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#, <, == ==-#!! # & ©2007-2019 Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200A, Anaheim, CA 92806. (800)561-4567. All rights reserved. NMLS ID 2600. For licensing information, go to: www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The Back to School Blog: Ten Tips for Professional & Personal Organization By Christine Beckwith
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34 National Mortgage Professional Magazine Presents ... Coaches Roundtable Discussion 2019
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A SPECIAL FOCUS ON “BACK TO SCHOOL: EDUCATION & PROFESSIONAL DEVELOPMENT”
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The Training Conundrum–Classroom or Online? By Mary Kay Scully ............................................................................52
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Sales Training is NOT an Elective By Casey Cunningham ..............56
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Onboarding New Employees: Overcoming the Growing Pains of Team Expansion By Scott Gordon ................................................58
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Live Classroom Training Meets Online Education to Best Prepare Professionals By Tony Williams ..................................60
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Constructing an Ideal Training Program for the Mortgage Industry By Brooke Mulder & Adam Wagner ....................62
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Compliance Education: Seeing Beyond e-Learning By Delane Olin ....................................................................................66
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Certifications Are Key for a Successful Digital Transformation By Matt Seu ........................................................................................68
The Future of the Residential Real Estate and Mortgage Industries By Russell K. Ammons
ARMCP Set to Launch New Site ........................................................6
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FEATURES Sell Value, Not Rates, to Increase Performance By Tom Hutchens ..8 The Elite Performer: Season-Proof Your Business By Andy W. Harris, CRMS ....................................................................8 Recruiting, Training and Mentoring Corner: The Licensing Course Will Not Help Your Employees Succeed By Dave Hershman ..............................................................12 Mini-Refi Boom in Full Bloom By K. Justin Restaino ........................18
50 Facing Negative Challenges Often Results in Unexpected Solutions By Pam Marron
V I S I T Company
Web Site
O U R
A D Page
ACC Mortgage .................................................. weapproveloans.com ......................................................9 Angel Oak Mortgage Solutions ............................ angeloakms.com ..............................................Back Cover Brokers Compliance Group.................................. brokerscompliancegroup.com ..........................................80 Capital One ........................................................capitalone/financialinstitutions ..........................................21 Carrington Mortgage Services, LLC ...................... carringtonally.com ..................................................1 & 56 Citadel Servicing Corporation .............................. citadelservicing.com ......................................................13 Concord Church Finance .................................... concordchurchfinance.com ............................................69 Deephaven Mortgage, LLC .................................. deephavenmortgage.com ..............................................65
74 How Mortgage Professionals Should Respond to Natural Disasters By Phil Hall
DocMagic .......................................................... docmagic.com ................................................................7 First National Bank of America............................ fnba.com/mortgagebrokers ..............................................5 Genworth Mortgage Insurance Corporation .......... pages.genworth.com/you ................................................47 Greenbox Loans, Inc........................................... greenboxloans.com ................................Inside Front Cover IMPAC Mortgage Corp......................................... impacwholesale.com ......................................................19 Locke Law US, LLC ............................................ lockelaw.us ..................................................................43 Lykken On Lending ............................................ lykkenonlending.com ....................................................69 MBA-NJ/NJAMB .................................................. mbanj.com ..................................................................55
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Industry Sees Many Changes to VA Home Loan Program By Gavin T. Ales ................................................................................20
NAMB Perspective ............................................................................22 Compliance Matters: Compliance Management System: Exam Readiness By Jonathan Foxx ..................................................42 A Message From E. Robert Levy ......................................................46 BrokerNATION: Dan Patty/Solcosta Home Loans By Andy W. Harris, CRMS ..................................................................48 NAMMBA Connect Live Tour: Coming to a City Near You! ............72 The NAPMW Report ..........................................................................78
COLUMNS New to Market ..................................................................................14 News Flash: August 2019 ..................................................................16 Heard on the Street ..........................................................................32 NMP Calendar of Events ..................................................................79
A D V E R T I S E R S Company
Web Site
Page
MBS Highway .................................................... mbshighway.com/MNN ..................................................33 Mortgage News Network (MNN) .......................... mortgagenewsnetwork.com ....................................70 & 71 NAMB+ ............................................................ nambplus.com ..............................................................23 NAPMW ............................................................ napmw.org ............................................................43 & 61 NAWRB ............................................................ nawrb.com ....................................................................17 NRMLA.............................................................. nrmlaonline.org ............................................................38 Origination Pro.................................................. originationpro.com ........................................................73 Paramount Residential Mortgage Group, Inc. ...... prmg.net ................................................Inside Back Cover PB Financial Group Corp. .................................. calhardmoney.com ........................................................67 Quicken Loans Mortgage Services ........................ qlmortgageservices.com/strongertogether ........................11 RCN Capital ...................................................... rcncapital.com ..............................................................67 Redstone Print & Mail Inc. ................................ redstoneprintmail.com ..................................................57 REMN................................................................ remnwholesale.com ......................................................15 Residential Home Funding Corp. ........................ rhfbranch.com ..............................................................59 TCF Financial Corporation .................................. tcfbank.com/brokerloans/compensation ..................51 & 63 United Wholesale Mortgage ................................ uwm.com ................................................................40-41
AUGUST 2019 Volume 11 • Number 8
FROM THE
publisher’s desk
Back to the classroom I would venture to say that most of the readers of this publication are experts at what they do. I 1220 Wantagh Avenue • Wantagh, NY 11793-2202 say that because we see their feedback in e-mail and on the posts on our Web site, I meet Phone: (516) 409-5555 • Fax: (516) 409-4600 them at industry conferences and I hear about them from the industry trainers that help them Web site: NationalMortgageProfessional.com stay playing at the top of their games. They also understand that in order to maintain a level of STAFF Eric C. Peck Joel M. Berman expertise, one must be learning all the time. Editor-in-Chief Publisher - CEO (516) 409-5555, ext. 312 (516) 409-5555, ext. 310 I know they understand this because this month’s Special Focus on “Back to School: ericp@mortgagenewsnetwork.com joel@mortgagenewsnetwork.com Education and Professional Development” is always one of our most successful. It’s supported Joey Arendt Beverly Bolnick by the industry’s best companies and read, cover to cover, by experts industry-wide. Art Director VP-Sales & Marketing (516) 409-5555, ext. 323 (516) 409-5555, ext. 316 In fact, lifetime learning is so important that the Internal Revenue Service will give you a joeya@mortgagenewsnetwork.com beverlyb@mortgagenewsnetwork.com lifetime learning credit (LLC) of up to $2,000 per year on your tax return for spending money to Scott Koondel Phil Hall VP of Operations Managing Editor improve your job skills. (516) 409-5555, ext. 324 (516) 409-5555, ext. 312 Knowing this, we like to spend some extra time to make sure that what we bring in our scottk@mortgagenewsnetwork.com philh@mortgagenewsnetwork.com annual education issue is exactly what our readers need to keep moving ahead in their careers. Richard Zyta Francine Miller Social Media Ambassador Advertising Coordinator This month, I hope you agree with me that we hit the mark. (516) 409-5555 (516) 409-5555, ext. 301 richardz@mortgagenewsnetwork.com francinem@mortgagenewsnetwork.com Some of you will be reading this at NAMB National, Sept. 14-16 at Caesar’s Palace in Las Rick Grant Dylan Pollock Vegas. We’ll be distributing this issue there, so if you’re looking over someone’s shoulder right Special Reports Editor Administrative Assistant now, come and get your own issue at our booth. We’re always easy to find … just follow the (570) 497-1026 (direct) (516) 409-5555, ext. 314 (516) 409-555, ext. 311 dylanp@mortgagenewsnetwork.com lights until you see our cameras. rickg@mortgagenewsnetwork.com We expect this year’s NAMB National show to be a good one (they always put on great ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact shows) and we’re really looking forward to seeing many of our readers and advertisers at this VP-Sales & Marketing Beverly Bolnick at (516) 409-5555, ext. 316 or e-mail beverlyb@mortgageevent. I hope you can make it and stop by our booth for a visit. newsnetwork.com. Now, let’s talk about what you’re going to find inside National Mortgage Professional ARTICLE SUBMISSIONS/PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck Magazine this month. at (516) 409-5555, ext. 312 or e-mail ericp@mortgagenewsnetwork.com. The deadline for submissions We have some special features this month that you shouldn’t miss. Phil Hall sat down with is the first of the month prior to the target issue. Jim Vaca, senior vice president of field services at Altisource, to discuss natural disasters and SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail orders@mortgagetheir impact on our business. This is timely as hurricane season is fast approaching. Find the newsnetwork.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. conversation in his piece, “How Mortgage Professionals Should Respond to Natural Disasters.” Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the To learn more about what our industry may look like in the future, we asked Russell K. authors alone and do not imply the opinion or endorsement of Mortgage News Network Inc., or the offiAmmons, national wholesale account executive with ACC Mortgage Inc., to provide his 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) perspective in the article, “The Future of the Residential Real Estate and Mortgage Industries.” and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, ARMCP and/or other state mortgage trade associations In his article, Russell examines the proliferation of Amazon and the like entering the mortgage events, activities and/or publications is available on a non-discriminatory basis and does not reflect the marketplace. In his piece, Russell makes a very bold statement: “Here goes ... I predict, within endorsement of the product and/or services by Mortgage News Network Inc., NAMB, NAPMW, NCRA, and other state mortgage trade associations. five years, there will be a limited need for mortgage and real estate professionals.” Then he National Mortgage Professional Magazine, NAMB, NAPMW, NCRA, ARMCP and/or other state backs it up. Don’t miss what we expect to be a controversial read. mortgage 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 conAnd now, we come to our special focus. As you would expect, we are bringing you a number tained in Mortgage 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 artiof features related directly to education in this issue. What you may not expect is our “Coaches cles, information or data. Roundtable Discussion,” where we give five of the industry’s teachers, coaches and trainers the opportunity to share ideas on a number of topics, including: How they got their start; what differentiates them from others in their field; what they can bring to the table to enhance a mortgage professionals’ book of business; trends in the industry they are seeing; what marketing methods have they found as proven to yield results; and what does the future hold for the mortgage marketplace. You’re going to want to read their lively and enlightening discussion, and then move on to these great special focus articles … In the article, “Certifications Are Key for a Successful Digital Transformation” by Matt Seu, principal at Actualize Consulting, learn more about why professional certifications are more key than ever and can set you apart from the pack. Then, get a great overview of program development from Brooke Mulder, sales operations manager for MortgageHippo and Adam Wagner, head of consumer direct/retail for Agora Financial, a Division of One American Bank, in their article, “Constructing an Ideal Training Program for the Mortgage Industry.” Then, decide how you will administer your program. For some guidance, see “The Training Conundrum–Classroom or Online?” by Mary Kay Scully, director of customer education at Genworth Mortgage Insurance, and “Live Classroom Training Meets Online Education to Best Prepare Professionals” by Tony Williams, vice president of organizational development for NewRez. And find some great tactical information in “Onboarding New Employees: Overcoming the Growing Pains of Team Expansion” by Scott Gordon, president and chief executive officer of Open Mortgage. For department-specific questions, look to “Sales Training is NOT an Elective: Getting Your Mortgage Career Out of the Flight Simulator,” by Casey Cunningham, CEO and founder of XINNIX Inc., and “Compliance Education: Seeing Beyond e-Learning” by Delane Olin, SVP of learning and development for Planet Home Lending. As always, you’ll also find the trade group news, compliance information and motivational material you always find in this publication. We hope it serves you well. If there is one thing I’ve learned after all of these years in this business, it’s that you really cannot afford to ever stop learning. May every new lesson you learn contribute to even greater success for you and your company. Sincerely,
Joel M. Berman, Publisher-CEO Mortgage News Network Joel@MortgageNewsNetwork.com
National Mortgage Professional Magazine is published monthly by Mortgage News Network Inc. • Copyright © 2019 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 2018-2019 BOARD OF OFFICERS & DIRECTORS E X E C U T I V E
Richard Bettencourt, CRMS President Rick.Bettencourt@NAMB.org
Rocke Andrews, CMC, CRMS President-Elect Rocke.Andrews@NAMB.org
Michelle Velez, CMC Vice President Michelle.Velez@NAMB.org
B O A R D
George Burkely, CRMS Treasurer George.Burkley@NAMB.org
Chris Bettis, CMC Secretary Chris.Bettis@NAMB.org
John G. Stevens, CRMS Immediate Past President JohnGStevens@NAMB.org
D I R E C T O R S
Michael DeSantis Mike.DeSantis@NAMB.org
Wayne King, CRMS Wayne.King@NAMB.org
Linda McCoy, CMRS Linda.McCoy@NAMB.org
Matt Oliver Matt.Oliver@NAMB.org
Marty Pfeiffenberger MartyP@NAMB.org
Kimber White, CRMS Kimber.White@NAMB.org
Valerie J. Saunders, CRMS Executive Director ValSaun@NAMB.org
Harry H. Dinham, CRMS Chief Operating Officer HDinham@NAMB.org
National Association of Professional Mortgage Women 6000 Gisholt Drive, Suite 200 l Madison, WI 53713 l Phone: (608) 886-9817 l E-mail: Admin@NAPMW.org l Web site: NAPMW.org
2018-2019 NAPMW NATIONAL BOARD OF DIRECTORS
Laurel Knight-Keane National President President@NAPMW.org
Glenda Mooney President-Elect PresElect@NAPMW.org
Tobi Libbra Vice President NVP1@NAPMW.org
Rolanda Legg Vice President NVP2@NAPMW.org
Jaclyn Weedin Secretary NatSecretary@NAPMW.org
Nicole Shea Treasurer NatTreasurer@NAPMW.org
Robin Hart Parliamentarian Parliamentarian@NAPMW.org
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
AUGUST 2019 n National Mortgage Professional Magazine n
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2019-2020 BOARD OF DIRECTORS
Mary Campbell President (701) 239-9977 Mary@AdvantageCreditBureau.com
William Bower Vice President (800) 288-4757 WBower@Continfo.com
Paul Wohkittel Ex-Officio (410) 644-5020 PWohkittel@CISInfo.net
Helen Meyers Director (800) 782-9094 Helen@CreditInfoSystems.com
Debbie Loyning Treasurer (425) 264-1024 Debbie@Alliance2020.com
Mike Thomas Director (615) 386-2285, ext. 285 MThomas@CICCredit.com
Terry Clemans Executive Director (630) 539-1525 TClemans@NCRAInc.org
Janet Curtis Director (210) 224-6121 JCurtis@SARMA.com
Julie Wink Director (901) 259-5105 Julie@DataFacts.com
Jan Gerber Office Manager/Member Services (630) 539-1525 JGerber@NCRAInc.org
Maureen Devine Director (413) 736-4511 MDevine@StrategicInfo.com
Gary Glucroft Director (800) 877-3908, ext. 100 GaryG@TheScreeningPros.com
Delia Zuniga Director (623) 889-8999 Delia@AdvantagePlusCredit.com
Roy Goodwin Compliance Services Director (630) 539-1525 RGoodwin@NCRAInc.org
ARMCP Set to Launch New Site To all 1,600 members of the Association of Residential Mortgage Compliance Professionals (ARMCP), the new ARMCP.org Web site is nearing its official launch, a state-of-the-art platform designed specifically to fulfill the needs of residential mortgage compliance professionals. The design and development have taken several years to bring to the point of launch. “This is just what our organization needs,” said Jonathan Foxx, Ph.D., MBA, Founder and President of ARMCP. “Our current digital abode is on LinkedIn, and we will keep the LinkedIn group, though most of us will move to the new Web site home. We’ll be sending announcements your way soon, via LinkedIn and other media resources! If you have not yet joined ARMCP, please contact me at Info@ARMCP.org and I will send you an invitation.” ARMCP is the first and only independent, national organization in the United States devoted exclusively to residential mortgage compliance professionals. ARMCP’s independence means it is a non-profit association, owned and managed by its members, and not dependent on any profitbased enterprises. If you would like to join the association’s Steering Committee, create a forum to discuss news and views, or help in any way to build our organization, e-mail Info@ARMCP.org. For more information, visit ARMCP.org.
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Sell Value, Not Rates, to Increase Performance By Tom Hutchens
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op producers get their clients to feel a sense of urgency about financing a home sooner rather than later. To succeed in a competitive marketplace, the best loan officers get each client to understand that the overall value of buying NOW—to that person or couple—will never be better. You can’t do that if the buyer is focused mainly on interest rates. The interest rate should only be one factor in deciding the time is right to buy a home. That is especially true in today’s market, where interest rates remain relatively low and steady as inventory of both new homes and resales is getting tighter every month. “When people call, the first thing they want to talk about is interest rates,” one broker told me. “I have to tell them upfront that we do not sell interest rates. I offer high-quality mortgage products that enable people to acquire homes they love to live in and that will grow in value over the years.” But it is easy for both consumers and industry pros to be distracted by interest rates. That seems to be all that both the Main Street and mortgage industry press focus on. The big challenge both for real estate agents and lenders is convincing hesitant buyers that homeownership is affordable and delivers long-term value. Consumers are unlikely to build wealth by waiting for interest rates and/or home prices to fall. For example, prospects not qualifying for the lowest rates are too often advised to wait to buy until their credit scores improve. However, non-QM loans enable millions of generally overlooked consumers to afford a home now. These people can create wealth immediately and are usually able to lower their payment by refinancing within two years of their original purchase. Loan officers must be evangelists for homeownership, not simply financial services providers. Whenever prospects say they are just shopping for rates, change the subject. Why do they really want a new home? Have them share their dreams and their concerns. Once they know that you can help them live better and build equity, the importance of interest rates will fade. As a pioneer and the leader in non-QM lending, Angel Oak Mortgage Solutions helps loan officers prove the value of homeownership to consumers. To learn more about proving long-term value to rate sensitive borrowers, contact AngelOakMS.com/MAP/ or call (866) 837-6312.
the
elite performer Season-Proof Your Business BY ANDY W. HARRIS, CRMS
n the mortgage and real estate business, we always tend to hear about “seasons.” Spring will bring more inventory, buyers get more active in summer before school starts, people don’t like moving around the holidays, etc. While the seasons may play a small role in motivating certain buyers and sellers, I believe we tend to over-think potential demands for our services simply by the date on the calendar. Many things are hard to predict in our industry and especially economically, but never ‘project” a lull in business and always strive for market share and influence. Some of my busiest months have been when others feel like they are in a lull. Partially, this may be caused by a lack of motivation by others or slowing down with the assumption the calendar is causing it. It may not be the calendar, but simply these assumptions. Buyers and sellers are active all year long. In addition, opportunities can be found where others don’t look. Your viewed “off time” is the perfect chance to get your name out there and invest in marketing and exposure. If you’re working, never take time off. Anytime you feel things slow down, look at this as an opportunity. It will allow you some additional time to invest in strategic planning, marketing, team building, etc. Don’t just wait around for something to happen and lose these opportunities. Be proactively present and engaged, always. Plot your next moves, set outlandish goals, and when time permits, relax. Clear your head and remain focused, no matter what season you’re in and give 110 percent every day … especially when you feel you’re in a lull.
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“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” —Mark Twain Tom Hutchens is EVP, production at Angel Oak Mortgage Solutions, an Atlanta-based wholesale and correspondent lender licensed in more than 40 states and operating in the non-QM space for over five 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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IMPORTANT LESSONS LEARNED FROM ONE YEAR OF PINNACLE Has it really been just a year since Quicken Loans Mortgage Services (QLMS) launched the Pinnacle, our elite program for partners? Time flies when our partners are having fun, learning how to grow their business and getting amazing benefits that keep them competitive in our everchanging industry.
Austin Niemiec QLMS, Vice President
We wanted to reward our topperforming partners, so we created Pinnacle. This unique program provides innovative tools, resources, expertise and marketing to elevate our partners’ businesses and separate themselves from the competition.
Pinnacle also gives partners access to unique experiences where they can network and share knowledge with industry and QLMS experts. Last July, Pinnacle began with 28 partners and the membership now stands at over 300 in this exclusive group. While it’s only been one year, we’ve learned a lot about the impact Pinnacle is making for every partner and their business.
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Exclusive experiences educate, motivate and empower We know that our partners get more out of events when we combine energy, entertainment, networking and interactions. That’s why at every Pinnacle event, we deliver exclusive experiences, education, networking and team building. And the reviews from partners have been extremely positive. Because our partners are known for their competitive spirit, Pinnacle events regularly feature a Court of Dreams experience with NBA teams including the Detroit Pistons, Phoenix Suns and Cleveland Cavaliers. It’s an effective blend of business and fun. Not only do partners learn about the latest marketing, technology and sales tips, they also take to the hardwood with some NBA legends. Over the past year, partners were also treated to USC college football, Detroit Lions and Detroit Tigers events. We capped off the first year of Pinnacle by brining partners to the inaugural Rocket Mortgage Classic in Detroit.
Hearing from top QLMS leaders makes a difference Conference calls are one thing but having Quicken Loans and QLMS leaders in the room sets the bar higher. QLMS President, Bob Walters, and I regularly attend Pinnacle events where we share the latest market insights, strategies and newest technology updates, keeping partners in-the-know and allowing them to share feedback with us - which is so important to our business and theirs. This one-on-one interaction is one of the most important parts of being a Pinnacle partner.
Fresh Start® is one of the most important Pinnacle benefits. Pinnacle partners have access to a variety of benefits to help their clients throughout the mortgage experience, but partners have told us Fresh Start has truly changed the game for their business.
Fresh Start® Credit Consultants will help partners’ clients improve their credit scores, developing custom strategies to help them achieve their dream of homeownership, or improve pricing. This helps Pinnacle Partners win more business, attract more realtors and simply become a more powerful option for homeowners. Our benefits - combined with our Account Executives, Client Care Specialists and our award-winning mortgage process - has helped QLMS become the fastest-growing lender serving the needs of brokers, regional banks and credit unions.
New consultations are paying off Pinnacle recently introduced three new opportunities to have one-on-one personalized consultations. Since launching Fresh Start®, marketing and recruiting consultations, nearly 180 Pinnacle partners have participated, receiving complimentary access to our QLMS credit consulting team and taking advantage of marketing and hiring strategies for their business.
QLMS knows to enhance Pinnacle partner’s marketing. QLMS recently added two new partnerships designed to enhance our partner’s marketing initiatives. Now, partners can create highend custom videos that can be shared online and across social media platforms. Additionally, partners have access to help with lead generation, SEO, social media management, website design and more. We are always striving to further educate Pinnacle partners about effective marketing strategies, helping them reach wider audiences and create stronger client relationships.
Partners see the impact Quicken Loans is making in Detroit’s revitalization When Pinnacle partners are invited to Detroit, they see firsthand how Quicken Loans is making an impact on the city, local communities, on team members and beyond. At every Pinnacle event that’s hosted in Detroit, partners take part in a downtown tour that includes a behind-the-scenes look at Quicken Loans headquarters. After completing the tour, Pinnacle partners have commented that they feel a sense of pride being a part of QLMS and appreciate the culture that is unique to Quicken Loans.
Pinnacle keeps the focus on elevating and improving Whether it’s improving a client’s credit score or closing on a loan sooner than expected, Pinnacle partners are focused on doing more for their clients every day. We are a year in, but we are only getting start. As the Pinnacle program continues to grow, partners can expect to see more exciting benefits, technology and resources – all designed to elevate their business. Pinnacle is all about being at the top of your game and we’re doing everything it takes to help our Pinnacle partners be their best.
QL® Mortgage Services Sponsored Editorial
QL L® MORTG GAGE SERVICES
ST T RONG RO R ONG GER R TOGET O HER E Lind ndsey LaC Coste QLMS Q LMS Account Executive E
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Amanda Stevens e o on
Recruiting, Training and Mentoring Corner
The Licensing Course Will Not Help Your Employees Succeed BY DAVE HERSHMAN
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almost feel that I am stating the obvious here …
Anyone who has been through the industry-required licensing course can verify the title of this article. There is little information in the 20-hour mandated education requirement which is designed to help the student succeed in the industry. We can widen this statement to banks whose employees are exempt from licensing. Many of these banks also provide the equivalent education to their employees— again, without goal of providing a roadmap to success. Do we think that the industry-required course is totally irrelevant? Absolutely not. It is certainly important for every licensee to understand the laws and the legal requirements of their position. Whether we are talking about discrimination or proper disclosures, these are all essential elements of the responsibilities of a loan officer. But while staying on the right side of the law is essential, it does not even remotely guarantee success. One must remember that the government does not care if a loan officer succeeds … they care if a loan officer is compliant with the laws governing the industry. So, the next question … how must you educate your loan officers so that they are
more likely to succeed? It is here that I will invoke the term “expert.” We want our loan officers to be expert mortgage advisors. It should be noted that experts are not only more likely to succeed, they are more likely to be compliant as well. What does a loan officer need to know to become an expert? To answer this question, I went into my archives to find how I addressed this very question almost 20 years ago. Believe it or not, very little has changed: 1. Learn the real estate process. I know of loan officers who say they don’t like working with real estate agents and still others who have never bought a home. With regard to the first situation, I say simply—get over it. You cannot afford to ignore what can be anywhere from 25 to 75 percent of the market in a given year. You are in the real estate industry and agents are a major player. Your refinance clients will purchase a home sometime in the future and an agent will be involved. You need to learn how to deal with the right agents and how to control the sales situation. Not only should you play in this market—you should take a real estate licensing class. Not to sell real estate but to understand what agents do. In other words—you must become an expert in not only your field, but in your targets’ field as well. Regarding the absurd situation of someone selling
mortgages and never owning a home, I listen with amusement when someone tells me that they can be effective without being a homeowner. If I were a real estate agent trying to convince someone to purchase a home, why would I send this person to someone who can’t convince themselves to purchase? A vital aspect of sales is empathy—and you can’t empathize with prospects that have experienced something you never have experienced. Perhaps you can sell real estate as a commodity—vying for the lowest bid—but you are never getting off the treadmill in this way. 2. Learn the three economic reasons to own a home. It is truly amazing to me that both loan officers and real estate agents are not experts calculating and explaining the economic benefits of homeownership—Leverage, Rental Equivalency and Inflation Protection. The first chapter of my Book of Home Finance is dedicated to these concepts because they are the basis of our whole industry. It is why the industry is called the “American Dream.” Not mastering this is akin to selling with your hands tied behind your back. Imagine teaching real estate agents these concepts instead of pushing products. Believe it or not, real estate agents are not taught these concepts in school. What a way to differentiate yourself by
teaching them the most important concepts they will ever learn. 3. Learn the economics of your rate sheet. This is another way you can distinguish a bit player from an expert. We try to make loan officers competent by teaching them how to read rate sheets. But do they know why one program costs more than another? Do they understand spreads? Most loan officers are reduced to general statements such as—it costs more because of risk. It is not always because of risk. And sometimes this statement sounds and is ridiculous. I always have a great time giving examples of this in class while I get loan officers to understand the relationships of pricing. One of my first seminars to real estate agents was titled “Everything a Realtor Should Know About the Secondary Market.” Do you think I had a hard time convincing them I was an expert when everyone else was delivering rate sheets and doughnuts? 4. Learn important economic concepts of real estate finance. We are not selling a bunch of loan programs. We are selling financial instruments. We need to understand how these instruments can be used to achieve financial goals. Concepts as the efficacy of different levels of prepayment continued on page 51
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REMN Wholesale Announces New Hub Broker Portal
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REMN Wholesale has introduced its revamped portal, The Hub, which will provide a central location for partners to submit and manage their pipeline. The Hub allows REMN’s customers to initiate live chats with helpdesk experts, request locks and extensions, organize multiple submissions, track the status of loans, and perform other tasks critical to the success of the broker and emerging banker channels. “The Hub was created from the ground up to align with our core mission that we consistently need to earn our customer’s next loan,” said Julie McCall, REMN’s vice president of operations. “Our team has worked tirelessly to develop a system that leverages the latest technology to improve efficiency, while maintaining the human element that defines our brand.” The Hub was designed in conjunction with feedback from some of REMN’s most active customers as a way to meet the needs of the modern originator. REMN’s partners played a crucial role in identifying gaps in the initial planning of The Hub and guiding changes to ensure the portal exceeded the needs of those it was designed to serve. “When we began brainstorming The Hub, we realized immediately that the best way to develop the portal was to make sure the end users, our partners in the real world, were involved in the development
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process,” said McCall. The Hub will be rolled out in phases to provide its partners with adequate onboarding support during the launch. REMN will be communicating specific roll-out dates directly with their partners. “The introduction of new technology is often a pain point in the mortgage industry, something REMN is dedicated to avoiding with the launch of The Hub,” said McCall. “REMN Wholesale’s Training Department is ready to provide private demo webinars and follow-up training sessions between July and September.”
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exclusively focused on the mortgage industry,” said Rocky Stubbs, head of digital lending at Flagstar. “We have the depth and breadth of capabilities to support fintech startups operating at every point in the mortgage value chain, and we offer the best of both worlds—the advantages of a federally chartered bank combined with the agility of a typical non-bank.” Carrington Mortgage Services Introduces Interest-Only Product Enhancement
Flagstar Debuts Accelerator Program for Mortgage Tech Firms
Flagstar Bank has teamed with the Detroit Fintech Bay to create the Flagstar Mortgage Tech Accelerator Program, with the goal of supporting startups developing mortgage industry technology solutions. Billed as the first program of its kind, this endeavor is open for applicants across the U.S. Qualifying applicants may also receive seed capital funding, access to investors and a onemonth residency at Silicon FinTech Bay to meet Silicon Valley institutions and venture capital firms. Participants will also be expected to travel to Detroit to meet with the program’s organizers. “We’re excited to partner with the Fintech Consortium to launch the first startup accelerator in the U.S.
Carrington Mortgage Services LLC has expanded its nonagency product line with the introduction of its Interest-Only Product Enhancement. According to the Anaheim, Calif.based company, the product offers a flexible payment option that allows borrowers to pay just the interest with their monthly payment. Carrington stated the product “can be a good fit for those who want the financial flexibility to allocate more money toward investments, retirement accounts, a child’s college fund and much more.” A 10-year interest-only term is now being offered on all non-agency Carrington Advantage adjustable rate programs for qualified borrowers. “Carrington’s Interest-Only Product Enhancement is the latest entry to our product offerings for borrowers, brokers and correspondent sellers,” said Ray Brousseau, president of Carrington. “Interest-Only adds
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yet another level of flexibility to our industry-leading products.” Finance of America Reverse Offers HomeSafe Select in Florida
Finance of America Reverse LLC (FAR), a San Diegoheadquartered reverse mortgage originator and provider of retirement loan products, has launched its HomeSafe Select offering in the Florida market. According to FAR, the proprietary HomeSafe Select is a non-FHA adjustable rate reverse mortgage that offers up to 75 percent of loan proceeds as an open-ended line of credit. The company added this is the only reverse mortgage product that offers borrowers a line of credit. “HomeSafe Select is an attractive alternative to a HELOC particularly since there is no monthly mortgage payment required,” said Jonathan Scarpati, vice president of wholesale at FAR. “Through this offering – and the industry’s most comprehensive suite of proprietary products–we are greatly enhancing options for borrowers in Florida, particularly in pockets of the state with a concentration of high-home values.” New “Five-Second” Title Report From WFG
WFG Lender Services, in conjunction with its affiliated title
insurance underwriter, WFG National Title Insurance Company (WFG), has announced DecisionPoint, a new product that can process title requests within seconds by simply using the borrower’s name and the property address. DecisionPoint uses a proprietary algorithm that delivers a full, detailed title report within five seconds, alerting lenders whether the title is “clean,” meaning a title insurance loan policy can be issued, or whether curative measures are necessary before a title insurance policy can be issued. As a result, lenders using DecisionPoint can better manage their loan pipeline by accelerating the processing of loans with clear title and closing faster, while also shifting more personnel and resources to cure problem loans. Combined, lenders are able to reduce their application-to-close timeframes, close more loans and improve borrower satisfaction. “By making sure a loan is good to go as early as possible, DecisionPoint allows lenders to jumpstart their underwriting process,” said Matt Slonaker, senior vice president and head of enterprise solutions sales at WFG Lender Services. “It makes the title process more efficient and saves more loans.”
secondary marketing solutions that help our clients differentiate and grow.” AFR’s Pricing Now Available in ARIVE Marketplace
American Financial Resources Inc. (AFR) has announced that its pricing is now available in the ARIVE lender marketplace, a digital platform developed to serve independent mortgage experts.
“For more than 20 years, AFR has grown by responsively addressing the needs of the market and our lending partners,” said Bill Packer, AFR’s executive vice president and chief operating officer. “We are proud to provide another way to access our pricing and programs, and will continue to look for innovative ways to help mortgage brokers thrive.” ARIVE aims to provide independent originators with the connections and tools to both compete in a crowded marketplace and serve
increasingly tech-savvy borrowers nationwide. “Opening up the platform with so much support makes it apparent there’s a need for an up-to-the-minute tech solution for independent mortgage originators, and we’re excited to be the ones providing it,” said Katie Sweeney, senior vice president of ARIVE LLC. “We’ve created a platform that will assist in the overall growth of the wholesale space, and now brokers will be able to easily continued on page 39
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Optimal Blue Takes Aim at Non-QM Market NationalMortgageProfessional.com
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Optimal Blue, the secondary marketing automation and services provider, announced that it is widening its’ support for Non-QM and Expanded Guidelines products. According to the Plano, Texasbased company, this decision comes after observing what it termed “significant growth” in this sector of the mortgage market. Optimal Blue’s Expanded Guidelines monthly lock volume exceeds $1 billion, a threshold 2.5 times the volume experienced just 18 months earlier, the company added, noting that lenders will be able to access the Non-QM and Expanded Guidelines product offerings for more than 60 leading investors. “We are proud to offer enhanced Expanded Guidelines support to our clients,” explained Tiffany McGarry, director of client services at Optimal Blue. “These market-leading capabilities further exemplify our continued focus on delivering unique
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Quicken Loans Tops Servicer Satisfaction Study Again
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For the sixth consecutive year, Quicken Loans was named the highest-ranked mortgage servicer in the nation, according to the 2019 U.S. Primary Mortgage Servicer Satisfaction Study published by J.D Power. The Detroit-headquartered Quicken Loans scored 878 in this year’s survey, ahead of Regions Mortgage (848) and Guild Mortgage (828). The industry average for overall satisfaction with mortgage servicers is 777 on a 1,000-point scale. In the second quarter of 2019, Quicken Loans marked the best quarter in the company’s 34-year-old history, originating more than $10 billion in a single month, and in June, having closed nearly $11 billion in mortgage volume, contributing to the $32 billion originated for the quarter. This year’s survey found 70 percent of respondents complaining that lacked complete trust in their primary mortgage servicer. But for the 30 percent who “completely trusted” their servicer, customer satisfaction scores averaged 256 points higher. The study is based on responses from 7,531 customers who originated or refinanced more than 12 months ago. It was fielded from March through May 2019. “Mortgage servicers are really missing an opportunity to build the kind of goodwill with their customers that has proven to translate directly to increased
advocacy and repeat business,” said John Cabell, director of wealth and lending intelligence at J.D. Power. “The industry’s laser focus on lowering costs, managing regulatory compliance and minimizing delinquencies has come at the expense of customer experience. It is negatively affecting customer trust in their brands.” CFPB Announces $700M Settlement in Equifax Data Breach
The Consumer Financial Protection Bureau (CFPB) and a coalition of attorneys general from 48 states, the District of Columbia, and the Commonwealth of Puerto Rico has reached a $700 million settlement with Equifax stemming from the 2017 data breach of the Atlanta-headquartered consumer credit reporting company. The data breach occurred on Sept. 7, 2017, and impacted more than 147 million consumers, or 56 percent of U.S. adults; Equifax Chairman and CEO Richard Smith was forced to step down as a result of the incident. The breached information included Social Security Numbers, names, dates of birth, addresses, credit card numbers and, in some cases, driver’s license numbers. The settlement will include the creation of a $425 million Consumer Restitution Fund that
will disperse funds directly to individuals impacted by the data breach; consumers can receive up to $20,000 from this new fund. Equifax will also pay a $175 million settlement to the states and a $100 million settlement to the CFPB. The U.S. Federal Trade Commission assisted the CFPB in the investigation of Equifax, but will not be receiving a funds payout from the company. “Today’s announcement is not the end of our efforts to make sure consumers’ sensitive personal information is safe and secure,” said CFPB Director Kathleen L. Kraninger. “The incident at Equifax underscores the evolving cyber security threats confronting both private and government computer systems and actions they must take to shield the personal information of consumers. Too much is at stake for the financial security of the American people to make these protections anything less than a top priority.” “This comprehensive settlement is a positive step for U.S. consumers and Equifax as we move forward from the 2017 cybersecurity incident and focus on our transformation investments in technology and security as a leading data, analytics, and technology company,” said Equifax CEO Mark W. Begor. “The consumer fund of up to $425 million that we are announcing today reinforces our commitment to putting consumers first and safeguarding their data–and reflects the seriousness with which we take this matter. We have been committed to resolving this issue for consumers and have the
financial capacity to manage the settlement while continuing our $1.25 billion EFX2020 technology and security investment program. We are focused on the future of Equifax and returning to market leadership and growth.” Freedom Mortgage Joins Habitat for Humanity in Veterans Build Program
Freedom Mortgage Corp. has teamed with Habitat for Humanity to support the nonprofit’s Veterans Build program, which builds, rehabilitates and repairs homes in partnership with military veterans in need of affordable housing. This year, Freedom Mortgage will support Habitat’s Veterans Build projects in three communities where Freedom Mortgage operates: home improvement projects in Palmyra, N.J., and Jacksonville, Fla., and a full home rehab in Indianapolis. Freedom Mortgage’s Habitat partnership will also support the Mount Laurel, N.J.-based company’s recently launched Volunteer Time Off program, that offers its employees paid time working out of the office for approved nonprofit organizations. “Habitat for Humanity does so much for families in need of decent, affordable housing,” said Stanley Middleman, chief executive officer of Freedom
Mortgage. “I’m very excited to be working with such an extraordinary organization to help our U.S. military veterans and their families improve their homes and living conditions. This is a great partnership that will continue making the dream of homeownership accessible for so many.” Carrington Associates Send Care Boxes to Active Servicemembers
GSEs Release Q2 Earnings
The government-sponsored enterprises (GSEs) released their respective second quarter earnings reports this morning, with both recording increased revenue from the previous quarter. Fannie Mae reported net income of $3.4 billion and
comprehensive income of $3.4 billion for the second quarter, up from its first quarter earnings of $2.4 billion of net income and $2.4 billion of comprehensive income. Fannie Mae expects to pay a $3.4 billion dividend to Treasury by Sept. 30. The GSE added that it provided $213.1 billion in liquidity to the single-family mortgage market in the first half of 2019 and was the largest issuer of single-family mortgage-related securities in the secondary market. More than 56 continued on page 18
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Carrington Charitable Foundation (CCF), the non-profit organization of The Carrington Companies, recently conducted its annual Boxes for Our Troops Challenge, collecting 1,591 care packages for active-duty servicemembers deployed around the world. The annual event was created in 2013 as a way for Carrington and Vylla Associates across the country, some of whom are Veterans, to personally honor and show their appreciation for the servicemen and women currently serving our country. Six years later, CCF has sent approximately 7,000 boxes overseas to active-duty servicemembers. “Many active-duty military rarely receive mail, leaving them to cope without words of encouragement and support from friends and family back home, and we wanted to change that,” said Shelly Lawrence, executive director of Community Relations, Carrington Charitable Foundation. “Wherever our active military is serving the cause of freedom, we want them to know we care. Every year, Boxes for Our Troops gives Carrington Associates a fun opportunity to rally together.” All nine major Carrington and Vylla office locations participated in the Boxes for Our Troops challenge, generously donating many thousands of dollars’ worth of items, then wrapping, packing and shipping the boxes to servicemen and women serving on land and at sea. Gift box contents ranged from snack foods, breakfast items and bath and hygiene products to board games, footballs and a variety of reading materials. Some boxes were decorated with personal sentiments and themes and included thank you notes and photos of the Carrington team
that put it together. “The Vylla Team had a ton of fun raising funds and awareness for Boxes for Our Troops–so much so that we raised $10,000 for the cause,” said Julie Beamish, vice president, operations, for Vylla in Aliso Viejo, Calif., who rallied Vylla Associates to pack and donate 520 boxes to this initiative. “We value our deployed troops and the sacrifices they make every day for our freedom. Sending goodies, reminders from home and personal notes is one small way we can show our appreciation.”
Mini-Refi Boom in Full Bloom By K. Justin Restaino
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ith rates on a consistent decline, the market is experiencing an increase in mortgage applications across the full line of products offered. While some lenders may take this surge in business as a reason to reduce their marketing, the savviest of marketers are taking advantage of this “Mini-Refi Boom” by increasing their marketing efforts to maximize their market share. This begs the question, “Where do I place my marketing dollar for the greatest overall return?” The higher rates of March of 2018 through March 2019 have left the door wide open to capitalize on the FHA Streamline and IRRRL markets. Many of these borrowers would see as much as a full point decrease in their rate by taking advantage of what is available now. Others have the added benefit of being in housing markets that have positively trended in the last 18 months, thus opening opportunities for cash out, debt consolidation or MIP removal. To differentiate yourself from the competition, mailing efforts have shown that changing the mail piece from a typical #10 window envelope or snap pack to a unique delivery vehicle (such as a green #10 envelope or oversized snap pack) have shown an increase and response by as much as 100 percent! If you have the appetite for increasing refinances, yet lack the capacity to saturate your markets with material, the single best campaign to focus on could be refinance triggers. By marketing to these individuals with a competitive offer, you’re essentially gleaning the efforts of your larger competitors. In doing so, you can send less mail with the same end results; however, this comes with one caveat … if your sales team lacks the skills to convert shoppers looking for additional quotes, then this is the worst campaign to send. It takes an experienced loan officer to identify the “pains” of a shopper, address them in a positive fashion, and convert them to a closed loan. Without strong sales ability, this approach may not return at the level more experienced lenders see. If you current mail pieces have become stale, then you’re missing out on a fantastic resource in WhatsMailing.com. Here, you can view what types of mail pieces are currently in circulation, and search offers based on loan type. This is a great way to gain new insight on what your competitors may be using, along with what consumers are familiar with receiving. National Mortgage Professional Magazine subscribers can access this site for free when registering with my code “K. Justin 1” in the Offer Code section.
For nearly 20 years, K. Justin Restaino has provided the most effective turn-key marketing campaigns with direct mail for the mortgage industry. After a two-year hiatus to originate loans first-hand, he’s even better equipped as director of marketing and business development at Redstone Print and Mail to give his clients the guidance needed for repeatable marketing efforts.
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percent of the single-family mortgage loans that Fannie Mae acquired in the first six months of this year were affordable to families earning at or below 120 percent of the area median income, providing support for both affordable and workforce housing. Fannie Mae’s estimated market share of new singlefamily mortgage-related securities issuances was 35 percent for the second quarter of 2019. It also provided $34.1 billion in multifamily financing in the first half of the year, which supported 354,000 units of multifamily housing–of which approximately 90 percent were affordable to families earning at or below 120 percent of the area median income. “Fannie Mae’s results continue to show the strength of our business model and our ability to generate solid returns,” said CEO Hugh R. Frater. “We are sharpening our focus on capital management through the lens of FHFA’s proposed capital framework. We continue to work with industry stakeholders to identify and enable new solutions to our country’s housing challenges and increase the supply of housing. And we will continue to improve the company in order to deliver value, liquidity, and stability to the housing finance system.” Freddie Mac reported net income of $1.5 billion and comprehensive income of $1.8 billion for the second quarter, up from its first quarter earnings of $1.4 billion of net income and $1.6 billion of comprehensive income. Freddie Mac expects to pay a $1.8 billion dividend to Treasury by Sept. 30. During the second quarter, Freddie Mac said that it helped more than 596,000 families to own or rent a home while providing $127 billion in liquidity to the mortgage market. The GSE served 900 regional and community single-family lenders, representing 45 percent of purchase volume. And first-time homebuyers represented 48 percent of its second quarter new single-family purchase loans, while 95 percent of the eligible multifamily rental units that it financed were affordable to families earning at or below 120 percent of area median incomes.
“Freddie Mac’s second quarter continued our growing track record of strong returns, solid risk management and an unwavering commitment to our mission,” said CEO David M. Brickman. “Once again, we made home possible for hundreds of thousands of families across the country.” The Guaranteed Rate Foundation Announces $3 Million Giving Milestone
The Guaranteed Rate Foundation, created in 2012 to positively impact lives in times of need, has announced a new giveback milestone of more than $3 million donated to individuals across the United States. The Foundation has helped more than 300 individuals who have experienced unforeseen hardships. The Foundation is on pace to grant over $1 million in 2019, a 68 percent increase from 2018. “We started the Foundation five years ago with the focus of making a meaningful difference in someone’s life who is in desperate need of help. Today, we feel blessed to have provided over $3 million of support for individuals in need,” said Guaranteed Rate Founder and CEO Victor Ciardelli. With 100 percent of overhead expenses covered by Guaranteed Rate, every penny donated to the Foundation goes directly to someone in desperate need of help. According to reports, giving directly to individuals accounted for just two percent of overall giving in the United States. The average Guaranteed Rate recipient receives $20,428 in forms of grants for rent, car payments, groceries or additional assistance. The Guaranteed Rate Foundation receives money through employee donations, sponsors and several events held throughout the year, including the annual Speakeasy Soiree held each May and a Home Run Derby held at Guaranteed Rate Field in August. continued on page 20
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Industry Sees Many Changes to VA Home Loan Program By Gavin T. Ales
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Castle & Cooke Mortgage Sponsors Highest-Grossing Event in Boise Charity History
n a little more than a year, there have been several new requirements or changes to guidelines in the VA home loan program. These have included both new restrictions on the making of VA home loans and making loans more available to veterans.
In 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) outlined new protections for veterans in recognition of an issue of “loan churning” of VA home loans. EGRRCPA authorized the U.S. Department of Veterans Affairs to create new policies to protect veterans from predatory lending by requiring, among other things, a net tangible benefit test, seasoning of the original loan, and a recoupments period for fees and costs. A joint VA and GNMA task force found that veterans were being improperly coerced to repeatedly refinance loans that added fees and lengthened repayment periods, while receiving little or no benefit. Multiple lenders were issued warnings or suspended from new GNMA securities based on perceived rates of loan churning. The VA has since created cash-out refinance rules and required Net Tangible Benefit Worksheets and Certification which provide veterans a more informed cost-benefit analysis. In addition, EGRRCPA included a seasoning requirement so that loans may not be refinanced until the later of (1) 210 days after the first payment is made on the existing loan, and (2) the date on which the sixth monthly payment is made on the existing loan. EGRRCPA included an additional provision that applied the seasoning requirement to VA loans included in a GNMA securitization. Many existing VA loans that were not already included in a GNMA securitization became ineligible. Currently, there are bills in both the House of Representative and Senate that address this issue and would change the seasoning requirements. Most recently, the Blue Water Navy Veterans Act changed the loan limits that are available to a veteran. Previously the VA’s maximum guaranty amount was limited to 25 percent of the Freddie Mac standard loan limit for a single-family residence. This effectively limited the maximum loan amount available to veterans to the Freddie Mac limit. The new law removes the reference to Freddie Mac and makes the maximum guaranty 25 percent of the loan amount. These changes are effective Jan. 1, 2020. The Congressional report that accompanied the Blue Water Navy Veterans Act notes that the changes to the VA’s Home Loan Guaranty program allow more veterans to use their home loan benefit in high-cost areas. In areas where the Freddie Mac limit is too low for a zero-downpayment loan program, a veteran may be forced to pay down the loan principal or not use the VA program.
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.
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Castle & Cooke Mortgage’s Boise, Idaho branch recently served as a significant sponsor for the biggest charity event in Boise history, the Wild West Auction for Kids, a benefit for the Boys and Girls Club of Ada County. The non-profit event raised more than $820,000, a new fundraising record in Boise. In addition, the Boise branch contributed to and volunteered at 23 additional events over the course of seven weeks, calling it a 24/7 marathon during Boise’s spring charity season. The Castle & Cooke Mortgage Boise branch includes a team of five, led by Suzi Boyle, branch manager. The team has been involved with a variety of non-profit events, including the Idaho Latino Scholarship Foundation Gala, Harley-Davidson Street Glide, the largest being the Wild West Auction for Kids. “We wanted to walk the walk, not just talk the talk and show that we are a lender that cares and gives back to the community,” said Boyle. “With many memorable experiences, a moment that really stood out was the Harley-Davidson Street Glide hosted by Ride for 22, a veteran suicide prevention non-profit organization. At the event, 800 veterans rode their motorcycles on a course together to raise money for those affected by veteran suicide. It was a heartfelt event,” she added. Boyle joined Castle & Cooke Mortgage in 2018. She has been in the real estate industry for 36 years, spending 28 of those years as a mortgage loan officer. She has been recognized 10 times as a top mortgage loan originator in the nation. Boyle has also been actively involved in the community for many years where she has chaired over 100 nonprofit events. Real Estate Agents Not Always Glad to Serve Millennials Millennials might be the most sought-after demographic in today’s housing
market, but that doesn’t mean they’re the easiest people to work with. According to a new survey of real estate agents conducted by Redfin, more than half of respondents said Gen-Xers were the easiest clients to serve. Baby Boomers were cited by 25 percent of respondents as being easy to serve, while Millennials only received a positive feedback from 23 percent of respondents. The survey also found 41 percent of agents who advertised on leadgeneration sites had a positive return on investment. However, among agents with five years of experience or more, 49 percent said their commissions have remained about the same over the past five years while 31 percent said their commissions had declined. And 33 percent of agents said the Internet had increased the amount of work associated with a sale while 32 percent said the online world decreased their amount of work. Respondents reported a median of seven to nine closed sales in 2018 and a median income between $25,000 and $50,000 after workrelated expenses. Furthermore, the survey pointed to concerns about unpleasant behavior aimed at people of color and women in the real estate profession. Thirty-three percent of non-White agents believed bias is pervasive in this field, compared to 18 percent of white agents, while 13 percent of female agents reported sexism or harassment from customers and 6 percent reported this behavior from colleagues. On the whole, 99 percent of respondents said they were proud of their profession, but only 21 percent of agents said they would recommend their career to others. “As a company that has long aspired to be the best employer in real estate, Redfin commissioned this survey to understand, at a time when billions in private and public capital is being invested in U.S. real estate brokerages, how the life of an agent has changed, and what we can do to attract a new generation of talent to our profession,” Redfin CEO Glenn Kelman said. “What we learned is that agents love the customer relationships and entrepreneurial independence of being an agent but question whether internet technology has made them more productive, and still worry about finding enough customers to earn a steady living.” continued on page 46
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NAMB Certification Committee Update By Linda McCoy, CRMS, CVLS
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I am always trying to find something a little different to write about. Our business is so complicated, not only in dealing with the whole mortgage process, but we deal with clients from all different backgrounds, as well as real estate agents, title companies, underwriters, and many more in our day-to-day business lives. Today, I had a real estate agent e-mail me and was so upset because her client had told her that I made her go to another real estate agent. How would that make you feel? I have had clients tell me that the real estate agent made them go to another lender after I had already had them preapproved. I am sure that if you have been in business for any length of time, you have had that same experience. We have held many classes at our conferences about how to retain our clients, but there has been no cure for this problem. I was a real estate agent before I got into the mortgage business, so I knew how that agent felt. I was very sad for her, but unfortunately, her client did choose to do business with someone else. What are we doing wrong? Why do people feel the urge to jump ship in the middle of buying a house with the real estate agent or their mortgage originator. I think for some clients, the search for their new property is overwhelming. They think that if they cannot find the perfect home right away, they might need to get a new real estate agent. They might never look at themselves and realize maybe they have been looking for the wrong home and have given the agent the wrong information on the type home they desire. Their dream home does not always fit their pocketbook. They might need to look in a different area because the neighborhood they love is out of their price range. I have taken many applications where the client says they are just looking for a good deal and when they find it, they want to be ready. Now if that agent does not find it for them, they might start looking for another. Just like if you do not get them that great loan with that super low interest rate that they could get two years ago, they will think twice about staying with you as their loan originator. Yes, you also have clients that go from lender to lender
because they never hear what they want to hear. I am grateful that this one client is not the norm in my business. I would not be a happy loan originator if this was an everyday occasion. Most of our clients are loyal to us, so we must be doing something right. It just came to me that we do not give them the unwritten rulebook or tell them what’s in it. Who has that kind of time? Our clients do not know what we expect of them. You know that most of them are like us, they do not have time to read or attend your education class … they are just busy. They depend on guidance from us, so they do not have to learn the process. We are the professionals and should advise them with the best of our abilities as loan officers. They want you to give them the money to buy what they want and hurry up because they are excited about getting this done as fast as possible. They also want the best interest rates and the lowest payment. I have never had a client that said they just want to have a great experience getting a mortgage. That should just be expected. We all had to take the mortgage and real estate ethics classes, but your clients did not take those classes, so they do not know what we expect of them. They decided what price range they think they can afford and set out to find that home and you as the loan officers are supposed to make it happen. If you can’t do it, they will find someone else who can. How many of your clients start out with, “What is your rate?” Then we go through a quick education lesson with them about how rates change every day, all day and rates depend on your credit score and the program that you decide is best for you and discussion on loan lock periods. I see their eyes glaze over because that is not what they want to hear. There is so much for them to try to absorb in a short period of time. They just want to hear that they are approved. The public can make their own rules. Sometimes their rule is just, “I want.” What do we do about that? Learn to live with it and do the best you can. You need to know that all our clients are not perfect, and neither are we. There are no set rules for our clients, and you will never be able to make everybody happy, but please keep trying.
Linda McCoy, CRMS, CVLS 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 e-mail at Linda.McCoy@NAMB.org.
N A M B
NAMB+ is an independent, wholly-owned, for-profit marketing subsidiary of NAMB, P E R S P EofCMortgage T I V E Professionals. The Association
Dear Mortgage Professional, NAMB+ Endorsed Providers are a select group of companies approved by the NAMB+ Board of Directors as being qualified and committed to helping small business mortgage professionals by providing exclusive NAMB Members Only benefits, discounts and offerings, and exceptional customer service. A complete list of Endorsed Providers is displayed below and is available at www.nambplus.com. NAMB+ works hard to continue adding new
relationships that bring value to Members each month. If you have interest in becoming an Endorsed Provider, please contact me for more information. 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. Ameriagency is a national insurance agency that shops for you, saving you time and saving your client hundreds of dollars on property insurance. Avantus is a technology-driven full-service credit reporting company. Brokers Compliance Group provides compliance support programs.
Sarma gives you access to merged credit reports CreditXpert tools, AVM Reports and much more.
Simple Nexus provides a digital mortgage solution enabling lenders to originate and process loans from anywhere.
Social 5 offers a social and mobile marketing strategy that gets noticed. 23
CIC Credit offers Tri-merge Credit, Employment Screening, risk mitigation & much more.
MassMutual Disability Income provides NAMB members an opportunity to apply for individual disability income insurance (DI) at
Syncro connects mobile salespeople to their office website leads.
Thrive Hive confirms that on average, a complete Google business listing gets 7x more clicks. Our free tool will grade your listing and tell you what’s missing.
USA Business Lending is your complete resource for everything commercial lending.
discounted rates. MortgageHippo Swift allows loan originators of all sizes to deliver a modern borrowing experience and reduce origination costs.
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Focus IT supercharges your leads thanks to the Pulse CRM, our flagship tool that connects with your LOS.
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Camber Marketing Group provides premier lead generation, data solutions and direct mail marketing.
Starrex provides innovative service solutions including national appraisal management and credit products.
Universal Credit Services is a top ranked national credit reporting agency and authorized report supplier for Fannie May Day 1 Certainty®
National Mortgage Insurance Corporation (National MI) is a private mortgage insurer enabling low down payment borrowers to realize homeownership.
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!
N A M B
P E R S P E C T I V E
NAMB National 2019 he NAMB National 2019 Conference & Trade Show will be held Friday-Monday, Sept. 13-16 at Caesars Palace in Las Vegas. Join NAMB at the nation’s mostattended mortgage-focused event by the country’s top mortgage professionals! Often imitated, never duplicated! NAMB National is the premier mortgage conference in the U.S. focusing on you - the mortgage professional. This event will provide the opportunity to network with old friends and make new ones at the trade show; attend fantastic breakout sessions presented by the industry’s top leading companies; learn from our keynote speaker session; and have fun at the out of this world end of event party!
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Schedule of events Subject to change
Friday, September 13 9:00 a.m.-5:00 p.m. Certified Veterans Loan Specialist (CVLS) Class, sponsored by Caliber Home Loans (cost is $149 for NAMB Members/$279 for Non-members) Is your focus on VA loans? Would you like to separate yourself from the competition? Don’t miss this opportunity to become approved for NAMB’s newest certification, the Certified Veterans Loan Specialist (CVLS). VA loans are an amazing benefit that veterans have earned, and it’s our responsibility as loan originators to help them take advantage of it. But to maximize that benefit, a veteran needs their loan officer to know all the nuances. Lender guidelines often cover the top level information and you can do a VA deal from them. However, those guidelines miss the ‘how’ for many of the subtle details of VA loans, and often include limitations that can be worked around if you know how. With this extra information, you’ll be able to get deals done that nobody else can, help more veterans in the process, and stand out to referral partners. In case you’re wondering, it doesn’t matter if you’re in a military town. In a non-military town, it’s likely you’ll be the only VA expert, which will make you stand out even more. The certification training will cover all the basics and will also dig
into super advanced topics like: Proving eligibility for everyone including reservists and surviving spouses; tips for getting DU and LP approvals, and why manual underwriting isn’t something to be feared; the truth about VA appraisals and especially “Tidewater;” ways to find double the number of VA-approved condos; new rules around refinances and being ready for when that market returns; and weird stuff like assumptions, EEM, Rehab, non-owner occupant coborrowers, etc. In addition, we’ll emphasize the detailed knowledge and stories that you can use to show your value to real estate agents and help grow your business with VA as your niche. Immediately following the class, a test will be given and, upon passing, you will be presented with your certification and all the marketing materials that you need to promote yourself! 2:00 p.m.-5:00 p.m. Exhibitor Check-In and Setup 5:00 p.m.-7:00 p.m. Exhibitor and NAMB Member Welcome Reception
Saturday, September 14 8:00 a.m.-Noon Attendee Registration and Exhibitor Check-In and Setup
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9:00 a.m.-9:50 a.m. Session, sponsored by Calyx Software 10:00 a.m.-10:50 a.m. Session, sponsored by Freedom Mortgage 11:00 a.m.-11:50 a.m. Session, sponsored by Velocity Mortgage Noon-12:50 p.m. Keynote Speaker Session (cost is $25 for NAMB Members/Nonmembers) 1:00 p.m.-6:00 p.m. Exhibit Hall Opens 1:00 p.m.-1:50 p.m. Session, sponsored by Franklin American Mortgage 2:00 p.m.-2:50 p.m. Session, sponsored by United Wholesale Mortgage (UWM)
3:00 p.m.-3:50 p.m. Breakout Session, sponsored by PRMG 3:00 p.m.-3:50 p.m. NAMB Plus Endorsed Provider Session—Focus IT
4:00 p.m.-4:50 p.m. Breakout Session, sponsored by Finance of America 4:00 p.m.-4:50 p.m. NAMB Toolbox Technology Sponsor Session—NAMB Marketplace 5:00 p.m.-5:50 p.m. Breakout Session, sponsored by Quicken Loans 5:00 p.m.-5:50 p.m. Build Wealth and Boost Your Business With Private Lending, sponsored by RCN Capital With explosive growth in the SFR market and home flipping in the U.S. at a 10-year high, there has never been a better time to expand your product offerings. Private lending offers lucrative options for fix and flip deals, and other real estate investing scenarios that don’t fit traditional guidelines. RCN Capital CEO and Private Lending Expert Jeffrey Tesch will teach you how to: Identify profitable solutions for some of your most commonly overlooked leads; leverage fix and flip loans and other
Sunday, September 15 10:00 a.m.-10:50 a.m. Breakout Session Featuring Dr. Ted Jones of Stewart Title Ted C. Jones is the chief economist–senior vice president for Stewart Title Guaranty Company. Previously, Ted served as the first director of investor relations for Stewart Information Services Corporation NYSE-STC for 17 years, ending March 2014. Currently, Ted addresses the information needs of internal and external customers, conducts on-going research and supports economic and financial analysis for the company and its customers. Jones earned a Ph.D. in finance with a minor in statistics and a master’s degree in land economics and real estate from Texas A&M University. He holds a bachelor of science degree from Colorado State University. Ted’s recognized specialty is applied real estate research. Ted has completed numerous mass-appraisal assignments, including more than $3 billion of income producing property owned by the Federal Deposit Insurance Corporation (FDIC), retail properties, hotels, motels, offices, commercial land, multifamily housing, residences and numerous other special use properties. He completed a study on the impact of the Resolution Trust Corporation on real estate values and testified before the Oversight Board. Expert witness testimony has included analysis and evaluation of a solid rocket missile and carbon fiber plant, hydro, gas and coal-fired electric utilities and co-generation plants, an internal pipe coating plant in Scotland servicing the North Sea oil and gas production, and arguments on the treatment of deferred income taxes in the valuation of regulated public utilities. He has consulted The Boeing Company on property valuation issues relating to ad valorem property taxes at Boeing’s diverse aerospace and aircraft manufacturing plants in Washington. 10:00 a.m.-10:50 a.m. The Real Reverse Mortgage Opportunity, sponsored by Longbridge Financial This presentation will provide important information related to reverse mortgages, and the great opportunity that the program presents for any originating entity within the mortgage industry. We’ll provide the basics of reverse mortgages, so that the audience will have a good understanding of the key elements of the product and how important it can be to help seniors with their retirement. Additionally, we’ll point out the benefits to the originators of reverse mortgage, in terms of potential compensation. We’ll show how the new proprietary products differ from the standard FHA Home Equity Conversion Mortgage (HECM) program and how they can create even more potential for the originators in terms of expanding markets and increasing volume. We’ll also show how simple it is for a non-reverse originator to begin originating reverse mortgages. 10:00 a.m.-10:50 a.m. Breakout Session, sponsored by AmeriHome 11:00 a.m.-11:50 a.m. Breakout Session, featuring John Bell, Department of Veterans Affairs 11:00 a.m.-11:50 a.m. Breakout Session, featuring Carrington Mortgage Services 11:00 a.m.-11:50 a.m. Breakout Session, featuring Finance of America
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4:00 p.m.-4:50 p.m. “It Takes Talent to Find the Talent to Grow Your Business,” sponsored by Plaza Home Mortgage
5:00 p.m.-5:50 p.m. NAMB Toolbox Technology Sponsor Session—Lending Pad
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3:00 p.m.-3:50 p.m. Getting a Mortgage is More Than a Click: Building Your Business in the Technology Era, sponsored by FirstFunding Sixty-one percent of consumers expect to be able to apply for and complete a mortgage application online, but 57 percent prefer communication with their lender by phone or in-person during the mortgage process. Knowing how to balance technology, communication, marketing and education is critical in today’s every changing environment. Best-selling author, Ginger Bell will lead this VIP panel discussion with National Sales Manager Nate Clear from FirstFunding, and NAMB Incoming President-Elect Kimber White, CRMS, that focuses on building your business, combining new and old tactics, strategies and technologies to give your business an edge. You won’t want to miss this session!
private lending products to make more money now; and best present yourself and your borrower to a private lender. Interested in tapping into a wealth of new business? Don’t miss this breakout session!
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11:00 a.m.-5:00 p.m. Exhibit Hall Open
1:00 p.m.-1:50 p.m. Breakout Session, featuring Liberty Home Equity
Noon-12:50 p.m. Breakout Session, featuring Brian D. Montgomery, Acting Deputy Secretary, HUD Brian D. Montgomery serves as the Acting Deputy Secretary for the U.S. Department of Housing and Urban Development (HUD), managing the day-to-day operations of the agency and advises and assists the Secretary in leading the Department’s nearly 8,000 employees. Montgomery also serves as the Assistant Secretary for Housing–Federal Housing Commissioner for HUD. Nominated by President Trump in September 2017, his confirmation marks the first time an individual has served as head of the Federal Housing Administration (FHA) twice, and under three different Administrations. With more than 30 years of experience in both the public and private sector, including his first term as Commissioner from 2005 to 2009, Montgomery brings to HUD a deep knowledge of housing issues and vast experience spearheading large-scale policy initiatives. He is known for his work in reforming the Real Estate Settlement Procedures Act (RESPA), developing solutions to assist struggling homeowners during the financial crisis, and his leadership of FHA modernization efforts that led to legislation in 2008.
2:00 p.m.-2:50 p.m. Breakout Session, featuring Luxury Mortgage
1:00 p.m.-1:50 p.m. Breakout Session, featuring Freddie Mac
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3:00 p.m.-3:50 p.m. Breakout Session, featuring Impac Mortgage Corp. 3:00 p.m.-3:50 p.m. Breakout Session, featuring Lodasoft 4:00 p.m.-4:50 p.m. Breakout Session, featuring Agent Find 4:00 p.m.-4:50 p.m. Breakout Session, featuring ACC Mortgage 7:00 p.m.-10:00 p.m. End of Event Party (Cost is $49 for NAMB members/Nonmembers)
Monday, September 16
1:00 p.m.-1:50 p.m. Millennials vs. Boomers: The Demographic Cage-Fight That is Reshaping Housing, sponsored by Plaza Home Mortgage 26
2:00 p.m.-2:50 p.m. Breakout Session, featuring Angel Oak Mortgage Solutions
8:00 a.m.-5:00 p.m. Eight-Hour NMLS Approved Continuing Education Class (cost is FREE for NAMB Members/$79 for Non-members)
Register to attend for FREE using discount code “NAMBFREE.” For more information, contact NAMB Executive Director Valerie Saunders at (202) 434-8250, e-mail ValSaun@NAMB.org or visit NAMB.org.
Floor plan Caesar’s Palace Ballroom
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List of exhibitors (as of 07/30/19)
Company Name
Booth #
Company Name
Booth #
ACC Mortgage ..................................................................710
Loan Depot Wholesale ......................................................411
Act Appraisal ..................................................................1005
LoanStream Mortgage ......................................................135
Agent Find ......................................................................1100
Lodasoft ............................................................................808
Ameriagency ....................................................................1108
Longbridge Financial LLC ................................................1116
American Advisors Group ..................................................305
Luxury Mortgage Corporation ............................................511
Amerihome..............................................................1033-1035
Mortgage Information Services Inc. ................................1104
Amwest Funding ................................................................809
Motto Mortgage ................................................................806
Angel Oak ..................................................................706-708
Mountain West Financial ....................................................807
Appraisal Nation ................................................................310
Mr. Cooper ......................................................................1133
AppraiserVendor ................................................................129
Mueller Reports ......................................................1136-1138
Avantus ............................................................................1127
NAMB ................................................................................101
Axis-AMC ........................................................................1137
NAMB Marketplace/Lender Price ......................................105
Axos Bank........................................................................1128
NAMB Plus ........................................................................103
Bluepoint Mortgage ........................................................1122
National MI ........................................................................212
Calcap Financial ..............................................................1013
Nations Direct Mortgage ....................................................912
Caliber Home Loans ..........................................................406
Nationwide Appraisal Network ........................................1009
Calyx Software ..........................................................117-119
Nationwide Property & Appraisal Services ......................1102
Camber Marketing ..........................................................1130
Newfi Lending ..................................................................1039
Cardinal Financial ..................................................1103-1105
NMP ..........................................................................315-317
Carrington Mortgage Services ....................................228-230
NMSI Inc. ........................................................................1111
Cherrywood Mortgage LLC ..............................................1007
Orion Lending ....................................................................810
Citadel Servicing................................................................218
PennyMac Loan Services............................................200-202
Civic Financial Services ....................................................204
Plaza Home Mortgage ................................................407-409
CMG Financial ................................................................1009
Prime Choice Funding........................................................410
Commerce Home Mortgage ..............................................811
PRMG ................................................................................506
Cvest ..............................................................................1126
Quicken Loans ........................................................1017-1019
Deephaven Mortgage ......................................................1037
RCN Capital ............................................................1023-1025
EC Purchasing ..................................................................911
Ready Price LLC/Mortgage Exchange ..............................914
Finance of America Reverse ..............................................137
REMN ................................................................................707
First Funding ....................................................................1011
ResMac ..................................................................1129-1131
First Guaranty Mortgage Corporation ..............................1132
Retirement Funding Solutions ............................................206
First National Bank of America ..........................................906
Reverse Mortgage Funding ................................................234
Flagstar Bank ....................................................................131
Royal Pacific Funding ........................................................900
Focus IT ............................................................................107
Solidifi................................................................................319
Franklin American Mortgage Company ..............................123
Southwest Bank/Simmons Bank Warehouse ..................1031
Freddie Mac................................................................214-216
Sprout Mortgage ..............................................................1135
Freedom Mortgage ....................................................301-303
Starrex ............................................................................1110
FundLoans ......................................................................1139
Stearns Lending ......................................................1119-1121
Greenbox Loans ................................................................907
Symmetry Lending ............................................................904
Guaranty Home Mortgage Corporation ..............................908
TCF Bank ........................................................................1118
HomeScout ......................................................................1101
The Money House ............................................................1124
Impac Mortgage Corporation ..................................1001-1003
United Wholesale Mortgage ..............................................111
INB Medical ......................................................................910
Velocity Mortgage ......................................................306-308
JCAP Lending ..................................................................1134
Visio Lending ..........................................................1113-1115
LendSure ....................................................................307-309
Whiteboard CRM ............................................................1106
Liberty Home Equity ........................................................1027
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Lima One Capital ..............................................................210
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A Message From NAMB Membership Committee Chair Kimber White, CRMS As Membership Committee Chair of NAMB, I would like to welcome the new NAMB members listed below and offer the following message … Thanks for joining NAMB. We are sure you will enjoy the benefits of membership! Our Web site, NAMB.org, contains valuable information about upcoming events, NAMB certifications, legislative actions, the NAMB Toolbox, and information about all the benefits available to you, including our affinity partnerships available at NAMBPlus.com. New members can also access video recordings of educational events and informational Webinars hosted by some of our sponsors at the NAMB Video Stage and our Endorsed Providers at the NAMB+ Video Stage! Understanding the tools in the NAMB Toolbox Membership includes access to many benefits. If you have not looked in the NAMB Toolbox, you may be missing out on some great tools that can help you improve your business. Some examples are listed below: l NAMB All-In is a cloud-based loan origination system created for
mortgage brokers to streamline and support your success. From a mobile-friendly customer experience, to an integrated wholesaler marketplace, you will have everything you need to “wow” borrowers and win more business with a new competitive edge. l NAMB+ CRM easily and thoroughly integrates with Calyx PointCentral and will be integrating with Encompass in early 2019. NAMB+ CRM supercharges your LOS providing lead and referral management tools, automated email marketing and loan status alerts, and intelligent task management for your loan production. l EC Purchasing offers great discounts for NAMB members on copy/print, IT, overnight shipping, wireless and more. Review discounts from a wide range of national companies, then select discounts on the products and services that best meet your needs. Check out all the great tools in the NAMB Toolbox today at NAMB.org! For more information on the benefits of NAMB membership, visit NAMB.org and click on the “Membership” tab. Sincerely, Kimber White, CRMS Membership Committee Chair, National Association of Mortgage Brokers
NAMB New Members Report
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Haim Babila
Alvin Greene
Kevin Nguyen
Karen Uhl
Mark Balenger
Isaiah Guerrero
Michael Pamula
Kim Vu
Michael Bazavilvazo
Lori Heavin
Caleb Parmenter
Nicholas Walter
Scott Beckwith
Kathleen Higgins
Sam Phillips
Yiyao Zhang
Ed Blanch
Robin Hoffman
Jeffrey Pothul
Cheryl Braunschweiger
Steven Hook
Lisa Ramsey
Steve Brodsky
Patricia Hoyt
Romy Recio
John Cabello
Jeffery Kelly
Stephen Roberts
Cathy Carlson
Georges Lafontant
Michelle Rodriguez
Moh Chua
Jorge Leal
Carmen Rojas
Chip Cummings
Jeffrey Loyd
Stephen Rotay
Kris D’Agostino
Suzanne Lucas
Bryant Rueckner
Bettina Daniel
Mike Lynch
Andrea Rutkowski
Hanh Dao
Rachit Mahajan
Junior Simmonds
Adrine Davoodi
Reynaldo Manlagnit
Roberta Stokes
Mark Duplantis
Christian Menard
Samantha Studebaker
Alan Eisenberg
Jason Moeding
Robert Sumlin
Cathrin Elliye Binesh
Fouad Moussa
John Svantner
Adolfo Fernandez
Danielle Nereson
Ben Swanson
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Ten Tips for Professional & Personal Org By Christine Beckwith
o it’s back to school time and my mind automatically drifts to getting organized. I feel like I am always somewhat organized, but extra so at certain times of the year, this being one of them. That then draws us to the “How to’s” and best tips for doing so. I teach a lot of courses on time management and tactics that create efficiency, so it will come as no surprise to any of you being a prolific writer that I wrote a guide on “Journaling” as one part organization, two parts “de-stressing” tactics. I hope it’s exactly the quick read kind of thing that you can apply a few easy changes to and see immediate results. So go grab a cute journal and guys, yes this means you to, these are not gender bias tactics, so here you go!
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“How to Journal Your Way to Mental Freedom in 10 Easy Steps” I could tell endless stories about my growth over three decades in handling high stress levels and multi-tasking. For the better part of the past two decades, I have been a senior sales executive, a business owner, a fundraiser and a health enthusiast. I work in a high demand, fast-paced, all-stakes deadline environment, driven on constantly assessed metrics and results, while managing a home, traveling for work, raising a child and trying to be a healthy professional. So, I have mastered the art of compartmentalizing all of it. I would love to say that I did this through personal insight, but the truth is I did this through professional training. Training that taught me how to off-board the clutter and chaos, and make organization out of all of it … training that taught me how to shut off the work brain and turn
on the home brain, in the flip of a switch. Then, experience finally allowed me to put it all into a simple system I have helped share with hundreds of others who are equally as hectic in their own busy lives. I hope it helps you as well. Once I learned the “10 Tips for Professional & Personal Organization” that I have written below, my life, which I felt I had been chasing, suddenly changed and I knew finally that I was in complete control. I have been teaching these tips to professionals for two decades and it is one of the most raved about classes I teach. So here goes … enjoy! First … did you know that every single thing you need to do is swirling around in your head and because these things are outstanding things due, that your brain or as I like to call it, your human computer, will keep sending your memory messages? These memory messages are being sent to remind you that these things must be done. So, the simple act of writing things down will off-board or shut down the reminder. Almost like clicking “Dismiss” on your computer popup reminders under activities. So, please note that starting a working journal is a straightforward way to clean up all of your repetitive thoughts and leave your mind clear. When you do this, your level of creativity, your ability to think, ability to digest reading, to absorb meeting materials and even clearly learn classroomrelated education is at a far higher and more receptive level than you would be left with otherwise with all that chaos happening in your brain. Furthermore, what is that chaos doing to your stress levels? To the output of great work results? What is the price you are paying for this level of overwhelming thinking? Doing the working journal daily can physically change your entire
outlook on the quality and happiness of your work and your personal life. You can be a more attentive partner and spouse, parent and coach. Simply put, organizing thoughts and offboarding these thoughts can lead to a healthier life style, one you control and one that gets amazing results. Begin by buying a journal. It may be a blank journal or you may get a Day Timer with single full pages representing each day. 1. Top Line: Day and date on each page 2. Second Line: Your list of professional or work “To Do’s:” Each “To Do” item should then be labeled either A or B. A for “Absolutely must be done today” and B for “Secondary task, does not need to be done today.” 3. Third Line: “Personal To Do Items:” Only list things here that you MUST do today. All other personal “To Do” items can be listed on the appropriate page, so if you know you need to drop off dry cleaning on Wednesday, write it in the personal “To Do Item” on Wednesday. Simple. 4. Fourth Line: “Due From Others:” Every time you give someone something to do that is owed back to you, you will write it here. You will give it an owner’s name and a due date with a description of the thing due. For example, Due FridaySue: Accounting for September. 5. Fifth Line: “Projects:” List all Projects needing to be done this week that aren’t single “To Do Items.” These things may take several hours to complete or several days. You should apply an expected timeline to these. These should be bigger items that need more attention and MUST be done that week. Example: “Create the Excel Spreadsheet for the new coaching platform-two hours.”
6. When to do your journal? The last thing you are going to do every night is write tomorrow’s “Management Journal Page.” You will do several things in reviewing your day and as your day has transpired. First, you will put a strike though the “To Do Items” completed. You will strike out those things collected that were due from others as complete as well. Second, you will circle all things not completed, carry those over to the next day. Apply an A and B to each item again. Please note, if you carry an A item over more than twice, you aren’t prioritizing correctly. Finally, your new list should be neat, clean, each section filled as outlined above so when you wake up and begin working the next day, you are able to open your journal and work with it at your side. As things transpire though out the day, you can write “To Do Items” into proper days based on due dates, time needed to complete, etc. 7. Learn to say NO today to things that you can’t fit in your schedule: We all accept too much work, the word “NO” is not pleasing to say so we avoid it. But how about a “I can do this for you by tomorrow” which is not a NO and gives you a whole extra day. When you begin to use this Management Journal System, you will discover you know much better if you can handle taking a job on today or tomorrow. You may even see that you are booked out days ahead. 8. Journal vs. Electronic Calendar: Your electronic calendar should reflect physical appointments for calls and meetings and have time blocked to work on the to do list. Some continued on page 49
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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 Continues to Lead Resurgence in Non-QM Market With Strong Q2
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After a record-breaking Q1, Angel Oak Companies’ residential mortgage lending platform, which includes Angel Oak Home Loans and Angel Oak Mortgage Solutions, has reported stellar second quarter growth, continuing to prove itself a powerful force in the non-agency mortgage market. The Angel Oak lending platform originated $681 million for the quarter, a 45 percent increase from Q2 2018, bringing its 2019 origination total to more than $1.2 billion. “We are excited and grateful to continue our upward trajectory of growth and success within the mortgage lending market,” said Steven Schwalb, managing partner of the Angel Oak lending platform. “Our success is a testament to Angel Oak’s consistent dedication to providing the highest quality of products and services for our clients.” Angel Oak Capital Advisors also completed a non-QM securitization—its 11th since 2015—totaling $381 million, which brings the firm’s total year-to-date issuance to approximately $1.6 billion. Furthermore, the firm celebrated the successful launch of its $215 million public closed-end fund offering, the Angel Oak Financial Strategies Income Term Trust, by ringing the NYSE closing bell on June 13. The industry has taken notice of Angel Oak Companies’ leadership position in the non-
QM market, with recognition for the firm’s executives and company achievements in Q2. Angel Oak Companies was named a “2019 Pacesetter” by the Atlanta Business Chronicle, as well as a 2019 ACG Fast 40 by the Association for Corporate Growth. Schwalb has pointed out the “tremendous opportunity” in the non-QM space for years to come, yet growth within Angel Oak has not been limited to its mortgage lending platforms. Angel Oak Capital Advisors, the affiliated investment management firm of Angel Oak Companies, surpassed $10 billion in assets under management across its mutual funds, closed-end funds, private funds and separately managed accounts. “As we continue to assert ourselves as industry leaders in the non-agency mortgage space, we hold ourselves to the highest standard of quality and client satisfaction,” said Mike Fierman, co-CEO of Angel Oak Companies. “These uncompromising values take precedence in our company initiatives and have been the backbone of our success.” Freedom Mortgage’s Middleman Wins EY Entrepreneur Award
Stanley C. Middleman, CEO of Freedom Mortgage Corp. in Mount Laurel, N.J., has been named the winner of Ernst & Young (EY)’s Entrepreneur of the Year Greater Philadelphia Award in the financial services category. Middleman, who founded Freedom Mortgage in 1990, was
among several finalists selected by a panel of independent judges for the award, which was presented during at a special gala event in June at the Kimmel Center for the Performing Arts in Philadelphia. Freedom Mortgage serves customers in all 50 states and has a nationwide staff of more than 4,000 employees. “I’m truly humbled to receive this award, considering how many excellent entrepreneurs and companies there are in the Philadelphia area,” said Middleman. “It’s an amazing honor, surpassed only by the satisfaction that my team at Freedom and I experience by helping people buy the homes of their dreams.” Rocket Mortgage and State Farm in New Pact
Rocket Mortgage by Quicken Loans is teaming with State Farm in a partnership that will enable the latter’s agents to originate Rocket Mortgage products for their customers. According to the companies, Rocket Mortgage is creating a technology that will allow State Farm agents to offer Rocket Mortgage products as a licensed loan originator. State Farm agents will be able to provide conventional Fannie Mae or Freddie Mac, FHA, VA, USDA and Jumbo mortgages to their clients. The rollout will take place over the next several months, and current State Farm Bank mortgage customers will not be impacted. “Our goal is to help people live life confidently. An important component of that is helping
people achieve their dream of homeownership,” said Joe Monk, senior vice president, financial services for State Farm. “As the nation’s largest mortgage lender, Rocket Mortgage brings a proven track record of strong product offerings, consistent financial strength, and award-winning service. We are excited about this opportunity to help even more people through the power of this alliance.” Jay Farner, CEO of Quicken Loans, said, “We aim to provide the best mortgage experience possible, no matter where the client is or how they connect with us. Through this alliance, we will be able to combine Rocket Mortgage’s powerful mortgage processing and underwriting technology with the advice and strong relationships built from the power of the State Farm agent network.” NAMB Partnership With Lender Price to Connect Mortgage Brokers With Wholesale Lenders
Lender Price and the National Association of Mortgage Brokers (NAMB) have announced the release of “Send to Lender,” a new feature added to the NAMB Marketplace digital origination tool that provides direct communication between mortgage brokers and wholesale lenders. NAMB Marketplace is an online tool developed by Lender Price that is offered to NAMB members
DocMagic has completed an integration with cloud-based loan origination system (LOS) provider LendingPad from WEI Technology LLC, offering its document preparation services directly from within the LendingPad environment.
continuous compliance checks, providing accuracy at all times. Mutual customers will realize greater efficiency and compliance adherence due to this integration. It significantly reduces time and costs, ensures data integrity, and eliminates errors that can lead to non-compliance. “We are pleased to partner with the industry-leading loan document preparation provider and look forward to a long-term relationship with DocMagic,” said Wes Yuan, managing director of WEI Technology. “With both of our platforms being completely SaaS and Cloud-based, there are a
number of additional capabilities we can jointly leverage to make the life of the lender, originator and borrower much easier via digital lending.” Citadel Servicing Congratulates Oaktree Capital on Latest Securitization
A valued business partner of Citadel Servicing Corporation, continued on page 76
Why choose MBS Highway? BARRY HABIB— THE ORIGINATOR OF THE MARKET ADVISORY SERVICE Daily guidance and insights from Mortgage Market expert Barry Habib. He closed over $2 Billion in production as a Loan Originator, called the bottom of the Housing Market and currently provides sales and market training to thousands of Loan Originators across the country. STATE OF THE ART, USER FRIENDLY WEBSITE We've taken great pride in building a website that uses new technology, and enhances the user experience. No matter where you are on our site, you'll always have market data in sight. Never miss a lock alert with our real time market news and alert system.
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What you're getting with your MBS Highway trial l Bond Quotes l Daily Video and Transcript l Interactive Charts l Lock/Float Advice l SMS Updates l Real Time Market News l Cashin's Corner l The Kiplinger Letters l Real Estate Market Data l By The Number$ l MBS TrendTRAKR l Social Share
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DocMagic Partners With LendingPad to Simplify eSigning
“DocMagic believes in establishing system-to-system connectivity to as many parties as possible in order to efficiently and expeditiously complete transactions and close loans on time,” said Steve Ribultan, director of business development at DocMagic. “Partnering with LOS providers like LendingPad is key to our goal of eliminating paper, ensuring compliance, and making the end user’s job as easy as possible.” DocMagic’s Audit Engine automates data and document validation throughout key phases in the lending process with
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free of charge. It features a pricing engine that allows mortgage brokers to search for loan products and compare pricing between multiple wholesale lenders that participate in the NAMB Marketplace. It also includes the ability to instantly send a digital loan application to borrowers directly from the pricing results, providing mortgage brokers with an advanced point of sale tool that was originally designed for large banks and mortgage lenders. The “Send to Lender” feature adds the option for brokers to send a loan scenario to a lender directly from the pricing results. Mortgage lenders instantly receive a notification that includes the loan scenario, the selected product and price and the broker’s contact information. “Our goal is to connect mortgage brokers with borrowers and wholesale lenders in an interactive way,” said Dawar Alimi, founder and chief executive officer of Lender Price. “With ‘Send to Lender’ we allow brokers to engage with lenders in an incredibly direct and convenient way. With only three mouse clicks, brokers can send a complete loan scenario inquiry to any lender in the marketplace.” Additionally, NAMB and Lender Price released a new Web site, NAMBMarketplace.com, that contains information about NAMB Marketplace, demonstration videos and a fully-automated registration process that creates an account for brokers in minutes. “We’re very proud to offer NAMB Marketplace to our members at no cost,” said Rick Bettencourt, president of NAMB. “This is the type of technology that mortgage brokers need because it truly simplifies the origination process. One tool connects brokers directly to borrowers and lenders for the sole purpose of obtaining a mortgage loan. We’re grateful to have Lender Price work with us on this amazing solution.”
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National Mortgage Professional Magazine Presents …
COACHES ROUNDTABLE DISCUSSION 2019 You’ve heard the great coaches of our time share their pearls of wisdom on a number of occasions … “The only place that success comes before work is in the dictionary.”–Vince Lombardi “I’ve never felt my job was to win games–rather, that the essence of my job as a coach was to do everything I could to give my players the background necessary to succeed in life.”–Bobby Knight l “There are three types of players: Those who make it happen, those who watch it happen and those who wonder what happens.”–Tommy Lasorda l “There are only two options regarding commitment. You’re either in or out. There is no such thing as life in-between.”–Pat Riley l l
And while their quotes are aimed at combatants who wage their wars on the gridiron, parquet floors or baseball diamonds, all are applicable even to today’s mortgage professional. Sometimes, even the most successful loan originators need a little motivation. How did they become the “success” that they are? Did they follow the blueprint of a leader that came before them? Can they call upon a mentor to guide them in times of trouble? Or, did they simply step into luck and now reap the benefits of that charmed path? Regardless of the path to success, many of today’s mortgage originators are turning to coaches and trainers to guide them and educate them on a better way to increase volume and sales. Whether it be tips on time management, organization or presentation, today’s LOs are benefitting from a number of top coaches who have a found a proven way to get the most out of their clients. As part of this month’s Special Focus on “Back to School: Education & Professional Development,” National Mortgage Professional Magazine was able to gather some of the industry’s top coaches and trainers to share their tips and secrets on how they get the most out of today’s loan originators. We hope you enjoy this exchange of ideas and can utilize their methods and apply them to your current business model to take things to the next level.
Roundtable participants Nick Carpenter Founder, The Legion of Loan Officers Nick Carpenter is the founder of The Legion of Loan Officers, and one of the most sought after thought leaders and marketers in the mortgage industry. He is a “Realtor Attraction” expert, known for helping loan officers add 10 great referral partners within 90 days. Nick is an Eagle Scout and U.S. Air Force veteran, having served in Iraq. For more information, visit LegionOfLoanOfficers.com. Ralph LoVuolo The Mortgage Godfather Ralph LoVuolo is an author, speaker and coach to the mortgage industry. He has more than 60 years in “the business of mortgages.” There is almost no act that occurs in a mortgage company that he has not participated in and in some cases, he was a pioneer. He held in his hands the first GNMA MBS that was issued. He will tell you that story at the drop of a hat. He has started, either for himself or for others, nine mortgage companies. He has told the stories of his interaction with his father that will leave you laughing in disbelief. He extensively writes and speaks about all phases of the mortgage industry both to his coaching clients and groups throughout the USA. For more information, visit MortgageGodfather.com. Adam P. Smith President, CORE Finance Group & Owner, Just the Tips Coaching Adam P. Smith is president of CORE Finance Group, a leader in lead-generation coaching, and owner of Just the Tips Coaching. Adam has taught many classes on contact management and marketing to colleagues in the real estate, mortgage, insurance and financial fields. During his lending career, he has helped thousands of clients, both individuals and corporations, in their goals regarding real estate finance, as well as both personal and corporate finance and has personally written billions of dollars in mortgage and finance deals. Adam has also coached hundreds of real estate agents on lead generation, client retention, repeat and referral sales prospecting and zero cost marketing. He lectures regularly, and coaches colleagues on lead generation through his Just the Tips, Zero Cost Marketing for
a Repeat and Referral Business and Secret Sauce programs to the real estate, mortgage, insurance and financial fields across the country. He has taught classes for several of the country’s largest real estate companies, countless title companies, and many real estate boards. For more information, visit COREFinanceGroup.com or JustTheTipsCoaching.com. Art “Ski” Swiatkowski Art “Ski” Swiatkowski is passionate about developing people and businesses. He has dedicated the past 35 years to serving the real estate finance industry, first as a top producing loan originator and branch manager, then as a corporate executive, trainer and business development specialist. An engaging, entertaining speaker and trainer, he has taught and mentored thousands of sales representatives, managers and operations personnel across the nation. As a former trainer for the National Association of Mortgage Brokers (NAMB) and through other corporate training initiatives, he has appeared as a speaker at many national and state trade conferences. His articles have been featured in numerous trade publications. During his tenure as vice president of business development for the InterBay Funding and Silver Hill Funding divisions of Bayview Asset Management, he played a key role in the company’s meteoric growth and one of the most amazing success stories in the mortgage lending industry. A former collegiate football player and currently active lacrosse player and coach, his leadership and development messages draw on lessons from the athletic field and the conference room in order to challenge people to achieve the results they want in their life and business. He can be reached by phone at (610) 220-2224. Kerry Wekelo Chief Operating Officer, Actualize Consulting Kerry Wekelo is the chief operating officer of Actualize Consulting, a consultancy firm specializing in business process engineering and technology implementations for financial institutions. Kerry has more than 20 years of work experience with top organizations in the field of consultancy, management, finance, technology, and research for Fortune 1000 firms. She is also an award-winning author of Culture Infusion, a speaker and a mindfulness advocate. For more information, visit ActualizeConsulting.com.
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National Mortgage Professional Magazine Presents …
COACHES ROUNDTABLE DISCUSSION 2019
The roundtable
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Adam P. Smith: I have been coaching real How did you first get your start in coaching estate agents for better than a decade on mortgage professionals? topics including: Zero cost marketing for a Nick Carpenter: I was a real estate agent for repeat and referral business, contact three years and then on staff at a Keller management, social media, video marketing, Williams office before being recruited to open etc. Not only did that lend to my coaching the corporate marketing department for business, but it also paid dividends to my Benchmark Mortgage. That’s where I really “I appreciate the OGs in the industry loan origination business as the leads the combined my skillset in real estate and online agents were generating were being referred to marketing with loan officers and used these for what they did a decade ago and The me for mortgages. That evolved into more concepts to attract more Realtor referral Legion of Loan Officers has modernized the focused coaching on lead generation so I partners. concepts they introduced for the current wrote and published a book on the subject My partner, Garrett Finkelstein, and I were social era, while never cold-calling a single titled Just the Tips: 365 Sales and Life Hacks hosting classes for loan officers every week. real estate agent.” to Get You Through Your Year. That content, Eventually, I heard Jim McMahan give a quote —Nick Carpenter coming from a mortgage professional, made at an event we were doing together in for an easy transition into coaching other loan Breckenridge that made me decide to open The Legion of Loan Officers originators, insurance agents, financial my own company. Jim said “There are planners, car salesmen, etc. enough people who will do business your way that you don’t need the ones who won’t.” I Art “Ski” Swiatkowski: Actually, I have been studying the mind and decided to shift my path and left to work with my own clients in 2014. performance improvement since the 1980’s. I am fascinated by people, what makes them tick and what separates the successful Ralph LoVuolo: I was the parliamentarian for the National Association people from everyone else. of Mortgage Brokers (NAMB). It was 1989 and we were at a board I initially entered the coaching field around 1998, but not in the meeting in Denver and I had just given a seminar on “Robert’s Rules of mortgage industry. My love of the game of lacrosse led me to start a Order” to the other members of the board when two of them boy’s lacrosse team at our local high school. I coached there for 10 approached me at the front of the room. years. Shortly after starting that program, I really began to appreciate “Ralph, have you ever considered giving seminars or talks about the results coaching could achieve. And so, I decided to go through a your experiences in the mortgage industry?” business coaching certification program offered by Resource “No,” I replied. Associates Corporation, which is a leadership development “What do you mean? It seems you have the ability to draw people organization. My objective was to expand my management style in the into the subject you are talking about, and we’ve seen you do this direction of coaching and bring more value to the mortgage people I before. You should think about it.” managed. Needless to say, I was flattered by the compliments and almost Interestingly enough, in addition to coaching my team in the immediately engaged in conversation with other board members. I mortgage business, several small business owners in my area asked spoke about what I had done, my experiences and the many me to work with them. This provided me with yet another perspective responsibilities I had assumed. Those conversations produced more encouraging feelings and I pretty quickly decided it was time for me to through which to study coaching and formulas for building success. try my hand at talking to people about the things I could do for them. Kerry Wekelo: My career path includes having worked as a Within a week of the meeting in Denver, I was back home. Being a consultant. Because of my experience, I was able to relate to my team pretty pro-active person, I set myself a list of ideas that I thought and understand the demands required to work as a consultant in the would help people who I knew within my scope of business friends and acquaintances. I sent the list out to everyone I could think of and it finance industry. I learned how to breathe balance and authenticity into my own life, and people noticed. Individuals started approaching me was titled “What I Can Do for You.” I used that title because I wanted to be positive in my approach and not ask what they would want me to for help, and that is how I began coaching Actualize Consulting’s internal team, which includes our Mortgage and Fixed Income practice. do, but tell them what I knew I could do. What the two-page letter From there, my coaching expanded into working with our clients in the included was, give seminars to your sales team, give your sales team mortgage industry. I have coached individuals ideas that would make them more successful, of all levels and large groups. help sales managers learn how to make sales meetings more interesting and less a time for What do you as a coach bring to the table the salespeople to complain about everyone that differentiates you from other coaches on their operations staff. I continued to send in the industry? this e-mail out to about 100 people a week Nick Carpenter: The community and culture and followed them up with phone calls and are the difference between The Legion of visits to the biggest companies. These “Explaining products and rates to a referral methods garnered appointments for me to source is fruitless if they don’t have business. Loan Officers and every other coach in the mortgage industry. Our core values are: make the type of presentations I desired to Discussing how wonderful the MLO can Relationships (Come First), Excellence (in perform. My successes grew, multiplied and deliver unparalleled service is not at all Everything), Courage (To Do), Commitment led me to help various state mortgage broker important to a source if they don’t have (To Succeed), and Integrity (Always). Our organizations by becoming their organizer for any business to be serviced.” community is comprised of nearly 500 of the their state events. All of these things gave me —Ralph LoVuolo best loan officers and mortgage brokers from a name that I have used as a pathway to 45 states around the country, sharing best perform the one thing that I concentrated on The Mortgage Godfather practices and providing mentorship and and still find fulfillment in—coaching people to support to each other. I appreciate the OGs in become better and more effective at their the industry for what they did a decade ago chosen life’s work.
National Mortgage Professional Magazine Presents …
COACHES ROUNDTABLE DISCUSSION 2019 and The Legion of Loan Officers has modernized the concepts they introduced for the current social era, while never cold-calling a single real estate agent.
creating the greatest change within an individual company and within the industry. Many don’t realize that the change they are looking for in their organization needs to start with them.
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Ralph LoVuolo: My coaching philosophy is very different and much more effective than Kerry Wekelo: Many coaches start with the “The thing about the mortgage industry itself end game and work to help the individual many of my peers. What I have come to understand is that we need to first achieve their goals. I am different as I start my is that it’s dynamic and always changing. concentrate on developing a trust relationship coaching sessions by focusing on what brings You cannot remain stagnant or you will get with our referral sources. I focus my efforts to run over. Knowing those trends and deciding the most inspiration to the individual. I ensure help the MLO’s I work with, the audiences I that my clients are taking personal time daily what is important to the industry, and to address, and the voluminous writing I advance to find or do the things they enjoy. Once they your specific business, is something we all to the marketplace, to see the essence of a are personally fulfilled, they can serve others. I need to be watching all the time.” business bond as a trust relationship built on also draw from the principles in my book, the advancement of ideas that helps the —Adam P. Smith Culture Infusion–Nine Principles to Create and referral source improve their business. This is Maintain a Thriving Organizational Culture in CORE Finance Group done by understanding the marketing needs which I pull from each of the principles to help & Just the Tips Coaching of the referral source and delivering it. This will to serve my clients. produce more business for the source and bind the two people For example, many times teaching clients how to deal with together in a trust relationship. challenges is the best time we spend together. I teach them my Focusing, as most all other coaches do, on a few conceptual words “Three P Method” of pausing to pivot to a positive. Here is an that lead the MLO down a destructive path is anathema to me. overview of how it works: “Pause” by taking a moment … give Explaining products and rates to a referral source is fruitless if they yourself and the other person time to think before they react. This don’t have business. Discussing how wonderful the MLO can deliver helps to diffuse negative emotions and tension. Secondly, “Pivot,” as unparalleled service is not at all important to a source if they don’t you are now in a space to pivot to the positive or identify a lesson have any business to be serviced. learned. Try to think of things from a third-person point of view. This However, if an MLO can absorb just a few simple marketing can help you gain a better understanding of the situation at hand. concepts that assist the source in developing new clientele is Finally, you experience “Positive Possibilities” as you become allies immeasurably valuable. Forming an intellectual partnership costs working together to explore a variety of positive possibilities and nothing, but produces just what the referral source needs … new outcomes for the situation. Shared resolution of an issue helps you customers. If we think beyond the norm of just real estate salespeople to move forward together. This will help eliminate any residual to include attorneys, accountants, financial advisers, insurance brokers negative feelings. and have as our main desire to help them all do more business, the elusive “Trust” relationship is created. What are some of the biggest trends you are currently seeing in the mortgage marketplace? Adam P. Smith: My coaching strategy is strictly tactical and technical. Adam P. Smith: Technology is always a big one. Interest rates are I do not coach people on how to communicate better. I am not a life certainly a significant trend today. Broker versus banker is a very hot coach that’s going to help you with relationships. I coach people only topic these days. The thing about the mortgage industry itself is that on real rubber-to-the-road ideas and strategies to help salespeople it’s dynamic and always changing. You cannot remain stagnant or you generate more leads. I conduct initial office visits, do CRM analysis, will get run over. Knowing those trends and deciding what is important help structure social media practices, and dedicate time to individually to the industry, and to your specific business, is something we all coaching clients each and every week. I also host an annual need to be watching all the time. mastermind event with incredible content from other coaches and speakers every year, and have my coaching clients come visit my What are some effective marketing methods you would suggest to home and office in Denver. your clients to generate new business? Nick Carpenter: Legion of Loan Officers members grow their Art “Ski” Swiatkowski: There are some awesome coaches out there mortgage business through three pillars of business: Consumer Direct, serving the mortgage industry. But personally, I subscribe to Referral Partners and Database Marketing. I’ll share one idea for each something my dear friend and fellow coach, Ralph LoVuolo, once told area of focus. me: “I am unique. There is no one exactly like For Consumer Direct Business, you can me in the coaching world.” partner up with a real estate agent and run You might say the coaching business is like a single property ad on Facebook. These a Baskin and Robbins ice cream menu. We ads are getting us exclusive homebuyer are all ice cream, but there are many different leads for under $1.50 each in most markets flavors to choose from. People are able to and they are a great way to fill your pick the coach they like and think they can database. work with best. To get more Referral Partners, host a “Success-oriented people, regardless of their Actually, I choose the people with whom I’d position within a company, see themselves as class and teach real estate agents some like to work. My approach is to qualify marketing ideas. You can bring in a speaker self-employed … the CEO of prospective coaching clients upfront to make if you aren’t comfortable teaching yourself. ‘You Incorporated.’ that determination. If I don’t think I can help Weekly e-mails every Thursday to your They create a sense of responsibility for them or if I think we are not a match for each Database that focus on connecting with the themselves in that role that drives what other, I will decline the opportunity and refer people, rather than showing how smart you them to another coach. they think and what they do.” are, will create more inbound referrals and Perhaps what differentiates me most is my repeat business from past clients. Tell them —Art “Ski” Swiatkowski drive to work with managers, executives and stories from your personal life and client company owners within the mortgage stories from working with you. These will all business. I believe they are the catalyst to create a few more deals per month.
National Mortgage Professional Magazine Presents …
COACHES ROUNDTABLE DISCUSSION 2019
The roundtable
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Ralph LoVuolo: My clientele is the MLO. real estate agents, attorneys, accountants, There are two main sources of business for insurance brokers and the like, my client my clients: Their family and friends, and needs to understand how to create business people who know that someone is buying or for themselves by following three simple interested in buying real estate and will be steps. I’ll mention them all, then break them helping that person on a professional level. down in detail to address the marketing Let’s follow the first marketing idea I want methods to be followed. “In our society today, people are starved for my clients to follow: Here we first want to Salespeople need to do these three things brand the MLO. We want to put into a to be successful: First, they need to give away others to listen to their needs. database the name, e-mail address and ideas of value to their referral sources. Ideas I coach my clients on active listening phone number of everyone they know: that help the referral source be more techniques that will help them to develop Business sources plus friends and relatives, successful and do more business. Second, relationships and ensure their clients want regardless of where they live. Our purpose is they need to be sure the referral source to do business with them.” to create in the minds of the members of the knows that the MLO will be there regularly to —Kerry Wekelo database that when they hear the word deliver those ideas, and thereby, business will “Mortgage,” they automatically think of the emanate from the relationship that the MLO Actualize Consulting MLO. Be in touch with them regularly. The will be looking to help. Lastly, they need to be word “regularly” can be interpreted in many consistent, persistent, deliberative and ways, but it is not too often to be sending a unrelenting at all times to be seeing the simple message, via e-mail to the database every two weeks. Simple source on a regular basis. My ideal scenario is to see them weekly. Bimessages to remind the recipient of a positive thought, a motivational, weekly is acceptable, but not preferred. Weekends, especially Sunday inspirational or organizational phrase, accompanied by the words: is excellent, especially for real estate professionals. “Let’s have a conversation.” The repetition of this type of e-mail causes the recipient to be reminded of the senders’ profession. These How can consulting a coach grow one’s mortgage business? What non-threatening types of messages—constant messages—will secure tools/tips do you offer that can assist a client? the professional MLO a steady referral base of business. Art “Ski” Swiatkowski: Success-oriented people, regardless of their From the point of view of obtaining referrals from sources such as position within a company, see themselves as self-employed … the CEO of “You Incorporated.” They create a sense of responsibility for themselves in that role that drives what they think and what they do. They believe that, “If it’s going to be, it’s up to me.” This is a huge mental shift that most struggle to make and which is even more difficult to act upon. A good coach will help you internalize that “Think like a CEO” approach and execution by mapping out a personal strategic plan that: Defines the vision and values of you and your business; articulates your “why;” takes you through a personal SWOT Analysis; identifies the critical areas for success and action plans for them; creates accountability; and establishes an internal and external support system. This “Personal Strategic Planning Process” is the foundational tool that I offer my clients. It has worked for successful executives of More info at: companies in all industries. So, start thinking like a CEO! www.nrmlaonline.org/events
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NRMLA A’’s 2019 Annual Meeting November 18 18-2 2 20 Nashville, TN N
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Kerry Wekelo: To grow your mortgage business, relationships are key. In our society today, people are starved for others to listen to their needs. I coach my clients on active listening techniques that will help them to develop relationships and ensure their clients want to do business with them. Active listening is a practice that can help you fine-tune the way you show up in your conversations. It is comprised of two simple parts: Listening and Understanding. When we “Listen,” we should allow the other person to express themselves fully before offering your opinions and do so only if they ask. We should practice empathy by putting yourself in someone else’s shoes and trying to see things from their perspective. We should focus attention by listening fully and limiting distractions like phones. We should show that we are listening by providing subtle responses, such as “Yes” or “I understand.” And, we should suspend judgment by resisting making assumptions. When we are “Understanding,” we are verifying what we have heard as a good way to validate the other person in the conversation. It shows them that we care. We should be responsive by providing direct responses like “Tell me more …” We should ask questions to gather details. We should verify understanding by summarizing what we have heard to verify and validate understanding. And, we should be open and receptive to what the other party has to say.
NEW TO MARKET continued from page 15
price and register with AFR through ARIVE.”
SAVE THE DATE!
New Waterstone Program Targets the Credit Invisibles
Closing Agent Certification Course Now Eligible for Continuing Legal Education Credits in Three States
Tuesday-Thursday, November 5-7 The DeSoto Hotel 15 East Liberty • Savannah, Ga.
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Preliminary Schedule of Events Subject to change
Monday. November 4 NCRA Board of Directors Meeting (all day)
Tuesday, November 5 8:00 a.m.-4:00 p.m. User and Sales Meetings 6:00 p.m.-7:30 p.m. Welcome Reception and Marketplace
Wednesday, November 6 8:00 a.m. Breakfast 9:00 a.m.-5:00 p.m. Conference Open 6:00 p.m.-9:30 p.m. Feature Event
Thursday, November 7 8:00 a.m. Committee Sign-Up & Breakfast 9:00 a.m.-4:00 p.m. General Sessions For more information and details, visit NCRAInc.org, call (630) 539-1525, or e-mail NCRA Executive Director Terry Clemans at TClemans@NCRAInc.org or NCRA Office & Members Services Manager Jan Gerber at JGerber@NCRAInc.org.
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NCRA 27th Annual Conference
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My Professional Educator LLC (MPE) has announced that it has become the first in the industry to have its Certified Closing Professional (CCP) credential course approved for 10.8 hours CLE credits in New Jersey, 9.0 hours in Connecticut, and 8.0 hours in South Carolina. The CCP course is a 17-week program, all offered online and consists of courses taught by an array of mortgage industry and former government insiders for the benefit of attorneys, title agents, escrow officers, notaries and real estate agents. The CCP program’s Executive Director Kenneth Donohue, a former HUD Inspector General, stated: “We are very excited and honored that this very intensive and important course has been recognized as qualifying for attorney continuing education credits. We have numerous applications pending in various states, and expect to add additional approvals to join the qualifying hours now recognized in New Jersey, Connecticut and South Carolina.” The MPE closing professional course faculty includes, among others, Richard Horn, former Senior Counsel & Special Advisor at the CFPB who led the final rulemaking of the TRID rules; Scott Olsen, executive director of the Community Home Lenders Association and former aide to the House Financial Services Committee under Rep. Barney Frank during the enactment of the Dodd-Frank legislation; Peter Stevens, former Deputy Commissioner of the Utah Department of Insurance; Tim Anderson, eMortgage expert formerly of DocMagic and now with Old Republic Title; Pamela Michaels, an attorney at a Stewart Title company specializing in 1031 Like Kind Exchanges; Christopher DeLilse, CEO of a national settlement firm; and Robert Volmer, partner in Crosby-Volmer International Communications in Washington, D.C.
Waterstone Mortgage Corporation has introduced its Non-Traditional Credit Program, which allows homebuyers with no credit history to qualify for a home loan based on other payment history indicators, such as cellular phone bills, rent, utilities and insurance premiums. More than 26 million Americans have no credit score, according to research by the Consumer Financial Protection Bureau (CFPB). The CFPB also found that an additional 19 million Americans have a limited or outdated credit history that cannot be scored by traditional credit bureaus such as Equifax, Experian, and TransUnion. As a result, approximately 18 percent of the adult American population is “credit invisible”–meaning they have a credit history that is limited or non-existent. “While a credit score is certainly very useful for determining a homebuyer’s ability to pay their mortgage payment, other payment indicators–such as bills that are consistently paid in full and on time–can be extremely telling,” said Waterstone Mortgage SVP– Investor Relations & Product Development Kim Newby. The new program is available with Waterstone Mortgage’s conventional, FHA, USDA, or VA loan options, and is designed to help credit invisible homebuyers achieve their goal of homeownership. “Of course, the NonTraditional Credit Program is ideal for borrowers who only use cash, debit or personal checks on a regular basis. But it’s also designed for those who have had credit cards or loans in the past, but who haven’t utilized credit in more than two years,” Newby said. “Also, recent immigrants who haven’t yet established a credit score in the United States could benefit from this program, as well as young adults and recent college graduates who are just beginning to build their credit.”
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This information is provided to mor tgage and real estate professionals only and is not intended nor is it authorized for consumer distribution. NMLS #3038
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YO U + U W M = YO U N I T ED | 8 0 0.9 81.8 8 9 8 | U W M.C O M
By Jonathan Foxx, Ph.D., MBA 42
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Compliance Management System: Exam Readiness Question I hope you can help us. We are a bank in the southwest. I am the compliance manager. Recently, we were notified that the FDIC took issue with our Compliance Management System. I am not making excuses, but we do not have much staff here–really, it’s mostly me–and providing everything the regulator is asking of us is kind of overwhelming. The CFPB also advised that we show “significant weaknesses” in our compliance management. All of this has to do with our readiness and overall compliance program. I have two questions. First, I heard that you offer an inexpensive review of the compliance management system. Can you please tell me about it and send me information? And, secondly, I need to know what to read and how to get our compliance program in shape. Where do I start? Our next review is in 90 days, and I want to be ready. Any feedback you offer will be appreciated!
Answer I understand your situation. We received your inquiry a few days ago and, considering the urgency, I have prioritized it for this week’s FAQ. The CFPB has spent considerable resources in the enforcement and examination of a financial institution’s Compliance Management System (CMS). The Bureau has certainly gotten people’s attention with a myriad of highly publicized consent orders. Since it began issuing such orders in 2011, the CFPB has often used the “significant weaknesses” terminology to describe the integrity of a compliance program, notwithstanding that these findings are usually accompanied by alleged violations of certain federal consumer financial laws. You do not mention a specific area, department or function, but deficiencies are regularly cited against entities engaged in credit card lending, mortgage lending, auto lending, payday lending, check cashing services, payment processing, collections, and other financial activities. It can seem at times overwhelming, and even
exasperating, to be sure that your firm meets all the CMS compliance requirements–especially if staffing, resources and research depth may limit the fulfillment of the regulator’s expectations. Whatever the case, you need to be ready to evaluate three interdependent elements: l Board and management oversight; l The compliance program itself; and l The auditing of the compliance program. So, to your first question about getting prepared for the CMS examination, that is why we developed the CMS Tune-up! We pioneered this approach because it is cost-effective, it provides actionable findings, and it is conducted quickly and concisely. You receive a report, with findings and a risk rating. In fact, the CMS Tune-up! is designed to act like an actual examination. This means you prepare for the forthcoming examination effectively. You may download the presentation for the CMS Tune-up! at our Web site at LendersComplianceGroup.com. Your financial institution should establish a formal, written, ratified
compliance program, if you have not already done so. In addition to being a planned and organized effort to guide compliance activities, the written program represents an essential source document that serves as a training and reference tool for all employees. A well-planned, implemented, and maintained compliance program may prevent or at least reduce regulatory violations and provide cost efficiencies. In any event, it is mandatory for safety and soundness. To be ready for the examination, you must be sure that you meet the examination guidelines for policies and procedures, training, monitoring, and consumer complaint response. The following questions should be at the forefront of your self-assessment. Policies and procedures l Are you including goals and procedures for meeting those goals? l Are you including all the information needed for continued on page 49
NEW TO MARKET continued from page 39
Cherry Creek Mortgage Debuts Connections App Cherry Creek Mortgage has introduced Connections, a proprietary mobile app for iOS and Android devices designed to accelerate the mortgage process for real estate agents and builder partners. According to the Greenwood Village, Colo.-based company, Connections provides real-time pipeline and loan status information, and provides users with communication via push notifications, SMS, e-mail and voice messaging. The app also offers the ability to request and reissue loan pre-approvals plus loan and affordability calculators. Connections is part of a suite of new applications recently launched by Cherry Creek Mortgage for the stakeholders involved in a residential mortgage loan. “Connections creates an experience specifically tailored to the work styles of highly mobile real estate agents and builder partners,” said Darren Shaffer, senior vice president and chief technology officer at Cherry Creek Mortgage. “Our goal is to equip our referral partners with detailed transparency into every loan transaction and to manage their overall pipeline of business with us on the device of their choice, regardless of location or time of day. The Connections app enables instant digital collaboration with our loan officers throughout a mortgage transaction.”
provide a unified solution to support the HELOC lending market,” said Ben Hall, Vice President of Premium Title. “Receiving title search and valuation data in one report, at a lowcost and in a timely manner, helps lenders to be more efficient in underwriting HELOC loans. We continue to listen to and anticipate the challenges that arise for our customers.”
Premium Title and Springhouse have announced the joint launch of HomeVal, a home equity line of credit (HELOC) hybrid solution that provides combined title search and valuation data for lenders. Lenders originating HELOC loans often absorb consumer closing costs due to market demands on small balance transactions. HomeVal provides lenders an economical solution to satisfy title and valuation requirements at a lower cost than traditional title insurance policies and property appraisal reports. “We are in a unique position to leverage two Altisource businesses, Premium Title and Springhouse, and
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:
Civic Financial Launches New Rental Program
MORTGAGE BROKER AND LENDER COMPLIANCE AUDIT, MLO POLICIES and UPDATES Our fees are less than the big national firms that don’t call you back. Program includes all Manuals including QC, MLO Policies and Comp Plans, AML, GLB, Social Media and Web audits, on-line training sessions, governance documents, and our audit protection plan. Available in all 50 states. We have hands-on experience with
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.
If you find yourself in federal court, we can handle that as well.
Contact Nelson Locke at
(800) 656-4584 Or you may e-mail us at
nl@lockelaw.us All inquiries will be kept strictly confidential. This is not an offer for legal services, but rather for his expert review and opinion about your particular compliance situation. All fact patterns are different so the results will vary. No guarantees are expressed or implied. Licensed by California and Federal Bar. NMLS 149450.
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New to Market column Phone #: (516) 409-5555 E-mail:
regulators and audits. No theories here; we were Bankers.
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Civic Financial Services has announced its new Rental Program, designed for real estate investors who are focused on aggregating rental properties. The program includes 5/1, 7/1, and 10/1 interestonly ARM products for either a single asset or a portfolio of properties, allowing investors to further expand their businesses. “My two favorite words are more and now, and we are delivering more options to our customers right now,” said William J. Tessar, president of CIVIC. CIVIC’s expansion of its product offerings serves real estate investors with a rental strategy, who may not meet the requirements of the conventional lending space and/or do not want to go through the painstaking process associated with a conventional loan. CIVIC provides an easy loan process with straightforward terms and less documentation requirements. The lender’s Bridge Program, which has made CIVIC a preeminent player in the investor lending space, coupled Premium Title and Springhouse with its Rental Program, delivers a Launch HELOC Hybrid Solution one-two punch for the investor focused on acquiring distressed properties with the intent to hold and rent.
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The Future of the Residential Real Estate and Mortgage Industries Russell K. Ammons
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Homebuyers will be able to tour homes at will, and on demand, with the use of their mobile phones and Bluetooth technology, or whatever is prevalent at the time. The treasure trove of highly refined data analytics will arm homebuyers with all the information they need to feel comfortable making a purchase
without the need of a real estate agent, mortgage professional, insurance agent or title company. Thanks to the highly accurate data mining Amazon will be able to leverage, the homebuyer will be provided some very steep guarantees to reduce, and eventually eliminate, the cognitive dissonance which will initially occur as the transition from trusting real estate agents and loan officers, to trusting Amazon and their data scientists occurs. The day before closing, homebuyers will be able to walk into their future home and with AI technology such as Oculus Rift, or simply their mobile device, look around and view furnishings tailored specifically to their style which can be purchased for a nice discount from guess who, you guessed it, Amazon. After all, who else can completely furnish a home all the way down to filling the refrigerator?! Amazon will hire the very best and brightest from Fannie Mae, Freddie Mac, and anyone else they so choose, enabling them to capture the brains behind the data analytics-driven loan approvals now in their infancy as Fannie Mae and Freddie Mac are already in the process of analyzing and developing new automated approval processes heavily driven by data analytics.
Now for the good news, the real estate and mortgage professionals who will still be standing, and standing tall, will be those specializing in non-QM loans. You may be thinking, isn’t this just another name for all those sub-prime lenders who got us into trouble the last time ... far from it! These lenders serve the forgotten millions who don’t fit into the neat and tidy Qualified Mortgage (Fannie Mae and Freddie Mac) world of straightforward, easily documentable loans. Amazon will have no reason to deviate from their completely data-driven process most transactions will still fit within. If you are a mortgage, or real estate professional and haven’t taken a serious look into serving home buyers who fit into the vast non-QM box, NOW is the time! Non-agency MBS issuance Nearly doubled in 2018, and analysts at Bank of America, Merrill Lynch and Wells Fargo Securities project non-QM MBS issuance to increase by about 60 percent in 2019. Some $11.38 billion of expanded-credit MBS, including non-QMs, was issued in 2018, according to Inside Nonconforming Markets. Whether we like it or not, everything will change in our industry, in fact, it’s already started!
Russell K. Ammons is national wholesale account executive with ACC Mortgage Inc. He may be reached by phone at (430) 27-NON-QM (276-6676) or e-mail Russell.Ammons@ACCMortgage.com.
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Lenders? (National Mortgage News) Amazon Enters Real Estate Housing Industry (Yahoo! Finance) Amazon Hiring Head of Newly-Formed Mortgage Lending Division (HousingWire) Zillow as Mortgage Lender: Real Estate Giant Going ‘Further Down the Funnel’ of Buying a House (GeekWire) The Amazon Blueprint is in the Mortgage & Real Estate Industry (theREsource.tv) Possible Impacts of Amazon Moving Into the Real Estate Industry (RealTrends.com) The Market in Focus: How Amazon and Zillow Mortgage Products May Impact Mortgage Prices (Living Room Realty) You Might Find Your Next Home on Amazon (Quartz) Amazon Quietly Reveals Possible Expansion Into Real Estate (HousingWire) Why the Housing Industry Should Fear Amazon (Yahoo! Finance) Amazon Mortgage? It’s a Jungle Out There (TotalExpert)
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ou’re going to want to stay until the very end for the good news that I promise will help grow your business for years to come, so buckle up and don’t let the next sentence scare you away. Here goes ... I predict, within five years, there will be a limited need for mortgage and real estate professionals. You probably just asked yourself how in the world any good news could follow this bold and a bit frightening statement, but stay with me! Amazon, Zillow, or the like, or a combination of companies (I’ll simply refer to Amazon from here forward), will take over and completely automate the entire homebuying process. Homebuyers will be able to buy or sell a home in a week max without a real estate agent, mortgage professional, insurance agent or title company. You may think this is a bit far-fetched, but components of this process are well underway with the rise of the eClose, along with numerous online services that have already cut the real estate agent and mortgage professional out of the equation. I hadn’t before, but I just searched Google for “Amazon to take on the entire real estate and mortgage industry” and it looks like the transformation is underway with headlines including the following:
A Message From E. Robert Levy Chairman, Northeast Conference of Mortgage Brokers and Professionals and Executive Director & Counsel of the MBANJ, NJAMB and PAMB
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The Best City for Flipping Houses Is …
n extraordinary Conference for mortgage brokers, mortgage professionals, exhibitors, mortgage lenders, title insurers, and others … The 2019 Northeast Conference of Mortgage Brokers and Professionals.
On Monday, Sept. 23 and Tuesday, Sept. 24, we will provide 12-hour classroom CE, covering New Jersey and Pennsylvania requirements (as well as the eight hours for other states). Those taking the eight- or 12-hour CE get FREE admission to the Conference! Barry Habib will open the Conference program at the Hard Rock Hotel and Casino in Atlantic City, N.J. on Tuesday, Sept. 24 at 2:00 p.m. Barry will provide his incisive comments on how attendees can prepare their businesses for changes in interest rate and the real estate environment. Our panel on Tuesday will feature Bonnie Nachamie, Wayne Watkinson and other industry panelists discussing niche loan products available through the broker channel, including nonQM, reverse, renovation, VA and USDA loans. The Opening Networking Reception will once again be held in the Exhibit Hall. Matt VanFossen will moderates a panel on Wednesday, Sept. 25 that will examine MSAs, online co-marketing, digital vs. traditional agent co-marketing, and related topics. Real estate agents are seeking new ways to co-market, and this panel will enable attendees to meet their needs. Bill Young, vice president, NMLS Business Services for the Conference of State Bank Supervisors (CSBS) will explain the latest developments in the NMLS implementation of transitional licensing/authority. The Consumer Financial Protection Bureau (CFPB), as well as state regulators, will be active in 2019, and some of the matters they will confront are critical to the success of mortgage lenders and brokers alike. Ken Markison, Jack Konyk and Richard Horn will address whether to extend the “GSE Patch;” HMDA tracking of lending activity and the direct impact on MLOs; potential modification of the LO compensation rule; UDAAP; what’s new in the FHA and VA programs; and other topics. Attendees will spend their afternoon on Wednesday in the Exhibit Hall, making their deals and networking, while enjoying lunch. At 2:00 p.m., Megan Anderson will be providing her expert insights on how to get comfortable with social video in a special presentation. On Thursday morning, Sept. 26, we are providing a full breakfast with our speakers from 8:00 a.m.-10:00 a.m. At this unique session, attendees will have the opportunity to ask questions and share their own thoughts with our speakers. The full program for the 2019 Northeast Conference of Mortgage Brokers and Professionals is available on our Web site, MBANJ.com. E. Robert Levy is chairman of the Regional Conference of the Mortgage Bankers Association and executive director & counsel of the Mortgage Bankers Association of New Jersey, New Jersey Association of Mortgage Brokers and the Pennsylvania Association of Mortgage Brokers. He may be reached by phone at (732) 596-1619.
SPONSORED EDITORIAL
A new study from WalletHub has named Sioux Falls, S.D., as the best U.S. city for aspiring house flippers. WalletHub focused on 172 cities and culled its data from 29 indicators covering housing market potential, costs and the local quality of life. Joining Sioux Falls in the top 10 list was Missoula, Mont.; Rapid City, S.D.; Billings, Mont.; Peoria, Ariz.; Tampa; Fort Smith, Ark.; Greensboro, N.C.; Las Cruces, N.M.; and Boise, Idaho. Bridgeport, Conn., ranked last among the cities, and the bottom 10 localities on the WalletHub list were either in the Northeast or California. Among specific considerations, WalletHub said Pittsburgh has the highest average gross return on investment (144.16) while Austin has the lowest (16.96 percent). Montgomery, Ala., has the lowest median purchase price at $50,000 while San Jose, Calif. has the highest at $867,000. Memphis has the highest share of home flips at 11.66 percent while Albuquerque, N.M., has the lowest at 1.70 percent. And Little Rock, Ark., has the lowest average full home remodeling costs at $75,888, which is five times lower than in Atlanta, the city with the highest at $375,734. New Report Raises Concern on Housing Market Risk
one percentage point higher than equity stock indices. The report noted that home volatility spiked to more than 35 percent per year during the midst of the 2008 economic meltdown, which would affirm that the financial risk of residential real estate, not unlike equities and fixed-income securities, is amplified during a financial crisis. “Diversification is the core principle of modern portfolio theory,” said Brodie Gay, vice president of research at San Francisco-based Unison. “We spend a lot of time and diligence on portfolio allocations spanning equities, fixed income securities, and alternative investments, but for a typical household, home equity is typically 60 percent of the total financial portfolio. We believe homes have been left out of financial planning–even though for American homeowners the house is the bulk of their net worth– because we didn’t have a good way to measure risk for this asset.” The Unison report added that new homebuyers are particularly vulnerable because they often cash out their entire liquid portfolios to make a down payment. As a result, a new homebuyer who borrows five to 20 times their net worth runs the risk of losing their entire net worth and becoming insolvent if the economy tanks. Unison CEO Thomas Sponholtz warned that the “proliferation of very low downpayment, highleverage mortgages has led to home price risk exposures that are far beyond levels that a homebuyer should be comfortable with. The home is more than a financial asset; it’s where you live with your family, and should not be where you take this level of excessive risk.”
Your turn National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest Homeownership might be the American Dream, but a new report stories or any other newsworthy items pertaining to the mortgage is raising a warning that new industry to the attention of: homebuyers might be putting themselves at exposure to NMP News Flash column financial risk by expecting too Phone #: (516) 409-5555 much return on equity from their E-mail: residences. Newsroom@MortgageNewsNetwork.com According to the newly released Unison Home Volatility Index, the long run average annualized Note: Submissions sent via e-mail volatility of home price appreciation are preferred. The deadline for has been approximately 15 percent submissions is the 1st of the month per year since 2000, which is only prior to the target issue.
Independent Mortgage Originators By Andy W. Harris, CRMS
Dan Patty/Solcosta Home Loans NMLS#: 1266702/NMLS#: 1806802 SolcostaHomeLoans.com
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Vallejo, Calif.-based Solcosta Home Loans is a locally-owned, independent mortgage brokerage serving California clients exclusively. Mortgage Broker/Owner Dan Patty says, “As a mortgage broker, I pride myself on communication, service, and speed. I have a knack for creative problem-solving and a thorough knowledge of loan guidelines. I’m here to answer any questions you may have about our products, services, or about home loans in general.” Tell us a little about yourself and your career. Dan Patty: I was born and raised in the San Francisco Bay Area and currently live in Vallejo, Calif. with my wife Erika, our son Noah and our two pugs, Sleepy and Hula. I graduated from California State University, Fresno in 2011 with a degree in business management with a focus in organizational leadership. I worked for Target as a logistics manager and human resources manager. While I knew that retail was not my longterm dream career path, the skills I learned relating to hiring, training and team development were invaluable, and helped lay the foundation for my success in the mortgage industry. After I purchased my first home in late 2014, I called the loan officer who did my loan and asked if he was hiring. He told me to get licensed and that he would give me an opportunity as an LO in his branch, so that’s exactly what I did. I have now been in mortgage for nearly five years, and I couldn’t see myself doing anything else. I understand you are a mortgage broker now after previously working as a mortgage banker. What motivated you to make the change? Dan Patty: What initially motivated me to seriously consider becoming a mortgage broker was the fact that I knew I would be able to offer my clients loans with substantially lower rates and fees. I am a member of various mortgage groups on social media, and when loan officers would discuss rates, I noticed that brokers were quoting substantially lower rates than I had. While rates were the initial catalyst, what I love about being a broker is the fact that I am the owner of my company and I have the opportunity to grow my business in an infinite number of ways … I truly control my own destiny. What would you say so far are the biggest differences you’ve experienced coming from the retail side? Dan Patty: I would say that a couple of things stand out. First is the incredible community we have within the broker channel. Mortgage brokers across the country are passionate about helping each other,
sharing ideas and holding each other accountable. I feel that brokers have an inherent level of cohesion and collaboration that is undeniable, and that is something that I never experienced outside of my company when I was on the banking side. Relating to loans, the biggest change is that if a loan is possible, I can now do it. When you work for a lender or bank, you are only able to offer loan products “within their box.” When you are a mortgage broker, you have the ability to offer nearly any loan product that is available on the market. How would you compare pricing when compared to the mortgage banker world? Dan Patty: It’s not even close. There is a wide chasm between banking pricing and broker pricing in favor of the broker. Consumers are more informed and savvier than ever before, and for this reason, I believe that brokers will continue to pick up market share. Brokers can still offer the same, if not greater, levels of service to their clients, while simultaneously offering rates that are significantly less than the banking model. What are you seeing in your local market on trends, inventory and consumer/real estate agent education? Dan Patty: After a bit of a lull to end 2018, the market is on fire again. Inventory is still low, but not as low as in prior years. This is great for prospective homebuyers, as they won’t face the same level of intense competition that they may have 12 or 24 months ago. I am noticing that consumers are more educated than ever before, and many are doing an incredible amount of research before even speaking with a mortgage professional. I love seeing this, as it allows consumers to make the most informed decision by combining their independent research with the information and advice they receive from a mortgage professional. The loan officer that focuses on advising and educating will be the successful originator in the future. I know the myth of losing control as a mortgage broker is finally being exposed to the market and quite the opposite. What are your experiences on controlling the process? Dan Patty: As a mortgage broker, I have more control of the process than ever before. Wholesale lenders truly want the business of the mortgage broker, so they go above and beyond to make sure that we feel 100 percent comfortable and in control of the process. I have direct access to the decision-makers, and many wholesale lenders even have underwriters call the mortgage broker to discuss the loan approval after they have reviewed the loan submission. The first time I received a call from an underwriter, I was blown away, and I knew at the moment that control of the process would never be an issue in the broker channel. What would you say are your best forms of marketing today to generate new business? Dan Patty: The best way to market and grow your business in today’s
information age is to have a strong reputation and consistent presence, both locally and online. First and foremost, you must be known as the best loan officer in your community. In order to do that, you must know your loan guidelines, close loans quickly, communicate in a timely manner, and be a problem-solver.
Additionally, you must be everywhere. Be involved in the community, support small businesses in your town, and participate in local events. Loan officers who combine their local reputation with a strong online presence through social media and review Web sites will never struggle to generate new business.
COMPLIANCE MATTERS continued from page 42
personnel to perform a business transaction? Are you reviewing and updating the business and regulatory environment changes in real time? Have you covered all the regulations that are relevant to your products and services?
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Training l Are you properly training the Board, management, and staff on maintaining an effective compliance program? l Are you providing and documenting the training on products and services and business operations? l Do you train on consumer protection laws and regulations, internal policies, and procedures? l Are you tracking emerging issues in the public domain and providing adequate training for them?
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l Are you an Independent Mortgage Broker? Do you have something you’d like to share? Reach out to me at AHarris@VantageMortgageGroup.com for future article considerations. 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.
THE BECKWITH BLOG continued from page 30
days I have three two-hour blocks to handle my workload and project list, leaving only two more hours for meetings.
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Concerning the second question about where to start, I want to offer some suggestions. Here are some issuances that will help you to get started. They are available from the agencies’ Web sites. l Compliance Examination Manual (FDIC) l Overview of Compliance Examinations (FDIC) l Compliance Management Systems (FDIC) l Consumer Compliance Rating System (FDIC) l Examination ProceduresCompliance Management (CFPB) (August 2017) l Examination Report (August 2017) l Supervisory Letter (CFPB) (Updated August 2017) l Supervision and Examination Manual (CFPB) (Updated April 2019)
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Monitoring l Do you regularly review disclosures and calculations for various product offerings? 9. Bulking like activities into a l What are the filing and retention single day: For time procedures for ratified management sake, book your documents? physical appointments all in one l How do you post notices and day, morning, noon and night if guidelines for market literature, need be. These will allow for “To advertising, and social media? Do” work and project work on l Are you continuously looking the opposing days and allow you out for any updates to This seems like such a simple also to be dressed professionally consumer protection laws and process, too simple, stupid and accordingly for face-to-face regulations? simple in fact! But, it’s harder meetings, and conversely, be l Do you actively monitor thirdthan you think to create these able to relax and be comfortable party service providers, such as organizational habits. Most while working your project and vendors, and closing agents? people work from a “To Do List,” l Do you periodically monitor and “To Do List” on those days. but many of them have everything closely scrutinize your thirdand the kitchen sink listed, not 10. Walk away: Have some sort party originators? prioritized, not separated from of timeline on work ending. l How are you controlling the Preparation for this examination personal things to do and Whatever that schedule is, internal, compliance-related, is essential. It is a complex audit, as whether working late some nights certainly not organized in a communication systems, it takes into consideration five or not, whenever that time is, you manner that allowed you to be notifying management and staff distinct examination protocols or present in whatever world you are at that time are walking away about revisions to applicable modules: Board and management from your work, your phone, your living in with your brain free of all laws and regulations? oversight; the compliance program; that clutter. desk, your e-mail and you are service provider oversight; Good luck and feel free to ask then living in the space of your Consumer complaint violations of law and harm; and the me any questions! I have family, your home, your life and response examiners’ conclusions. hundreds of people who use this your personal world. You must l What is the written, ratified, and system and tell me it has lifted do this. I realize that is easy to documented procedures for Information contained in this the weight of stress and say. I have worked all my adult promptly handling consumer article is not intended to be and organization to new levels never life needing to provide weekend complaints? is not a source of legal advice. experienced. and often evening services. How Jonathan Foxx, Ph.D., MBA, is chairman and managing director of Lenders Compliance Group, the first and only Christine Beckwith is a 30-year mortgage industry veteran full-service, mortgage risk management firm in the United who has broken many glass ceilings and has blazed a trail States, specializing exclusively in outsourced mortgage for many female professionals to come. Christine is compliance and offering a suite of services in residential currently president and chief operating officer of 20/20 mortgage banking for banks and non-banks. To ask a Vision for Success Coaching and Consulting, a decorated, question or request compliance support, e-mail sought after and award-winning leader. Christine may be Compliance@LendersComplianceGroup.com. reached by e-mail at Christine@VisionYourSuccess.net.
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you ask? While doing what I just wrote? I have learned that the same people who called me at night and weekends were willing when asked to speak to me during business hours on lunch breaks and early evening. If I had to accommodate weekend work, I would put it all into a Saturday time frame of two to three hours, and I would let my family know I had to work.
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Have you established procedures for addressing complaints as well as designated individuals or departments responsible for handling them? Have you notified all affected employees about the procedures to respond to consumer complaints? Have you ratified and given a responsibility matrix of individuals and departments responsible for handling complaints? Is there a compliance officer actively ensuring oversight of consumer complaint response for timely resolution? Have you developed a list of trends to identify systemic compliance problems?
Addressing Post-Housing Crisis Issues
Housing Counselors Assisting MLOs Pilot Program Finding Success BY PAM MARRON he mortgage market is changing, and some negative challenges will occur. Many of us don’t talk with each other about problems because they may seem too complicated, perceived as negative, or out of fear of hurting our business. Instead, think through problems and collaborate with others on a solution, especially when you’ve been through the problem before. Confidence comes from getting in front of it. For the past 10 years, my mortgage efforts have focused on assisting clients with issues that arose out of the housing crisis. Some of the problems were complex where proof was not visible and had to be dug for. Taking these problems to agencies and people who could help was usually met initially with negative skepticism until proof and research could be shown. I have learned where to take my problems, but still face skepticism. Having a solution that can be built on is the best plan to get help. When others know that you’re not dropping an issue in their lap to totally solve and that their help is needed with a solution in progress where groundwork has already been done, the walls come down. Know the objections upfront and make sure potential corrections are presented. For years, I have taken issues to the mortgage industry for their support to troubleshoot and advocate for solutions. But if the problem does not affect enough clients, or is misunderstood or perceived as negative, it is not taken up.
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When I became a member of the HUD Housing Counseling Federal Advisory Committee (HCFAC), a 12-person group that consisted of folks from the mortgage, real estate and housing counseling industries as well as three consumers, it became evident that solving issues at the housing counseling level where clients can get the pre-purchase help first could be more productive. So why did I think that mortgage professionals were the place to go to for help in the first place? I recalled faithfully attending “Bagels and Brokers” during the housing crisis, a monthly casual think-tank of a consortium of mortgage loan originators, wholesalers and mortgage affiliates who gathered and discussed mortgage issues and where to go for the solution. I came to realize that, though mortgage professionals may bring up a problem, their strength is in applying the correct solutions. Stepping back a few paces to see where to get a problem solved is necessary when your first option does not work. A pilot program that connects housing counselors and loan originators to assist clients that need pre-purchase help was started in Tampa Bay, Fla. Successful client assistance is being experienced but news of what Tampa Bay CDC1 can do for clients has been slow to get out. After doing a presentation with Tampa Bay CDC at People Places LLC2 about what housing counselors could do to get clients “mortgage ready,” a successful business owner contacted me regarding how the pilot could
assist his employees in gaining homeownership in the area. He told me success stories of how he and the employees benefited when they purchased homes and contributed to the local economy. Also, his brother owns a large real estate franchise in Tampa Bay and he wanted to know how the pilot program was different from the help already being provided to the real estate franchise for clients. I was able to tell him that the pilot concentrates on three areas: 1. Assisting clients with credit correction and credit building; 2. Assessing clients for all downpayment assistance available, including programs from mortgage wholesalers; and 3. Budgeting. Prior to this call, I was targeting promotion towards mortgage professionals and real estate
agents to begin the pilot. Now I am adding businesses. There are times in the mortgage business where client needs become more prevalent than client desires. Client needs during a tighter market requires full attention to solutions and patience with moving parts. This is the time that mortgage loan originators need to have fine-tuned knowledge of mortgage products and know specific differences between Fannie Mae and Freddie Mac automated systems. Some loan originators may think of this as a negative because more attention needs to be paid to tedious detail to make a deal work. When times are good and property inventory is not as tight as it is right now, anyone can survive in the mortgage business. Count it as a positive when a real estate agent with a challenged client calls you, even if they referred the client to another loan originator first. Stay tuned.
Footnotes 1—Contact Wanda Thompson-Burling at Wanda@TampaBayCDC.org or Beverly Malina at Beverly@ TampaBayCDC.org, or call the Tampa Bay Community Development Corporation (CDC) at (727) 442-7075. 2—People Places LLC talk: Facebook.com/search/top/?q=talk%20at%20town&epa=SEARCH_BOX
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.
RECRUTING, TRAINING ... continued from page 12
and debt consolidation come to mind at this juncture. How can you call yourself a trusted advisor without mastering these? Our goal is not merely to give people what they want, but to help fill their short-term and long-term needs. Note this requires more than knowledge of loan programs. A loan officer learns programs. An expert learns how to utilize these programs to help their clients achieve their short and long term economic goals. 5. Learn how to compare loan programs based upon future scenarios—including ARMs vs. fixed, points vs. no points, one loan vs. two loans, negative amortization and more. For example, do you know the three major scenarios to describe the possible future patterns of interest rates and what they mean? You need to understand the historical case, the worst case scenarios and how to work them into comparisons for your clients.
9. Learn what is right and what is not. If you want to lead, you can’t do so moving in the wrong direction or coming from the wrong side of the line. You may close a loan and make more money tomorrow or next week—but you will never leave the treadmill because you will not qualify to work with leaders. Leaders understand the importance of relationships. Rate shoppers do not. I firmly believe that much of the fraud that occurs in this industry, including predatory lending, occurs because we have not
Seem like a daunting list?
Senior vice president of sales for Weichert Financial Services, Dave Hershman is a top author in this industry, with seven books published, as well as establishing the OriginationPro Marketing System and the OriginationPro Mortgage School–the online choice for mortgage learning and marketing content. His site is OriginationPro.com and Dave can be reached by e-mail at Dave@HershmanGroup.com. 51
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7. Learn how to control your customers and the process. If you want to deliver great service with less stress in your life, you must take control of the process. If you don’t, you
8. Learn how to market from within the loan process. Taking control of the process puts you in a position to avoid costly and inefficient marketing methods such as cold calling or purchasing leads. Do not expect a referral base to start appearing after a few years of going in the wrong direction. Every time you leave the process to market, you take yourself further away from a successful business model. Experts learn where the opportunities are. What the foundation model does is help open your eyes so you don’t miss these opportunities. When you are running around out of control and then marketing all over the place, you will miss so many of these opportunities that are right under your nose.
10. Become an expert in sales and marketing. I have spent an inordinate amount of time correcting much of the training that most loan officers and real estate agents receive. What sounds like good advice such as “you have to ask for the business” and “you must overcome objections” actually can be counter-productive. For example, the secret to getting referrals is not asking—it is positioning yourself to ask. This is why so many of us find asking so uncomfortable. If asking were the secret, I believe many more loan officers would be out there asking instead of saying, “Oh, I know I should be …”
Keep in mind that others go to school for four years and then spend additional years interning in other vocations. Yet, we believe that someone can take a 20-hour course (mostly on the laws) and then call themselves an expert in this industry. Let us not forget that we handle the most important purchase that someone makes in a lifetime. Shouldn’t we prepare our loan officers to guide those we serve as the experts? How many of your companies advertise that your loan officers are experts? Have you even given them a competency exam to discover their knowledge level? Yes, this is why I have dedicated my career is helping others become experts—including developing competency exams and a complete online curriculum.
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6. Learn how to underwrite and process a loan— including the intricacies of taxes and self-employment. I laugh at trainers advising loan officers to call upon CPAs— knowing full well that when the CPA starts talking about intricate tax returns the loan officer is completely lost. You don’t have a right to call on CPAs unless you are an expert in tax return analysis. To this end, I don’t think you should just learn how to read a tax return—I think you should take a tax preparation course. And a loan officer should not just learn how to process—they need to learn how to underwrite. How can you take control of service levels if every time you send a loan to a underwriter it is as if you have sent it into a black hole? You should know more than the underwriter knows with the goal of underwriting each file before it goes to the underwriter. And that includes reviewing the appraisal.
will start with an imperfect product and an imperfect product will result in an imperfect process. How can you exceed your customer’s expectations if you can’t even deliver adequate service? Experts are well beyond this juncture. I closed sixty loans in one month during my first year in the industry. Do you think I could have done this without taking control? If you are meeting with clients two and three times during the process and real estate agents are running after you to get status, you are reacting and are certainly not in control. Not taking control causes the treadmill or “rollercoaster” model of production and subjects you to countless hours of stress every month. The long-term result? Lower production levels or complete burnout.
clearly drawn the line for loan officers. Experts are not wondering where they line lies.
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back to school EDUCATION & PROFESSIONAL DEVELOPMENT The Training Conundrum–Classroom or Online? By Mary Kay Scully
he one constant in the mortgage industry is change, and change requires education and preparation throughout each organization. As players in the industry shift toward remote workers, flex hours and 24-hour work cycles, education and preparation become much more of a challenge. Mortgage customers require a wide range of assistance and have unique needs and communication preferences. As more borrowers seek a digital application option with an immediate response expectation, like a live chat feature, the industry must become more tech savvy. However, according to the National Association of Realtors (NAR) 2018 Profile of Home Buyers and Sellers in 2017, the typical buyer was 46-years-old. A 46-year-old buying a home versus a Baby Boomer downsizing to their third or fourth home versus the future Millennial borrower all represent opportunities and challenges alike. These same opportunities and challenges mirror within your organization. Training and education are required throughout the organization and include topics such as: Federal Regulations, Company Policies, New Employee Onboarding, Investor Product and Guidelines, Technology (Automated Underwriting Systems, Loan Origination Systems, Web site), Sales, Process Redesign, and Soft Skills (Telephone, Customer Service). How to best satisfy the training needs of your staff while exceeding the expectations of customers in a compliant environment may be the current question in your mind. Initially, you may think that online solutions are the way to go. There are many Web-based platforms to host meetings and webinars and several computer-based training (CBT) software vendors to offer content. The pros for offering on-line training are typically identified as:
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l Decrease in cost l Ease of convenience l Speed Calculating cost can be tricky. What is rarely factored into the cost
analysis is productivity. A pro to online training is that it is selfpaced, which allows the learner to access the training on demand when it works best for their schedule and to review as slowly and as many times as needed. This however requires self-discipline and creates space for many distractions that are known to wreak havoc on productivity. The time to complete the training must be factored into the employees work hours and schedule. The use of technology also can make folks anxious and that can negatively impact success. A loan officer with 25 years of experience is less likely to embrace a CBT module than a recent college graduate that is working on the Disclose Desk. Another dilemma in the equation is whether the content is internally developed or provided by a third party. If the plan is to develop the content internally that can be counterintuitive if there is need for a speedy delivery. Not only do you need to have a subject matter expert (SME), you’ll also need a creative developer, reviewer and delivery platform. If you use a third party’s content, you’ll need to consider if it needs any customization, plus you’d still need a delivery platform. Even when selecting a training solution offered by a vendor that includes content and a delivery option you still may encounter access obstacles such as restricted websites and inability to load required software. All these considerations must be vetted through your organization specifically your compliance and IT departments. Beyond these logistical challenges, the big question isn’t whether someone completed the training—it is whether there was a learning experience. In some cases, there is very little interaction and no assessment to determine if there was any benefit to the participant or the business. Even though the training may be convenient it has to prove consequential. Speed can be a determinate all on its own. Based on how crucial the information is and the need to disseminate it immediately online may be the only option, but reinforcement in a face-to-face environment may be required. continued on page 54
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the training conundrum—classroom or online?
continued from page 52
Alternatively, when you are considering the pros of delivering classroom training, they are most easily recognized as: l Multiple learning supports l Personal interaction with instructor and peers
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Everyone learns differently, so having multiple learning supports such as a verbal instruction supported by visual reinforcement (PowerPoint, video, paper handouts) can increase success. Depending on the audience and their specific role, it can be beneficial to have everyone hear the same message at the same time. I am a huge fan of assessments as they can be used to prove to the participant that there is a learning gap or need and to prove and/or be confident that the learning occurred. However, a task, activity or case study used in a classroom-style training requires engagement on the participants behalf and can offer an opportunity to exhibit their knowledge or skill in a safe environment. The loan officer and the operations team will have different questions and will benefit from listening to each other and sharing their perceptions and experiences. It also will send a message that this topic was important enough that the entire organization is represented, better known as “they made everyone attend.” An adult learner has a more personal consideration and approach to learning that begins with, “How does this help me?” Creating a shared vision of the entire organization’s plans and goals will assist the employee in feeling like a true stakeholder. Across both online and inperson training approaches, another consideration must be made–are you trying to change behavior or learn a task or guideline? Not all training can be delivered online, nor is it financially feasible to always have in-person training. In some cases, it may be a combination of different
“Across both online and in-person training approaches, another consideration must be made–are you trying to change behavior, or learn a task or guideline?”
learning elements. Identifying which, if any, subject topics or tasks have limitations and deadlines is vital to success. You could give someone a reading assignment and require that they attend several specific Webinars and call into a Webcast, but there’s more to training than what meets the eye. For example, if a person’s task is to learn how to ride a bike, they’d need a bike, a location to attempt to ride, the physical ability to ride, and time to learn and practice. Even then they also would need to understand the rules of the road and conquer any fears before hitting the pavement. The same holds true for learning. Once the tools have been provided, the organization really needs to get behind the employees to ensure the success of the training. Essentially, that means there has to be time and opportunities that will allow implementation of that training, continued development and
support to build upon each training, and relief from some daily tasks and expectations to follow through on the training. This shouldn’t be a practice of checking boxes or taking webinars for the purpose of taking webinars. Once the information has been provided, take the time to revisit it with your team, encourage their use of the new information, and give your employees time to implement what they’ve learned
thereby increasing their understanding and ability to apply it within their daily roles. As you work to create your education agenda there are other audiences that you may want to consider and those are your current customers and potential future borrowers. When a consumer embarks on the journey of homeownership it is typically accompanied with the largest financial transaction in their lifetime, a mortgage loan. And for that, they are looking for guidance as well. You have an opportunity to create some excitement around the concept of first-time home ownership, the dream of owning a vacation property or even the opportunity of creating a real estate portfolio. They will be looking for advice, product information and cost analysis in each of these types of transactions so training can not only help prepare employees to help assist them, but it also will build a relationship with that consumer before a purchase is made. There is no one perfect solution, but training is inevitable as the industry continues to change over time. Learning is an evolving process and involves a commitment of both time and money, but the investment is worth it. Spend some time looking at your gaps and create a training plan that makes sense for your organization and employees. This way, everyone has a clear understanding of what the needs are, where they’re headed and what they need to do to be successful.
Mary Kay Scully is the director of customer education at Genworth Mortgage Insurance, leading the development of the company’s customer education curriculum. In this role, she trains more than 7,500 professionals per year on a wide range of topics, including TRID, updates to process improvements, and how to navigate and adhere to evolving compliance requirements. The statements in this article are solely the opinions of Mary Kay Scully and do not necessarily reflect the views of Genworth or its management.
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Adam P. Smith is president of The Colorado Real Estate Finance Group Inc., a commercial and residential real estate finance firm, and the owner and sales coach of Just The Tips Coaching. He may be reached by phone at (303) 770-2262, ext. 112 or e-mail Adam@CoreFinanceGroup.com. 55
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Sales Training is NOT an Elective Getting your mortgage career out of the flight simulator y Air Force veteran husband Rob always says, â&#x20AC;&#x153;In the military, you train like crazy hoping you never have to go into battle. In the mortgage industry, you go into battle every day hoping you never have to train.â&#x20AC;? After years of success in the mortgage industry, it became apparent to me the vast majority of loan officers were operating without ever receiving training. Our industry was putting new pilots in the air before they knew how to fly! Far too often, they crashed, taking their customers down with them, along with their careers. I wanted better for my colleagues, homebuyers and the industry I love, and I felt a call to serve. My passion for professional development began upon building
the internal training division for a previous employer, the most successful mortgage lender in Atlanta at the time. My expectations were incredibly high for my students as the objective was to build highly competent mortgage professionals who would serve their customers with excellence. We experienced great things because we believed each person had potential for greatness. When an instructor believes in their students, they rise to the occasion. Here, I discovered the formula for success. Soon after, I started my own training company, XINNIX. As I started to think about the idea of opening my own company, my husband shared with me his experience in military pilot training, and I began to see striking similarities in how loan officers SHOULD be trained in order to be successful in business. In the Air Force, new pilots must
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demonstrate a mastery of fundamental knowledge before earning access to the flight simulation phase of training. Once in the simulator, trainees must next prove their ability to apply their newly acquired academic and conceptual knowledge, prior to gaining access to actually fly in the real world. Ultimately, once a seasoned instructor pilot gains confidence in the new pilotâ&#x20AC;&#x2122;s skills, they are finally released to fly alone. From this, I saw that successful training in any industry can be broken down into three parts: knowledge, skill, and discipline. As Rob shared with me his training process as a military pilot, he said, â&#x20AC;&#x153;I didnâ&#x20AC;&#x2122;t step foot into the multimillion-dollar simulator until I had passed the ground school element of the exam.â&#x20AC;? I asked him to explain what the ground school portion of his training entailed, and he responded, â&#x20AC;&#x153;Thatâ&#x20AC;&#x2122;s where you gain extensive knowledge to understand aviation and study all of the fundamentals of flying a jet.â&#x20AC;? While pilots begin their training in ground school, the first step to enter the mortgage industry is acquiring your license, which is considered the knowledge phase. However, I think anyone reading this will agree that the 20 hours of required learning is not comprehensive and leaves significant gaps to be filled. Once youâ&#x20AC;&#x2122;ve successfully completed your training and passed the licensing exam, you are given a license and are able to start practicing. At this point, most companies do not fill the knowledge gap and will send the loan officer through a curriculum of internal training that transitions him or her into the company culture and the way they do business. To quote my husband again, â&#x20AC;&#x153;We wouldnâ&#x20AC;&#x2122;t hire someone from the Navy without crosstraining them in the ways of the Air Force.â&#x20AC;? Unfortunately, this is where most people end their training journey. While the industry at-large does believe in training new recruits on their products and technology, they fail to equip them with the most fundamental skill for their profession, sales skills. Sales skills are essential for new mortgage
By Casey Cunningham
professionals to be exceptional at their jobs. Knowledge-based training is not going to change the outcome of a student if they donâ&#x20AC;&#x2122;t have the fundamentals of selling. When pilots complete ground school, they graduate to flight school where they can put their knowledge to the test and practice flying through the use of simulators and other tools. Flight school is all about applying the knowledge you picked up in ground school and learning the skills needed to execute, and for us in the mortgage industry, thatâ&#x20AC;&#x2122;s learning how to speak to customers, how to set goals, how to close the sale. In a flight simulator, they think of any possible factor that can impact your flight and they throw it at youâ&#x20AC;&#x201D; weather, wildlife, mechanical failure â&#x20AC;Ś you name it. Thereâ&#x20AC;&#x2122;s no risk. The pilot isnâ&#x20AC;&#x2122;t going to hurt anyone because he doesnâ&#x20AC;&#x2122;t have any passengers yet, but heâ&#x20AC;&#x2122;s learning how to take care of them and how to navigate the plan in any circumstance. Similar to a loan officer, you may not have any customers or applicants yet, but when they come, youâ&#x20AC;&#x2122;ll be ready to walk them through the process. Sales training at-large must go beyond teaching the sales skills themselves. It must include ongoing accountability and reinforcement. Students must be held accountable for executing what they learn in class and for being able to apply it in their own business, and this training must be practiced and reinforced to the point that it becomes second nature. Including these two additional pieces will prove to be much more successful for anyone whoâ&#x20AC;&#x2122;s thinking of investing in sales training. The third and final segment is learning to practice discipline. After graduating from flight school, pilots enter officer school. It is this third and final step that they actually get off the ground a fly a real plane. In the mortgage industry, this is finding your groove, working with customers, and creating daily disciplines that will lay the groundwork for your success. These disciplines take the form of building and managing your database, networking, and building relationships with key referral sources. As you can see, Iâ&#x20AC;&#x2122;m very passionate about education,
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training, and professional development. In fact, education is one of the core values at XINNIX. I expect all of our associates to be reading and studying or participating in some sort of career development, and we make that a priority. How can we preach the value of professional development if we’re not constantly growing ourselves? I get asked all the time, “Who should pay for training? Should I charge this to my managers?” This is really a culture question. At my company, we put such a focus on education that we don’t ask our employees to pay for their own training and development. Because of compressed margins, many lenders simply don’t have the resources to be able to invest in their loan officers. This is when a loan officer should invest in themselves. It’s up to the loan officer to become a student of their own profession and ensure that they know the daily disciplines that it requires to be successful. With that said, we are finding many companies who do want to invest in training on behalf of their
associates. Recently, we had a customer whose number one concern about investing was if their sales force would actually engage in the training. This customer had a mortgage channel of 100 loan officers. They were concerned that even half would want to invest the time to complete the sales training, but of the 100, 92 percent of the loan officers signed up for the training. There’s always going to be a percentage of people who will opt out immediately because they’re not interested in growing, but you’ll find that the majority of salespeople want to learn and grow and want the answers on how to do so. Until you offer it, you don’t really know how engaged your team will be. What made this experience so successful was the engagement process that had been set in place. The lender made the training optional, but had a caveat that they would pay for it as long as you executed. If you’re going to bet on yourself, well, that’s an easy one, right? Have somebody pay for me all day long because I
know I’ll execute. At the end of the day, none of this matters if the loan officer is not willing to engage and invest in this critical training. As I mentioned earlier, I’m a firm believer in being a student of your profession. In business and beyond, if you’re not growing, you’re dying. There is no middle ground. Every industry is constantly shifting and changing. There’s no way that anyone can know everything about his or her profession. That’s why it is so important to invest in education and to seek ongoing training and development opportunities. With education, whether you pay for it or your company pays for it, the key is that everybody’s growing and learning. When you don’t make education a priority, you’re missing an opportunity to
send a message to everyone that in your company, we’re all going to grow and learn and are committed to excellence. It doesn’t matter if you’ve logged thousands of mortgage “flight hours” or if you’ve never once closed a loan, sales training should be at the top of your priority list. Many of our nation’s finest producers got to where they are because they invested in themselves and their professional development to elevate their performance. When you really think about it, everyone wants to be at the top of their profession in virtually any industry, not just the mortgage industry. When you invest in training and education, you begin the journey to becoming exceptional, and why wouldn’t anyone want to be exceptional?
Casey Cunningham is CEO and founder of XINNIX Inc. With more than 30 years of mortgage experience, Casey founded XINNIX, a sales and leadership development academy providing training, coaching and accountability for the nation’s top mortgage lenders. To date, the company boasts a total of eighteen culture awards, including “Atlanta’s Best and Brightest Places to Work” and “Best and Brightest Companies to Work for in the Nation.” 57
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Onboarding New Employees: Overcoming the Growing Pains of Team Expansion By Scott Gordon s a company increases in size, and their market share expands, executives and shareholders need to address the corporate growing pains synonymous with financial gain. When service capabilities expand, new team members are often brought on board to handle the increased business. Creating an onboarding system that is as smooth and educational as possible is the key to continued growth and sustaining culture. Continuing education is crucial to success in the mortgage industry, as so many aspects of our industry are ever-changing. As technology develops to assist both the lender and customer in the loan process, all mortgage professionals need to maintain a level of expertise to stay relevant and useful. This expertise is only possible when you have a team that is confident in their skills as mortgage professionals. The following practices have proven successful at Open Mortgage in easing the growing pains of team expansion:
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Know when to say, “No.” One of the most important steps of onboarding is NOT onboarding the wrong person or group. To do that you must have a clear idea of who you are as a company; your mission, your vision and your values. THEN before hiring an employee, adding a branch to your company, or acquiring part or all of another company, get to know them. Learn their values and share your own. Make sure you have the cultural alignment of common goals and values. Attempting to grow with a culture mismatch can be an expensive waste of time and should be avoided. If you find a fit you are free to move forward and the rest is easy. Drive culture through your onboarding program My company prides itself on the intentional creation of culture. Our support system begins with our executives and reaches every loan originator and broker
in our network. Culture shapes professional development behind the scenes. When employees are happy with their jobs, feel fulfilled, supported and trusted from within, they are more likely to be successful. This “happiness-driven success” correlates directly with financial growth. Onboarding is the time to establish a new hire’s value, which fulfills an innate need everyone has. Team-building or “just because” activities like happy hours, catered lunches and group exercises create an atmosphere of belonging. Customizing new hire goals Management should set specific goals and targets for each employee to optimize new talent success. Since success as a loan originator depends greatly on relationships and connections, new loan originators rely on tangible goals that foster the relationships required for success in this industry. These goals come in many different forms, such as originating a first loan or carving out a specific area of the market by focusing on a particular mortgage product. Keep the focus of your employees by setting goals for them and watch them grow. Technology first The Millennial generation brings with them new methods of productivity. The days of flipping through an employee handbook and watching new hire videos from HR are in the past. Engage your new employees by digitizing the process and entice them to learn more through educational programs and platforms. Not only is technology pivotal in the onboarding process, but it has become fully-integrated into the mortgage industry itself. Companies must educate employees on these platforms and show them how they will enhance their customers’ experience. An educational aspect to the mortgage lending process is integral in customer satisfaction. Educating loan originators to best assist borrowers will make for a more
enjoyable and purposeful career, fostering happier employees who are more likely to stay with the company.
next review. These reviews encourage employees and give them achievable goals, thus growing your business.
Mentor support Having a mentor is one of the quickest and most successful ways to learn on the job. It is much easier to create good habits at the beginning of any professional endeavor rather than fixing mistakes later. This support from an organized mentorship makes new hires feel more supported from within, and specifically poised for success in your company. This could include a shadowing program with top originators so newer hires can learn from the best. It might consist of weekly support meetings with a one-on-one mentor to encourage hitting personal goals. New hires will feel more encouraged when they have someone they can turn to with questions. After gaining their footing and tasting success as an originator, they can become mentors themselves. This pattern will transform your organization into a more enjoyable (and profitable) environment for your employees.
Symbiotic feedback Supporting new hires during the onboarding process also needs to include the option for them to provide feedback as an employer, supervisor, and company as a whole. The Millennial generation desires to be heard and valued as part of the operational process. Engaging new hires in the review process not only educates them, but their feedback will also benefit you as an employer. Their feedback can be interspersed into operations and will help the company ease the transition of starting a new job.
Reviews Quarterly business reviews, especially in the first year of employment, are also a critical aspect of the onboarding process. Structured meetings to discuss strengths and weaknesses help new hires reach their business goals. This is the time for employers to be honest with their teams and redirect them for continued success. A beneficial quarterly review also contains new and tangible goals for your new hire to hit by the
Continuing education is integral in growing any business, and mortgage lending is no exception. As the millennial generation enters the workforce, they desire feedback, structure and open communication. They feel more comfortable working in a culture that is supportive and prioritizes new technological innovations. Companies need to put in the effort to incorporate new employees into a culture that is enriched with professional development and continuing education opportunities. Bosses and supervisors who act as mentors for new hires are more likely to see longer tenure within the company and higher profit margins from their staff. Growing pains are inevitable during times of team growth, but a company that prioritizes its culture and employees during the onboarding process will see their investment returned.
Scott Gordon is president and chief executive officer of Open Mortgage, with more than 16 years of serving as CEO for Open Mortgage. Scott refers to himself as a “Serial Entrepreneur” due to his passion for start-up culture and business investing. During his professional career, he has started and invested in multiple companies in the banking and loan origination industry. Originally a software engineer, Scott is highly invested in technology and using it to continue to improve his team at Open Mortgage.
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Live Classroom Training Meets Online Education to Best Prepare Professionals By Tony Williams “
ewind a decade and almost all professional training took place at on-site, in-person events that were scheduled in advance. Supplemental materials were offered, but most of the learning happened in a classroom setting. Thanks to the Internet and the proliferation of smartphones and connected devices, however, that has changed. Today, in some companies, approximately 85 percent of the education takes place online. Generational dynamics are also a factor. Younger professionals want to learn on-demand when it fits their schedule, perhaps by watching a YouTube video at 2:00 a.m. or partaking in a Webinar between meetings. By contrast, many older professionals, used to classroom settings, want the ability to engage with the presenter and ask questions. Striking a balance between the two learning styles is critical to the success of any organization. If a company does not find a way, it risks losing both generations of professionals. That dilemma has not been lost on the mortgage industry in recent years. Lenders and financial services companies are going to great lengths to present the best of both worlds: a robust library of digital education along with inperson training. There is no one-size-fits-all strategy to achieving that. Companies are experimenting with different ways to meld the old and new. But one thing is for sure: Ignoring either part is detrimental to an organization’s recruiting, retention and productivity efforts.
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In-person training’s clear advantages Some companies are skeptical of the effectiveness of inperson training in today’s digital world. As financial services become more digitized, why shouldn’t the training be online as well? But
“Differing opinions, views, and experiences often emerge from a group of people gathered in one room, and employees can draw upon these immediately and well into the future.”
there are clear benefits to inperson training—benefits that have stood the test of time. Take networking, for starters. Networking is important in most careers and is made easier if done in person. Sure, social media, messaging apps, video conferencing and email add convenience but they cannot replace real human connection. Following up is also easier after making a good impression offline. Live training affords new and existing employees the opportunity to interact and forge relationships. The increased collaboration that results can be beneficial to the entire enterprise. Engagement also tends to improve when training is conducted in-person. It is easy to become distracted when viewing an online video. With no one to notice, texting, posting on social media or working while the training takes place is common. Also, there is much less meaningful dialogue between the teacher and
student. In a classroom setting, the trainer has more tools at his or her disposal to keep the students engaged. In-person training allows for more flexibility in the course material as well. If the class is already knowledgeable about a topic, the teacher can move on to new or unfamiliar subjects. This saves time and keeps the employees engaged, creating an environment in which impromptu discussions break out. Anyone who has spent time in a college classroom or participated in a brainstorming meeting might remember how invigorating and educational those debates could be. Differing opinions, views, and experiences often emerge from a group of people gathered in one room, and employees can draw upon these immediately and well into the future. Furthermore, if a topic is complex, it is much easier to elicit assistance from a live trainer than from a prerecorded video on YouTube.
There is a time and place for eLearning While in-person training tends to win out over digital learning, it is not always the best option, financially and logistically. These days, employees might be located across the country, if not the world, which means getting them in one place for live training can be difficult and costly. Add generational gaps and a changing industry to the mix and sometimes in-person training simply is not feasible. That is where digital education can prove valuable. Online training provides the business and its employees with a flexible way to get up to speed. Instead of being in a classroom, staffers can watch videos or take online courses on their own time, whether in the morning before the workday, in the middle of the night, or any time in between. Employees also have flexibility in where and how they view the material, whether that means on the subway or the couch. Digital training tends to be less expensive for employers, even when considering the cost to create the content. Companies do not have to worry about flying employees to their headquarters, putting them up in a hotel for consecutive days, and covering their meals during the training period. Digital content has to pop Just like with in-person training, the engagement level is only as good as the material. Content that uses eye-appealing images, interactive videos, and animated descriptions will keep the audience interested and wanting more. That does not mean every video has to be a scripted, polished affair. There should be a mixture of educational material that is casual and professional within the online catalog. Large corporations have advantages in creating educational content that resonates, often having
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dedicated staff and big budgets to tackle the problem. Smaller businesses have to rely on existing resources and software to develop a library of educational material. They also have to figure out ways to update the content so that it does not become irrelevant as the rules, regulations, and industry change. NewRez keeps its content creation inhouse. We draw upon our staff to make videos and help create webinars. Recording a quick video on a new product or regulation has become routine among our employees. Since classroom training and online learning each have pros and cons, combining the two can be a powerful way to train staff. At NewRez, new employees in the loan origination business, for example, go through a week of on-site training. Following that, employees obtain access to a library of digital content to continue to learn. This approach has proven to bolster both recruiting and retention.
Live training, eLearning: Evaluation required Whether a company favors digital content or live training, it must be measured to ensure its effectiveness. You do not want the results of your training to be lackluster. Wasting time and money is not an option in a fiercely competitive environment in which everyone is vying for top talent. Feedback is a critical component of assessing the trainingâ&#x20AC;&#x2122;s effectiveness. Regardless of where the training takes place, employees should have an opportunity to evaluate the program. A quick survey can yield significant insight. A follow-up skills test a few weeks later is another way to determine if the training was successful. Companies can further assess effectiveness by viewing the performance of its employees before and after the training. If there is no observable change, it may signal the need for program improvements. Subject matter tests are yet another option.
After viewing a YouTube video or listening to a lecture, did the individual retain the necessary material? Education is an important part of running a successful business. This is particularly true in the ever-changing financial services industry. Maintaining a staff of educated employees with access to the
latest data is critical to remaining competitive. Combining the intimacy of live training with the accessibility of digital learning is the best approach to providing the necessary skills. It ensures you are bringing everything to the table to support your team members on their quest for more knowledge.
Tony Williams joined NewRez in March 2014 and holds the role of vice president of organizational development. He has more than 25 years of experience in the learning and development field. Tony spent the last five years in the highly regulated pharmaceutical industry where he led a global training team. Prior to this role, he spent 15 years in the financial industry, namely the retail banking and credit card industries with companies such as Commerce Bank (now TD Bank), Wachovia and Advanta Bank. 61
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Constructing an Ideal Training Program for the Mortgage Industry By Brooke Mulder & Adam Wagner very company wants to build culture, grow organically and build their vision of the better mousetrap. If your mortgage company hopes to scale or grow consistently, the need for an in-house, fully-integrated training program is essential to having organizational DNA and accomplishing the above. Seems obvious, but let’s look at the intricacies of this statement and also where most get off track. You’ll never hire a super team overnight; this isn’t the NBA … Need to scale and think you can hire veterans in the industry whom will all harmoniously bring their various levels of training, ability, performance, and habits (both good and bad) onto the sales floor with homologous success while growing quickly and sustainably? That’s a tall order. Maybe a few - maybe over time, but to truly be on an “up and to the right” growth path the organization needs to build their own super soldiers and not hope for a cohesive group of existing talent to converge on the sales floor.
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“Need to scale and think you can hire veterans in the industry whom will all harmoniously bring their various levels of training, ability, performance, and habits (both good and bad) onto the sales floor with homologous success while growing quickly and sustainably? That’s a tall order.” —Brooke Mulder, sales operations manager, MortgageHippo
Sales managers are not trainers Starting with a baseline, we should all agree the role of sales manager in an organization is crucial and incredibly valuable. Most executives would describe this role as being a coach, mentor, leader, trainer, pipeline pusher, and overall master of many things. Most sales managers would describe their role as being a psychologist, pipeline wrangler, mole-whacker, and the driver attempting to keep a speeding bus between the guardrails on a dark mountain road. Neither is wrong in theory, but if an organization is relying upon its sales managers to rewire new hires’ habits or train them consistently and in a repeatable/scalable manner, it’s a fantasy. Let’s be clear, the sales manager role is
absolutely crucial in a continuing education and refining capacity, but the sales manager role is NOT your company’s training program. A training program is not a trainer Typically, the trainer is someone whom, on paper, is constantly molding and shaping the existing workforce, potentially on-boarding new hires, and focusing on keeping existing staff up-to-date on technology changes or business changes. A trainer should be constantly taking producers from the floor and coaching them in the various capacities of successful production, but this does not happen for a few reasons. First, sales managers generally
believe they themselves are better suited to train ALL salesrelated activities and they usually are, except it rarely gets done and never gets done consistently. So, training then rarely gets done or it’s sporadic at best and is never scaleable. Think of your sales organization, stack your LO performance by a few key metrics and identify the weakest 25 percent in major performance drivers: Credit pull, lead to lock, pull-through, etc. Now, would you be able to tell your trainer/training staff to pull these folks off the floor and train them on those topics with the same ability and vigor as a sales manager? Betting not, but if a training staff cannot constantly do this style of tasks
each month, how is your workforce getting better? It’s not the trainer’s fault Most trainers in an organization weren’t hired to do what is described above, and therefore, fully integrated sales training (day 1 through entire career) never gets off the ground. This results in the burden being placed back on the sales manager, and the cycle of churning talent for a perfect fit continues. The absolute key to building a successful enterpriselevel training program is one person, but this person’s skillset is far different than most would describe. The great news is virtually any sized organization can start with one person ... you don’t need a fully staffed performance enhancement team (it’s awesome if you have one). The key is to hire the program leader first and build around them as growth allows. Simple fact, if you are building a sales performance program, but your trainer(s) have never been a better than average LO AND also have never been a sales manager it will fail ... it’s just that simple. Again, not the trainer’s fault, but most organizations don’t comprehend the push/pull dynamic outlined earlier in the article and are then always disappointed with “training” or try to take on the entire task themselves at the sales manager level—neither works. If you want talent that carries your organizational DNA and performs for a sales manager, it’s crucial to put a sales manager-style person in the lead role. Who is this perfect person? When we were tasked with building a successful and above all empirical and scalable program our core belief was simple: Produce the sales professional you would want on your own team—if you wouldn’t want to take over a team of your program’s products then why would you ask anyone else to do so? This brings us back full-circle to the program leader(s) having sales DNA and why it is absolutely crucial—they simply think of training and curriculum differently because they are focused on the reality of the job itself. Now, to be clear, if you want solid sales manager talent in this role you have to pay for it, but it’s easily the best money spent. It’s important to note, this person is usually not the same as a great floor sales manager or sales killer
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... they are usually a multi-faceted leader with high emotional intelligence and ability outside just sales acumen. Throughout the program, but also in hiring this role, we used hard data and empirical measurements in pre-hire screenings such as Culture Index & Wonderlic, and we tracked performance metrics tied to eventual sales success while running corollary scores throughout the employee’s tenure. Example, does a high SAFE test score correlate to higher sales ability? Or, does a certain range of Wonderlic predict future sales success more accurately? We know the answer … do you? Below is a general guidebook for how to build a data-driven, empirical and scalable sales training program for the mortgage industry, beginning with unlicensed new hires and ending with fully trained and licensed LOs on the sales floor within 12 weeks. This is a program designed by the authors of this article. The program has been implemented at multiple lenders, including a top 10 by volume lender, with great success.
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Step 2: SAFE training Because the SAFE exam is difficult to pass, we know standard prep doesn’t work and were forced to design better. We send our candidates a package ahead of time with their SAFE training materials and pre-hire homework. The candidates are strictly in a classroom setting dedicated to passing SAFE for their first few weeks; suffice to say they hit the ground running full speed. Hiring a licensed MLO to act as the training facilitator is key. We never hire a trainer whom has “only” trained, even though this facilitator is strictly taking the employees through SAFE training—they have to have done it successfully themselves. This role is responsible for helping the candidates learn as much as they can their first week, before the actual 20-hour SAFE training in week two. We hire a vendor to conduct a live 20-hour course for the entire class at once during the second week. During week three, candidates continue to study and review the material,
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Step 1: Recruiting, interviewing and hiring The first step in building a sales floor is of course recruiting. Our program specifically looks to hire people with no former mortgage experience—meaning there are no bad industry habits to break. In order to find enough candidates who are willing to enter a new industry, not make commission for several months and to account for fallout from the SAFE exam, you’ll go through plenty of resumes and applications. Luckily, today there are plenty of tools to help sort through the applicants. A crucial tool we use is Culture Index, which allows us to sort through hundreds and hundreds of applicants to find the people whose inherent personality traits suit them better than others for a performance-driven sales culture while also opening us up to candidates we may not have considered. Sales is not for everybody—and that’s okay, but knowing early is far better! Once we narrow down the hundreds of applicants to about 100-120 for a class of 25-plus, we invite them all to one of several group presentations. The
point of these presentations is to educate candidates on what they’d be getting themselves into if they were offered and accepted a position. Equal parts “Scared Straight” and TED talk, it’s very transparent and real. For many of them, they already have jobs and would be venturing into a brand-new industry they’d never thought about before. As we always like to say during these presentations, nobody majors in “Mortgage” in college! We share expected commission income, the efforts needed to get to that point, and we let them hear from real LOs about the good, the bad, and the ugly of being in the role. We discuss the SAFE exam, its difficulty and pass rate even for intelligent people. We absolutely allow people to self-select out who don’t think the opportunity sounds like it is right for them, or don’t think they could pass the exam, or don’t have the runway to live off a base salary for a few months because the process requires 100 percent candidate buy-in. Following the group presentations, we proceed to one-on-one interviews for final selections.
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constructing an ideal training program
take practice tests and also complete online web refresher courses. The SAFE Exams are then scheduled as quickly as possible. The SAFE Exam is a difficult test, with a national first time pass rate of 59 percent and a subsequent attempt pass rate of just 42 percent, according to the NMLS. Because of this, candidates scoring 70 percent and below are removed from the LO training program and offered employment in other capacities as the business allows. Those scoring 71-74 percent are allowed to continue the program and can re-test in 30 days. They are expected to keep pace with the rest of the class, while continuing to study for SAFE. Step 3: Sales training During weeks five through 12, we have a variety of trainings while waiting on state licensing. Our
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main objectives are to train these employees in sales and functional mortgage knowledge. Passing the SAFE exam is one thing, but just passing the exam doesn’t prepare you to have a conversation with an actual borrower about the biggest financial transaction of their life. Weeks five through eight focus on a curriculum we developed inhouse to teach our candidates about how to have the mortgage conversation, how to talk to borrowers about their finances, as well as learning the most important guidelines and how to sell. It’s an intense four weeks and relies upon active role-play, building call-guides, and live mock-calls in front of the class. Week nine and 10 includes a Systems SME to teach the class how to actually input a loan into the LOS and everything to do with the systems to complete their role. We also start to
introduce downstream roles such an operations manager to give light processing understanding so they can see how their actions fit with the loan lifecycle. Finally, the rest of weeks 10-12 are a scaled incubation period starting from calling back aged leads so the LO can pace themselves, two-call closing to build presentations with their leaders and starting to take their first live calls. Imbedding their eventual floor sales manager(s) with them during this incubator period is crucial and again
speaks to the program’s intense focus on building muscle memory slowly and steadily before releasing them onto the fully live sales floor. Effective incubation is a science onto itself and should not take a one size fits all approach. These programs change organizations and can be a springboard to efficiencies and synergies beyond data measurement, but only when done with the understanding nothing in mortgage happens in a vacuum!
Adam Wagner is the head of consumer direct/retail for Agora Financial, a Division of One American Bank. He has been in consumer direct mortgage for 14-plus years with the nation’s largest mortgage companies and held a variety of roles and responsibilities including large scale turnarounds and growth initiatives with an emphasis on growing businesses. Brooke Mulder has eight-plus years of experience in financial services. She is currently the sales operations manager for MortgageHippo. Prior to MortgageHippo, she worked for three top 15 mortgage lenders and is highly experienced in sales/originations, sales management, performance analytics and business development.
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SHINING THE LIGHT ON
NON-QM
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Deephaven Mortgage is shining the light on Non-QM lending by providing products specifically designed to address the needs of millions of borrowers who are unable to obtain a traditional mortgage. In return, this allows originators to expand their business by reaching out to a broader group of borrowers. Help shine the light on Non-QM for your potential borrowers. Contact us by visiting www.deephavenmortgage.com and selecting either Correspondent or Wholesale. We look forward to you getting in touch with us today! Deephaven Mortgage® LLC. All rights reserved. This material is intended solely for the use of licensed mortgage professionals. Distribution to consumers is strictly prohibited. Program and rates are subject to change without notice. Not available in all states. Terms subject to qualification. For more information on Deephaven’s state licensing, visit the NMLS Consumer Access webpage at http:// nmlsconsumeraccess.org/. NMLS #958425
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Millions of potential borrowers are locked out of today’s conventional mortgage market.
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Compliance Education: Seeing Beyond e-Learning By Delane Olin
fter graduating from college and accepting a position with a company, many people celebrate the end of taking classes, studying and testing to retain knowledge. If you have chosen a career in a business that is highly regulated, such as the mortgage industry, you will quickly learn that is certainly not the reality. Education in mortgage finance spans far beyond what is simply required to use a new system, originate a loan product or service a loan. Compliance education is critical to creating behaviors in employees that follow the rules to remain compliant, protect the customer, and mitigate risk to the company. While being trained and tested on the regulations that govern the industry is sometimes viewed by employees as requisite measures, putting regulations in perspective and considering why we have them can give you a new perspective. Companies develop and implement training programs for new and existing employees to remain compliant with federal, state, agency and investor requirements. The time investment in compliance training alone may be significant. The hours required can vary, but a new employee could be required to complete 20 hours or more of industry-specific compliance training. This may take place face-to-face or via Webinar, but many companies leverage eLearning or an online process to administer compliance training. An engaging, accurate and relevant eLearning course can be very effective, but even so, a good eLearning course alone is likely not enough. The ever-present challenge is to ensure that employees pay attention to what they are learning and can apply the laws and principles to their specific jobs. Compliance education extends far beyond
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“While being trained and tested on the regulations that govern the industry is sometimes viewed by employees as requisite measures, putting regulations in perspective and considering why we have them can give you a new perspective.”
an individual’s moral compass. It demands a deeper understanding of what the law requires and why it is important to both the customer and lender. That is why a successful program may require learning in multiple formats, with role-specific scenarios to bring the training to life. To be effective and implement meaningful compliance education, organizations should challenge themselves to think beyond assigning an eLearning course alone. Below are some features to consider for a successful, well-rounded compliance education program. Focus on the customer Employees in the mortgage industry readily acknowledge the regulatory climate, but may not take the time to really examine the purpose and intent of those regulations—the human element or the customer on the other side of the transaction.
The true spirit of compliance education should be framed with other considerations, including, but not limited to, how the rules ultimately affect the individual customer’s experience, livelihood, access to credit, repayment of the loan, and fair business practices across all demographics. It is important to never lose sight of the fact that while many loans may come across your desk in a given day, the customer has made what is often the biggest purchase and/or financial decision of their life. Regulations are in place to protect all parties in the process and learning how they work is crucial. Relevancy Carefully review the roles within your organization and the regulations that govern those jobs. Ensure you have a comprehensive, role-specific curriculum that addresses all the regulatory requirements for each position.
While having a complete curriculum is necessary, consider the relevancy of the requirements for the individual role. For example, a collections specialist likely does not need to understand the intricacies of a Loan Estimate, but must possess a deep understanding of fair debt collection practices. Keeping the content applicable and relevant will help employees relate and apply the content. It is also helpful to discuss areas where a deeper level of understanding might be required. For example, some loan originators may find it uncomfortable or difficult to ask the demographic questions required by the Home Mortgage Disclosure Act (HMDA), such as gender, race, ethnicity, etc. A qualified trainer can further explain how this information is paramount in ensuring the housing needs of diverse communities are met, and that discriminatory lending patterns are identified. A solid understanding of the “why” behind the rules can empower employees to have the confidence that they are operating compliantly and to explain the impact to the customer. Once again, having a greater understanding and insight into the intent of the laws and the effect on the consumer will help in the training process. Accountability Having a solid training program in place is not enough. You must execute the plan and hold staff accountable for completing requirements. How would you feel if your healthcare provider was delinquent on the training required for him/her to accurately examine and diagnose you? The learning and development teams should partner with their compliance groups to determine what training is required and acceptable time limits for completion, which may be different for new hires than for annual course recertification. A
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company should define expectations for course completion, make those standards clear to everyone, then set and communicate about the consequences if those requirements are not met. Does the hiring manager need to be involved? When does a failure to complete training get escalated to upper management? When is access to technology suspended? It is important to settle on the required learning and timelines for your company, and consistently hold employees accountable for completing them.
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Delane Olin is SVP of learning and development for Planet Home Lending. She has been in the mortgage industry since 2003 and has had positions as an originator, operations manager and in servicing default. She formally started in learning and development in 2006, and has effectively managed the design, development, implementation, delivery and evaluation of training content. She can be reached by e-mail at DOlin@PlanetHomeLending.com
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Collaboration with compliance teams Learning teams with successful compliance training management programs have an open, collaborative, and symbiotic relationship with the compliance team. An effective change management process related to regulatory changes should always include the learning and development function. It is critical to examine regulation changes at every level including local, state, and federal and determine what these changes mean for your company. What behaviors need to change to remain compliant? How will the systems or process be impacted? What does this mean for the customer? Compliance curriculum should be reviewed at a minimum annually but may require a more frequent evaluation and maintenance.
Learning professionals should stay plugged into regulatory outlook resources, whitepapers, etc. to keep up to date on regulatory trends and to ensure their programs stay current. While mentioning compliance training may elicit a less than enthusiastic response from time to time, a well-developed program does not just check a box on a report. The employee invests valuable time in their education, so focus should be placed on bringing the topic to life and providing that individual with the tools needed to implement the required practices in their work. Train employees so they can understand the regulatory compliance beyond the law on paper, feel the effect, and understand how they are protecting the customer, themselves, and their company. This will help everyone become more invested in their education. As long as there are regulations to govern this industry, compliance training will always be necessary. Developing , administering, and completing these programs can be arduous, but if the perception is shifted to focus on the benefits and protection of regulations as opposed to the training itself and the time it takes, the process can become much more palatable and effective to everyone—and they may just learn something that will help them be even more successful in their current positions.
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Certifications Are Key for a Successful Digital Transformation By Matt Seu n many industries, a certification is the benchmark. You probably wouldn’t do business with a CPA who isn’t certified. Would you rather have your car serviced by a certified mechanic or someone under a shade tree? Many open positions for project managers require a Project Management Professional (PMP) certification. Then how is it that certifications in the mortgage industry are limited? To date, very few positions posted required certifications, but things are changing in the industry, and more and more, certifications are becoming important. In this article, we will discuss the state of the industry, look at trends and how the future is unfolding. We will then discuss why specific certifications will become more critical and pose some thought-provoking questions. The mortgage industry is changing due to increasing pressure and competition. Originating mortgages cost a lender more than $8,000 on average according to statistics from the Mortgage Bankers Association (MBA). Costs are far greater than 10 years ago. The industry faced increased spending on regulatory compliance coming out of the default crisis and Dodd-Frank. Lenders are competing for borrowers more than ever and have seen new entrants. Nonbank lenders take market share by leveraging better customer experience, modern technology and lower costs of production. Traditional lenders feel the squeeze, and some notable names have exited the industry entirely. So where does this take us? The solution is moving to a true digital mortgage process where paper is eliminated, and many manual tasks can be automated. One example is quality control. In a paperbased world, documents and data used in underwriting are reviewed by a separate team whose job is to ensure that there are no defects in the documents or data. A typical
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“To date, very few positions posted required certifications, but things are changing in the industry, and more and more, certifications are becoming important.”
process includes checklists and manual reviews of the documents, data and images. The activities are timeconsuming and do not cover all loan packages. In a digital world, it is simple to create software to perform these tasks, and since machines don’t sleep, they can check loan files around the clock. The incremental cost to check additional loan packages is small, so checking every loan package is the expectation. Other examples of time and cost savings include leveraging electronic closing, remote online notary and e-vaults. Consider the rise of fintech companies. These companies leverage technologies to disrupt current processes and norms. Many have entered the market in the form of customer portals. Others are entering the regulatory compliance arena (RegTech). The new technologies are better than what customers are used to with a traditional or legacy software platform. They can
make a splash, but without someone with true business knowledge, this disruption could end in frustration. However, if lenders understand how to leverage modern technologies and harness the power of fintech software tools, they can gain an edge or outpace the competition. In industry surveys, a vast majority of lenders want to move to the digital model, but many do not understand the keys to success and how to leverage new technologies. It is not difficult to see where robotic processing automation (RPA), machine learning, and advanced analytics can play a role. They could all be used in the quality control example above. However, these technologies cannot be leveraged effectively without high levels of data quality, and high levels of data quality cannot be attained without standards. One key to success is to leverage data standards, specifically MISMO. The Mortgage Industry Standards
Maintenance Organization (MISMO) has made significant strides and the MBA is investing more money to accelerate adoption. Fannie Mae and Freddie Mac have leveraged MISMO for nearly a decade in their Uniform Mortgage Data Program. If you want to do business with them, you need to use MISMO. Recently, MISMO is being leveraged by the CFPB, FHA, Ginnie Mae, the Veterans Administration among others. More and more efforts are requiring MISMO. In fact, many RFPs and job postings are requiring a MISMO certification. The Certified MISMO Standards Professional (CMSP) designation requires course work, industry participation, and completion of a rigorous exam. Ongoing maintenance of the certification requires continued participation. Why is CMSP certification important? The simple reason is that MISMO is complex. The data model is enormous and covers the entire life of the loan. Understanding the model requires not only knowledge of data models, but also understanding of the mortgage industry from a business perspective. There are currently less than 50 individuals with CMSP designations, and they are in high demand. Given the rigor of the requirements to achieve the certification, an individual should expect to spend approximately two years preparing for the exam. MISMO also offers a certification on software. Leading and innovative companies in the industry have MISMO software certifications. The service mark means that that software has been certified compliant by MISMO. You can trust that it is using the industry standards appropriately and, in a manner, consistent with the objectives of their use. Another certification that is important in the changing mortgage industry is the Certified Mortgage Banker (CMB) designation issued by the MBA. Similar to the CMSP, the CMB requires industry
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Matt Seu is a principal at Actualize Consulting, a financial services consulting firm. He is an industry expert in mortgage standards serving as a board member and chair of the Strategic Planning Committee with the Mortgage Industry Standards Maintenance Organization (MISMO). Matt is also a member of the Mortgage Bankers Association and a true thought leader committed to moving the industry forward. He may be reached by email at MSeu@ActualizeConsulting.com.
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are already finished with your digital transformation, congratulations, but I will bet that you are reading this article. If you are in the process of transformation, take a step back and ask yourself how things are going. If you are happy with the progress, that’s great. If things are a little shaky or you don’t know what the outcome may be, pause and reflect on who is working on the effort and whether they have true credentials and certifications. It may be time to make a course correction. For those of you who haven’t started the transformation, you have the ability to create a team that will have better chances for success. If you are doing the transformation in house, make sure that you are involved in MISMO. Take a look at the Web site and find out how to participate. MISMO is open to all and is very inexpensive to join. Make the same choices with the MBA. Getting involved will provide near limitless support from industry experts who want to move the industry forward. If you chose to leverage outside help, make sure that you are hiring companies and individuals who are mortgage people. Ask for certifications for individuals (CMB and CMSP) when you procure your software and look for the MISMO service mark. Industry pressure isn’t going to abate, and keeping ahead of the competition will continue to remain a priority. Those companies who are embarking on a digital transformation have made the right choice and will have a strong chance for success by leveraging individuals and software that are certified. Having staff with these certifications will enable smart, targeted transformation and will increase your probability of success.
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participation and completion of an exam. In addition, an oral exam is required. To achieve this designation, one must truly understand the industry. Traditionally, this certification is viewed as an honor rather than a requirement, but I believe that those with a CMB will also become critical to the digital revolution. As lenders engage in modernization activities to enable a digital mortgage process, they should consider several areas when embarking on the journey. Lenders should have a road map that aligns with corporate priorities and includes consideration for customer experience, cost reduction, risk reduction and innovation. If not already in place, a comprehensive inventory of process metrics needs to be in place to understand where positive returns on investment are possible. Finally, an awareness of what technologies and capabilities are available in the market that can be leveraged, especially those with MISMO service marks. Lenders have choices to make. They can leverage outside consulting support in the form of companies specializing in digital transformation or they can leverage expertise in house. Perhaps a transition from leveraging outside help to having in house expertise makes sense given time to market pressure. In either case, it is imperative to demand teams and individual consultants to have certifications. It is foolhardy to invest a significant amount to time and money modernizing infrastructure without true experts, especially those with certifications. So, the question I will pose to lenders is very simple. Where are you on the journey? If you
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Authors and advertisers can enhance the impact of their industry trade publication content through this professionally produced 3-4 minute interview, recorded on location, studio or remotely. The Beyond Print product contains a preproduction call to outline the dialogue and discuss technical logistics, recording scheduled at a mutually convenient time and post production to edit the recorded video and insert branding elements. The interview can be linked to select publications online editions, on their websites and referenced in their print editions.
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Show Title
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Day/Time Airing
MONDAY
Master the Markets with Barry Habib
Recap of key economic events that took place over the past week and a look ahead to events that will potentially impact interest rates in the housing market.
Mondays at 7 a.m.
TUESDAY
The Mortgage Godfather
Ralph LuVuolo Sr., “The Mortgage Godfather,” shares his unique and innovative approach to mortgage origination. You better become a follower or else. It’s an offer you can’t refuse!
Tuesdays at 7 a.m.
WEDNESDAY
Top Originator Secrets with Brian Sacks
Closing more, making more and still enjoying life!
Wednesdays at 7 a.m.
Homeownership Heroes
The Battle to Increase Military Homeownership.
Wednesdays at 11 a.m.
Coming Soon... Under Construction
Construction loans made easy.
Wednesdays at 2 p.m.
Coming Soon... Non-QM Mastery
Strategies from top originators using alternative lending.
Thursdays at 7 a.m.
Quick Hits
Carl White’s simple strategies for a quick boost in your productivity.
Thursdays at 11 a.m.
Inside the MBA
Your bi-weekly window into what’s happening at the MBA.
Fridays at 11 a.m. bi-weekly
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Your bi-weekly window into what’s happening at NAMB.
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NAMMBA IN NAMMBA Connect Live Tour: Coming to a City Near You!
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AMMBA is embarking on a six city live tour to CONNECT you with the latest resources to grow your success in the industry you know and love! Tony Thompson, CMB, industry leader and association founder, will be the emcee and resident NAMMBA rock star leading this one-day sales development event where you will be immersed in discussions on the future of LO comp and finding new agents while hearing from top realtors and loan originators on multiple panels throughout the session. This event is designed to help you finish the year on a strong note and get ready for 2020.
By attending, you will not only walk away with information to help in you grow your business, you could be the lucky participant who walks away a winner of some awesome prizes. But donâ&#x20AC;&#x2122;t worry, everyone will be a winner at NAMMBAâ&#x20AC;&#x2122;s road show. The tour is a must see event tailored just for you, so get your tickets today! Thank you to sponsors Freddie Mac, Essent and Planet Home Lending for helping make this event possible and for their vital involvement. Sponsorship and exhibitor opportunities are still available.
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Thursday, September 5
Wednesday, October 23
NAMMBA Connect Chicago Donald E. Stephens Convention Center 5555 North River Road Rosemont, Ill. 9:00 a.m.-5:00 p.m.
NAMMBA Connect Houston The Westin Houston, Memorial City 945 Gessner Road Houston 9:00 a.m.-5:00 p.m.
Featuring Keynote Speaker: Christine Beckwith 20/20 Vision for Success Coaching, President & Chief Operating Officer
Featuring Keynote Speaker: Jen Du Plessis Kinetic Spark Consulting, Principal
Tuesday, September 17
Wednesday, November 6
NAMMBA Connect D.C. Sprint HQ 12524 Sunrise Valley Drive Reston, Va. 9:00 a.m.-5:00 p.m.
NAMMBA Connect Los Angeles The Westin Bonaventure Hotel and Suites 404 South Figueroa Street Los Angeles 9:00 a.m.-5:00 p.m.
Featuring Keynote Speaker: Mitchel Kider Weiner Brodsky Kider PC, Chairman and Managing Partner
Featuring Keynote Speaker: Shashank Shekhar Arcus Lending, CEO
Wednesday, October 9
Monday, November 11
NAMMBA Connect Charlotte Queens University (Sports Complex) 2229 Tyvola Road Charlotte, N.C. 9:00 a.m.-5:00 p.m.
NAMMBA Connect Orlando DoubleTree by Hilton Orlando at SeaWorld 10100 International Drive Orlando, Fla. 9:00 a.m.-5:00 p.m.
Featuring Keynote Speaker: Nick Clements LendingTree, Head of Mortgage
Featuring Keynote Speaker: Carmen Mercado Single Family Affordable Lending Business Development Manager, Freddie Mac
N THE NEWS NAMMBA and iEmergent Promote Data and Diversity Through New Joint Program
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Americans, and Hispanics) will generate more than $292 billion of purchase opportunity in 2019, which amounts to 24.2 percent of all purchase dollar opportunity. The program will use iEmergent’s analytics and its Mortgage MarketSmart Web application, an industry-leading visualization tool that offers robust forecasts, dynamic maps and simple tools. iEmergent’s insight drills down from the national level into local-markets to quantify mortgage opportunity and provide market-segment detail on loan/product type, borrower race, gender, age, income, and ethnicity. This insight will help lenders compare their markets, find out where they
are missing opportunities and determine where to focus their efforts. The market assessment is only the beginning of the process. Once the analysis is complete, NAMMBA walks lenders through the in-depth market overview, offering unrivalled expertise and a network of the industry’s top professionals. NAMMBA partners with lenders to help them understand today’s market opportunities and provide assistance on challenges like finding and retaining sales talent, sales mentoring and developing diverse-market outreach strategies. “The mortgage market is ready and in need of a program like
DIVERSIFi,” said Laird Nossuli, iEmergent’s CEO. “We pride ourselves on delivering opportunity-driven data solutions to lenders, and now, with the help of NAMMBA, we can show lenders how to integrate this into a core part of their business.” DIVERSIFi’s data-driven approach underscores the fundamental importance of diversity. With the combined expertise in this joint program, lenders will finally have a comprehensive solution to confidently plan out how to seize market share and strategically drive profitability. For more information, visit iemergent.com/what-wedo/diversify.
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he National Association of Minority Mortgage Bankers of America (NAMMBA) and iEmergent, a mortgage data advisory firm, have announced the launch of DIVERSIFi, a program that leverages data and diversity to help lenders capture and understand today’s rapidly changing housing market. NAMMBA and iEmergent created the new program to equip lenders with a comprehensive solution for how to maximize profitability and compete more effectively and efficiently. “We’re extremely excited to work with iEmergent to launch DIVERSIFi,” said NAMMBA Founder and Chief Executive Officer Tony Thompson. “A lot of companies want to grow diversity and serve the marketplace. The problem is they don’t know how and where to start. DIVERSIFi solves this by serving as the how and the starting point.” Although there is concern across the industry about a stagnant or shrinking housing market, purchase mortgage opportunity is not only growing, it’s changing. This program helps bring awareness to the growing percentage of diverse households, all of whom will continue to drive household formation over the next two decades. According to iEmergent’s most recent mortgage market forecast, the three largest diverse borrower groups (Asians, African-
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How Mortgage Professionals Should Respond to Natural Disasters By Phil Hall
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n the past dozen or so years, one could easily get the impression that Mother Nature has become extremely vindictive against American homeowners. Natural disasters have taken on wider dimensions, creating extraordinary havoc levels that have never previously witnessed. To discuss how the industry should respond to these disasters, in both a proactive and reactive manner, National Mortgage Professional Magazine recently spoke with Jim Vaca, senior vice president of field services at Altisource, an integrated service provider and marketplace for the real estate and mortgage industries regarding these acts of Mother Nature and their impact on the housing industry.
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Are natural disasters a problem unique to a few states along the East Coast, Gulf Coast and California, or is this a problem that can impact all 50 states? Jim Vaca: California, Florida and Texas have suffered the brunt of the disasters during recent years, with California alone seeing in excess of $12 billion in damage claims during 2018. But excessive cold has also taken a toll in multiple states, while disasters related to tornados and excessive heat affected many other states, making diversity in geography a factor for servicers. In 2018, close to 40 states felt some impact from 14 separate $1 billion disaster events that occurred, according to the National Oceanic and Atmospheric Administration’s (NOAA) National Center for Environmental Information.
similarities, each one has the potential for variances that will be a learning experience for the next event. In addition to maintaining a structured disaster management program, servicers need to review the portion of their portfolios that may be potentially impacted by a disaster so they are able to get an accurate picture of what their inventory looks like today to be able to compare it to the post-disaster situation. Does the servicing industry have enough personnel to handle major disasters–say, a repeat of Hurricane Katrina? And, likewise, do ancillary industries like the appraisal industry have enough people to handle major disasters? Jim Vaca: It’s not so much having enough personnel to handle major disasters as much as having the structured programs in place so that the servicer’s response will address unique obstacles borrowers face during a significant event. Certainly, the economic recovery and the decline in defaults, currently at historic 20-year lows, have led to significant reductions in staffing in servicing. That said, the lessons over the past 14 years, stretching back to Hurricanes Katrina and Rita, have made servicers very cognizant of the need to have staff that can respond in the most proactive and effective way and should be a factor in their staffing model. Servicers should also look at how to best leverage property preservation companies to fill any capacity needs. There is a need to understand and evaluate what can be done in-house versus outsourcing in a time of need. Many natural disasters give several days’ notice, and in that window it is critical to know what is being done each hour of the day to mitigate associated risks. Are servicers doing a good job in communicating with borrowers following natural disasters? Jim Vaca: Ever since Hurricanes
Katrina and Rita, the industry has made great strides in communicating with affected borrowers. The government-sponsored enterprises (GSEs), the U.S. Department of Housing and& Urban Development (HUD) and the Department of Veterans Affairs (VA) have also provided guidance, oversight and support to servicers such as greater forbearance, leniency, etc. In addition, our servicer clients have been well-prepared with the critical information we provide them with and use the best available communication channel (telephone, text, social media, etc.) to reach borrowers in distressed situations. Plus, we provide servicers with FEMA contact information, which can help borrowers in the aftermath of an event. What role does technology play in processing claims after a disaster? Jim Vaca: Technology can vastly improve relief management efforts, such as in getting resolution and payment to the borrower so that they can more quickly initiate repairs. Drones are one of the tools used to help determine damage after a natural disaster, although the cost of using drones is higher than traditional inspection services. Aerial drone photography can be useful in identifying damage at scale in areas that have incurred massive damage and are difficult to access. As an industry, it’s worth exploring new technologies like drones further. But while there is technology to track natural disasters like hurricanes, there is little technology for other disasters such as wildfires and earthquakes. Plus, new technologies aren’t the only way forward; they are just part of a cadre of disaster relief services. At Altisource, we’ve made and continue to make big investments in technology to improve how damage is identified and reported and how the status of claims and repair work is monitored.
Phil Hall is managing editor of National Mortgage Professional Magazine. He may be reached by e-mail at PhilH@MortgageNewsNetwork.com.
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Should mortgage servicers be evaluating their current disaster relief strategies on a regular basis? If so, why? Jim Vaca: Absolutely. While certain disasters may have a large number of
—Jim Vaca, Senior Vice President of Field Services at Altisource
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What proactive steps can servicers take to prepare for seasonal natural disasters, such as hurricanes or forest fires? Jim Vaca: Mortgage servicers must have a structured disaster management program in place and take preventative measures ahead of destructive events. Proactive monitoring of potential disasters, combined with inventory management, is critical for collaboration with service providers. This is why it is key to have an internal “SWAT” team that can be initiated immediately upon identification of a qualifying event. It’s also important to ensure that the field service provider has a similar team and plan in place and that their field vendors also have a planned response. Servicers can obtain data and updates from multiple U.S. agencies, such as NOAA, National Hurricane Center (NHC) and Federal Emergency Management Agency (FEMA). Information from state and local agencies will also be needed. After the disaster, servicers should follow best practices, such as loss draft inspections for handling the aftermath.
“… the lessons over the past 14 years, stretching back to Hurricanes Katrina and Rita, have made servicers very cognizant of the need to have staff that can respond in the most proactive and effective way and should be a factor in their staffing model.”
HEARD ON THE STREET continued from page 33
Oaktree Capital Management, has issued its second rated securitization totaling $416,619,599 of non-QM mortgages via the Bunker Hill Loan Depositary shelf. Citadel has contributed loans totaling 21.81 percent of the deal value or $90,871,563 notional. Furthermore, Citadel will continue to support this transaction as a mortgage servicer. “Citadel Servicing has and will continue to be an industry leader in the non-QM/non-prime niche,” said Kyle Gunderlock, president and chief operating officer of Citadel Servicing Corporation. “With a servicing portfolio of $3 billion and over 11,500 loans originated since 2011, CSC will continue to innovate and lead in the growth of this important mortgage market segment.” NewFi Adopts LoanScorecard’s PPE as Its Non-QM Pricing Tool
and close loans,” said Steve Abreu, chief executive officer of NewFi Wholesale. “We chose to partner with LoanScorecard because they allow us to provide brokers, whether or not they are approved partners, greater value by accessing our proprietary guidelines directly in their LOS. In addition, we didn’t need to spend significant time and resources building our own AUS. LoanScorecard’s implementation process was so smooth that we were up and running in less than a month.” Ben Wu, executive director of LoanScorecard, said, “Forwardlooking wholesale lenders, like NewFi, know that, in order to be successful in today’s market, it’s essential to build strong relationships with brokers. By leveraging LoanScorecard technology, NewFi is expanding its reach and empowering brokers with real-time pricing and an immediate indication of whether or not loans would be approved, so they can quickly and confidently close more loans.”
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Quicken Celebrates Record-Shattering Q2
America’s largest lender. Our team members have never wavered from setting the bar and delivering the best client service in the industry to our millions of clients–even through this significant growth.” Adding to the historic quarter, in May Quicken Loans had the highest closed loan volume for home purchases in the company’s history. More than two-thirds of those using Rocket Mortgage, with three-quarters of those home shoppers are buying their first home. Homebuyers have also been drawn to Quicken Loans’ exclusive Rate Shield product, which locks an interest rate for 90 days while the buyer looks for a home. The buyer is protected if rates rise, but if rates drop, their rate drops too. This allows them to search for a home without having to worry about changing rates affecting their budget. “The ultimate impact of a record-breaking quarter is that we can continue to reinvest our resources into communities like Detroit through our ‘For-MoreThan-Profit’ approach,” said Farner. “From education and housing stability initiatives to entrepreneurship programs, our team members are at the forefront of growth—both in the business and the communities in which they live, work, and play.” Mortgage Network Voted a “Best Mortgage Company” for Sixth Consecutive Year
Quicken Loans has announced that the second quarter of 2019 was the best in the company’s 34-year-old history. The second quarter of the year was the first three times the company has originated more than $10 billion in a single month, with each month setting a new record for the highest closed loan volume– culminating in June being the best month in Quicken Loans history. In June, the company closed nearly $11 billion in mortgage volume, contributing to the $32 billion originated for the quarter. “The single focus since our company’s inception has been to help our clients achieve the dream of homeownership while delivering the highest levels of service and care,” said Jay Farner, chief executive officer of Quicken Loans. “This simple philosophy has created a unique culture empowering our dedicated team members to set and surpass records while growing our position as
Mortgage Network Inc. has been named Coastal Style Magazine’s “Best Mortgage Company in Wicomico County, Md. for 2019. This marks the sixth year in a row the company, which operates a Salisbury, Md. branch office, has received this recognition. Award recipients, who were selected by Coastal Style’s readers, will be honored at the magazine’s 7th annual “Best Of” party in September. “It’s a great honor to be voted by Coastal Style Magazine’s readers as the best mortgage company in Wicomico County,” said Hope Morgan, Mortgage Network district manager. “We’ve always done our absolute best to help area residents with all of their homebuying and refinance needs, as well as serve the community as more than just a mortgage company. I’m thrilled to
know that so many people think of us this way.” Morgan, a 42-year mortgage industry veteran, serves on the executive board of Salisbury Neighborhood Housing Services (SNHS), a non-profit housing organization. Over her career, she has helped increase homeownership opportunities by facilitating housing grants for many homebuyers in Wicomico County’s Lower Eastern Shore area. Covius to Acquire Assets From Chronos
Covius Holdings has entered into a definitive asset purchase agreement to acquire certain businesses from Chronos Solutions, including its credit, flood, income and tax verification services, government services, REO management and disposition, online foreclosure auction and homeowners association (HOA) tracking units. These businesses will complement Covius’ offerings in document management, loan modification and loss mitigation, title, compliance management, lien tracking, valuations, due diligence and business process workflow services. When the transaction has closed, the combined company will have a broad range of products spanning the mortgage, real estate and financial services lifecycle and a customer base of more than 5,500 clients. Under the purchase agreement, Covius will acquire a host of critical capabilities, including: Credit reporting and modeling; borrower verification services; flood determinations; appraisal review technology; lien release and tax tracking; HOA risk mitigation services; government services; REO asset management and disposition services; and online foreclosure auction services. “For the past 18 months, we have been rigorously executing a strategic plan to invest in technology-enabled services, while divesting our private-label fulfillment operation,” said Rob Clements, chairman and chief executive officer of Covius Holdings. “Combined with New Residential Investment Corp.’s recent agreement to make an investment in Covius, this acquisition further expands the critical services that Covius can digitally deliver across the mortgage ecosystem and deepens our product offerings.”
Mortgage professionals to watch
FICHTLER AKIVA MOSKVER
Prime Mortgage Lending, an Apex, N.C.-headquarter company operating in 30 states, has announced it will rebrand itself as “GoPrime Mortgage Inc.” The company will also launch a new Web site that it says will help consumers in the markets it
l The Mortgage Bankers Association (MBA) has promoted Dan Fichtler to associate vice president of housing finance policy within the association’s Residential Policy and Member Engagement team. The MBA has also promoted Lisa J. Haynes, CPA, MBA, to senior vice president, chief financial officer, and chief diversity and inclusion officer.
l Cloudvirga has appointed Daniel Akiva as chief technology officer. Akiva has more than 20 years of experience developing elite
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 email are preferred. The deadline for submissions is the 1st of the month prior to the target issue.
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Prime Mortgage Lending Rebrands as GoPrime Mortgage
l FinLocker, a St. Louis-based financial data and analytics company serving the mortgage and other lending industries, has named Brian Vieaux as its new president.
l Waterstone Mortgage Corporation has expanded its footprint in Texas with the opening of their new El Paso location, to be led by Loan Originators Norma Perez and Juergen Angermaier. Waterstone has also announced the promotion of Chris Fleming to senior vice president–national sales at the company’s Pewaukee, Wis.based corporate office. l SoFi has hired Aaron J. Webster as its new chief risk officer, where he will be responsible for the company’s risk, fraud and credit management frameworks. l Guaranteed Rate has hired has hired Suk Shah as its new chief financial officer (CFO). l Black Knight Inc. has hired Peter Carrara as chief information officer. l LenderClose has again expanded its staff, adding two new sales representatives, Troy Allen and Kathy Bell, and Software Developer Caleb Salt. l SimpleNexus has bolstered its senior leadership team with the appointments of three vice presidents to support the company’s rapidly expanding roster of mortgage lender clients: Kent Besaw as VP of customer success; Kevin McKenzie as VP of finance; and Shane Westra as VP of product. l LenderSelect Mortgage Group has announced that Patrick Polson has joined the company as a transaction coordinator, managing existing relationships with LenderSelect credit union, community bank and farm
credit teammates. l First Community Mortgage (FCM) has announced that Chief Risk Officer Samantha Meyer has been elected to its Board of Directors. l LERETA LLC has named Kelly Hebert director of sales operations, where she will be responsible for managing the collaboration between sales, operations and account management teams. l STORE Capital Corp., an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, has hired Andrew Rosivach as executive vice president for underwriting. l ACES Risk Management (ARMCO) has announced the hiring of industry veteran Mike Ehring as senior director of business development. Ehring brings more than 20 years of experience as a senior executive in sales and business development for mortgage fintech companies that include Dorado, CoreLogic and most recently at LoanLogics. l Insellerate, a Newport Beach, Calif.-based customer relationship manager (CRM) serving the mortgage industry, has added Neil Sahota to its board of advisors. l Inland Mortgage Capital LLC has announced the appointment of Daniel Greenberg as senior vice president of loan origination, where he will be responsible for all facets of Inland Mortgage Capital’s commercial real estate bridge loan origination for the eastern United States.
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Civic Financial Services has launched a correspondent lending channel for traditional mortgage and private money lenders with warehouse line options. According to the Redondo Beach, Calif.-based company, the new correspondent channel will enable approved lenders to close Civic Financial Services loans in their own name, as well as access to warehouse lines. Zeenat Zonte, who was previously a regional sales manager with Ditech Financial and a vice president and division manager at New Penn Financial LLC, has been hired as director of correspondent lending. “Simply put, we understand the needs of our partners,” said William J. Tessar, president of Civic Financial Services. “In the wholesale arena, private money products were only available through the broker vein, which meant less revenue for the mortgage banker. In the private money arena, lenders were previously limited by the amount of capital they could raise.”
PEREZ
Civic Financial Services Debuts Correspondent Channel
engineering teams that deliver enterprise-class Saas for some of the world’s largest companies. Cloudvirga has also announced the appointment of 20-plus-year industry veteran Maria Moskver as chief legal and compliance officer.
ANGERMAIER
serves connect with a loan officer, find the best loan for their needs and apply securely online. The company specializes in residential loans including VA, FDA, USDA and conventional home loans, among others. “Dedicated to local lending, GoPrime goes above and beyond in every single interaction, and our new name simply emphasizes our agility and dedication to going the extra mile in terms of service and accountability,” said President John Rodgers.
VIEAUX
Chronos’ key senior management and operating team members will be joining Covius as part of the transaction. “The acquisition by Covius is a natural fit for the Chronos set of businesses and represents an exciting opportunity to join a growing company with a strong financial position and diverse client base,” said Mark Hikel, chief executive officer of Chronos Solutions. “We could not be more excited about this new partnership and what it will mean for our clients and employees.”
The NAPMW Report NAPMW Member Spotlight: Sandy Borchers, The Columbia River
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My name is Sandy Borchers and I have been a member of NAPMW since 2016. I was a mortgage loan officer at that time I joined the association, and thought it would be a great place to network with others in my industry. I was so impressed after attending my first meeting and knew I wanted to be a part of the organization. Not only is it a great place to network with like-minded people in my industry, but NAPMW offers so many other things like education that comes with every meeting, the chance to meet new people, and a place to brain storm with others. I truly like what NAPMW represents. I was a mortgage loan officer from 1998 through 2018 and enjoyed every minute of it! What a great industry to be in! In May of 2018, I decided to make a career change and am now a business development executive for Clark County Title. I am happy to still be in the industry, getting to talk to real estate agents, lenders and builders. On the personal side, I like outdoor adventure, running, reading and traveling. My family and friends are a very important part of my life. I am living my best life!
NAPMW’s Calendar of Events Stay tuned for local NAPMW events coming to your area … Friday, August 23 NMLS Renewal LIVE Class-San Joaquin Valley NAPMW The Lamp Liter Inn 3300 West Mineral King Avenue Visalia, Calif. For more information, e-mail janetj@centralvalleyins.com or visit napmw.org. Wednesday, September 11 NAPMW National Board of Directors Meeting NAPMW Board of Directors National Board Meetings will be held the second Wednesday of the month at 2:00 p.m. Pacific time. This call is open to NAPMW members! To take part, e-mail Admin@NAPMW.org. After registering, you will receive a confirmation e-mail containing information about joining the Webinar. For questions regarding National Board Calls, e-mail Admin@NAPMW.org.
Wednesday, December 11 NAPMW National Board of Directors Meeting NAPMW Board of Directors National Board Meetings will be held the second Wednesday of the month at 2:00 p.m. Pacific time. This call is open to NAPMW members! To take part, e-mail Admin@NAPMW.org. After registering, you will receive a confirmation e-mail containing information about joining the Webinar. For questions regarding National Board Calls, e-mail Admin@NAPMW.org.
The Benefits of NAPMW Membership Educational opportunities NAPMW, in continuing its long-standing mission to educate and enable its members to provide many valuable benefits to enhance your career. NAPMW has recently partnered with Mortgage Educators.com! Stay tuned for a list of educational opportunities for NAPMW Members Career center Are you an employer looking for qualified applicants for your organization? Let NAPMW help. All NAPMW members share a passion for this industry and a great percentage of our members have years of experience in the lending and real estate fields. Are you looking for employment opportunities or a career change? NAPMW’s Career Center will connect you with job postings by industry employers and allow you to post your resume. Additional benefits As a member, you are welcome at any NAPMW chapter across the country. Your membership includes: l Reduced fees at all NAPMW events, including NAPMW Annual, and the many other mortgage conferences we sponsor. l Access to members only content on national website, including access to the Leadership and Educational Libraries l The opportunity to network and build relationships with influential women and men in the mortgage industry and across the country NAPMW is continuing to pursue many other options to add value to our membership. Currently several other new benefits are being reviewed for inclusion in our benefits package and we will update our Web site with these in the next few weeks. Visit NAPMW.org for more information.
For more information, call (608) 886-9817, visit NAPMW.org or e-mail Admin@NAPMW.org.
NATIONAL MORTGAGE PROFESSIONAL MAGAZINE’S
calendar of events AUGUST 2019 Wednesday-Friday, August 14-16 MMLA 2019 Annual Lending Conference Crystal Mountain Resort & Spa 12500 Crystal Mountain Drive Thompsonville, Mich. For more information, visit MMLA.net.
Tuesday, September 17 NAMMBA Connect D.C. Sprint HQ 12524 Sunrise Valley Drive Reston, Va. For more information, visit NAMMBA.org. Thursday-Friday, September 19-20 2019 VMLA Annual Convention Richmond Downtown Marriott 500 East Broad Street Richmond, Va. For more information, visit VirginiaMLA.org.
SEPTEMBER 2019 Thursday, September 5 NAMMBA Connect Chicago Donald E. Stephens Convention Center 5555 North River Road Rosemont, Ill. For more information, visit NAMMBA.org.
Friday, September 20 2019 UAMP Mortgage Expo Marriott at City Creek 75 South West Temple Salt Lake City, Utah For more information, visit UAMP.net. Sunday-Tuesday, September 22-24 MBA’s 2019 Regulatory Compliance Conference Grand Hyatt Washington 1000 H Street Washington, D.C. For more information, visit MBA.org.
Thursday, October 24 AZAMP Annual Expo 2019 JW Marriott Phoenix Desert Ridge Resort & Spa 5350 East Marriott Drive Phoenix, Ariz. For more information, visit AzAMP.org. Saturday, October 26 mPowering You: MBA’s Summit For Women in Real Estate Finance Austin Convention Center 500 East Cesar Chavez Street Austin, Texas For more information, visit MBA.org.
Saturday-Monday, September 14-16 NAMB National 2019 Conference & Trade Show Caesar’s Palace 3570 South Las Vegas Boulevard Las Vegas For more information, visit NAMB.org.
Sunday-Thursday, September 22-26 2019 Northeast Conference of Mortgage Brokers and Professionals Hard Rock Hotel & Casino 1000 Boardwalk Atlantic City, N.J. For more information, visit MBANJ.com.
Sunday-Wednesday, October 27-30 MBA’s 2019 Annual Convention & Expo Austin Convention Center 500 East Cesar Chavez Street Austin, Texas For more information, visit MBA.org.
Sunday-Tuesday, September 15-17 MBA’s Risk Management, QA & Fraud Prevention Forum 2019 Sheraton Grand Chicago 301 East North Water Street Chicago For more information, visit MBA.org.
OCTOBER 2019 Wednesday, October 9 NAMMBA Connect Charlotte Queens University (Sports Complex) 2229 Tyvola Road Charlotte, N.C. For more information, visit NAMMBA.org.
NOVEMBER 2019 Tuesday-Thursday, November 5-7 NCRA 27th Annual Conference The DeSoto Hotel 15 East Liberty Savannah, Ga. For more information, visit NCRAInc.org.
Monday, November 11 NAMMBA Connect Orlando DoubleTree by Hilton Orlando at SeaWorld 10100 International Drive Orlando, Fla. For more information, visit NAMMBA.org. Thursday, November 14 FAMP’s 2019 Miami Mortgage Convention Trade Show DoubleTree by Hilton Hotel Miami Airport & Convention Center 711 NW 72nd Avenue Miami For more information, visit MiamiFAMP.org. Monday-Wednesday, November 18-20 2019 NRMLA Annual Meeting & Expo Nashville Omni 250 5th Avenue South Nashville, Tenn. For more information, visit NRMLAOnline.org/event/2019annual-meeting-expo. Tuesday-Thursday, November 19-21 MBA’s Accounting and Financial Management Conference 2019 Marriott Marquis San Diego Marina 333 West Harbor Drive San Diego For more information, visit MBA.org.
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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Wednesday-Thursday, September 11-12 MBA’s 2019 Human Resources Symposium The Hyatt Regency, Crystal City 2799 Jefferson Davis Highway Arlington, Va. For more information, visit MBA.org.
Wednesday, October 23 NAMMBA Connect Houston The Westin Houston, Memorial City 945 Gessner Road Houston, Texas For more information, visit NAMMBA.org.
Wednesday, November 6 NAMMBA Connect Los Angeles The Westin Bonaventure Hotel and Suites 404 South Figueroa Street Los Angeles For more information, visit NAMMBA.org.
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Monday-Tuesday, August 26-27 NEXTSummer19 The Gwen Hotel 521 North Rush Street • Chicago For more information, visit NEXTMortgageConference.com.
Wednesday-Thursday, October 9-10 Oregon Mortgage Association Summit 2019 Salem Convention Center 200 Commercial Street Southeast Salem, Ore. For more information, visit OregonMortgageAssociation.com.
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Visit www.AngelOakMS.com or call 855.631.9943 Simply The Best Solution in Non-QM Wholesale and Correspondent Lending g. 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 off ffeered by or in conjunction with HUD, FHA, VA, the U.S. government or any ffeederal, state or local governmental body. This is a business-to-business communication and is intended ffo or licensed mortgage proffeessionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently ffo or approval an nd not all applicants will qualify fy ffo or 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. MS675_0419