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Gbox Licenses: BRE#01300944, DBO# 603L516, AZ#0919899, CA#333659, CO#333659, CT#MCL-333659, DE#29707, FL#MLD886, GA#33937, ID#MBL-7961, IL#MB.6760993, LA#333659, MD#21707, MI#FL0018821, MS#333659, NJ#333659, NC#L-156181, OH#MBMB.850183.000, OK#ML010327, OR#ML-5093, PA#48972, TX#333659, VA#MC-6781, WA#CL-333659 This information is meant for Real Estate and mortgage professionals ONLY and is not to be provided to consumers. All products are not available in all States.
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table of
28
N A T I O N A L
The Mortgage Godfather: What’s the Point!? By Ralph LoVuolo Sr.
A P R I L
AE A MVPs Account Executive MVP Awards
30
National Mortgage Professional Magazine Presents … The 2018 Account Executive MVP Awards
38 RIP Cold Calling: Better (and More Fun) Ways to Reach and Convert Prospects By Bubba Mills
2 0 1 8
l
M O R T G
V O L U M
A SPECIAL FOCUS ON “LEADERSHIP”
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Ten Leadership Principles to Help Fuel Your Next Great Enterprise By Rick Arvielo ................................................................58
A
A Formula for Using “Unbalanced Reciprocity” to Become a Servant Leader By Jeff Potts ........................................................62 #MeToo Wonder Woman By Eric Weinstein......................................66
H M
The “Making” of a Leader By Ginger Wilcox ....................................68
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Leaders Always Lead By Shirleen Von Hoffmann ............................70
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The Leaders of Today By Laura Burke, MBA, MS, EA, CFE..............72
T
FEATURES
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ARMCP Nears Launch ........................................................................6
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How to Succeed as Interest Rates Rise By Tom Hutchens ..............8
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The Elite Performer: April Fools By Andy W. Harris, CRMS ..............8
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Recruiting, Training and Mentoring Corner: More on Leadership By Dave Hershman ............................................................................10
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N
Do Online Reviews Make You Nervous? By Scott Harris ................16
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New Fusion Marketing Approaches ................................................18 Texas Commissions Adopt Final Rules on Home Equity Lending By Gavin T. Ales ................................................................................20 NAMB Perspective ............................................................................22 Compliance Matters: Anti-Money Laundering Risk Assessments By Jonathan Foxx, Ph.D., MBA ..........................................................36 Patchy Housing Market Means Unequal Property
46 nmpU Campus Talk: How to Create Your Own Luck in Origination By Ron Vaimberg
V I S I T Company
Web Site
O U R
A D Page
Accio Data ........................................................ www.ezcbsv.com ..........................................................68 Angel Oak Mortgage Solutions ............................ www.angeloakms.com ......................................Back Cover Athas Capital Group .......................................... www.athascapital.com ....................................................5 Brokers Compliance Group.................................. www.brokerscompliancegroup.com ..................................17 Caliber Home Loans.............................................. www.caliberwholesale.com ..............................................65 Carrington Mortgage Services, LLC ...................... www.carringtonwholesale.com ................................9 & 66 Citadel Servicing Corporation .............................. www.citadelservicing.com ..............................................19 DocMagic .......................................................... www.docmagic.com ........................................................7
54 The One Thing Most Originators Do Wrong With Their Advertising and Social Media By Brian Sacks
Flagstar Bank .................................................... www.flagstar.com/why ..................................................11 Greenbox Loans, Inc........................................... www.greenboxloans.com ..............................................IFC Hometown Lenders ............................................ www.hometownbranch.com ..........................................51 LoanOfficerSchool.com ...................................... www.loanofficerschool.com ............................................60 Lykken On Lending ............................................ www.lykkenonlending.com ............................................75
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MBS Highway .................................................... www.mbshighway.com/MNN ..........................................57
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Mortgage News Network (MNN) .......................... www.mortgagenewsnetwork.com ............................40 & 41
of contents
R T G A G E
U M E
P R O F E S S I O N A L
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N U M B E R
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Growth Abounds: Key Property Trends to Keep in Mind By Jackie Roberson............................................................................42 Addressing Post-Housing Crisis Issues: All Things Credit By Pam Marron ..................................................................................44 How Fed Rate Hikes Will Impact Housing and the Mortgage Industry By Kathy Fettke ..................................................48
Business Process Management: How Automation Is Impacting Financial Institutions By Mark Holenstein ......................52 The NAPMW Report By Cathy Kantrowitz ........................................56
COLUMNS New to Market...................................................................................12
We are once again looking for the Most Connected Mortgage Professionals. These are individuals who have a large number of followers on Twitter or likes on Facebook or maybe have a very popular blog or video show. These individuals will be featured in our July 2018 edition, which has a special focus on Social Media.
News Flash: April 2018......................................................................14 Heard on the Street...........................................................................34 Outstanding Places to Work.............................................................76 NMP Calendar of Events...................................................................77 NMP Resource Registry....................................................................78
A D V E R T I S E R S Company
Web Site
Page
NAMB+ ............................................................ www.nambplus.com ......................................................21 NAPMW ............................................................ www.napmw.org ....................................................50 & 75 NAWRB ............................................................ www.nawrb.com ............................................................37 New American Funding ...................................... www.newamericanfunding.com ......................................80 NMP U .............................................................. www.nmpucoaching.com ............................27, 35, 67 & 73 NRMLA.............................................................. www.nrmlaonline.org ....................................................29 OSI Express........................................................ www.osiexpress.com/mlslink ............................................1 Paramount Residential Mortgage Group, Inc. ...... www.prmg.net ..........................13, 71 & Inside Back Cover Primary Residential Mortgage, Inc....................... www.branchpartner.info ................................................45 REMN................................................................ www.remnwholesale.com ..............................................15 Ridgewood Savings Bank .................................... www.ridgewoodbank.com ..............................................64 Silver Hill Funding ............................................ www.silverhillfunding.com ............................................63 TagQuest .......................................................... www.tagquest.com ........................................................61 The Bond Exchange............................................ www.thebondexchange.com ..........................................69
Go to http://nmpmag.com/mostconnected
APRIL 2018 Volume 10 • Number 4
FROM THE
publisher’s desk
Building mortgage industry leaders Almost everything we do at National Mortgage Professional Magazine is intended to help 1220 Wantagh Avenue • Wantagh, NY 11793-2202 you develop your leadership abilities so that you can become more successful. When our Phone: (516) 409-5555 • Fax: (516) 409-4600 readers succeed, the housing industry thrives and that benefits everyone in our economy. Web site: NationalMortgageProfessional.com Over the years, we have watched so many young professionals grow up in this industry. It STAFF Eric C. Peck Joel M. Berman fills us all with great pride to think that we supported their development. Editor-in-Chief Publisher - CEO (516) 409-5555, ext. 312 (516) 409-5555, ext. 310 Every issue, we create for you is filled with the tips, tricks, tools and business acumen ericp@mortgagenewsnetwork.com joel@mortgagenewsnetwork.com needed to become a more powerful industry leader. We don’t make a big deal out of the Joey Arendt Beverly Bolnick fact that we are really offering leadership training in most issues, but we make an exception Art Director VP-Sales & Marketing (516) 409-5555, ext. 323 (516) 409-5555, ext. 316 in our April magazine. This month, we dedicate our issue to a special focus on leadership. joeya@mortgagenewsnetwork.com beverlyb@mortgagenewsnetwork.com One such way in which we present leadership is through our partnership with Ron Scott Koondel Phil Hall VP of Operations Managing Editor Vaimberg, Executive Director and Head Coach for nmpU, a division of National Mortgage (516) 409-5555, ext. 324 (516) 409-5555, ext. 312 Professional Magazine. Ron will present his “Recruiting and Leadership Mastery Program” scottk@mortgagenewsnetwork.com philh@mortgagenewsnetwork.com Friday-Saturday, May 18-19 to the newly renovated Luxor Hotel in Las Vegas. Geared Richard Zyta Francine Miller Social Media Ambassador Advertising Coordinator toward company owners, branch managers, sales managers and anyone part of an (516) 409-5555 (516) 409-5555, ext. 301 richardz@mortgagenewsnetwork.com francinem@mortgagenewsnetwork.com origination team, this summit will serve as a step-by-step roadmap for any leader to recruit, Rick Grant Dylan Pollock manage and lead a high-performance originator team. For more information on this exciting Special Reports Editor Administrative Assistant event, see page 67 of this issue of visit RecruitAndLead.com for full details. (570) 497-1026 (direct) (516) 409-5555, ext. 314 (516) 409-555, ext. 311 dylanp@mortgagenewsnetwork.com In addition to live events like Ron’s in Vegas, this month’s issue is built around six rickg@mortgagenewsnetwork.com excellent feature articles that will absolutely aid you in becoming a stronger competitor and ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact a better mortgage industry leadership. The first comes from Laura Burke, MBA, MS, EA, VP-Sales & Marketing Beverly Bolnick at (516) 409-5555, ext. 316 or e-mail beverlyb@mortgageCFE, and Owner of Global Tax Masters in her article, “The Leaders of Today,” a great newsnetwork.com. starting point for our discussion. ARTICLE SUBMISSIONS/PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck Then, see Shirleen Von Hoffmann’s article, “Leaders Always Lead.” She’s the President at (516) 409-5555, ext. 312 or e-mail ericp@mortgagenewsnetwork.com. The deadline for submissions and Sales Coach at Home Builders Edge and her insight will likely remind you of those is the first of the month prior to the target issue. qualities that we all see in our industry’s foremost leaders. It’s true, the best leaders are SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail orders@mortgagealways leading. newsnetwork.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. The very best leaders in any industry understand that you can only lead if others are Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the willing to follow you. There’s actually a formula for making that happen and Jeff Potts, RVP authors alone and do not imply the opinion or endorsement of Mortgage News Network Inc., or the offiof Production for Mountain West Financial, shares it in his article “A Formula for Using cers or members of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Consumer Reporting Association (NCRA) ‘Unbalanced Reciprocity’ to Become a Servant Leader.” and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, and/or other state mortgage trade associations events, activMany of our readers are actually working within their enterprises to grow the next ities and/or publications is available on a non-discriminatory basis and does not reflect the endorsement generation of leaders. Any company that doesn’t have someone actively pursuing this goal of the product and/or services by Mortgage News Network Inc., NAMB, NAPMW, NCRA, and other state mortgage trade associations. today will not be with us for long. Those professionals will not want to miss “The ‘Making’ National Mortgage Professional Magazine, NAMB, NAPMW, NCRA, and/or other state mortgage of a Leader” by Ginger Wilcox, SVP of Marketing for Capsilon. trade associations do not make any misrepresentations or warranties concerning the regulatory and/or compliance aspects of advertisers, products or services and/or the editorial content contained in Mortgage As you develop your leadership potential, you may find that your current position isn’t News Network Inc. publications. National Mortgage Professional Magazine and Mortgage News Network Inc. reserve the right to edit, reject and/or postpone the publication of any articles, information or data. big enough to suit you anymore. That’s the normal progression for many of our industry’s top performers. What does it take to make that transition? If that sounds like you, check out New American Funding CEO Rick Arvielo’s article, “Ten Leadership Principles to Help Fuel Your Next Great Enterprise.” Finally, we bring you our monthly contribution from Eric Weinstein, “#MeToo Wonder Woman.” What he offers you this month may not be what you expect, but then, is it ever? Don’t miss it. A very important component of leadership involves empowering others to succeed. Nowhere in our industry is that more apparent than in the relationship between the wholesale lenders’ account executives and the brokers they support. It’s true that behind every great originator is a team of professionals who educate and inspire them to use their loan programs, technology and settlement services for the benefit of home loan borrowers. Too often, these leaders are forgotten, but they are a critical piece of the puzzle to continue to grow home ownership. That’s why we’re so proud to bring you our inaugural Account Executive Most Valuable Player Awards. The NMP AE MVPs are individuals who do not originate, but rather, support originators in their role of wholesale lenders, AMCs, mortgage insurance providers, lead providers, marketing services, title companies, credit and data providers, and other industry professionals. Check out our coverage to find out who is standing out in their fields by empowering today’s originators. One task leaders are often called upon to take on is the work of interfacing with legislators and regulators to reach a consensus on important industry rules. In early May, we’ll be on hand for the NAMB 2018 Legislative & Regulatory Conference in Washington, D.C. and hope you can join us. Find the full program of events for this event in this month’s NAMB Perspective section. And like every issue we bring you, this month’s magazine will bring you compliance expertise from industry expert Jonathan Foxx (see “Compliance Matters: Anti-Money Laundering Risk Assessments” in this issue), more excellent industry training from Ron Vaimberg in his “nmpU Campus Talk” column, “How to Create Your Own Luck in Origination,” and wisdom from Brian Sacks, “The One Thing Most Originators Do Wrong With Their Advertising and Social Media.” While many of us have been dealing with early spring storms as winter struggles to hold on, we’re already seeing the days get brighter. It may be a sign of spring, or it might just be signs of emerging mortgage industry leaders preparing for a record-breaking spring homebuying season. In either case, we wish you the very best. Sincerely, Joel M. Berman, Publisher-CEO Mortgage News Network Inc. Joel@MortgageNewsNetwork.com
National Mortgage Professional Magazine is published monthly by Mortgage News Network Inc. • Copyright © 2018 Mortgage News Network Inc.
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NAMB 601 Pennsylvania Avenue NW, South Building l Washington, D.C. 20004 l Phone: (202) 434-8250 l Fax: (530) 484-2906 l Web site: NAMB.org l E-mail: Membership@NAMB.org
NAMB 2017-2018 BOARD OF DIRECTORS E X E C U T I V E
John G. Stevens, CRMS President JohnGStevens@NAMB.org
Richard Bettencourt, CRMS President-Elect Rick.Bettencourt@NAMB.org
Nathan S. Pierce, CRMS Vice President Nathan.Pierce@NAMB.org
B O A R D
Michelle Velez, CMC Secretary Michelle.Velez@NAMB.org
Rocke Andrews, CMC, CRMS Treasurer Rocke.Andrews@NAMB.org
Fred Kreger, CMC Immediate Past President Fred.Kreger@NAMB.org
D I R E C T O R S
Linda McCoy, CMRS Linda.McCoy@NAMB.org
Chris Bettis, CMC, CRMS Chris.Bettis@NAMB.org
Wayne King, CMC, CRMS Wayne.King@NAMB.org
Michael DeSantis Mike.DeSantis@NAMB.org
George Burkley, CRMS George.Burkley@NAMB.org
Valerie J. Saunders, CRMS Executive Director ValSaun@NAMB.org
Harry H. Dinham, CMC Chief Operating Officer HDinham@NAMB.org
Olga Kucerak, CRMS Olga.Kucerak@NAMB.org
National Association of Professional Mortgage Women 345 North Main Street, Suite 313 l West Hartford, CT 06117 l Phone: (800) 827-3034 l E-mail: NAPMW1@NAPMW.org l Web site: NAPMW.org
2017-2018 NAPMW NATIONAL BOARD OF DIRECTORS
APRIL 2018 n National Mortgage Professional Magazine n
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Cathy Kantrowitz National President (845) 463-3011 President@NAPMW.org
Laurel Knight President-Elect (425) 426-2028 PresElect@NAPMW.org
Susan Kerr Vice President (703) 871-1310 NVP1@NAPMW.org
Glenda Mooney Secretary (314) 703-8714 NatSecretary@NAPMW.org
Judy Alderson Treasurer (918) 250-9080, ext. 300 NatTreasurer@NAPMW.org
Lynne Sparks Parliamentarian (678) 872-9000, ext. 10611 LSparks@SKWRLaw.com
National Consumer Reporting Association 701 East Irving Park Road, Suite 306 l Roselle, IL 60172 l Phone: (630) 539-1525 l Fax: (630) 539-1526 l Web site: NCRAINC.org
2017-2018 BOARD OF DIRECTORS
Paul Wohkittel President (410) 644-5020 PWohkittel@CISInfo.net
Mary Campbell Vice President (701) 239-9977 Mary@AdvantageCreditBureau.com
Julie Wink Ex-Officio (901) 259-5105 Julie@DataFacts.com
William Bower Director (800) 288-4757 WBower@Continfo.com
Janet Curtis Director (210) 224-6121 JCurtis@SARMA.com
Maureen Devine Director (413) 736-4511 MDevine@StrategicInfo.com
Gary Glucroft Director (800) 877-3908, ext. 100 GaryG@TheScreeningPros.com
Brian McKinney Director (706) 373-2200 McKinney@MCBUSA.com
Helen Meyers Director (800) 782-9094 Helen@CreditInfoSystems.com
Mike Thomas Director (615) 386-2285, ext. 285 MThomas@CICCredit.com
Debbie Ysebeart Director (425) 264-1024 Debbie@Alliance2020.com
Delia Zuniga Director (623) 889-8999 Delia@AdvantagePlusCredit.com
Terry Clemans Executive Director (630) 539-1525 TClemans@NCRAInc.org
Jan Gerber Office Manager/Member Services (630) 539-1525 JGerber@ NCRAInc.org
ARMCP Nears Launch As Association of Residential Mortgage Compliance Professionals (ARMCP) now consists of 1,600 members, the association is closer than ever to launching its new Web site. This will be a state-of-the-art Web site designed specifically to fulfill the needs of residential mortgage compliance professionals. Recently, ARMCP announced the formation of a pre-launch Web site Committee to put the finishing touches on the new site. ARMCP is a national organization devoted exclusively to residential mortgage compliance professionals. The association’s membership consists solely of those members who have joined on their own, one at a time, and were not solicited to join via solicitations from news lists or magazine subscriptions. ARMCP’s independence is the key to the value of its advocacy! If you would like to refer an individual for membership, please visit ARMCP’s LinkedIn group or e-mail Info@ARMCP.org for an invitation. There is no cost for membership, and new members are welcome. For more information, e-mail Info@ARMCP.org.
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How to Succeed as Interest Rates Rise By Tom Hutchens
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ecause the most recent changes in the mortgage marketplace have disrupted consumer assumptions about home financing, today’s top Loan Originators must be expert advisors to homebuyers, not just diligent salespeople. The steady rise in interest rates will weaken production for Loan Officers unable to explain why the benefits of homeownership are tremendous, despite some increase in cost. Fortunately, Loan Officers and their customers can take advantage of diverse new mortgage products to make solid, forward-thinking decisions in a time of rising interest rates. I recently partnered in an Angel Oak Webinar with Barry Habib, Chief Executive Officer of MBS Highway, and one of our industry’s best-known commentators. “The low hanging fruit is gone,” Barry told the Webinar attendees. “The ratio of refis to purchases has flipped from 60 percent to 40 percent refis, to 60 percent to 40 percent purchases. Today, successful Originators have to counsel people on why it makes sense to buy a house even when rising interest rates increase monthly payments.” To replace refi business and help people decide to buy now, Originators will need to understand the benefits of nonagency loans. Loan Officers must be able to prove why consumers who cannot get agency loans should not wait for improved personal situations before buying. To do that, savvy Loan Officers can demonstrate the many advantages of establishing home equity. That is why Barry and I teamed up on the Webinar, (AngelOakMS.com/Blog). As the nation’s top non-agency mortgage lender, Angel Oak has specialized for five years in delivering mortgages with attractive terms to people unable to qualify for agency loans. While our rates are a bit higher than those of agency loans, we have shown our prospects why the benefits of homeownership far outweigh the higher costs associated with them. Most importantly, within seconds, Loan Officers can show borrowers which of our seven products is most suitable by using the online Quick Quote (AngelOakMS.com/QuickQuote). Barry and I explained that consumer fear of higher interest rates is a psychological reaction not grounded in fact. After years of seeing rates in the three percent to four percent range, people assume that rates higher than seven percent will make owning a home too costly. Good Loan Officers must be able to explain that it is almost always better to buy than rent, even when interest rates are at seemingly unaffordable levels. In today’s market, successful Originators will be those who convince their prospects that they should not exchange small interest-rate savings for a lost opportunity to acquire home equity.
the
elite performer April Fools BY ANDY W. HARRIS, CRMS
t’s hard to believe the first quarter of 2018 is already behind us. Many feel as though they are still wrapping up 2017 with tax deadlines approaching and scrambling to finish out last year. It always surprises me the number of last minute tax filings or those with years of tax filing extensions. Are you one of those people? Do you procrastinate and kick the can down the road? Do you find yourself unable to move forward as you keep finding yourself reflecting on the past or carrying a shadow of incompleteness with you? I have found that the days I don’t write down and specifically lay out my goals, I am always less productive. Without tasks categorized by importance, organization is much more difficult. We all get pulled in many directions throughout the day, especially with technology, so we must time block to meet vital deadlines and ensure we maximize our productivity and potential with the limited time we have allotted each day. A day without a plan is like a night without sleep. You’ll fee exhausted from doing nothing. Don’t be a fool in April by delaying important tasks in your professional life. It could make you a fool in May, followed by June, and so on. Don’t kick the can down the road. Pick it up, recycle it and reinvest with a forward-thinking mind-set. Move on from the past and embrace the future. Get tasks done daily, weekly, monthly and yearly by writing out tasks and goals. Never allow procrastination or delay to impact present and future accomplishments by working in a shadow rather than the light.
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“Things may come to those who wait, but only the things left by those who hustle.” —Abraham Lincoln
Tom Hutchens is Senior Vice President of Sales and Marketing at Angel Oak Mortgage Solutions, an Atlanta-based wholesale/correspondent lender licensed in more than 35 states and operating in the non-QM space for over three years. Tom has been in the real estate lending business for nearly 20 years. He may be reached by phone at (855) 539-4910 or e-mail Info@AngelOakMS.com
SPONSORED EDITORIAL
Andy W. Harris, CRMS is President and Owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and Past President of the Oregon Association of Mortgage Professionals. He may be reached by phone at (877) 4960431, e-mail AHarris@VantageMortgageGroup.com or visit VantageMortgageGroup.com.
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More on Leadership BY DAVE HERSHMAN
ne year ago, I published a column entitled, “Are You a Manager or a Leader?” The topic of this month’s edition is leadership, and I thought it would be an opportune time to remind our readers that it is not only managers that need to be leaders, but originators as well. Though sales personnel may not see themselves as in a position of leadership—in reality, top producers are not only leaders in volume, but typically leaders in many other facets of their business. Here are just a few examples:
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l Leading your support staff: The true picture of a leader versus an originator is described by this question: Do processors in your branch or company fight to handle your loans, or do they run the other way? We could also substitute the positions “Underwriter or Loan Officer Assistant” for Processor. While the options are extreme to emphasize the point, it is easy to see that an Originator that has continuity with regard to their support staff and can inspire their staff to go the extra mile, will experience a much higher level of success than those who are begging for people to work for them. l Leading your clients: Originators certainly service their clients. However, those
who cannot lead their clients will have a lot more trouble closing their loans. Mediocre producers are afraid to lay down the rules of engagement for their clients– including how they are to communicate, react to requests for information and the general sense of urgency they should have. All clients want better service, but if they don’t assist in the process, great service will be impossible. And that results in more time to close less loans and more importantly, fewer referrals. l Leading your referral sources: Poor producers are subject to the beck and call of their Real Estate Agents. Better producers become partners with their agents. Top producers lead their agents. When you teach your agents to help them produce at higher levels and increase their standards of service, you turn the equation around from salesperson to mentor. Leaders attract agents and other referral sources. Salespeople chase the business. l Leading the process: No matter how good you are, there will be a crisis now and then. I often say, we are not selling light bulbs, we are putting people in homes. This means our jobs are important. It also means that we are dealing in highly emotional, pressure-packed
“The terms ‘expert’ and ‘leadership’ are synonymous. Leaders are always striving for self-improvement in all areas, from product knowledge to the sales and marketing processes.”
situations. When a crisis occurs, do you run around like your head is cut off, or do you act like a leader? A leader is not pointing fingers or losing their temper. A leader is finding solutions and letting everyone know that things will be fine. This is an excellent opportunity for self-assessment in this regard. l Are you the expert? Are you looking for answers constantly, or are others coming to you for answers? This concept applies within your company, and also applies out on the street. The terms “expert” and “leadership” are synonymous. Leaders are always striving for selfimprovement in all areas, from product knowledge to
the sales and marketing processes. l Managers are typically producers: But as managers, are they just producing or showing leadership through their production? They must be the example for their sales staff, including the quality and consistency of their production. For example, if the production of a manager experiences stops and starts, what does that say to those he or she is going to coach out of a production slump? Those who are interested in improving their performance should start with these examples when they formulate their plan. They should not be just striving for more production, but striving to become leaders. One rarely comes without the other.
Dave Hershman is a top Author in this industry, with seven books published, as well as the Founder of the OriginationPro Marketing System and the OriginationPro’s online comprehensive mortgage school. Dave is also Director of Branch Support for McLean Mortgage. He may be reached by e-mail at Dave@HershmanGroup.com or visit OriginationPro.com.
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CORRESPONDENT · WHOLESALE · WAREHOUSE · SUBSERVICING
Well-crafted mortgage lending
requires a high-tech toolbox. For the last thirty years, Flagstar Bank has been an industry-leading mortgage lender. We are a top 10 correspondent investor1 and the #1 FHA wholesale lender2 in the country. We were also recently celebrated for our company-wide diversity and inclusion efforts in 2017.
2017 Organization and Inclusion Award
Residential Leadership Awards
flagstar.com/why
Some restrictions may apply. All borrowers are subject to credit approval. Programs subject to change. The information provided herein is for dissemination to and for real estate and financial business entities only, and is not an advertisement for the extension of credit to customers. 1Source: Inside Mortgage (Q3 2017) 2 Source: FHA Neighborhood Watch (Q3 2017)
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newtomarket UWM Expands E-Closing to 12 States
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United Wholesale Mortgage (UWM) has expanded its virtual e-closing capabilities to 16 states. Originally offered in Illinois, Montana, Virginia and Washington, the company’s e-closing process is now available in Alabama, Florida, Indiana, Kansas, Maine, Maryland, Missouri, Nebraska, Nevada, New Hampshire, Ohio and Tennessee. UWM partners with Boston-based Notarize to make the technology available to consumers. The pilot version of UWM’s virtual e-closing technology with Notarize launched in July and was initially limited to refinance loans and used one specific title company, and it is now applicable to both purchase and refinance loans, and allows borrowers to select their own UWM-verified title company. “Making virtual e-closing technology available in more states and opening it up to purchase business is a huge deal as even more mortgage brokers and borrowers have access to the easiest, most convenient closing process possible,” said Mat Ishbia, UWM’s President and CEO. “Virtual e-closing is available in 16 states now and we expect this will be the way all closings are done in the near future.” Caliber Home Loans Debuts New Apps
Caliber Home Loans Inc. has premiered a mobile platform featuring three mobile phone apps customized for a trio of differed user groups: Borrowers,
the Caliber sales force and their business associates. According to the Coppell, Texasbased company, the new apps are the Caliber Home Loans app for borrowers helps customers connect during originations and manage their loans after closing, the CaliberH2O app for sales and brokers enables our business networks to communicate and respond in real time, and the Caliber MyPipeline app for real estate agents and builders provides access to shared borrowers’ loan pipelines, keeping them in the loop during underwriting. Caliber’s new apps are available to download from the Apple App Store and Google Play. “We customized each of these new mobile apps to provide userfriendly access to all touchpoints in the mortgage system,” Caliber CEO Sanjiv Das said. “This greatly increases the efficiency of the process and will help us close loans even faster. And we’re wellaware that today’s consumers prefer to manage their finances via cell phone whenever possible.” New Citadel Servicing Offerings Target Non-Prime Credit Borrowers
Citadel Servicing Corporation (CSC) has announced a major update to their product platform, as the company will begin offering a 5/1 Hybrid Adjustable Rate Mortgage (ARM) and 5/25 Interest Only (IO) term. This will allow borrowers to qualify on the IO program without as big of a recast, which normally would increase the DTI which we utilize to qualify.
beyond mortgage lending to a one-stop shop for homeownership, creating an online base for members to continuously use as go-to resource for all their questions. “Our goal is to have a relationship with homeowners well before and well beyond the closing table,” said TMS Chief Executive Officer Darius Mirshahzadeh. “By being the go-to source for all things home, we’re going to dial up the joy of owning a home–and dial down the angst of homeownership–to make it a truly happy experience.” Members can join the Happinest platform for free and can search for property listings across the country. From choosing a Happinestcertified local agent to financing a home with one of the TMS-dedicated loanologists, a licensed Loan Originator, the platform features all the tools a borrower needs in one place. Easing one the biggest barriers to homeownership, Happinest TMS Launches Happinest Homeownership Technology also includes an added financial benefit. For members Platform who choose to list and/or purchase their home from the platform, they have the opportunity to receive up to TMS (The Money Source Inc.) $13,000 in cash-back rewards. has announced the launch of Happinest, providing users with a Once members find their dream home, they can go suite of tools and services to through the Happinest Finance Find, Finance and Protect their feature to pre-qualify for a dream of homeownership mortgage in as fast as 15 through a national buying and minutes. Along with finding the selling search engine, ideal loan for a borrower, the competitive mortgage products, Finance feature is designed to multiple insurance options to lock in low-rates and much more. showcase the various product options borrowers can take The new platform moves the advantage of with TMS. fintech company’s mission “In our commitment to Grow Happiness and position ourselves as a fintech partner to homeowners, Happinest announces to the world that CSC has also introduced their easiest qualification program for full-doc income to date by allowing a single year’s Returns or W-2 as documentation. This will allow brokers and borrowers to move faster through the process. The company has also expanded their 12-month bank statement program to 90 percent loan-to-value (LTV) with no mortgage insurance requirement. CSC has eliminated the need for 24 months of bank statements on the Maggi program again adding speed and efficiency to the process. The lender fee on the Maggi (Alt-A) product has been decreased from $1,195 to $995. And, all rates on all products have been decreased by as much as 0.25 percent. “We believe the time is right for these product updates, and considering our last five years of loan performance, these changes warrant incorporation,” said Will Fisher, Senior Vice President of Sales and Marketing for CSC.
we’re not just a mortgage company anymore–we’re a fullservice homeownership partner,” said Mirshahzadeh. New Veros Offering Aimed to Help PACE Lender Compliance
to 10 AVMs may be run to increase the likelihood of getting a hit. The VeroSELECT system stops requesting AVMs once it has received three valid hits. VeroPACE then determines the AVM with the highest confidence score, calculates the average of its high and low values, and returns it to the lender in a standardized data format. VeroPACE also generates a coversheet with all the data elements that can be put in a file of supplemental information.
AFN Partners With ValueInsured on Downpayment Protection
American Financial Network Inc. (AFN) has introduced AFN Protection+, a product that protects a homebuyer’s downpayment and is available immediately on all applicable AFN mortgages. AFN Protection+ will include +Plus continued on page 18
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Veros Real Estate Solutions has developed a solution for lenders specializing in PACE (Property Assessed Clean Energy) loans in the state of California, where new compliance requirements went into effect Jan. 1, 2018. VeroPACE, available through the VeroSELECT ordering platform, will generate, analyze, rank and report the multiple Automated Valuation Models (AVMs) now required for PACE lending by California State Assembly Bill 1284 and the companion State Senate Bill 242. “The passage of this legislation significantly changed the valuation process for PACE loans, which are used to finance greater energy efficiency in homes,” said Veros Vice President of Sales Rob Walker. “Historically lenders could process a PACE loan in California using the results of a single AVM, but they now need three AVMs and must use a new method of calculating the final value.” AB 1284 intends to enhance PACE underwriting by requiring lenders to obtain the three AVMs from a third-party vendor, then choose the one with the highest confidence score and calculate the midpoint of that AVM’s highlow value range. The resulting value, combined in a report with data from the three AVMs, becomes the valuation submitted with the PACE loan application. “Ordering three AVMs on the same property can be difficult,” Walker said. “And because different AVM providers have different methods of producing confidence scores and values, the mid-range requirement has presented some significant challenges for many PACE lenders. Also, if lenders cannot get three AVMs, they have to get an appraisal, which will add time and cost to the loan application process. To combat this, lenders need to achieve high AVM hit rates.” Luke Ziegenmeyer, Director
of Product Management at Veros, said, “The good news for PACE lenders who are struggling with this new compliance requirement is that VeroPACE handles the entire process for them. And, if need be, we have an optional add-on for VeroPACE users that can facilitate the request and delivery of appraisals as well.” When VeroPACE is ordered through the VeroSELECT platform, a single data call is made, which generates a “cascade” through which up
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SocialSurvey Names 16 New American Funding LOs as Top Performers in the Nation
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SocialSurvey, an online reputation management service, has announced that 16 Loan Officers from New American Funding have ranked in the Top 100 Loan Officers for Customer Satisfaction, which is the most representation from any mortgage company in the nation. New American Funding’s Amber Ernst tied for the top spot, Johnny Dykes ranked in the Top 10, and New American Funding won the award for Top 10 Large Mortgage Company for Customer Satisfaction. The Top Performers Awards for 2018 are determined by online customer reviews generated through SocialSurvey. The other New American Funding Loan Originators who won the award are: Sheri Ryan, Jane Schatz, Andrew Pasillas, Steve Badovinac, Jay Rodriguez, Craig Johnson, Aaron Ninness, Jenny Cho, Nancy Rehse, Ashley Droege, Rob Gillon, Patrick Winchell, Deborah Higgins and Shari Bell-Beals. “We’re proud to not only have so many of our Loan Officers recognized, but to lead the nation with the most originators on the Top Performers list of any mortgage company is a tremendous honor,” said New American Funding Chief Executive Officer Rick Arvielo. “We work diligently to help our originators successfully build a positive online reputation. It’s rewarding to see them receive this outstanding accolade.”
New American Funding builds an online brand for its originators by surveying borrowers after each loan. Originators don’t have to lift a finger to garner positive reviews because it’s automatically done for them using SocialSurvey’s technology. Millennials Account for One-Third of Homebuyers
Slightly more than one-third of all home purchases were made by Millennials over the past year, according to the National Association of Realtors (NAR) 2018 Home Buyer and Seller Generational Trends study. The latest study found Millennials accounting for 36 percent of homebuying, making them the most active generation of buyers for the fifth year in a row. In last year’s study, Millennials accounted for 34 percent of homebuyers. In comparison, Gen X buyers ranked second (26 percent, down from 28 percent in 2017), followed by Baby Boomers (32 percent, up from 30 percent in 2017) and the demographic dubbed by NAR as the “Silent Generation,” those born between 1925 and 1945 (six
percent, down from eight percent in 2017). NAR determined that the typical Millennial buyer in the survey had a higher household income ($88,200) than a year ago ($82,000) and purchased the same-sized home (1,800square-feet) at a more expensive price ($220,000, up from $205,000 in 2017). Millennials carried higher student debt balances than in last year’s survey, and slightly more of this youthful demographic acknowledged that saving for a down payment was the most difficult task in buying a home. Fifty-two percent of Millennials bought in a suburban location, with 15 percent opting for a home in an urban area. Only two percent of Millennial buyers over the past year bought a condo. Mulvaney Offers Four-Step Plan to Change CFPB Operations
The Consumer Financial Protection Bureau (CFPB) released its semi-annual report, which included a four-part strategy by Acting Director Mick
Mulvaney for statutory changes to the agency’s structure and operations. Mulvaney’s recommendations require changes to the DoddFrank Act that would realign the CFPB away from its current standalone status. In the report, Mulvaney recommended funding the CFPB through Congressional appropriations—it is now funded via the Federal Reserve—and he also called for legislative approval of all major CFPB rules, ensuring the CFPB director answers directly to the President, and creating an independent Inspector General for the bureau. However, he did not call for replacing the director with a commission leadership structure. “The Bureau is far too powerful, with precious little oversight of its activities,” said Acting Director Mick Mulvaney. “The power wielded by the director of the bureau could all too easily be used to harm consumers, destroy businesses, or arbitrarily remake American financial markets. I’m requesting that Congress make four changes to the law to establish meaningful accountability for the bureau. I look forward to discussing these changes with Congressional members.” As for the report, it covered the CFPB’s significant work from April 1, 2017 to Sept. 30, 2017, including enforcement actions taken against the mortgage servicing, student loan servicing, credit reporting and debt collection industries. According to the report, during the period Oct. 1, 2016 to Sept. 30, 2017, the CFPB handled approximately
Looking solely at multifamily mortgages, agency and GSE portfolios and MBS held the largest share in 2017 with $606 billion, or 48 percent, followed by commercial banks with $404 billion, or 32 percent. State and local governments held $94 billion, or 8 percent, life insurance companies held $73 billion, or 6 percent, CMBS, CDO and other ABS issues held $43 billion, or three percent, and nonfarm noncorporate business held $14 billion, or one percent. continued on page 16
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$3.18T in Commercial/Multifamily Mortgage Debt Outstanding in 2017
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largest share of commercial/multifamily mortgages last year with $1.3 trillion, or 40 percent of the total, followed by agency and governmentsponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) holding $606 billion, or 19 percent. Life insurance companies held $468 billion, or 15 percent, and commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS) issues held $441 billion, or 14 percent.
MES TI
trillion at the end of 2017, a 6.7 percent increase from the $200.3 billion level reached one year earlier, according to the Mortgage Bankers Association (MBA). The mortgage debt Lower Homeownership Rates outstanding for this sector was Tied to Limited English $73.6 billion during the fourth Proficiency quarter of last year, up 2.4 percent from the third quarter. Multifamily mortgage debt outstanding rose to $1.26 trillion, an increase of $41.6 billion, or 3.4 percent, from the third of quarter. Commercial banks held the Limited proficiency in English is also limiting access to homeownership in the U.S., according to a new data study by the Urban Institute. There is a 64 percent median homeownership rate in neighborhoods with the highest levels of limited English proficient (LEP) residents, compared to a 74 percent rate in neighborhoods with the lowest levels of LEP residents. Spanish-language speakers compose 62 percent of the LEP population, and the new study determined that 42 percent of Spanish speakers do not speak English “very well.” Another 20 percent speak Asian or Pacific Island languages, and 15 percent speak other IndoEuropean languages. “We are not sure why and how limited English proficiency interferes with homeownership, but this research establishes that it is a barrier on top of other, more researched barriers,” the study overview stated. “This finding suggests that we might expand homeownership by better serving the LEP community. Last October, the Federal Housing Finance Agency announced it would add a preferred language question to the redesigned Uniform Residential Loan Application. This new question will allow lenders and regulators to gather data to help them size the market of potential LEP homeowners and determine how they can best serve these populations.” 317,200 consumer complaints, with the most complaints regarding credit reporting (27 percent) and mortgages (13 percent).
Do Online Reviews Make Your Nervous? By Scott Harris
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nmp news flash
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Fannie Mae Predicts Strong Economy Into 2018
on’t fear. There are not as many trolls as you imagine. You don’t have to cherry pick reviews and customers to survey anymore. Stop walking through the unmanaged minefield of online customer feedback.
Commonly, it’s perceived that 30 to 40 percent of reviews are negative. There could be several reasons for this. Loan Officers are far too self-critical in a grueling industry where closing loans can be a long, arduous process. The experience can be emotional and complicated, with many touch points. It’s often working with motivated, yet uninformed customers. The process is as much an education as it is a business transaction. Despite these challenges, there is tremendous value delivered. Why shouldn’t great Loan Officers be acknowledged for helping more Americans become homeowners? So, what are the numbers? From a data set of nearly a quarter million reviews that surveyed closed loans automatically, the SocialSurvey team found that only 1.13 percent or less are actual unpleasant reviews. Positive reviews numbered 95.98 percent, while 2.89 percent were neutral. Virtually only one percent of all reviews were unpleasant reviews! Challenge accepted and negativity debunked! Welcome to a world of visibility. For SocialSurvey customers, we’re unveiling a new dashboard to help drive this point home. Now mortgage companies have access to a leaderboard that shows the Loan Officer rankings by region or branch. Get data beyond just bad reviews; have actionable data into your superstar performers so you can incentivize and reward your top performers. Don’t let a handful of unhappy customers or disgruntled employees manage your online reputation for you. Transform your unsung happy customers into champions to reflect the true voice of your customers. Leave behind a fear-based, scarcity mentality and embrace a world of abundance. Rest easy at night knowing there’s a set it and forget it survey platform. You’re a superstar that deserves to sleep easy at night with full confidence in your brand. Welcome to the cool side of the online reputation pillow. Speaking of superstars, go to SocialSurvey’s Web site to check out Top Performers for the best Loan Officers and Mortgage Companies of 2017! The competition was especially challenging with more than 20,000 Loan Officers and hundreds of mortgage companies. Visit our Web site to learn more about SocialSurvey and its enterprise online reputation management system.
Scott Harris, CEO at SocialSurvey. For 20+ years Scott has delivered more than a dozen software solution for lenders. His SocialSurvey platform empowers WOW performances in the mortgage industry.
SPONSORED EDITORIAL
Fannie Mae is predicting a robust economic growth for this year, despite a projected slowdown during the first quarter. According to the Fannie Mae Economic and Strategic Research (ESR) Group’s March 2018 Economic and Housing Outlook, the full-year 2018 forecast of real GDP growth by one-tenth to 2.8 percent, while the full-year 2019 forecast by two-tenths to 2.5 percent. Fannie Mae also downgraded its first quarter forecast from 2.7 percent to 2.2 percent, blaming the drop on slowdowns in housing activity and business investment plus what it described as “lackluster consumer spending.” Looking forward, the ESR Group raised potential red flags— most notably, “including the potential for aggressive monetary tightening from the Fed and a further escalation of trade tensions following the recent tariffs placed on steel and aluminum imports”—and it also predicted a rate hike will occur during this week’s meeting of the central bank’s Federal Open Market Committee meeting, with two more rate hikes later in the year. “We’re nearly a quarter of the way through 2018 and, as anticipated, the interplay between fiscal and monetary policy continues to frame the economic landscape,” said Fannie Mae Chief Economist Doug Duncan. “While we expect the economy to shift temporarily into a lower gear in the first quarter, the pace of growth should accelerate through the remainder of this year and into the next. Beyond the obvious downside risks, the economy appears poised to build on a foundation of strong consumer spending and a historically healthy labor market following the recent passage of the discretionary spending bill on top of tax reform.” On the housing front, Duncan added that “home sales got off to a rough start in 2018, bottle-
necked by the persistent challenges of the inventory shortage.” Nonetheless, he insisted that “strong home price appreciation continues to come as welcome news to existing homeowners.” Barney Frank Presents New Platform for At-Risk Homeowners
A pair of non-profits, the Finance of America Foundation and HLP, are teaming with the co-author of the Dodd-Frank Act to launch a national platform designed to help homeowners facing foreclosure and other financial difficulties. This new platform, which has yet to be formally named, is set to go live in the third quarter of this year. The platform will provide information on federal and state aid programs plus private resources designed to keep at-risk homeowners in their residences, and it will also provide free, on-demand chat services with non-profit HUDapproved housing counselors. Former Rep. Barney Frank (DMA) is serving as an advisor to the Finance of America Foundation in this effort. “While we have made significant progress in many ways in the 10 years since the financial crisis, we have not yet implemented a solution that allows government, the lending industry and counselors to work together effectively on behalf of individuals facing financial distress,” said Frank. “This platform will be a welcome source of assistance for individuals as well as an opportunity for mortgage companies provide a better customer experience and demonstrate their commitment to sustainable homeownership. It will also provide more visibility for the wide array of government programs available throughout the 50 states and to the thousands of nonprofit housing counselors who work tirelessly to help people in need.” continued on page 20
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New Fusion Marketing Approaches
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he age of Internet and live transfer generated leads has become saturated. Mortgage professionals are being told they are buying one type of lead and then received something completely different. Since its inception in 2011, the Consumer Financial Protection Bureau (CFPB) has been cleaning house in the financial sector with a keen eye on the mortgage industry. The Internet is the only place they have not conquered. With predatory lending gone, along with those who practiced it, there has been major growth in new marketing methods. The term “marketing” has become almost synonymous with compliance. This doesn’t mean you have to stay away from it. In fact, it’s been one of the main reasons marketing efforts are working so well today. With so many hoops to jump through, a lot of people are simply staying away from marketing all together. New marketing campaigns are combining traditional marketing methods like online marketing and direct mail integrating online additions to them. These new hybrid campaigns allow recipients to respond by phone, mail, e-mail or online. With millions of people performing millions of searches each day to find content on the Internet, it makes sense that marketers want their products to be found by potential consumers. TagQuest customer spotlight Here’s what we heard from Alfred Valentine, a Manager and Jim Cefaratt, a Senior Loan Officer, with Acre Mortgage:
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USDA Purchase Leads l First Month Results: Sixty leads, 21 applications and 13 closed loans l Projected Closing Ratio: Twenty-three percent Highlights of the campaign … “TagQuest has the knowledge and tools to help you grow your business. The Cypher CRM is the best I’ve ever seen, limiting wasted time and lost leads. TagQuest is not looking out for their own best interest, they focus on our growth and bottom line as well. Others would benefit from their attention to detail and concern for providing the best possible marketing strategies,” said Valentine. Highlights of the campaign … “The beauty of this program/campaign is that everything comes directly to you via e-mail. As soon as a client clicks on to our site and fills out the very brief questionnaire of interest it gets sent directly to your e-mail so you can access their information wherever you are. With this site, unlike many others I have dealt with, the questionnaire is a few small questions, instead of a Quicken questionnaire which is lengthy and time consuming,” said Cefaratt.
TagQuest Inc. is a full-service marketing firm specializing in marketing for the mortgage industry. Call (888) 717-8980 or visit www.tagquest.com.
IMAGINE • INNOVATE • SUCCEED SPONSORED EDITORIAL
new to market
continued from page 13
downpayment protection by ValueInsured, embedded directly into a homebuyers’ mortgage. “The purpose of AFN Protection+ is to offer investment security and peace of mind to borrowers as they make one of the biggest—if not THE biggest purchase of their lives,” said AFN President John Sherman. “We are excited to partner with ValueInsured and offer this ground-breaking product to our borrowers.” With AFN Protection+, homebuyers may safeguard their downpayment and buy with confidence. Even if they need to move and real estate market values are down when they sell, up to the full amount of their downpayment may recovered, and if all program requirements are met, any potential loss would be reimbursed. “AFN recognizes that borrowers need to protect their down payments and is addressing it by offering Protection+ in all of its mortgages,” said Joe Melendez, Chief Executive Officer of ValueInsured. “It is exciting to partner with a company that understands both the market and consumers’ needs.” Cloudvirga Launches New Mobile App
Cloudvirga has announced the launch of a new mobile app that will enable Real Estate Agents to collaborate with Mortgage Loan Officers in realtime. This native mobile app will allow for the instantaneous and secure exchange of loan documents and communication between Real Estate Agents and loan teams for a faster, more efficient mortgage experience. The mobile app, available for both Android and Apple devices, makes it easy for real estate agents to check a loan’s status, view and send preapproval letters and upload purchase contracts from virtually anywhere. Real estate agents can also use the app to share leads with Loan Officers. “Cloudvirga’s new mobile app deepens the collaboration between loan officers and real
estate agents, which is critical to success in today’s purchasedriven market,” said Cloudvirga Co-Founder Kyle Kamrooz. “Agents and Loan Officers now have access to our digital mortgage platform via a native mobile app that is both easy to use and incredibly powerful.” MGIC Announces Enhancement to Fiserv Inc.’s PCLender
Mortgage Guaranty Insurance Corporation (MGIC) has announced the availability of non-delegated mortgage insurance with document submission through PCLender, Fiserv’s loan origination system (LOS). Through the seamless integration, PCLender customers can receive MGIC rate quote PDFs and submit non-delegated mortgage insurance orders and their corresponding loan documents– all without leaving the platform. The one-step non-delegated and document submission process is unique to MGIC. This automation of data exchange helps increase the efficiency and accuracy of the loan origination process. “We’re pleased to expand our integration to benefit our mutual customers,” said Margaret Crowley, Vice President of Marketing and Customer Experience at MGIC. “It demonstrates our continued dedication to offering automated solutions for a bestin-class loan origination experience.” Your turn National Mortgage Professional Magazine invites you to submit any information promoting new “niche” loan programs, new products or any other announcement related to the introduction of a new program, to the attention of: New to Market column Phone #: (516) 409-5555 E-mail: Newsroom@MortgageNewsNetwork.com
Note: Submissions sent via email are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
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Wholessale Non-Prime Lending
ODF / Outsside Dodd Frank
Texas Commissions Adopt Final Rules on Home Equity Lending
nmp news flash
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Less Q1 Optimism on Homebuying
Smaller Q4 Gains for Independent Mortgage Banks
Optimism related to potential homeownership waned during the first quarter, according to the National Association of Realtors’ (NAR) latest Housing Opportunities and Market Experience (HOME) survey. In a poll of roughly 2,700 households, 68 percent of homeowner respondents during the first quarter felt that now is a good time to buy a home, down from 72 percent in the fourth quarter of 2017. The first quarter level is the lowest share in the past two years. Among renters, 55 percent felt strongly about homebuying at this time, down from 60 percent in the previous quarter. However, the share of homeowners who believe now is a good time to sell increased to 74 percent in the first quarter from 71 percent in the previous quarter. The first quarter response is the second highest since the HOME survey began in December 2015. Among non-homeowners, the main factors preventing them from saving for a down payment were limited income (47 percent), student loan debt (30 percent), rising rents (28 percent) and health and medical costs (14 percent); 14 percent said that nothing was holding them back from saving for a downpayment. Also, 29 percent said they lacked the financial knowledge or did not know the first step needed to qualify for a mortgage. “It’s never too early for those wanting to own a home in the future to sit down with a lender to discuss their current financial situation,” said NAR President Elizabeth Mendenhall, who is also CEO of RE/MAX Boone Realty in Columbia, Mo. “Homeownership could be a more attainable goal once an interested buyer finds out how much they can afford to buy, as well as what steps, if any, are needed to improve their chances of obtaining a mortgage.”
Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $237 on each loan they originated in the fourth quarter of 2017, a significant drop from the reported gain of $929 per loan in the third quarter, according to data from the Mortgage Bankers Association (MBA). The average pre-tax production profit was nine basis points (bps) in the fourth quarter, a steep drop from an average net production profit of 40 bps in the third quarter. The purchase share of total originations, by dollar volume, was 71 percent in the fourth quarter, down from 74 percent in the third quarter. However, the average loan balance for first mortgages reached a study high of $254,291 in the fourth quarter, up from $251,109 in the third quarter. “Production profits plummeted in the fourth quarter of 2017 compared to the third quarter of 2017,” said MBA’s Vice President of Industry Analysis Marina Walsh. “Purchase volume was lower in the fourth quarter, in part due to normal seasonality. At the same time, there was no substantial pickup in refinancings. While cashout refinancings grew incrementally to 16 percent of overall production volume in the fourth quarter, from 14 percent the previous quarter, rate-term refinancings continued to be less than 13 percent of overall production volume, on par with the previous two quarters.”
By Gavin T. Ales
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he Finance Commission of Texas has agreed to adopt amendments, repealing certain current rules and adopting new rules related to home equity lending in Texas at its February meeting. The Commission had previously published proposed, revised and updated rules under Chapter 153 of Title 7 of the Texas Administrative Code late in 2017. The Credit Union Commission adopted the final rules at its March meeting. The Joint Financial Regulatory Agencies, consisting of the Texas Department of Banking, Texas Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner, and Texas Credit Union Department, issued a Statement on the Passage of SJR 60. The agencies presented the amendments for final adoption at the meetings in February and March and expected the amendments to take effect in late March 2018. These revised and updated rules are in response to the vote on Nov. 7, 2017, and passage of revisions to the Texas Constitution Article XVI, Section 50, which governs home equity lending. The new Home Equity Lending Rules will be effective when published in the Texas Register, which was expected on March 29, 2018. The rules provide additional clarity to the revised provisions adopted into the Texas Constitution due to the election. The rules now reflect the revised fee limitation under Section 50(a)(6)(E) to two percent of the loan amount, down from three percent. But the rules also clarify specifically what types of fees can now be excluded from this two percent limitation. The constitutional provisions allow the exclusion of an appraisal fee, a property survey fee, and fees for a lender’s title insurance policy plus endorsements, or if no lender’s title insurance premium is charged, a fee for a title examination report. The Commission rules clarify the exclusion for an appraisal fee does not include charges for appraisal management services fees, that fees for a property survey may be excluded only if the survey is performed by a person licensed under the Texas Occupations Code, and specify which endorsements may be excluded with fees for a lender’s title insurance policy. The updates also include new provisions to support the modification to Section 50(f)(2), allowing the refinancing of a previously-identified Texas 50(a)(6) loan into a non-home equity loan. The rules adopt provisions to support these new constitutional provisions, including the prohibition against closing the non-home equity loan before the anniversary of the closing of the original (a)(6) loan, the new refinance may not include the advance of additional funds except for certain limited amounts, the 80 percent limitation of the loan amount when compared to the fair market value of the homestead, and the requirement to issue a new 12-day notice before closing.
Gavin T. Ales is chief compliance officer with Torrance, Calif.-based DocMagic Inc. He may be reached by phone at (800) 649-1362, ext. 6446 or e-mail Gavin@DocMagic.com.
SPONSORED EDITORIAL
National Median Rent Down for Third Straight Month
The national median one-bedroom rent prices for April dropped by 1.91 percent from the previous month to $1,026, according to new data from ABODO. This marked the third consecutive month of falling rent prices. continued on page 50
NAMB+ is an independent, wholly-owned, for-profit marketing subsidiary of NAMB, The Association of Mortgage Professionals. Dear Mortgage Professional, Spring is here, officially at least, even if it doesn’t feel like it in some parts of the country. Hopefully your local housing market is warming up faster than the temperatures here in the Northeast! As you think about your plans for Spring and Summer, which for many of us probably include spending less time inside the office, I encourage you to take a look at some of the innovative mobile and digital solutions offered by our Endorsed Providers that can help you work more efficiently, more effectively and more remotely. PreApp1003 offers loan originators an easy and secure way to prequalify prospects right from your mobile device. Syncro connects loan officers via text messaging to prospects visiting your website in real time. Social5 provides social media and mobile marketing tools for loan originators and SimpleNexus will help you increase your
engagement with clients, prospects and referral sources through mobile app development. Last, but not least, MySmartBlog will build you a complete dynamic and Profitable Online PresenceTM to help you protect your repeat and referral business from your competition. Join NAMB today to gain access to special preferred pricing and exclusive discounts from these and other tremendous NAMB+ Endorsed Providers! Sincerely,
Mike DeSantis President, NAMB+, Inc. mike.desantis@namb.org
See below for a complete listing of the current NAMB+ Endorsed Providers and visit NAMBPlus.com for more information. Full-service mortgage credit reporting company serving the nation’s financial community. Avantus provides custom mortgage credit reports, fraud and compliance solutions, and innovative lead generation products available exclusively to Avantus customers. NAMB members receive a discount off Brokers Compliance Group compliance support programs.
MassMutual Disability Income Through an arrangement with Massachusetts Mutual Life Insurance Company (MassMutual), NAMB members have an opportunity to apply for individual disability income insurance (DI) at discounted rates. MortgageHippo Swift allows loan originators of all sizes to deliver a modern borrowing experience, significantly improve
PreApp 1003 Founded in 2015, Houstonbased PreApp 1003 was created to fill a growing need for mortgage loan originators to easily and securely prequalify mortgage prospects from the convenience of their mobile devices.
SYNCRO connects mobile salespeople to their office website leads. NAMB Members receive a 10% discount off regular prices for monthly unlimited SYNCRO Web Chat packages.
21 USA Business Lending, Inc. USA Business Lending is your complete resource for everything commercial lending. With our extensive network of funding sources and specialized loan programs, you can be sure that your clients have access to the most competitive rates and terms available on the market.
Sarma gives you access to their extensive resources including: merged reports from the three top credit bureaus, CreditXpert tools, AVM Reports, SocialValidate, TRV Verification, Interface with over 30 LOS, Fannie and Freddie connection, Verification of employment/deposit and much more. NAMB Members will receive a Twenty-Five Percent (25%) discount off of the regular price with their NAMB Membership. Simplii VOIP business phone solutions include all the features and functionality of a high end business phone system without the high costs. We offer all NAMB members a 10% discount off their phone services.
NAMB PLUS Login Instructions Username = Member Number Password = First initial of your first name capitalized and your last name with the first letter of the last name capitalized (example = JStevens)
If you are not a NAMB member please visit NAMB.org and join today to gain access to NAMBPLUS.com and the many benefits NAMB members receive!
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eEndorsements promotes your success by making it easy to capture customer reviews, control your content, and publish your testimonials where they matter to drive new business. Automatically share your reviews on Facebook, Twitter and Linkedin. Easily invite your clients to share reviews to sites like Yelp and Zillow. eEndorsements offers a 34% discount to NAMB Members.
MySMARTblog.com The way your prospects think has changed and that is where the massive shift occurred. At MySMARTblog.com we build a complete, dynamic and Profitable Online Presence™ in order to protect you and your valuable repeat and referral business from your competition.
If you want a social and mobile marketing strategy that gets noticed contact Social5 today for a FREE consultation and demo and to receive your NAMB member discount pricing
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borrower conversions, reduce origination costs and integrate with other innovative technologies in the mortgage industry. NAMB members will receive a 25% discount.
Message From NAMB 2017-2018 President John G. Stevens, CRMS The day I am writing this message, I am celebrating my 38th birthday. It’s been 38 years’ worth of learning, trials, happiness and sorrow. And yet, as I look back throughout all of my experiences, I realize something profound: “I am not a Product of my Circumstances, I am a Product of my Decisions!”—Stephen Covey
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How often do we look back and place blame on what we are on other people or on certain circumstances? Do we reflect inward and see how our own decisions have affected our abilities? Are you great at loan origination because you just are? Or, is it due to your hard work in learning about different products, how to price loans out, and better yourself through classes? I was talking with a Loan Officer Member of NAMB the other day, and they were complaining about how they were unable to close a lot of loans because of how difficult the borrowers are in their area. And how much easier would it be if he lived in California where loans were higher and people were friendlier? I asked this person why they didn’t get licensed in California and do loans there as well. They laughed and said that would never work. Didn’t I realize that to do loans, you had to live there? He told me that you have to see people or they won’t work with you. This is an example of an individual who personifies the idea that you are a product of your circumstances. Fast-forward to today where I saw a close friend of mine who posted on Facebook that he is now able to do loans in Florida! He was excited to help people achieve their dream. Although he lives in the Boston area, he is now helping people who he may never meet face to face. He took his circumstances, saw that he wanted to do more, do better, and he made the change necessary to do better! He made the decision to become better than he was before. Forty-five years ago, a group of mortgage professionals came together to say that they are no longer a product of their circumstances. Forty-five years ago, a group of Mortgage Professionals came together and made a decision to help our industry become better than it was. As I look back on the last 45 years of the National Association of Mortgagee Brokers, I see that we have also had 45 years’ worth of learning, trials, happiness and sorrows as well. The founders of the NAMB understood what Stephen Covey meant when he wrote about being better than you are today, and how to overcome your circumstances. Now we are facing opportunities like never before to better our industry. NAMB is meeting with the Consumer Financial Protection Bureau (CFPB), members of Congress and heads of other associations … all focused on making our industry better. They understood what it meant when Rotarians talk about: “Service above self.” I would ask each and every single one of you to reach out and become a part of this 45year-old organization. Find ways to help it become better. Find ways to make our industry more stable. And find ways to help you become a stronger mortgage professional. If we put our differences aside and find ways to work together, we will all become better throughout the next 45 years. And I look forward to celebrating with all of you the 90th birthday of the National Association of Mortgage Brokers. Sincerely,
John G. Stevens, CRMS President of NAMB
“How often do we look back and place blame on what we are on other people or on certain circumstances? Do we reflect inward and see how our own decisions have affected our abilities?”
John G. Stevens, CRMS is President of NAMB and Vice President of National Business Development for Paramount Residential Mortgage Group Inc. (PRMG). John has been actively involved in NAMB and mortgage industry thought leadership since 2010. Feel free to reach John by phone at (801) 427-7111 or e-mail JohnGStevens@gmail.com.
N A M B
P E R S P E C T I V E
NAMB’s Membership Minute: April 2018 By George W. Burkley III, CRMS
Who can be part of the program? l Open to all NAMB Professional and Associate Members in good standing and who have paid their 2018 annual dues
As a current NAMB member, how do I benefit from the program? l By recruiting two new NAMB members and paying for your 2018 NAMB membership dues, NAMB will pay for your 2019 membership dues! Does this also include my state association dues? l No, this incentive program applies to NAMB membership dues only. NAMB Community Builders Membership Programx The NAMB Community Builders program … a great way to recognize NAMB’s hard-working members!
Recruit 25 new members to NAMB on an annual basis, or if you hold a Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) designation, recruit 20 new members to NAMB on an annual basis and receive: l FREE NAMB membership for the year following the completion of the required recruitment number l FREE NAMB jacket l FREE entry to the NAMB Legislative & Regulatory Conference l FREE entry to NAMB National, along with two tickets to Keynote Speaker Luncheon and two tickets to End of Event Party and Awards Dinner (must pre-register) l Up to two nights hotel at either the NAMB Legislative & Regulatory Conference or NAMB National (recipient’s choice) l Blue Star Community Builder Award presented at NAMB National End of Event Party and Awards Dinner l Lapel pin and recognition on the NAMB Web site l Special Membership Certificate and patch l Special ribbon for badge at NAMB events l Special Blue Star Community Builder logo for e-mail signature Rules 1. To obtain and maintain Community Builder status, individual must be a current NAMB member in good standing. 2. Only one NAMB member can get credit for a new member. 3. NAMB and state affiliate staff are not eligible. 4. All referrals must be indicated on the online or paper NAMB Membership Application at the time of recruitment. Applications should be submitted online via NAMB.org, via e-mail at Membership@NAMB.org or by fax at (530) 484-2906. Best of all, our membership fee for NAMB is $120 per year. George W. Burkley III, CRMS is Owner and Founder of Goshen, Ind.-based American Mortgage & Financial Services, and NAMB Director, as well as Chairman of the Membership Committee. He may be reached by e-mail at George.Burkley@NAMB.org.
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How can you take advantage of the program? l As an active NAMB member, simply recruit two new members to NAMB in 2018.? At the time, the potential member completes their application, they must provide the name of the referring member where indicated on the online or paper form.
Recruit 10 new members to NAMB on an annual basis or, if you hold a Certified Residential Mortgage Specialist (CRMS) or Certified Mortgage Consultant (CMC) designation, recruit five new members to NAMB on an annual basis and receive: l FREE NAMB membership for the year following the completion of the required recruitment number l FREE NAMB backpack l FREE entry to NAMB National, along with two tickets to the Keynote Speaker Luncheon (must pre-register) l Lapel pin and recognition on the NAMB Web site l Special Membership Certificate and patch l Special ribbon for badge at NAMB events l Special Diamond Community Builder logo for e-mail signature
NationalMortgageProfessional.com
As we move into the second quarter of 2018, membership in the National Association of Mortgage Brokers is growing at a steady pace. NAMB is celebrating its 45th anniversary this year, and is the premier association to be part of if you are a mortgage professional. Since 1973, NAMB has committed to promoting the highest degree of professionalism and ethical standards for its members. In addition to mandating that its members adhere to a professional Code of Ethics, NAMB provides Mortgage Brokers with professional education opportunities, and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education. Membership in NAMB will benefit you in many ways. NAMB will keep you educated, trained and well-informed on everything happening in the mortgage origination industry. It will be the best business decision you make all year! Help NAMB protect your industry. In early May, we will hold our annual NAMB Legislative & Regulatory Conference in Washington, D.C. In D.C., we will meet with our Congressional reps and Senators on the political and regulatory issues impacting the mortgage industry. Washington, D.C. is becoming increasingly Broker- and consumer-friendly. It is now more important than ever to be part of NAMB and build a relationship with your Congressional representatives and Senators. You want to be part of their eyes and ears so they see and hear you, as well as being the professional boots on the ground Mortgage Originator who can give them good counsel and advice on the mortgage industry. Your volunteer time with NAMB will recession-proof your business if you build it as a business. Share NAMB with your fellow Mortgage Brokers and Loan Originators. We launched the following program back in January, and all of our members should look to take advantage of it. Starting Jan. 1, 2018, become a part of the “Refer Two and NAMB Pays for You” incentive program!
Recruit two new members to NAMB on an annual basis and receive: l Lapel pin and recognition on the NAMB Web site l Special Membership Certificate l Special ribbon for badge at NAMB events l Special Gold Community Builder logo for e-mail signature
N A M B
P E R S P E C T I V E
Why Do I Need NAMB? NAMB.org … JOIN TODAY! l l l l l l l l
NAMB Testifies Before Congress NAMB Works With the CFPB NAMB Participates in Multiple Regulatory/CFPB Panels NAMB Webinars Full-Time NAMB Lobbyist on Capitol Hill NAMB Protects Your Business NAMB Forms Industry Coalitions NAMB Education
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For detailed information, visit NAMB.org.
Are You an NAMB Lending Integrity Seal of Approval Holder? (No additional costs to NAMB members)
How to Apply for your National Lending Integrity Seal LendingIntegrity.org Click on EARN the Seal NAMB members ONLY–Log in to the Lending Integrity site with your NAMB User ID and Password (If you do not know your User ID and Password, type in your e-mail and click log-in and the system will send you a password. If you have any issues, please call (202) 434-8250 or e-mail Membership@NAMB.org). Lending Integrity Requirements The Lending Integrity Seal of Approval is awarded only to mortgage originators who meet specific requirements. To earn the privilege to display the Seal, mortgage brokers and loan officers must: l Be an NAMB member l Meet the requirements of the SAFE Act l Pass a national criminal background check l Attend eight hours (or equivalent) of professional development education each year l Attend two hours (or equivalent) of ethics training every other year or each license renewal cycle l Provide professional references l Subscribe to NAMB’s Best Business Practices l Agree to NAMB’s Code of Ethics l Must be renewed annually
NAMB Certification Committee Update By Linda McCoy, CMRS
NAMB is busier than ever and is focusing on small businesses. I have not seen as many NAMB events popping up all over the place in years. This is about the most exciting time ever to be involved with the mortgage industry, and I hope you will get involved so that you can join us at any number of meetings, Swarms, conferences, education classes and networking events being held across the U.S. You hear a lot about the problems of the industry, but what you do not see is the progress made every day and who is out there working to make sure that you have a mortgage profession in the future. Millennials may be the future, but somebody needs to train them to be good mortgage professionals. I am working on that, one person at a time with information learned at breakout sessions at NAMB events. I have hired two new college graduates within the last two years. I have been so pleased with their success. In our business, there is no “start at the beginning and learn it all by the book.” We have a vast amount of rules and regulations, but there seems to be many exceptions to these rules. You need to jump in somewhere and learn a little at a time until all-of-a-sudden one day, it all makes sense. You find out that you will never learn it all because it is constantly changing. The challenge is what is so great and exciting about our business … you never get bored. I was at a NAMB National breakout session a few years ago and listened to one of the sessions about Millennials. That is when I decided if I wanted my business to continue and be successful, I needed to start with adding some very young professionals. There is no college course to study to become a Loan Originator in my area. I decided to go to the local university and try to recruit my next employees. The first graduate I hired had an accounting degree. When we were putting the job ad on the university job site, we asked ourselves who might be the best individual for our mortgage team. We decided that someone with an interest in accounting, business, finance, marketing or general studies might be a good candidate. We received many applications and filtered through the resumes until we found four or five candidates that we wanted to interview. We narrowed it down to one with an accounting degree that was getting married and did not want to interview until after he got back from his honeymoon. We waited on him an extra two weeks because he put his family first. I own a family business and when I asked him to come to work for me, I was really asking him to join my family. We spend more time at the office than we do at our homes. He came in knowing nothing about mortgages and we gave him a “learn as you go” position as an apprentice to learn processing while he was studying to become a Loan Originator. After eight months, he took the 20-hour licensing course and passed the first time. A few months after he was hired, we went back to the university job site looking for another employee. We found a young lady who had just graduated with a marketing degree. We hired her with the idea that she would learn just like he did, one step at a time. She said she would try the processing, but just wanted to focus more on marketing. Every business can use some marketing, so we let her work on marketing while we slowly introduced her to the processing side of the industry. She has become a great processor that helps us with marketing and may or may not become a Loan Officer one day. She will make a great Office Manager. We hired another who had been in automobile financing. She took the LO 20-hour licensing course, and within a month, passed her test and has already closed her first loan with the help of our Accounting/Processing LO. We are slowly adding to our mortgage team, using information that I received from going to NAMB events. I want to thank the NAMB family for giving me the idea of contacting my local college. We just went back to the university job board for two more employees recently. I have been exposed to so many successful professionals who have given me ideas to take back to help me as a small business owner. Join our NAMB family and learn as you go too. Linda McCoy, CMRS of Mobile, Ala.-based Mortgage Team 1 Inc. is a member of the NAMB Board of Directors, as well as NAMB Certification Committee Chair. She may be reached by email at Linda.McCoy@NAMB.org.
N A M B
P E R S P E C T I V E
A Message From NAMB Government Affairs Committee Chair Christopher J. Bettis, CMC, CRMS
Volunteerism: What Have You Done for Me Lately? By Michelle Velez, CMC
I just can’t believe how fast time flies. I often think about where I was years ago compared to where I am now. I like to think that I’m in a much better place now. It has been just over 10 years since I first volunteered for our mortgage industry. I started out as the Government Affairs Committee Chair for San Francisco Peninsula
Michelle Velez, CMC of Supreme Lending is Secretary of NAMB. She may be reached by e-mail at Michelle.Velez@NAMB.org.
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Christopher J. Bettis, CMC, CRMS of Eugene, Ore.based Precision Capital is a member of the NAMB Board of Directors and Chairman of the Government Affairs Committee. He may be reached by e-mail at Chris.Bettis@NAMB.org.
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Why I Joined NAMB and GA … And Why You Should Go to the Legislative I am often asked why I volunteer my time and resources to a national mortgage trade association. I find those who ask are confused … why the time and investment in resources in a national organization, when I am only licensed in one state? Where is the return on my investment? Quite simply, I treat the art of mortgage lending as a profession, not just a job. I find that knowing more than the vast majority of my competitors gives me a competitive advantage. Not only does knowledge allow me superiority in marketing, it enables me to provide better service and products to my borrowers. Finally, I want to know the rules. In my 17 years in this business, I have witnessed many other lenders subject to fines, lawsuits, and cease and desist orders. In everything I do, including my profession, I play to win. My chances of winning greatly increase if I know the rules. That is why I joined NAMB. The reason I joined the Government Affairs Committee is much more specific. It was Dodd-Frank. I never again want to almost be regulated out of a profession. Never again, do I want to be reactive. The industry and consumers need to have an educated voice fighting for them. When I looked for a voice, however, I saw a void. So I decided I would let my voice be heard. Some still question the commitment in time and money it takes to be the voice I want to be. I can honestly say, however, the knowledge and information I glean from every event attended, bill read, and rule-making dissected, benefits me decidedly more than it costs me. If you want your voice to be heard, if you’ve never gone to Capitol Hill and sat in front of your representatives, you should go to Washington, D.C. in May and attend NAMB’s Legislative & Regulatory Conference. If you want to be better, more competitive and lead your profession, yet you’ve never been to a national event to raise your standard, get to D.C. Finally, if you want to proactively seize the huge opportunity to let your voice be heard with by the Consumer Financial Protection Bureau (CFPB), I challenge you to come to attend the Legislative & Regulatory Conference. Here’s to the NAMB, its Government Affairs Committee, and best of all, to your success!
Chapter of the California Association of Mortgage Professionals. I can’t imagine how different things would be if it weren’t for some the amazing people who volunteer their time for our industry and our customers. But it seems I hear the same thing over and over … “What have you done for the industry?” In other words, “What have you done for me lately?” There have been so many changes over these past 10 years. Quite a few “Who Moved My Cheese” moments! Most Loan Originators do not realize just how hard their state associations and NAMB have worked for them and continue to work. Our biggest fight is, first and foremost, what is best for the consumer and maintaining consumer choice. There are so many acronyms that affect our industry: MDIA, TRID, HVCC, ATR, QM, QRM … it can just make your head spin. It’s hard to believe that if regulations were implemented the way they were originally written, our industry would be a whole different ballgame. Over the next few months, I will be reaching out to all the NAMB Presidents to talk to them about what industry changes were happening while they were President. You would be amazed by the hard work these people have put in on behalf of our industry. I can think about how far we have come from when I first joined the fight. We were lobbying for changes to Dodd-Frank to prevent the unintended consequences once it was implemented. What about the SAFE Act? When this was rolling out, found they needed to pass an FBI background check and credit background check. Some states wanted to implement a minimal FICO score requirement. Although each state was different, there would have been a huge reduction in Mortgage Originators. It’s important that we maintain the SAFE Act, but I personally would like to see this expanded for all Loan Originators to be licensed and not just registered. I can start with Loan Officer Compensation (LO Comp). When the regulation was first released, the consumer was going to be double charged with broker and loan officer comp within the three percent points and fees cap of the Ability-to-Repay (ATR) rule in a Qualified Mortgage (QM). The loan officer compensation and the broker company compensation was included. NAMB lobbied hard to make sure lender comp was not double counted. NAMB and the state associations were able to work with legislators to help create an equal playing field. An important win for the industry was to allow the Broker Loan Officer to be paid in a borrower-paid transaction. NAMB has been fighting for the last five years to get the broker company comp to be removed as well. Our efforts have not gone unnoticed by the Consumer Finance Protection Bureau (CFPB). The CFPB knows who NAMB is. They have reached out for our input regarding potential changes in regulation that have been put in place. So when someone asks me, what have you done for our industry? My response is always, “How much time do you have?” and “What haven’t we worked on for our industry?” The look on their face when they hear all that we done for the industry is amazing. I would like to challenge all Loan Originators to actively work with their state associations. At least once in their career, take part in their State Lobby Day. Have your voice heard. California has vetted through more than 30 bills that would have an effect on our industry to narrow down the bills to just three that are the most important. NAMB is hosting its 2018 Legislative & Regulatory Conference from May 5-8 in Washington, D.C. If you have not planned on attending, maybe you should think about it. Being a part of change is empowering. For too many years, Loan Originators have found themselves thrown under the bus. Remember, if you don’t have a seat at the table, you may find yourself on the menu!
N A M B
P E R S P E C T I V E
NAMB Events on the Horizon
NAMB Members Only 2018 Legislative & Regulatory Conference Saturday-Tuesday, May 5-8, 2018 The Mayflower Hotel I 1127 Connecticut Ave NW l Washington, D.C. Join NAMB for the Members Only 2018 Legislative & Regulatory Conference in Washington, D.C., Saturday-Tuesday, May 5-8 at the Mayflower Hotel. Join your mortgage industry peers to march on Capitol Hill and meet with your elected officials. Featuring networking opportunities, top industry speakers and the unique opportunity to walk the hallowed halls of Congress. As one of the most historic hotels in Washington, D.C., The Mayflower Hotel has welcomed locals and visitors alike into its elegantly gilded hallways and gloriously appointed spaces for nearly a century–playing host to inaugural balls and ladies who lunch, the famous and the infamous, decades of society weddings and legions of guests who just wanted to be in the center of it all. For more information, visit NAMB.org.
Schedule of events (Subject to change)
Saturday, May 5 Noon-5:00 p.m. NAMB Board Meeting 26
5:00 p.m.-7:00 p.m. Welcome Reception
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Sunday, May 6 10:00 am.-Noon NAMB Government Affairs Committee Meeting (will include breakfast) NAMB Government Affairs Committee Chair Chris Bettis, CMC will provide an in-depth overview of what’s happening in Washington, D.C., NAMB’s focus and more. Noon-1:30 p.m. NAMB Membership Committee NAMB Membership Committee Chair George Burkley, CRMS will discuss his Committee and its responsibilities, including the implementation of an annual membership promotion campaign. Noon-1:30 p.m. NAMB Conference Committee NAMB Conference Committee Chair Kimber White, CRMS will discuss the role of his Committee, including the planning and organizing of official meetings, conferences and events for the association. Noon-1:30 p.m. NAMB Bylaws Committee In this closed meeting, NAMB Bylaws Committee Chair Mike DeSantis will discuss reviewing the bylaws and proposing changes as necessary to the Board of Directors. 1:30 p.m.-3:00 p.m. NAMB FHA Committee The FHA Committee reviews the policies, underwriting guidelines and activities of the Federal Housing Administration (FHA) and the U.S. Department of Housing & Urban Development (HUD). 1:30 p.m.-3:00 p.m. NAMB VA Committee NAMB VA Committee Chair Ken Bates will review the policies,
underwriting guidelines and activities of the Department of Veterans Affairs (VA). 1:30 p.m.-3:00 p.m. NAMB PAC/LAF Committee Chair Wayne King, CRMS will discuss NAMBPAC, the National Association of Mortgage Brokers’ voluntary, non-partisan Political Action Committee (PAC). This is the only Political Action Committee that represents the interests of Mortgage Brokers on Capitol Hill. 3:00 p.m.-5:00 p.m. NAMB Delegate Council Meeting NAMB’s Delegate Council, moderated by NAMB President-Elect Rick Bettencourt, is the body responsible for representing and being a forum for expressing and realizing regional interests and concerns. 6:00 p.m.-9:00 p.m. NAMB PAC Reception and State Lip Sync Contest to Benefit PAC
Monday, May 7 9:00 a.m.-5:00 p.m. NAMB Legislative & Regulatory Conference Speakers and Presentations The agenda for the NAMB Members Only 2018 Legislative & Regulatory Conference will be finalized shortly. Presently, invited guests include U.S. Secretary of Housing & Urban Development (HUD) Ben Carson, leadership from the U.S. Department of Veterans Affairs (VA), leadership from the Consumer Finance Protection Bureau (CFPB) and leadership from the State Regulatory Registry, who manages the Nationwide Mortgage Licensing System.
Tuesday, May 8 8:00 a.m.-9:30 a.m. Lobby Day Breakfast With NAMB 10:00 a.m.-5:00 p.m. Lobby With Your State on Capitol Hill 6:00 p.m.-7:00 p.m. Lobby Day Breakdown Reception
For more information or to register, visit NAMB.org.
P E R S P E C T I V E N A M B
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What recently attended an industry convention. It doesnâ&#x20AC;&#x2122;t matter which one because what happened there is not the point of this piece. What is important is that it was very well-attended and the number of people, according to those I spoke with, told me they saw more people than they expected. I spent most of my time walking the floor of the Exhibit Hall, and according to the booklet I brought home with me, there were a total of 107 exhibitors. One of the nice side benefits for me was that I saw and spoke to many old friends and acquaintances, some of whom I had not seen in decades. As is my custom, I stopped at almost every booth and spoke to many people I had not ever met, people who did not know me and probably will never see or speak to again. Long ago, I was a consultant for about five newly formed Mortgage Broker state organizations who wanted to have a convention of their own. It was something that I became known for about two or three years. I was new at my consulting business and was doing everything I could do to become more wellknown throughout the country. I had spent six years on the Board of Directors of the National Association of Mortgage Brokers, traveled extensively and thought I had made a name for myself that I could build a consulting business around. This convention business seemed like a way to move my connections to the next level. I even consulted with experts who knew so much more than me for advice and listened intently to their words of wisdom. Now this was in the early 1990s, so having now checked with Wikipedia again, there was no widespread use of cellphones until the early 1990s, but even then, they were unreliable, expensive, bulky and not common.
I
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The
Mortgage
Godfather
at’s the Point!?
BY RALPH LOVUOLO SR.
Connections to people were made by landlines, there was no Internet or World Wide Web to connect people until Aug. 6, 1991. Microsoft, having been founded in 1975, was restructured but didn’t come out with Internet Explorer until 1995. I immediately saw the benefit of being able to connect to masses of people and instructed all of my salespeople to learn how to use the systems available. This was all based on instructions that had been given to me when I was 19-years-old taking a course to get my real estate license in the basement of a title company in Camden, N.J. The instructor was Melvin Funk, who spent most of his time teaching the small group of us who went to his class on how to market ourselves, spending very little time on the laws, rules and regulations that we would be tested on. There was one thing he did that carried me to 20 years later that I have preached as if it were a religious principle. He held his hands in front of him and spread his fingers open and said to us that the most important thing we could do to make money was to be in 10 places all at the same time. Somehow that made sense to me 20 years later, as I saw the Internet as a way for real estate salespeople to be in touch with large groups of people all at the same time. I’ve been telling that story to my clients ever since. How does all that relate to the title of my article, “What’s the Point?” As I write this article, it marks five business days since I left that convention I spoke of at the beginning of this piece, and ONE, yes ONE person has been in touch with me since that convention. He sent me a message that it was nice to finally meet and that we should discuss mutual interests. I had handed out about 100 cards and collected nearly the same number. All of those I met made reference to wanting to do business through me to my clients … all of them. They think I have some magic formula that will allow me to recommend
them to my coaching clients and tell them what great service they have, what great programs they have and how unique they all are. Unique is action. Unique is follow-up. Unique is being in 10 places at the same time. Unique is helping people accomplish what they want to accomplish. Unique is showing people how to do something that they don’t know how to do. Then the most unique thing is seeing the results of being unique create business for you. All of this is summed up in the uniqueness of the Law of Reciprocity as defined by Brian Tracy on his Web site: “Social psychologists call it The Law of Reciprocity–and it basically says that when someone does something nice for you, you will have a deeprooted psychological urge to do something nice in return.” It is my belief that having Mortgage Loan Officers exercise this “Law” as the basis of their action plan to generate business they will see a return of that “deep-rooted psychological urge.” When Realtors, Attorneys, Accountants and Financial Advisors hear ideas that encourage and advise them in simple ways that will increase their business, they will return business to the LOs. All of those I met at the convention will be receiving regular ideas from me that will help them grow their business. Just to show you how simple all of this is … I promise that what I am about to write happened with every conversation I had at the convention: Me: “So, do you have a regular method of staying in touch with your Realtors?” MLO: “Well, my company sends out a newsletter once a month to everybody I add to my database.” Me: “Do you think that’s enough?” MLO: “Well, I really don’t have time to do it any more than that.”
Me: “Once a month? A newsletter? You think that’s enough? Doesn’t sound like it’s too personal to me. Sounds like you’re leaving your marketing up to someone else. Doesn’t sound too effective to me.” The conversation goes on to encompass what successful Realtors are looking for from professional MLOs. I tell them that I have a video where four high-producing Realtors are being interviewed and they state emphatically that they want the MLO to stay in touch with them
and the borrowers at least once a week, both during the process of the loan and afterwards, go to the closings, keep them informed of all the “happenings” on the transaction so there are no surprises. The reaction is usually a blank stare, followed by some words to the effect that they don’t know what to say or how to say it. I tell them to call me. Finally, I have a summary of that video. If you want it, just ask me. The “Point” is that if you want to do business, you must do what the others don’t do. Be unique.
Ralph LoVuolo Sr. has nearly 60 years history in the mortgage business. He was a Co-Founder/President of the NYAMB and a long-term member of the Board of Directors of NAMB. The Mortgage Godfather is available to help your salespeople do more business. He does sales rallies, Webinars, personal coaching. Call, text or e-mail (917) 5761230 or e-mail Ralph@MortgageGodfather.com.
NRMLA EAST The Business of Reverse: From Markets to Marketing
NRMLA 2018 Eastern Regional Meeting May 21–22, 2018 InterContinental New Y Yo ork T imes Sq quare New Y Yo ork, NY
Register at NRMLAonline.org
National Reverse Mortgage Lenders Asso ociation
Use Prro omo Code NRMLANMP for a $50 Discount Offff the e Non-Member Rate
AE A MVPs Account Executive MVP Awards
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National Mortgage Professional Magazine Presents â&#x20AC;Ś
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The 2018 Account Executive MVP Awards Behind every great Originator is a team of professionals who educate and inspire Originators to use their loan programs, technology and settlement services. These are the folks who are often forgotten, but remain a crucial piece of the puzzle in todayâ&#x20AC;&#x2122;s mortgage marketplace. It is with that in mind that National Mortgage Professional Magazine has launched the search for the AE MVPs. These are individuals who do not originate, but support Originators in their role of wholesale lenders, AMCs, mortgage insurance providers, lead providers, marketing service providers, credit and data providers, title companies, etc. Please join us in recognizing this crop of AE MVPs, as recognized and nominated by their industry peers, for playing a role in advancing the pursuit of the American Dream of Homeownership.
Todd Albrigo Account Executive CMG Financial CMGFi.com TAlbrigo@CMGFi.com Todd Albrigo has more than 20 years in the business with the last 10 serving the mortgage broker community in California, Arizona, Nevada, Florida and Hawaii.
AE A MVPs Account Executive MVP Awards
Phil Alsing Senior Account Executive Carrington Mortgage Services CarringtonWholesale.com Phil.Alsing@CarringtonMS.com Phil Alsing was born and raised in New York and is a graduate of St. John’s University. He is a 25-year industry veteran and has been one of Carrington’s top Executives and Circle of Excellence winners for the past three years.
AE A MVPs Account Executive MVP Awards
Steve Arnold Account Executive Angel Oak Mortgage Solutions LLC AngelOakMS.com Steve.Arnold@AngelOakMS.com A seasoned wholesale mortgage professional, Steve Arnold is performance-driven, motivated, organized and competitive, working directly with LOs in helping structure and close non-agency loans.
AE A MVPs Account Executive MVP Awards
AE A MVPs
Mackenzie Barrett Account Executive United Wholesale Mortgage UWM.com MBarrett@UWM.com Mackenzie Barrett joined United Wholesale Mortgage (UWM) in January 2016 as an Account Executive. Prior to UWM, Mackenzie served as a Mortgage Loan Officer for Quicken Loans.
Account Executive MVP Awards
AE A MVPs
Jamie Bihnam Team Lead, Senior Account Executive United Wholesale Mortgage UWM.com JBihnam@UWM.com Jamie Bihnam is one of the most knowledgeable and hard-working Account Executives at United Wholesale Mortgage (UWM), currently ranking as the number two overall producer at the company. A six-year veteran of UWM, Jamie is approaching 6,000 career closed loans.
Steve Corn Account Executive REMN Wholesale REMNWholesale.com SCorn@REMN.com A 20-plus year veteran of the mortgage industry, Steve Corn has worked for only two companies. He has supported his clients at REMN for more than nine years. He is a seven-time All Star recipient for REMN Wholesale.
AE A MVPs Account Executive MVP Awards
AE A MVPs
Trent Daniels Account Executive Renasant Bank Renasant.com Trent.Daniels@Renasant.com Trent Daniels has been an Account Executive with Renasant Bank since December 2012. Prior to his time at Renasant, Trent served as an AE at Fidelity Bank, Madison Mortgage, MortgageIT and American Mortgage Express. Account Executive MVP Awards
Eric Danielson Account Executive Maxwell HiMaxwell.com Eric@HiMaxwell.com Eric Danielson was employee number four of the founding team at Maxwell. Eric has established himself as the top Account Executive every quarter since expanding the team. Prior to Maxwell, Eric spent three years at Blue Ocean Enterprises in venture capital.
AE A MVPs Account Executive MVP Awards
Brenda DiScala Account Executive Freedom Mortgage FreedomMortage.com Brenda.DiScala@FreedomMortage.com Brenda DiScala has been with Freedom Mortgage for 11 31 years, as an Account Executive in the Miami-Broward area. She loves working closely with her partners and Freedom Mortgage each day to help attain all their Happy Homebuyers’ dreams.
AE A MVPs Account Executive MVP Awards
Account Executive MVP Awards
Account Executive MVP Awards
Account Executive MVP Awards
AE A MVPs
Lori Chrz Account Executive Caliber Home Loans Inc. CaliberWholesale.com Lori.Chrz@CaliberHomeLoans.com Lori Chrz has been in the business for more than 25 years and spent her career as an AE at Wells Fargo, coming to Caliber five years ago. Lori had the top AE overall volume in 2017 and is one of Caliber’s Circle of Excellence award recipients.
Account Executive MVP Awards
AE A MVPs
Tracy Evans Wholesale Sales Manager/Account Executive Caliber Home Loans Inc. CaliberWholesale.com Tracy.Evans@CaliberHomeLoans.com Tracy Evans is a long-time wholesale veteran, has been an Account Executive with Caliber Home Loans for three years where she is responsible for more than $1 billion in production. Tracy is consistently a top producer and is a recipient of Caliber’s Circle of Excellence Award. Account Executive MVP Awards
AE A MVPs
Robb Fordham Account Executive loanDepot Wholesale LDWholesale.com RFordham@LDWholesale.com Robb Fordham has more than 15 years of experience in the financial services industry. Before joining loanDepot Wholesale, Robb held positions at New Penn Financial, PMAC Lending Services and Wilmington Finance. He has a BS Degree from California State University, San Marcos. Account Executive MVP Awards
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AE A MVPs
AE A MVPs
NationalMortgageProfessional.com
Angie Chadwick Account Executive Caliber Home Loans Inc. CaliberWholesale.com Angie.Chadwick@CaliberHomeLoans.com Angie Chadwick has been in the mortgage business for 20-plus years. With Caliber since 2013, Angie has funded more than $885 million in mortgages, helping 4,265 families in that time. An annual Caliber Circle of Excellence Award recipient and top AE for the company’s Central Division. Angie was previously with Nationstar for 14years, where she was an awardwinning, top producing AE.
Marcia Escobedo Account Executive Caliber Home Loans Inc. CaliberWholesale.com Marcia.Escobedo@CaliberHomeLoans.com Marcia Escobedo has been in the business for more than 30 years, starting as a Retail Junior Processor before transferring to wholesale. She’s a top producer with Caliber, and a member of Caliber’s Circle of Excellence recipient.
Rocky Gonzales Regional Sales Manager TMS Wholesale.TheMoneySource.com Rocky@TheMoneySource.com Since joining TMS back in 2013, Rocky Gonzales has used his in-depth knowledge of the mortgage space and strategic skills to help him and his team succeed. His hard work has made him one of the highestperforming Account Executives at TMS.
Matt Moubray National Sales Manager Polaris Home Funding PolarisHFC.com Matt@PolarisHFC.com Matt Moubray has 18 years in the mortgage business, currently serving as National Sales Manager for Polaris Home Funding. He spearheaded the transition from a 100 percent wholesale lender to a balanced retail and wholesale company since rolling out a retail branch platform.
Annie Gotch AVP/Wholesale Branch Manager Paramount Residential Mortgage Group Inc. (PRMG) PRMG.net/Wholesale AGotch@PRMG.net Annie Gotch believes in stability. In the last 26 years, she has had just two jobs, 16.5 years of that time spent with PRMG. Annie believes in building a solid broker base.
Kay Mutchler Account Executive Union Home Mortgage UnionHomeMortgage.com KMutchler@UnionHomeMortgage.com A mortgage professional of 30 years, Kay Mutchler has been a top producer and has spent time coaching and training others within the industry. Kay’s passion is working to promote business development through training, relationship building, with value-added solutions.
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
Farzad Heidari Regional Sales Manager REMN Wholesale REMNWholesale.com FHeidari@REMN.com Farzad Heidari grew up in Los Angeles, graduating from UCLA. With nearly two decades in the wholesale industry, Farzad’s experience and knowledge makes him an invaluable partner. Farzad is also the Government Affairs Chairman for the Los Angeles Chapter of the California Association of Mortgage Professionals.
AE A MVPs Account Executive MVP Awards
Dave Kent Account Executive Class Appraisal ClassAppraisal.com DKent@ClassAppraisal.com David Kent is an 11-year veteran of the mortgage industry in the AMC space. He credits his alignment with Class Appraisal’s dedication to constantly improve and find new ways to deliver superior service to lending partners for mutual success.
AE A MVPs Account Executive MVP Awards
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Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
Karen Olson Wholesale Account Executive loanDepot Wholesale LDWholesale.com KOlson@LDWholesale.com Karen Olson’s 30 years of experience in the mortgage industry has allowed her to blend sales, underwriting and operations management to fully service and assist her clients with the entire origination process. Karen is a Magna Cum Laude graduate of the University of Phoenix.
AE A MVPs Account Executive MVP Awards
Mark Palmer Account Executive Caliber Home Loans Inc. CaliberWholesale.com Mark.Palmer@CaliberHomeLoans.com Born in England, Mark Palmer attended Roanoke College. Mark settled in Garden City, N.Y. with wife Erica and children. He has been in the business for 13 years and is a member of Caliber’s Circle of Excellence Award.
AE A MVPs Account Executive MVP Awards
Jon Laolagi Vice President of Sales TMS Wholesale.TheMoneySource.com Jon.Laolagi@TheMoneySource.com With more than 25 years of experience in the industry and a clear passion for the space, Jon Laolagi is currently Vice President of Sales at TMS. He is a top-producing Account Executive for the Pacific Northwest and West Coast regions.
Eyleen Parada Loan Officer Homestar Financial HomestarFC.com/EyleenParada Eyleen.Parada@HomestarFC.com Eyleen Parada is bilingual, having served the community since 2003 in the mortgage industry. Eyleen has an autistic five-year-old and also a foundation in his name to help ease financial burden of single mothers with special needs children.
Lance Lay Account Executive Freedom Mortgage FreedomMortgage.com Lance.Lay@FreedomMortgage.com Lance Lay has covered the West Coast of Florida as an Account Executive for a little more than six years, the last four years for Freedom Mortgage. In 2017, he was ranked the number three AE in the nation for purchase business at Freedom Mortgage.
AE A MVPs
Rheim Penman Account Executive loanDepot Wholesale LDWholesale.com RPenman@LDWholesale.com Rheim Penman has been in the mortgage industry almost 30 years and is looking forward to the exciting revolution of wholesale lending at loanDepot. Her husband is also in the mortgage lending field and they have two young boys.
AE A MVPs
Paul M. Perez Vice President/Regional Sales Manager, TPO ResMac Inc. ResMac.com Paul.Perez@ResMac.com Paul M. Perez is an award-winning Divisional/Regional Sales Manager with ResMac and recognized industry leader with a track record of bringing new brands to market. Paul has successfully brought multiple new lenders to markets on a national level.
AE A MVPs Account Executive MVP Awards
Account Executive MVP Awards
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AE A MVPs
Danny Marogy Team Lead, Senior Account Executive United Wholesale Mortgage UWM.com DMarogy@UWM.com Danny Marogy is the United Wholesale Mortgage’s all-time top-producing Account Executive. He will surpass 10,000 career closed loans in 2018. Danny has built long-term partnerships with his brokers and leads the consistently top-ranked team of Account Executives at UWM.
Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs
Erin Stutzer Director of Customer Service Veros Real Estate Solutions Veros.com EStutzer@Veros.com As Director of Customer Service, Erin Stutzer and her team provide high-touch support to Veros’ customers. Erin joined Veros in 2005 as a Customer Service Representative. A standout, she was promoted to Director of Customer Relations in 2012 in conjunction with the launch of the GSEs’ UCDP appraisal portal and has run the division ever since.
Amanda Schmidt Wholesale Sales Manager/Account Executive Caliber Home Loans Inc. CaliberWholesale.com Amanda.Schmidt@CaliberHomeLoans.com Amanda Schmidt has been with Caliber Home Loans for more than seven years as an Account Executive and Sales Manager. At Caliber, she is consistently a top performer. She has been in the industry for 17 years in the San Diego market.
AE A MVPs
Joe Welu Founder & Chief Executive Officer Total Expert TotalExpert.com Joe@TotalExpert.com Joe Welu is Founder and Chief Executive Officer of Total Expert, an SaaS company in Minnesota. Total Expert serves eight of the top 15 lenders in the nation, and was recognized as “Minnesota’s Most Promising Startup” by The Minneapolis/St. Paul Business Journal.
Justin Simpers Account Executive Orion Lending Orionlending.com JSimpers@OrionLending.com Justin Simpers boasts more than 16 years in the industry, initially working in operations, then transitioning to sales. His in-depth knowledge of programs and guidelines, combined with his unmatched work ethic, makes him a valuable asset to any Broker or Loan Officer.
Gabriela Villafranco Mortgage Banker Homestar Financial HomestarFC.com/GabrielaVillafranco Gabriela.Villafranco@HomestarFC.com A native of Venezuela, Gabriela Villafranco is a 16-year industry veteran who is fully bilingual and skilled in serving the Latin American community. She enjoys reading, traveling abroad and outdoor activities with her husband, Omar, and children, Layla and Gabriel.
Cory Przelikci Southeast Regional Sales Manager Paramount Residential Mortgage Group Inc. (PRMG) PRMG.net/Wholesale CPrzelicki@PRMG.net A six-year President’s Cabinet winner with PRMG, Cory Przelikci has been awarded the Top Producer/Chairman’s Cabinet for the past three consecutive years. Last year, Cory funded more than $368 million in personal production as a Producing Manager and his team combined for $590 million total.
Account Executive MVP Awards
Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
AE A MVPs Account Executive MVP Awards
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Our Heard on the Street column is a chronicle of events, changes and passages in the lives of the people and companies shaping the mortgage industry.
Angel Oak Opens New Dallas-Area Ops Center
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Angel Oak Mortgage Solutions has opened a new operations center in Las Colinas, Texas, located in the Dallas-Fort Worth Metroplex. The new facility will replicate the functions of Angel Oak’s headquarters in Atlanta. “With this new operations center in Dallas, we will be able to provide services to our clients as we expand our presence throughout Texas and the West Coast,” said Angel Oak Companies Managing Partner Mike Fierman. “The Dallas area has long been a hub of the mortgage industry and home to top-tier professional talent, making it the perfect place for Angel Oak to continue its growth as the national leader in the nonagency marketplace.” Angel Oak will hire up to 30 professionals to launch its new operations center, with plans to increase those numbers over time. The 9,000-square-foot facility is located in the “Mustangs of Las Colinas” development. Travis LaLonde, an industry veteran with 15 years of experience, will head the operations center. “Angel Oak’s reputation throughout the industry is wellknown and extremely wellregarded, and it has a very strong track record of success,” said LaLonde. “But what I am most excited about is its ‘culture first’ mentality. Angel Oak’s commitment to bringing out the best in its employees is only matched by its commitment to its customers. We look forward to
matching the success in Atlanta and becoming one of the top companies to work for in the Dallas area.” New American Funding Opens New Washington Branch in Bellevue
New American Funding is expanding its territory across the Greater Eastside area of Washington State with the grand opening of a branch in the heart of Bellevue’s business district. New American Funding opened the branch after recognizing the tremendous growth in the Seattle metro area and saw this as an opportunity to service the needs of consumers throughout Kirkland, Wash. and Bellevue, Wash. “We’re committed to finding creative financing solutions for every client,” said New American Funding Branch Manager Diana Bowar. “We’re passionate about working with first-time homebuyers and showing them how they can get into a home. We believe in thinking outside of the box.” Bowar, a native of the area, was identified to lead the expansion due to her track record in the mortgage industry and connection to the community. She brings more than 25 years of experience to the company. “Diana is a tremendous asset to our company and this community,” said New American Funding Regional Manager Tony Blodgett. “Her values align with
ours and she’s ideal to spearhead our growth to the next level.”
Angel Oak Capital Announces $90 Million Securitization of Residential Transitional Loans
Flagstar Acquires Desert Community Bank Branches
Flagstar Bank has closed its previously announced transaction to acquire eight Desert Community Bank branches in San Bernardino County, Calif., with approximately $600 million in deposits, from East West Bank along with certain related assets. Terms of the transaction were not disclosed. “We’re happy to welcome the customers and employees of Desert Community Bank to the Flagstar family,” said Alessandro DiNello, President and Chief Executive Officer of Flagstar Bancorp. “Customers can expect the same relationship banking they are accustomed to, delivered by the talented team of Desert Community bankers they know so well. In fact, we plan to bring enhancements to our customers’ banking experience with more products and services. We’re especially pleased to have Desert Community’s experienced bankers onboard to continue their tradition of great customer service and community support. Community matters to Flagstar, as it always has to Desert Community Bank. That’s why we have every intention of not just maintaining Desert Community’s legacy of community investment, but expanding it.”
Angel Oak Capital Advisors LLC has announced that it has completed AOMT 2018-PB1, a $90 million securitization backed by loans originated by Angel Oak Prime Bridge, the firm’s affiliated direct investment property lender. This is Angel Oak’s sixth mortgage securitization since 2015, bringing the total to more than $900 million. The securitization, believed to be the first of its kind, consists of “fix-and-flip” loans issued by Prime Bridge to residential real estate investors. The securitization features an 18month revolving period in which paid collateral is replaced with new collateral. The average loan balance in the securitization is $199,052, with original terms between six and 12 months. “Investors are attracted by this product and its unique structure. The short-term nature of the collateral paired with an attractive yield makes for a rare opportunity in today’s investing climate,” said Angel Oak CoChief Executive Officer and Chief Information Officer Sreeni Prabhu. “But most importantly, investors understand the Angel Oak story by now. Our affiliated mortgage companies’ expertise in quality origination gives investors confidence that our securitizations are backed by loans underwritten to specific guidelines. We believe we have one of the most diverse securitization platforms in the industry.”
Prime Bridge, which started operations in 2011, provides an alternative to private/hard money and commercial bank loans for fix-and-flip residential real estate investors, most of whom renovate properties. “The securitization will allow Prime Bridge to expand its reach and provide capital to more real estate investors,” said Prime Bridge Senior Vice President Robert Mulcahy. “This, in turn, will lead to the improvement of housing stock in many areas and the betterment of many communities.”
they will invest in you.” Castle & Cooke Mortgage was also ranked as a Best Medium Workplace by Great Place to Work and Fortune. PRMI’s Mid-Atlantic Division Celebrates 15th Anniversary
The Mid-Atlantic Division of Primary Residential Mortgage Inc. (PRMI) is celebrating its 15th year in business. In March of 2003, Division President
Dean Johnson opened the first Maryland branch in his basement in Towson, Md. PRMI’s MidAtlantic Division has become a multibillion-dollar operation with nearly 120 employees and 15 branches throughout Maryland and Delaware. “Dean Johnson and his team have been an incredibly integral part of PRMI’s performance over the last 15 years, and we are proud of their division’s milestones,” said Dave Zitting, President and Chief Executive Officer of PRMI. “The team’s indepth mortgage knowledge, experience, and outstanding
customer service is what really sets them apart from their local competition.” Shortly before the division’s 15th anniversary, it surpassed $5 billion in total closings. The Division has helped more than 20,000 Americans achieve their dreams of homeownership. “We’ve had a tremendous partnership with PRMI over the last 15 years because our local growth has mirrored the company’s national growth,” Johnson said. “We’ve worked hard to leverage PRMI’s national continued on page 37
Castle & Cooke Mortgage Honored as a “Best Workplaces in Financial Services and Insurance”
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Great Place to Work and Fortune have honored Castle & Cooke Mortgage as one of the “2018 Best Workplaces in Financial Services & Insurance.” The ranking considered input from more than 76,000 employees in the financial services and insurance sectors, and is based on employees’ experiences. Castle & Cooke Mortgage placed eighth on the “Best Small to Medium Sized Companies” list. “A company is only as good as the people who work there,” said Castle & Cooke Mortgage President and Chief Operating Officer Adam Thorpe. “We focus on hiring the best and brightest in our industry and then reminding them how valuable they are by listening to their feedback, rewarding them for their achievements, and providing them with the tools and resources they need to excel.” Employees were evaluated on more than 50 elements of their experiences on the job. These included employee pride in the organization’s community impact, belief that their work makes a difference, and feeling their work has special meaning. “Great Place to Work is proud to have these Best Workplaces show that maximizing human potential creates a great workplace and drives business performance,” said Michael Bush, Chief Executive Officer of Great Place to Work. “Organizations like Castle & Cooke Mortgage set the bar for other financial services and insurance companies, proving that if you invest in your people,
By Jonathan Foxx, Ph.D., MBA
Anti-Money Laundering Risk Assessments
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Question e have two questions involving our anti-money laundering program. (1) When should we conduct a risk assessment? (2) How do we conduct a risk assessment?
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Answer Although many people think there is a specific timing requirement for risk assessments, the fact is the Bank Secrecy Act does not explicitly set forth guidelines on when it should be conducted. However, the risk assessment is usually conducted before the initial development of the compliance program. It is updated periodically. [Federal Financial Institutions Examination Council, Bank Secrecy Act/Anti-Money Laundering Examination Manual (FFIEC Exam Manual)] Our clients establish a policy to review the risk assessment either on an annual or a biannual basis. The risk assessment should also be
updated when new products or services are offered, new offices are opened, or new delivery channels are activated. The risk assessment should be updated when another entity is acquired, a merger occurs or there is any other type of organizational change that may affect risks facing the organization. It is also the case that many people do not realize that there is no statute or regulation which provides guidance on how a risk assessment for an AML compliance program should be conducted. Federal financial institution examiners receive guidance about risk assessments from the FFIEC Exam Manual. The FFIEC Exam Manual assists regulators in their determination of the overall or composite level of money-laundering, terrorist financing and related risks in an organization. [FFIEC Exam Manual, Appendix] The risk assessment process or the final report does not have to be complicated and overly time-consuming. Depending on the complexity of the organization, at the most
rudimentary level, the process may be as simple as listing the products and services offered, which customers use what products and services, and where and how the products and services are used. That said, an adequate and effective AML compliance program really cannot be developed without an appropriate understanding of an organizationâ&#x20AC;&#x2122;s potential risk for
abuse for money laundering, terrorist financing or other criminal activity. Therefore, the risk assessment process provides the organization with a structure for assessing the risks. We have conducted AML risk assessments for many years. If you would like information about our risk assessment reviews, please contact us.
Jonathan Foxx, Ph.D., MBA, is the Managing Director of Lenders Compliance Group, the first and only full-service, mortgage risk management firm in the United States, specializing exclusively in outsourced mortgage compliance and offering a suite of services in residential mortgage banking for banks and non-banks. Information contained in this article is not intended to be and is not a source of legal advice. If you would like to contribute a question, please submit it to Compliance@LendersComplianceGroup.com.
heard on the street
industry leadership to help families throughout Maryland and the region. We have made it our mission to stay extremely active in our local communities. As we like to say, ‘We live here. We lend here.’ We look forward to our continued partnership with PRMI to live and lend here for 15 more years.” Resitrader’s Digital Trading Platform Surpasses the 100 User Mark
continued from page 35
with Fannie and Freddie makes all loan delivery options available to us.” Ocwen Helps 45,000-Plus Families Avoid Foreclosure in 2017 Ocwen Financial Corporation has announced that in 2017, the company helped approximately
45,650 families avoid foreclosure and remain in their homes. In 2017, Ocwen forgave approximately $857 million in mortgage debt. The company services a unique portfolio, which is comprised in large part of non-conventional mortgages that have higher than average delinquency rates. The current delinquency rate on the company’s portfolio is approximately 9.3 percent as of Dec. 31, 2017. “Ocwen leads the industry in offering innovative mortgage loan modifications, and is proud to
help homeowners across the country find solutions that allow them to remain in their homes,” said Jay Williams, Senior Vice President, Servicing Financial Operations, at Ocwen. “Given the challenging nature of our portfolio it is incumbent upon the company to design products and strategies that serve a diverse customer base. Our 2017 borrower assistance results show that we continue to make progress in our effort to be one of the nation’s leading mortgage servicers.” continued on page 56
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NationalMortgageProfessional.com
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Resitrader has announced that its digital trading platform has 110 financial institutions using it in less than two years since its launch. Resitrader has handled more than $20 billion in agency, government, jumbo and Community Reinvestment Act (CRA) loans since trading began in late 2015. More than 50 buyers are actively trading on Resitrader, giving the platform a full breadth of market coverage that includes all product types and execution. While most early Resitrader participants have been buyers, however, they have been recently eclipsed by sellers, whose numbers continue to grow, company officials said. “We believe all major buyers or investors in the whole loan market now use Resitrader, from large banks and aggregators to local institutions serving specific regions,” said John Ardy, Chief Executive Officer of Resitrader. “Buyers really like our simple process for opening accounts and the ability to integrate the platform into their existing systems. Meanwhile, our sellers are getting a complete look at what market participants are willing to pay for their loans through our fullpricing surveys, which are helping sellers get the most out of their investor relationships.” Agency loans and other loan types, including government, jumbo and CRA loans, priced either individually or in pools, are all traded on the Resitrader exchange. The platform is integrated with both Fannie Mae and Freddie Mac so participants can easily and quickly obtain loan-level pricing on conventional loans, including all pay-up options. “Resitrader has become ‘The Marketplace’ for our whole loan trades because it really streamlines the entire process,” said Rebecca Wentz, MBS Trader at Homeowners Financial Group. “All my investors are there, plus the full integration
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RIP Cold Calling Better (and More Fun) Ways to Reach and Convert Prospects
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l Write and/or blog about current real estate news: Again, think educating, not selling. Also, think about where people’s eyeballs are today–yes, online. That’s also where you need to be–with a blog that’s filled with helpful, practical information prospects can use. This doesn’t have to take a lot of your time. It can be (and usually should be) relatively short but packed with useful items. Also consider approaching your local newspaper to see if they might let you write an occasional column on trends in the mortgage industry.
l Write an e-book: Back in the old days (just before the Internet) folks who wanted to put the word author behind their name had to take months (and sometimes years) to actually write a book–usually in the hundreds of pages. But today in the digital age, ebooks are filling people’s virtual shelves. The best part: These little fellas can (and often do) run just a few pages. What’s more, you can attach it to e-mails you send to prospects. Don’t you think they’d like a free e-book with yours truly as the author? And just like teaching a seminar, having an e-book (or even a few of them) puts you in the expert category. See? Prospecting doesn’t have to be like poking yourself in the eye. It can be–and should be–fun and educational. Let me hear from you. Are you still cold calling? If so, how do you feel about it? Is it effective? Do you think some of the other methods of prospecting listed here might be a better use of your time and produce more return on investment? E-mail me at Article@CorcoranCoaching.com to discuss any thoughts on prospecting along with anything else that’s on your mind.
Bubba Mills is Chief Executive Officer and Owner of Corcoran Consulting & Coaching Inc. He may be reached by phone at (800) 957-8353 or visit CorcoranCoaching.com.
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l Teach a seminar: Remember this little tidbit … people want to learn, oftentimes, they love to learn. So instead selling people, educate them. It’s a kind of build-it-and-they-willcome thing. Create a fun seminar with a sexy title (10 facts you must know about
mortgages or you’ll lose your shirt–and much more!) and yes, people will enjoy that 10 times more than a cold call. Guaranteed! And it doesn’t have to be long–in fact, a couple of hours can work in many cases. Think about it– suddenly you’re in front of several prospects who are hanging on your every word, and what’s more, seeing you as an expert in the industry. And don’t forget to get their contact information so you can follow up–not with a cold call–but a warm call! By the way, the warm call is alive and kicking!
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e need a moment of silence, please. There’s been a death. Cold calling has officially kicked the bucket. RIP cold calling. Sorry, but you won’t be missed. True, you’re not supposed to speak ill of the dead, but in this case, we’ll make an exception. Let’s be honest, no one really liked cold calling–no doubt those who received the cold calls didn’t like them. How many times did you get home from work and say, “Gee, I hope that phone starts ringing with someone I don’t know who wants to sell me something I don’t want!” And I suspect if you’ve been a Mortgage Lender for very long, you’ve probably made your share of cold calls. But I bet you would have enjoyed punching yourself in the face more. But Bubba, wait a minute, I’m in the mortgage business which means I’m in sales. How can I take cold calling off my to-do list and still reach my sales goals? Glad you asked. That’s what this article is all about. And I promise what I will share here will be many times more fun than cold calling–and more effective.
MONDAY Brought to you by
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Patchy Housing Market Means Growth Abounds: Key Property
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ns Unequal Property rty Trends to Keep in Mind
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Millennials entering the market On the other end of the spectrum, there are also lots of younger property buyers who are just getting into the market. Millennials–people who were born between the early 1980s and the late 1990s–are now ready to buy their first home. With interest rates still low and real estate quite healthy at the moment, this is appealing to them. Plus, they’re ready to move out of their parents’ homes, after saving up a deposit and paying down student loans; and are often ready to get independence, away from flat mates or family members. Millennials are actually one of the largest groups of homebuyers in America at the moment, and tend to see their properties as a reflection of themselves. As such, they’re not all about investing, but rather, typically keen to find a larger, more expensive home that can reflect their tastes and lifestyles. Unlike earlier generations, many Millennials aren’t keen to opt for a “starter home” for their first big purchase. While of course urban neighborhoods are popular with the younger buyers, they’re also looking at buying in more suburban communities where
they can get involved in their local community, and enjoy more “bang for their buck.” In addition, they’re keen on homes which boast shared facilities, like what you can find in newer neighborhoods and big condo complexes. Regions with strong job growth Lastly, note that thriving regions with strong job growth also tend to be good investment and home-purchase options. There is much growth in a lot of the cities, in particular. Research firm PwC, for instance, in its 39th Emerging Trends in Real Estate report, examined the outlook for 2018 and found many cities have been surging ahead because of the tech giants located nearby, as well as other factors such as the education level and age of the population. PwC estimates that Seattle, Wash., is going to be the top market for this year because of the young, educated population (and therefore workforce) it has; the raft of large firms bringing more and more employees to the area; its wide variety of parks; its appeal to international visitors; and its ranking as a top five culinary market. Seattle also boasts strong investor demand, and has lots of capital on hand for development and other investments. Many medium-sized cities are also set to grow, as the demand in big metropolises forces some people to more affordable, yet still bustling, locations. For example, Salt Lake City, Utah; Austin, Texas; Fort Lauderdale, Fla.; Boston; Raleigh/Durham, N.C.; Nashville, Tenn.; and San Jose, Calif. are all believed to be top options.
Jackie Roberson is a Content Coordinator and Contributor with expertise in the areas of technology, home life, business, personal finance and education. She may be reached by phone at (702) 997-2700 or e-mail JackieR@SeekVisibility.com.
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Senior housing growth The aging population is something that gets talked about in many different areas, including healthcare, financial markets, and general business circles. However, the quickly-growing older demographic also needs to be considered when it comes to property. Housing for seniors is set to boom, particularly because the inventory around the nation isn’t enough to meet the needs of people aged in their 60s through to 80s. It’s projected this market will grow by another 25 million in the coming 15 years. If you are looking to help clients find home equity loans in New Jersey, New York, California, Ohio, or any other location so they can grab a downsized home before they’re ready to move, advise them not to wait too long. This is even more imperative for customers who need to move into seniorsfriendly complexes ASAP. While seniors needing housing are found all around the U.S.,
and are after a variety of housing types, note that there are some niches in particular which are, and will continue to be, incredibly popular. This includes high-end, luxury condos and other smaller residences; plus property located close to (within walking distance of) amenities such as shops, restaurants, grocery stores etc.
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lthough a housing recovery began around 2012 in the United States, the growth in property prices has certainly been patchy. In particular, it’s been evident that places with growing economies have gone ahead quite quickly, while those with less high-end job prospects have tended to stagnate. As well, 2017 showed that the housing market can be unpredictable, with unexpected happenings, be it in the area of politics, weather, or housing, having more or less of an impact than predicted. As such, when it comes to thinking about what to expect from the housing market in 2018, it can be tricky to forecast. However, there are some key pervading trends that you should take notice of. Read on for three of the main ones you need to know about today.
By Jackie Roberson
Addressing Post-Housing Crisis Issues
All Things Credit Housing counselors can become a valid resource for credit help to consumers … and excerpts about credit from the FHFA 2017 Scorecard Progress Report BY PAM MARRON
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aving credit, good credit, is central to getting the best mortgage possible. Having a reliable, affordable source that can assist consumers to establish credit and deal with credit problems is a muchneeded service in the mortgage industry. Mortgage professionals are not trained on how to resolve credit issues or provide consumers with the resources and education they need to manage their credit effectively. Many in the mortgage industry believe their only available options are credit repair companies and credit rescores through their credit reporting agency. Unfortunately, both options are costly and just temporary “fixes” applied by credit repair companies often have to be undone. Many of us in the mortgage industry have experienced firsthand when disputes that mask a problem must be lifted because Fannie Mae or Freddie Mac automated underwriting systems (AUS) note this must be done. A resource that can permanently correct credit issues and get clients “mortgage ready” has long been sought by the mortgage industry. Housing counselors with in-depth training on credit issues can be that valued
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resource and this idea is being worked on now! FHFA 2017 Scorecard Progress Report1 One of the three credit benchmarks of the 2017 Scorecard is to continue to improve the effectiveness of pre-purchase counseling and homeownership education through technology, data analysis, and other opportunities. Housing counseling Since 2015, the Enterprises (Fannie Mae and Freddie Mac) have been exploring ways to improve the effectiveness of pre-purchase and early delinquency counseling. The Enterprises have evaluated their respective programs, conducted outreach to housing counselors, and worked to better track results of housing counseling and homeownership education efforts through technology. As a result, the Enterprises developed plans to engage housing counseling agencies and intermediaries, as well as online homeownership education providers. Both Enterprises continue to support the use of technology to improve the effectiveness of housing counseling agencies. Improvements include upgrading those agencies’ case management system and
making it easier for counselors to determine whether a client qualifies for a loan that conforms to the Enterprises’ guidelines. These efforts benefit potential borrowers by helping to identify their needs earlier in the mortgage process. In November, Freddie Mac launched Loan Product Advisor (LPA) for Housing Counselors, enabling housing counseling agencies to access Freddie Mac’s automated underwriting system, LPA, through their own case management systems. Access to LPA allows housing counselors to assess a client’s readiness for home ownership before referring clients to lenders. Fannie Mae is also collaborating with housing counseling agencies to develop a new client case management system that will connect with Fannie Mae’s automated underwriting products, Desktop Originator and Desktop Underwriter, to assess a client’s mortgage readiness. Using the Fannie Mae and Freddie Mac automated systems with the same mortgage credit report that lenders require and getting early notification and detail on the exact credit bureau(s) that an issue shows up on will
allow concise assistance from credit trained housing counselors! Loss mitigation and foreclosure prevention activities Though the existing HARP (Home Affordable Refinance Program) is extended through Dec. 31, 2018, the 2017 Scorecard introduced a new high-LTV loan refinance program which gives mortgage holders who have a Fannie Mae or Freddie Mac mortgage originated after Oct. 1, 2017 the ability to refinance underwater mortgages that exceed the maximum allowable LTV for a limited cash out refinance. As with HARP, eligible borrowers are not subject to a minimum credit score, there is no maximum debt to income or LTV ratio and in many cases, an appraisal is not required. Borrowers must not have missed any mortgage payments in the previous six months, not missed more than one payment in the previous 12 months and must receive a benefit or reduction in their monthly mortgage payment. Flex Mod Flex Modification became the successor to the Home Affordable Modification continued on page 75
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How to Create Your Own Luck in Ori ith the baseball season upon us, this month’s success strategy is related to the commonalities between baseball and selling. I tend to think of selling as a sport, so for this month’s tip, I will compare two sports to each other—the sport of being a batter in baseball, and the sport of selling and originating mortgage loans. The difference between top producers and those who struggle can be a number of little things. However, without question, there is one critical factor that makes all the difference between success and failure in selling. Without this one item, nothing else matters. The
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critical success factor that I am referencing is called prospecting. The best of the best in origination spends the bulk of their time focused on activities that generate leads or referral partners. When you boil down the essential functions of a Mortgage Loan Originator, it starts and stops with generating business. Yes, I know that there are many middle functions of collecting documents, completing paperwork, clearing conditions, solving loan issues. However, if you do not have loans to begin with, then this part of your job description is not needed. What is amazing is that the majority of Loan Officers will look for anything to do but prospect. We all know that when you prospect, you are putting yourself into the lion’s den where you will
face disappointment, frustration and rejection. But knowing that these experiences will lead to greater production and performance is what keeps great salespeople always moving forward. One of my favorite analogies to sales and failure is the comparison to baseball. A batter who averages getting a hit two times out of every 10 at-bats, is a .200 hitter. They would be considered at the low-end of success in baseball. A batter who averages two-and-a-half hits out of every 10 at bats, is a .250 hitter, and probably makes a decent living as a baseball player, but is certainly not killing it financially. The batter who averages three hits out of every 10 at-bats is batting .300 and is making millions of dollars a year.
What is important though is to understand the dynamic of these numbers. The difference between a .200 and .300 hitter is only a 10 percent improvement out of every 10 at-bats. More importantly in the numbers is that the .300 hitter, who is getting paid millions of dollars, gets out seven of every 10 times at the plate. But here is what is most likely the biggest difference between a baseball player who is one of the best, and the average LO. The baseball player is not focused on striking out, which, if you want a comparable experience in sales, that would be rejection. The baseball player is focused on getting a hit … period. The majority of Loan Officers are so afraid of rejection, that
Origination
met) that has ever been able to get every borrower or every potential referral partner to say yes to them. The best of the best always experiences some level of failure. The difference is that top performers do not let rejection get in their way of success. The same way a batter who strikes out does not focus on the strikeout, but puts all of their attention towards improvement so they can perform better the next time. As a mortgage sales professional, you need to do exactly the same. I am not suggesting that you will fall in love with rejection. Having people say â&#x20AC;&#x153;Noâ&#x20AC;? to you is not a great experience. The ballplayer who strikes out will tell you the same thing. Striking out is not fun, and having referral partners and borrowers say no to you, is never fun either. The major difference between greatness in sales is your
earning significantly more money, two things happen. The first is that your income grows significantly. The second part is that because you are making more money, the sting of rejection does not hurt the same way. In fact, for most top producers, it ignites a fire in them to improve even more. The advantage salespeople have over baseball players is that sales is a skill that anyone can learn and master. To be a top baseball player, practice is certainly a big part, but I like to think that there are some physical gifts that you have been given since birth, that you cannot learn, they are just part of you. In selling, you donâ&#x20AC;&#x2122;t need gifts, you can learn all you need to learn to be a top producer. For some, it comes more natural than others, but without a question, you can learn it. I know because I did it myself.
Ron Vaimberg is President and Head Coach for nmpU, a division of National Mortgage Professional Magazine. Ron is a leading Trainer and Coach to wholesale and retail mortgage professionals and the Creator of ForAEsOnly.com. Ron can be reached by phone at (888) 979-6678 (nmpu), ext. 801 or by e-mail at RonV@NMPMediaCorp.com.
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they will do anything to avoid it, because their association to rejection is considered so painful. The bottom line is, rejection in sales is nothing more than a strikeout in baseball. The difference though is that, in baseball, players are constantly trying to improve their odds by practice, so the next time they get up to bat, they stand a better chance of improvement. Unfortunately, the majority of Loan Officers would rather avoid putting themselves into the position of rejection, then taking the time to improve their skills so they would face less of it. The reality is that no matter how great a salesperson you are, you will always face rejection. There is not a single Loan Officer in the history of mortgage lending (at least that I have ever heard of or
By Ron Vaimberg
association and actions related to the strikeout or rejection. How you use the experience makes all the difference. You can either apply the experience as a catalyst to elevate your game and improve, or you can allow it to detract from your game by placing you in fear, therefore, automatically limiting your ability to be effective. In mortgage sales, most Loan Officers choose detraction because they allow the rejections (aka strikeouts) to stop them from going after business. They will work in a way to avoid rejection, rather than focus on the best ways to improve their skill, which allows them to become better at overcoming it. This invariably would place them in the position to earn significantly more income. The best part of improvement is that when you really start
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How Fed Rate Hikes Will Impact Housing and the Mortgage Industry By Kathy Fettke
nder the leadership of new Federal Reserve Chief Jerome Powell, the Federal Reserve raised rates again in March to a range of 1.5 percent to 1.75 percent. This was the sixth rate hike since the Federal Open Market Committee (FOMC) started hiking in December of 2015. Before that, rates had been at near zero levels since the Great Recession hit in 2008. There’s also talk of three more rate increases this year and two more next year, if the economy keeps chugging along as it has been. How will this affect mortgages and U.S. real estate in general?
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How will rising interest rates affect U.S. housing? Demand for housing is so strong today, and inventory levels so low, that a small rise in interest rates likely won’t affect most markets. Sixty percent of the country is still affordable. It’s the other 40
percent of housing markets that will be affected—those at or beyond affordability levels. We are already seeing a slowdown in places like San Francisco, at least in the high end. More affordable homes in hot seller’s markets still sell like hot cakes. But the housing market overall is closer to 2004 levels when adjusted for inflation, which was just before housing prices soared in 2005 from easy loans. Worried about a housing crash? It’s doubtful that rising rates would cause a housing meltdown. Thirty percent of homeowners bought with all cash over this past decade, and those who financed mostly took on 30-year FRMs with payments they can afford. In conclusion, it looks like rising rates will do exactly what is needed: Slow down the booming markets that need a correction. But don’t expect a big correction, since there will still be plenty of buyers who can qualify. It will only weed out those who were on the cusp of being able to qualify. It’s more likely we’ll just see a slowdown in rising prices in the hottest, highest-priced markets. Affordable markets will continue to boom as household growth mushrooms from the massive Millennial generation coming of age. And remember, most experts agree that the 30-year FRMs won’t rise higher than five percent this year, which is still a historically low number. Perhaps we are just now returning to a normal market, one in which people have to work towards owning a home. They will need to have a steady job, pay their bills to keep their credit strong, and save for a downpayment … just like the good old days.
Kathy Fettke is Co-CEO of Real Wealth Network and bestselling author of Retire Rich With Rentals. She is an active Real Estate Investor, licensed Real Estate Agent, and former Mortgage Broker, specializing in helping people build multimillion dollar real estate portfolios that generate passive monthly cash flow for life. She is a frequent guest expert on such media as CNN, CNBC, Fox News, NPR, CBS MarketWatch and the Wall Street Journal. She is also host of The Real Wealth Show, a featured podcast on iTunes with listeners in 27 different countries.
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Fixed-rate borrowers not as affected by Fed rate hikes Most homeowners today have
Where is the economy today? While the economy has been expanding for over nine years, it has been slow to grow. Gross
Domestic Product (GDP) numbers have bounced around two percent, even while unemployment is at record lows and the stock market has been soaring. Though we are heading into the longest economic expansion in history, GDP growth during this run-up has been around 19 percent. Compare that to 39 percent GDP growth during the 1980’s expansion, and 43 percent in the 1990’s. The Fed typically raises rates to slow down a booming economy and to curb inflation. It seems odd that the Fed would want to raise rates so aggressively at a time when we don’t have runaway inflation and we don’t necessarily have record-breaking GDP growth. It seems the real reason for the rate hikes is to curb what could be perceived as bubbles in the stock market and some booming real estate markets. Keep in mind, the Fed is raising rates at a time when we have record breaking national debt— which just reached $21 trillion this month. Higher interest rates will make it even more difficult for the government to pay down that enormous debt. The recent tax reform and increased budget will only create more debt. That’s why I don’t personally believe the Fed will hike rates quickly or for very long. The central bank will be extremely cautious in an effort to let the air out of some bubbles while keeping the overall economy healthy.
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Short-term borrowers most affected by Fed rate hikes Adjustable-rate mortgages (ARMs) and home equity lines of credit (HELOCs) would be the most affected by rate hikes because they are typically tied to the prime rate. When the Fed funds rate changes, so does the prime rate typically. ARMs can be tied to the LIBOR or short-term Treasuries, which are much higher today than they have been. Borrowers on short-term fixed rates that are set to adjust soon could be in for a big surprise when that happens. Their rates could jump from two percent to three percent to as much as five percent. It may be wise for those homeowners to refinance now to a long-term fixed-rate debt at 4.5 percent. Most commercial loans are short-term. A rise in debt service could negatively affect cap rates and commercial property values. Apartment and commercial building owners needing to refinance out of their balloon notes could find themselves having to cough up cash in order to qualify for new debt. They should be looking at their options now so they aren’t backed into a corner at the last minute. If they try to sell because they can’t refinance, they may have to take a price cut.
taken on 30-year fixed-rate mortgage (FRM) debt. Thankfully, their payments will be unaffected by changes to the Fed fund rate. Homebuyers, on the other hand, and those looking to refinance today will be affected. While long-term mortgage rates are only indirectly related to Fed rate hikes, 15- and 30-year rates are certainly still on the rise. FRMs generally follow 10-year Treasury yields because conservative investors have an appetite for both. When the stock market and overall economy is strong, investors flock to Wall Street for higher yields. But when the stock market and overall economy is weak, investors seek the safety of Treasuries and Mortgage Backed Securities (MBS). More demand for Treasuries drives the yield down, just as more demand for MBS’s drives 30-year FRMs down. The opposite is true when demand for Treasuries and MBS’s declines. The yield increases as do longterm interest rates. In simpler terms, when the economy is booming, yields and long-term interest rates tend to rise. When the economy is in recession, Treasury yields and long-term interest rates generally go down. When the economy flat-lined during the Great Recession, the Fed lowered rates to near zero levels to stimulate growth. It also launched Quantitative Easing (QE) measures which involved buying bonds to keep yields and longterm interest rates low. They hoped this would stimulate the housing market, and it most certainly did. However, now the Fed is unloading those bonds, which is driving yields and long-term interest rates up. This is a sign that the Fed’s efforts in reviving the housing market are complete, and that now time it’s time to slow down that growth. Raising rates would do that, just as lowering rates got the economy going.
nmp news flash
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Also for the third consecutive month, Syracuse, N.Y., recorded the largest rent decrease among the major metro markets, with prices on one-bedroom units falling 13.1 percent in April to $898—it had already dropped by 10.6 percent in March and 10.8 percent in February. Boulder, Colo., ranked second for falling rents, with one-bedrooms down 10.4 percent to $1,725, following a 5.8 percent drop in March. On the other hand, Dayton, Ohio, saw the greatest rent hikes, with onebedroom rents up by nearly 15 percent from $608 to $697. Little Rock, Ark., also saw a double-digit increase, with an 11 percent increase from $641 at the beginning of March to $712 going into April.
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Moody’s: HARP Loans Outperforming Pre-Crisis Mortgages
Freddie Mac loans that went into the Home Affordable Refinance Program (HARP) following the 20082009 financial crisis will continue to outperform loans that did not, according to a new analysis from Moody’s Investor Service. However, Moody’s added that HARP loans will continue to underperform other loans originated by Freddie Mac after the meltdown period. The 60-plus day delinquency rate Housing Wealth for Seniors for loans originated in 2005-2007 Reached $6.6 Trillion in Q417 that went through HARP was 1.14 percent in March 2017, while the rate for loans originated in the same period that did not go through the program was 6.84 percent. “Borrowers who qualified for a HARP refinancing benefited from significant payment reductions under the program,” said Yehudah Housing wealth for homeowners Forster, Senior Vice President at ages 62 and older grew to $6.6 Moody’s. “This credit strength is trillion in fourth quarter of 2017, an borne out in HARP loan increase of $149 billion from the third quarter, according to data from performance, with loans originated between 2005 and 2007 that went the National Reverse Mortgage into HARP having much lower Lenders Association (NRMLA). delinquencies than non-HARP loans The association’s Reverse Mortgage Market Index (RMMI) rose since 2009.” But Moody’s also noted that HARP to 238.11 in the fourth quarter, a loans will continue to underperform record peak since the index was first published in 2000. On an annual other post-crisis Freddie Mac loans that back credit risk transfer deals basis, the RMMI increased by 8.3 because of the government-sponsored percent in 2017, up from 8 percent enterprise’s tighter underwriting in 2016 but down from 8.5 percent guidelines for the non-HARP postin 2015. crisis loans. Indeed, the 60-plus day The NRMLA attributed the robust delinquency rate for HARP loans is fourth quarter data to a $163 billion higher than that for similar non-HARP increase in home values, or two Freddie Mac loans. percent from the third quarter, while gains in senior housing wealth were offset by a 0.9 percent, or $13.4 billion Your turn National Mortgage Professional increase, in senior-held mortgage Magazine invites you to submit any debt. “Today’s retirees are more likely to information on regulatory changes, legislative updates, human interest leave the workforce with a mortgage and other debts that can put stress on stories or any other newsworthy items pertaining to the mortgage industry to monthly cash flow,” said NRMLA President and Chief Executive Officer the attention of: Peter Bell. “In these situations, NMP News Flash column financial products that convert home Phone #: (516) 409-5555 equity to cash could be used to pay E-mail: off revolving debt from credit cards and reduce or defer monthly mortgage Newsroom@MortgageNewsNetwork.com payments. It’s worth doing the math to find out if a mortgage refinance, home Note: Submissions sent via e-mail are preferred. The deadline for equity line of credit, or reverse submissions is the 1st of the mortgage loan can help increase month prior to the target issue. financial security during retirement.”
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Business Process Management: How Automation Is Impacting Financial Institutions By Mark Holenstein
he term “Business Process Management” or “BPM” has been adopted to identify the discipline of operations management. It uses for various methods to discover, model, analyze, improve and automate business processes. Any combination of methods used to more efficiently manage a company’s business procedures and processes falls under the BPM category. Most recently, the influence of BPM has been seen in the development of artificial intelligence (AI) solutions specific to the finance industry. The largest financial institutions in the United States are investing millions of dollars into updating their capabilities through automation. The finance industry has typically been one where the automation of processes typically performed manually by individual employees was thought of as a nearly impossible task. Yet, financial institutions have been at the forefront of technology and automating as many manual procedures as possible. New automation capabilities of automation to replace various teller positions has specifically drawn attention to the technology industry, and has other organizations asking what they can do to replicate the same success in their own businesses. In 2017, Chase Bank automated most of their teller-related procedures and eliminated more than 25 percent of their employee expenses. It is estimated that approximately 60 percent of transactions performed by tellers can be executed simply through the ATM, and that number is expected to be more than 90 percent by the end of 2018, according to representatives from Chase. Although these changes have increased efficiencies for banks nationwide, it’s important to consider the systematic approach behind automation that allows the technology itself to function and exist— a Process Management System. In a recent report produced by Business Process Trends, 43 percent of U.S. business respondents reported that they are most
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interested in automating their business processes. While implementing a BPM system allows for the automation of most if not all processes, it still does not provide detailed insight into crosssystem/cross-people processes. For example, BPM touches all areas of the finance industry. During the ATM process, a customer can deposit cash and checks. Then, the ATM communicates the transaction to the banking facility. The customer can log-in to their smartphone application and check the update of status almost immediately. While all of these internal processes are performed through an automation of some kind, rarely are they performed in a single system. The joined-up thinking implied by BPM provides banks with a seamless view of the transaction, from beginning to end. This end-to-end view enables management to avoid sub-optimization and to more easily manage and optimize their ongoing operations around the customer. Not only can BPM be applied to assist with daily processes at the procedural level, but can also be used to manage all aspects of internal monitoring, especially relevant when dealing with compliance issues. Any financial institution utilizing a process management system in support of their BPM initiative can monitor progress, as well as see their organization from an overview perspective. Banks are more equipped to identify competitive advantages, establish internal processes, and deliver results. A banking institution can identify metrics as well as returnon-investment (ROI) by standardizing and simplifying procedure workflows. The application of BPM is often considered a critical component of the banking and finance industry, not just due to its end-to-end visibility, but also due to its support of meaningful operational intelligence. Process management systems that deliver real-time, actionable information are now readily available. Because the size and complexity of daily tasks can be too much for one system to run, BPM enables banks to view systems as though they were running seamlessly as a single unit. The discipline of BPM and the use of a process management system can bridge the gap between information technology and business. There is no doubt that automation will play a growing role in business processes in the marketplace for years to come. In the future, banks and financial institutions will continue to look for ways to automate even more of their processes. It’s important to understand not just how automation happens but to connect it with the manual processes that will still occur. An effective process management system touches all facets of the organization and the technology working behind the scenes. With the right process management solution powering your BPM discipline, the customer has a better overall experience with the brand.
Mark Holenstein is Chief Operating Officer of Signavio, and has worked in the high-tech sector for several years, specializing in helping organizations to optimize their customer journeys and the underlying operations that deliver them. Signavio is a provider of Business Process Management solutions for business in all sectors. For more information, visit Signavio.com.
The One Thing Most Originat Do Wrong With Their Adverti and Social Media By Brian Sacks
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ators rtising
ake a few minutes after reading this article and review your social media posts, advertising strategies and even your Web site. My topic this month was going to be about something totally different, but I just read an industry publication and couldn’t help myself. While most companies make this make in their advertising and posts, Originators are making this mistake in their daily conversations with Realtors and prospects and even current clients.
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What is this mistake? It’s being tuned into the wrong station. That probably sounds strange, so let me explain. The truth is all humans, whether they be Originators, prospects, clients, agents or anyone else, is always tuned into the WIFM radio station in their heads. The call letters stand for “What’s In it For Me–WIFM.” Might even be a good idea to write those call letters down and tape it up in a place you can always see it.
Proprietary programs Better compensation programs Better training programs Better marketing resources and tools
There are many more than the ones listed above. But my point is for you to realize that your
Scripts are very dangerous Think about that for a minute. You don’t really know what the person’s issues or challenges are yet, but a “guru” has given you a script. Let that one sink in? The alternative to scripts is always realizing what the Realtor’s or referral sources needs are and meeting them with your tools and solutions. Now let’s move on to clients and WIFM No normal person wakes up in the morning and realizes they want to get a mortgage. The problem is that we assume that is everyone’s motivation, and so we create our ads, e-mails and marketing so we
Right now, all they care about is WIFM So, just like a doctor with an ill patient, you need to be asking more questions than vomiting benefits on them” l How long will you stay in the home? l What is your comfort level for a monthly payment? l What have you come across in your research that was interesting? l How much do you want to use for a downpayment and closing? Once you have these answers, you can begin going over your solutions for them. There is no script for this since every situation will be different. People care about rates and service, but they actually care more about having a solution customized for their personal needs and situation. They are tuned into WIFM and you have now shown them that you are listening. You care. You have a program that solves their personal needs. Try this and let me know your thoughts by e-mailing me at LoanOfficerTips@gmail.com.
Brian Sacks is a nationally-renowned mortgage expert who has career closing of more than 5,924 transactions for more than $1 billion. He has trained, consulted and coached tens of thousands of loan officers and company owners over the past 32 years on how to close more loans, make more money, and still have a life. Brian is the host of “Top Originator Secrets,” which can be seen weekly on Mortgage News Network and on his blog. You can get more information and grab your free report on “How to Get Agents Chasing You” at TopOriginatorSecrets.com and learn more about the Top Originator Mastermind at TopOriginatorMastermind.com.
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l l l l
Now let’s move on to Originators and Realtors or referral sources I know many of you don’t believe this, but Realtors are actually people just like you and I. They are also very tuned into the WIFM station. Most Originators meet or speak or e-mail Realtors with a full list of all of the tools they have along with any marketing programs, etc. They just go on and on in personal conversations, e-mails, ads, newsletters. I hate to even say this but is almost as if you are vomiting benefits on them and you know as well as I do that most often these messages and meetings don’t turn out the way you had hoped. It’s almost as if a doctor is throwing medicine at a patient before even knowing what the illness is. You must first get to the referral source or agent as a person and connect. Once you have taken this first critical step than you can start finding out what their needs are. Once you have their needs nailed down, then and only then, can you go on to tell them about your solutions. That is where the “What’s In It For Me” comes in. There truly is no one-size-fits-all Realtor or Referral partner script. In fact, at Top Originator Secrets and in my Top Originator Mastermind program, I refuse to give scripts.
can be the one they choose since we are screaming the loudest. Consumers are all tuned in to WIFM. You cannot tell them that you have good rates and provide great service. Honestly, that it just a baseline and is expected. But again, the big mistake is not understanding WIFM. Let’s assume you were ill and you went to the doctor. He orders you into the emergency room and tells you what a great surgeon he is and that this hospital has the lowest cost per operation in your city. Did you catch what was missing in that last scenario? Honestly, take a minute and go back and read it. But now think about the way we speak to prospects. We tell them how great we are. We tell them the awards our company has won and that we have won. We go on and on about how great our service is, however, they will not realize that until after the transaction is completed.
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Advice for company ads As a company, many of the ads I see simply state what programs are offered. They continue to say how many top producers they have and how many awards they have received. But the truth is that clients really don’t care much about any of that. They do want to know that you are reputable. But more importantly, they want to know “What’s In It For Them?” If you are responsible for your company’s advertising, please take out a pad and write down the reasons a client should choose you. If you are involved in recruiting, you should do the same exercise. Why should a Loan Officer jump ship and go to your company. Is it because you provide great service and your rates are competitive. I certainly hope that’s not the only reason! If that is the only reason a Loan Officer should switch than you have some serious issues, but I guess you already know that. Think about what an Originators’ issues are, and then lead with the way your company is able to solve these issues. Here are some idea.
conversations and ads should not be all about you, but rather, it should be about what you can do for originators and clients.
heard on the street
The NAPMW Report BY CATHY KANTROWITZ
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This is my last NAPMW Report as my term as National President ends this month. As I look back at the previous year, I am excited not only by what the organization has accomplished, but what the future holds for NAMPW. For the first time in several years, membership is increasing. Not by large numbers, but a gradual growth, which is healthy. We have had three new associations come on board this past year in Alabama, North Carolina and Washington State. To me, this is a clear indicator that NAPMW is a valuable organization throughout the country. The benefits of the association are not just networking or socializing. NAPMW provides great educational opportunities, such as our Annual Education Conference recently held in Las Vegas. Also, there are opportunities for leadership roles on the local and national levels. There has been quite a bit of emphasis on moving women forward in recent months, and NAPMW has been promoting women’s growth in the mortgage industry for more than 50 years. I am an example of how the organization grows its leaders. I started my journey with NAPMW as a Local President and certainly never imagined it would develop into the position of National President. The organization has provided me with more than just a mortgage education. The leadership skills I have developed have served me both personally and professionally. Not to mention the numerous friendships that I am fortunate to have formed with so many smart, talented and strong women in this organization. As I leave my position as National President, I look forward to the many wonderful things yet to come for the association on the horizon.
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From 2008 through Dec. 31, 2017, Ocwen has granted approximately 765,200 loan modifications nationwide and forgiven more than $18.5 billion in debt. AmeriFirst Expands Into the SoCal Region
AmeriFirst Financial Corporation has expanded its footprint to the foothills of the San Gabriel Mountains with the opening of a new branch in Southern California, located in Rancho Cucamonga, operating under the name, “AmeriTrust Home Mortgage” to avoid confusion with Amerifirst Financial Inc., who also operates in the southwest region. The new branch will serve as the first retail site for AmeriFirst in the state of California, operating as a full-service home loan center staffed by a total of 12 Loan Officers and a support team who will provide a full range of purchase and refinance loan options. “We are excited to be working with the great folks in southern California as we continue to expand our reach in helping our neighbors achieve the American dream of homeownership,” said Mark Jones, Co-Chief Executive Officer and Co-Founder of AmeriFirst. “We are excited to offer our strong service proposition–high-quality, hightouch customer service–to residents of southern California. We also are committed to educating first-time homebuyers on the power of homeownership as a tool for building home equity and personal wealth and matching loan products that meet their individual needs.” Planet Home Lending Opens Denver Branch
Cathy Kantrowitz is President of the National Association of Professional Mortgage Women (NAPMW) and Mortgage Operations Manager at Quorum Federal Credit Union. She may be reached by phone at (914) 641-3842 or e-mail President@NAPMW.org.
Planet Home Lending LLC has opened its first retail lending branch in Denver, Colo., to be managed by mortgage industry veterans Derrick Strauss and Wes Tool. The two have nearly 40 years of combined mortgage experience. “I expect the Denver community will be very pleased
to have access to Planet Home Lending, as the company offers the loans homeowners here need,” Strauss said. “Planet Home Lending offers everything from low down-payment FHA and USDA mortgages for firsttime homebuyers right up to million-dollar home loans with no mortgage insurance for move-up buyers. We also have a lot of experience working with armed services members who want to take advantage of their VA home loan benefits.” The Denver branch will also include Loan Officers Daniel Brennan, Fabbiana Progar, and Joshua Saenz, aided by Loan Officer Assistants Darlene Zbanek and Jaren Thomas. “Strauss and Tool are the perfect industry experts to manage Planet Home Lending’s expansion into Denver,” said Mike Lee, Planet Home Lending’s Senior Vice President of National Production. “They’re a dynamic team known for delivering value to homeowners.” Neighborhood Lending Services Adds RoundPoint Mortgage as Subservicer
RoundPoint Mortgage Servicing Corporation (RPMS) has announced that it has been selected as a subservicing partner for Neighborhood Lending Services (NLS). NLS, Illinois’ largest non-profit mortgage lender is an affiliate of Neighborhood Housing Services of Chicago Inc. (NHS), a nonprofit neighborhood revitalization organization. Driven by the belief that homeownership is essential to strengthening households and communities, NHS has served more than 228,000 clients, since its inception, by providing homeownership education classes, and fixed-rate loans to purchase, refinance or rehab a home through NLS. RPMS services loans for a variety of community banks, credit unions, private equity firms, and mortgage banks. In addition, RPMS is committed to providing world-class asset management services to the nonprofit sector. NLS’ selection of RPMS as its subservicer is confirmation of this commitment. “NLS provides much needed capital for its low-to-moderateincome customers and with
RoundPoint’s subservicing expertise, we are well positioned to support them in their efforts to improve their customer service and grow,” said Allen Price, Senior Vice President of Business Development for RPMS. Robin Coffey, NHS’s Chief Credit Officer, said, “We chose RoundPoint Mortgage Servicing because of its best-in-class systems, customer-centric operating model, and robust reporting tools. The transfer of our initial loans could not have gone smoother.” ReverseVision Partners With DataVerify
Fidelity National Financial Acquires Stewart Information Services
Fidelity National Financial Inc. (FNF) has announced the acquisition of the title insurance company Stewart Information Services Corporation for $1.2 billion. FNF will enact the transaction through a combination of cash, debt
financing and the issuance of FNF common stock to Stewart stockholders. “We are excited to welcome Stewart, its employees and its customers to the FNF family,” said FNF Chairman William P. Foley II. “The venerable Stewart brand has a long and respected history in the title insurance industry and we see tremendous potential in working with the Stewart management team to invest in and grow the Stewart brand on a national basis as part of our long-time, successful strategy of operating multiple title insurance brands under the FNF umbrella.” The transaction is expected to
close in either the first or second quarter of 2019. Stewart noted that if the deal is not completed for failure to obtain the required regulatory approvals, Fidelity is required to pay a reverse break-up fee of $50 million to Stewart. Dart Appraisal Acquires VMG
Dart Appraisal, a Troy, Mich.based appraisal management continued on page 74
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ReverseVision has announced the availability of DataVerify’s DRIVE verification platform within ReverseVision’s flagship RV Exchange (RVX) loan origination system (LOS). DRIVE helps lenders improve efficiency and reduce repurchase risk by monitoring changes to borrower identity, loan application, and property data throughout the origination process. “ReverseVision is committed to equipping our lender customers with top-of-the-line tools for optimizing loan quality and efficiency,” said ReverseVision Vice President of Sales and Marketing Wendy Peel. “DataVerify is one of the mortgage industry’s most trusted providers of data verification services, and we are proud to make its DRIVE system available to HECM lenders through RVX.” DRIVE, available to customers of RVX as of December 2017, streamlines the loan review process by combining multiple data integrity, fraud and compliance risk evaluations in one state-of-the-art system. The DRIVE report can include more than a dozen services, including Social Security number and 4506-T tax return verifications. DataVerify’s proprietary DRIVE Score summarizes the level of risk associated with the loan, and results can be refreshed throughout the origination process for real-time monitoring of material loan data changes. “At DataVerify, we believe in the power of sound, reliable risk mitigation for lenders in all facets of the mortgage industry,” said Brad Bogel, Senior Vice President of DataVerify. “By partnering with ReverseVision, we can provide easy to understand borrower and loan data to the reverse mortgage
industry through their dynamic origination platform.”
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Leadership Ten Leadership Principles to Help Fuel Your Next Great Enterprise By Rick Arvielo
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eadership is not easy to describe, but you always know when you see it and experience it. Typically, leaders establish a “cando” spirit, inspire people around them and have a clear vision of where they want to go. Confining a list to just 10 is an almost impossible task. I don’t know
that any leadership list can ever be complete, but I believe even setting down a few principles, then trying to live up to them each day, can start anyone down the path toward lifelong achievement. Here are 10 leadership values I aspire to: 1. Sense of history Mortgages have been around since at least the year 1190, but maybe outside the creation of the Federal Housing Administration (FHA) in 1934, I don’t think we’ve seen the fundamental shifts in our industry that we’re experiencing now. So, in that context, it’s an exciting time to be a mortgage lender. I would point out that homeownership is still the number one way to
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accumulate wealth in America. So, for Patty [Arvielo, New American Funding President] and me, and the entire New American Funding team, to be able to provide a new generation of homebuyers, including Millennials and the underserved market, greater access to these ownership and wealth-building opportunities, is very humbling. That’s why we’ve been so active at both the grassroots level and in Washington, D.C. At a time of so much change, to know our voices are being sought and listened to—to know we can move the dial a little bit— is a responsibility we take very seriously. 2. Purpose Our purpose is very connected to this unique time in the mortgage industry. We are driven more than ever to find new ways to meet the needs of a homebuying demographic that has never looked the way it does now, in terms of age, diversity, inclusiveness. You could argue that it is a New America, just as our company name implies. This “New America” also confers on us a responsibility to educate borrowers and get them all the information we know they’ll need, using the technology that is now so much a part of their lives. 3. Vision Similarly, our vision is aligned with our purpose and sense of history. We always try to take as long a view as we can. We try to look far down the path. For me, it doesn’t take rocket science to know that buyer behavior
is changing. Human beings are far different than they were before because they have so much more access to information. So, we knew we had to be well positioned to serve that. Consequently, early on, we decided we needed to make those investments in technology that we believed borrowers were going to demand. 4. Habits/commitment Of course, when you realize the enormous investment required to make your vision a reality, it’s easy to talk yourself out of doing the right thing, but you have to commit to it and persevere regardless of how many obstacles you face. Those same principles apply to whatever you hope to achieve. If you develop positive habits and commit to them, you are going to achieve miraculous results. Make sure your habits are taking you in the right direction, and once you determine that they are, don’t let up. You’ll win. It’s really that simple. 5. Humility There’s a great quote that goes: “Humility is not thinking less of yourself; it’s thinking of yourself less.” When you change your focus from thinking about your own success to thinking about how to create success for others, your career or company will really take off. When you’re more plow horse than the show horse—when you put in the real work out of continued on page 60
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ten leadership principles
the spotlight—the commendations and commissions will follow. What has been so rewarding for Patty and me over the last 15 years is to watch so many of our employees grow in their roles. Initially, they were hired, because of their expertise and experience, to do a job, but so many have gotten that one job done and risen to take on new jobs and responsibilities. It’s been amazing to watch. We cherish the opinions of everyone at our company. In fact, we tell our employees constantly that if they want to grow, we want to know. We try to show our employees that we really care through our actions, such as providing them with great tools, training, mentoring and technology that will help them be successful. We don’t try to just lift our top producers. We try to bring up everybody who may not be at that top level yet. That’s what families do.
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6. Character I think you reveal your character simply by doing what you said you were going to do. You don’t send mixed signals. People have to know where you stand, and that you’re going to stand up for what you believe. A question I probably get asked more than any other is, “Am I going to sell the company or take the company public?” I retired once when I was 34. I didn’t work for three years, and it was the most miserable three years of my life. At New American Funding, I enjoy working, I enjoy innovating, I enjoy the people I am so blessed to work with every day. I would never jump off this train. I just wouldn’t. Because of our independence, we can determine our course. When you’re commanding a ship this size, you have to see far beyond the horizon. If that means foregoing short-term profits while we move the ship to a better place,
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we’ll do that. The bottom line is, we’re not sailing this ship to get investors an acceptable return on their investment. I would never put myself in a position where I had to.
and forming many other proprietary systems—we didn’t shrink from making those investments. They have been the key to our growth and success.
7. Constant improvement/persistent imagination Patty’s skills and my skills complement each other. They don’t overlap. For 35 years, she has been a mortgage lender down to her core, while I’m super passionate about tech and marketing. I would observe her and see all the manual steps and paperwork she constantly waded through, and I would be thinking I could automate that stuff. She would wave me off and say leave me alone and I would go away and build something with our team. And eventually, she would say, that’s a better way. That’s been our whole approach at New American Funding. If we think there’s a better way, we’ll try it, even if the industry has been doing something the same way for the last hundred years. I’ve always been fascinated by “what’s next?” I’ve never been content. What has been most rewarding to me over the last decade has been focusing on innovating technology and marketing within the mortgage space. That’s what’s really been paying off for us today.
9. Change If you don’t like change, you’ll quickly be out of business because you’ll no longer be relevant to your customers. Here’s an illustration of that. In 1975, Kodak invented the digital camera. Instead of embracing and investing in this new technology, Kodak, satisfied with monster revenues from its film business, ceded its technology to Japan. The engineer who invented the camera said, “We were not really thinking of this as the world’s first digital camera. We were looking at it as a distant possibility.” In 2012, Kodak declared bankruptcy. So, never get comfortable with the status quo. Always be looking around the corner for what’s coming next. And that includes watching what’s taking place in Washington, D.C., where legislation is always being carved out that directly impacts our business. That’s why I encourage everyone in our company to actively support the organizations dedicated to strengthening our industry’s voice.
8. Courage One of my favorite quotes is from management guru, Peter Drucker, who said, “Whenever you see a successful business, someone once made a courageous decision.” In business, you have to display the courage of your convictions and the confidence to do what you believe is right, even though others may disagree. Things aren’t always going to go your way. You’ll be tested again and again. When the Great Recession of 2007-2008 hit, we didn’t fold up our tent. Despite the huge financial sums involved in growing organically—servicing our own loans, developing industryleading technology, building an internal recruiting team, investing in an in-house marketing platform,
10. Fun While any probe of leadership can be quite sobering and soulsearching, you never want to lose sight of the joy and fun that comes from running a successful, purposeful organization. At New American Funding, we have a reputation for having fun. We like to think we put the “fun” in “Funding.” Having fun and finding a work/life balance are essential to our culture. Just go online and watch one our Halloween celebration videos. I believe leaders develop at every age. And the best ones keep evolving and experimenting. What I am most certain about is that leaders attract other leaders, and when they’re all working together toward a common goal, you develop something truly special.
Rick Arvielo is Chief Executive Officer at New American Funding. Rick’s proven formula of marrying marketing and proprietary technology to grow businesses from the ground up has led to the growing success of New American Funding. Rick leads more than 145 branches and approximately 2,700 employees with the goal of providing unparalleled service and mortgages at competitive rates, helping individuals fulfill the American dream of owning a home.
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A Formula for Using “Unbalanced Reciprocity” to Become a Servant Leader By Jeff Potts hat does the term “Leadership” or better yet “Servant Leadership” mean? It means asking the question, “Is the leader ensuring that the individual or group for which he or she is responsible getting more value in return than what they are putting in?” I like to call this scenario positive “unbalanced reciprocity.” Is the leader giving back above and beyond what the “troops” are investing in the relationship? My opinion is that as leaders we must ALWAYS strive to achieve this positive state of unbalance. The challenge becomes how to create an environment; a culture of happy, energized and positive employees. For me, this is a process, a formula if you will, that can be followed for success.
l Posturing/strategic deception in order to achieve a goal. l Pressuring the team to a higher level of accountability.
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Learn the audience The idea that leadership is about changing the world all at once is not realistic. Rather, it is more to do with taking the time to learn about the group, collecting information from each individual such that a game plan or vision can be implemented for the individual or group. This is the sort of coaching needed to take them to the next level. Once the strategic plan for everyone is in place, a decision can then be made for the good of the whole group. Understanding that not everyone is going to be happy and yet still sticking to the decision that has been made by the leader is important. Decisiveness is golden, as the decision process in leading in a group environment can often be compared to “herding cats” … right? Learn yourself Understanding and identifying the key traits that can qualify someone as a successful leader is a crucial step to success. There are the basic core traits, such as strong communication skills, being
“The idea that leadership is about changing the world all at once is not realistic. Rather, it is more to do with taking the time to learn about the group …”
highly technical, and having the ability to step in and solve conflict. Great leaders all are hard-wired with the following traits: l Decision-making capability and sticking to it. l Holding themselves along with everyone else accountable. l Having an awareness of their surroundings … avoiding distraction. l Having empathy for the troops. l Being honest and truthful. l Inspiring others with their passion. l Being positive and confident. After realizing what inherent traits we have and how strong we are at each, the next step is to have a working knowledge and understanding of the different types of leadership “styles” that can be used. Different situations will sometimes warrant that we
change our style and it is important to our “formula” for success. While some styles come very naturally, we must have an awareness of the other styles and a willingness to change to them when appropriate for the situation or scenario. Stylistically speaking, positive approaches can include: l Visionary … creates the team vision. Where it needs to go and how to get there. l Nurturing/coaching … motivate and inspire by teaching. l Pace-setting/leading by example. l Asking for and receiving input from the group as a whole. l Hands off … allowing employees to decide what’s important. Slightly more confrontational approaches can include: l Power Play. Using the title and position to command. Dictator-like.
It can be said that all of the above leadership styles can have some merit and should be used depending on the needs of the group at the time. There might be times, for example, when a leader needs to hold the team more accountable than normal in order to achieve a certain result. Conversely, once the vision and process has been mapped out, an option may be to let them manage themselves without the leader interfering or to take a “hands-off approach.” Another example would be in times of crisis. A more commanding position without any input from the troops might be needed temporarily in order to save the team as a whole. Once the crisis has passed, the effective leader can shift back to a more democratic approach where the leader is capturing the ideas of the group and implementing them. True leaders know when to utilize different styles as needed. This often involves sticking to a well thought out strategic roadmap and knowing the exact right time to shift gears and pull an “audible,” changing the roadmap. Effective leadership is based on the idea that “one size does not fit all.” For those of you who consider yourselves true leaders, how do you stack up with the different styles? Are you able to pull an “audible” and change styles when the situation calls for it? Have you looked at yourself and analyzed the character traits listed above to see if you honestly exhibit these qualities to your group naturally rather than in a forced or fake way? Having identified our specific leadership traits coupled with an understanding of when to use
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different leadership styles, we can now factor them into our “formula.” I’d like to offer what I think is the very best way to create “unbalanced reciprocity” and therefore happy, inspired employees that will run through a brick wall for you. Apply the “formula” First and foremost, even though I’m using the term “formula” for discussion purposes, we must always retain the fact that these are human relationships that are in play. The idea being that this is not a straightforward numerical or strategic calculation cannot be overstated. True leaders are born with an innate internal compassionate feeling toward those that they serve. The formula I use is called “A.C.E.,” and I was introduced to this concept by a good friend of mine, Mr. Michael Castanon. It involves a process that has three concepts that will lead to happy and loyal employees.
confront them. Depending on the situation at hand, the amount of directness will vary depending on the severity of the issues or problems. Which takes us back to the thought of managers possessing the ability to “shift gears” in their approach and therefore their style. Let’s be clear, I never advocate shifting gears in a disingenuous manner. True leaders need to ensure that they are able to remain
authentic while changing up the style that is needed in that moment. The delivery and how it is done is the key. Knowing your audience and how to phrase, emphasize, pause and listen is vital to success. The subtleties are important right down to facial expressions and body language. Confronting can be really uncomfortable, right? To lighten up the mood a bit I might start off by saying to the person in front me … “I
want you to know that I care for you greatly but, this conversation might feel a bit like a punch in the nose.” The point is that with little comfort in the conversation, small or large, it must happen so that his process can be completed successfully to reach the desired outcome. I’ve been through many of these, both on the giving and receiving continued on page 64
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Confront Once the issues(s) at hand have been put on the table for discussion, be ready to
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Acknowledge, Confront & Empathy (A.C.E) Acknowledge The first step is to acknowledge upfront the problem, situation or challenge they are having. In an honest and transparent way, acknowledge the problem. Talk about the specifics of the issue and don’t hold back. Get it all out on the table. Address the “elephant in the room” headon and in the long run, you will gain their respect. Be willing to be uncomfortable in discussing these topics as the leader because you are setting the stage for a completely transparent conversation as you move through this process. When recruiting, as an example, sometimes this piece manifests itself as concerns to the question of “why.” Why should I move my team over to your company? Acknowledge the issues upfront so that you move onto the next step …
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a formula for using “unbalanced reciprocity” end of it, and I’ve always come away with an appreciation for the degree of transparency that can be reached. Empathy After we have figured out the problem/issue and confronted it, a true leader must have heart. He or she must understand the feelings of the person. It’s at this crucial point that you must convey empathy and demonstrate that you understand why they feel the way they feel. In a way, you are letting them off the hook or giving them an out if you will. True compassion and having an understanding of why someone feels the way they feel is so important to creating a high trust relationship. As a leader, discovering what traits we are inherently hard wired with and coupling
those traits stylistically with what is appropriate or needed at the time is the base starting point. Listening to the needs of the people we lead, having open and honest conversations and taking our employees’ opinions into consideration will always lead to a pervasive net feeling of relevance and that their contribution to the group is important. This will inevitably yield to an overall feeling of “unbalanced reciprocity” which is of course the most important objective. The below quote from an article I found online sums up the discussion of this process and gives us an insight into what it means to be a true Servant Leader. “The servant leadership style is characterized by an employee and customer focus. Delivering quality services and goods to customers is more
important than self-interest and teams should be included in the decision-making. Rather than taking center stage, the servant leader lets the team take the credit and works
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supportively and collaboratively.” In the end, the best leaders are Servant Leaders! Now go out there and “A.C.E” it.
Jeff Potts is RVP of Production for Mountain West Financial. With more than 30 years of experience, Jeff brings a vast knowledge base and is excited to bring his passion for building and growing to Mountain West Financial. Having had the privilege to build and lead teams from a small mortgage broker to an area for a Top 10 national lender combined with his previous experience as a top performing originator, has allowed for him to lead by example.
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#MeToo Wonder Woman By Eric Weinstein
ack in 2003, as Owner of Carteret Mortgage, The Thomson Corporation named us as the â&#x20AC;&#x153;Largest Mortgage Broker in the Countryâ&#x20AC;? that year. They threw a big black tie gala in my honor at the NAMB Annual Convention. I remember many of the other Mortgage Broker/Owners attending and congratulating me. For the life of me, I cannot remember any of them being female. Of course, this was 15 years ago. I wonder how many of the top 50 mortgage brokers in the country this year are owned by women. Now, for a seemly unrelated topic. Has anyone seen the new Wonder Woman movie yet? Is anyone a comic book fanatic like me? I especially love the back stories and the superheroâ&#x20AC;&#x2122;s one weakness, like Kryptonite to Superman. If the
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superhero didnâ&#x20AC;&#x2122;t have a weakness, it would be a pretty dull story, with them winning all the time. The original Wonder Woman had one weaknesses which is a wonderful commentary on the current #MeToo movement. Wonder Womanâ&#x20AC;&#x2122;s original key weakness was permitting herself to be bound by a man. This didnâ&#x20AC;&#x2122;t carry over to the current the movie, but it was absolutely key to the character Dr. Marston created. Dr. Marston was an ardent feminist and practicing psychologist, when he created the character in 1941. His point was that women are not actually inferior to men. This was the outrageous assumption at the time. Remember, it was 1941. â&#x20AC;&#x153;They are not inferior, â&#x20AC;&#x153;Dr. Marston said, â&#x20AC;&#x153;They are oppressed. The only reason they are â&#x20AC;&#x2DC;the weaker sexâ&#x20AC;&#x2122; is because they allow men to make them so. Hence, the part about Wonder Woman â&#x20AC;&#x2DC;permitting herself to be bound by a man.â&#x20AC;&#x2122;â&#x20AC;?
â&#x20AC;&#x153; â&#x20AC;Ś when looking for a leader in your mortgage company, get with the new era â&#x20AC;Ś women are just as capable as men.â&#x20AC;?
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From Wonder Womanâ&#x20AC;&#x2122;s original origin story, the Amazons were Greek women who had been bound by the wrists by the men. At one point, they realized their power and broke free. They then moved to their own women-only island, where, in the absence of male oppression, they grew progressively stronger. The unbound cuffs (called â&#x20AC;&#x153;Bracelets of Submissionâ&#x20AC;?) were worn to remind them that allowing a man power over them or â&#x20AC;&#x153;giving up their independenceâ&#x20AC;? was what sapped them of their own power in the first place. Dr. Marston was using this as a symbol. He was, after all, an ardent feminist. â&#x20AC;&#x153;As per Aphroditeâ&#x20AC;&#x2122;s law, when an Amazonâ&#x20AC;&#x2122;s bracelets are bound together by the actions of a man, she loses her powers.â&#x20AC;? This was still around as recently as the TV show in the 70s. However, this weakness has since been PCâ&#x20AC;&#x2122;d out of existence. The original purpose of the
#MeToo movement by creator Tarana Burke was to empower women, also. They would both agree: The only reason women are â&#x20AC;&#x153;The Weaker Sexâ&#x20AC;? is because they allow men to make them so. By standing up and saying something, they free themselves from oppression. Wonder Woman would be proud. Women are finally freeing themselves from oppression just like Dr. Marston envisioned in 1941. Originally, Wonder Woman had one weakness, based around the fact that the bracelets she wore were â&#x20AC;&#x153;Bracelets of Submission.â&#x20AC;? If a man managed to tie her bracelets together, she would lose all of her superpowers, exactly like Superman and kryptonite. The point is, when looking for a leader in your mortgage company, get with the new era â&#x20AC;Ś women are just as capable as men. And for all you women out there, start your own mortgage company. You, are the only one who can hold yourself back.
Eric Weinstein worked in banking, on the commercial real estate side until 1991, when he fell in love with residential lending. In 1995, he started a small mortgage company in his basement called Carteret Mortgage Corporation, which in 2003, grew to one of the largest mortgage broker companies in the United States. Eric is semi-retired, doing mortgages by referral only. He may be reached by phone at (703) 5058692 or e-mail EWeinstein4U@gmail.com.
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Novelty of program: A program like this has never been offered in the mortgage industry Goal of the program: To provide step-by-step training and resources for any leader to recruit, manage and lead a high performance production originator team l How to build a high performance sales origination team l How to recruit top LO talent l The most powerful interview questions that uncover LO success DNA l How to leverage LOA’s and Junior LO’s l Build a new loan officer training program for your company l How to coach your LO’s to high performance l Build and implement a success plan that works l Create accountability standards for performance that raise company production
l How to benchmark sales growth on a predictable path l How to consistently keep your team motivated for excellence and high performance l How to achieve personal production, leadership, recruiting, managerial and life balance (I will dig deep to answer this one, but it looks real good) l How to get the most out of your support team l How move towards leadership and away from task management l How to run highly effective sales meetings
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Who the program is for: Company owners, branch managers, sales managers, anyone managing an origination team or looking to build one
a special focus on LEADERSHIP a special focus on LEADERSHIP a special focus on LEADE
The “Making” of a Leader By Ginger Wilcox
“She’s a natural born leader.” ’m sure you’ve heard these words, and while some people might naturally possess the dynamic personality that often accompanies a strong leader, I don’t believe that leaders are born this way. They are definitely “made,” usually as the result of years of dedication and hard work. I am sure that most exceptional leaders today would say that when they first started, they were uncomfortable with the new responsibilities, the focus on their performance, and had a lack of confidence in their skills. I have vivid memories getting in front of groups, terrified they might find out I wasn’t really the leader they thought I was. From my own experiences, striving to be a leader, and efforts in trying to develop leaders within my teams over the years, there are steps you
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can take to develop a great leader or become one yourself. Invest in coaching and training The number one reason most people leave an organization is because of their manager. Why aren’t there more good leaders? They are not being trained in many organizations. Good individual contributors who get promoted and are not trained don’t necessarily develop into good leaders. Until recently, I have never worked at an organization that invested heavily in formal training for their future leaders. Fortunately, I was able to receive training outside of the organizations I worked with, and even hired an Executive Coach to challenge and help me reach my highest potential as a leader. I’m a huge believer in investing in future leaders. At a previous company, we didn’t have the budget for a strong talent
“The best bosses periodically strategize with their employees to develop a path to achieving their goals that includes both challenges and milestones along the way.”
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68 organization, so we had to be creative about career development. We implemented bi-weekly “lunch & learns” where we brought in outside speakers or the company executives presented a range of topics, from organizational skills to presentation development. While the topics were not always relevant to every employee, by attending as many as possible, a potential leader could still learn many relevant skills, be exposed to company leadership’s presenting styles, and gain an appreciation of the multidepartmental needs of the entire organization. Some companies in other industries invest heavily in their employee training, especially the ones where almost every employee has a customer facing role. One such company provides every employee with a small group workshop with an outside professional on the “Art of Selling” and “Presentation Skills” in their first year with the company. But you don’t need professional help to implement a low cost leadership development program. Look to your existing leadership team to present topics. For example, your head of communications could present a speaking skills workshop and your head of finance could talk about delivering an ROI. And if you are looking to develop into a leader
yourself, take advantage of any training opportunities your company offers. Volunteer in your community As I mentioned, companies are investing less in on-site training. This may be due to the fear of taking too much time away from the daily work schedule, budget limitations and possibly the lack of leadership to institute a program. However, fantastic training programs can be found within your community. When I first moved to a new city for a great job opportunity, I joined the Junior League to volunteer my time to help others and meet new people outside of work. At the time, I had no idea what this would do for my career. Volunteer organizations have years of experience developing good volunteers, many of whom continue to be great leaders. While with the Junior League, I enjoyed a variety of committee positions and eventually leadership roles. And, quite honestly, managing large groups of volunteers became one of the most transitional experiences in my personal leadership skill development. One year, I managed a group of more than 200 volunteers and I had to find ways to motivate them beyond pay to deliver on commitments that were
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very similar to that of a business— delivering on an event or project on time and on budget. Don’t let the lack of a leadership program at work hold you back, you can definitely develop these skills in other places. Be a good leader There is a lot of truth to the phrase “Lead by example.” Being a good leader is not about bossing your employees around. The best leaders behave like leaders and are really exceptional listeners. They take the time to ask their team members, “What do you think?,” reflect on the answers and provide thoughtful feedback. I learn just as much from my team, as they do from me. As a leader, you cannot expect people to practice what you cannot do yourself. A good leader takes the initiative if a boss needs help without waiting to be asked. And they really take the time to know each of their employees and try to give them opportunities to develop to meet their personal goals. When I interview potential job candidates or have employee reviews, I ask the question, “What are your goals?” Often, people are
taken aback by that question, because it is rarely asked in a business setting. The conversation is usually about what the employee can do for the company to help it make its goals. But, the reality is that based on a person’s personal goals, the path to achieving them, whether they are leadership positions or not, are very different for each person. Two employees could start out in the exact same role, but their career trajectory could be very different based on their personal goals and skills. The best bosses periodically strategize with their employees to develop a path to achieving their goals that includes both challenges and milestones along the way. For example, one employee might need to take more ownership over a project independently and another might need to start managing one or two people. My goal, as a leader, is to develop my team so they can someday lead me. Find a mentor When I was only 24-years-old, I had a boss that had over two decades of experience and when I first started, I expected to be told
what to do and how to do it. But in reality, this boss started me on the path to being the leader I am today. He gave me projects to do and a huge amount of autonomy to control the way I got them done. He was always there as a sounding board for my ideas and decisions, but he never micromanaged me or told me what to do. He challenged me to strategically think through and make decisions on my own. My belief in general, is that people are not challenged and that most are just going through the motions. Challenging yourself and your employees can bring a new level to job satisfaction, and being and having a mentor, is a good first step. I most recently had one of the toughest and best bosses of my career. He was constantly challenging me to levels I didn’t know I could reach. He was always
there to guide me, but he pushed me to be the best I could be. And for that, I am very grateful. He was the mentor I needed at that point in my career, and having had him, has helped to make me a better mentor. If you don’t already have a boss that can mentor you, look to other areas of the company or to outside organizations. Everyone needs a mentor and should “pay it forward” and be a mentor. If you cannot mentor someone in your company, look to your community. It takes a lot of hard work, skill development and a good mentor to become a leader. A good leader is not made overnight, it takes years of practice, and sometimes some big flops. While leaders in general possess people skills, how they develop that natural talent with additional skills is what makes the difference.
Ginger Wilcox is Senior Vice President of Marketing for Capsilon, responsible for leading marketing, brand positioning and growth for all Capsilon products and solutions for mortgage lenders, correspondents and servicers. A startup veteran and recognized leader in the mortgage, real estate and technology industries, Ginger is known for solving tough business problems with an innovative approach to marketing, strategic partnerships and growth. 69
We don’t do this “too”.
This is what we do.
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Leaders Always Lead f you have been in business for any length of time and you think back on the valuable leaders you have had in your career, you probably can count them on one hand. The qualities that make up a valuable leader may differ from one person to another. But there are a few things that come to mind, when it comes to qualities leaders should have to stand out. Some of those valuable qualities are leaders who inspire you, challenge you, support you, acknowledge you and value you. Unfortunately, many leaders get wrapped up in the “company stuff (pressure)” and are not wrapped up in their “team stuff.” But let’s not be confused, the “team stuff” is where all the secrets lie. A great, thriving team can make your work easier, more fun and money, therefore, “the company” is happy. Therefore, there is less “company stuff (pressure).” It always amazes me, that when the market is thriving and business is doing well, corporations, management and producers back off of growing and training. However, when the market is on a downward cycle, everyone wants to learn new ways to be effective and get more business. As a leader, not only do you need to be sharpening the saw at all times for yourself, you need to reinforce, help and lead your teams to do that as well. In sales, sharpening the saw should be a constant effort and when being a great leader, you need to be the catalyst for your team and focus them on growing by providing education and feedback on how to be bigger, better and badder than anyone else! As a top producer, when you are winning, you have about two seconds to bask in the glory, but in the background, you are always figuring out ways to stay on top. In fact, most of the time a Loan Officer or salesperson
By Shirleen Von Hoffmann
tip top! Can you imagine a World Series Pitcher, Golfer or Football Player not practicing every day? So why do we, and those in leadership positions, think we can relax our coaching and training whenever it gets busy? Do we really think there is nothing more to talk about than just increased or decreased sales? If you are a great leader, you already know that all the time is a good time to reinforce inspiration, skill sets and training to your team.
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“… why do we, and those in leadership positions, think we can relax our coaching and training whenever it gets busy? Do we really think there is nothing more to talk about than just increased or decreased sales?”
spends 95 percent of their time, thinking of ways to get business. You will notice most winners are not really affected by the market, up or down, they don’t have time and they don’t focus on that excuse, they only see the finish line. To maximize your leadership and bring value to your winners and your team, it’s important to help them and keep them challenged. A good place to start is with your weekly sales meetings. It’s a great way to keep your winners full of positive, thought provoking ideas that they can apply and it will also encourage your “up and comers” to be the best. In high volume times, sales meeting dialog is usually about loans in process, problems with high volume, people, processes, departmental inaccuracies and customer service issues. Although these are important topics, there is no growth going on in this type of meeting. It usually ends up
in a complaint session and no fun for anyone. In low volume times, sales meetings talk is filled up with the lack of loans in process, how to get more business, product talk, sales goal pressure and ways to survive. Though the timing is off, the topics certainly are more informative but the conversation is usually one of lack and again no fun for anyone. Let’s try to strike a different chord going forward and bring all of this together in a good example. Let’s use a different business example … It would be like San Francisco Giants winning the World Series and stopping all of their training prior to starting the next season or any Doctor or Dentist not improving, practicing and constantly honing their skills. I don’t know about you, but I want the professional who is the best and keeps their skills
Sales meetings Your job as a leader is figuring out better ways to maximize your salespeople and your sales. One of those ways occurs in your sales meetings. As a great leader, you must always fill sales meetings with dedicated times for the following: l How to get and handle growth l Product knowledge l Increasing conversion ratios from leads l Client management l Time management l Escrow management l Presentation and negotiation strategies l Closing skills l Keeping prospects happy until close and making clients for life l How to manage problems or disgruntled clients l Follow up l Asking for referrals l Skillsets and process improvements l Hiring and staff efficiencies l Teaching work/life balance l Utilize short video from amazing mentors that will set the seeds for inspiration to take place l Utilize team time for recognize achievements, success and secrets If you are doing this at all times, not just when the market is good or bad. You will have bulletproof teams, filled with happy, thriving growth in good times and bad. A meeting filled with these topics year-round will not only
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be more interesting and fun for your team, it will be more enlightening for you. It will bring you into to the knowing of who your team is, what they need and how best to lead them. Consider your sales meeting time, “Quality Time” with your team and make it the best you can.
they look back on their life and career, you will be the one they always remember as the best
mentor and the one who made the biggest difference in their career.
Shirleen Von Hoffmann is President and Sales Coach of Home Builders Edge. She may be reached by phone at (866) 600-EDGE or e-mail Shirleen@HomeBuildersEdge.com.
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One-on-one meetings Another important time with your team is one-on-one meetings. You should have one-on-ones at least once a month with your production team. This is a perfect way to make your team members feel special and “heard.” This is especially relevant for your top producers. It’s super important to have then feel listened too and attended to. One-on-ones allow you to handle items for your team members and not bring those items into the weekly sales meeting. If those items are of a negative nature it allows them to be solved before turning into a real problem. It also allows you to bond with your team members and gives you an intimate update on their progress and needs. It’s a great way to build a solid relationship and foundation inside of your team. Make sure when you do the one on one’s you really are present and listen to each team member, take notes and keep them. One-on-ones don’t need to be any longer than 15 to 20 minutes, so it shouldn’t be too hard to fit that time into your monthly schedules. One-on-ones will change your team for the better and are well worth your time. Leadership carries a lot of responsibility. It can be hugely rewarding but also bring about challenges. By provoking new thought to your team and giving the tips for execution, you will achieve success. Leadership can challenge what you do each day, how to interact with your team and what know and believe. It challenges your everyday decisions and makes you think of better ways to do business with your team. Leadership isn’t just about getting the next deal. It’s about thriving, longevity and enjoying the ride by making others’ lives better.
Your leadership can be the inspiration for your salespeople. It can be the spark that changes lives. Let’s decide today that you will be that inspiration, the one who lights the spark and teaches them how to be the best; the rest will be up them. Isn’t it wonderful to think that you are that leader they needed, they found you and because of you, they grow and become better with each passing day. As
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The Leaders of Today eaders are born to lead! It’s an innate talent that comes from within that draws others to voluntarily choose to follow a true leader. Throughout time, we’ve had an array of leaders, historical, political, religious and business leaders … and while leadership has been around for quite a while, it never grows old. Leaders are always welcome within an organization, their talent and skills are often diverse, they often possess interdisciplinary skills that allow them to manage the multitude of tasks they handle as a leader. Although leadership is historic, leadership skills and the aspects of leading have evolved with time. Leaders today must know how to lead through a crisis, handle the aftermath of a crisis and consistently remain a step ahead of a critical situation. In the banking and mortgage industry, it has been a difficult era for all. Coming out of the aftermath of the 2008 financial crisis has created many new compliance issues and regulations, while the public has become more cynical and skepticism has become commonplace for the borrower. Can we really blame them? They have had the rug pulled out from under them, many have lost their homes, their life savings, and their credit has only recently begun to be rebuilt and stabilize their shaky foundations. It is the leaders within the mortgage arena who will guide their Loan Officers and teams to understand the new skillsets that are required to excel over the next decade. As home sales are on the uptick and appreciation is starting to rise, the momentum of homeownership is back. How we handle the client is the key to long-term success. As a leader, Branch Manager, Regional Manager, Vice President or CEO, leadership begins with you. If you want to lead, then lead by example. A leader can understand their client’s needs, it’s not about the
By Laura Burke, MBA, MS, EA, CFE
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“Supercharged leaders are planning for the new ‘Lightening Effect’ that will take place in leadership over the next decade!”
next loan that closes, it’s about the next family you assist with homeownership. Leadership teaches others to build clients for life. For leaders who must manage a diverse group, including different national origins; with each origin comes hidden sets of rules, for example, how one speaks to the client, how one reacts in situations, and the work ethic that is maintained. In addition to the different national origins, we have mixed gender sales forces, as well as varied age groups. As our seasoned workers are working longer and later into life, they often have “old school” marketing and sales ideas of the ways they are familiar with, while the younger new Generation Y has no concept of past sales and marketing techniques, as they are most familiar with current technology and social media as a form of communication. We all know leaders are great communicators and often great orators too. In order to be a strong leader, you must be able
to insightfully manage the blend of the seasoned with the youthful. Our clients don’t want to feel like a faceless number that is managed by technology, yet they also want the speed and ease that technology brings. By making each client feel unique and special, adjusting to their needs, while serving them with the best technology available, will be today’s way of creating customers for life. A key factor that will play into the success of today’s leader is their social and emotional intelligence. Emotional intelligence allows one to put themselves into the situation, and relate accordingly with smart decisions, where social intelligence gives a leader the ability to socially accept others
for their differences and see them in their best light. Tomorrow’s leaders will embrace all of the aspects of social and emotional intelligence, along with the tearing down of past silos. No more silos, it is now a time to blend and reach out and touch other departments. It is the coming together that will create today’s synergy for top leaders, and successful leaders are already planning for the new “Lightening Effect” that will take place in the next decade. The “Lightening Effect” is the coming together of a negative charge and a positive charge causing a strong current. Tomorrow’s leaders will be supercharged with the coming together of all aspects of the spectrum, social media, new technology, relationship-building skills, high emotional and social IQ’s, the partnering of mature and young, while managing diverse backgrounds. Sound like a super task? Yes, it is, but those leaders who accomplish this will be the future’s leaders. Leaders are consistently thinking ahead and to what’s next? They don’t live in the moment, they live in tomorrow’s moment … they are time travelers. If they only think of today and yesterday, they are already a diminished leader, those who are thinking about tomorrow, next week, next year and the years to follow are ground-breakers. Planning ahead for new goals, new strategies, crisis prevention and management are all aspects that today’s leaders need to be contemplating for tomorrow. In respect to the loan origination industry, plans need to be made now for future clients, building and strengthening partnerships, and savvy technology, along with the safeguards needed to use this technology.
Laura Burke, MBA, MS, EA, CFE has 20-plus years in the lending industry. Her experience ranges from banking to broker to owner. Currently, she is Owner of Global Tax Masters, is a Committee member for the prestigious IRS Committee, and also works as a Realtor for Cagan’s Realty Inc. in residential and commercial sales. She may be reached by e-mail at LauraLynnBurke@gmail.com.
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company (AMC), has acquired Valuation Management Group (VMG), an AMC based in Marietta, Ga. VMG was established as an AMC in 2006 and is led by Vicky Thompson. According to the companies, the majority of the team at VMG are joining Dart Appraisal, although it was not detailed if VMG will be folded into the Dart Appraisal brand or will continue to operate under its 12-year-old brand name. “Acquiring VMG allows us to continue to bolster the quality service our clients expect from Dart Appraisal,” said Michael Dresden, President of Dart Appraisal. “We’ll be able to offer more products, further expand our already strong appraiser panel, and provide more support by adding dozens of talented employees to our first-rate team.” Thompson said, “We are extremely excited to join with our friends at Dart Appraisal. The combined company enables us to better serve our clients as part of a larger organization. We have known Dart’s President for years, and we believe that the combined companies will benefit our clients and employees.”
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National MI Named One of the Best Workplaces in the Bay Area
National Mortgage Insurance Corporation (National MI), the primary operating subsidiary of NMI Holdings Inc., has been named to Fortune Magazine’s 2018 list of the “Best Workplaces in the Bay Area.” This is the second consecutive year that the company was named to Fortune’s list of top small and medium-sized companies in the region. Fortune Magazine partners with Great Place to Work to develop a comprehensive survey to identify the best workplaces in the Bay area. More than 43,000 employees provided input on this year’s Best Workplaces in the Bay Area list, assessing their organization’s fairness, management, camaraderie and other factors crucial to a highperformance workplace. Great Place to Work analyzed each company’s performance on over 50 survey questions anonymously rated by their staff. “National MI is honored to be
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named one of the Best Workplaces in the Bay area,” said Bradley Shuster, Chief Executive Officer of National MI. “It reflects National MI’s great success in fostering a collaborative environment where employee satisfaction is paramount.” Mary Lee Sharp, Chief Human Resources Officer, said, “This recognition illustrates our strong commitment to provide outstanding support, development, and benefits to everyone on National MI’s team. We offer competitive compensation and benefits, a balanced work-life environment and an innovative culture that encourages employee creativity and contribution.” Mortgage Professionals to Watch l Paul Lucido, a 20-year industry veteran and eight-year employee of Paramount Residential Mortgage Group (PRMG), has been promoted to Chief Marketing Officer. As CMO, Lucido will remain in his directive role of overseeing PRMG’s corporate brand initiatives and national marketing efforts to drive market visibility and awareness across the country. l Promontory MortgagePath has announced three seniorlevel hires, including Colgate Selden as Chief Compliance Officer, Scott Doughty as Chief Operating Officer, and Craig Wildrick as Chief Product Officer. l LenderClose has promoted Christina Franke to the position of Director of Operations. LenderClose has also announced the hiring of Brian Storey as Vice President of Business Development. Storey joins LenderClose from TMG Financial Services (TMGFS), where he most recently served as Relationship Manager. l Mortgage Network Inc. has announced that Todd Bettinson has joined the company’s Burlington, Mass. branch as a Mortgage Loan Officer, serving the Eastern Massachusetts area. l Denver-based LenderLive Holdings Inc. has promoted Ian Morgan to the position of Chief Information Security Officer (CISO). l Civic Financial Services has announced the addition of real
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estate and commercial lending executive Brian Murphy. Murphy brings to CIVIC more than 16 years of experience in the investment and lending arenas, most recently serving Senior Vice President and Managing Director for Los Angeles-based Wilshire Finance Partners. Valuation Partners, a national appraisal management company based in Toledo, Ohio, has hired James Flood as Vice President for the Southeast U.S. Region. In his new role, Flood will be responsible for overseeing business development and new client services in Virginia, North Carolina, South Carolina, Georgia, Alabama and Florida. Recovco Mortgage Management LLC has announced that Brad Young has joined the company in the newly created position of Director of Business Development. Young joins the team to assist in serving Recovco’s clients and drive Recovco’s brand in loan origination, diligence and transactional services. OpenClose has announced that long-time industry veteran Tom Rice has joined its growing sales team as Vice President Enterprise Account Executive, responsible for covering the West Coast territory. Sierra Pacific Mortgage Company has promoted Amy Eberhart to Branch Manager of the company’s Anderson, S.C. branch. Joining Sierra Pacific Mortgage in 2014, Amy has been a top Loan Officer at the company for the past four years. The National Fair Housing Alliance (NFHA) has announced that Executive Vice President Lisa Rice will succeed Shanna L. Smith, who retired as President and CEO. Sierra Pacific Mortgage Company has announced that Christopher Schenk has joined the company as a Retail Regional Manager. Coming to the company with more than 20 years of experience, Schenk will be covering the Central Valley, Northern California, and the Pacific Northwest. Angel Oak Capital Advisors has announced the hiring of Namit Sinha as Head of Mortgage Strategies, focusing on managing non-qualified
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mortgage (non-QM) investments for Angel Oak strategies, as well as looking at opportunities in other areas, such as prime jumbo mortgages, re-performing loan (RPL) strategies and mortgage servicing rights (MSRs). New American Funding has announced the opening of its newest branch in Columbia, S.C., to provide the community with an array of purchase and refinance loan products. Wonida Welch will lead the market expansion as Branch Manager. Primary Residential Mortgage Inc. (PRMI) has named mortgage industry veteran Mary Beth Henderson as the newest Senior Loan Officer in its Severna Park, Md. office. GSF Mortgage Corporation has added Mortgage Loan Originator Terri Wickstrom to its ranks. Wickstrom is based in Norton Shores, Mich. and is licensed in both Michigan and Florida. She has been in the mortgage business for 34 years. GSF Mortgage has also expanded its footprint in the state of Louisiana with a new branch in Bossier City, La. Twelve-year industry veteran Rory Anderson will lead the new Bossier City branch. GSF has also announced the addition of Brynn Kemp as a Mortgage Loan Originator in Crown Point, Ind. She brings five years of experience in the mortgage industry, having worked as a Processor before becoming a Loan Officer. Top Vine Mortgage Services has added Mark Pugliesi as a Loan Officer. Roostify has announced the addition of Mark McLaughlin as Senior Vice President of Business Development, responsible for formulating the company’s overall partner strategy, creating a scalable operational model, and further developing an ecosystem of technology partners and strategic alliances. Mortgage Guaranty Insurance Corporation (MGIC) has announced that the company has hired Sean Valcamp as Vice President–Chief Information Security Officer (CISO). LoanCare has announced that Rodney Moss will succeed Gene Ross in the role of Executive Vice President of Strategy and Business Development for LoanCare. Ross has announced his retirement after nearly three decades with LoanCare. Wolters Kluwer has announced two key leadership appointments in its Governance, Risk & Compliance Division to accelerate business growth
through product innovation in financial services. Art Tyszka, former leader of Banking Compliance Solutions Large Bank Segment, has been appointed to the newly established leadership role of Vice President, Partnerships & New Product, and Ed Shanks joins the company as Vice President of Banking Compliance Solutions, Large Bank Segment. l Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation, has announced that following the retirement of Gary Antonovich, Dianna Higgins has been promoted to Vice President–Internal Audit. Higgins started with the company as an Auditor in 1996 and has held successive positions of increasing responsibility in the Risk Management and Audit Departments. l QuantumReverse has announced the addition of four industry veterans to its team: Software Developer Alesya Shashko, Fresco Ellis,
Technician Rodrigo Carrasco Alvarado, and Yuliy Krasnyanskiy. l Union Home Mortgage Corporation (UHM) has named Jon Baymiller to lead the company’s business process and technology efforts. l FFC Mortgage Corporation has announced the addition of Melissa Powers as Loan Officer for the company’s Rochester, N.Y. branch. Your turn National Mortgage Professional Magazine invites its readers to submit any information, events, passages, promotions, personal or professional occurrences that seem appropriate and/or other pertinent data to the attention of: Heard on the Street/Mortgage Professionals to Watch column Phone #: (516) 409-5555 E-mail: Newsroom@MortgageNewsNetwork.com
Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
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Post-crisis loss mitigation options The 2017 Scorecard called for the Enterprises to develop and align policies to address shortterm hardships and guidelines for foreclosure alternatives such as short sales and deeds-in-lieu of foreclosure. Finally. Stay tuned. Disclaimer: While I am a member of the HUD Housing Counseling Federal Advisory Committee, the opinions noted are those of the authors only. Footnote 1—Federal Housing Finance Agency 2017 Scorecard Progress Report: FHFA.gov/AboutUs/Reports/ReportDocu ments/2017-Scorecard-ProgressReport.pdf
Pam Marron (NMLS#: 246438) is Senior Loan Originator with Innovative Mortgage Services Inc. (NMLS#: 250769) in Tampa Bay, Fla. She may be reached by phone at (727) 375-8986, e-mail PMarron@InnovativeMortgage.onmicrosoft.com or visit HousingCrisisStories.com, CloseWithPam.com or 8Problems.com.
n National Mortgage Professional Magazine n APRIL 2018
Imminent Default Business Rule This rule was put in place to determine eligibility for Flex Mod prior to 60 days of delinquency. Analysis determined that borrowers who sought but were denied a modification under the existing modification program frequently progressed to deeper stages of delinquency. Flex Mod will recommend approval of a
modification for borrowers who are likely to benefit from early intervention.
NationalMortgageProfessional.com
Program (HAMP) for both Fannie Mae and Freddie Mac. Leveraged by lessons learned during the housing crisis, Flex Mod targets a 20 percent reduction in monthly payment and reduces the amount of income and hardship documentation a borrower must provide. The goal is to maintain requirements that demonstrate a borrower’s ability to repay to minimize credit losses and keep borrowers in their homes.
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REMN Wholesale 732-738-7100 www.remnwholesale.com Although REMN Wholesale is part of a large corporation, it feels like a “Mom and Pop”-style company. We encourage our team members to grow and we train and promote each individual to their full potential. As a national company, REMN provides many opportunities for employment from coast to coast.
United Wholesale Mortgage 800-981-8898 www.uwm.com/careers Voted the #1 place to work in Metro Detroit, UWM is looking for A players to join our talented team. Our business is driven by our culture, and our people are our greatest asset. If you’re looking for the opportunity of a lifetime, apply to UWM today!
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NATIONAL MORTGAGE PROFESSIONAL MAGAZINE’S
calendar of events
APRIL 2018 Monday-Tuesday, April 23-24 Mortgage Bankers Association 2018 State and Local Workshop Capital Hilton 1001 16th Street NW Washington, D.C. For more information, visit MBA.org.
Saturday-Tuesday, May 5-8, 2018 NAMB Members Only 2018 Legislative & Regulatory Conference The Mayflower Hotel 1127 Connecticut Ave NW Washington, D.C. For more information, visit NAMB.org.
Thursday, May 10 Maryland Mortgage Bankers and Brokers Association Annual Conference 2018 Loews Annapolis Hotel 126 West Street Annapolis, Md. For more information, visit MMBBA.org.
April 29-May 2 Mortgage Bankers Association Legal Issues & Regulatory Compliance Conference 2018 JW Marriott Los Angeles L.A. Live 900 West Olympic Boulevard Los Angeles For more information, visit MBA.org.
Thursday, May 17 NYAMB’s 30th Annual Wholesale Conference & Trade Show The Woman’s Club of White Plains 305 Ridgeway White Plains, N.Y. For more information, visit NYAMB.org. Sunday-Wednesday, May 20-23 Mortgage Bankers Association Commercial/Multifamily Servicing & Technology Conference 2018 InterContinental Miami 100 Chopin Plaza Miami For more information, visit MBA.org.
MAY 2018 Thursday-Sunday, May 3-6 MBAG’s 2018 Annual Convention Hilton Sandestin Beach Golf Resort & Spa 4000 South Sandestin Boulevard Destin, Fla. For more information, visit MBAG.org.
Mortgage Bankers Association National Secondary Market Conference & Expo 2018 New York Marriott Marquis 1535 Broadway New York, N.Y. For more information, visit MBA.org.
JULY 2018 Monday-Tuesday, July 30-31 Summer CAMP 2018: Destination Coronado! Coronado Island Marriott Resort & Spa 2000 Second Street Coronado, Calif. For more information, visit TheCAMPSite.org.
DECEMBER 2018 Saturday-Monday, December 8-10 NAMB National 2018 Caesars Palace 3570 South Las Vegas Boulevard Las Vegas For more information, visit NAMB.org.
AUGUST 2018 Wednesday-Saturday, August 15-18 Florida Association of Mortgage Professionals 2018 Annual Convention & Trade Show Walt Disney World Dolphin 1500 Epcot Resorts Boulevard Lake Buena Vista, Fla. For more information, visit MyFAMP.org. SEPTEMBER 2018 Friday, September 7 UAMP Annual Mortgage Expo Marriott @ City Creek 75 South West Temple Salt Lake City, Utah For more information, visit UAMP.net.
To submit your entry for inclusion in the National Mortgage Professional Calendar of Events, please e-mail the details of your event, along with contact information, to newsroom@mortgagenewsnetwork.com. *Looking for additional exposure at key industry events? Call 516.409.5555, ext. 4 to discover how to maximize your event coverage.
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n National Mortgage Professional Magazine n APRIL 2018
Monday-Wednesday, April 30-May 2 American Mortgage Conference 2018 Pinehurst Resort 80 Carolina Vista Drive Pinehurst, N.C. For more information, visit NCBankers.org.
JUNE 2018 Thursday-Friday, June 21-22 NEXT June Conference Hotel Zaza 2332 Leonard Street Dallas For more information, visit NEXTMortgageConference.com.
OCTOBER 2018 Sunday-Wednesday, October 14-17 Mortgage Bankers Association 2018 Annual Conference & Trade Show Walter E. Washington Convention Center 801 Mt. Vernon Place NW Washington, D.C. For more information, visit MBA.org.
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Tuesday-Wednesday, April 24-25 Mortgage Bankers Association National Advocacy Conference 2018 Capital Hilton 1001 16th Street NW Washington, D.C. For more information, visit MBA.org.
Monday-Tuesday, May 21-22 NRMLA 2018 Eastern Regional Meeting Intercontinental New York Times Square 300 West 44th Street New York City, N.Y. For more information, visit nrmlaonline.org.
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Go to http://nmpmag.com/mostconnected
n National Mortgage Professional Magazine n APRIL 2018
PUBLICATIONS
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Greenbox Loans, Inc. is a proven leader in the Non-QM & Non-Prime lending environment offering bank statement programs, foreign national lending solutions, along with programs allowing for recent short sale, foreclosure, bankruptcy for borrowers as low as 500 Fico Score. Greenbox Loans, Inc. is a national lender offering its programs through a multiple of channels including Retail, Wholesale, and Investor Specialty division.
We are once again looking for the Most Connected Mortgage Professionals. These are individuals who have a large number of followers on Twitter or likes on Facebook or maybe have a very popular blog or video show. These individuals will be featured in our July 2018 edition, which has a special focus on Social Media.
APRIL 2018 n National Mortgage Professional Magazine n NationalMortgageProfessional.com
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Get MORE with Angel Oak Mortgage Solutions. Š Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-to-business communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualiffyy for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS172_0118