MORTGAGE
NO V E MB E R / DE C E MB E R 2020
T W E LV E 1 1 ME DI A
WOMEN MAGAZINE
r e z a l b l i #Tra
E RICA COU RTN E Y F OU N DE R O F ZU LU TI M E A N D A R M Y CO M BAT V E TE R A N
PLUS!
MOR T G AGE T E C HOL OGY IN 2020
2020 NE X T GE N HOME B U Y E R RE P OR T
Published every other month by Twelve 11 Media, LLC 9720 Royal Lamb Drive Las Vegas, NV 89145 Phone: 512.879.4363 Email: INFO@MortgageWOMENMagazine.com www.MortgageWOMENMagazine.com
OUR MISSION The mission of this publication is to empower women professionals working in the mortgage industry. The publication seeks to provide education and knowledge to give each professional woman key tools to achieve their highest potential possible and to enable them to take advantage of the opportunities before them. Through the magazine's networking and connection from readership, each woman has the opportunity to be inspired and extend that through mentorship-furthering achievements to the highest level positions possible in the mortgage industry.
SUBSCRIPTIONS This publication is for the benefit of professional women in the mortgage industry, including those professional mortgage women who own and/ or who are employed by the vendors who support the mortgage industry, and all professional mortgage women in the mortgage divisions of the State- and Federally-chartered banks and credit unions. If you do not currently receive Mortgage WOMEN Magazine, please go to www. MORTGAGEWOMENMagazine.com and subscribe. Mortgage WOMEN Magazine is a digital, bi-monthly magazine that is emailed to the subscribers. The subscription is FREE. For additional copies for your colleagues and co-workers, please visit our website at www.MORTGAGEWOMENMagazine.com and complete the online subscription form. To opt-out of receiving Mortgage WOMEN Magazine, please send your request along with your name, company name, and email address to: SUBSCRIPTIONS@MortgageWOMENMagazine.com.
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EDITORIALS / ARTICLES To submit an article for consideration in Mortgage WOMEN Magazine, please send an email to ARTICLES@MortgageWOMENMagazine.com. We are interested in original writings relevant to the mortgage industry as it relates to Legal, Regulatory Compliance, Risk Management, and Quality Assurance issues. If you have a comment or question about an article or editorial published in Mortgage WOMEN Magazine, or if you have a suggestion for a topic you would like to see featured in a future issue, please send an email to ARTICLES@MortgageWOMENMagazine.com.
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F ROM T HE E DI T OR It is hard to believe that 2020 is almost over, and that the holidays are right around the corner. While it will be difficult to enjoy the holidays the way that we used to (with large family gatherings, traveling, etc), there will still be opportunities to connect with those that we love. I know that I am grateful for the technology that allows me to stay in touch with my friends and family across the country, and I will be relying on that technology heavily over the holiday season.
PUBLISHER | Ben Slayton BSlayton@Twelve11Media.com MANAGING EDITOR | Leora Ruzin LRuzin@Twelve11Media.com SENIOR EDITOR | Jill Emerson JEmerson@Twelve11Media.com OPERATIONS DIRECTOR | Dawn Slayton Dawn@Twelve11Media.com
Speaking of technology, I am really excited to be sharing this issue with our readers, as it is packed full of content that will bring to light all of the advances we have gained in mortgage technology over the last 12 months. While technology was always going to be the wave of the future for our industry, it is staggering how quickly we were able to pivot to adapting new tech at lightning speed as a result of necessity. If there are any silver linings to the pandemic, one of those silver linings is that we have been able to find even better and more efficient ways to process a mortgage loan, and provide a better experience for our borrowers.
DIRECTOR OF ADVERTISING David Hoierman Hoierman@Twelve11Media.com
PRODUCTION | Henry Suchman HSuchman@Twelve11Media.com DIGITAL MEDIA | Lucas Luna Lucas@Twelve11Media.com COLUMNISTS & CONTRIBUTING AUTHORS Jay Arneja Christine Beckwith Jessica Ehler Ashley Gravano
Debbie Hoffman Sandy Intraversato Kritsin Messerli Veronica Nguyen
Wendy Peel Tiffany Saraceno Sue Woodard
MWM ADVISORY BOARD KRISTIN MESSERLI CHIEF EXECUTIVE OFFICER CULTURAL OUTREACH LISA KILKA CHIEF COMPLIANCE OFFICER, SVP GUILD MORTGAGE MELISSA KOUPAL VICE PRESIDENT LOAN INTEGRITY LOAN DEPOT REGINA LOWRIE PRESIDENT & CHIEF EXECUTIVE OFFICER RML ADVISORS
I am really proud of the content that we have put together for this issue; from embracing changes in technology, to the future of blockchain in the mortgage industry- this issue has brought together the best of the best. I am incredibly grateful to all of the amazing women who provided their expertise and voices in the creation of this issue, and I am sure you will agree that they are worthy of all the praise! Lastly, as this issue goes to “print”, I am reminded of Veteran’s Day. I am so proud of the articles we put together that shine a light on our heroes in uniform, and how they have helped shape the mortgage industry. As an Army veteran myself, I can tell you that not a day goes by where I do not think back on my time in the service without being overwhelmed with pride and respect, and I still consider it a great honor to have served our nation. Please take a moment to thank our fellow servicemembers, both past and present- many of whom gave the ultimate sacrifice in protecting our freedoms.
All the best,
SARAH BOWERS, CRCM, CMB, CAMS COMPLIANCE ADVISOR COMMERCE BANK DEBRA STILL PRESIDENT & CEO PLUTE MORTGAGE BECKY WALZAK PRESIDENT & CEO RJB WALZAK CONSULTING SUE WOODARD PRESIDENT & CEO VANTAGE PRODUCTION, LLC JILL EMERSON SENIOR EDITOR MORTGAGE WOMEN MAGAZINE
Visit us at www.MortgageWOMENMagazine.com
Leora A. Ruzin, CMB Managing Editor
Mortgage WOMEN Magazine welcomes your feedback. If you have comments, questions, criticisms, praise, or information to share with us and our readers, please write us at info@Twelve11Media.Com.
NOVEMBER / DECEMBER 2020
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A Simple Formula for Mastering Change
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2020 NexGen Homebuyer Report
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Why Innovation Requires Risk When Running a Tech Company
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Challenges and Solutions when Embracing New Technology TI F FA N Y S A R AC E N O
IN EVERY ISSUE
Veterans Serving Veterans: An Interview with Sam Ruben & Isabel Williams
4 EDITOR'S FOREWARD
Product Development and Management vs Implementation and Adoption
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HECMs Can Improve Women's Financial Security in Retirement
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56 #LEADINGWOMEN KATIE SWEENEY
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A SIMPLE FORMUL A FOR MASTERING CHANGE
A SIMPLE FORMULA FOR MASTERING
e g n Cha
BY S A N DY I NTR AV E R S ATO
When it comes to change, one challenging thing to overcome is the human desire to remain comfortable, even when something isn't working for us anymore. We stay at jobs that aren't fulfilling, avoid difficult conversations in pursuit of harmony (artificial as it may be), and keep in the safe lane versus taking a calculated risk. As the mortgage industry continues to evolve, so do the technologies to optimize customer experience and automate processes and workflows. In my work with mortgage professionals, the transition to a sophisticated, fully-automated customer experience keeps people up at night. The pace, the amount of unlearning and relearning, and overall busyness create roadblocks to progress.
A SIMPLE FORMUL A FOR MASTERING CHANGE
The case for change, however, is becoming harder to ignore. Dave Savage, CEO of Mortgage Coach, is a neighbor and my foremost resource for understanding what it takes to be what he calls the modern mortgage professional. He shared some compelling statistics about tech tools and links used by top producers, those individuals who originate over 100 loans a year: - 90 percent use CRM to keep promises at scale - 80 percent provide clients a POS link to take an app - 30 percent use Mortgage Coach to give advice - 20 percent use Zoom to connect and communicate
Other crucial technologies include automated scheduling (e.g., Calendly), video messaging (e.g., BombBomb), and reputation management platforms. Though I've had many angst-filled conversations about social media with clients, many top producers don't use social media strategically, according to Savage. The message: digital doesn't equal social media. So, what's one to do when mentally you've made the case to increase your use of technology, but behaviorally, you're not taking action or keeping pace? Use this math: VxD + FS> R = C I picked up this formula in Jim Dethmer's book, The 15 Commitments of Conscious Leadership, and it's a powerful tool for
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A SIMPLE FORMUL A FOR MASTERING CHANGE
change, whether it's personal, professional, or organizational. Pull this out anytime you, your team, or your company isn't making headway or are stuck in unproductive patterns. In the formula, change is defined as an act of willingness, not knowing how or wanting to change. One can think about change or realize one needs to change, but it takes the will to start, persevere, and complete the process. It's a cousin to willpower, the control it takes to do or not do something. Resistance, the R, needs to be recognized for it to be overcome. In his book, The War of Art, author Steve Pressfield calls Resistance, "the dark force that rises up to block us from doing what we most need to do." It stifles creativity, whether it's writing a book, growing your business, or any form of expressing our genius. I like to think of resistance as the bundle of emotions and limiting thought patterns and beliefs and behaviors triggered when we are uncomfortable and fearful. Humans fall into two camps of fearful responses: avoidant or anxious. Resistance for us avoidant types shows up in cautionary emotions with beliefs that we cannot act until we have thought things through and rounds of rumination. Resistance for anxious types creates action-oriented energy and a ready-fire-aim approach. It yields missteps and failures and an inner voice that says, "See, I knew this wasn't worth doing" or "I tried that once before, and it was a failure." Acknowledging our version of resistance and letting go of what is habitual or comfortable and walking into the unknown requires courage. Queue up a Brene Brown quote, "You can choose courage, or you can choose comfort, you can't have both." The V in the formula stands for Vision, the desired future articulated in detail. When
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you continuously and repeatedly conjure up the benefits of that end state, you experience high energy and pleasant feelings. Based on my client experience, I know that "visioning" is a struggle, primarily when reflecting on the uppercase V as in "what's my Life's Vision?". However, I've spent a career as a leader and a strategist. I'm 100 percent convinced that there is power in describing the lower-case v, the "what do I want to accomplish, and what are the benefits?" with intention. Dave Savage noted that the first piece of advice they give new Mortgage Coach clients before engaging with the platform is "start with why." D stands for Dissatisfaction. The opportunity for action is a simple strategy: count the costs. Anytime we are avoidant or anxious, there is a human toll that keeps us from being fully engaged, and "burning as brightly as possible for as long as possible in service of what really matters," as Jim Loehr writes in The Power of Full Engagement, Loehr's career involves working with highperformance athletes, an environment in which energy management versus time management is the key to high performance and personal fulfillment. His system outlines four categories of energy: physical, emotional, mental, and spiritual. We grow by expending energy beyond our limit (comfort zone) and then practice restoration. In his view, life isn't a marathon; it's a series of hard sprints followed by rest. Visualize a marathoner versus a sprinter at the end of the race: which would you rather be? Most of us were socialized to repress emotions, especially those individuals that are uncomfortable. How often do you ask yourself, what am I feeling, and how is it impacting my thoughts and behaviors? If you are honest, probably infrequently. If you are taking the slow walk regarding adopting new technologies, the emotional cost is drawing down your energy
A SIMPLE FORMUL A FOR MASTERING CHANGE
stores. That's a cost most people aren't entirely counting. When aware of the emotional toll, we can refuel with a strategy of shifting to emotions that are energizing, fueling our self-confidence, and sparking our ability to act. Self-confidence has two parts. The first is competence: do I have the skills? When it comes to tech, it's easy to focus on what you don't know. The trick is to reframe the mental tool in which we create a new context. A "start with why" exercise is an example of creating a new context. The second part of confidence is about capability: can I do this? That is where one of the most energizing emotions of all, optimism,
can show up. We can cultivate the ability to feel it inside and show it on the outside. It's an attribute that draws people to us and makes us worth following. We fortify our optimism with a daily gratitude practice and also by focusing on progress versus results. Optimism habits have the potential to make the change process a self-fulfilling prophecy. Loads of research talks about gender differences when it comes to competence and optimism. Women tend to drive from the competency side and men from the capability side. My experience is that when it comes to change, there is gender neutrality. In our common humanity, we all struggle. Back to the formula. Vision is multiplied with
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Dissatisfaction because comfort-loving, busy, change-avoiding humans need a lot of energy to overcome the Resistance. Most people change when the Dissatisfaction becomes unbearable or unavoidable, the proverbial "burning platform." Growth mindset folks use the "V" as a catalyst to learning. Dave Savage shared one of his favorite quotes, "The illiterate of the 21st century will not be those who cannot read and write, but those who cannot LEARN, UNLEARN, and RELEARN". Lastly, to activate and actualize all of that energy created in our VxD, we need FS the First Step. Years ago, I embraced the Getting Things Done (GTD) workflow pioneered by David Allen. This book was, for many other productivity junkies and me, revolutionary. He introduced the concept of "next action" thinking or the most immediate physical activity required to move a situation toward closure. Most of us, when it comes to change, don't think "next action." We think endpoint. Using technology as an example, it might be "start using an automated calendaring tool." Next Action thinking (or in the formula's case, the First Step) would be whatever your brain says you need to do first, given where you are at now. Back to the example. Suppose you learned about the calendaring app from a colleague, your next action might be "call Allison regarding calendaring app experience." The First Step is so crucial because it starts the change process. It allows the energy and the motivation in the VxD to be unlocked and unleashed. Without it, we are still thinking about things. And to extend the First Step, I also advise my clients when learning new habits to set up a series of contests that they can win. We are programmed to think the finish line is the only prize when most of us know it's really a series of small wins.
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Win one, then the next, and then next, and you are there. At this point, you might be thinking, don't forget to tell us to celebrate the small wins. Of course, a celebration is in order, especially if the change you are attempting involves your team. It's the leader's job to notice the forward progress and affirm and encourage continued hard work. Besides, seeing and celebrating daily progress is a hallmark habit of emotionally intelligent people. But when it comes to change, all the noticing in the world can sometimes be derailed by the small failure that occupies a disproportionate space in our head. Fortunately, there continues to be more evidence that supports the burgeoning field of self-compassion as a practice. Seeing failure as merely part of being human is a powerful tool to overcome a setback. Better yet, it fosters resilience and confidence. When the inevitable blip happens in your path to adopting new mortgage technologies, talk to yourself like you would your best friend. Recognize what you are feeling. Shift to thoughts of optimism and take that next first step toward your envisioned future.
Sandy Intraversato, partner at Iron Coaching, helps executives, business professionals and owners transform how they work, lead and live. She is an award-winning strategist who, before becoming an executive coach and organizational health consultant in 2013, held senior sales and executive roles at Sterling Brands, BuzzBack Market Research, Current Analysis, Gartner Group, and Xerox.
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20 20 NE X TGEN HOMEBUYER REPORT
e h t g n i s o l C Gap
RECE NT SURVE Y FINDS A PE RSISTING G E N DE R DISPARIT Y IN NE X TG E N HOM E BUYE RS
BY K R I S TE N M E S S E R LI
In comparison with generations past, women are killing it when it comes to our finances. Single women account for the second largest segment of homebuyers today, doubling that of single men. By the end of the decade, women are expected to inherit a $30 trillion transfer of wealth, and the share of women in leadership positions across industries has increased significantly in recent years. 14
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T H E U N L I K E LY B E N E F I T O F L O W M O M E N T S
While the financial picture looks bright for NextGen women, recent findings indicate a huge disparity in financial behavior between women and men. In a report released in October 2020 by my team at Cultural Outreach, we surveyed 1,450 homebuyers, ages 22-37, and discovered a disheartening trend among young women. Women were significantly less likely than men to be contributing to any investment (other than homeownership), including retirement accounts and the stock market. Although women indicated that they have a “savings” mindset, they were less likely to contribute to a savings account by 104 percent in comparison to men. Even when controlling for women with children, NextGen women had disproportionately high rates of financial stress and low selfconfidence in their financial decisions. I have
outlined a few of the potential reasons for this disparity, but these are complex issues that need greater attention from financial and mortgage professionals in order to effectively bridge this gap for future generations.
RISK TOLERANCE
There are countless studies demonstrating that women tend to be more risk averse in all areas of their lives, including finances. According to a BlackRock survey of 4,000 Americans, women held a greater share of low-risk investments. NextGen women homebuyers were no different. Our female respondents were 247 percent less likely to contribute to investment accounts and 129 percent less likely to contribute to their retirement. While there are many hypotheses as to why women are more risk averse, women have
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THIS RESEARCH INDICATES A STRONG NEED FOR FINANCIAL ADVISORS AND HOUSING PROFESSIONALS TO INCREASE FINANCIAL EDUCATION AND TRUST AMONG THIS GROWING SEGMENT OF HOMEBUYERS. historically also held less assets, therefore requiring a more cautious approach. However, our research indicates that financial literacy, economic pressures, and childhood experiences are major contributors to risk tolerance and financial outcomes.
FINANCIAL LITERACY AND SELF-CONFIDENCE
NextGen women were less confident than men in their initial knowledge of homebuying and expressed primary fears of being taken advantage of and not having a trusted advisor. Consistent with other studies, McKinsey research also reported lower levels of confidence in financial decisions among women. This research indicates a strong need for financial advisors and housing professionals to increase financial education and trust among this growing segment of homebuyers.
ECONOMIC AND HOUSEHOLD PRESSURES
Women in our study were more likely to experience negative financial effects as a result of COVID-19. This is in part due to less flexibility to work from home. Seven out of 10 of our respondents reported the flexibility to work from home, yet only 58 percent of
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women reported working from home in contrast with 78 percent of men. Women reported higher levels of stress and financial pressure as a result, but also indicated a desire to buy a home sooner.
CHILDHOOD EXPERIENCE
One of the most interesting findings in this report was the correlation between financial outcomes and childhood education. NextGen women were 88 percent less likely to grow up learning how to budget or make a financial plan. One of my favorite authors, Jean Chatzky, who spoke at last year’s mPower event at the national MBA conference, wrote about the psychological connection between childhood memories about money and financial behavior as adults. Jean Chatzky and others like Suze Orman refer to this as understanding your “money story.” We often understand the psychological impact of childhood experiences on adult behaviors, but we don’t often relate that to our finances. There are a number of explanations for the gender disparity in financial behavior, but most importantly, we need to bring attention to the topic. As a growing segment of the homebuying market, poised to increase in wealth over the coming years, NextGen women are crucial to the future of housing.
To view the 2020 NextGen Homebuyer Report, visit culturaloutreach.com.
Kristin is the Founder & CEO of Cultural Outreach and a nationally renowned speaker. Kristin has spoken at over 100 conferences, including the Mortgage Bankers Association, the American Bar Association, and Harvard Business School.
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W H Y I N N O VAT I O N R E Q U I R E S R I S K W H E N R U N N I N G A T E C H C O M PA N Y
Why Innovation Requires when Running a Tech Company
Risk BY V E RO N I C A N Y U G E N
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Veronica Nguyen, co-founder and EVP of BeSmartee, recounts her journey as a woman leading a digital mortgage firm — and embracing risk and innovation — in an era of rapid technological change in the mortgage industry.
W H Y I N N O VAT I O N R E Q U I R E S R I S K W H E N R U N N I N G A T E C H C O M PA N Y
A
s a woman in business with my husband, I realize he is more of a risk-taker than I am. And here’s why: he will always make the big bet, and will put everything on the line for the big win. On the other hand, when making big decisions, I look at things from a different lens: I look at the odds, the risk, and the reward. I ask myself questions like, “What happens if this doesn’t work out?” or “What happens if we are successful?” or “Am I willing to put everything on the line?”
RISKING IT ALL FOR INNOVATION
Now, when I talk about risk, I want to make it clear that I am not saying women are less likely to take risks than men. As a matter of fact, I think women take risks every day. Some of us just have a different approach when doing so. In order to innovate and run a successful company, you have to take chances, especially in today’s digital world, where change is swift and certain. So, when the market hit rock bottom in 2008, we decided to risk it all. Out of my comfort zone? Yes. Necessary? Without question.
INNOVATING AT BeSmartee
When we started BeSmartee, I stopped playing it safe. It was time to bet all my chips. The economy was already going down, and mortgage companies were at their worst. How much worse could it get? Well, for starters, we weren’t able to raise venture capital money. At the time, investors didn’t understand our product or realize the impact it would have on the mortgage industry. We were on the brink of something huge, but no one could see it! This could have made us pull back, but it only fueled our fire. Now, we knew that we were ahead of the game, and with a pretty strong hand.
BEFORE: WHAT WE’VE LEARNED ON THIS JOURNEY Letting Go of Control
Did people really want to be able to get a mortgage online in 2008? We thought so. Why wouldn’t you want to be able to get a mortgage the same way you get a plane ticket? We were already creating a 10-minute mortgage application around the time Facebook was launching the “like” button. But... the industry was not ready. At the time, people couldn’t understand our vision for online mortgages. They also couldn’t see how it would work. Either the integrations and automations were beyond their capabilities or they didn’t have the money to invest because they were trying to keep their businesses afloat. I could have looked at this as a failure, but I didn’t. It was neither good nor bad. “Lo que sera, sera,” as the saying goes.
Validating Online Mortgages
Soon Rocket Mortgage debuted their own product. This validated the concept, but lenders were still skeptical of how BeSmartee could automate the origination process, even when we had blueprints from 2008. We kept pushing because we believed in our vision. Today, we’re still committed to making mortgages easy, fast, and transparent. As women in technology, we have to take risks because innovation requires it. Take a look at NASA. How many times do they have to test their rockets before sending them to space? Even when they do send them to space, they still sometimes fail. But they continue pushing. This is the same thing we do here at BeSmartee.
Dealing with Legacy Systems
As we integrated our new technology into systems that lenders had already implemented, we realized that legacy systems were
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structured so differently; we had to create work arounds so that we could still provide a seamless experience for the user, no matter what. Legacy systems were not made for today's environment but they are an important part of the back-end process. Mortgage POS systems are customer-centric, meeting today's customer behaviors and needs.
TODAY: HOW WE’VE ADAPTED
Like with all innovation, people must adapt to change. Often, it takes time for the majority to fully accept new ways of thinking and doing. We’ve seen this first-hand on this journey. Here, at BeSmartee, we focus on the following:
Risk
The mortgage industry already has a lot of risks, but it also has a lot of rewards when helping borrowers find the homes of their dreams. This is true for us when we started building our Mortgage Point-of-Sale platform. We saw an opportunity to create an easier, faster and more transparent process for consumers and lenders. Now, this required risk because we went from a Point-of-Sale to a robust and configurable digital platform to building brand new products.
Encouragement
After not being able to raise funding in 2008, we could have just said, “forget it.” But we pushed through. We brought the same blueprint back to the table and started building. As leaders, we need to be the voice of encouragement for our team members when something does not work. Encouragement is needed in all phases of a start-up because you're working on a project that has so much uncertainty. But, when the vision becomes a reality, and when that vision grows beyond what you could have imagined, it’s all worth it.
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Pushing Forward
When building technology, especially one that touches so many parts of the origination process, there are setbacks. For example, consider when legacy systems cannot connect to new technology. This delays projects, but innovation cannot stop. We must keep pushing forward. No matter how another system operates, there are always ways to make the overall experience better, and that is something our organization understands.
Agility
We have always built technology in agile environments. Agility in technology is what allows us to keep innovating and continue making changes rapidly as things evolve. For us, it means listening to our clients’ needs and pain points, and moving to a strategic solution together, quickly. With the ever-changing regulation in the mortgage industry, including major changes such as the new URLA, agility technology is the only way to continue making improvements.
IN CLOSING
The mortgage industry has come a long way as far as technology innovation is concerned: from eClosing, to eSigning, to the entire loan process happening in a digital platform sans siloed systems. In order to get to the next step of innovation, and continue to transform the lives of end users, we need to continue to take risks and ask ourselves, “Where else can we innovate mortgages to improve the lives of end users?”
Veronica Nguyen is co-founder and executive vice president of BeSmartee, Inc., an original founder of the modern digital mortgage and developer of Digital Mortgage Platforms for megabanks, credit unions and non-bank lending institutions.
SPONOSORED CONTENT
Inner VIEW Claudia E. Duncan Founder and CEO, QC Verify cduncan@qcverify.com
Question #1 Can you give us an inner view of your company and the solutions your present? QC Verify is a unique tool designed to incorporate efficiencies and costeffective solutions to the lending and Quality Control verification process. As leaders in the Quality Control space, it seems inconsistent that income and employment continue to be predominantly verified and reverified manually. This practice can be cumbersome, create process delays, and is prone to fraud risk.
Under pandemic influence, overseeing a manual verification process becomes even more complex as many industries migrate to remote work environments. QC Verify fully automates the verification and reverification of income and employment, as well as rental history and gift letter acknowledgement. The QC Verify platform offers a secure environment that greatly simplifies processes required by regulators, government agencies and investors for processing, underwriting, pre-close and post-close quality control of mortgages.
Question #2 What are the benefits of QC Verify? The QC Verify platform offers process improvement and technology innovation:
• Complete all verification related tasks in an automated and efficient manner. • Yields cost savings by eliminating cumbersome manual processes and reducing fulfillment costs. • Provides process oversight, status tracking and verification reporting. • Improves turn times for receipt of verification documents and data confirmation. • Prevents misrepresentation of propagation of borrower fraud. • Greatly improves turn times for receipt of verification documents and data confirmation. • Automates antiquated processes, including document preparation and mailings. • Users can have one ecosystem to manage the process that includes the option to print, email or fax a document. • Offers the ability to bundle and export verification requests. • Enables data field and checklists customization or access to templates for ease of setup. • Provides secure verification processes incorporating SOC 2, SSL certification and encryption. • Captures IP address for added security. • Reinforces long term data security by deleting all documents once the verification process is complete.
Question #3 Who needs your services?
The QC Verify portal was originally designed to fulfill the quality control process of reverification of documents as established by investor and regulatory agencies. These verifications usually include employment, income, assets, rent, mortgage, occupancy, and gift documentation. Although the QC Verify portal is clearly used as a tool to validate quality control documentation and processes, it can easily be implemented as a working tool during the origination process for lending, processing, and underwriting departments within financial lending institutions. QC Verify provides a user-friendly portal to assist in the submission request while allowing the user to upload and encrypt the necessary documentation. The user then can track such documents and export in a secure manner. While other third-party tools provide automated access to income and/or employment data, these solutions are strictly tied to larger employers that enter into an agreement with the vendor. Numerous applicants do not work for these employers; subsequently these third-party tools are not able to verify or reverify income or employment for many loans, rental or employment candidates. QC Verify is a cost-effective revolutionary solution to aid in this process. Contact us today to learn more. www.qcverify.com
MORTGAGE WOMEN MAGAZINE • NOVEMBER/DECEMBER 2020
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CHALLENGES AND SOLUTIONS W ITH EMBR ACING NE W TECHNOLOGY
s e g n e ll Cha olutions and S WHEN EMBRACING NEW TECHNOLOGY BY TI F FA N Y S A R AC E N O
I
n finance and especially in lending departments, technology is a part of work life. Quite often, if you’re in this business, you find yourself bouncing from system to system, having to become proficient in multiple technology solutions. Unfortunately, it seems that just when you have
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it down, someone decides to “try something new” to speed things up, introduce a new technology solution, cause you to change your workflow, and learn something brand new. Again. As a Fintech company, we realize how hard it can be for employees to embrace new technologies. Even when technology promises to deliver more workflow efficiency and cost savings and it’s a no-brainer to make a change, new technology can be challenging for many to adopt. New technologies mean change: interrupting current processes to adopting new systems, platforms, integrations, data. New ways of doing an established pat-
CHALLENGES AND SOLUTIONS W ITH EMBR ACING NE W TECHNOLOGY
WE ARE HABITUAL PEOPLE, AND, IN A COMPLICATED FINANCIAL WORLD, CONSISTENCY BRINGS COMFORT.
tern. And there's the rub: we are habitual people, and, in a complicated financial world, consistency brings comfort. When a decision maker decides to use new technology and pushes it down departmentwide, it can be difficult for everyone to get on board. How can this process be made as smooth as possible? Here are some possible solutions for lending departments to consider.
TRY TO MAKE EVERYONE FEEL LIKE THEY ARE PART OF CHOOSING THE TECHNOLOGY
When you have your teammates be a part of the selection process, everyone feels like their voice is being heard. You get to establish a sense of camaraderie among your team, and there is a sense of safety in sharing opinions. Schedule software demonstrations with potential new vendors at a time when everyone can be there. Also, make sure the vendor that’s doing the demo knows that the presentation should be short, so everyone’s time feels valued. Afterward, you can try asking questions about the demo. Will it accomplish our goals? What about your specific role? How will it impact you? How do you think it will impact the
company or the process? Will it solve current challenges? Everyone can’t be made happy all the time, but at minimum, even naysayers may feel a sense of inclusion.
UNDERSTAND LEARNING TYPES
Ideally, if and when you make a transition, you will not only understand how you learn best and what your preferences are, but you will also have an understanding of how your peers prefer to learn. Some might prefer watching a prerecorded training video. Others might like in-person training or virtual training sessions so they can ask questions. Others still may prefer old fashioned user guides, or context-sensitive help features within the technology itself. If you are a department administrator or supervisor, get an understanding of what your staff prefers. Make sure the technology vendor offers all the preferred training options for your staff to meet their needs – especially a good customer service center. If a person prefers in-person or virtual training but they are handed pages of PDF training materials, they may be turned off, and the adoption process could run into speedbumps.
SCHEDULE ONE-ON-ONE TRAINING GEARED TOWARD JOB DUTIES
Not only is it important to know your teammates’ preferences for training, it’s important to tailor training on new systems for the job duty. Make sure the vendor of your new system understands that loan officer training will be geared differently than loan processor or appraisal desk or appraisal reviewer training and that they can execute on that. Establishing a process for embracing new technology can take some time, but once your office has one in place, it can prove very valuable. As we know, there is a financial technology explosion occurring; keeping pace with it can be exhausting, and having a compassionate process for embracing it can save your departments time and heartache. Tiffany Saraceno joined the Appraisal Firewall team after 7 years in title and escrow sales. In 2011, she made a career switch to mortgage software. Her ability to build lasting relationships, understand where the appraisal industry is headed, plus her expansive knowledge of technology has been an asset to the SharperLending and Appraisal Firewall brands.
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VETERANS SERVING VETERANS
s n a r e t e V g n i v r e S s n a r e t Ve An Interview with
Sam Ruben and Isabel Williams BY L E O R A R UZI N , C M B
It has been over 20 years since I last put on my Army Class A uniform, but I remember the sense of pride and hope that I felt whenever I wore it. Being a military veteran is something of which I am incredibly proud, and I know that I am not alone in feeling a deep need to continue serving my country long after my Army contract has ended. Being in the position I am in now, I know that I am presented with a unique opportunity to help my fellow brothers and sisters in-arms, as they look to find footing in the civilian world. 24
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Often, our service members leave the military, sometimes after serving for decades, and feel like an outsider in their own country. With thousands of homeless veterans living in every corner of our nation, many with mental health issues, the feeling that we have let our servicemembers down is not lost on me. It is also not lost on many other mortgage professionals who have a connection to our military. As we approach Veteran’s Day, I set out to find two powerhouse female real estate professionals who also served in our military. I wanted to gain insight into how they are using their knowledge and experience to help fellow veterans achieve the financial freedom and security that comes from owning a home. In my search, I found Sam Ruben, realtor at Keller Williams in Dallas, and Isabel Williams, owner of We Save loans, a mortgage brokerage in West Palm Beach, Florida. Their stories are nothing short of awe-inspiring and patriotic, and it was an absolute honor to get to know them as I put this article together.
VETERANS SERVING VETERANS
MWM - Can you provide a brief background of your military service? Sam- I retired as a Staff Sergeant from the Texas Army National Guard in 2018 after serving for 13 years. Isabel- I joined the army in 2001 and served until 2010, and I was part of the 82nd airborne unit in Fort Bragg. MWM - What has led you to being in the mortgage industry, and how have you used your experience to help veterans achieve their goals of homeownership?
The most common misconceptions that I see with VA loans are that they take too long to close, they appraise lower than any other loan product, they require a home to be move-in ready, and sellers have to pay everything for the buyers.
Sam- I stumbled into real estate a couple years before retirement. I was pregnant with my twins and I knew that I wanted to be able to spend as much time as I could with them. I purchased my second home using my VA loan after becoming licensed. I learned so much through that process and felt so vulnerable due to the misinformation being put out by lenders and real estate agents. I knew I had to be the one to educate my clients and other agents from that point forward. Isabel- When I was discharged from the Army, I was left homeless with my 8 year old (thank God for family). I had not lived without military housing, so it was a reality check coming back into the civilian sector. I luckily had a friend that was a real estate agent and she convinced me that real estate was "easy" and that I could do it. LOL! That was my doorway into the mortgage world. I always felt that the lenders I worked with weren't passionate about veterans or VA loans and that they would just try to move my clients into products that were easier. Since I am a solutions-oriented person, I started self-teaching about the VA loan and decided that I could do a better job. So, I decided to get my mortgage brokers license and have been fighting for veterans ever since.
It is a complete culture shock coming back into the civilian world, having spent your whole young life in the military and being expected to be TOUGH and not WORRY because it is going to be ok.
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VETERANS SERVING VETERANS
MWM - VA loans are an amazing fringe benefit of serving our nation, but many veterans are still largely unaware of how a VA loan works, or how they truly could get a home with no money down. Can you briefly share a few of the most common misconceptions and myths you have seen while originating VA loans? Sam - The most common misconceptions that I see with VA loans are that they take too long to close, they appraise lower than any other loan product, they require a home to be move-in ready, and sellers have to pay everything for the buyers. All of these statements are false and that is one of the reasons why I continue to educate my real estate counterparts and help moderate the wonderful vetted VA group. Isabel- People think that no money down or 100 percent financing means NO MONEY AT ALL is needed to buy a home. What they do not understand is there are additional costs to buying, such as closing costs. On the other side of that is the seller side that believes that no money down or 100 percent financing means the buyers have no money to purchase, making the offers appear weaker than a 20 percent down offer. The seller will have to pay more fees if they accept a VA loan offer. The seller will have to pay for repairs if they accept a VA loan offer. Overall, the belief is the VA loan is a harder and more inferior loan. MWM - It is well known that veterans lack the tools and support needed to successfully transition back into the civilian world. This is more prevalent when seeing the increase of homeless veterans and veteran suicide, particularly amongst female veterans. Can you expand on your experience in this arena, and what ways are you using your influence within your respective communities to combat this issue?
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Sam- When we transition from the military world to the civilian sector, it is as if we were never part of it. Many of us truly never were, especially when we join at 17 and 18 years old. We are programmed to be ready to fight and defend at any given day and time. We are dependent on living paycheck to paycheck. The only time we discussed finances in the military were when we were getting ready for deployment and that involved who we wanted as a beneficiary for our life insurance. The second time was when we were out processing from the military but by then it is too late. I remember coming home from deployment and no job to return to. I was not homeless but near it for about 6 months. I quickly found another active duty assignment to jump on just to get a check. Through my real estate business, I am using what I have learned to teach other Veterans so that they can build wealth through real estate using their VA loan. If I learned what I knew now, I could have bought many houses while in the military. I, along with some of my investors, have started purchasing properties to house Veterans that are homeless or near homeless. Isabel- Have gone through the exact same thing, I am a huge advocate for homeownership. It gave me stability when I had none. It gave me a safe haven when I had none. It was something that I could take pride in when I had none. I do my best to be an advocate and a counselor to all my clients because I have been where they are. It is a complete culture shock coming back into the civilian world, having spent your whole young life in the military and being expected to be TOUGH and not WORRY because it is going to be ok. We are trained to prepare for the worst and hope for the best. How can we not worry, especially when we have no direction, and no one can really relate to our struggle? I have used my success as a small light in the darkness that
VETERANS SERVING VETERANS
there is hope and that we can make it; we just need access to the support. I intentionally do a lot of training in my local market on veteran homeownership and give my time to teach and empower Veterans as well as other professionals that are willing to learn. MWM- Do you have a story you can share where you helped a Veteran, and the experience forever changed you? Sam- I have so many stories that I can share that it would take a very long time, so I will share one that involves a very close friend of mine. She was in the process of buying a home and the lender we used pulled her CAIVRs report a week before closing. This report will cancel a VA Loan deal immediately. The report showed she owed $3,000 in federal student loans. To her knowledge they should have been deleted due to her 100 percent disability rating. Unfortunately, we did not have time to wait for that. I had offered to use my commission to pay the debt off at closing, but the report needed to clear prior to closing. The Veteran only had $3,000 in her savings and her and her son would be homeless if they were not going to be able to close on the home. After speaking with the lender, the listing agent, and sellers of the home she was buying, we all came up with a solution. The closing cost was covered by the sellers, me, and the listing agent. She was able to use her funds to pay off the debt knowing she was going to get a refund back due to her 100 percent rating. Two weeks later we closed, and that experience helped me to not allow clients to be put in that situation ever again. It also helped me grow better as a person. I always put my client’s best interest first. Because I am a Veteran, I have a softer spot for us. We understand each other when no one else does.
Isabel- Too many to list... the dearest to my heart must be an old high school friend that served in the army for 10 years and has had over five deployments all to combat zones. He said that he saw me being successful at real estate and that it inspired him to take a leap of faith on himself. He got out and I gave him a job on my team. I have been blessed to share with him everything I know. I truly have only wanted his success. After almost eight years of struggle, he has finally found his own success because he believes in himself more than I do.
Thank you to Sam and Isabel for your time, for being so open and candid with your stories, and most of all, for your unwavering service to your fellow servicemembers. Once a Veteran, always a Veteran.
After serving in the Texas Army National Guard, for 13 years, Sam Suben planted her feet on the pavement of real estate. She is currently ranked top 500 out of 20,000 agents in the Dallas Fort Worth metroplex as a direct result of tenacity, integrity and personalized service. As a Realtor®, she remains client focused and forever a student of the industry. Isabel Williams is the broker owner of We Save Loans. The only minority, woman and veteran owned mortgage company in St Lucie County. She started with herself, a loan partner and a processor. Her company has now grown to include 4 loan partners, 2 processors, operations manager and a business development manager. Leora Ruzin is the managing editor of Mortgage WOMEN Magazine.
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P R O D U C T D E V E L O P M E N T V S P R O D U C T I M P L E M E N TAT I O N
WHO IS RESPONSIBLE FOR PRODUCT DEVELOPMENT AND MANAGEMENT VERSUS PRODUCT IMPLEMENTATION AND ADOPTION?
BY JAY A R N E JA
To answer this question, we must first understand the players in the landscape: 1. The Service Provider(s): The technology companies that permit white labeling to meet a brand’s needs, vendors that provide industry utilities, and third-party service providers, such as IT support companies and departments, flood certification companies, etc., 2. The Client: the Mortgage broker/lender, and 3. The End Client: the borrower. Who conducts product development and management? The service providers do. Who performs implementation and adoption activities? The client must do these activities by strengthening and enabling processes like vendor management and release management. Additional activities include: Understand the roadmap of your service providers: Get in front of the changes and discuss them with all stakeholders in your organization. • Create a library of release notes from your service provider(s): Ensure these notes are well circulated and discussed in your organization through set forums like monthly steering council meetings. • Conduct training and self-assessment tests on new products you introduce to staff: Assessments do not have to be lengthy; they can be 2 - 4 questions. You will have a visual of how departments are understanding and using the technology you bring into the organization. Establish access management and access review processes for systems: Many times, companies buy licenses to find out staff members were never logging in.This brings us to how many different places in your organization does the same data reside. Do you need as many licenses/access points?
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P R O D U C T D E V E L O P M E N T V S P R O D U C T I M P L E M E N TAT I O N
• Conduct current state versus future state analysis: Ensure your leadership teams are aligned on long-term versus short-term goals so you can quickly assess the ROI of new products. • Be a part of the action: Participate in requirements that gather and test activities for releases with your technology partners. • Understand the environments where the mortgage data resides. The size of your vendor management and release management teams should vary based on how many service providers you have and the size of your organization. These strategic teams provide the oversight/governance for your implementation and adoption processes and optimize dollars spent on purchasing any type of technology. Overall, understand your service provider’s Software Development Lifecycle (SDLC) process and align it with your implementation and adoption processes. This will provide the best experience to the end client, your borrower. Jay Arneja is an industry veteran specializing in product management, operations and compliance within the primary and secondary mortgage markets. She has held senior management positions at various organizations where she established and advanced departments, vendor relationships and cross functional teams. She has been recognized for aligning teams with corporate goals and optimizing organizational success.
MORTGAGE WOMEN MAGAZINE • NOVEMBER/DECEMBER 2020
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HECMS CAN IMPROVE WOMEN'S FINANCIAL SECURIT Y IN RETIREMENT
H ECMS CAN IM PROVE WOM E N’ S FINANCIAL SECURIT Y IN RETIRE M E NT The significant financial security disparity between women and men is well known. Despite pursuing higher education in greater numbers and working more hours, women earn only 82 cents on the dollar compared to men, with women of color earning even less on average. The contrast between women’s and men’s lifetime earnings is even more stark, with bachelor’s degree holding . 30
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BY W E N DY PE E L
Even for women who have shattered the glass ceiling, the reasons for gender wage disparity are all too familiar. Women perform unpaid and uncounted work, such as childcare and household management, in outsized numbers. According to Morningstar’s 2020 report on women and investing, women are more likely to sacrifice career and earnings to care for an elderly relative, with adult daughters twice as likely to act as informal longterm caregivers to parents than adult sons. Despite the attention given to the gender wage gap, little ink is dedicated to the sobering reality that reduced earnings imply women are at greater risk of not achieving financial security in retirement. Because they earn less and must make their money last longer (U.S. women outlive men by five years on average), women tend to be in worse shape than men on nearly every important retirement metric. The point in articulating gender wage disparity is to drive home that retirement readiness is a women’s issue, and that, as mortgage lenders, we are uniquely positioned to match women with home lending programs that help them attain their financial goals as they age.
ENTER THE HECM
In particular, the Home Equity Conversion Mortgage (HECM) is an FHA-insured loan program designed specifically to meet the needs of aging homeowners and can offer substantive benefits to
HECMS CAN IMPROVE WOMEN'S FINANCIAL SECURIT Y IN RETIREMENT
older women. However, in light of the lingering stigma attached to the HECM lending program (more on that in a moment), many lenders do not offer it and subsequently many mortgage professionals are unfamiliar with the program. Our industry’s knowledge gap around HECM loans does a disservice to older homeowners and particularly to female homeowners who would benefit from tapping into their housing wealth as they age, especially since single women are the second leading purchaser of homes. But before launching into why HECMs should be a staple program in most lenders’ portfolios, I’d like to do my part in closing the HECM knowledge gap by providing context around why the program
was created and how it has evolved into the valuable tool it is today. The very first reverse mortgage was invented in 1961 by a lender who wanted to help his high school football coach’s wife, Nellie Haynes, stay in her home after her husband passed away. In fact, guaranteeing Americans like Nellie a secure way to age in place was the reason the Reagan administration created the FHA-insured HECM program in 1988. In essence, the HECM program was created out of a desire to meet the unique financial and homeownership needs of older Americans and provide lenders with a distinct opportunity to foster lifelong relationships with their customers and
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HECMS CAN IMPROVE WOMEN'S FINANCIAL SECURIT Y IN RETIREMENT
communities. These are just some of the reasons that lenders originating HECM loans today find the program to be fulfilling for both their customers and their business. Unfortunately, in its early years the HECM program was different and not without its flaws. Though insured by HUD, early HECMs had fewer consumer protections. But the 2008 financial crisis highlighted the need for consumer protections, and since then, like many other lending programs, HECMs have undergone a significant facelift to mitigate risk to both borrowers and lenders. One of the most substantial improvements to the HECM program is called the Financial Assessment (FA), which requires HECM lenders to review a borrower’s ability to pay property taxes, insurance, and HOA fees as part of the loan qualification process. If a borrower’s credentials are weak, lenders have the option to set aside a portion of the loan proceeds to ensure payment of property taxes and insurance in an account called a life-expectancy set-aside (LESA). This tactic is very similar to impound accounts seen in traditional “forward” mortgages. Other improvements to the HECM program include stronger non borrowing spouse protections, adjustments to the amount of funds that can be disbursed in the first year of the mortgage, and the impact of that disbursement on the cost of the borrower’s mortgage insurance premium (MIP). Unlike the property mortgage insurance (PMI) issued for a traditional mortgage, MIP protects the lender and the borrower. New limits on first-year disbursements encourage borrowers to use HECM proceeds over time, in a sustainable way.
HOW HECMS CAN HELP
As Americans plan for retirement, we typically expect Social Security and personal savings, such as 401(k) and IRA accounts, to serve as the primary sources of retirement income. But there’s another potential source of income many of us forget about, even though, like Social Security, we pay our own money into it for much of our lives. That income source is our home equity. It should be noted that due to a lifetime of lower earnings, . With an HECM line of credit, homeowners can withdraw HECM funds and pay them back as often
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as they want with no prepayment penalties or tax repercussions. By drawing on the HECM line of credit instead of 401(k) savings whenever financial markets are down, consumers can significantly improve their retirement income and estate value at end of life. In fact, a 2012 study by Salter, Pfeiffer, and Evensky found that homeowners entering retirement with both home equity and a retirement savings nest egg could improve the “survival rate” of their savings over a 30-year horizon by as much as 85 percent using an HECM line of credit as an alternate source of income in times of poor stock market performance. Best of all, an HECM credit line grows over time, automatically making more funds available to the borrower as an additional source of retirement income. For a typical borrower today, the growth rate of an HECM line of credit averages in the 5 percent to 6 percent range per year. This feature makes the HECM line of credit loan act more like an additional investment than a traditional loan and can help level the playing field for women during the retirement years. It’s worth mentioning that with interest rates hitting new lows and housing equity on the rise, now is opportune time for qualified homeowners to leverage the HECM. This is especially true since another benefit of the HECM is that it is a nonrecourse loan. So, if a borrower were to take out a line of credit based on the value of their house today and tomorrow property values fall, the homeowner can maintain their original line of credit. At the end of the day, a reverse mortgage secures homeowners’ residences from being foreclosed on for missing a monthly payment. It can also provide a line of credit that grows every year and can be used as borrowers need it. Ultimately, lenders seeking to meet the needs of borrowers as they age would be well served, and would serve their customers well by not only offering HECM loans, but also seeking a deeper understanding of the product and how women can best leverage an HECM to achieve financial objectives in their senior years. Wendy Peel is vice president of sales and marketing at ReverseVision. An accomplished B2B executive, Peel has over 20 years’ senior leadership experience driving sales growth at enterprise technology firms. Peel is a frequent speaker at housing industry events and is a Mortgage Bankers Association Tech All-Star award honoree.
SPONSORED CONTENT
Inner VIEW Tracy M. Laney Sales Director, Financial Services tracy.laney@activeprospect.com
Question #1 Who is ActiveProspect? ActiveProspect is the leading provider of consent-based marketing solutions. We offer a suite of SaaS products geared towards making consent-based marketing the most scalable, efficient, and safest method for customer acquisition. We deliver the insight and control that companies need to take real-time action on their leads – by capturing leads from any source, filtering out leads that are unlikely to convert, and routing leads to the right place.
Question #2 What are the advantages of Consent-based Marketing?
Consent-based marketing, or opt-in customer acquisition, is the safest, most efficient, and scalable way to acquire customers. The online marketplace has reached the point where most consumers feel overwhelmed and are almost hard-wired to tune out most outreach. Being able to identify and validate which consumers have opted in to receive communications allows businesses to prioritize the warmest prospects.
We are based out of Austin, Texas and have been working to help businesses acquire customers who have given consent to receive communications for over 16 years. We work with small, medium, and large enterprise clients in a variety of markets including Financial Services, Insurance, Home Services, and Solar.
Robocalls are an annoyance to most consumers, but autodialers are a necessity to many businesses. The balance lies in running call centers more efficiently by limiting outreach to prospects that have opted-in. Avoiding unsolicited phone calls reduces marketing spend, increases conversion rates, and improves the consumer experience.
We help our clients scale their opt-in customer acquisition by optimizing their spend and providing proof of TCPA consent. It's the responsibility of any company engaged in consumer marketing to build a compliant marketing and lead gen process. ActiveProspect’s TrustedForm is the highest standard for proof of consent.
It’s also a legal matter--the FTC receives over 250,000 TCPA related complaints per month. Companies have lost millions of dollars in lawsuits by not complying with the regulation. The average TCPA settlement is over $6 million. We help protect companies against litigation by providing proof of TCPA consent.
At ActiveProspect we help businesses identify the customers who have opted in, enabling them to run their business more efficiently while greatly reducing the risk of TCPA litigation.
Consent-based marketing protects businesses against litigation while reducing marketing spend. In that way, ActiveProspect’s suite of products act like an insurance policy that also saves you money.
Question #3 Who will most benefit from using ActiveProspect’s services? ActiveProspect’s suite of SaaS products currently serve businesses in a wide range of industries that include Home Services, Insurance, Education, as well as direct to consumer markets. Within Financial Services, consentbased marketing should be a top priority for any lender, mortgage banker, bank, broker or credit union who currently has a call center or consumer direct platform. The prevalence of call centers and auto-dialers in the financial services space has made the industry heavily regulated to the TCPA, even a regular target of the FTC. Additionally, lenders, banks, and credit unions frequently deal with the kinds of high lead and call volumes that could most benefit from the added efficiency of identifying and prioritizing the warmest leads. The benefits of ActiveProspect are farreaching because our products are applicable to so many industries and can service a variety of use cases. And we impact the end users as well, improving the ecosystem for businesses and consumers alike. Any lender interested in scaling its operation safely while improving marketing ROI should set up a consultative call with ActiveProspect.
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ADVERTORIAL
THOUGHT LEADER The Emerging Role of Technology
Solving challenges faced in the mortgage industry is a driving force for many tech firms. Historically the entire industry has been slow to adopt the technology we are now seeing implemented in the emerging digital mortgage experience. A lot of factors are playing into that right now, be it regulatory compliance, cutting edge integrations of data exchanges, or COVID-19 and the push to a remote and touch-free process. Advanced Data has always been an innovator when it comes to technology. Internally we make enhancements to our systems on a regular basis to improve the user experience. With our customizable, proprietary software Advanced Data is able to accomplish significant developmental advancement without the common roadblocks. Part of our technological success has been our dedication to strong partnerships with other innovators. Collaboration is key and strong partner relationships allow us to be a part of the ongoing conversation. The end game
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is improving the entire mortgage experience. We’re at the table, making decisions that provide solutions to us, our clients and ultimately the consumer. Not only are we enhancing the digital mortgage experience overall but we’re a voice in shaping it. Our eVoE™ tool is on the top of that list. eVoE™, released in early 2018, proved to be a tool that both improved our internal processes and allowed us to deliver a digital verification that is 100% complete, legible, secure and reliable. Fraud prevention is at the heart of what we do. Although we cannot prevent the occasional and unfortunate misrepresentation of an individual borrower or an employer providing inaccurate or misleading financial information, our dedicated and experienced team knows how to flush that out and is trained to probe the questionable. The human factor here is why we continue to pursue further development initiatives and enhancements within our own systems, integrations and operations. eVoE™ allows us to sidestep the inconsistencies that occur when relying on a hard copy 1005 and the more conventional methods of faxing and
Roisin Lakings CFO of Advanced Data
email. Utilizing eVoE™ allows employment or income verifications to happen digitally and securely with an audit trail that accounts for every individual that ‘touches’ that document. Advanced Data’s participation in Fannie Mae’s Day 1 Certainty® or D1C initiative is also evidence of our resolute commitment to our operations and verification processes. We have been scrutinized, combed through, turned over, tested and quality controlled to ensure accuracy and implementation of best practices.
methods
proved occur information conversation every key
heart
overall processes
table
hard operations
We are the only DU Validation Service provider that is solely focused on the verifications segment. Our partnerships with Equifax’s TWN, Finicity’s Verification of Assets (VOA), PitchPoint’s Fraud Reports and ServiceLink’s Flood Zone Determination along with our direct connection to the SSA and IRS, makes our all-inclusive suite of products truly a Single Source Solution for Verifications. COVID-19 certainly played a role in pushing the digital mortgage experience along, forcing lenders to adopt policies, procedures and partners that enable them to continue to meet consumer demand amid this year’s record breaking mortgage and refi volume. The pandemic has pushed much of the industry into home offices requiring enhanced data security to satisfy consumer privacy laws and has presented
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The assiduous due diligence we participated in revealed the true quality of the products and services we return to our clients. It ultimately proves our value to the lender and the ROI is huge, not only for them but for us. In terms of efficiency we are processing verifications of employment and income in record numbers, and doing so with precision, record turn times, and maintaining the highest quality verifications driven by regulatory compliance. Our integrations with Ellie Mae’s Encompass, Calyx Point or Lending QB, to name a few, along with our very own proprietary software for direct ordering, make us a notable vendor of choice. Couple these technology-driven partnerships with digital products such as Verification of Assets (VOA)or Payroll Data Verification, Advanced Data is again on the front line, leading us to expanded partnerships with leading nationwide payroll companies. The continued need to develop integrations that solve the ongoing challenge of human error when verifying consumer employment and income can and will be resolved through secure and automated data exchanges. Advanced Data is dedicated to the verification process.
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touchesThis push to remote workforce remote working is proving that the mortgage industry is ready for the technology that has been knocking on its door for over a decade. Borrowers want a digital experience, they are used to a digital experience and have come to trust the digital experience: think Amazon. Now more than ever consumers are busy juggling work, distance learning, health concerns, community initiatives, social and political issues all while finding a work-life balance that is sustainable. Advanced Data understands this, having already established the foundation of a remote corporate culture. We have a long track record of leveraging a variety of communications platforms to stay connected, organized, to cultivatecommunications and optimize team dynamics at all levels of our organization. This experience has enabled us to develop and sustainably grow the best verifications fulfillment team in the industry.
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BLOCKCHAIN EVOLUTION DURING THE PANDEMIC BY D E B B I E H O F F M A N
Around the world, technology is being implemented at a rapid pace as social distancing requires innovative solutions that are both remote and digital. Businesses are embracing required changes as consumers are also adapting to new processes and spending their money from computers located in home offices and kitchen tables. The acceptance of new technology, along with the need for a change in established processes, opens the door for blockchain technology to grow in contexts well beyond what was historically only associated with bitcoin and cryptocurrencies.
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BLOCKCHAIN EXPLAINED
As is commonly now recognized, blockchain, a type of “distributed ledger technology,” is the underlying technology that was originally introduced as the system on which bitcoin was built in 2009. Today, however, it has expanded well beyond cryptocurrencies into thousands of enterprise-use cases. While some of these use cases include the transfer of payment, or cryptocurrency, many are more focused on the transfer of secure data on the blockchain ledger among parties in a supply chain. More sophisticated use cases embrace the transfer of both data and payment combined in one transaction. The simultaneous transfer of both data and currency from one entity to another are basic attributes of blockchain, but there are many other significant characteristics that that make it a distinguishing technology. First, the information added to the blockchain ledger is a central, real-time deposit and not simply a copy that is sent from user to user. Second, data added to the ledger is “time and date” stamped, and the information added is considered permanent, unable to be altered. Third, blockchain storage is decentralized, meaning the data is stored on computers, called “nodes,” that can be located a world apart, as opposed to having one centralized server with a back-up. It is the above attributes that lend the technology to be especially useful for transparency purposes, including the ability to provide a comprehensive audit trail that does not have to be independently verified. Furthermore, due to decentralization, the technology is less susceptible to a cybersecurity breach.
BLOCKCHAIN HAS EXPANDED WELL BEYOND CRYPTOCURRENCIES INTO THOUSANDS OF ENTERPRISE-USE CASES. MORE SOPHISTICATED USE CASES EMBRACE THE TRANSFER OF BOTH DATA AND PAYMENT COMBINED IN ONE TRANSACTION. EVOLUTION OF THE TECHNOLOGY IN A PANDEMIC
In 2020, many emerging use cases of blockchain have focused on COVID-19. For example, blockchain initiatives are centering on providing transparent, reliable, and verifiable medical data in a time when many are questioning information concerning the number of diagnosed and recovered coronavirus cases. It is also currently being considered for use in tracking the distribution of medical supplies to hospitals across the country. Blockchain technology has been proposed to aid with documenting the number of individuals permitted to be in a place at any given time to ensure compliance with social distancing guidelines. Finally, this technology is one which has been recognized as being able to efficiently facilitate payment of grants and
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funds related to coronavirus relief. While the use of blockchain technology related to the current pandemic could solve pressing and dire needs, many other industries are recognizing how the technology can lead to advancements in a rapidly changing environment.
BLOCKCHAIN’S HISTORICAL CHALLENGES
The implementation of blockchain technology has been somewhat slow in appealing to the business world beyond recognizing it as a method to facilitate the transfer of cryptocurrency. One of the significant reasons is that using the technology requires the transfer and storage of electronic records, as opposed to paper. Many industries currently built on paper have processes that would have to be converted to digital. Furthermore, regulators would have to embrace digital storage and transfer as an acceptable methodology. In the mortgage industry, the fear of regulatory scrutiny overrides almost every change that is made in an established process that seems to work “well enough,” including when it comes to paper records. There have been other concerns regarding the adoption of the technology, such as speed of transactions and the rate at which data, or blocks, can be added to ledger systems. On the initial bitcoin blockchain, it could take up to ten minutes simply to add one block of data. However, the speed of the technology has made significant improvement since the first one in 2009, and today’s technology allows some blockchains to add new data in about 13 seconds. One other historic shortcoming regarding the use of blockchain technology
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has been the lack of integration capability and communication between different blockchain platforms. This means that one company in an industry might utilize one type of blockchain (e.g. Ethereum), and another company might use a different type of blockchain (e.g. Hyperledger Fabric) and they do not connect to one another. With the recognition of this as a problem, technologists have worked on improving crosschain functionality allowing for an increase in blockchain interoperability. This permits faster transactions and data transfers between platforms and allows for recovery processes if there are transaction errors. Interoperability is not yet where it needs to be; however, it is getting needed attention and will provide for the technology to mature.
THE MORTGAGE INDUSTRY EMBRACES CHANGE
Change is now a necessity, rather than a nicety; thus, the mortgage industry has embraced technological changes as a matter of course. Faced with the task of closing loan files in a fully remote manner, paper files are becoming a thing of the past. Additionally, the industry must incorporate technology advancements along the entire mortgage lifecycle. Such technology advancements are facilitated by the fact that regulators appear to be more open in allowing operations to be performed both in a remote and digital manner. This has been exemplified by a loosening on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) licensing requirements and changes to the regulations pertaining to remote notarizations. Commencing in early March, most state regulators, with the exception of Arizona,
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Georgia, Maine, and Missouri, enacted temporary guidelines and orders. These orders permit mortgage loan originators (MLOs) licensed under the S.A.F.E. Act to work from remote, home locations, rather than requiring the MLOs to have to be physically located in the licensed branch offices of their respective companies. The enactment of such regulations allows MLOs to have more flexibility in where they perform their job duties, but also drives the need for digital loan files. Furthermore, the MLOs are busier than ever working from home offices, as lowered interest rates have resulted in heightened loan file activity, causing the industry to set lending records that is higher than in decades. Electronic notarization is another area where there have been substantial changes allowing for the growth of digital mortgage technology platforms to flourish during COVID-19. As of late September 2020, there were 28 states that enacted a permanent remote online notarization (RON) law, which allows for remote completion of real estate closing and loan origination documentation. Compare this to 2017 when there were less than five states with RON laws, or at the commencement of 2020 when there were less than 20 states that had enacted some form of legislation regarding RON. A few states that have not yet enacted legislation have pending legislation. In the light of the pandemic, nearly all other states that have not enacted such legislation have waived the requirement for notarization, provided for allowances pertaining to notaries or enabled for temporary remote notarization only during the ongoing coronavirus pandemic. Fannie Mae and Freddie Mac pushed these efforts forward by permitting the acceptance of RON-closed eNotes to 42
states and Washington, D.C. Additionally, in April 2020, the Mortgage Industry’s Standards Organization (MISMO) announced a new certification program for a remote online notarization certificate to facilitate authentication in digital mortgage closings. Such significant changes in permitting electronic, remote notarizations paves the way for digital recordkeeping and transfer, as facilitated on a blockchain. The year 2020 has also shown the necessity for movement to a fully digital loan closing process. The industry has recognized this, and companies are spending their dollars to prepare for this change. This is exemplified in the acquisition market: Docutech was acquired by First America to facilitate online real estate closings and settlements; Optimal Blue was acquired by Black Knight’s Compass Analytics to add product and pricing data and analytics capabilities; the acquisition of ComplianceEase by SitusAMC to obtain its capability for digital regulatory compliance and automated loan audits; and, significantly, ICE’s acquisition of Ellie Mae’s loan origination platform alongside Simplifile and MERs, to work towards a complete digital closing process.
THE FUTURE OF BLOCKCHAIN USE IN THE MORTGAGE INDUSTRY
This past year has included tremendous growth of fintech companies, including acquisitions, allowing for digital capacity and a willingness to adopt new technology. This is an emerging approach indicating the industry’s acceptance of innovation to improve current processes. This mindset allows for a heightened interest in blockchain technology and its various potential
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applications in the mortgage finance supply chain. While some see the technology as a way to increase cybersecurity concerns, others are beginning to understand the value provided by having a clear audit trail and the transparency into the transfer of data. With an eye toward a digital closing process, understanding that blockchain technology can provide a seamless, transparent, and secure flow of data across the mortgage origination lifecycle, allowing for auditable access, is sure to be recognized. Along with this comes the fact that time and money associated with the loan file review can be dramatically reduced by use of the nascent technology. Furthermore, with the many benefits that blockchain technology provides in transferring data leading to defect free loan assets, it is likely to be seen as a benefit well into the life of the loan, such as in servicing and trading in the secondary market. While neither independent mortgage banks nor the government sponsored entities are, as of yet, highlighting their use of blockchain enabled technologies, the industry has a peek into what is around the corner by emerging private companies. Symbiont touts that it is a market-leading smart contract platform for institutional applications of blockchain. The company has made announcements of several collaborations with Vanguard including: (i) trading assets (foreign-exchange forwards) entirely devoid of paper using the blockchain, (ii) testing blockchain enabled asset backed securities trades, and (iii) storing investment data. Figure is another fintech company that has advertised a mission to leverage blockchain, artificial intelligence, and advanced analytics to unlock new access points for
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consumer credit products for customers. Figure states that it uses this for origination, custody, trading, and securitization of whole loans and other assets. In August 2020, Figure announced that it launched a blockchain based marketplace, the Provenance loan marketplace, for the buying and selling of HELOCs. Finally, one entrepreneurial startup, Bee Mortgage App, is using blockchain technology for an automated process and sharing of data to ultimately provide a “one-stop-shop” buying experience for distressed consumers seeking debt servicing solutions and affordable home loans. With a fervent use of blockchain technology in industries across the globe, and the movement toward the digitization of the electronic mortgage, blockchain technology is naturally on the forefront. Some projections estimate that the momentum will cause blockchain to experience unprecedented growth between now and the beginning of 2023. It is likely that the use of blockchain technology will be expanded in upcoming years to enable further remote and digital use cases in the mortgage industry, as blockchain has already proven to increase productivity, efficiency, and security in the arenas where it has been adopted. Debbie Hoffman is founder & CEO of Symmetry Blockchain Advisors where she works with clients in their education and strategy of blockchain solutions, specifically related to real estate and mortgage. She is a law professor at Barry Law School. Debbie was a 2020 finalist in the Enterprise Blockchain Awards, a 2019 ABA Woman of Legal Tech and a 2019 Women With a Vision. She was selected in 2018, 2016 and 2014 as a Woman of Influence by Housingwire Magazine and was the receipt of two Stevie® Awards. In 2017, Debbie was named Top General Counsel by First Chair Awards and “Hot 100” in Mortgage Professional America.
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The Vetted VA Go Bag powered by FinLocker is a secure app where Veterans can safely store their financial data from other financial institutions. The app is built around the concept of consumer-permissioned data, so no financial institution will ever see a Veteran’s financial records until they give permission and share with a specific Vetted Professional. The Veteran has full control of what they store in the Vetted VA Go Bag, who
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Vetted VA is an online community where Veterans can ask real estate and mortgage questions and receive answers from a network of Vetted Financial Professionals without being solicited. Vetted VA founder, Christopher Griffith was seeking additional financial tools to assist Veterans in achieving their financial goals. FinLocker was identified as a partner to deliver Veterans new financial health and wellness tools with its custom-branded financial super-app that focuses on all aspects of the homeownership journey. In March 2020, Vetted VA partnered with FinLocker to deploy the Vetted VA Go Bag, the financial planning and monitoring tool for Veterans.
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Veterans have lacked a comprehensive financial preparedness solution, especially one focused on real estate finance. This is made painfully clear once many leave active service and are no longer supported, instead they are seen as a specialized market that are easy to target and solicit. This solicitation tends to prey on their status as a Veteran by offering specialized services and programs which do not actually provide anything of lasting financial value to the Veteran. The common issue is a lack of understanding and transparency throughout. “Prior proper planning prevents piss-poor performance,” says Christopher Griffith, Marine Veteran and Founder of Vetted VA. “Both active duty and discharged Veterans understand this saying. With debt specifically, those who cannot plan for the debt they will accrue end up only saving a little money and relying on hope. This isn’t the military way - yet it has been the standard until now.”
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they share the information with, and for what purpose. The Vetted VA Go Bag puts Veterans in control of their financial information. The custom branded financial super-app provides Veterans with tools that include: • Credit report, credit score, credit monitoring, and alerts • Financial tools that enable spending analysis, budgeting, goal setting, and tracking •
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• Direct connection to the Vetted VA Professionals network for financial advice Partnering this tool with professional oversight and counseling from Vetted VA Professionals means the Veteran is not only prepared before the conversation, but they have a safe and secure place to take action based on the consultation and, when ready, can take action to share their documents to the Vetted Professional to move the process forward. Vetted VA focuses on keeping the Veteran in control of their financial future by providing freedom from solicitation, liberty of knowledge from trusted sources, and accountability to deliver what is promised through vetting. FinLocker has fulfilled its part of that vision by supporting the liberty and accountability of information.
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RESULTS SNOB
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y kindergarten report card says, “Christine talks too much�! So, let us start right there. I know, not something of which to be proud. Thankfully, I have turned that into something worthy. My mom would argue she is owed some form of ROI I am certain for all the blabbering she had to listen to for 18 years. The thing I learned because I talked so much was that many people along the way would tell me that it was great that I was a seasoned story teller and wonderful that I could write well; however, the real merit in a person came from action and doing. There are so many famous quotes and cliches about this; I realize I am not unearthing any big enlightenment here, but I do feel compelled to say that learning early on that words have to lead to action was the game changer for me. I could see when other people ran amuck
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with their words in life. Broken promises and unexecuted plans were something I saw every day and I would always think about that. Yes, I may have spoken a gazillion words but there are many words I held in. Words that would have given away my strategies in a sales competition or words that I promised not to repeat when someone was confiding in me. I had a keen understanding of the need to choose when I spoke and let my actions do the talking. One such case took place for me when
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I had my first promotion as a young district manager. I had joined the ranks of 13 other men who held the same title and I had been given the last place market district in Boston, made up of 125 loan officers and eight branch managers. I had flown to join them and their Regional Vice Presidents in Palm Springs, CA for a business planning session, and the CEO of our company joined us. At dinner he addressed the #1 district manager and asked if he thought I had a shot in the upcoming impending annual sales contest, a few months away from starting. The answer
was a very quick “honestly? NO! Not really!” followed by a lot of laughter. My words wanted me to defend. I knew what I brought to the table and I had big plans on how I was going to turn things around for this district. Somehow I withheld and maybe out of fear or insecurity, but still I managed to answer the next question pointed directly at me “Well do you think that you have a shot at winning?” and I will add this CEO loved to stir the competitive pot, he had hired me and saw something in me as a branch manager, in some way he had some chips on me, and so, of
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course, I confidently responded “Everyone at this table has a chance if they are in the race”. He smiled. I looked back at the #1 district manager and he managed a smirk and looked away. I do not know how at times I held my words. For me, words were my saving grace. It would be my words, in fact, that lifted up the helm of that district; words would be the weapon I used most often to address the entire group in a large meeting space where we would review the monthly and quarterly numbers and then address our next steps in a plan we had devised collaboratively. Those words would have them shooting out of the gates strong and would encourage them when they became weathered. Always though, I would come back to the numbers. Numbers were our voice to the rest of the company. They were not sitting in our meetings. They did not know our hearts. All they saw were black and white numbers on a report; like getting a chance to write a cover story. I wanted our numbers to scream out loud “here we come” every time the new monthly reports came out, and that is exactly what they did. Month after month the numbers would rise, and soon enough, we had become a contender in that sales race. No more were we the underdog. We had made haste in getting to the middle line, but we were breaking into the top, and our momentum was palpable. Still I held my words. I did not brag about the momentum; I did not tease or taunt or pound my chest. No, I just kept coming with the numbers. We would win that national sales competition. We won a trip to Switzerland and I was able to bring 50 of my employees with guests. I would receive my award to a rousing room full of people, my employees, the other 13 district managers, and all the other winners. I had taken a first-place prize from a victor who had underestimated me. I could have said at that dinner “I will fight to the
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death to win this contest” or “Nobody has seen a competitor like me”. But by remaining humble and strategic nobody saw us coming. And the thing about momentum is, it wins contests; so, if you can get your car racing faster, it is hard for others to catch. I would go on in my career to repeatedly let the numbers speak. I would win more sales contests and I would manage all kinds of producers. I would bring in newbies to our field and train them up, and I would help average people become superior. I have watched the lives of so many people change over the course of three decades, and I still have more teaching to do. But still I find myself today looking around a new world, a new market and I see words…flying all over the place. Ugly words, hurtful words sometimes, chastising or damning words that truly serve no purpose but to deter. I also see boastful and bragging words; I see promises being broken and lots and lots of lack of execution. I see people who have become powerful on social media who have never written a mortgage; people who are positioned as experts in our field. For me to pray to anyone’s church, you must come showing me your wares, your results, and your ability to deliver and execute. Execution is not an easy thing. Showing up consistently to put in the work is hard. Doing what you say you will, holding yourself accountable, it is all hard. It is not easy but it is the only way. Our reputations and that of the people we want to raise up relies heavily on results. So, I implore everyone who can become a part of a positive movement around you to deliver your results and align your words in such a way that they support the delivery of those results. I ask you to choose the victor of results in your contests. To not give a prize for participating. I ask you to show up to celebrate results and to vet results in your
MBA Congratulates Susan Stewart as our 2021 Chairman!
Susan Stewart CEO, SWBC Mortgage 2021 MBA Chairman
Susan knows what it takes to succeed in this industry — in good times and bad — and her upbringing and professional experiences will help us collectively make progress on the most pressing issues, including equality and inclusion in our workforce, promoting minority homeownership, and providing affordable housing opportunities for all. Congratulations on this honor and your many accomplishments!
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partnerships. I am never insulted by anyone who wants to see my numbers and we measure numbers in everything we do. So, in ending this little lesson of sorts, I ask you…what are your numbers? What are your results? Remember that our score cards will be what matters in the ends. Yes, we will be remembered for the things we say; after all, I am an author multiple times. So clearly I know words are powerful. That said, the purpose of the words is to DRIVE RESULTS! I will end by saying “by results.” So, what I mean is by “Action.” I feel the need to tell you last year my son received the “Most Improved” award for basketball. I know. I know what that means. But the story is that he practiced all year for a sport he never played, broke his collarbone a month prior to tryouts, and tried out, begging me to get an early release from the doctor because he wanted to play basketball so badly. His Catholic grade school had never had basketball; he really felt like he was missing out. Here is a kid that would spend hours practicing, and we knew he was really inexperienced to be playing. It was almost hard to watch when he got cut, because, as a mother, we all know how heartbreaking that is. He would probably kill me for sharing this story, but it’s poignant for the point I want to leave with you. He was pulled aside by the coaches, and, with his father, the coach explained they could tell that he was favoring his arm with the broken collarbone. So, it was hard for them to see what he was really capable of, but wanted him to know he had the heart of a warrior and to come back the next year. That evening as he sat in his room upset, he came down and proclaimed that he was going to try out for the rec league. He went on to say he knew that it was a lesser team in his mind but that he felt it would serve him well to practice real live games. I thought to myself, how brilliant. I also remember thinking that he was
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far more logical than I ever was at his age, that it would have taken me days to recover. But not him, he was onto the next page. He played for rec that year and he wasn’t great. In fact, he often didn’t get the ball handed to him and he would leave defeated a lot. He would practice, though, every weekend. I found myself out there as a 50-year old woman shooting hoops with him, running drills, talking strategy. Each game he got better. In the last game of the season, he grabbed a rebound and he made a basket and the crowd came to their feet in the bleachers. It made me cry, and I realized then that the human spirit shines through people. When someone wants something badly and that effort is shown, when they keep showing up, when they are down on their luck or they keep trying, when they are first defeated, they are in fact exposing their heart and their willpower. That is what brings us to our feet. Yes, he won an award, for “Most Improved,” but for us, in our family, that award was a representation of effort, action, and passion. So, I leave you all with these thoughts about the many things no doubt you’re trying to accomplish in your career or the sales you're trying to get, your personal dreams, and goals for your family. And I ask you, are you just talking about them or are you taking action? Take the first step or take the one hundredth step, just keep going! Christine Beckwith is a 30-year mortgage industry veteran who has broken many glass ceilings and blazed a trail for many female professional generations to come. She is a Mortgage News Network Anchor and the president & COO of 20/20 Vision for Success Coaching. She is a 3X winner of the annual MPA Magazine Top 50 Most Elite Women in Mortgage and the 2019 NAWRB winner of “Best run Women Business”. She also received The Most Powerful Women in Fintech by Progress in Lending and The Most Powerful Women in Bank and Most Connected Mortgage Professional by NMP Magazine. She is also a three-time best selling and award winning author.
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MOVERS
s r e k & Sha
Formfree Promotes Cindy Snow to Chief Operating Officer
Former Freddie Mac executive Chris Boyle named President of Home Lending for Roostify
FormFree® has promoted Cindy Snow to the position of Chief Operating Officer (COO). In her role as COO, Snow Digital lending platform, Roostify, will craft efficient systems that elevate has named 30-year mortgage inFormFree’s performance while directly dustry veteran Chris Boyle president overseeing business operations, of home lending, effective immediproduct management, business intelately. ligence, integrations and customer support. Boyle will work alongside Roostify Snow joined FormFree as a product manager CoFounder and CEO Rajesh Bhat, “to in May 2019 and quickly advanced to director of make the company an agile, innovative digital lending product. During her tenure at FormFree, Snow platform,” for lenders of all types and sizes, the fintech has facilitated partnerships and product updates said in a statement. that enhance lender speed, pull-through rates In this newly created role, Boyle will be responsible and security at a time of accelerated growth for for “all external-facing functions” and Roostify’s business growth plan that aims to engage mortgage lenders across FormFree. Notably, Snow’s initiatives have led the country, the company said. In addition to client engageFormFree to see a surge in user adoption, with ment responsibilities, she will lead strategy, marketing, and the organization rounding out 2019 with a 65% business development. increase in AccountChek verification reports “We added Chris to our team because of her ability to over the previous year. unlock business value while accelerating growth during these “Since day one, Cindy has created opunprecedented times,” said Bhat, she understands client erationally excellent processes that have needs and knows how to deliver the best possible service to helped FormFree deliver top-tier service to all types of lenders. our 1,000-plus mortgage lender customBoyle brings to Roostify deep client relationships she built ers,” said FormFree Founder and CEO during a long and successful career that includes serving as Brent Chandler. “Her collected and meChief Client Officer at Freddie Mac. thodical approach to complex challenges Her expertise spans across all facets of mortgage lending marhas earned her the respect of the entire keting, including client-facing technology and client experience, organization, and I know she will excel the fintech said, as well as risk management and lending transforin a position of executive leadership.” mation. Decades of market expertise distinguish her as a respected “An agile and innovative organisubject matter authority and frequent speaker at industry events. zation, FormFree engages my full At Freddie Mac, she advocated for a widespread adoption of mortprofessional skill set, which both gage lending technology and automation. A cause she continues to gratifies and motivates me,” said champion today “for those who will benefit the most from a seamless Snow. “I’m excited to have a hand in home loan experience: the modern American family,” the fintech said. FormFree’s mission to revolutionize “Right now, as digital adoption is accelerated,” Boyle said, Roostify’s the credit decisioning landscape.” platform is poised to grow. “I look forward to participating in the explosive growth of this emerging industry.” 48
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SimpleNexus Taps Board Member Cathleen Schreiner Gates as President SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers, real estate agents and settlement agents, today announced the appointment of Board Member Cathleen Schreiner Gates as company president. Schreiner Gates is a career technologist who for the last 35 years has played a prominent role Ameris Bancorp helping early-stage and global software organizations the parent company of Ameris drive growth. Schreiner Gates began her engagement Bank has promoted Karlene with SimpleNexus in April 2020 when she was appointGordon to diversity and inclusion, ed to the board of directors. Previously, she served as human resources officer, responEVP of sales and marketing at cloud-based mortgage sible for further developing and technology provider Ellie Mae. During her tenure, Ellie implementing action plans that “fosMae spent six consecutive years on the Deloitte Techter, cultivate and preserve diversity, nology Fast 500 and negotiated a $3.7-billion purinclusion and equal dignity throughout the organizachase by private-equity firm Thoma Bravo. Schreiner tion.” Gates is founder and CEO of independent consultIn her new role, Gordon also will focus in advancing ing firm Trifecta. the bank’s plans to expand its environmental, social “Cathleen’s wealth of experience successfully and governance (ESG) initiatives. scaling innovative software companies to new Earlier this year, the bank named its first chief goverheights makes her an invaluable addition to the nance officer, Michael Pierson, to lead ESG initiatives, SimpleNexus senior leadership team,” said Simincluding the expansion of the bank’s diversity and pleNexus Founder and CEO Matt Hansen. “She inclusion programming, corporate social responsibility will play an important role helping us deliver and investor relations and outreach. increased value to our customers and expandKarlene’s expertise, HR experience, and passion for ing SimpleNexus’ market footprint.” teammate greatness make her “the ideal leader for this “Helping emerging companies grow into role,” Pierson said. their full potential has been a career-long Gordon has over 20 years of human resource experipassion of mine. I am thrilled to join Simpleence. She joined the bank in 2018 as a senior human Nexus as president, because I truly believe resources business partner. Throughout her career, she the company’s vision is one whose time has served at various organizations including the Rockefeller come,” said Schreiner Gates. “I look forBrothers Fund, Live Person and HR Dynamics. ward to helping SimpleNexus transform the A graduate of Queens College of New York, Gordon holds mortgage technology landscape with its ina bachelor’s degree in psychology, and is an active member in novative, from-anywhere digital mortgage the Accomplished Leaders Exchange of the Society for Human platform.” Resource Management in Atlanta, Georgia. Schreiner Gates’ accomplishments “Growing a robust, diverse and talented group of teammates in the mortgage industry have been is an initiative that we take very seriously. It is crucial to the conrecognized by NEXT Mortgage Events, tinued success of our organization as we meet the ever-changwhich named her a Powerhouse award ing business needs and demands of our unique and diverse honoree, by HousingWire magazine, customer base,” said Palmer Proctor, CEO. “Gordon will be the which honored her with its Vanguard champion for equal dignity at Ameris Bank.” and Women of Influence awards, and As a thought leader, Gordon will develop and promote training by Mortgage Professional America, programs “to enhance teammate understanding of diversity and inwhich named her an Elite Woman clusion,” guide the recruitment of a diverse applicant pool and seek in Mortgage. She has also been ways to improve teammate engagement, production and retention, recognized by the Sales Lead Manhe added. agement Association as one of ‘20 Headquartered in Atlanta, Ameris Bank manages over $18 billion in Women Leaders in Business.’ assets through 300 financial centers across the Southeast.
Ameris Bankcorp names Karlene Gordon Diversity & Inclusion Officer
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s r e z a l b l Trai
T R A I L B L A Z E R S : B L A Z I N G A PAT H . . . R A I S I N G T H E B A R
B L A ZI N G A PATH ... R A IS I N G TH E BA R
BY E R I C A CO U R TN E Y
Erica G. Courtney is U.S. Army veteran having served over a decade on active duty in various positions to include; military police, scout helicopter pilot and paratrooper. As a trailblazer, she graduated number one in her cadet class, was part of the first group of women to go Cavalry and the first to graduate the Advanced Armor Cavalry Course. She continues to serve as an Army Reservist having been an Adjunct Professor, a NATO Gender Advisor to the Joint Chiefs of Staff working portfolios within Counter Threat and International Cooperation and an operations officer spanning seven states. Erica has owned three businesses growing year-over-year for over 12-years focused on doing business with the government, logistics, PPE products during COVID-19 and most recently diversity, inclusion and equity consulting. In addition to her professional career, she is heavily involved in women and veteran advocacy efforts having chaired Boards, Committees and currently holds public office as Governor and Senate appointed Commissioner in California representing approximately 20M women and girls. She is a co-founder of Zulu Time, Inc., a veteran transition center focused on community integration ultimately providing the veteran a livelihood and purpose. Erica’s husband also served for the Army and the Coast Guard for 20-years and they have two teenage sons. She holds a B.A. in Communications and an Executive MBA. Erica has received numerous awards as a military officer, business owner and change-maker. More at https://www.linkedin.com/in/ericacourtney
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T R A I L B L A Z E R S : B L A Z I N G A PAT H . . . R A I S I N G T H E B A R
1) WHAT DOES IT MEAN TO YOU TO BE A "TRAILBLAZER"? Being a trailblazer can be thought of quite literally. You either take the path less travelled not being able to see what is around the corner or the path that is well used by many others before you with the ability to see forward in a more predictable way. The path less travelled is often filled with sharp objects and things that can sting. You must be able to withstand those distractions and work through the pain to get to a place that may lead you to a view that far surpasses the path most travelled.
2) AS A WELL-RESPECTED FEMALE, NOT ONLY IN THE HOUSING INDUSTRY, BUT ALSO IN THE MILITARY, CAN YOU PROVIDE EXAMPLES OF HOW YOU HAVE BEEN ABLE TO UTILIZE YOUR POSITION AND INFLUENCE TO EFFECT POSITIVE CHANGE IN THESE SPACES? It was never my intent to break glass ceilings for the sake of accomplishing many ‘firsts’. I just saw things I wanted to participate in and did. Not that it was easy; often it was persistence and performance that made it awful hard for my supervisors to say no. When doors opened a crack, I kicked them in without realizing that each time the door was opened just a tad more for the women behind me. By doing so, I was creating change. In my teens and twenties, I never thought about barriers. I was raised by a single mother and I was taught to believe there was nothing I could not do. Having been adventurous and athletic, I thought I would give the Army a try. I can give you 100 examples of how men did not like to see a woman who could run in the fast group, who could outperform men physi-
cally as my mind was powerful, who would not teach me to fly on the flight line, who threw me up against a wall saying I did not belong, and so on. At first it was baffling. Then I came to expect it. A woman going into combat arms positions (less that .1 percent of 1 percent at the time) was an integration challenge. I learned by living, by doing. I realized that this was not my problem, but theirs. Their bias. Their hate. It was not my job to teach them inclusion. just did my job and did it well, and, eventually, those same guys who discredited me were the same ones that did not want to see me go. Through these experiences, I decided to give back. To teach the men and women behind me in the military at a time when women can go into just about anything they want but still have to deal with integration. The military has changed a lot, for the better, but gender bias still exists in society and therefore carries over to the military. I made sure my voice was heard. My work was valued. I made sure that I had a seat at the table to influence positive change whenever necessary. I did not ask, I went. After 11 years active duty, I faced what
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most women do - a choice. To be alive for my two baby boys or continue to put myself in harm’s way. I chose my babies. I am alive and do not regret this decision as some of my friends were not as lucky to live out their lives. My heart is with them forever.
3) HOW ARE WAYS THAT PEOPLE CAN GET MORE INVOLVED WITH THE NON-PROFITS YOU ARE INVOLVED IN, INCLUDING ZULU TIME?
It stems for passion. What makes you happy? What makes you mad? What do you see that needs changing? When I got out of active duty, I kept encountering veterans that would offload their stories, and, over the years, I just could not ignore the fact that we are not approaching their transition (the first three years after discharge) in a way that resonates with them. Tough love, straight talk, and peer-peer
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guidance was worth more than the billions we continue to spend on white coats. So, I joined a national board that deals with veterans and entrepreneurship, which gives a veteran a livelihood and a purpose. They are well suited for this role. Then I became Board Chair. Throughout this process, I noticed the lack of women veterans in attendance. They got tired of the good ol’ boy network, so I started focusing on them. This led to women’s issues in general, so I became a Commissioner in Florida and now in California focusing on women and girls. I recognized how impactful policy is and if you don’t know policy, you don’t know business. Therefore, I became involved in groups that focused on women and policy. This is my journey. You have to start somewhere, and, as you go, you head in various directions. I would ask people to get involved in an organization that speaks to their passion. There is plenty of need out there.
T R A I L B L A Z E R S : B L A Z I N G A PAT H . . . R A I S I N G T H E B A R
4) WHAT DO YOU WANT YOUR LEGACY TO BE? WHAT KIND OF WORK IN THE HOUSING SPACE ARE YOU MOST PROUD OF?
To leave it better than I found it. It sounds cliché but if you are not part of the solution, you are part of the problem. It is easy to judge and complain. It is hard to get your hands dirty and peak behind the curtain. I want women in their twenties to learn from us that faced bias and overcame. Save them time. I have heard many young women say to us that they don’t need us to march for them. They don’t need us to advocate for them. You know, I thought the same thing until I lived life. Now more than ever as women’s rights continue to be picked at, we must come together as a sisterhood and work to make it better for all of us. The statistics don’t lie. Inequities exist. I have had the privilege to work at the highest levels to affect positive change from NATO, the Pentagon, to national boards, to state Commission appointed positions. I have seen much change in the military and corporate environments. People can speak more freely about sexism, racism, etc. Differences are starting to be celebrated; yet, we have much work to do. If you do not have a seat at the table, you are on the menu.
basic flight skills and moved to airframe training, my instructor (Vietnam era) took one look at me and walked away stating he would not train a woman. You would think I was used to this kind of thing by now, but it stung. However, if I allowed myself to get angry, they win. I always look to these experiences as their problem. Not mine. I plowed through and was grateful for the opportunity to be Cavalry. I later became the first woman to complete the advanced cavalry course, which I fought to get in. Not for my ego, but to be the best, most trained leader I could be to my troops.
6) PIVOTING BACK TO HOUSING, WHAT DO YOU FEEL ARE THE MOST DIFFICULT ENTRY POINTS FOR FELLOW VETERANS WHO WANT TO PURCHASE A HOME? The military does a terrible job teaching soldiers how to invest. They get paid every two weeks, money is automatically taken out and
5) AS A FEMALE WHO HAS BROKEN THROUGH SO MANY BARRIERS IN THE MILITARY, CAN YOU SHARE ONE OF YOUR LARGEST MILITARY ACCOMPLISHMENTS?
I was part of the first group of women that were allowed to join the Cavalry, as old of a tradition as the Army itself. We were the first to go into a combat arms branch; most jobs are in support of the forward troops which we were. Our airframe was the last, of any service, to allow women to fly. When that mission came available, I thought it was the coolest mission in the Army: reconnaissance and security in the fight with the troops. As old as cavalry horseback goes except our horses were aircraft. When I got through
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put into an investment savings account and bills are usually automatically withdrawn. Not much thought. Designed on purpose this way; thanks to deployments and things must work while you are unplugged. When they get out, they do not have housing automatically provided for them. Most likely, they have little in savings. They get a quick class on the way out but, within the first years of transition, often move job to job due to veterans not able to fit in and deal with the lack of leadership often found on the ‘outside’. It is a major cultural shift. I have moved 13 times over 20 years. I have owned homes and rented. Going through the VA to get the VA loan paperwork going is often laborious and confusing. Many give up. Many don’t have great credit as they run up their credit cards upon leaving the military.
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However, data shows they pay back debt much better than their civilian counterparts and make good clients. In a time of COVID, depending on where you live, buying a home is difficult. Many are looking for more space and leaving cities. Buyers come in with full cash offers and competing with a VA loan is hard. Also, not having hundreds of thousands of dollars to put down as payment is a challenge. The VA loan program is a great tool and veterans need to go through the process of getting pre-approved. They also need classes on how to manage their finances. If banks and lenders could work with veterans on investing, saving, and debt, it would be a great service to our veterans.
THANK YOU VETERANS! and HAPPY VETERANS DAY from THE
BANKER
MAGAZINE
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#LE ADINGWOMEN
Katie Sweeney
Executive Vice President of Strategy Association of Independent Mortgage Experts Katie Sweeney is the Executive Vice President of Strategy for the Association of Independent Mortgage Experts. Katie oversees the day-to-day operations of AIME. She leads AIME’s developmental business objectives with a goal of continuously growing the wholesale mortgage broker channel utilizing innovative entrepreneurial and professional management principles. She’s also responsible for developing sponsorship opportunities and initiatives focused on retail-towholesale channel recruitment efforts. 56
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MWM: When hearing the term #LeadingWomen, what is the first thing you think about and how does it feel to be asked to represent this cause for the November issue? Katie Sweeney: Throughout my career, I have always drawn inspiration from the trailblazing women who have come before me. It is not lost on me that while setting an example of what it takes to become highly successful in this world, they have also battled gender adversity and
#LE ADINGWOMEN
paved the way for women in the mortgage industry. It is an honor to now be included in this group of powerful women who can inspire and elevate others in our field. To me, this is what #LeadingWomen means. To be a Leading Woman is to open doors, not just for yourself, but for all of the other women following in your footsteps. MWM: Briefly, what has brought you to where you are today, as EVP of Strategy at AIME? Katie Sweeney: After graduating from Pepperdine University with a Bachelor’s degree in business marketing and sports communication, I began my career working in the healthcare industry. During the four years I spent in the industry, I held a variety of marketing roles and grew my data analytics skills which have been a huge part of my career to this day.
I then made my jump to the mortgage industry, joining Pacific Union Financial to run Consumer Direct marketing and analytics. In the 2.5 years I was there, I earned four promotions, expanded from marketing into application development, and became the youngest vice president within the organization. I was then recruited to ARIVE
during the preliminary development phase to lay the groundwork for initial partnerships, branding, and go-to-market strategy. ARIVE was a great vehicle for my transition to the wholesale side of the mortgage industry, which I believe to be the best option for both professionals and consumers. I am thankful for the insight from my previous roles that allowed me to see all aspects of origination in consumer direct and retail lending models. I joined the Association of Independent Mortgage Experts (AIME) in early 2020 and look forward to continuing the growth that the organization sparked when it was founded. MWM: How can female executives better advocate for themselves in such a highly male-driven industry, especially during a time when inequality is more prevalent than ever? Katie Sweeney: It’s so critical to establish credibility within your career at an early stage. No matter the role you are hired to perform, bring your ‘A’ game and exceed the expectations of those around you. You must do whatever you can to seek knowledge and learn new skills every single day. Most importantly, believe in your
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own skills, your own voice, and what you bring to the table. Studies show that women don’t share their professional accomplishments out of fear of coming off as bragging or self-serving. Your accomplishments should be recognized, acknowledged, and celebrated by those around you. Success isn’t about good luck or being at the right place at the right time; it’s about hard work and having the confidence to stand up for yourself. Throughout my career, I have looked for different ways to build my confidence and become my own strongest advocate. At the end of the day, you have to believe in yourself to earn respect and credibility from your colleagues. I focused on learning as much as I could about the mortgage industry at every level by analyzing data and researching trends to connect with different executives and ultimately, grow my career. Anyone who has the drive and work ethic to become successful is entitled to the confidence that comes with that success. MWM: What is your “why”? What drives everything you do? Think of Simon Sinek. Katie Sweeney: Ultimately, I am driven by opportunities to challenge myself and help others in achieving their full potential. As the EVP of Strategy at AIME, I get to live my “why” on a daily basis. In focusing on how to best serve our membership base, I am constantly bettering myself as I try to set others up for success and provide value in everything we do.
I also recognize the importance of holding myself accountable to my “why”. That is why I set ambitious weekly and monthly goals for myself and my team to accomplish by looking at trends, data, and challenges happening within the industry. By doing this, I not only fulfill my “why”
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of challenging myself, but am also the most informed, helpful version of myself in helping others. MWM: Anything else you want to add that will help people learn more about you and what makes you amazing? Katie Sweeney: I have spent the first part of my career focused on creating the tools necessary to guide mortgage businesses to success. I’ve launched numerous technological platforms and have led many teams in optimizing workflows, creating engaging customer experiences, and building efficiencies.
Now, my focus is on helping the AIME community build sustainable businesses and create success for themselves. My team and I are developing partnerships, trainings, and new initiatives to directly impact the success of the broker channel and empower more borrowers to become homeowners. I have striven to be a transformative voice for the wholesale channel and will continue to do so long after we accomplish our goal of 25 percent broker market share. MWM: What is your favorite inspirational quote? Katie Sweeney: “Leadership is about making others better as a result of your presence and making sure that impact lasts in our absence,” by Sheryl Sandberg. I make it a priority to live by this every single day at AIME. I want the people on my team to be inspired by my work ethic in a way that encourages them to reflect it. To me, that is true leadership.
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Covering the Entire Mortgage Lending Process and Everything In Between
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GEARING UP
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Achieving Operational Excellence in Mortgage Lending pg. 46
Down Payment Assistance: Does it Hurt Loan Performance? pg. 58
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T E C H TA L K
Tech Talk By Suha Zehl TECHNOLOGY TRENDS IN THE TIME OF COVID-19
S
ix months ago, the entire world as we know it was transformed. The COVID-19 pandemic turned our worlds, both professional and personal, upside-down; and, in the blink of an eye, companies had to re-evaluate their continuity plans and scramble to keep their businesses running. Long gone were in-person conferences where lenders hobnobbed with vendors and learned about the latest and greatest new “cool” technologies. The impact of the pandemic was felt far and wide across all industries, and the mortgage lending space was no exception. In this, the first of several articles, we will explore the long-lasting impact of the pandemic on the mortgage lending space and technology. And in subsequent articles, we will take a deep dive into each of the technology trends shaping the future of our industry as we collectively respond to the digital transformation thrust, willingly or unwillingly, upon many of us.
A LITTLE BACKGROUND
The pandemic forced everyone to rethink how their businesses are run. Almost overnight, everyone began to work remotely. With historic low rates that continue to show no
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sign of ebbing, the demand for purchase and refinance business continues to be at an alltime high and customers continue to expect a smooth experience, regardless of the challenges brought about by the pandemic. Couple that with the critical shortage of qualified Operations staff that is significantly stretching the average cycle and response time of many lenders, and you will find organizations that are struggling to find ways to leverage today’s technology, with its rapidly evolving capabilities and integration. All of this in the hopes of meeting their customers’ expectations while improving productivity in this rapidly and continuously evolving situation to drive business growth during these challenging times. This situation has certainly had a resounding impact on technological innovation and digital transformation. Across industries, organizations are rushing the digital business transformation in response to this unprecedented turn of events. According to a Fortune survey of CEOs done in collaboration with Deloitte, 77 percent of CEOs say that their company’s digital transformation has been accelerated due to the current crisis. This brought about one of the most impactful technology trends to our space as lenders
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were forced to shift to cloud-based solutions and platforms. This facilitated the increase in collaboration (e.g. Zoom, Teams), the powerful shift to automation (e.g. APIs and AI), and the ability to streamline workflows (e.g. bots, integrations). Vendors and fintechs that heard the signals early on and created solutions that addressed these novel, complex challenges for these organizations are now reaping the benefit of their foresight.
INDUSTRY REACTION
In this environment, thriving organizations are those that are nimble enough to know when they need to stop and pivot, sometimes midstream, to accommodate the opportunities created either by the situation itself or the ever-increasing plethora of new technologies available and on offer. At this crossroad, we find that successful lenders are those that have effectively, and with agility, re-imagined their business by strategically applying a blend of these new technologies, which presented them with the means to strike the right balance between innovation and technology on the one hand and thrilling their customers with a seamless, frictionless experience on the other. The ubersuccessful lenders are those that took the extra measures and sought complementary technology solutions to attract and retain a new generation of employees. Obviously COVID-19 has caused widespread concern and economic hardship to millions of borrowers in the U.S. At the same time, historically low rates have spurred a refinance-boom that is not slowing down. How organizations respond to these concerns, whether the customer is new, in process, or already closed, is critical to the longevity and future of those relationships. Again, technology can play a strategic role in streamlining communication, providing clear guidance, and improving transparency to an ambiguous, evolving situation. Lenders that have embraced some of these newer technologies such as automated valuation models (AVMs) as an alternative to appraisals, when feasible, or other virtual service options such as e-signature, hybrid e-close, or remote online notarization (RON) are amplifying their message and demonstrating to their customers that they care
about their situation, that they are implementing solutions to alleviate their concerns, and ultimately that they are indeed their trusted partner for life.
BREAKING DOWN THE CHALLENGE
Given the severe economic impact of the pandemic the industry at large is facing, and will continue to face, increasingly difficult decisions are evident as we navigate these unchartered waters. First and foremost, companies must understand who their target audience is. Business intelligence can play an essential role in providing this critical insight. Data is certainly a differentiator; those who are consuming this data intelligently will certainly gain a competitive advantage. Without this awareness, how can lenders identify what gaps exist, what bottlenecks are causing unnecessary delays, and what changes are not just necessary, but imperative, to drive business growth? Knowing who their customers are, companies can then strategically examine and select the technology tools they will provide to delight them. However, for many in this space, they
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cannot simply consider the external customers, i.e. those “buying” the product. They must also take into consideration their internal customers, i.e. their employees. Why? The answer is quite simple: what is the advantage of having an exceptional front-end omni customer experience if the back-end process is legacy, outdated, and lacking? It may look great on the outside, but if the inside is rusty and clogged, no one is going to bite! To be successful in these current challenging circumstances, companies must leverage the new technology trends to attract the right employees and engage the customers they want to attract.
ATTRACTING THE RIGHT TALENT
The backbone of any organization is its employees. It comes as no surprise that this next generation of employees is digitally native: they are tech savvy and constantly connected, having grown up in an “always on” world that includes the Internet, digital media, and mobile communications devices. Most of this new generation values the technology that a prospective employer will offer them, seeking employers who offer cloud-based systems that support seamless digital collaboration and real-time sharing. Empowering these employees with the right technology is the best way to attract them, make them more productive, and, in turn, drive business growth. Unlike many industries, the lending space continues to be on a hiring spree as production continues to go through the roof. Many are facing severe shortages in their staffing matrices, specifically processors, underwriters, and closers, and they have resorted to offering “signing bonuses” to attract these highly sought-after employees. And while that may get some lenders over the current hump, the likelihood of retaining these “opportunistic” employees is not extremely high. Rather, lenders must be deliberate about their recruiting strategies and focused not only on hiring for the short term but hiring and
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retaining talent for the long term. Again, technology can plan a pivotal role as companies continue to cultivate the remote workforce environment and lean on human resources technology to manage talent acquisition, communication, collaboration, and productivity across the board. Companies who have chosen to go “digital” in their recruitment, onboarding, and even training practices are seeing a significant return on their investment, with improved employee engagement and increased commitment and productivity. Those who are using technology to shift to a more user-centric focus are seeing an even greater ROI and ensuring they are not only hiring, but also retaining, the best talent; thus, creating a win-win situation.
ENGAGING THE NEXT GENERATION OF CUSTOMERS
On the flip side, lenders must also leverage technology to engage with and retain the next generation of customers, who in all aspects are remarkably like the new generation of employees, with one added caveat. In addition to being digitally native, this new generation of customers, the Millennials, the Gen-Z, and even the next generation, Gen Alpha, are increasingly expecting a tailored, “Amazon-like” experience in every interaction, whether online or offline, including the biggest one they will make – buying a home! They truly are not concerned about the problems you are facing with staff shortages or the hiccups in your supply chain (appraisals, title, etc.). They want a frictionless experience in an omnichannel environment that keeps them updated anytime, anywhere, kind of like the Domino’s Pizza Tracker! These customers can be a disruptive and relevant force on the economy. They are socially conscious, turning to brands and services that offer maximum convenience at an affordable cost on their terms. They are more empowered by information, which is always
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available and use it to their advantage. They seek organizations with thriving user communities who are customer-centric. To accomplish this, companies must begin by mapping out the customer journey, from awareness to advocacy and loyalty, to identify opportunities to differentiate themselves and deliver value at every stage. Those who forgo this critical step and simply think that buying “cool technology” will solve their problems, whatever those “problems” may be, will be sorely disappointed. Understanding the drivers and motivation of the customer at each stage in the journey is paramount to develop the relevant technology strategy. Asking the right questions at each step will shed clarity and insight, including knowing what the customer is doing and thinking at each step, how they expect to interact with you, and what their concerns or “pain points” may be. From that, you can glean the opportunities that will help identify areas of improvement across the customer’s buying journey. In turn, this will help align the organization’s digital transformation strategically to address these opportunities. By leveraging technology and the vast amount of behavioral data available, lenders can form strong, well-founded relationships with these customers. By finding meaningful ways to differentiate their products and services, they will successfully connect with and win these customers’ loyalty.
FINAL WORDS
We are living in unprecedented times and we are all struggling with the challenges brought about by the COVID-19 pandemic. In a recent post on LinkedIn, Jason Frasier said “The industry as a whole is playing from behind
due to the status quo mentality that continues to rear its ugly head.” In the book Good to Great, Jim Collins talks about disciplined organizations that think differently about technology. Collins sites example after example of companies for whom technology becomes an accelerator of momentum, not a creator of it, further saying you cannot make good use of technology until you know which technologies are relevant to your business. Fifty years ago, Edward Lorenz, an MIT meteorology professor, had a profound insight: small changes can have large consequences. This insight ultimately became known at the “butterfly effect” and became the founding principle of chaos theory. And while this may appear to be unrelated to financial services, the entire mortgage industry has been making incremental small changes that will have profound consequences on the industry at large. I will be exploring these, and other technology trends, as they relate to the mortgage lending space, in upcoming articles more fully. If you would like to feature your technology in one of our upcoming articles, please contact the Editor at leora@mortgagewomenmagazine.com to schedule time with me! Stay tuned! Suha Beidas Zehl brings over 30 years of global, information technology, and business experience in various industries, most recently in mortgage. She is renowned for her focus and drive to leverage innovation, new technologies, and business intelligence to drive digital transformation and to elevate the customer journey. Suha started her career as a programmer analyst; she has taught at the University level and ran her own successful consulting company before returning to the mortgage industry as an award-winning technology executive and speaker. She is currently the chief analytics officer with Equity Prime Mortgage.
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HOLISTIC WELLNESS
TH RIVING TH ROUG H TH E
s y a d i l o H
BY J E S S I C A E H LE R
I debated how I wanted to tackle this subject because it’s easy to say “just do less” and “live in the moment,” but our reality as professional women is that the end of the year is extra chaotic. This is our last quarter which means it is our last opportunity to make sure we hit our yearly goals as well as create new ones for next year. Our lives are thrown in a thousand directions, and all of them require us to give, give, give and if you’re anything like me, you want to make this time extra special which requires even more give. The good news is, after 10 years of owning a business and getting through this chaos while adding more and more kids, I have come up with a fail-proof system to thrive instead of surviving. I do not want to toot my own horn, but “toot-toot” I have become a master of getting it all done (for the most part) and doing it efficiently. I may or may not be a little type A, but now this system will benefit you even if you are not. Being chronically short on time and not wanting to do things more than once is also the key to my insanity… I mean success.
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PLAN TO SUCCEED This may sound a little hokey, but the first thing I want you to do is go somewhere quiet, close your eyes, and visualize what is most important to you during these next couple of months. What makes you happiest during this time of year? What moments are most precious to you? Write them down and center everything else around them. For me, it’s taking time to serve others with my kids and see how happy they are to be giving back. It is having my family over for Thanksgiving, doing craft projects with my kids, and my Christmas day tradition.
It is also sitting down with my husband/business partner with a bottle of wine and brainstorming what we want our next year to look like personally and professionally. This is what makes my holiday season special, so all of those items will go on my calendar and the rest can fit around it. Which leads me to my next tip, make those lists! And I am not talking about the naughty or nice kind. There is so much going on that your lists might need lists, but it’s easier to sit down for an hour and map out the next couple months than to try to wing it and be all over the place. I have six lists. Yes six,
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do not judge. A calendar to mark the dates, todo list, weekly grocery list, gift list, and to-buy list where I mark the store down next to it. Finally, if I am hosting an event that requires a separate list. Lists = organization and sanity. • What big events are happening on what days? What do you need to bring? Mark your calendar, highlight what you need to bring and add to your to-buy list what you need to purchase. Does it need to be wrapped? Add that to your to-do list with a date by which it needs to be done. What outfit are you going to wear? Write that down too and set it aside in your closet. There is nothing worse than getting ready to go and realizing its dirty or something is missing. •
Who needs gifts? Make that list. Then on your to-buy list write everything down and what store you plan to get it from; better yet, buy it online. As soon as you buy that gift, cross it off your list and wrap it! You heard me, wrap it as it comes in. Avoid that Christmas Eve meltdown where you try to wrap 100 things and wish you had fewer children.
• Family pictures: date, time, outfits, and location. What do you still need to buy? Put it on the buy list with a date it needs to be done. Not the day you are doing pictures, give yourself a couple days. Don’t forget shoes! •
Hosting: What food do you want there? Who is bringing what? Write their name next to it. Look up the recipes in advance and add all the ingredients you need on that week’s grocery list. You will thank me for not having to go back to the store for anything!
PRIORITIZE I want to do everything during the holidays. EVERYTHING! Need me to volunteer at school and teach the kids a craft project, for all three of my kids’ classes? Sure! Oh, you need me to bring all the supplies as well and have them in individual bags to save time? No problem! Hold signs all day for the turkey trot? I’d LOVE to! Make the teachers hand-made gifts? Sounds like a must –
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that probably makes me a better mom. Eye roll. Ok, I do love doing those things, but right now I don’t have the time to do all of it. It’s the biggest refi boom our country has ever seen. And it’s the holidays. And I want to make magical memories for my family. If I did everything that was asked of me, I might actually go crazy! And I have. So now I come up with other ways to participate, but on my own time. • I created my own turkey drive so that I can pick what day to do it on because fitting into other peoples’ volunteer schedules was too much. • Now, I don’t do the class craft, but the kids and I make a yummy dessert together for them to take to their party – quality time, holiday baking, and participate, check! Make it a pizza night so you do not have to cook two things, double check! •
Family photos are done in October and cards are ordered immediately after – I do not have time for that nonsense in December. Mark on my calendar what day they go out and spend the extra money to have the company address them for you.
• You know those cute little checklists with a holiday activity a day? The kind with the silent guilt trip that if you love your kids you will do ALL these items to make their holidays special? Yeah, I can’t do all of that, so I ask my kids what is most important to them and pencil in my calendar what day we can do it – ice skating Tuesday the 8th, Santa Friday the 11th, gingerbread houses when Grandma comes for dinner on the 16th, etc. I want to make the holidays magical for my kids and I want to take the extra time to give back to those who need a little extra help, but I want to enjoy it too, sans guilt. MAKE HEALTH A PRIORITY You can’t pour from an empty cup so please take care of yourself. If you have not been, start today, if you have been, don’t stop now! If you go down, how is all this stuff that is so important to you even going to get done? I always wrap
HOLISTIC WELLNESS
together mental health and physical health because they truly do go hand-in-hand. If you are stressed out mentally and emotionally, your body feels it and that’s why physical activity is often recommended for stress relief. You do not have to have a killer workout; sometimes this is as simple as putting your phone down and going for a walk in the neighborhood. There are so many free workouts ranging from yoga to dance to bodyweight interval training on YouTube that you can do in your house, so pandemic-friendly, no excuses. Whatever floats your boat. Just move your body and I promise you will feel better physically and emotionally, and it will give you more energy to tackle those crazy lists! You know what else is great for your mental health? Gratitude. I like to journal five quick things I am grateful for every day, but you can even just sit somewhere quiet for two minutes and create a mental list. It will really help you gain perspective, especially during times of chaos. The other day my kids were losing it while I was cooking dinner; whining, following me around, fighting with each other. You know, normal kid stuff, and I was about to snap. I stopped, took a deep breath, looked around at everything in front of me, and came up with a quick list of what I was grateful for in that moment, which is hard when your kids make you want to run away, but it absolutely helped. It was as easy as 1) I really love my kitchen; 2) Some people aren’t even fortunate enough to know where their next meal is coming from; 3) My potty-training toddler looks so cute running around in those little undies; 4) My glass of wine; and, 5) My big kids can help with the dishes. That was seriously it! I am a hot head, so that little trick really saves me. Last but not least enjoy ALL the holiday foods, drink the eggnog, just practice moderation, drink your water, and take your vitamins. SAY NO You can still enjoy the holiday without all the self-imposed expectations. Decide what fits your family and what traditions are actually important to you. OR deviate from the traditions that had you feeling trapped and start your own! Because of divorces, my husband and I were dragging our
kids to four different family gatherings on Christmas day. The kids couldn’t take good naps, and, by the end of the day, were having meltdowns. One family was upset that we had eaten at the previous family’s house, the other family has expensive antiques all over that a two-year old can easily break, so I had to run around like a nut to protect the valuables, and the last house was always the guilt trip over us running late and EVERYONE was waiting on us. We absolutely hated it and I would even get hives while getting ready because I was pre-stressed knowing how it would go. So, one year we said no! We sat in our pajamas all Christmas day, making a big fancy breakfast together, playing with our new things, watching movies, and ordering sushi for dinner. This is now my kids’ favorite day of the year; before, they did not enjoy Christmas the “traditional” way and neither did I. No family guilt either because I make it a point to visit them on other days. I do Christmas Eve with my family and New Year’s Eve with my husband’s. Instead of fitting into the box, we made our own box. This will look different for everyone, maybe you love the family hustle, but something else makes you crazy. The point is that you get to decide what crazy fits your family and saying no does not make you selfish; it keeps you sane. As I said at the beginning, I’m a master of getting it all done, but the key is that it’s all of things that are important to me. Sure, you will always have obligations that aren’t exactly what you want to be doing, but if something is truly miserable or such a time suck that it causes you to fail in other areas, why are you doing it? On a final note, I want to remind you to give yourself a little grace and remember that you are doing the best you can. This can be a really hard season, but your mindset going into it can make all the difference. Jessica Ehler is a loan officer and CFO of The Ehler Lending Team in Gilbert, AZ. She holds a BS in Exercise Science from Arizona State University and has been a gym owner for eight years. Fitness is still an integral part of her life. She is married to her loan partner and they have three amazing little boys.
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MORTGAGE MOMS
BY A S H LE Y G R AVA N O
TECHNOLOGY Technology. In many ways it’s a blessing, and, in my opinion, in many ways it’s a curse. Those of us in the “biz” a while (and I won’t age myself) remember paper files stacked to the tippy top of our desks. Could you imagine that in today’s world, especially during a pandemic working from home?! I could not! It has made processing and communicating so much easier and better without a doubt. But in what ways has it hurt? Are you a text or email person or do you prefer a good old-fashioned phone call or in person meeting? It really does make you think. What technology could we NOT live without at work? The list is endless these days with all the apps and systems from which to choose. Lenders and title companies alike could not keep up in the environment we are in without technology! Then we shift gears and think about our kids and managing their technology, how is it hurting and helping them all at the same time… Not many kids are playing flashlight tag or hide and seek like I did as a kid. They are playing Fortnite, obsessing over TikTok, and looking for Pokemon’s. Again, a blessing yet in some ways a curse. I certainly am guilty of allowing too much screen time while managing a household and work. How do we find that balance at home and work? Are we sacrificing our kids’ personal social skills by allowing too much use of technology? I asked the selected Mortgage Mom’s these questions this month. 1. From a business viewpoint: What technology do you feel a lender cannot live without? 2. From a mom’s viewpoint: a. Are you an iPad at the dinner table Mom? b. What quick tech tip can you share with the Moms out there juggling long hours and motherhood?
CASEY HUGHES WADE Vice President, Relationship Manager SLK Global Solutions 1. This seemed like a trick question; with all the mortgage tech in the market today, and there is a lot. Nothing in my opinion is more important to a lender than their LOS: Preferably an LOS with an open API system to seamlessly integrate with additional technology partners, empowering the lender to streamline and automate the mortgage manufacturing process while creating a simple, easy borrower experience. 2. My son is six and we have another little one on the way. In a perfect world, absolutely not. Who would do such a thing? Not me, dinner is about connecting and spending time as a family. No technology at the table, EVER!! Although this is my ideal answer, it is definitely not the truth, and, as a working mom, I am all about being real. Real-life mom answer: I use technology all the time to give myself more bandwidth. I am certain there are times that my son has been at the dinner table on his tablet while I’m working on a project, cook-
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ing dinner, or perhaps experiencing exhaustion on the couch. Lol. As Moms, we do the best we can, and each day our best looks a little different. I gave up trying to be perfect a long time ago and instead I strive to be kind and loving and present for my family. Sometimes that means taking breaks, with the help of technology, so that I can take a few moments for myself to reset or catch my breath so that I can be the best version of me possible. I love sharing tips with other moms! When my son was a baby, I swore by the app, Wonder Weeks. It seriously changed my life by providing weekly updates on my baby’s mental development. It was incredibly accurate for our family and helped me navigate shifts in my son’s behavior and sleeping patterns. If you have a baby, download this app!! And if you are a new mom, definitely download this app. Fast-forward to helpful technology for first graders, I’m in love with the Google Home Mini. My son loves music and loves asking questions. This solves both. He can ask Google any silly thing he wants. He can also search for music artists and play his own music without staring at a screen. It even has options to tell stories and share riddles. Because it is so small and simple, it often finds its way to our front window. With the window open, my son will hang out in the front yard while DJing music for the neighbor kids. They love it and obviously, we have become the "cool" front yard that all the kids love to hang out at. Other than those two tips, my only solid mom advice on technology that I swear
by is this: regardless of what it looks like to others, always do what is best for your family! You know your kids and your home best.
CATE DALTON EVP, Customer Advocacy Mortgage Cadence 1. Their smart phone. We will continue to see technology designed for consumer use, which includes lender staff as well. Just look at how remote work took off this year as a result of COVID-19. A Mortgage Cadence / Accenture study showed us that digitally driven lenders thrived during this time.
2. I raised my kiddos (now 20 and 18) without technology at the dinner table. Though, I think I was more excited about their TV programs than they were… guilty of the occasional “TV Babysitter.” I think there is great opportunity at the dinner table for kids to learn and practice manners, not just “table manners” but also how to have conversation. My kids, my husband, and I all learned a lot about patience and tolerance too! I remember being at a Sunday brunch with my family and parents. My son and daughter began their usual whining and moaning. My son said, “This is SO boring. Nana and Papa, can’t you quit talking so we can go?” As I began to tell my son that was not appropriate, my
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mother, aka “Nana” whispered in my ear, “This is so good for them! They are learning tolerance, which they will need as they get older.” That helped me get through some of the more difficult restaurant experiences. Another tip a mother gave me in my younger years is to remember with whom is my lifelong relationship. It’s not the table of people next to me staring at the mess my child just made. It’s my child. That helped a lot! What quick tech tip (could be an app you swear by or rules for tech in the house) can you provide the mom’s out there juggling long hours and motherhood? Use technology to be your best self and get the family involved. We have a smart home and swear by it! Alexa knows what’s on the grocery list and I don’t have to ask anyone in the house what they want at the store. I don’t even have to be the one to shop. What we’ve learned is that it isn’t enough to “have” the app or smart device, but we have to agree as a family, or parents, how we will use it to our advantage. The extra investment in deciding which lights should turn on automatically, which calendars we share, and even what social media and games we play together, have made a difference! My husband and I love to compete against each other learning Spanish on Duolingo. My daughter and I have some of our funniest times making TikTok videos. My son and I love supporting our personal growth through The Pattern. AND, the whole family goes crazy with SnapChat! CHRISTINE BECKWITH President & COO Vision for Success Coaching 1. Monday.com we use it for everything. 2. No, we sit to eat as a family sans
electronics. Quick Tip: Be mobile, master your iPhone abilities, it works longer hours than my computer.
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LORI ALLEN SVP, Mortgage Services Services Security Service Federal Credit Union 1. Unfortunately, in this day and age cybersecurity risks are all around us and because lenders leverage technology with multiple third-party service providers across platforms and store a vast amount of nonpublic information, it is imperative to have a first in class cybersecurity software that monitors and immediately remediates identified cyber threats and vulnerabilities. 2. No, I do not think I would because when I was raised, dinner time was family time and that is how I raised my son. It was our time to talk about our day, what things were going on in our lives, and share great laughs! I really think it helped our family to learn to express ourselves and effectively communicate our thoughts, feelings, and ideas. Even though he is 30, when we have dinner together, we talk to each other and do not let technology get in the way of great conversation. My son is older and I hear Moms talk all the time about apps that help them keep their children safe when they are using apps online and active on social media. Also, setting time limits their children are allowed to be online so they maintain a healthy balance between technology and being active. Ashley Gravano brings over two decades of success and experience in the title and settlement industry, devising and executing strategies while leading team efforts that have produced conclusive results, valuable business partnerships and solid growth avenues for real estate products and services. With this experience, Gravano joined MC in 2019 as VP of Product Solutions bringing MC’s products to market. Just recently, Gravano was promoted to VP of Communications and Business Development at Mortgage Cadence and will focus on expanding the Mortgage Cadence brand through both existing and new industry channels. Gravano serves as an influencer and is well known throughout the mortgage industry for her online presence.
BOOK OF THE MONTH
BOOK OF T HE MON T H INVISIBLE VETERANS:
What Happens When Military Women Become Civilians Again BY: K ATE H E N D R I C K S TH O M A S
Combining research with narrative, this book exposes common threads of lived experience and reviews the latest data on military women and their healthy reintegration into civilian society. Female veterans share their stories of seeking to be seen in a culture where they don't quite fit and their struggles to find community and friendship. Some fought during the Iraq and Afghanistan wars, as the first women in combat in American history. How and where, for example, does a female combat Marine find her tribe once she leaves the service? Through the stories of these courageous yet entirely human women, readers learn about the experiences of a new and often forgotten generation of veterans; about the challenges surrounding family and career choices that millions of American women face; and ultimately, about sacrifice, resiliency, loss, and love. This book will inform readers with an interest in female veterans and women's health and mental health issues, as well as researchers, students, and professionals working in fields encompassing women's psychology, health, and social work. •
Spotlights personal experiences of female veterans through interviews
•
Includes cutting-edge research on obstacles female veterans face and solutions
•
Addresses emotional, physical, sexual, social, and financial health issues for female veterans who are single, married, divorced, mothers, culture-diverse, mid-life, and elderly
•
Includes text on resilience for female veterans and how some are becoming leaders in business, politics, and advocacy
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ASK THE E XPERTS
AMY SWANEY, CMB
Branch Manager Citywide Home Loans In the first mortgage company where I worked, the owner struggled to get the staff to embrace email. The LOS was an HP12c and an NCR Good Faith Estimate. Borrowers sat with you to complete the handwritten 1003 and bring you documents. Relationships mattered.
Remember all the technologies of days gone by? Bag phones, flip phones, blackberries., beepers, thermal fax. That unforgettable dial up modem song that preceded hitting up the world wide web with our our AOL account and then … “you’ve got mail.” Rotary phones, floppy disks, cassette tapes, overhead projectors, Walkman, Atari…I could go on forever, but alas, I date myself. And if these items sound familiar, perhaps some of you too! Technology has changed our world forever: how we work, play, exercise, relax and even fall in love. In this issue of Ask the Experts, you will hear some truly amazing stories from some truly amazing women, sharing how technology has changed their own lives. 72
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Thirty years later, I take an application on my cell phone, laptop, or iPad. My clients contact me on email, video, DMs, and text. We service more customers, in less time. Relationships have shifted to convenience. This flexibility allowed us access to work when and where we want, twenty-four hours a day. In 2020 when a pandemic forced us to slow down and consider what really mattered, I realized the same technology that marginalized relationships was also what kept us together. Families could stay connected, and many could work remote, so their health and jobs were protected. For me, balance in technology is what is essential. As Christian Louis Lange opined, “Technology is a useful servant but a dangerous master.”
ASK THE E XPERTS
MEL MARSH
VP of Digital Marketing Cardinal Financial Company, LLC I could talk about how technology has changed at work (typewriters to tablets) but what has really improved my life is streaming fitness. Getting to the gym was always hard for me, with triplets, pets, a spouse, and being a self-confessed workaholic. There never seemed to be enough hours in the day to get it all done. When the day's work finally ended, I would happily fall down some internet rabbit hole learning about a new technology or some such. Ten months ago, I was introduced to Beachbody On Demand. Just 30 minutes a day of high intensity interval training (HIIT). Thirty minutes working from home is easy enough to find in a day. I have added in running too on alternating days (praise Brooks for Ghost 12's!) and I am closing in on a 40-pound weight loss. Thank you to the Technology Gurus who brought digital fitness to my phone. Game changer for me!
BARB MCGARVEY Marketing Director Allied Mortgage Group
Technology has allowed me to stay connected with friends and family and share in milestone moments even with COVID. My nephew and his fiancée were supposed to get married in September with over 300 hundred people in attendance. COVID altered their plans significantly; they postponed the huge reception for one year and went forward with a much smaller wedding ceremony with under 40 people in attendance. But around the country, many of the family members unable to travel attended via Zoom, including my 91-year-old mother who is in lockdown at an assisted care facility and my sister living in Portland, OR. While they watched the streaming ceremony, we chatted via instant messaging. It was an amazing event for everyone! I remember when fiber optic technology was introduced and here we are today, running businesses remotely and staying connected globally. I cannot wait to see what comes next!
LAURA ESCOBAR President Eagle Home Mortgage
Our vision is to create the world’s simplest path to homeownership. We are on a mission to remove all friction points from the mortgage process, both for our customers AND associates. Customers will never love a company until the employees love it first. So, for me, leveraging technology to improve the associate experience is just as important as customer-facing innovations. Whether you’re removing repetitive processes with bots or creating a more social organization by leveraging the latest collaboration tools, putting your associates at the heart of your technology strategy will lead to success. Although we are working from home, our people feel more connected than ever. This is part of our #remotebutconnected efforts. Through weekly video and photo contest on Yammer, to a more robust internal communications program, we are thriving in business while also maintaining our family culture. In my personal life, Peloton has been a gamechanger. I am a spin class fanatic!
ELIZABETH HILLESTAD SVP of Marketing Civic Financial Services
Staying connected in our post-COVID world… Thank goodness we had all this video conferencing technology, from Zoom to Teams to Slack, even Facetime. These tools have been essential to staying connected with team members, colleagues, friends, and family. Our team keeps our cameras on during all meetings so we can see each other and stay engaged and get personal. Makes telephone conference calls seem incredibly impersonal and distant. And whenever I’m on one of those calls, I think “I WANT TO SEE FACES!” I couldn’t imagine how disconnected we would be without simple, easy-to-use video conferencing technology.
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ASK THE E XPERTS
LAURA SCHREIBER
Senior Vice President of Training Content and Communication Guaranteed Rate For mortgage companies, the pandemic presented new challenges. Guaranteed Rate’s innovative lending technology and comprehensive employee engagement enabled us to continue running business as usual, but even better. Today, almost 100 percent of our internal mortgage operations are executed remotely and we are relentlessly pursuing new channels. Guaranteed Rate CEO, Victor Ciardelli, has a way of tapping into the zeitgeist and anticipating the “next big thing.” He always believed that a truly contact-free, borrower-driven mortgage process would revolutionize our industry. In March, we quickly leveraged eClose for a 100 percent remote closing with remote online notarization, allowing qualified borrowers in many states to complete the entire closing appointment safely at home. Because of our proprietary online collaboration and pipeline management system, comprehensive online employee communication and resource platforms, our workforce is more productive and efficient.
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KASIA STEPHENSON VP, Director of Marketing Sierra Pacific Mortgage
Connectivity plays a huge role in my life. Being able to access work email from virtually anywhere has helped me in so many ways. It gives me the flexibility I need as a working mom to not only be there for my family but also handle work priorities. This past summer, I went on vacation, and, due to COVID, we decided to drive. Of course, a big project was launching at the same time. Since I had access to work email via my phone, I was able to answer important questions without impacting the deadline from the passenger’s seat. Ten years ago, this would not have been possible. Technology allows today’s working women to be present for their families, responsive to work demands, and helps maintain a healthy work-life balance.
Sue Woodard is the chief customer officer at Total Expert. She can be reached at sue.woodard@totalexpert.com.
T R A I L B L A Z E R S : B L A Z I N G A PAT H . . . R A I S I N G T H E B A R
C AUSE OF T HE MON T H The Serenity Project https://www.theserenityproject.org
W H AT IT I S
Founder Serene Singh, a Rhodes Scholar and former Miss Colorado Teen, created The Serenity Project after seeing the effects of unhealthy beauty ideals through her pageantry and modeling experience. She created this non-profit to give tools to at-risk women after losing a best friend to suicide. While working in the US Senate on violence, trafficking, and rape policies she noticed womxn survivors were never in-charge of the settings where changes impacting survivors were created. Serene dreamt of empowering survivors to dream again. Transforming pain into power has been Serene’s mission with The Serenity Project since its start.
VISION
The Serenity Project aims to empower resilient womxn who have persevered through life’s greatest hurdles by challenging unhealthy beauty standards, the rising number of suicide attempts, and the lack of support, tools, and skills survivors receive to grow through trauma they have gone through.
WH AT TH E Y DO The Serenity Project journey starts with a kick-off fashion show aimed at challenging our society’s notion of “beauty,” celebrating these womxn in the project to step out of their comfort zones and connect with their limitless potential, and inspire all womxn to persevere and find strength in celebration and community. The Soaring Curriculum is a 12-chapter year-long curriculum aiming to support the womxn in their personal and professional development through challenges, projects, weekly exercises, inspiring womxn speakers, readings, and much more. The curriculum runs alongside The Serenity Project Mentorship program from the start of February, one week before the fashion show, for approximately one year. Some examples of themes for chapters are self-image, independent exploration, professional development, and impactful storytelling. The curriculum name, Soaring, comes from the idea that the womxn are much like butterflies, taking their wings and soaring to new heights. Ultimately it serves to continue their growth in being brave enough to fly. Participants are paired with amazing mentors to create their projects. The Serenity Project womxn have developed projects for many causes including acid-attack victims, PTSD survivors, and anti-bullying groups - paying their experiences forward to empower other womxn!
WH AT YOU C A N DO • Donate • Become a participant! • Become a mentor, which is a 12-month commitment • Volunteer- recruiting, creating curriculum, speaking at one of the many workshops offered
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The C-Suite I am doing what I love with the people that I love.
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Tanya Brennan
Managing Partner and President PhoenixTeam
What do you find most rewarding about your job? I am doing what I love with the people that I love.
What time do you get up? 6:30 a.m.
What is the first thing you do in the morning? Make coffee and check email.
What do you think is the biggest challenge for the mortgage banking industry currently in pandemic times?
What is your mantra? There is always a silver lining.
COVID-19 has forced the mortgage industry to speed up the process of moving toward an even more digital customer experience. Whether customers are looking to refinance their mortgage or understand what options they have to retain their homes during times of financial difficulty, lenders and servicers need to focus on and offer a virtual and frictionless customer experience. What is on your desk? Three computers, a notepad for all to-dos, multiple pens, mobile, and stickies.
What is your best habit? Notetaking.
What is the last thing you do at night? Read.
What time do you go to bed? 11:30 p.m.
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