AT E GI E S

IS THE FED READY TO FALL BACK? THE U.S. FEDERAL RESERVE AND MORTGAGE RATES

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

ue to the impact of the pandemic, last March the Federal Reserve cut short-term interest rates to zero and restarted its large-scale asset purchases (known as quantitative easing, or QE). Since July 2020, the Fed has been buying $80 billion of Treasury securities and $40 billion of agency mortgage-backed securities (MBS) each month, but there has been a lot of “tapering” talk recently, which would mean slowing the pace of bond purchases. What does this all mean for mortgage rates and borrowers?

Many people believe the Federal Reserve, through the Federal Open Market Committee (FOMC), has a direct impact on mortgage rates. That is untrue. While it does not directly control mortgage rates, its influence on the bond market can indirectly manipulate rates. “Monetary policy” refers to open market operations by the FOMC, or changes to the discount rate and reserve requirements. Additionally, remarks from FOMC members, primarily the presidents of the various Federal Reserve districts, and announcements of what the Fed is doing serve as useful predictors of future rate movement more so than the level of the Fed funds rate.

That being said, residential real estate is on average the biggest asset most people own and the Federal Reserve doesn’t want to risk weakening the economy during a pandemic by letting mortgage rates rise.

PICTURE PERFECT?

It should be stressed that the same economic events which influence day to day bond markets, and therefore interest

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rates, influence the thinking of the FOMC. Job growth, inflation, supply chain snags, housing appreciation and so on all contribute to a picture of the economy, not only where things have been, but the projections of where things are going in the future.

ROB CHRISMAN

closely, and arguably the 5-year or 7-year Treasury securities. The anatomy of a primary mortgage rate is the corresponding Treasury yield plus the MBS spread plus the Primary/ Secondary Spread. Through rate cuts and quantitative easing, the Fed has applied overwhelming

THE FEDERAL RESERVE’S PLAYBOOK IS TO SUPPORT THE ECONOMY BY SUPPORTING ASSET PRICES. The Federal Reserve operates under the dual mandate of maximum employment and price stability. It achieves these aims through actions that do not directly move mortgage rates. Among these functions are changing the discount rate, bank reserve requirements, conducting open market operations and altering interest on reserves.

The Federal Reserve sets borrowing costs for shorter-term loans in the U.S. by moving its Federal Funds rate (Fed Funds), currently set near zero. The rate governs how much banks and depository institutions pay each other in interest to borrow funds from their reserves kept at the Federal Reserve on an overnight basis.

The Fed Funds rate affects shortterm loans, such as credit card debt and adjustable-rate mortgages. Long-term rates for fixed-rate mortgages are generally not affected by changes in this rate, but track the 10-year U.S. Treasury rate much more

downward pressure on MBS spreads. The Federal Reserve’s playbook is to support the economy by supporting asset prices.

STRONG INFLUENCE

Though a rate cut by the Federal Reserve doesn’t directly push down yields on the 10-year Treasury, it can lead to the same outcome. Investors worried about the economy around the time of a rate cut might push their money into the safe-haven of the 10-year Treasury, increasing the demand for these securities and pushing down yields, and thus mortgage rates.

When investor demand in the secondary marketplace is high, mortgage rates trend a little lower. When investors aren’t buying, yields may rise to attract buyers.

Every lender should know that mortgage rates are made up of a complex interaction of capital market pricing, the costs associated with credit enhancement,

THE FEDERAL RESERVE BUILDING IN DOWNTOWN WASHINGTON DC

and the valuation of the servicing asset.

The actual rate determination process is influenced by supply and demand and relies on the calculation of the optimal security coupon, so there is much more than the Federal Reserve at play. Federal Reserve policy has dominated valuations of MBS ever since Federal Reserve purchases under QE1 and QE3 in 2008 made the U.S. Government the largest holder of MBS. At its peak, the Federal Reserve owned nearly one-third of all Agency MBS, but balance sheet runoff has dropped its holdings to closer to one-fifth of currently outstanding Agency MBS. The result is that Federal Reserve balance sheet policy is the primary driver of MBS spreads, a key determinant of MBS valuations.

PANDEMIC RESPONSE

The disruption in the Treasury market at the start of the pandemic made the cost of borrowing money more expensive than the Fed wanted. In response, the Federal Reserve announced it would buy billions of dollars in Treasuries and mortgage-backed securities, or MBS. The move was to support the flow of credit, which helped push mortgage rates to record low.

And quantitively, through the actions of the New York Fed’s Trading Desk, the Fed is purchasing $4-6 billion per day of Agency mortgage-backed securities. Interestingly enough, the approximate production of Agency loans by lenders around the United States is roughly the same amount. So any change in the form of tapering could be met

with increased mortgage rates.

It’s a balancing act by the Federal Reserve as it not only promotes maximum employment and stable prices for the American people but stabilizes the financial system. The Federal Reserve does have some sway over rates with not only its commitment to moving short-term interest rates as appropriate, but also its purchase of a wide variety of assets, and its aggressive injections of liquidity.

As long as the Federal Reserve continues to support MBS prices via its purchases of mortgage-backed securities in order to support the economy, the Fed has an influence on mortgage rates. But we should all be prepared for the tapering off of purchases and the impact of this on mortgage rates.

MORTGAGE BANKER | SEPTEMBER 2021 5

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6 MORTGAGE BANKER | SEPTEMBER 2021

THE ‘OM-BOBS-MAN’

CSBS Changes Servicer Liquidity Policy

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

he Conference of State Bank Supervisors (CSBS) published final regulatory standards designed to “enhance and align states’ existing authority” over nonbank mortgage servicing companies. CSBS has consistently cited need for increased oversight based on growth of nonbank mortgage servicers in the past 10 years. The potential for alignment is welcomed by the industry, hoping states do not vary from approved policy.

As signaled in a prior article, the previous proposal brought industry comment and significant engagement to align the policy with federal standards of Fannie Mae, Freddie Mac and Ginnie Mae. MBA provided detail comment on the proposed standards and engaged in discussions as part of the development process. As a result, MBA President and CEO Bob Broeksmit expressed support for the standards with hopes that the standard that can be applied across all states.

However, not all states currently license nonbank mortgage servicers and the standards are not yet the requirements in states that do regulate nonbank mortgage servicers. The published requirements would only become effective after state regulators utilize this policy as part of their sovereign jurisdictional authority. That means each state will need to propose, debate, and consider the CSBS standards as part of their legislative process. As part of the release, CSBS encourages state regulators to stay true to the proposed standards. The final five pages of the document contain model language for states to utilize as part of this process.

Applicability: The model standards apply to nonbank mortgage servicers with portfolios of 2,000 or more residential mortgage loans serviced or subserviced for others and operating in two or more states. An entity owning or investing in mortgage servicing rights that is subject to licensing as a servicer in any state is considered a servicer as part of the proposed policy.

BOB NIEMI

Overview: The regulatory standards focus on the servicers’ financial condition and governance.

The standards would require nonbank mortgage servicers to have a minimum net worth of $2.5 million and the tangible net worth divided by total assets must exceed 6%.

These policy requirements would align with Fannie, Freddie and Ginnie existing requirements.

Removed: Mortgage servicing and transfer standards were removed based on the existing coverage of Regulation X and CFPB oversight. Data protection was removed due to existing coverage of the FTC Safeguards Rule. Additional change of control proposals were also removed to keep alignment with current NMLS requirements. The enhanced capital and liquidity standards as well as the proposed stress testing and ‘living will’ for complex servicers was also removed.

Modified: The second main category of corporate governance with standards including four sub-supervisory areas to include Board of Directors, Internal Audit, External Audit and Risk Management. Risk management programs and annual risk assessment were better defined to include providing to state regulators upon request.

The next challenge to stay true to the model language may prove to the biggest hurdle. While state regulations will vary, but industry engagement is required to keep uniformity in servicer regulation as state legislatures review and debate these standards.

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Top 10 Home-Purchase Mortgage Lenders in Q2 2021

By CHR IST INE ST R ICK ER, SPECIA L TO M ORTGAGE BAN KE R M AG A ZIN E

ATTOM’s newly released Q2 2021 U.S. Residential Property Mortgage Origination Report revealed that the number of mortgages secured by residential property originated in Q2 2021 in the U.S. was up 29 percent from Q2 2020, but down 3 percent from Q1 2021.

According to ATTOM’s latest residential property mortgage origination analysis, the quarterly decline in overall mortgage lending in the U.S. marked the first decrease since early in 2020, as well as the first time that happened from a Q1 to a Q2 period since 2011.

The Q2 2021 report noted that lenders issued $1.18 trillion worth of mortgages in the second quarter, also up annually by 39 percent, but down quarterly by 1 percent.

ATTOM’s new report also noted that rare quarterly drop-off came as a decrease in refinance activity canceled out a rise in home-purchase and home-equity lending.

ATTOM’s Q2 2021 mortgage origination analysis found that lenders refinanced

2.23 million home loans in Q2 2021, up 26 percent from Q2 2020, but down 15 percent from Q1 2021. The report noted the last quarterly decrease in refinancing activity came in early 2020, while the last time the number dropped from a Q1 to a Q2 period was in 2017. The Q2 dollar volume of refinance loans rose annually, by 26 percent, but went down quarterly, by 15 percent, to $674.7 billion.

However, refinance mortgages still accounted for a majority of all home-lending activity in Q2 2021, but the portion dipped from 67 percent to 59 percent, the biggest downward change in four years.

The Q2 report stated that purchase mortgages in Q2 2021 were up 22.4 percent from Q1 2021 and 52.4 percent from Q2 2020. The dollar volume of purchase loans in the second quarter was also up 30.9 percent from Q1 2021 and up 77 percent from Q2 2020.

According to the analysis, residential purchase-mortgage originations increased

from Q1 to Q2 2021 in 90.4 percent of the metro areas included in the report, with the largest quarterly increases in Virginia Beach, VA (up 103.9 percent); Peoria, IL (up 90.9 percent); Champaign, IL (up 75.4 percent); Erie, PA (up 71.5 percent) and Fargo, ND (up 70.4 percent).

Aside from Virginia Beach, the report noted that among metros with a population of at least 1 million, those with the biggest quarterly increases in purchase originations in Q2 2021 were Raleigh, NC (up 61.8 percent); Oklahoma City, OK (up 60.2 percent); Birmingham, AL (up 59.7 percent) and Richmond, VA (up 58.4 percent).

The report also noted that among metros with a population of at least 1 million, those where purchase loans represented the largest portion of all mortgages in Q2 2021 included Oklahoma City, OK (48.8 percent of all mortgages); Miami, FL (46.8 percent); Las Vegas, NV (46.5 percent); Orlando, FL (42.8 percent) and Jacksonville, FL (42.5 percent).

MORTGAGE BANKER | SEPTEMBER 2021 11

COV E R STO RY

If We Build It, They Will Come

MANUFACTURED HOUSING: AN AFFORDABLE SOLUTION FOR ASPIRING HOMEBUYERS

By DAV I D B AT TANY and PAT R ICK M CCA RTHY, SPECIA L TO M ORTGAGE BAN KE R M AG A ZINE

W

ith COVID-19 vaccinations continuing to increase, jobs are expected to come back in the industries and sectors most impacted by the pandemic. If they do, then we’re likely to see employment numbers achieve their biggest annual gains in decades, adding momentum to the growth of the U.S. economy. The national unemployment rate, which soared from 3.5% in January 2020 to more than 14% in April of last year following the pandemic lockdowns, is estimated to drop to 4.8% by the end of 2021, according to U.S. Bureau of Labor Statistics. If the Federal Reserve begins to buy fewer mortgage-backed security bonds, that could cause mortgage rates to rise.

When rates rise, we’ll see the refinance boom of the last year transition to a purchase-focused market. The Mortgage Bankers Association (MBA) predicts 60% of all loans in 2021 will be for the purchase of new homes. People who have the option to work remotely in a post COVID-19 world may be looking to purchase new homes with space for home offices or gyms. Others, no longer required to show up to the office every day, may choose to move closer to family or friends, or relocate to states with more favorable business and individual tax benefits. In many ways, there has never been a better time to own a home.

>>

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Despite the positive outlook, our industry will continue to face challenges, particularly around a lack of new home supply and affordability as new generations step forward to become first-time homeowners. In many markets, home prices are appreciating faster than people’s incomes. Others will have challenges affording a down payment, especially if they’re still recovering from a job loss or the death of a loved one due to COVID-19. Qualifying to afford monthly payments as home prices surge and the ability to demonstrate creditworthiness are barriers for many, including in underserved communities where many people use alternative forms of credit.

As an industry, we must do more to address the lack of supply and work to improve access to affordable housing for first-time and low- to moderate-income homebuyers.

We must continue to develop creative solutions and address the lack of awareness around the availability of quality low down or low monthly payment mortgage programs.

One option that would benefit first-time homebuyers in many markets is manufactured housing, which can play an important role in advancing the housing industry.

THE BENEFITS OF MANUFACTURED HOUSING

MANUFACTURED HOMES ARE ONE OF THE ONLY SOURCES OF AFFORDABLE HOUSING THAT DO NOT RECEIVE ANY FORM OF GOVERNMENT SUBSIDY.

Manufactured homes are one of the only sources of affordable housing that do not receive any form of government subsidy, and currently account for only about 10% of all available housing units nationwide. Despite their relatively affordable price, manufactured homes have historically played a small role when it comes to affordable housing. To increase the number of available manufactured homes and bring more off-site built inventory to the market, we need to change the current perception of this type of home. Several home builders offer off-site built homes that are indistinguishable from site-built homes. These attractive properties look like more common single-family homes, not the rectangular trailer or “mobile homes” that we’ve seen in the past.

The new generation of manufactured homes is a breakthrough, offering comparable sizes and square footages to a site-built home. Buyers can choose from open floor plans and a wide range of designs and styles. Custom amenities include upgraded kitchens and bathrooms, high-quality flooring, energy efficient appliances, attached garages, and architectural features such as pitched roofs and porches. Buyers can select options based on their preferences and needs, adding a level of flexibility they might not have with an existing site-built home in a planned development.

Manufactured homes are cost effective and efficient. Today’s off-site built homes are made with the same high-quality materials used in site-built construction. They are constructed in a quality-controlled, factory environment and therefore not impacted by poor weather conditions, as site-built homes often are. The use of robotics helps speed the building process without sacrificing quality. With far less time and labor required, these homes cost roughly 30-40% less to build. The waste from construction for manufactured homes can be less than half the waste of a site-built home.

WHAT’S IN A NAME?

To alter the negative perceptions around manufactured housing, the industry needs to start to think and talk about these properties differently. The Manufactured Housing Institute (MHI) recently introduced a new category of manufactured homes that represents the quality and innovation that can be found in off-site built housing.

According to MHI, CrossMod™ represents the blending, or crossover, of features built on-site and the innovative, efficient modern methods used in factory home construction to create a new class of manufactured homes. In developing this concept, MHI performed market research to test potential names with more than 1,000 consumers. Initial impressions of “CrossMod” included the following: • Modern and sleek • Combines different models/features • Up-to-date with many uses • Secure, safe • Innovative, smart home CONTINUED ON NEXT PAGE

MORTGAGE BANKER | SEPTEMBER 2021 13

MHI’s research found that while only 9% of respondents said they would consider purchasing a manufactured home, 46% said they would purchase a CrossMod™ home.

Overall, consumer research and industry feedback on CrossMod homes has been very favorable, especially compared to traditional manufactured homes.

HELPING HOMEBUYERS GET THE HOME THEY WANT AT AN AFFORDABLE PRICE

To open a new segment of the market and help more people purchase homes like CrossMod™, Fannie Mae has developed specific design guidelines for MH Advantage®, a mortgage option that offers innovative and affordable financing on manufactured homes with features comparable to traditional sitebuilt single-family homes.

MH Advantage allows qualifying homebuyers to finance up to 97% LTV and put as little as 3% down. It includes 30year fixed rate financing with interest rates lower than most traditional manufactured home loans. Mortgage insurance may be canceled once the customer reaches 20% equity, resulting in more savings longterm. Appraisers of MH Advantage can use site-built sales when appropriate if MH Advantage sales are not available.

With MH Advantage, homebuyers looking to customize their home can visit a manufactured home retailer and identify design elements that meet the standards of the program and suit their needs.

WHAT MAKES A PROPERTY ELIGIBLE FOR MH ADVANTAGE FINANCING?

MH Advantage is for manufactured homes built to meet standards for construction, architectural design and energy efficiency that are more consistent with site-built homes. The homes are intended to blend into existing neighborhoods. Examples of physical characteristics include: • Specific architectural and aesthetic features, such as distinctive roof treatments (eaves and higher pitch roofline) • Lower profile foundation, garages or carports, porches and dormers • Use of better construction materials,

such as durable siding, interior finishes, and a masonry perimeter foundation Homes that qualify for the program are identified by an MH Advantage sticker, which is the manufacturer’s indication that the home meets the program’s requirements that can be completed in the home-building facility. Appraisers and lenders can easily verify the sticker’s presence, eliminating the need to verify the home’s specific design traits. Certain required site improvements, such as a sidewalk or driveway, must be verified through appraisal photos. Eligible homes that have already been built in a subdivision or on a lot will have the sticker, or buyers can custom order a home that

MANUFACTURED

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meets MH Advantage requirements to qualify for program financing.

THE WAVE OF THE FUTURE?

There are several home builders currently bringing CrossMod™ homes to the market that qualify for MH Advantage. Clayton, Palm Harbor Homes and Skyline Champion offer remarkably beautiful floor plans and properties (see this site for a list of all participating manufacturers). We’ve toured the home building facilities and seen this type of home firsthand and you can’t tell you’re looking at a manufactured home.

From a lending perspective, the industry is still catching up when it comes to manufactured housing. Guild Mortgage has funded loans under the MH Advantage program, and we encourage other lenders who aren’t currently offering loans for CrossMod homes to consider adding this type of financing to their offerings.

In recommending CrossMod housing, lenders can reach a wider segment of buyers, as the variety of features and layouts that come with MH Advantage give customers an opportunity to select the home that is right for their family.

Lower construction costs often means lower down payments and lower monthly payments for the customer, and conventional financing opens doors to prospective buyers who may not think homeownership is viable. Straightforward underwriting and origination processes allow lenders to focus on building relationships with manufacturers and MH retailers in their area.

There are many paths to homeownership for first-time buyers. It’s up to lenders to connect, develop meaningful relationships and educate consumers, appraisers, zoning officials and other stakeholders about these options. The industry is in the very early stages of bringing CrossMod homes to the marketplace and making this type of housing an attractive alternative for first-time homebuyers. The COVID-19 pandemic set us back, but now we must work to introduce more people to this option.

With a concerted effort to change how we talk about off-site built housing and alter perceptions, we should see a steady increase in homebuyers considering CrossMod options when purchasing their next home. It can be an important step in improving the availability of more affordable housing, providing solutions to the rapid price appreciation that continues to hold the market back.

David Battany is executive vice president of capital markets at Guild Mortgage. Patrick McCarthy is Vice President of Affordable Lending and Housing Equity at Fannie Mae.

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NON QM Showcase

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

Visit https://angeloakms.com/programs/ for details on our products that can help you grow your business.

LoanStream Mortgage Irvine, CA

www.LoanStreamWholesale.com Programs Include: Full Doc / Alt Doc, ITIN, DSCR, Bank Statement, Fixed, ARM, and Interest Only Programs, High LTVs and Lower FICOs, Business Owners, Investors, Licensing - LoanStream (lsmortgage.com)

FundLoans Encinitas, CA www.fundloans.com Insignia is our Jumbo Prime program. Apex Prime is meant to meet the needs of your alternative doc borrowers with a focus on self-employed borrowers. Montage Prime is great for your near miss prime borrower. Spectrum Prime is the perfect tool for your seasoned investor borrowers.

We focus on jumbo and super jumbo loans.

Arizona, California, Colorado, Florida, Georgia, Wyoming, Connecticut, Hawaii, Idaho, Illinois, Montana, Nevada, Washington, North Carolina, South Carolina, Oregon, Texas, Utah, Tennessee

NATIONWIDE except: AK HI ID MA MO NY VT

Luxury Mortgage Corp Stamford, CT

www.luxurymortgagewholesale.com The Simple Access® NonQM suite of products was built around the idea that it doesn’t have to be complicated to finance a home. We have created a diverse selection of borrower friendly programs that are simple, innovative and flexible.

For information on our Correspondent division, visit www.luxurymortgagecorrespondent.com.

AL | AR | AZ | CA | CO | CT | DC | DE | FL | GA | IL (no IO loans) | MA | MD | ME | MI | NH | NC | NJ | NM | NY (no subprime) | OH | OR | PA | RI | SC | TN, TX | UT | VA | WA | WI Properties

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Oaktree Funding Corp.

Chandler, AZ

www.oaktreewholesale.com Non-Agency & Investor Advantage

Temple View Capital Bethesda, MD

www.templeviewcap.com

The Non-QM experts Oaktree Funding are proud to offer innovative solutions for diverse borrowers.

We offer products and services through our three channels of operation: Wholesale, Correspondent and Retail Lending. Oaktree is not tied to any one investor securitization, which allows us to consistently offer flexible and expanding guidelines to adapt with borrower’s needs.

Our business purpose loan products, Fix & Flip, Fix & Hold, Bridge and Long-Term Rental Investments for single-family, 1- 4 units, Condos, Townhomes. Our Rehab Loans & Bridge allow for the monthly Payments to be Rolled into the Loan. With our Long-term rental, we offer 30 Year Fixed, ARM and Interest-Only.

The borrower is LLCs, LPs, and Corporations. ( 58 words)

Full product line at: www.oaktreewholesale.com

We are a nationwide lender

AZ | CA | CO | CT | DC | FL | GA | ID | IL | IN | MD | MA | MI | MN | MO | NJ | NM | NV | NC | OH | OR | PA | SC | TN | TX | UT | VA | WA | WI

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Next Stop, San Diego!

We’re so glad it’s time for us to be together again — in person — at MBA’s Annual Convention & Expo 2021. The industry event of the year, MBA Annual21 takes place October 17–20 at the San Diego Convention Center. We can’t think of a better place to reconnect and recharge as we lead the way toward a bright future for our industry and the communities we serve.

Make your plans to be TOGETHER AGAIN at MBA Annual21!

Register today.

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MBA.ORG/ANNUALMORTGAGE BANKER | SEPTEMBER 2021 17

L EGAL

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

Thomas King Attorney

Mitchel H. Kider Managing Partner

Gregory S. Graham Co-Managing Partner

Ja Mort

tking@ravdocs.com 713-980-9521

kider@thewbkfirm.com 202-557-3511

ggraham@bmandg.com 972-353-4174

jbrody

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

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

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

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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 Br the compl litigation, matters fo Brody’s e legal issu originatio loan secu bankruptc indemnifi his B.A. in from Dra his J.D., w in Advoca of the Pac of Law. H American Whitney A practice l been adm the Unite the Centr Southern addition, lead litiga mortgage related di and feder or on a pr FL, MD, PA, TN, a

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

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

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

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20 MORTGAGE BANKER | SEPTEMBER 2021