National Mortgage Professional Magazine December 2019 by ambizmedia

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#, <, == ==-#!! # & Â©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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

n National Mortgage Professional Magazine n DECEMBER 2019

your responsive partner for Non-QM results

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table of

N A T I O N A L

NMP Mortgage Professional of the Month: Dawar Alimi, Co-Founder & Chief Executive Officer, Lender Price By Phil Hall

D E C E M B E R

National Mortgage Professional Magazine’s 40 Under 40

2 0 1 9

M O R T G

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V O L

A SPECIAL FOCUS ON “BUSINESS PLANNING FOR 2020”

T o

Expanding Your Offerings by Embracing Non-QM By Lisa Schreiber ......................................................................................50

B B

What to Expect When You Are Expecting a New Year By Matt Tully ..54

How AI Will Boost the Mortgage Lending Cycle By Jay Budzik ..........56

Implementing Operational Excellence in a Miracle-Minded Way By John J. Murphy ....................................................................................58

M M

A Loan Officer’s Guide to Millennial Homebuyers By Kim Gates ........60

Your 2020 Marketing Budget: Important Considerations By Rosalie Berg..........................................................................................62

2019 MBA Annual Convention Survey Scorecard: A Report of Findings By Tom LaMalfa

FEATURES

ARMCP Readies New Web Site ................................................................6

Should You Fill Your Pipeline With Non-QM? By Tom Hutchens ..........8 The Elite Performer: Limitless By Andy W. Harris, CRMS ......................8 Breaking Records in 2019 and Doubling Down in 2020 By Austin Niemiec ......................................................................................10 Recruiting, Training and Mentoring Corner: Time to Set Your Goals for 2020 By Dave Hershman ..........................................................18 NAMB Perspective ..................................................................................20 GSEs to Modify ARM Note Language in Preparation for Discontinuance of LIBOR By Gavin T. Ales ......................................22 Skepticism as an Obstacle to Connecting Housing Counselors and Independent Los By Pam Marron ....................................................42

NMP’s Legends of Lending: ACC Mortgage By Rick Grant

V I S I T

Company

Web Site

O U R

Page

A D

ACC Mortgage .................................................. weapproveloans.com ......................................................9 Angel Oak Mortgage Solutions ............................ angeloakms.com ..............................................Back Cover Arc Home Loans ................................................ archomeloans.com ........................................................62 Brokers Compliance Group.................................. brokerscompliancegroup.com ..........................................80 Capital One ........................................................capitalone/financialinstitutions ..........................................17 Carrington Mortgage Services, LLC ...................... carringtonally.com ..................................................1 & 65 Citadel Servicing Corporation .............................. citadelservicing.com ......................................................43 Concord Church Finance .................................... concordchurchfinance.com ............................................64

The

th i w eck

The

th i w k

The Beckwith Blog: The Blessing Lesson! By Christine Beckwith

Deephaven Mortgage, LLC .................................. deephavenmortgage.com ..............................................35 DocMagic .......................................................... docmagic.com ................................................................7 First National Bank of America............................ fnba.com/mortgagebrokers ............................................53

Flagstar Bank .................................................... flagstar.com/why ..........................................................57 Genworth .......................................................... pages.genworth.com/you ................................................23 Greenbox Loans, Inc........................................... greenboxloans.com ................................Inside Front Cover Locke Law US, LLC ............................................ lockelaw.us ..................................................................77

Lykken On Lending ............................................ lykkenonlending.com ....................................................74

of contents

R T G A G E

P R O F E S S I O N A L

O L U M E

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N U M B E R

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The Mortgage Godfather: The Challenge of Being in Charge of Salespeople By Ralph LoVuolo Sr. ......................................................44

BrokerNATION: Shawn Williams, President of Fortis Mortgage By Andy W. Harris, CRMS ........................................................................46 NCRA’s 27th Annual Conference Review By Terry Clemans ................70 Is a Housing Bubble on the Horizon? By Mark Daniels ........................72 MBA’s Mortgage Action Alliance: A Message From MAA Chairman Jeffrey C. Taylor ..............................................................76 NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

COLUMNS New to Market ..................................................................................12 News Flash: December 2019 ............................................................14

TOP MORTGAGE EMPLOYER

Heard on the Street ..........................................................................26 NMP Calendar of Events ..................................................................79

2020

National Mortgage Professional Magazine is compiling a list of America's Top Mortgage Employers.

A D V E R T I S E R S Company

Web Site

Page

MBS Highway .................................................... mbshighway.com/MNN ..................................................15 Mortgage News Network (MNN) .......................... mortgagenewsnetwork.com ....................................40 & 41

Nominate your company for Top Mortgage Employers in Three Easy Steps: 1. Create an account 2. Complete your company employer proﬁle 3. Share your company employer proﬁle with your staff to boost your chances of making it on the 2020 Top Mortgage Employers* *Voting is free and requires registration. Voting helps, but is not the only factor used to select the Top Mortgage Employers.

NAMB+ ............................................................ nambplus.com ..............................................................19 NAMB Focus ...................................................... bit.ly/nambfocusattendee ..............................................59 NAMMBA .......................................................... nammbaconnect.org ......................................................63 NAWRB ............................................................ nawrb.com ....................................................................47 NRMLA.............................................................. nrmlaonline.org ............................................................75 Origination Pro.................................................. originationpro.com ........................................................78 Paramount Residential Mortgage Group, Inc. ...... prmg.net ................................................Inside Back Cover PB Financial Group Corp. .................................. calhardmoney.com ........................................................75 Quicken Loans Mortgage Services ........................qlmortgageservices.com/strongertogether ........................11 RCN Capital ...................................................... rcncapital.com ..............................................................65

Please only one submission per person or your company may be disqualiﬁed. Your company must be involved in originating mortgages, be at least two years old with a minimum 15 employees. There is a one-time application fee of $94 per application.

REMN................................................................ remnwholesale.com ......................................................13 Ridgewood Savings Bank .................................... ridgewoodbank.com ......................................................55 Spring EQ .......................................................... wholesale.springeq.com ..................................................5 TCF Financial Corporation .................................. tcfbank.com/brokerloans/compensation ..................45 & 61

Submit your nomination and make sure your company is well represented.

nmplink.com/TopEmployers2020

FROM THE PUBLISHER’S DESK DECEMBER 2019 Volume 11 • Number 12 1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 • Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com

STAFF Joel M. Berman Publisher - CEO (516) 409-5555, ext. 310 joel@mortgagenewsnetwork.com Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@mortgagenewsnetwork.com Joey Arendt Art Director (516) 409-5555, ext. 323 joeya@mortgagenewsnetwork.com Phil Hall Managing Editor (516) 409-5555, ext. 312 philh@mortgagenewsnetwork.com Rick Grant Special Reports Editor (570) 497-1026 (direct) (516) 409-555, ext. 311 rickg@mortgagenewsnetwork.com Scott Koondel VP of Operations (516) 409-5555, ext. 324 scottk@mortgagenewsnetwork.com Francine Miller Advertising Coordinator (516) 409-5555, ext. 301 francinem@mortgagenewsnetwork.com

Advertising To receive any information regarding advertising rates, deadlines and requirements, please contact (516) 409-5555, ext. 4 or e-mail advertising@mortgagenewsnetwork.com.

Article submissions/press releases To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck at (516) 409-5555, ext. 312 or e-mail ericp@mortgagenewsnetwork.com. The deadline for submissions is the first of the month prior to the target issue.

Subscriptions To receive subscription information, please call (516) 4095555, ext. 301; e-mail orders@mortgagenewsnetwork.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the authors alone and do not imply the opinion or endorsement of Mortgage News Network Inc., or the officers or members of any trade association that National Mortgage Professional Magazine is designated as their official publication. Participation in any trade association that designates National Mortgage Professional Magazine as their official publication, events, activities and/or publications is available on a non-discriminatory basis and does not reflect the endorsement of the product and/or services by Mortgage News Network Inc., or any of the trade associations that designate National Mortgage Professional Magazine as their official publication.. National Mortgage Professional Magazine and any trade association that designates National Mortgage Professional Magazine as their official publication do not make any misrepresentations or warranties concerning the regulatory and/or compliance aspects of advertisers, products or services and/or the editorial content contained in Mortgage News Network Inc. publications. National Mortgage Professional Magazine and Mortgage News Network Inc. reserve the right to edit, reject and/or postpone the publication of any articles, information or data.

Planning for a new decade Believe it or not, in just a few weeks, we will enter the third decade of the 21st Century. Time really does fly. I’ll be moving into the fifth decade of service to this industry. I’ll do so proudly, not just for the things my team and I have accomplished, but for all of the things we’ve watched our readers accomplish over the years. I can’t wait to see what you do in the decade ahead. To help you plan for that, we bring you this month’s issue with a Special Focus on Business Planning. The companies that win in the 20s will be those who start out with a good plan and have the right teams to execute on it. Many of the leaders we expect to see do well in the coming decade are featured in a special secondary focus for this issue. It’s our “40 Under 40” list. These are the young executives who have been developing their skills and abilities so they can take the reins from those of us in my generation who are almost ready to retire. Well, perhaps not actually retire, but certainly take a back seat. After scouring the industry, these are the 40 most influential mortgage professionals under the age of 40 we could find. And not just us, the people on this list were chosen, in part, based on the votes of their peers. And what a list! This group makes our 10th annual class of up and coming mortgage leaders and I could not be more proud of these young people. See if you know anyone on our 2019 list. Maybe you’re listed! If you haven’t made the list yet, it’s time to start working on your plan. Success is the surest way to join the industry’s top performers. To help you with that, we bring you this month’s special section on “Business Planning for 2020.” We always advise you start with strategy before thinking about tactics and we bring you two excellent articles in this issue to help you with that. First, check out “What to Expect When You Are Expecting a New Year,” by Matt Tully, vice president of agency affairs and compliance at Sagent Lending Technologies. If your business is your baby, and why wouldn’t it be, it may help to consider it from the perspective of an expectant parent. Can’t hurt! Then, see “Implementing Operational Excellence in a Miracle-Minded Way,” by John J. Murphy, founder and CEO of Venture Management Consultants Inc. There is no reason that you and your team cannot perform miracles for your borrowers. Lenders do it every day. It takes a focus on operations to make it happen and that begins with a strategic approach. Then, consider your tactics. You may consider new technology. If so, be sure to read “How AI Will Boost the Mortgage Lending Cycle,” by Jay Budzik, chief technology officer at Zest AI. There are some fantastic new tools out there and you need to know what they are capable of delivering to your brokerage and your borrower. You may choose to consider “Expanding Your Offerings by Embracing Non-QM.” If so, don’t miss this great article from Lisa Schreiber, senior vice president of non-QM for NewRez LLC. And you may consider a new market. There isn’t one hotter than younger homeowners right now, so be sure to read “A Loan Officer’s Guide to Millennial Homebuyers,” by Kim Gates, senior national account executive at Data Facts. Finally, consider how you’ll spend your money next year. For some suggestions, we bring you “Your 2020 Marketing Budget: Important Considerations,” from marketing and public relations expert Rosalie Berg, president of Strategic Vantage. A good plan can get your company where you want to take it, but only if you know where you’re starting from. A good understanding of the market as it exists today is an important prerequisite to planning. We have you covered there. This month, we also feature our annual “MBA Annual Convention Survey Scorecard: A Report of Findings.” This is the annual feature in which Tom LaMalfa brings us the results of the survey of C-suite-level execs he conducts during the big conference. It’s one of the best ways we know of to gauge the state of the industry. The survey was based on face-to-face surveys Tom personally conducted during the event. He’s been doing this for over a decade now, and you’ll want to know what he learned about how we’re doing as an industry at the close of the second decade of the new millennium. For an example of a company that will be coming out of this decade in very good shape, read about this month’s Legend of Lending: ACC Mortgage. Rick Grant sat down with company founder Robert Senko to get the story. And for another great example of success, see Phil Hall’s profile on our NMP Mortgage Professional of the Month, Dawar Alimi, co-founder and CEO, Lender Price. And, of course, you’ll get all of the great content you always get in National Mortgage Professional, including trade show news, compliance information, motivational material and things you should be thinking about, like ways you can give back this holiday season courtesy of Christine Beckwith and her Beckwith Blog. Some will tell you that the coming decade will be a hard one for our industry. They may be right. But those who plan and then execute well will succeed no matter what surprises the market has in store. I know our readers will be among that number and that gives me hope for the future. Happy holidays and a successful New Year to you all. Sincerely,

Joel M. Berman, Publisher-CEO Mortgage News Network Joel@MortgageNewsNetwork.com

Opportunities That Exist In Home Equity How Industry Leaders are looking at the 2nd Mortgage Home Equity Segment and why is this is an important shift in our market. Thursday, January 23, 2020 Featuring the legendary JC Faulkner, a true "Man behind the curtain" of the mortgage industry. Mr. Faulkner is an investor and on the board of Spring EQ as well as Service Mac.

Your past clients just bypassed you for ﬁnancing and they didn’t even say goodbye! Thursday, February 20, 2020

Featuring Lauri Preedge, a Home Equity Expert and top producing home equity AE with Spring EQ and one of nmp's Most Connected Mortgage Professionals of 2019.

Register at nmp.bz/homeequity Industry Leader POV - Market Shift: 2nd Mortgage Home Equity If you are a mortgage company executive or would like to get a high-level perspective on the Home Equity Segment this webinar is a must attend. Low rates are good for everyone except the companies that service loans. This latest reﬁ boom has pushed prepayment of ﬁrst mortgages to the highest level since May of 2013.

Webinar Contact: John Neihart l jneihart@springeq.com

www.wholesale.springeq.com Spring EQ, LLC NMLS #1464945

n National Mortgage Professional Magazine n DECEMBER 2019

“How To Originate 2nd Mortgage-Home Equity Products” Case Studies with top producing home equity expert Lauri Preedge. Thursday, March 19, 2020

NationalMortgageProfessional.com

Featuring Jerry Schiano and Tod Highﬁeld, two individuals who need no introduction in the mortgage world.

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 2 0 1 9 - 2 0 2 0

O F F I C E R S

Rocke Andrews, CMC, CRMS President Rocke.Andrews@NAMB.org

Kimber White, CRMS President-Elect Kimber.White@NAMB.org

Linda McCoy, CRMS Vice President Linda.McCoy@NAMB.org

Wayne King, CMC, CRMS Treasurer Wayne.King@NAMB.org

Michelle Velez, CMC Secretary Michelle.Velez@NAMB.org

Richard Bettencourt, CRMS Immediate Past President Rick.Bettencourt@NAMB.org

Valerie Saunders, CRMS Executive Director ValSaun@NAMB.org

Harry H. Dinham, CMC Chief Operating Officer HDinham@NAMB.org

D I R E C T O R S

Dawn Cychner Dawn.Cychner@NAMB.org

Michael DeSantis Mike.DeSantis@NAMB.org

Ernest Jones Jr. Ernest.Jones@NAMB.org

Paul Marsh, CMC, CRMS Paul.Marsh@NAMB.org

Matt Oliver, CRMS Matt.Oliver@NAMB.org

Marty Pfeiffenberger, CRMS MartyP@NAMB.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

2020-2021 BOARD OF DIRECTORS

DECEMBER 2019 n National Mortgage Professional Magazine n

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William Bower President (800) 288-4757 WBower@ContInfo.com

Debbie Loyning Vice President/Treasurer (425) 264-1024 Debbie@Alliance2020.com

Mary Campbell Ex-Officio (701) 239-9977 Mary@AdvantageCreditBureau.com

Mike Brown Director (800) 275-7722, ext. 3020 Mike.Brown@CISCredit.com

Janet Curtis Director (210) 224-6121 JCurtis@SARMA.com

Maureen Devine Director (413) 736-4511, ext. 313 MDevine@DataFacts.com

Helen Meyers Director (800) 782-9094 Helen@CreditInfoSystems.com

Jim Norman Director (866) 377-5327, ext. 1002 Jim.Norman@MFICreditSolutions.com

Mike Thomas Director (615) 386-2285, ext. 285 MThomas@CICCredit.com

Delia Zuniga Director (623) 889-8999 Delia@AdvantagePlusCredit.com

Terry Clemans Executive Director (630) 539-1525 TClemans@NCRAInc.org

Jan Gerber Office Manager/Member Services (630) 539-1525 JGerber@NCRAInc.org

Roy Goodwin Compliance Services Director (630) 539-1525 RGoodwin@NCRAInc.org

Lucy Ramos Office Staff (630) 539-1525 LRamos@NCRAInc.org

Jeff Gentry Director (877) 814-1178 JGentry@Service1st.com

ARMCP Readies New Web Site The Association of Residential Mortgage Compliance Professionals (ARMCP) has announced the launch of its new Web site, ARMCP.org, a state-of-the-art platform designed specifically to fulfill the needs of residential mortgage compliance professionals. The site design is built around a dynamic hub that provides a meeting place for all ARMCP member interactions. The entire Web site platform has taken many years to resource, design and program. “If you want to join ARMCP via LinkedIn, please contact me at Info@ARMCP.org and I will send you an invitation,” said Jonathan Foxx, Ph.D., MBA, founder and president of ARMCP. “There are now 1,600 members on LinkedIn who have the opportunity to move to our new Web site!” ARMCP is the first and only independent, national organization in the United States devoted exclusively to residential mortgage compliance professionals. ARMCP is a non-profit association, owned and managed by its members, and not dependent on any profit-based enterprises. For more information, e-mail Info@ARMCP.org or visit ARMCP.org.

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n National Mortgage Professional Magazine n DECEMBER 2019

Should You Fill Your Pipeline With Non-QM? By Tom Hutchens

DECEMBER 2019 n National Mortgage Professional Magazine n

NationalMortgageProfessional.com

o you agree with me that today’s housing supply has narrowed, and mortgage demand is uncertain? If you do–even if you are the most conservative of loan officers–then this is the time to diversify your product offerings.

The best way to do that is by promoting non-QM loans and welcoming deserving prospects who are ineligible for agency loans. Yet, despite the sustained performance excellence of non-QM loans, many loan officers continue to avoid them, believing they are the high-risk offspring of the sub-prime mortgages that wrecked the economy 10 years ago. Five years of evidence proves that non-QM loans are not “high risk.” The default rate for Angel Oak Mortgage Solutions loans is less than two percent, whereas the Mortgage Bankers Association (MBA) reports the default rate of all loans at 3.9 percent. Many established brokers know how safe nonQM loans are. In this shifting market, they are meeting the need to expand pipelines with non-QM loans, and, they are profiting by doing so. So, you should fill your pipeline by entering the non-QM marketplace. And, you need to know that success requires new knowledge. You especially need to know that all non-QM loans and lenders are not alike. A valid concern of non-QM skeptics is the rapid spread of new non-QM lenders and products. The most respected non-QM lenders have been serving this special market for four years or more. They only do nonQM, all day, every day. You will quickly discover that these non-QM specialists have perfected their processes to assure better end-to-end experiences than those delivered by lenders new to the industry or bankers who have added nonQM to an agency-heavy portfolio. Before jumping into the non-QM arena, meet with representatives of three or more established lenders. Ask tough questions about their histories, products and track records. Get references from loan officers whose markets are similar to yours. Discover how each lender solves problems and serves originators such as yourself. Many non-QM lenders offer attractive rates and numerous products, but may not have the technical resources, expertise or depth of personnel needed to close loans on time and deliver customer satisfaction. Make sure you use non-QM lenders who have sound underwriting guidelines. As the pioneer of non-QM loans and the market leader, Angel Oak Mortgage Solutions is eager to compare its products, technology and service excellence with other alternative lenders. To learn how to enter the non-QM market and succeed, contact your Angel Oak account executive at (866) 837-6312 or visit https://AngelOakMS.com/MAP.

the

elite performer Limitless BY ANDY W. HARRIS, CRMS

xtraordinary success requires effort and focus. To be competent with the requirements means there can be no low-level thinking. Many of us are passionate and have the drive, yet also create our own mental roadblocks. These artificial and fictitious barriers get in our way of extraordinary and limitless success. What are the main reasons or causes of these mental walls and how do we break them down?

Self-sabotage I’ve personally experienced self-sabotage, but luckily, catch it before it does any harm. I believe this comes from my humble financial beginnings and almost feeling a sense of guilt when success or income hits levels I never imagined possible. It’s your own subconscious mind telling you: “This can’t last forever” or “You don’t deserve it,” causing someone conservative to be over-conservative in the wrong areas. You don’t want to relate your past, which you could not control as a child, to your future which you certainly do control as an adult when it comes to business. Fear of failure Some may have failed in their career, but this is where we learn the greatest lessons that cause us to succeed. While I believe fear is always a useless word and thought, being prepared and looking ahead is important. We must plan for the worst and hope for the best. Fear of losing face or failure when success is a relevant growing pattern is simply a mental road block you’re placing on truly a limitless future. Never create something out of nothing, and be prepared to succeed by relentless hard work and execution, which will fight failure. So what are some of the ways we can control our subconscious mind and recognize when these issues? l

l Tom Hutchens is executive vice president, 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

NEWS TO MARKET continued from page 13

American. “Endpoint represents a continuation of First American’s 130-year history of leading the title and settlement industry in efforts to enhance the customer experience.” Experian Premieres Credit Score Product Suite

Experian has announced plans to roll out Experian Lift, a suite of credit score products that combines traditional and alternative credit with trended data assets as a new way to measure consumer creditworthiness over a 24-month period. Experian Lift will be made available for lenders in early 2020. The new suite will integrate Experian’s exclusive alternative data assets–alternative financing information, rental data and full file public records information including professional licensures – to determine a borrower’s financial stability, willingness to repay and ability to pay. All data analyzed through Experian Lift will be Fair Credit Report Act regulated. “There are more than 100 million consumers who are restricted by the traditional scoring methods used today,” said Greg Wright, executive vice president and chief product officer for Experian Consumer Information Services. “We’re committed to improving financial access while helping lenders make more informed decisions. Experian Lift is our latest example of this commitment brought to life. Through Experian Boost, we’re empowering consumers to play an active role in building their credit histories. And, with Experian Lift, we’re empowering lenders to identify consumers who may otherwise be excluded from the traditional credit ecosystem.” CoreLogic’s Instant Merge Integrated Into Blend Platform CoreLogic has announced that its Instant Merge consumer

credit report has been integrated into the Blend digital lending platform. According to the Irvine, Calif.-based CoreLogic, Blend customers will now be able to automatically access credit report data during prequalification and mortgage origination, helping to expedite the decision-making process. The direct integration with Blend’s pre-qualification technology will enable the automatic running of credit requests through Desktop Underwriter to speed up the credit pre-qualification process, the company added. “Integrating Instant Merge credit reports into Blend’s technology provides another opportunity to remove friction from the lending process,” said Brian Martin, head of business development at Blend. “This partnership is central to what we’re doing at Blend, connecting components to reduce the time to get an accurate credit decision, and streamlining the lending process for both lenders and consumers.” Jay Kingsley, executive for credit solutions at CoreLogic, said: “This integration with Blend means our customers can now instantly access credit data during the buyer’s journey and as a result, optimize their digital strategy during the pre-qualification process. We’re excited to grow our partnership with Blend, and this recent endeavor represents our commitment to deliver an improved digital lending experience to our customers.” Your turn National Mortgage Professional Magazine invites you to submit any information promoting new “niche” loan programs, new products or any other announcement related to the introduction of a new program, to the attention of: New to Market column Phone #: (516) 409-5555 E-mail: Newsroom@MortgageNewsNetwork.com

Note: Submissions sent via email are preferred. The deadline for submissions is the 1st of the month prior to the target issue.

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N A T I O N A L

M O R T G A G E

P R O F E S S I O N A L

M A G A Z I N E â&#x20AC;&#x2122; S

Mortgage Professional of the Month

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Dawar Alimi Co-Founder & Chief Executive Officer Lender Price By Phil Hall

awar Alimi is cofounder and chief executive officer at Lender Price, headquartered in Pasadena, Calif. In this edition of National Mortgage Professional Magazine, we visit with Alimi to discuss his work in the mortgage technology field.

communicate. Timing, the opportunity to create new and better solutions all were inspirations for creating Lender Price. Since you started the company, what do you see as the greatest accomplishments and challenges that you faced over this time? Dawar Alimi: It’s a great accomplishment knowing that we built a platform that is used by many of the largest banks and non-bank lenders. It’s very gratifying knowing that thousands of users and billions of dollars of loans are flowing through our application that we worked so hard to develop. A challenge we had was dealing with legacy systems from an integration perspective. Having several of these large banks and non-bank lenders on our platform now, we have become very good at large implementation and integration projects. What makes Lender Price stand out from its competition? Dawar Alimi: Our technology, our people and our relentless determination to make lending easier, less costly and more compliant makes us stand out from the competition. We decided to build our pricing engine after evaluating legacy pricing engines and speaking to banks and lenders about what they would like in a modern PPE platform.

Today, we have the most advanced pricing engine with flexibility that legacy PPE’s don’t have. We complimented our PPE with our configurable digital lending platform that’s unlike any POS in the space. Our technology definitely stands out when compared to our competitors. Your Web site says: “At Lender Price, we believe in disrupting the mortgage lending industry by equipping the lending community with innovative technologies that enhance user experience and streamlines the mortgage loan process.” Why do you feel that the industry needs to be disrupted with innovative technologies? Dawar Alimi: The mortgage industry is complex and closing loans comes with several challenges with costs that have increased ever since DoddFrank. Through innovative digital solutions, lending can become more efficient and less costly. Our pricing engine makes managing loan programs easier. You see that today with how innovative new technologies are paving the way of how loans are originated. How does your technology handle the complexities in non-QM loans? Dawar Alimi: We just released our new pricing and underwriting engine called “Flex,” which is designed for non-agency/nonQM loans. We named it “Flex”

What are some of the new features in your recently updated version of Digital Lending Platform? Dawar Alimi: The new digital lending platform has several new features in addition to an integrated pricing engine as part of a cost-effective bundle package. Some of the new features include: l l

l l

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Expanded drag and drop user interface builder; Multiple themes so your digital application is branded for you; Advanced text messaging; Out of the box, it comes already integrated with our Enterprise PPE or Flex PPE as a bundled product; Custom e-mail notifications; Advanced document tracking; Soft or hard pull credit reporting; and Custom closing cost templates.

How do you view the overall state of today’s mortgage technology industry? Where do you see the industry heading in the next 12 months. Dawar Alimi: The mortgage industry is evolving and embracing new technologies more than ever, so I see the mortgage technology industry greatly improving in the next 12 months. Lenders are looking at ways to equip their loan originators with solutions, such as digital lending and pricing engine solutions, to manage their pipelines efficiently. Using a modern pricing engine to help originators structure loans continued on page 65

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What was the inspiration for the creation of Lender Price? Dawar Alimi: Legacy technology has dominated the mortgage industry for a very long time and we saw an opportunity to build a solution with newer software frameworks. A good part of why legacy systems dominated the space is because the industry was busy surviving the mortgage and economic collapse of 2008. While technology was advancing through things such as new open source frameworks, mobile solutions and cloud computing, the mortgage industry was overcoming the 2008 mortgage crisis. I believe in 2008 is when Amazon Web Services made their debut with Elastic Compute Cloud (EC2). That paved the way for software engineers to build enterprisegrade applications without the cost of standing up expensive hardware infrastructure. Mobile phones and modern Web browsers are much more powerful and have changed the dynamics of how we

—Dawar Alimi Co-Founder & Chief Executive Officer at Lender Price

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How did you first get into the mortgage industry? Was this your original career choice? Dawar Alimi: After college, I was introduced to the mortgage industry by some friends and was intrigued by all the technical challenges and opportunities it held. I have been in the mortgage industry for 18 years now, and have held various roles from originations to servicing. I founded a wholesale lending company, an escrow company and a mortgage software company all prior to founding Lender Price. I guess you can say that I stumbled into a career in this industry and am very fortunate to have been in it for this long.

“While fintech will provide efficiencies, the comfort in having a loan officer handling your loan is very important to most borrowers and won’t go away. iBuyer’s like using technology, but still want to speak to someone who will guide them through one of the biggest investments in their lives.”

due to the flexibility to configure just about any loan program, loan level pricing adjustments, eligibility and underwriting rules. With our platform, it takes a fraction of the time to add new loan programs. We remove the complexity of how pricing is managed for non-QM loans through an easy user interface where new non-QM loan programs can be added on the fly.

heard street on the

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.

Quicken Loans Closes $40B in Q3 Mortgages

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Quicken Loans has announced that it has closed $40 billion in mortgages during the third quarter of 2019, the highest quarterly volume in the company’s 34-year history. The Detroit-headquartered company stated its mortgage volume hit an in-house record high in September with $15 billion of closed loan volume. The company added that it outpaced its total 2018 mortgage volume of $83 billion and surpassed its highest-ever full-year mortgage volume of $96 billion in home loans that was attained in 2016. In addition to its increased sales activity, Quicken Loans also made a call for filling 1,800 open positions ranging entry-level and paid interns to highly-specialized mortgage banking roles. “The first nine months of the year have been nothing less than inspiring—not only in terms of how much our company has grown, but because of the incredible number of clients we have helped achieve the American Dream of homeownership,” said Jay Farner, chief executive officer of Quicken Loans. “The fact that we can provide homebuyers a simple, tech-driven mortgage experience that gives them transparency into the mortgage process drives our success. I am so grateful for our team members who continue to deliver the best service possible to our clients while also continuing to innovate and revolutionize the way Americans get a mortgage.”

Angel Oak Opens 12th Georgia Branch

Angel Oak Home Loans, an Atlantaheadquartered retail mortgage lender, has opened a new branch in Acworth, Ga. The new branch is the 12th in Georgia for the company. Jamie Rogers, who joined the company in September as a licensed mortgage advisor, will serve as branch manager at the new location. “We’ve found tremendous opportunity within the state of Georgia,” says Mac Cregger, senior vice president and regional manager of Angel Oak Home Loans. “Home to our headquarters, we are excited to broaden our reach across the state and offer top-tier service to every corner of this thriving market. Angel Oak’s growth is largely a result of our steadfast dedication to high-quality products and superior client experience. We look forward to further growth not just within our home state, but also across the country to bring the best mortgage offerings available to our customers.” Home Point Joins Lender Price’s Marketplace Pricing Engine

Lender Price has announced that Ann Arbor, Mich.-based Home Point Financial has been added to its Marketplace pricing engine. The Lender Price Marketplace pricing engine has grown rapidly since May 2019. Lender Price distributes the Marketplace pricing engine through a partnership with NAMB and its 6,000-plus mortgage broker members. Together, Lender Price and NAMB offer the

Marketplace to all of its members at no cost. Originally introduced at the NAMB National Convention in 2018, the Marketplace has become a goto resource for mortgage brokers to search prevailing pricing from multiple wholesale lenders. The addition of Home Point increases the total number of wholesale lender partners to 25. “The mortgage broker market is thriving and we aim to service them in many ways,” said Paul Wyner, senior managing director at Home Point Financial. “The Lender Price Marketplace is a valued tool for brokers and we see this partnership as an opportunity to increase our visibility and satisfy the needs of our existing customers.” Dawar Alimi, chief executive officer and founder of Lender Price, said: “We’re extremely pleased to partner with Home Point Financial. In just the past six months, we’ve grown our user base by 400 percent and have added numerous lenders to the Marketplace. This demonstrates the demand that mortgage brokers have for a convenient way to find loan products and lenders such as Home Point Financial that want to reach out to broader customer base.” Ellie Mae Acquires Capsilon

Pleasanton, Calif.-based Ellie Mae has announced its acquisition of Capsilon, a provider of AI-powered mortgage automation software for mortgage lenders, investors and servicers. The terms of the transaction were not publicly disclosed. “With the delivery of our next generation lending platform, we are accelerating our mission to

automate everything automatable for the residential mortgage market. This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster,” said Jonathan Corr, president and CEO of Ellie Mae. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry. As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing.” The Mortgage List Announces Partnership With the Mortgage Action Alliance

The Mortgage List has announced a collaboration with the Mortgage Action Alliance (MAA) to help increase awareness and support for MAA’s initiatives and fundamental industry issues. MAA is the Mortgage Bankers Association’s grassroots lobbying organization representing the entire real estate finance industry. MAA enables industry professionals to quickly and easily speak directly with members of Congress, state legislators and federal regulators about the impact of proposed legislation or regulations on one’s business. The Mortgage List LLC provides one of the industry’s most inclusive directories of all facets of the mortgage industry. “This collaboration will allow The

Mortgage List to work with MAA to highlight vendors and raise awareness of various legislative and regulatory issues,” said Ginger Bell, founder of The Mortgage List. “The Mortgage List was originally created to provide a single resource for vendors of all size and service, and this will enhance our mission and benefit all participants.” The Mortgage List will be working with the MAA to create banners and categories to be displayed on all Mortgage List vendor listings, identifying vendors as MAA supporters. The Mortgage List vendor listings will identify MAA supporters on their individual profiles and will be easily searchable via categories. “The collaboration between MAA and The Mortgage List will help us continue to raise awareness about industry initiatives and the vendors who support these efforts,” said Jeffrey C. Taylor, 2019-2020 MAA Chairman. “We look forward to a successful partnership.” Shred Media, The Mortgage List’s marketing agency, will be working with The Mortgage List and MAA to help raise social awareness of MAA’s initiatives. New American Taps Origence to Streamline the Application Process

Deephaven and LoanScorecard Enhancement the Scenario Calculator

Deephaven Mortgage and LoanScorecard have announced that they have enhanced the functionality of Deephaven’s Scenario Calculator, providing originators one-click access to the lender’s AUS engine, IDENTI-FI AUS. Now, originators using the IDENTI-FI Scenario Calculator to view product and program eligibility

scenarios and price loans will be able to obtain detailed AUS findings from directly within the scenario calculator. “We’re excited to broaden our partnership with LoanScorecard by integrating our IDENTI-FI AUS technology and IDENTI-FI Scenario Calculator,” said Mike Brenning, Deephaven’s chief production officer. “Our commitment to enhancing the non-QM point of sale experience for originators is consistently advanced through our partnership with LoanScorecard.” Ben Wu, LoanScorecard’s continued on page 64

National Mortgage Professional Magazine is compiling a list of America's Top Mortgage Employers. 27 NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

TOP MORTGAGE EMPLOYER

2020

Nominate your company for Top Mortgage Employers in Three Easy Steps: 1. Create an account 2. Complete your company employer proﬁle 3. Share your company employer proﬁle with your staff to boost your chances of making it on the 2020 Top Mortgage Employers list* *Voting is free and requires registration. Voting helps, but is not the only factor used to select the Top Mortgage Employers.

Submit your nomination and make sure your company is well represented.

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n National Mortgage Professional Magazine n DECEMBER 2019

Please only one submission per person or your company may be disqualiﬁed. Your company must be involved in originating mortgages, be at least two years old with a minimum of 15 employees. There is a one-time application fee of $94 per application.

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New American Funding has selected the Origence platform as its new mortgage loan origination system. The Origence platform provides lenders a mortgage lending solution that offers a POS and LOS to increase purchase close rates and throughput, while reducing lenders’ cost and cycle time. Origence can scale services to fit the evolving needs of mortgage lenders, significantly reducing manual work and risk. “We are extremely excited about selecting the Origence platform for our new mortgage loan origination system,” said New American Funding Chief Executive Officer Rick Arvielo. “The platform is designed to improve efficiencies and help simplify the loan application process for everyone. By collaborating with Origence, we are now able to improve the overall borrower experience and help them achieve homeownership faster.” The end-to-end LOS solution offers point-of-sale and fulfillment systems focused on reducing friction in the mortgage process, while simultaneously increasing

pull-through rates through marketing automation. “We are taking the lead to provide not only a new type of experience for lenders, but also a dramatically improved experience for borrowers,” said Roger Hull, Origence president and chief product officer. “It’s rewarding to see the level of efficiency and profitability Origence brings to the table for our lending partners. We’re excited to be working with New American Funding to help them transform their mortgage lending services by leveraging our platform’s capabilities.”

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National Mortgage Professional Magazine’s 40 Under 40 The 40 Most Influential Mortgage Professionals Under 40 In our 10th annual “40 Under 40” feature, you will find a list of the top mortgage professionals under the age of 40, as voted on by their peers, who exemplify professionalism and top production in today’s housing market. In assembling this list, we at National Mortgage Professional Magazine took some heat when we began this endeavor a decade ago. Many felt a list of this nature ignored many, while some even cited age discrimination, but we firmly stood by our decision to assemble this group. Like their industry pioneers before them, these individuals are the ones who carried the torch of professionalism in the year 2019 and beyond. We’d like to congratulate all of the following individuals named to our “40 Under 40” list for 2019—in no particular order but alphabetical— and thank all of the nominees for their participation in our “40 Under 40: The 40 Most Influential Mortgage Professionals Under 40” feature.

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President & Chief Operating Officer/Co-Founder Sales Boomerang Baltimore SalesBoomerang.com While earning a dual degree in computer science and business management, Mark Cunningham interned with the fifth largest lender in the country, helping elevate originations by 20 percent. Mark has since owned and managed large national title companies, closing more than 100,000 residential loans for more than 1,000 clients. In 2017, he had a realization … in order to compete in the future, lenders would need to apply metrics to big data and implement automation to

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Epic Mortgage Guy Fairway Independent Mortgage Jacksonville, Fla. EpicMortgageGuy.com In just four short years in the mortgage business, Andrew Cady has built himself into a household name not only in his local market, but nationally within the mortgage originator community. Closing out nearly 200 units in 2019 for an impressive 60 percent growth year-over-year. Andrew's enthusiasm for the business is infectious, and is passed on to his clients and referral partners.

Mark Cunningham

Andrew Cady

Chief Executive Officer HousingWire Dallas HousingWire.com As president and chief executive officer, Clayton Collins leads HousingWire’s corporate strategy, product and editorial roadmap, while building a world-class team of business media professionals. He is also the founder and managing partner of Riomar Capital, an entrepreneurial investment firm that acquired HousingWire in 2016. Prior to founding Riomar Capital, Collins worked at RBC Capital Markets in the mergers and acquisitions group and served as vice president of national sales and marketing at Citibank. His drive to increase HousingWire’s impact earned him a spot on the 2018 Folio: 100, a prestigious list of thought leaders in the magazine and media industry. Collins holds a degree in business administration for Elon University and completed his MBA at The Fuqua School of Business at Duke University.

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Vice President of Client Services Valutrust Solutions Overland Park, Kan. Valutrust.com Kerianne Brown jumped into the valuations industry in 2011. She’s been a key staffer at Valutrust Solutions from the start, when the company was much smaller, too. Kerianne put in the long hours, working her way up from customer service representative to account manager to director of client services to vice president of client services in just five years. But don’t let her title fool you, she still takes service calls from clients every day. Valutrust President Sean Pyle credits Kerianne’s time at the company as being key to embracing technology and establishing the company’s vision and role in the valuations space.

Clayton Collins

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Kerianne Brown

Chairman Association of Independent Mortgage Experts Philadelphia AIMEGroup.com Anthony Casa is founder and chairman of the Association of Independent Mortgage Experts (AIME). Anthony also founded Garden State Home Loans Inc., a mortgage broker based out of New Jersey, which has developed into one of the top mortgage brokerages in the country based on annual closed loan volume. Prior to founding Garden State Home Loans in 2011, Anthony served in various sales and sales leadership roles in the mortgage industry dating back to 2003. Anthony’s vision for AIME is that it is an organization that champions independent mortgage professionals in a biased and proactive manner. With that in mind, the association is operating with a growthfocused strategy, providing tools and resources to propel the wholesale channel beyond a 20 percent share of the mortgage market by 2020.

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The Modern Millennial Originator Contour Mortgage South Hempstead, N.Y. ContourMortgage.com Eric Braun is truly “Not your average lender.” In his short time in the industry, he has built an extremely successful business by becoming an expert on personal branding, especially on Instagram. He has inspired thousands of originators to do the same. Being 24-years-old in a “older” industry comes with its own hurdles, but he uses his modern Millennial edge to not only overcome those hurdles, but use his age as a strength. He not only produces at a high level personally, but has built a team of other originators in his marketplace. When people look for a loan officer to model their social media presence off of, Eric is always brought up in discussion. His brand “Not Your Average Lender” has taken off on Instagram and he can contribute $50,000,000 in volume to his social media marketing. He has built his brand on “adding value” and building real partnerships with his referral partners and it shows.

Anthony Casa

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Ryan Carry Vice President, National Sales IMPAC Mortgage Corporation Irvine, Calif. IMPACWholesale.com Ryan Carry is vice president of national sales for IMPAC Mortgage Corporation, a national, top 10 originator of non-QM assets. Ryan is responsible for the growth and performance of the company’s Wholesale Division, managing a team of more than 40 account executives, the client success team and the TPO marketing team that serving more than 1,000 originator clients nationwide. Ryan joined IMPAC in 2015, the same year that the QM rule took effect, creating the non-QM market. Since 2015, IMPAC has originated more than $3.75 billion in non-QM, the bulk of it through Ryan’s division, which he has led since 2017. During his tenure at IMPAC, Ryan has been instrumental to the development and rollout of several new solutions and programs, including: Non-QM product innovation, premier series of nonQM loan programs, comprehensive training programs, technology innovation, and pricing optimization.

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VP of Social Media MBS Highway West Palm Beach, Fla. MBSHighway.com Megan Anderson is a leading source in the social media space. Before starting in the mortgage world, she trained men and women to prep for bodybuilding competitions. It was while growing her online business that she began to see the power in promoting ourselves and business through social media. It was during this time that she began to notice those who shouldn’t harbor any insecurities usually have the most and how those insecurities keep us from unlocking our true potential. Since starting with MBS Highway three years ago, it became apparent that loan officers and real estate agents have targets on their backs. It is important, now more than ever, to stay on the forefront of people’s minds. Megan combines her talents in helping people not only find their story, but become brave enough to share it with the world of social media. Megan is a sought-out speaker and coach in the social media realm, and her passion is helping others feel confident in themselves, their bodies and their business. She was also a winner of the 2019 Women With Vision Award.

increase originations—so Mark joined forces with Alex Kutsishin. Together, they built the industry’s first comprehensive Customer Retention Platform—Sales Boomerang. Intuitively, Mark has leveraged his experience building successful companies and designing business systems to build and fund Sales Boomerang without investor capital. The results speak for themselves … in 2019 alone, Sales Boomerang discovered more than $13.4 billion in missed loan volume for their lender clients and recaptured $6 billion-plus in new loan originations. Despite his busy role as president, Mark is currently pursuing his MBA at Johns Hopkins and continues to serve as an expert resource to lenders, helping them increase their ROI through marketing automation technology.

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Jay Doran

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Founder & Chief Executive Officer Culture Matters Philadelphia CultureMattersCourses.com After studying more than 14 disciplines and building his own theory, Jay Doran knew the principles of an impeccable culture that could be transferred to every single company that exists. Jay coaches business leaders and high producing salesmen on how to develop cultural alignment within their organizations. He does this by helping them find their inner core values, and creating training programs around these values so the initial culture can live forever.

Jason Doshi President SD Capital Funding Iselin, N.J. SDCapitalFunding.com Jason Doshi has been living and breathing mortgages for over a decade. Prior to his role at SD Capital Funding, he was an analyst at Deutsche Bank’s MBS Division. As president of one of the nation’s fastest-growing mortgage companies, Jason keeps his finger on the pulse of the market and has been able to identify the inefficiencies that surround the homebuying and loan origination process. His experience and insight led him to co-found LemonBrew Technologies, along with a team of engineers and real estate industry vets. LemonBrew’s proprietary matching technology matches vetted and qualified homebuyers with top, local real estate agents. With thousands of agents already signed up on the platform, LemonBrew is proud to have a 98 percent success rate when a buyer and agent match on the platform.

Michelle Dugan Broker/Owner MS Lending LLC Ridgeland, Miss. MSLending.net After 13 years in the mortgage industry, Michelle Dugan opened her own mortgage brokerage in March 2019, MS Lending LLC. She has received multiple industry awards, including the 2019 Women With Vision Award, was a finalist for the 2019 Mississippi Business Woman of the Year, and in 2018, was named a Top 50 Leading Business Woman in Mississippi. Whether helping fulfill the dream of homeownership, or offering support to fellow loan officers via multiple online platforms including her own elite mastermind, Michelle's passion is evident in all that she does. Her love for all aspects of the mortgage industry is what truly sets her apart as an influential mortgage professional.

Charadie Finkle Branch Manager Academy Mortgage Corporation Colorado Springs, Colo. AcademyMortgage.com Over the past 14 years, Academy Mortgage Branch Manager Charadie Finkle has gained deep and varied experience in the mortgage industry. Charadie started her mortgage career on the operations side, which helped her master the technical aspects of lending. Combined with her previous banking experience, Charadie is able to show her clients the big picture of how a mortgage is a key component of their overall financial plan. She takes pride in quickly and accurately placing her clients into the mortgage product best-suited to their individual needs and focuses on building long-term relationships with her clients and referral partners. Charadie joined Academy in 2010 as a loan officer. She is known for going above and beyond in training, supporting, and coaching her team members. Charadie was named Academy’s “Rookie of the Year” in 2013, and is a member of the company’s distinguished President’s Club, which consists of the highest-performing loan officers and managers. She has also qualified multiple times for Academy’s “Top Producers Club.”

Erika M. Franks President & Chief Operating Officer ACT Appraisal Inc. East Dundee, Ill. ACTAppraisal.com Erika M. Franks is an original ACT Appraisal Inc. employee, having started in 1998 when she was just 17-years-old. Erika is an expert at all mortgage appraisal portals, processes, available software, delivery methods and post-delivery issues. Erika's expertise is in the various appraisal processes and how they relate to her mortgage clients. Erika is a master at elite service to her mortgage clients and is available 24/7/365.

Ushma Gandhi Portfolio Analyst Angel Oak Capital Advisors Atlanta AngelOakCapital.com Ushma Gandhi is an analyst at Angel Oak Capital Advisors supporting the mortgage credit team in aggregating collateral, financing and contributing to all parts of the firm’s non-QM securitizations. She joined the firm in 2016, and has helped Angel Oak become one of the most efficient platforms in the non-QM securitization marketplace. During her tenure, she has played an integral role in 13 of the firm’s non-QM securitizations totaling $4.9 billion.

Chasity Graff Mortgage Broker, Owner LA Lending LLC Baton Rouge, La. LALending.net Chasity Graff, mortgage broker and owner of LA Lending LLC, recently celebrated her 12th anniversary as an independent mortgage broker and business owner. While Chasity was already an industry influencer, earning her this award in 2018, this year presented greater opportunities for growth and leadership within the mortgage community. With the support of the Association of Independent Mortgage Experts (AIME), Chasity found her voice on the national stage where she had the privilege of speaking in front of thousands of loan officers from across the country (#AIMEAC19/#AIME FUSE 2019). She has a passion for helping others, whether it be potential homebuyers or fellow loan officers, which has been a defining aspect of her career thus far.

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Executive Vice President Quicken Loans Mortgage Services Detroit QLMortgageServices.com Austin Niemiec is the executive vice president of Quicken Loans Mortgage Services (QLMS). In this role, Austin oversees a team based out of Charlotte and Detroit who provide the highest level of service to 6,000-plus partner brokers, regional banks and credit unions—increasing the efficiency of home financing. Austin’s team provides technology, resources and regular networking opportunities to partners so they can offer the best loan products in the industry. Before

Austin Niemiec

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Vice President of Sales United Wholesale Mortgage Pontiac, Mich. UWM.com Jon Groves is a vice president of sales at United Wholesale Mortgage (UWM), playing an instrumental role in the company’s exponential growth in production. UWM is on pace to more than double its 2018 production with more than $100 billion in loan volume in 2019. Groves leads 250-plus account executives and has a knowledge level unmatched by few in the wholesale mortgage industry. He has a keen ability to make the complex seem simple. Jon joined UWM in 2007 and worked his way up from an account executive to vice president of sales. In his time as an account executive, Jon built and developed some of the biggest lending relationships UWM has. He is a self-taught mortgage expert. When he first started with UWM, he took the FHA Handbook home every night until he had it memorized. As a sales leader, Jon loves sharing that knowledge with other account executives. He holds multiple one-on-one coaching sessions every day, reviewing accounts and teaching successful sales tactics. Jon also analyzes accounts, finding out how to increase business through research and analysis.

Andres Munar Co-Founder Keystone Alliance Mortgage Harrisburg, Penn. KeystoneAllianceMortgage.com Andres Munar is a seasoned mortgage professional with 13 years of industry experience. What once started off as a race to see how many loans he could close, has turned into a passion for leading, serving and guiding people, including his friends, family, community and team. Servant leadership is his main focus. He strives to provide service that is undeniable, while teaching his team to push themselves past their comfort zones. Being bilingual has also made him one of the top Hispanic originators in the nation. He leads a team set to close 200 transactions with 95 percent of his business being purchasedriven.

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Jon Groves

Danny Marogy AVP, West Coast Development United Wholesale Mortgage Pontiac, Mich. UWM.com Danny Marogy has been a leader in the wholesale mortgage industry for over a decade. Closing more than 17,000 loans in his career, he is the top producer of all-time at United Wholesale Mortgage (UWM). Not only has he helped individual loan officers, brokers and processors grow, but he has developed starter companies and helped them become some of the top producing accounts in the country. He also helped grow his teammates as a leader in his company, he has been a team leader for more than nine years at UWM, and helped create other top producers in his field. His current focus is taking brokers to the next level. He was recently promoted to AVP of West Coast development at UWM in an effort to bring his skills across the country to grow the broker channel to its full potential.

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Vice President, Credit Risk Angel Oak Mortgage Solutions Atlanta AngelOakMS.com Entering the financial arena at age 19, Marie Griffith began in the loan setup department for a local mortgage company. She was able to work her way up to processing, then to underwriting, working for some of the largest and well-known financial institutions in the country. After a 15-year career in Michigan, she relocated to Georgia and began her tenure with Angel Oak Mortgage Solutions. As one of its first employees, Marie watched the company grow into one of the leading non-QM lenders in the space. Over the past five years, she has been responsible for overseeing the Credit Department in the Atlanta corporate office, as well as helping to establish a sister team in the Dallas office. In addition to heading up the credit channel, Marie plays an integral role in ensuring quality loan securitizations, as well as helping to build out quality and risk management program training companywide. When she is not glued to the computer, she spends time playing with her terrier, perfecting Spanish and working on a manuscript.

Senior Vice President of Production loanDepot Costa Mesa, Calif. ShowUpEvolve.com Alec Hanson is a contemporary leader within the mortgage industry. Constantly striving to improve, he began his career in origination in 2004, funding more than $85 million and was named “Rookie of the Year” by Scotsman Guide. Every subsequent year, Alec landed on Scotsman’s Top 200 Originator List, finishing his best year at $185 million. From there, he began coaching and growing a successful branch network in Orange County with his peak year in 2010 funding in excess of $1 billion at the branch level. Alec has received HouseWire’s Rising Star Award both in 2017 and 2019, and currently serves as senior vice president of production for loanDepot for the Pacific Southwest Division, overseeing approximately $4 billion in annual production. A dynamic coach and thought leader, Alec believes in leading and coaching within the trenches of the business, loves leading originators across the country, and is the author of loanDepot’s Modern Lending Playbook, a strategic and tactical tool designed to equip, train and evolve the traditional mortgage professional’s skill set into the modern era.

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Marie Griffith

Alec Hanson

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Senior Vice President The Ryan Grant Team of Fairway Independent Mortgage Corporation • Irvine, Calif. RyanGrantTeam.com Ryan Grant is disrupting the real estate and mortgage industries with a focused shift to demand a higher quality professional for the homeowner. Known for more than just his origination production, Ryan's major accomplishment and contribution to our field is that he founded and launched the industry-changing platform known as the “Art of Homeownership.” The Art of Homeownership is fundamentally changing the way that consumers see real estate and mortgage professionals. It helps real estate agents and lenders to become more valuable to their clients and creates more successful homeowners. The Art of Homeownership is poised to completely disrupt the status quo of commoditized lenders and will push the industry to become more valuable to each homeowner we serve! This platform now has hundreds of lenders and real estate agents partnering to become highly differentiated from there competition. Ryan has also been featured on podcasts by Bill Hart, Mortgage Coach, Tim Braheem and other local publications.

his current position, Austin served the company by leading the account executives at QLMS. Austin joined Quicken Loans in 2009 as a mortgage banker, where he grew to understand the varied needs of homeowners through his work with thousands of clients. Austin earned a bachelor’s degree in business, management and marketing from Hillside College, where he was also a member of the football team. Austin brings innovation to his roles and lives by the motto: “Always grateful, never satisfied.”

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Matt Oliver

Loan Originator Lund Mortgage Team Inc. Glendale, Ariz. LundMortgageTeam.com Born and raised in Arizona, Matt Oliver has been a loan officer in the Phoenix area for more than 16 years. He started at a large retail bank and switched over to Lund Mortgage Team in 2008. Matt enjoys getting involved in the community and seeing the mortgage broker community grow. He is treasurer/director of the Arizona Association of Mortgage Professionals, a member of the National Association of Mortgage Brokers and supports the Association of Independent Mortgage Experts. He's received the Scotsman Guide Top Originator Award the past four years. Matt is able to achieve this success because he puts the client's interest first. He is not about closing the loan "now" if it is not best for the client. He knows his honesty and knowledge will pave the way for future loans, even if it is not right at this moment. He is an inspiration among his peers and is never too tired to help out a fellow loan officer.

Chris Olsen Vice President of Sales Engineering OpenClose West Palm Beach, Fla. OpenClose.com Chris Olsen was recently hired as vice president of sales engineering at OpenClose, providing critical software support for the company’s sales executives catering to mortgage bankers, credit unions, community banks and other real estate entities. He holds a through-and-through background in mortgage technology with a deep understanding of individualized lender needs. He has enterprise-level solution-based experience, sales engineering methods supporting large lenders, development knowledge, project execution and management expertise from start-ups to Fortune 500 Companies. Chris comes to OpenClose from Ellie Mae, where he was a senior technical sales engineer, managing enterprise LOS pre and post-sales engagements for their core as well as add-on services. Prior to Ellie Mae, Chris was a senior project manager and AVP at JP Morgan Chase, interfacing with senior management to prioritize projects, determine business requirements, and serve as the primary vendor point of contact throughout new projects. Previous to that, he was a senior software developer and partner at ClosersEdge, an independent software provider for the real estate title and settlement services industry.

Sam Parker Founder & Chief Executive Officer My Credit Guy Mesa, Ariz. MyCreditGuy.com Sam Parker has been a key player in bringing quality and integrity to such a fragmented industry. His vision for how to treat people right, do what you say you’re going to do, and add more value than any other credit repair agency has been a key formula for his success.

Dan Patty Mortgage Broker/Owner Solcosta Home Loans Vallejo, Calif. SolcostaHomeLoans.com As a mortgage broker, Dan Patty prides himself on communication, service, speed and competitive pricing. He has a knack for creative problem-solving and a thorough knowledge of loan guidelines. Serving everyone from first-time homebuyers to experience real estate investors, Dan focuses on transparency. His motto is: "Doing the right thing is always the right thing."

Josh Pitts Founder & Chief Enthusiasm Officer Shred Media Park City, Utah ShredMedia.com Josh Pitts is the founder of Shred Media and an industry entrepreneur with a passion for public speaking. Josh has spent the last decade in the mortgage industry in positions including mortgage advisor, chief marketing officer, chief operations officer, and his favorite, chief enthusiasm officer. Recently, he has refocused his energy and efforts on Shred Media by building the industry’s first attention and influence agency. Along with his work in the industry, Josh built a massive personal brand in less than eight months by doing live interviews every day with top professionals throughout the mortgage, real estate, insurance and title industries by sharing what they’re doing to dominate their marketplace. His daily goal is to provide valuable content to all industry professionals and inspire them to influence their audience through building their personal brand.

Kelly Rice Branch Manager Hancock Mortgage Partners LLC Bourbonnais, Ill. HancockMortgage.com Kelly Rice joined Hancock Mortgage Partners LLC in 2015; bringing with her the operations background of more than 15 years and a total of 18 years in the industry. Combining her skill set with the love of providing exceptional service, she is able to be the face in the field that others count on. This has led her to become the area's trusted source when it comes to their financial needs. Her social media presence focuses on encouragement instead of negativity, and her passion for her work is clearly demonstrated. One who leads by example, year after year. Kelly’s goals are achieved by adapting to this forever-changing industry and holding herself to a higher level of standards. She is a producing branch manager who doesn't lose sight of her ultimate role, which is building a team the right way.

Mike Richardson Branch Manager/Producing Loan Officer Bay Equity Home Loans Reno, Nev. BayEQ.com In the five short years Mike Richardson has been in the mortgage business, he has become the highestranked online lender in Northern Nevada (Google, Yelp, Zillow). He also won the “Best Mortgage Lender” award from The Reno Gazette Journal in 2017 and 2018, and we recently named “Reno's Best Mortgage Company” in the Reno News & Review. All of these awards are through nominations/voting by members of the local community which he represents. After getting his start at another mortgage company, where he originated for four years, Mike joined forces with Bay Equity in January 2019 and opened a branch in downtown Reno. After hovering around $25 million in annual loan volume in 2017 and 2018, Mike is on pace to double his business in 2019.

Stephanie Robotnik

David Temko

Lindsay Sills

Chief Executive Officer Princeton Mortgage Pennington, N.J. PrincetonMortgage.com Rich Weidel is an admired chief executive officer among his colleagues and team at Princeton Mortgage. His personality is that of a passionate and compassionate leader, and his biggest desire is to foster an environment where each of his

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Rich Weidel

n National Mortgage Professional Magazine n DECEMBER 2019

Vice President Cornerstone Mortgage Group Provo, Utah CStoneMortgage.com John G. Stevens has worked in the mortgage industry since 2003, and considers this to be the best career choice for the rising group of Millennials. Within the mortgage industry, John served as president of the Utah Association of Mortgage Professionals (UAMP) in 2010, and has served NAMB as president, vice president, president-elect, a delegate for Utah, as PAC Chair, NAMB+ president, Legislative Action Fund chairman, NAMB

President & Chief Executive Officer Epoch Lending Philadelphia EpochLending.com Evan Wade is 10-plus year financial services professional, having spent time in both retail banking and the mortgage industry. He is currently the president and chief executive officer at Epoch Lending, and a co-founder and partner at Philadelphia Mortgage Brokers. Evan has an innate understanding of technology to improve the mortgage process for both industry professionals and consumers. In his spare time, Evan enjoys watching Philadelphia sports, drinking craft beer and attending concerts.

John G. Stevens

Evan Wade

MAGAZINE’S

Chief Product Officer Docutech Scottsdale, Ariz. Docutech.com Adam Stern serves as the chief product officer of Docutech, a provider of document, eSign, eClose and print fulfillment technology for the mortgage industry. Currently, Stern is responsible for leading new product innovation and ongoing optimization of Docutech’s ConformX document generation engine and Solex eSign, eClosing and eVault platforms. Prior to Docutech, Stern served as chief information officer at NewRez, where he focused on developing and integrating technology as a core component of a rapidly growing origination business–including the launch of a proprietary consumer portal and mobile applications, POS/LOS transformation and modernization, and integration of Robotic Process Automation into both the front-end and back-end operations. Stern is a cum laude graduate of Arizona State University with a BA in journalism.

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Adam Stern

Phil Treadwell Vice President of Development & Regional Manager Mason-McDuffie Mortgage Dallas, Texas PhilTreadwell.com Phil Treadwell is the vice president of development and regional manager for Mason-McDuffie Mortgage. He has spent 15 years on the origination side of the industry as both a top-producing mortgage banker, as well as an independent mortgage broker. Phil has built teams in markets all over the country and been coached by some of the mortgage industry’s elite. Phil is the founder and host of the Mortgage Marketing Expert podcast, which interviews leading expert guests who share firsthand experience and tips on how mortgage professionals can build a more effective and efficient business. He is also a co-founder of Industry Syndicate Media Network, the real estate industry’s first network of podcasts, Alexa flash briefings and social media shows. Phil has been sought out as a national speaker on various mortgage industry topics, and has spoken at dozens of major events.

PROFESSIONAL

Loan Officer CARE Finance Group Folsom, Calif. CAREFinanceGroup.com Lindsay Sills believes every single loan should begin with educating her clients. Her process involves indepth consultation that helps to arm clients with the knowledge they need to make the right choices. She firmly believes that this education is why her clients and referral partners continue to choose CARE Finance Group over and over for their financing needs. Lindsay provides a tech-based, but highly personal, experience for all parties involved in the transaction, providing clarity and an amazing customer experience.

MORTGAGE

Principal/Managing Director C2 Financial Corporation San Diego, Calif. C2FinancialCorp.com Growing up in the mortgage industry, David Temko interned for top originators through his college years, learning best practices and the tools that makes them successful. With experience in all facets of the industry, he continues to grow on both a personal and professional level, as he further established C2 Financial and its loan officers to be a full financial resource for their clients. Outside of mortgage brokerage, David has a passion for commercial real estate and finance. In his free time, he takes advantage of time with family, friends and being active in the great outdoors of coastal California or around the world.

NATIONAL

Vice President of Claims RoundPoint Mortgage Servicing Corporation Fort Mill, S.C. RoundPointMortgage.com Stephanie Robotnik serves as the vice president of claims for RoundPoint Mortgage Servicing Corporation. Prior to joining RoundPoint in 2018, Stephanie held leadership roles with Quicken Loans, where she advanced her career from a claims specialist to director of post-sale. Stephanie is a 12-year veteran of the mortgage industry, with a heavy focus on default servicing. During her tenure, she served as a member on the Black Knight advisory board. One of Stephanie’s most impactful experiences of her career was visiting the devastated areas in Texas, post-Hurricane Harvey. This was a profound experience for Stephanie, as it enabled her to become an advocate by collaborating with other industry leaders to determine the best course of action for impacted borrowers and also identify preventive measurements for future disasters. Stephanie is a subject matter expert excelling in a production environment, identifying ways to increase organizational efficiencies. She is recognized as a trusted leader, with an ability to collaborate and motivate others to achieve to their fullest capabilities.

National chairman, and as a Committee member on the Membership, Bylaws, Policy and Procedures, Nominating, Finance and Government Affairs Committees. John started on the NAMB board of directors in 2011, has served as vice president for the 2015-2016 year, presidentelect for the 2016-2017 year, and was sworn in as president for the 2017-2018 year. He also served as the immediate past president, as well as Ethics Committee chair for the 2018-2019 term.

colleagues and team members can reach their full potential. One of Rich’s greatest accomplishments for his team was building a culture that he built and fosters daily, a culture of freedom and responsibility. He is building a high-performance culture, much like that of a professional sports team. Team members are drawn to the challenging environment and even more so to his sense of adventure. They know it will only help them reach their goals faster. With Princeton Mortgage's success paired with industry accolades on a personal and company level, it’s clear that he’s building meaningful relationships with his family at Princeton Mortgage. This shines through in the work and shared values on a daily basis.

DECEMBER 2019 n National Mortgage Professional Magazine NATION A L MnONationalMortgageProfessional.com RTGAGE PROFESSIONAL

MAGAZINE’S

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Michael Wojcik-Holmes

Director of Broker Advocacy Class Valuation Troy, Mich. ClassValuation.com Passionate and dedicated to providing impeccable service levels, Michael Wojcik-Holmes’ main goal is the success of the Class Valuation client partners. Michael started as a receptionist at Class Valuation five years ago and quickly proved to be a great asset to the team. He was promoted time and time again, and now serves as director of broker advocacy, where he is responsible for the growth and success of Class’ broker partners, as well as appraisal process education. Through transparency and constant communication, he builds long-lasting relationships that contribute to the success of not only Class, but more importantly, his clients. Michael also prides himself on being accessible for assistance and support, no matter the time or the day. In the mortgage industry, forming partnerships that support one another is key, and there is nothing that Michael values more. Mentored by some of the best in the industry, Michael is focused on providing that same support and guidance for his broker advocacy team.

manager for Victorian Finance. He leads a team in the Nashville area and also in the Metro Washington, D.C. area. Wes also wrote two books to help first-time homebuyers, Official Home Buyers Playbook and Official Home Buyers Playbook for Veterans. Wes was recently featured on his local NBC news station on Veteran’s Day to share about his book. All book proceeds are donated to his local veteran’s homeless shelter. Wes has also been featured on multiple podcasts to cover his story. Wes leads a local real estate food drive on Thanksgiving to feed the homeless. Wes also serves on the board for the PACE foundation. Wes is also a coach with Next Level Loan Officers.

Luke Ziegenmeyer

Director of Product Management Veros Orange, Calif. Veros.com Luke Ziegenmeyer joined the Veros team in June 2017 as director of product management, with responsibility for Veros’ suite of automated valuation products, as well as key private and government strategic relationships. Most recently, Luke has been focused on Veros’ alliance with Veterans Administration (VA), focused on providing Vero’s valuation risk products inside of Veterans Administration’s system to support lending to our veterans. Prior to joining Veros, Luke worked at Ethos Lending as the director of solution development, overseeing the company’s business analysts, quality assurance and help desk teams—responsible for the company’s product vision for their wholesale and retail lending channels. Luke’s career in lending begin in real estate appraisal and expanding into systems integrations and automation during his tenure working at Black Knight Financial Services in both their appraisal management and automated title divisions.

Wesley Wyrick

Sales Manager Wyrick Mortgage Group of Victorian Finance Charleston, W.V. WyrickMortgageGroup.com Wesley Wyrick has built his own mortgage brand around a team of modern lenders dedicated to provide an exceptional homebuying experience. The Wyrick Mortgage Group is set up to service West Virginia, Kentucky and Ohio. Wes also is a sales

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SHINING THE LIGHT ON

NON-QM

LEN DING

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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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The

Next 40 Mortgage Professionals to Watch

Due to the voluminous number of submissions we received for the “40 Under 40” list, there are those who continue to make noise in the industry who could not be overlooked. They, like those on the “40 Under 40” list, will be leaders in the industry for years to come, so keep an eye out for the following mortgage professionals as they continue to impact the industry.

Laura Campbell Home Point Financial Ann Arbor, Mich.

Tyler Carlston Mortgage Accelerated Rockford, Ill.

Bryan Carpenter Adsmiths Fort Worth, Texas

Nicholaus Carpenter Legion of Loan Officers Durant, Okla.

Brandon Carrero Carrero Mortgage Advisors Miramar, Fla.

Paul Carson Philadelphia Mortgage Brokers Philadelphia

MORTGAGE

Alicia Blackwood American Dream Wholesale Brokers Inc. Roseville, Calif.

NATIONAL

Ashley Bedford Patriot Home Funding Inc. Altamonte Springs, Fla.

PROFESSIONAL MAGAZINEâ&#x20AC;&#x2122;S

Jenni Connor Pacific Residential Mortgage Raleigh, N.C.

Keith Collins Movement Mortgage Roseville, Calif.

Robert Cotton Hancock Mortgage Partners LLC Charlotte, N.C.

Neel Dhingra All Western Mortgage Inc. Reno, Nev.

Sam Fannin Premier Nationwide Lending Flower Mound, Texas

Matt Gouge Matt The Mortgage Guy, powered by Answer Home Loans Folsom, Calif.

Chris Hallows Wallick and Volk Flagstaff, Ariz.

Stephanie Ham Caliber Home Loans Fairfield, Calif.

Lawrence Hooks Hancock Mortgage Partners LLC Houston, Texas

David Hosterman Citywide Home Loans Denver, Colo.

N E X T

Jackie Clark Planet Home Lending Irving, Texas

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Christine Clark INmortgage Company Lake Geneva, Wis.

40 UNDER

n National Mortgage Professional Magazine n DECEMBER 2019

40 TO WATCH

WATCH

Brian Kempf George Mason Mortgage Arlington, Va.

Lisa Lund Lund Mortgage Team Inc. Glendale, Ariz.

Laura Martell Mountain West Financial Inc. Redlands, Calif.

Adam Mason Gershman Mortgage St. Louis, Mo.

Jennifer Miller Hancock Mortgage PartnersGreenville, S.C.

Gina Montes Paramount Residential Mortgage Group Sarasota, Fla.

Sara Nakae FirstClose Austin, Texas

Amber Patterson Allied Mortgage Group Winter Park, Fla.

Rocio Portella Mint Mortgage Miramar, Fla.

Shawn Presnell Academy Mortgage Corporation Plymouth, Mich.

Mike Romano Evolve Mortgage Services LLC Frisco, Texas

Caton Del Rosario American Mortgage Network San Diego, Calif.

Arvin Sahakian BeSmartee Huntington Beach, Calif.

Valentin Saportas Mortgage Hippo Inc. Chicago

Rick Scherer OnTo Mortgage Boston

Kyle Spotts Home Point Financial Ann Arbor, Mich.

Craig Ungaro AnnieMac Home Mortgage Mt. Laurel, N.J.

Melody Warren Envoy Mortgage Houston, Texas

Matt Wilson WEST, a Williston Financial Group Company Portland, Ore.

MAGAZINEâ&#x20AC;&#x2122;S

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Alex Jimenez Benchmark Mortgage Spring Hill, Tenn.

DECEMBER 2019 n National Mortgage Magazine NationalMortgageProfessional.com NAT I O N AProfessional L MORT G A G En P ROFESSIONAL

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others cover the world ...we cover yours!

Beyond Print Authors and advertisers can enhance the impact of their industry trade publication content through this professionally produced 3-4 minute video interview. The Beyond Print product includes pre-production planning, a recording 40

scheduled at a mutually convenient time

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either on-location, in our studio or done remotely, and post-production editing. The interview can be linked to select digital publications, the client's website, and any other digital or print asset deemed appropriate.

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Day

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Description

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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

Homeownership Heroes

The Battle to Increase Military Homeownership.

Wednesdays at 11 a.m.

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.

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Inside the NAMB

Your bi-weekly window into what’s happening at NAMB.

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Master the Markets with Barry Habib

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MONDAY

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Addressing Post-Housing Crisis Issues

Skepticism as an Obstacle to Connecting Housing Counselors and Independent LOs BY PAM MARRON he idea of independent loan originators partnering with housing counselors to assist challenged clients was surrounded by skepticism from day one. Initial conversations with housing counselors about past experiences of working with independent loan originators often included negative stories where help favored the loan originator more than the client. I also found that many in my own mortgage industry were not aware of help that housing counselors could provide to our challenged clients. Forming the relationship between independent loan originators and housing counselors was a bigger obstacle than getting the pilot program off the ground. The key was to show the economic value of working together … not only to the loan originator and housing counselor, but to the client and the real estate agent. When chronic issues exist, one of two things occur. Either we figure out a way to deal with it, or we hire a service that knows how to fix it. Loan originators who deal with challenged clients have varying degrees of success and when originating business increases, time to deal with client issues dissipates. Because I served on the HUD Housing Counseling Federal Advisory Committee (HCFAC), I learned firsthand how housing counselors can assist challenged clients. I specifically focused on how housing counselors can assist clients in three main areas: l Help with credit issues; l Assessing for available

DECEMBER 2019 n National Mortgage Professional Magazine n

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downpayment assistance; and Budgeting to buy a home.

estate agents with all challenged clients. Provides continued communication To make this partnership between the housing program work, there needed to be counselor and loan originator, the “service that knows how to fix and the loan originator to it” for specific and consistently client and real estate agent on encountered mortgage client needs. progress towards the clients’ Another area of detail was how eventual home purchase. client help could be paid for. 2. Provides trained professionals Housing counseling agencies (HCA) who can assist challenged historically work with banks and clients through issues to get credit unions who can provide them mortgage ready. Community Reinvestment Act (CRA) 3. Provides valid fee-for-service funds upfront to pay for services. method of payment and an Independent loan originators do not option for assistance for all have CRA funds, so a pre-set Feeincome levels. for-Service Plan1 was put in place What are the benefits to HUDwhere clients pay for needed services upfront, but then receive a approved housing counselors credit back towards closing costs when working with independent at their mortgage closing. loan originators? A Memorandum of 1. An increased client base Understanding (MOU) was serving independent loan developed that specified the credit originators (511,000-plus to the client from the referring loan licensed mortgage loan originator. Great care was taken to originators in U.S.)2 with ensure that anti-steering laws were specific method for abided by. Another positive point partnership developed to fit that resulted was the fact that the within existing housing Fee-For-Service model provided a counseling guidelines. valid source for above low- to 2. Expansion of services to moderate-income (LMI) clients to above low- to moderateutilize housing counseling services. l

income (LMI) clients through the Fee-for-Service model. Continued skepticism drives effort forward while successes grow We continue to face skepticism. Recording clients who have made it to homeownership and time to prove the pilot can work is needed to overcome past negative perceptions and gain awareness of how independent loan originators partnered with housing counselors can work. Who is interested in this pilot has been interesting … an entrepreneur who sees the value in assisting employees into homeownership, a real estate agent who wants to work directly with the housing counseling agency, a mortgage company CEO who wants housing counseling to be an integral part of his company. My own surprise came when a client was ready to purchase a home sooner than expected and was helped to that point by someone other than me. This continues, this will grow … spread the word. Stay tuned.

Connections developed Footnotes 1—U.S. Department of Housing and Urban Development|Office of Housing Counseling | and buy-in Model Funding Agreements and Fee Structures: Fast-forward to August of 2018 … https://files.hudexchange.info/resources/documents/Housing-Counseling-Model-FundingThe pilot was started in Tampa Agreements-Fee-Structures.pdf. Bay, Fla. that connects loan 2—NMLS Mortgage Industry Report: 2019Q2 Update: originators to housing counselors to https://nationwidelicensingsystem.org/about/Reports/2019Q2%20Mortgage%20Report.pdf. assist challenged clients. What are the benefits to Pam Marron (NMLS#: 246438) is senior loan originator with independent loan originators when Innovative Mortgage Services Inc. (NMLS#: 250769) in Tampa working with HUD-approved Bay, Fla. She may be reached by phone at (727) 375-8986, ehousing counseling agencies? mail PMarron@InnovativeMortgage.onmicrosoft.com or visit HousingCrisisStories.com, CloseWithPam.com or 1. Provides option to assist real 8Problems.com.

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The

Mortgage

Godfather

ust this morning, I was discussing the various duties that a potential client of mine has recently taken on, and it is obvious that by taking on these responsibilities, he is weighed down much more than he was prepared for. The demands of his time are enormous. The responsibilities he has taken on are challenging, to say the least. He’s a producing sales manager and now with a number of loan officers reporting to him, he is looking for a way to maximize his effectiveness. His MLOs, especially the new ones, seek him out for advice concerning the most mundane circumstances on a daily basis. His time is demanded by salespeople throughout the more than 15 company offices spread all over the East Coast, but concentrated in the Mid-Atlantic region. All told, there are more than 120 MLOs originating loans from Miami to Boston. Truth telling discovers some of the branch managers are so busy, they have almost no time to help the people they share office space with, and that forces many new hires, whether or not they have experience, to appeal to the corporate sales manager, the person whom I am discussing my coaching services with. What do they appeal for? What do they need? And how many times a day do they reach out to their corporate sales manager? All good questions, answered by … everything … everything … often, sometimes more than five times a day. Sometimes from the same slightly inquisitive, knowledge lacking salesperson. Of course, if they were really inquisitive, they’d look up the answer for themselves. In my

Challenge of Being in ge of Salespeople

BY RALPH LOVUOLO SR.

But I equivocate. Here you are with all this business and all the newly-minted MLOs want to do is call you every chance they get with the most mundane inquiries. You cannot get them to stop. I’ve spent enough time explaining the challenge that some of you have. Now is the time for solutions. There are many things most of you could do, and I’m asking you, no matter how hard it is to do this, but to protect your sanity, you MUST do one of the following:

If they are forced, regularly, to do one of these, they will learn how to discover solutions that will surely be an occurrence tomorrow, and the day after that and on and on. All of these ideas fit your needs? Want to discuss them further? Reach out to me at (917) 576-1230 or e-mail Ralph@MortgageGodfather.com.

Ralph LoVuolo Sr. has nearly 60 years history in the mortgage business. He was a co-founder/president of the NYAMB and a long-term member of the board of directors of NAMB. The Mortgage Godfather is available to help your salespeople do more business. He does sales rallies, Webinars, personal coaching. Call, text or e-mail (917) 5761230 or e-mail Ralph@MortgageGodfather.com. 45

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1. Say “NO” loudly and clearly. By that, I mean, tell your callers that they should not ask you to solve their issues, but to first devise two or three selfdiscovered alternative solutions, and then pick the one that best fits the need and call you with that idea. The power of “NO” is so far reaching, I could spend well over an hour and write many more words than would fit in this publication. Suffice it to say, that in the words of a very good an old friend, no longer here on Earth who left me with the following phrase that I’m passing on to you. Saying “NO” to someone is saying “YES” to yourself. Ponder that. 2. Ask them if they discussed their issue with their processor. Give them permission to ask the processor and then call you with the solutions that have been devised of those combined brains. 3. Let them call each other and try to solve the issue between themselves. Peers teaching peers.

The power of “NO” is so far reaching, I could spend well over an hour and write many more words than would fit in this publication.

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mind, they are just lazy. Imagine yourself as a producing sales manager in this position. Your phone is ringing relentlessly. Your own past clients, at least most of them, were happy when they closed the mortgage that you had obtained for them. With very little marketing on your part, you wrote 10 deals every month this past June, July, August and September. Some of them can be a modified type of streamline refinance, but most of them need some additional paperwork and if there is even the slightest need for any additional work on the file, your processor and you will be forced to pull your respective hair out of your respective heads. The time spent on refinancing a New York property, is immense and intense. New York is where you are located and have developed a following that almost anyone would envy. Then there are the purchases, the new business that is being referred to you because of two outstanding things. You have a number of great real estate partners who regularly say these magic words to their clients: “Call ‘so-and-so’ and don’t call anyone else and they will get you the best deal possible for someone in your unique situation.” As I write this, I discover a hidden gem of a thought that I must deposit in the inbox of your brain … those are the words (the ones above in italics) you want every single referral source to say to every single prospect that they ever meet, anywhere, any time. Those are the words you want them all to say all the time because it is true and you’ve proven it over and over. You might want them to also say, “Don’t make the mistake of shopping for a mortgage anywhere else because you’ll be putting the purchase of your dream home at risk.”

Independent Mortgage Originators By Andy W. Harris, CRMS

Shawn Williams President, Fortis Mortgage FortisMortgage.com This month, I am interviewing Shawn Williams, president of Fortis Mortgage in College Park, Md.

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Tell us a little about yourself and your career. Shawn Williams: I’ve been in the industry for more than 15 years and have overseen more than $2.5 billion in loans. Prior to founding Fortis Mortgage, I held key leadership positions in regional and national companies, where I was responsible for overseeing mortgage banking activities for the company’s network of retail branches. I began my career as a mortgage loan officer, where my passion for helping clients was first ignited. I believe in giving back to my community, and I’m an active volunteer with several non-profit organizations, serving on numerous boards and committees. I’ve coached basketball for several schools and club teams, and enjoy golfing, reading and spending quality time with my wife and children. I attended central Virginia and hold a BA, in communications from George Mason University. I understand you are a mortgage broker now after previously working as a mortgage banker. What motivated you to make the change? Shawn Williams: I had been wondering (sort of dreaming) what it would take to start and own a mortgage company. Honestly, I thought it required raising millions of dollars to start. After parting ways with my last employer, I wanted to take my time and make the best decision for my family and career. I was uninterested in staying in retail management and growing branches. I had been out of the day-to-day loan origination for a couple years, and was a little uneasy about getting back into loan origination. During this time, I saw a colleague’s LinkedIn announcement as “president” of a mortgage company. I reached out to congratulate him for climbing the ladder and he informed me that it is “my company.” We then spent a good bit of time discussing what it took for him to get started along with the pros and cons. I put a P&L together and realized that it was within reach as it relates to startup capital. I was then introduced to Mat Ishbia, president and chief executive officer of United Wholesale Mortgage (UWM). Mat

introduced me to his Wholesale Development team, and two conference calls later, I had the playbook to becoming a mortgage broker. This also happened to be right around the time of AIME Fuse 2018 in Las Vegas. I registered and attended the conference to seek validation. After getting an opportunity to see the technology, interact with other brokers and meet various lenders, it was time to move forward. What would you say so far are the biggest differences you’ve experienced coming from the retail side? Shawn Williams: There are a number of differences I have experienced so far: l Pricing transparency: In my retail experience, many resources were given to making pricing exceptions for LO’s in competitive situations. l We are experiencing little to no overlays. l A faster turnaround in underwriting and quicker closings without even having to escalate. l It took me awhile to understand the borrower-paid compensation and explaining it to borrowers. How would you compare pricing when compared to the mortgage banker world? Shawn Williams: Since we have the ability to shop competitive rates and fees with multiple lenders, I have found the pricing to be more competitive in most cases. I find that government loans, specifically VA loans, are priced much better than retail, and it turns out to be the best option for the consumer. What are you seeing in your local market in terms of trends, inventory and consumer/real estate agent mortgage education? Shawn Williams: In the Washington, D.C. metropolitan area, including the Northern Virginia region, we are seeing low inventory with no real spike in pricing. Low rates are keeping buyers interested in the market though. Unfortunately, there isn’t a lot to look at and it’s taking buyers longer to realize and they miss the opportunity. This makes things very competitive. We have also seen seller price reductions and some lower appraised values. According to some of my real estate agents, sellers are pricing based on where the market was over the past couple years versus where it is and where it is going. In regards to education, we are seeing a ton of content from real estate agents and loan officers. However, we are not doing the best job of explaining it in “Real World” terms so that it’s relatable for the consumer to win in real estate and financially. This leads to the

consumer being unsure whether they should make a decision leading to missed opportunities.

(Google) and business from new referral sources because they like the communication.

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.

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What would you say are your best forms of marketing today to generate new business? Shawn Williams: For me, it’s pretty simple. I think the best form of marketing is branding (personal and corporate). Who are you and what do you do for

deliver “how-to” content to clients and referral sources. We’ve picked up testimonials

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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? Shawn Williams: I spent 14 years supporting that myth. It was a huge fear of mine prior to joining the wholesale channel. I found that it couldn’t be more from the truth. Right now, Fortis Mortgage has 15 lender relationships. This means that we have multiple sets of rates, product options and sales/operations support. More advocates for the consumer because we are the lender’s customer! Because of this, we have not had to escalate too much, as many of the lending systems are set up for the loan to flow smoothly. Many loans today are underwritten to the AUS findings and our lenders have little to no overlays. Access to cutting-edge technology is allowing us to be more efficient and submit a quality loan package. We receive constant milestone updates and can follow the loan every step of the way. I was blown away the first time an underwriter called to review a conditional approval. It’s normal now. There is no requirement to go through an account executive or ops manager to interact with any member of the team (loan setup/processing, underwriting and closing). We can go straight to the source as if we are in the same company to solve any problem. The wholesale lenders/partners realize the importance of servicing the broker to retain the relationship. They compete for our business on every loan. This is great for the consumer as this competition to earn our business gets passed along in the form of better rates, lower fees and better service. They want to close our loans fast and on time every time.

people? I think those that are winning are leveraging their platforms: Database; social media; texting; public speaking/podcasts; and hosting events–meetups and Webinars, to tell stories and teach. Of all the technology that we use, BombBomb and Zoom are my favorites as they allow us have virtual face-to-face communication with the clients and referral sources. We use BombBomb to deliver video updates and send personal messages. We use Zoom to do Webinars and/or record computer screens with loan analysis and

2019 MBA Annual Convention Survey Sco By Tom LaMalfa

f we haven’t met … greetings, my name is Tom LaMalfa, and I do survey research in the mortgage banking space. I’ve done research in the housing and mortgage finance fields since the late 1970s. The following report was prepared from the 28 faceto-face surveys I conducted with senior mortgage executives from 28 different firms in Austin, Texas at the MBA’s Annual Convention, held October 27-30, 2019. These surveys are conducted twice annually and have been for over a decade. They are designed to capture the thinking, attitudes and expectations of an industry through one-on-one interviews with execs from, in this instance, 28 different mortgage firms. My goal is to create a microcosm of the industry using the MBA’s membership as the universe. A careful reading of this report should suggest that this is not an analysis of the topics and issues addressed herein, instead, or

rather, it’s a quick straightforward regurgitation of responses to survey questions, one after another. Analysis would go deeper into the specific topic or issue. The “Why” question would be tacked onto the responses, and pages could be written on nearly all the 68 questions. Survey findings Question 1 asked if the executives expect a significant economic slowdown in 2020. This is the first of several questions that sought a ranking, 1-10, with 10 being the best or highest of a ranked order. The group’s mean was 5.6, a response showing only a modest probability. The median was six amid a range of two to eight. The mode was six. Question 2 asked if this year was expected to be better than last year’s loan production-wise. Indeed it is, said 27 of 28 executives surveyed. Questions 3-7 all requested

the percent of their firm’s year-todate origination volume (production) by type of product. The group’s means and medians follow: l l l l l

Purchase business: 65.6 percent and 63.4 percent; GSE conventional: 61.3 percent and 61.5 percent; Government-insured: 24.6 percent and 22.6 percent; Non-agency jumbo: 11.1 percent and nine percent; and Non-QM: 2.2 percent and one percent.

Questions 8 and 9 asked if their firms’ 2019 production volume was up, down or flat versus 2018, and if they expected FHA origination volume to exceed last year’s level. Twenty-six executives reported higher volume compared to just two who indicated no change year-overyear. The result was decidedly mixed regarding FHA volume, with 14 saying yes to higher

volume and 13 saying their FHA business would be down this year from last. Questions 10-12 inquired about whether their company was doing more high DTIs and LTVs loans this year; how much of their business was over 80 LTV; and if they originated VA cash-outs over 90 LTV. Of the 28 surveyed, 10 executives reported that their firms were doing more high-DTI and high LTV business, nine said less, and nine said no change year-over-year. As for over 80 LTVs, the group mean was 37 percent and the median 33 percent. The mode was 30 and the range of responses was from five percent to 85 percent. Only six of the 28 surveyed were doing VA cash-outs over 90 LTV. Question 13 asked in how many production channels their firms operate. The mean and median were 2.1 and 2.0, respectively. Ten firms originate in retail only, nine in two channels, six in three and three in four.

Scorecard: A Question 14 asked what their firm’s production volume will total in 2019. The group mean was $23 billion and the median $8.1 billion. Six of the 28 firms are under $1 billion in loan production, another six are $1 billion to $5 billion, four are $5 billion to $15 billion; seven are $15 billion to $50 billion; and four will originate more than $50 billion in 2019. Question 15 asked if origination profits were better this year than last. No question—27 reported improved profits, with only one firm reporting lower net income. Question 16 asked if their firm added staff this year. Nineteen firms added, compared to nine who did not hire on net. Questions 17 and 18 dealt with servicing, whether their firms retained, sold or purchased MSRs this year. Twenty-two firms retain their servicing versus six who sell their servicing; eight buy servicing via correspondent operations or in bulk, while nine firms retain and sell. Question 18 inquired about how much of their firm’s Ginnie Mae servicing was sold. Ten sold 100 percent and nine sold zero, with the remainder somewhere in between. Questions 19 through 34 fit somewhere into the TreasuryHUD-FHFA plan for fixing the GSEs. Question 19 asked if the executives favored lowering the GSEs’ DTI cap to 43 percent. No, said 18 of 28 executives. How about reducing the maximum CLTV to 95 percent? A response stand-off: 13 ayes and 14 nays. Question 21 asked if they favored keeping the GSEs out of the lender-paid part of the MI business. Perfect standoff: 14 for and 14 against. Questions 22 through 24 asked if they favored crosssubsidization, fully pricing risk and eliminating high-balance loan limits. Yes, they favored eliminating cross-subsidization, 17 to 10; fully pricing credit risk garnered 22 yeses and five noes; but few affirmatives for eliminating high-balance conventional loan limits, with 21 of 28 opposed. Question 25 inquired about the wisdom of freezing conforming

Report of Findings

loan limits at current levels. No way, said 20 of 27 executives surveyed. Questions 26 and 27 asked about eliminating second homes and investor properties. Yes, said 16 executives to removing second homes from the GSEs’ product menu, but no way answered 20 of 28 to removing investor properties. Questions 28 and 29 inquired if eliminating rate and term and cash-out refinances was acceptable to them. Not in favor of either elimination, answered 20 and 26 respectively out of 28. Question 30 asked whether additional new GSEs were a good idea. Another tie: 14-14, with half preferring more competition than a duopoly, and the other half not wanting to deal with still another GSE. How about Appendix Q asked Question 31, do you favor changing and/or eliminating it? Twenty-five of 28 favored fixing it by simplifying it. How about mandating use of the VA’s residual income test for FHA loans, asked Question 32. Half the executives favored the idea, while the other half didn’t. Question 33 asked if the FHA should lower its administratively set 57 percent DTI ceiling. Yes, reported 22 executives versus five not favoring a reduction. And of the 22 who favored the reduction, Question 34 asked where they themselves would set the DTI cap. The mean and median were, respectively, 48.4 percent and 51.1 percent. The mode was 50. Question 35 asked if FHA’s tightening of underwriting standards last March was viewed as a good move. It was, reported 26 of 28 executives. Question 36 addressed FHA’s recent decision to allow spot approvals of condos (versus project approvals). Twenty of 25 favored the FHA’s move. Questions 37 and 38 dealt with how to best cap QMs on total debt, using a direct (DTI) or indirect (APOR) method. APOR was preferred by 17 of 27, but surprisingly, a direct measure was preferred by 15 of 25 respondents. Do you favor slowing the growth of the public sector, asked Question 39? Not really,

said 16 of 28, while the dozen others disagreed. Questions 40 through 43 sought traditional “A” to “F” letter grades for four agencies based on the executives’ assessment of each agency’s overall performance the past year. The distribution: Freddie: B+; Fannie: B-; FHA: B; and FHFA: C+. Questions 44 and 45 dealt with GSE-related topics, namely whether the GSEs’ underwriting standards have tightened modestly in recent months, and whether they should be allowed to retain capital before legislation is enacted. Half of those surveyed detected a modest tightening, half not, thus a14-14 tie. As for the retaining capital question, overwhelming support was found for the GSEs being authorized to build capital beginning ASAP. Yes said 23 of 28. Questions 46 and 47 dealt with purchase production and house prices. As for the former, affordability edged out inventories as the biggest drag on production by four responses, 16-12. Are low-end house price increases outpacing higher-end house prices, asked Question 47. Yes they are, reported 22 of 27 executives. Questions 48 and 49 asked about banks, namely whether small and median size ones are exiting the mortgage business and if the large banks are losing interest in FHA lending. Whether smaller banks are leaving the mortgage business, opinions were decidedly mixed, with 13 yeses and 14 noes. However, as for big banks losing interest in FHA lending–it is no doubt true, with 25 of 28 answering in the affirmative. Related, Question 50 asked if government lending and Ginnie Mae servicing were seen as areas where investors were losing interest. Yes, reported 20 of 27 of those responding. Question 51 asked if the executives saw an acceleration in mortgage brokering and wholesale. Yes we have, said 21 of 27 respondents. Should the credit bureaus expand the use of utility and rental payments, asked Question 52. Indeed they should, replied 20 of 28. Question 53 asked if the CSP

(Common Securitization Platform) should be available to PLS (Private Label Securities) issuers. It should, said 25 of 28 executives. Questions 54 through 57 touched on different industry interfaces with digital technology, including: Its effect on costs; possible benefits from automation; and mortgage consumers and automation. Seventeen of 28 executives report that digital technology enhancements have substantially improved their businesses, with 11 less sure of that conclusion. Similarly, only six of 28 report a significantly reduced loan origination cost, though all the others await lower costs. Meanwhile, 16 of 27 executives report measurable scalability and staff efficiencies from automation. Almost twice as many of those surveyed—18 versus 10—think that consumers care about how automated (i.e. efficient) their firm’s mortgage processes are than those who don’t. Questions 58 and 59 were included to see if the survey group could be used to measure market share. (It didn’t work.) The two questions asked about vendor relationships with Optimal Blue and Ellie Mae, respectively. Turns out 20 of 28, and 21 of 28, of the firms surveyed have vendor relationships with the two tech firms. Is the industry spending too much money digitizing the mortgage business, Question 60 asked. No, answered 19 of 28 executives. Question 61 inquired how well their firm was positioned to meet the demographic challenges ahead. The group average was 6.6 of 10, while the median and mode were both seven. What percent of your firm’s mortgage operation is outsourced offshore, asked Question 62. Very, very little, a mean of 5.6 and medians and modes of zero. Pricing was the topic in Questions 63 and 64. More specifically, do the firms price on a national, regional or local basis. Of the 28, 12 price nationally, another 12 price to the local market, and the remainder price regionally. I was curious if those continued on page 77

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Business Planning for 2020 Expanding Your Offerings by Embracing Non-QM By Lisa Schreiber

s we close out 2019, having had a surprise refi boom this summer, we are looking ahead to what is in store for origination in 2020.

As part of these conversations, awareness is building of the need for additional products to address underserved borrowers with unique financial situations. These borrowers may be a good risk, but may not meet the classic agency profile. In addition to a predicted flat rate environment for 2020, originators are looking at the possibility of the qualified mortgage (QM) patch going away. They need to be ready to attract new borrowers and address those who have been enabled by the patch. A QM loan is assumed to have satisfied the CFPB’s requirement that loans be made with a reasonable belief the borrower has the ability to repay it. A QM loan must meet certain criteria established by the CFPB, such as debt-to-income ratio below 43 percent. The “QM patch” grants lenders QM protection for loans that do not meet all QM criteria, but which still satisfy the guidelines of agencies such as Fannie Mae and Freddie Mac. That exception expires in 2021, which may result in a decrease in mortgage availability through the GSEs, but provides an opportunity for private capital to enter the market to fill the gap.

There’s a lot to like about non-QM products Anyone who has researched or attended a training session on non-QM would understand that the non-QM product set is an excellent way to serve all types of borrowers. Non-QM products give originators options to better meet the needs of small business owners, investors, and credit-challenged borrowers alike, while still mindful of the customer’s ability to repay. The opportunity to serve these borrowers is vast. With the number of self-employed Americans on the rise, demand for non-QM products is only likely to increase. According to Statista.com, by 2027, 85 million Americans are projected to be freelancers, comprising 50.9 percent of the U.S. workforce. Many of these borrowers are shut out of the mortgage market simply because of how they earn their money. It’s not only the self-employed who could be a non-QM loan customer. Real estate investors, high net worth individuals and borrowers who have had a recent credit event are all wellserved by these programs. Originators might proactively seek out these candidates by working right within their communities, such as through the local chamber of commerce and small business associations. Everybody is testing the waters Today the range of lenders embracing non-QM continued on page 52

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expanding your offerings by embracing non-qm

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varies from those who test the waters by funding such loans sporadically, to those who have embraced and grown their originations and their bottom line. The growing expertise of lenders with non-QM products will enhance their recruitment and retention of high-performing originators, improving their overall profitability. Others, ignoring the non-QM opportunity, could be left struggling with slowing originations from refinances, a segment that might plateau. But just how big is the nonQM opportunity? Market forecasts vary significantly, with estimates ranging from growth to $40 or $50 billion, to over $100 billion annually according to Forbes. Regardless of where the exact numbers fall, it presents a huge opportunity for originators. Last year Non-QM products represented just four percent of total originations, but as estimated by InsideMortgageFinance.com, the market is estimated to have more than doubled as new products have come to market throughout 2019. Traditionally, these loans have been underwritten manually, which has created challenges for lenders in implementing the products. Without an automated process, many lenders choose the path of least resistance and focus solely on traditional mortgages or broker these products elsewhere. Lenders are becoming more open-minded about non-QM as technology begins to streamline the process. The broker community, with fewer barriers to entry, already understands the power of the product. Tools and services like product and pricing engines and AUS engines are at their point of sale. Lenders who control compliance, underwriting, and closing processes can ensure the quality of these originations. Education will drive demand Education is the key to understanding how the non-QM offering can be the right one for borrowers. Much of lenders’ reluctance to offer this product derives from a lack of understanding of its attributes

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“Education is the key to understanding how the non-QM offering can be the right one for borrowers. Much of lenders’ reluctance to offer this product derives from a lack of understanding of its attributes and the misconception that nonQM loans are too risky.”

and the misconception that nonQM loans are too risky. Too many originators think non-QM loan products are similar to the sub-prime loans that kick-started the financial crisis of 2008 and 2009. Back then, originators could offer a bevy of loan products with few, if any, underwriting standards. When that environment imploded, ushering in a period of record foreclosures, new rules and regulations were put on the books. Included within those regulations is the “ability to repay” standard, which is a set of underwriting criteria defined in regulations with which all nonQM products must comply. Many non-QM product guidelines of today build additional protections, such as higher downpayment requirements, more fraud controls, and expanded appraisal requirements. The path of least resistance doesn’t pay In addition to the

misconceptions, there is a general lack of understanding about how these products work. Many originators have been processing only QM loans for years, and this lack of knowledge leads them to use

non-QM as a product limited to circumstances of agency fallout. These originators miss out on the borrowers who never thought they would qualify for a mortgage. Originators should not succumb to the belief that nonQM is too complicated and the borrower pool too small. Once originators understand how nonQM products work and realize how large the borrower pool to draw from really is, they clearly recognize the value in offering borrowers a product that better meets their needs. The education shouldn’t stop with the originators. Consumers must know they have options, even if they are self-employed or earn their income in a nontraditional manner. They also need to know these loans are issued based on sound lending guidelines. Without the confidence of borrowers, and those they count on for financial advice such as CPAs, attorneys, and financial planners, these products will never take off in a profound way. So, what will 2020 bring? We’ll likely experience greater familiarity with non-QM through education by investors and more exposure at major conferences. Technology will facilitate easier processes and greater transparency during the creation of a quality asset. Experts in the field will utilize these tools to build the right support models for originators nationally. That, in turn, will make these programs more top of mind and offer the right option for those borrowers who require them.

Lisa Schreiber, senior vice president of non-QM for NewRez LLC, is a proven leader and industry innovator with more than 25 years of success, experience, and dedication to the diverse field of lending. Along with her position at NewRez, Schreiber has held senior management positions with major financial services companies, such as Sprout, Home Point Financial, Ellie Mae, TMS Funding, NetMore America, American Brokers Conduit and Bank of America. She is recognized as a valued speaker within the mortgage industry, providing expertise through her writing and participation at industry events.

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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. 53

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What to Expect When You Are Expecting a New Year By Matt Tully

he end of the year can mean many things depending on whom you ask. For some, it means colder weather and fall colors. Others may remark about the holidays and the opportunity to see family and friends. Invariably, this time of year brings thoughts of the New Year’s resolutions and promises to make change on Jan. 1. As thoughts turn to 2020 and all that may happen, it is equally as important think about what has happened over the last year and how it will impact your plan for the upcoming year. In the mortgage business, and specifically in compliance, it is all too easy to allow this exercise to become an uncomfortable task. There are so many macro factors that shape our business. None of us can predict what will happen with the election, interest rates, the regulatory environment, or the economy. Besides, 2019 was a decent year all things considered. Won’t 2020 be more of the same? Don’t kid yourself. As Yogi Berra once said: “If you don’t know where you are going, you will end up someplace.” If you want to avoid “end[ing] up someplace” you should take the time now to think about the upcoming year. An effective way to tackle planning, to avoid the distraction of the unknown, and to prevent being lulled into complacency about how the year will evolve is to divide your objectives and views into three categories:

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l l l

Things you have the power to change; Things you can seek to influence; and Those which are completely outside of your control.

Within each of these categories are a series of important questions that you can, and should, ask yourself

“Have you taken the time to reflect on what you learned from your 2019 audits, and have you applied those lessons to your approach for 2020?”

to help shape and formulate your 2020 plan. Power to change When thinking about areas within your control, it is important to look at opportunities to change behavior and to question the status quo at the macro level. For instance, ask yourself the following questions: Are there meetings we have that may be redundant or unnecessary? Do I have access to the data I need to help make better decisions? Is there a better process that can be implemented to align on decisions that impact the business? If the answer you receive to any of these questions is “no” or “that is how we have always done it,” then you know this is something that requires a closer look. The mortgage industry has evolved drastically over the last 10 years. New regulations have drastically

changed the landscape for how loans are originated and serviced. Technology is turning existing norms in this business on their head. Borrowers expect better financial guidance from lenders and a quick and easy way to manage their experience online. Ten years ago, no one could have imagined applying for a mortgage or managing payments on your phone in real-time. Today, this technology is considered table stakes. For a compliance organization, there are a number of additional questions that come to mind. What is your plan to tackle regulatory change in 2020? Does your organization effectively communicate the impact and change by educating internal stakeholders about what new regulations mean to old processes? Are there practices that have been accepted as standard operating procedure that require overhaul? Have you

asked business leaders outside of the compliance group for feedback on how the process could run more smoothly? Are there information gaps that can be closed through better reporting or communication? A key component to success with this exercise is to look outside of your immediate organization for candid feedback on areas that can be improved; to gloss over this process runs the risk of perpetuating practices that are neither healthy, nor useful. Another area that requires careful reflection is your audit plan. Have you taken the time to reflect on what you learned from your 2019 audits, and have you applied those lessons to your approach for 2020? Are there areas of your business that you know pose heightened regulatory risk and require closer examination in an audit? Audits can be challenging and time-consuming endeavors, but they also can reveal problems that might otherwise be overlooked. Taking the time to get this process right will help limit risk to the business, as well as ensure that efforts to stay compliant are not lost in the shuffle. Potential to influence Second, look to those items you can seek to influence. As you are looking to exert a degree of impact in these areas, consider what needs to be done to help persuade others of your views. Items in this category can be both inside of your organization, as well as outside of it. If you are seeking to influence something within your organization, ask yourself the following: Is there a way to promote the adoption of best practices or share views through dialogue with key stakeholders? What is the right forum to promote this change? Who are the stakeholders or key influencers needed to help be a catalyst for change? If you are seeking to do something differently, have you done the work needed to help educate the organization on why this is the preferred path and have

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you properly prepared yourself to defend your position? If successful in persuading others to align with your way of thinking, you will also need to prepare for the next step: Implementation. Seeking to promote change outside of your organization requires a different approach. In the compliance world, one area where there is always a demand for outside influence is around the shaping of the laws, rules, and guidelines that impact our industry. In order to maximize your impact, ask these questions: Are you following proposed rule changes? Do you have views that you can share with policymakers to influence a better outcome? Are you appropriately engaged with trade groups or other industry associations to help amplify your voice? What is informing your perspective on a given issue and how might you test your logic to increase your chances of success with those outside of your organization?

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Each of us is able to proactively engage in our community. If you didnâ&#x20AC;&#x2122;t make enough time for these activities in 2019, what is your plan to become more engaged in 2020? Outside of control or influence Lastly, itâ&#x20AC;&#x2122;s important to separate and recognize those things which are entirely outside of our control. We know there is a lot that can change the landscape of our business in 2020: Including Presidential and Congressional elections. Changes in the regulatory landscape. A recession. No single person can influence the outcome of all of these things. What you can control are your reactions to such events. Is your business ready for the next downturn? What happens if there is a sudden change in the regulatory landscape? If rates went up 150 basis points tomorrow, how would you respond? You might not like

the answers to these questions or even have a difficult time accepting the fact that you cannot influence certain events. However, it is important to consider these possibilities to avoid becoming overly complacent. Part of preparing for the new year is asking

yourself the uncomfortable questions today to avoid being blindsided tomorrow. There are just a few weeks left in 2019. Make sure you use the remaining time to ask yourself the questions that will directly impact the shape of your 2020.

Matt Tully is vice president of agency affairs and compliance at Sagent Lending Technologies. At Sagent, Matt oversees the companyâ&#x20AC;&#x2122;s relationships with the GSEs, Ginnie Mae, CFPB, and state regulatory agencies and also serves as the companyâ&#x20AC;&#x2122;s head of compliance. Prior to joining Sagent, Matt was the head of government and industry relations at Essent Guaranty, a mortgage insurance company. He began his career in Washington on Capitol Hill. 55

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How AI Will Boost the Mortgage Lending Cycle hen I look ahead to 2020, the one thing to be sure of is that mortgage lending is set to get a lot faster, and more profitable, thanks to artificial intelligence (AI) and its offshoot machine learning (ML). While AI and machine learning have already made significant inroads into financial products such as auto loans and credit cards, they’re still just getting started in mortgage lending. As of a year ago, only about one-third of mortgage lenders were actively using AI, and half of those lenders were only doing it on a trial basis, according to an industry survey by Fannie Mae. Over the coming years, we’ll see the number shift to a point where AI becomes commonplace in the mortgage industry. The same Fannie Mae survey predicts that a year from now, a majority of mortgage lenders will be using AI in their business, with most of the rest at least exploring AI. Just two percent of lenders told Fannie Mae they won’t use AI at all. AI and ML use high-level math to analyze mountains of data to train computers to perform cognitive tasks such as classifying, predicting, and recommending. Because mortgage lending is a dataintensive business, it shows tremendous promise for integrating AI. The same machine learning algorithms that power self-driving cars and Google search can streamline the underwriting process and eliminate repetitive work such as document handling and verifying application forms. These fairly straightforward applications of AI have the potential to reduce the typical closing time from 52 days to fewer than 20, making the process easier for borrowers and lenders. But as with any big change, AI in mortgages will come with challenges such as getting legacy computing systems to interact effectively with AI and matching employee skills with

By Jay Budzik

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“AI will show that there are borrowers currently denied today due to a lack of credit history but who should be given loans. By accessing a greater breadth and depth of customer information, AI can provide a fuller picture of applicants as people.” the needs of AI-centric lending institutions. None of the current concerns around AI are insurmountable. Cloud computing, for example, can move the burden of the tech infrastructure into the cloud with minimal effort and reskilling programs can help train employees who will be able to move from repetitive underwriting tasks to more creative pursuits. The effort will be worthwhile because AI pays quick dividends. Bank of America told Business Insider that AI has helped it automate the mortgage lending process to the point where a customer now has to fill in just 10 fields on a mortgage application, down from 330. That’s helped boost mortgage originations by six percent in the first three quarters of 2019 and trimmed the closing process to 20 days. Over the longer term, AI will help mortgage lenders better evaluate a wider selection of people on their ability to repay home loans. Considering the

percentage of Americans who own a house remains below what it was 20 years ago, that will be a huge advance for the industry. AI will show that there are borrowers currently denied today due to a lack of credit history but who should be given loans. By accessing a greater breadth and depth of customer information, AI can provide a fuller picture of applicants as people. While there may be a perception among some mortgage professionals that consumers are wary of companies gathering more information about them, indications are just the opposite. A survey by the Harris Poll earlier this year found that 70 percent of

Americans would gladly provide more personal information if it results in a fairer credit decision. The same percentage wish there were more ways besides the three-digit score to prove they were creditworthy. Drilling down into those numbers shows even stronger support for using more data among people who today are too often denied mortgages, including minorities and recent immigrants. A big concern for many lenders looking to move into AI is the fear that algorithms can introduce or perpetuate bias against certain people for unclear reasons. Regulators and lawmakers are looking carefully at how lenders and other financial institutions are implementing ML credit models. While those fears of hidden bias have merit (algorithms are only as good as the people who create them), new AI tools are solving this “black box” problem by providing more transparency into model decision-making. The work we’re doing at Zest on transparent ML, and the release of explainable AI tools by Google and Microsoft, can help produce fairer alternatives to AI credit models before they go into production. AI can continue to play a role even post-origination. A machine learning model can help lenders monitor their borrowers’ financial health to predict if someone may need financial assistance on their loan terms—a cheaper option than dealing with a suddenly nonperforming loan. Completing the mortgage cycle, AI could also help lenders develop outreach programs to identify homeowners who may be likely to refinance away to another lender, weaving in data such as interactions with customer service, credit scores, and interest rates. In short, there are plenty of ways lenders can use AI to enhance their businesses through the lending cycle. If the mortgage industry can improve by using more data and its customers say they want lenders to use more data, then AI and ML benefit everyone involved.

Jay Budzik is the chief technology officer at Zest AI, a software company that helps banks and lenders of all sizes (from $100 million to $1 trillion portfolios) build, run, and monitor fully explainable machine learning underwriting models. As CTO, Jay oversees Zest’s product and engineering teams. His passion for inventing new technologies—particularly in data mining and AI—has played a central role throughout his career.

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Implementing Operational Excellence in a Miracle-Minded Way By John J. Murphy

ne of the first mistakes I see many business leaders make when implementing Operational Excellence (OE) is they complicate the simple. They add when they should subtract. They view OE as a “program” rather than a culture. They see OE as something we do in addition to what we are already doing, rather than “in place of it.” For example, they improve processes that should be eliminated. They appoint a program manager and tackle it with a plethora of projects rather than leverage a few strategic efforts to really “Wow” people. They train select individuals on dozens of tools, but teach little about how to use the right tools to bring about innovative, lasting change quickly. This is like having a plumber show up to your house to fix a leak, and rather than solving the problem in 10 minutes with a wrench, he takes hours using dozens of tools and increasing cost. To many, this makes sense. After all, we are surrounded with the idea of complex programming and complicated project management. We see versions like OE 1.0 and OE 2.O, with continuous upgrades. And, despite best efforts, many employees start viewing OE just like they view so many other things that have come and gone—another “Flavor of the Month.” The expectation is clear: This too shall pass. We also see business leaders defining OE as a “strategy.” This makes sense because a lot of businesses have multiple improvement initiatives in play simultaneously, often competing with one another for time and resources. So, leaders must be cognizant of integrating OE into the organization’s other programs and priorities. Strategically, OE must fit in and even “connect the dots” crossfunctionally. For example, Lean principles must be linked with Six Sigma practices. Team development must be coupled with Kaizen (process

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improvement) events. Leadership education and development must be related to OE deployment and execution. Customer service efforts must be linked to engineering design and product launch. Everyone must be aligned and “walking the walk,” not just “talking the talk.” This is like a symphony orchestra where everyone has a specific instrument and role to play, but timing, harmony, balance, unity and rhythm are essential to high performance and flow. Yes, OE must be deployed as a business strategy and not just a tactical program, but there is more to it than that. Even when OE is deployed as a strategy, many organizations struggle to sustain it. Pockets of measurable improvements appear throughout the organization, giving people hope, but years can go by before it is truly sustainable—not to mention transformational. It is still weak. It is still fragile. People may be agreeing with it from their heads, but they are not feeling it and committing to it from their hearts. Maybe OE is something we “do” at work, but it hasn’t yet become a way we “are” everywhere we go. Few people are taking it home with them. Few people are using it to improve their personal lives. We see pockets of flow here and there, but few people are living in flow. This brings me to culture. Peter Drucker once said that culture “Eats strategy for breakfast.” I find this line intriguing because I have witnessed it countless times over my 30-plus years as an OE consultant. In fact, this is often why I am asked to come in and help organizations try again. They have followed standard practices, but there is something missing. It isn’t sustainable. OE is still an act and not a habit. Put simply … OE isn’t a program and it’s far more than a strategy. It is a way. It is a culture. It is a field of energy—an energetic frequency that people feel when they enter it. It feels welcoming, open, warm and exciting. It feels inspiring because it connects with people

on a different level—heart to heart and soul to soul, not just brain to brain. It’s more than intellectual. It is intelligent. It isn’t just a way to behave in the world. It is a way to see the world. It is a way to experience the world. It is a way to cocreate with the world. People in this field of energy feel more connected, creative, inspired and alive! A very successful Fortune 500 CEO, with more than 50,000 employees, used to ask me what “magic water” I had his associates drinking while guiding them through dozens of highly successful Kaizen events (rapid improvement events). He was intrigued with how on Monday of a five-day event, people were skeptical, doubtful, anxious and afraid–and by Friday, they were celebrating like champions after implementing creative changes to problems they had struggled with for years. What had gotten into these associates? He wondered. What was I doing to inspire such miraculous changes in perception and behavior–and in such a short period of time? The answer is I didn’t teach people how to “do” OE. I showed them how to “be” OE. Taking a note from Gandhi, we weren’t planning to do OE sometime in the future– strategically or tactically. We embodied it. To begin with, we recognized that it is cultural. And we change culture by changing culture–right here, right now. We change behavior (the way we do things around here) by changing behavior. For example, we made immediate changes to our approach. We held events without chairs. We stood up and mapped processes on the wall. We used Post-It notes and whiteboards,

not PowerPoints and projectors. We followed a disciplined process, keeping the team aligned and united– cultivating a collective consciousness. We used DMAIC–Define (the current state/process/behavior); Measure (the number of steps, pages, signatures, people, time, rules, reports, undesirable effects, etc.); Analyze (what is undesirable and why, root causes, leverage points); Improve/Innovate/Implement (find alternatives, evaluate risk/reward, make the changes); and Control (standardize and sustain the gains). Of course, DMAIC is not the only model or “toolbelt” to use, but it is helpful and practical to have a rational process that keeps everyone focused and aligned. How often have you witnessed teams struggling to synergize because some members are collecting facts, others are brainstorming solutions, and no one has identified root causes yet? We solve one problem and create three more in the process. This is the “Magic Water.” It is not something we give to someone else. It is something we help them find within themselves. OE is more than a practice limited to organizations and institutions. It is a sacred promise within all of us. We exist to grow and excel and prosper. Every one of the trillions of cells in our bodies is gifted with sacred intelligence, desiring to operate in excellence, desiring to be in flow. At the level of the soul, we are eternal spirits seeking creative expression and manifestation. We are the miracle!

John J. Murphy is a global business consultant, speaker, spiritual mystic, “Zentrepreneur” and award-winning author. He is founder and CEO of Venture Management Consultants Inc., a firm specializing in creating lean, high-performance work environments. Murphy is a graduate of the University of Notre Dame with a BBA in finance, and the University of Michigan’s Human Resource Executive Program. He is also a former quarterback for Notre Dame.

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A Loan Officer’s Guide to Millennial Homebuyers

By Kim Gates

Social. Entitled. Tech-savvy. Creative. owever you might choose to describe them, there’s no doubt Millennials are playing a more critical role in the housing market than ever. And for community banks and credit unions, understanding them can be the difference between winning their business and losing it to fintech challengers. Millennials account for more than a quarter of the U.S. population—that’s roughly 85 million people. It’s the portion of the population with the most first-time homebuyers, so it’s a segment you can’t afford to pass up in the lending market. To help you better understand this unique generation, we’ve put together some information about Millennials, as well as some strategies you can use to capture a greater share of the Millennial market. Of course, understanding Millennials is a whole lot easier said than done, but before we jump in and discuss them, we need to clarify who we’re talking about.

delayed their home purchase. A 2019 Bankrate downpayment survey noted that nearly a quarter of Millennials listed college loans as a barrier for to their first home purchase.

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Who qualifies as a Millennial? So who are we actually referring to when we use the term? It’s important to understand the age demographic that defines Millennials—that is, anyone born between 1981 and 1996. Although the term “Millennial” has stuck, they’ve been known to go by other names. This includes “Gen Y,” the “Echo Boomers” (often the children of Baby Boomers), and the “Peter Pan Generation,” the third was coined in recognition of their tendency to prolong rites of passage into adulthood. Millennials are diverse The ethnic and racial buildup of today’s homebuyers is far more diverse than previous generations. According to a Zillow study, 77 percent of all American homeowners are White. However, when the focus

“Don’t hesitate to encourage your Millennial buyers to publish content to their social platforms, and even suggest a postclosing selfie with them. Social sharing can create a positive impression among their peers, who are also likely to be Millennials.” is shifted to Millennials in particular, only 66 percent of homebuyers are white, 17 percent are Hispanic, 10 percent are black, and seven percent are Asian/PacificIslander. They haven’t been around for long, and it shows With rates at only a fraction of historic levels, boomers and Gen Xers might suggest that it’s a great time to buy. Trying to convince a millennial of this may be tricky though, since low rates are all they’ve ever known, and are more likely to be swayed by subtle fluctuations. Fifty percent of Millennials said they would look for a cheaper house if rates increased a point or more, and five percent say they would give up looking altogether. Millennial homeownership is plummeting Although these aren’t the words

we want to hear, there’s no doubt Millennials are becoming less interested in owning a home. In fact, the homeownership rate among adults under 30 has fallen almost 10 points in the past decade. During this time, the population has increased by roughly five million, while households in this age group have only increased a mere 200,000. If young homebuyers were forming new households at the rates we saw back in 2005, that would equate to 1.7 million new households. So what’s holding Millennials back? l

Student loan debt of course! Millennials are often saddled with student loan debt, and this setback is plaguing young homebuyers more than ever before. Last year, more than 50 percent of homebuyers under the age of 36 said that student debt

Marrying later. Only 21 percent of Millennials are married by the age of 28, which is staggeringly low in comparison to previous generations. In fact, this percentage is roughly half that of their Boomer predecessors (42 percent). This phenomenon, along with older first-time moms (averaging age 26), is impacting the buying landscape for Millennials.

Overestimating downpayment costs. Eighty-six percent of Millennials believe they would need to put at least a 10 percent downpayment on their first home. But the reality is that many private insurers will offer loans to applicants with as little as a 620 credit score at only three percent down. So the perception of what it takes to become a homeowner is far greater than the reality for Millennials.

Don’t lose hope … here’s how to win them over So how can your lending team capture a market segment that seems to be dismissing homeownership altogether? Here are a few weapons you’ll need to have in your arsenal if you want to capture and retain Millennial clientele. Create positive buzz For high-involvement purchases like homes, Millennials seek confirmation from as many sources as possible—whether through social media, Web sites or word of mouth. Seventy-three percent of Millennials report reading someone else’s opinion before purchasing. Ask for your client’s permission for a video review of their

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homebuying experience in front of their new house. A genuine testimonial can go a long way. Don’t hesitate to encourage your Millennial buyers to publish content to their social platforms, and even suggest a post-closing selfie with them. Social sharing can create a positive impression among their peers, who are also likely to be Millennials. Be authentic Millennials are known for their ability to smell a phony sales pitch from a mile away. Your brand has to be believable, consistent and honest. On top of this, they prefer doing business with lenders who are ethical and give back to the community. Research shows that Millennials aren’t as selfabsorbed as they’re stereotyped to be. Eighty-one percent of Millennials expect companies to publicly pledge to be good corporate citizens.

As senior national account executive at Data Facts, Kim Gates provides lending professionals with cutting-edge information products and services to help them make sound decisions and maximize efficiencies. Kim is widely regarded as a product expert, and prides herself on staying informed of the developing trends and regulations that affect her clients. Above all, Kim values the relationships she has in the marketplace.

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Educate them As we stressed before, Millennials tend to have a distorted perception of the

Don’t lose sight of the human element At the end of the day, Millennials share a lot in common with the rest of us (albeit they’re younger and perhaps better looking). Remember, this generation has grown up in the households of Baby Boomers and Gen Xers, and shares more characteristics with them than you might think. Yes, Millennials love their technology, but that doesn’t mean you should lose sight of the human element we’ve always known. Although more Millennials will start their mortgage journey online, they still prefer the same personal, face-to-face interactions when making these life-changing decisions- just as their elders did. There’s no amount of technological innovation that can replace your lending expertise, and this is the ‘wow factor’ that will continue to delight your Millennial clients and prospects.

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Diversify for success One of the biggest challenges facing loan originators is appealing to the modern loan applicant. Remember, demographics are shifting, and it’s important to mirror the market so that your clients feel as comfortable as possible. Hire multilingual professionals, especially Spanish speaking ones. According to HousingWire, Hispanics accounted for nearly 40 percent of household formations since 2008, making it the largest increase of any demographic.

requirements for homeownership. Educate them about the reality of actual downpayment costs. Again, many don’t realize they can own a home with just three to five percent down. Fifty-nine percent of Millennials say they have no one to turn to for financial guidance. Be the guide they need. Stress to them the benefits of homeownership, and the different approaches they can take to get there. But most importantly, put them in the driver’s seat. To get through to this demographic, you need to position yourself as an educator, without coming off as bossy. Remember, the last thing Millennials want is to be ordered around.

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Your 2020 Marketing Budget: Important Considerations

By Rosalie Berg

our company’s marketing budget has a huge impact on your company’s growth. But how do you decide how much to allocate? It seems most companies have a good idea of how to create budgets for administrative and operations expenses. Yet when it comes to marketing, there’s often a lot of head-scratching and guessing. The default is often to stick to the same marketing budget used in prior years. But that can be a mistake. There are many variables to consider when determining a budget, and those can differ tremendously by industry and company size. A great source of insights on marketing budgets can be found in the CMO Survey conducted by Duke University, Deloitte LLP and the American Marketing Association. Launched in

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2008, the CMO Survey was last performed in August 2019 and includes responses from 341 senior marketers at U.S. companies. Below are some key findings on marketing budget trends … Marketing budgets are growing According to the CMO Survey, the average marketing budget is expected to grow by 8.7 percent in the next year, compared to a 6.3 percent increase over the past year. Companies that provide services are expected to spend more than companies that sell products, the survey found, while smaller companies are likely to spend a greater percentage of their revenues on marketing than larger ones. Overall, the average company’s marketing budget as a percentage of its overall expenditures climbed to 12 percent, the highest level in the 11-year history of the CMO

Survey, and up from 10.8 percent in August 2018. Companies are spending more on digital marketing The most recent CMO Survey found that companies are increasing their spending on digital marketing at a much faster pace than traditional advertising. In fact, traditional advertising expenditures, such as print advertising, remained relatively the same as previous surveys, while the average survey respondent spent 11.8 percent more on digital marketing.

More companies are outsourcing marketing According to the CMO Survey, more companies are turning to outside organizations for help with marketing. In fact, 46.2 percent of companies are outsourcing their marketing needs with marketing agencies, consultants or other companies in order to access more marketing skills, which is up from 40.1 percent in August 2018. So, what can we learn from the CMO Survey? One thing is clear: regardless of whether you are spending 10 percent or 20 percent of your company’s overall expenditures on marketing, getting value out of your marketing dollars is key. That’s especially true in our ever-changing and hypercompetitive mortgage industry.

Rosalie Berg is president of Strategic Vantage, a marketing and public relations agency that specializes in the mortgage and financial services industries. Lenders, technology companies, service providers and start-ups count on Strategic Vantage to publicize their companies, write content and create their marketing materials. She may be reached by e-mail at RosalieBerg@StrategicVantage.com or visit StrategicVantage.com.

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HEARD ON THE STREET continued from page 27

executive director, said: “Deephaven has always been a leader in using technology to give originators greater transparency and confidence in the Non-QM lending process. This was true when the company launched IDENTI-FI AUS, a standalone pre-qualification engine, powered by our technology, and that position is enhanced even more today. Our latest integration further demonstrates Deephaven’s commitment to making innovative technology accessible and consumable for originators.” Notarize Now Available on Ellie Mae’s Encompass

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Notarize, the Boston-based company that enables an entirely online mortgage closing process, announced that its digital closing platform is now available through Ellie Mae’s Encompass digital mortgage solution. According to Notarize, its Intelligent Closing Automation Platform manages more than 14.5 million rules, thus allowing lenders to either fully automate their operations or manually determine every loan’s eligibility for an online closing. To date, Notarize has helped people buy and sell more than $8 billion in real estate in an online-exclusive setting. “This partnership is an enormous step toward our vision to enable anyone in America to click to close on their home,” said Notarize Founder and CEO Pat Kinsel. “Our mission is to help people get into their dream home faster and for less cost. Digitizing the closing is the last thing keeping lenders from meeting consumers’ expectations. We’re proud to partner with Ellie Mae to help lenders realize the vision of the complete digital mortgage process.” Parvesh Sahi, senior vice president of business development at Ellie Mae, noted: “We are thrilled to partner with Notarize to provide added value to Ellie Mae customers. Through this integration, our customers will be able to automate key workflow to determine online closing eligibility. This ultimately saves time and reduces friction in the loan origination process, a benefit as lenders look to close

loans faster and provide a more seamless experience.” Mortgage professionals to watch l Next Level Loan Officers (NLLO) has announced that industry marketer, podcaster and national speaker Jason Frazier has joined their team as a marketing coach. In addition to speaking at NLLO’s live events, Frazier will also become the producer and co-host of the NLLO podcast. l Homebridge Financial Services Inc. has announced the addition of mortgage industry veteran Kevin Kelly in a non-originating role of area manager for Southern Virginia. Kelly’s primary focus will be to increase Homebridge’s presence in and around the greater Richmond area. l Deephaven has announced the hiring of Kris-Ann Carduff as wholesale-vice president of business development. l New American Funding has announced that its Co-Founder and President Patty Arvielo has been appointed a member of the Mortgage Bankers Association (MBA) Affordable Homeownership Advisory Council. l The Mortgage Bankers Association (MBA) has hired Ethan Saxon as associate vice president of legislative affairs. The MBA has also promoted Rob Van Raaphorst to the position of vice president of communications. l The National Association of Realtors (NAR) has installed Vince Malta as its 2020 president. Malta is a broker at Malta & Company Inc. in San Francisco and was NAR’s 2019 president-elect and 2018 first vice president. l The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced that Mary O’Donnell has been installed as president for the 2019-2020 year. l The Federal Housing Finance Agency (FHFA) has announced the hiring of Jonathan McKernan as Senior Counsel for Policy and Raphael “Raffi” Williams as Press Secretary and Senior Communications Advisor. l Mortgage Network Inc. has

announced the addition of two experienced operations leaders to the company, as Sandra Knowlton will serve as a processing manager in Mortgage Networkâ&#x20AC;&#x2122;s Danvers, Mass. headquarters, and Lisa Anderson will serve as a processing manager in the Salem, N.H. office. Both Knowlton and Anderson will support Mortgage Networkâ&#x20AC;&#x2122;s Northeast production team and report to Sharon Dostie, the companyâ&#x20AC;&#x2122;s national head of operations. Guaranty Home Mortgage Corporation has announced the promotion of Tracey Thomas to senior vice president, director of national credit, and the promotion of Anita St. Pierre to the role of executive vice president, director of national credit and

operations. Guaranty Home Mortgage has also announced the promotion of Rex Hagood to the role of chief development officer. He brings more than 30 years of experience to his role, having worked with Guaranty Home since 2009. Guaranty Home has also announced the promotion of Vicky West to the position of executive vice president, national closing and shipping. West brings more than 25 years of experience to her role. Waterstone Mortgage Corporation has announced the opening of a new branch office in St. Louis, to be led by Regional Manager Abraham Rezex, who has more than 15 years of experience in the mortgage lending industry. continued on page 76

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coupled with a digital lending platform to digitally verify income, assets and employment are all ways to make originators more efficient.

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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What is your opinion of the rise of fintech and iBuyer competition for traditional brick-and-mortar lenders? Dawar Alimi: While fintech will provide efficiencies, the comfort in having a loan officer handling your loan is very important to most borrowers and wonâ&#x20AC;&#x2122;t go away. iBuyerâ&#x20AC;&#x2122;s like using technology, but still want to speak to someone who will guide them through one of the biggest investments in their lives.

How do you spend your leisure hours? Dawar Alimi: I have two young boys who are eight and 10, so my leisure time is spent with them. If Iâ&#x20AC;&#x2122;m not working over the weekend, Iâ&#x20AC;&#x2122;m usually taking them to baseball, soccer or whatever activities they have that day. Outside of family, I love trying out new software frameworks and various software design patterns. Ever since grad school, Iâ&#x20AC;&#x2122;ve had a fascination with machine learning algorithms. I joined F45, a training program originally from Australia, and have been really into HIIT trainingâ&#x20AC;&#x201C;and I really enjoy working out.

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Lately, there have been jitters over the potential for a recession. Do you see a recession on the horizon? Dawar Alimi: I think one of the key indicators to watch is housing prices. While housing demand is high and prices are high, we can feel comfortable that things will be okay, When demand decreases, we can expect a slowdown on the horizon. If we do go through another recession, I donâ&#x20AC;&#x2122;t expect it to be as bad as the last one.

Looking back on your career, what do you see as your peak accomplishment? Dawar Alimi: My peak accomplishment has been doing what I enjoy most, which is building software with a talented team at Lender Price. Itâ&#x20AC;&#x2122;s a great feeling building a software platform used by many of the top banks and non-bank lenders. Our pricing engine is critical to how lenders function on a day-to-day basis.

national mortgage professional magazine’s

Legends of Lending ACC Mortgage By Rick Grant

wenty years ago, Robert Senko founded a small mortgage origination shop called All Credit Considered Mortgage Inc. (ACC Mortgage), just outside of Washington, D.C. In the early days, the company was only licensed in three states and sold mortgages direct to consumer. Over time, Senko built the company into a thriving business, serving borrowers in 25 states by offering products that other lenders wouldn’t. Today, Senko is president of one of the leading non-QM wholesale mortgage lenders in the country and we feature the company as this month’s Legend of Lending. Senko spoke to us from the company’s headquarters in Rockville, Md. about the changes he’s seen in the mortgage industry and where the opportunities are for brokers and loan officers serving today’s borrowers.

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Thriving in a turbulent industry Many would likely agree that 1999 was a great time to start a mortgage business. With falling interest rates and rising property values, the industry was exploding. Anyone lending at the time likely saw their volumes increase three-fold or more as national lending volume exploded from traditionally less than $1 trillion annually to more than $3 trillion by 2007. When Senko was recognized as our Mortgage Professional of the Month, last October, he told us the story of how he survived the historic downturn. “Leading up to January of 2007, I started hearing and sensing some capital market issues that reminded me of the late 90’s when Long Term Capital Management collapsed, and good companies seemingly shuttered overnight,” said Senko. “On a gut feeling, I sold all of the loans in our portfolio, moved my personal wealth from stocks to cash and exited the private money business. Six weeks later, New Century collapsed, then came the days of the Implode-A-Meter and the daily news of companies closing.” When it was all over, some of the nation’s largest B&C lenders were gone, but Senko’s ACC Mortgage was alive ready to lend. There were still tough times ahead, but over the next decade, Senko would lead a changing company through an industry and market that were being rocked by changes of their own. Senko’s view of a changing mortgage business When ACC was launched, it was a non-QM lender, for the most part, but was also primarily a retail shop. After the crash, Senko found that his company still had capital to lend, so he started sharing what he knew about these non-conforming borrowers with brokers and took his company into the wholesale lending business. Today, ACC employs a team of wholesale account executives, who create relationships with brokers, and they are looking to grow to 50, and 50 only, account executives. According to Robert, ACC is the oldest non-QM lender and they do not want to be the biggest, they just want to be the best. Less is more in Robert’s opinion. “When I was an account executive, back in the mid-1990s, I put on my jacket and tie, got into my car and I drove up and down Rockville pike, visiting with mortgage brokers,” Senko said. In those days, there were so many mortgage brokerages that it was easy to stay busy visiting them. “Those days are behind us,” he says.

entrepreneurial. He says today’s brokers are nimble. To be successful, he trains them to set expectations right up front, with the real estate agent and the client, telling them: “This is a loan we can do, but we need a lot more detail to get it done. This is going to take some level of work.” Senko says brokers who learn to do this set the tone for the relationship and find that people won’t become frustrated with the process.

Today, Senko says his successful AEs do up to 80 percent of their work over their cellphones, with many of them working from wherever they happen to be. Most of that time is answering broker questions and helping them structure non-QM deals. It’s not just Senko’s AEs who are working remotely these days. ACC has a team of processors, underwriters and disclosure managers working from its corporate headquarters, but the company also has remote employees, something the firm didn’t do in the early days. “Even loan officers aren’t pinned to their desks anymore,” Senko said. “They’re working remotely from their homes. So, that’s a big change we’ve seen as people aren’t working from a singular location. And that is something that I never really would have anticipated just a few years ago.”

“I think the struggle that loan officers have had adapting to the non-QM world is they expect the deal to be a GSE-type transaction and that’s just not the case. This is good old fashioned, manual, rollup-your-sleeves lending. It’s sometimes easier for guys like me. I was trained when we were doing handwritten 1003s!” —Robert Senko, President, ACC Mortgage trained loan originator who knows how to write non-QM loans. To help loan officers new to nonQM, ACC officers a “White Glove” service for their first couple of loans to get them comfortable.

Getting involved with ACC Mortgage Find out more about ACC Mortgage and getting involved with its industry-leading non-QM business is a simple process. To find out more, visit the company’s Web site at ACCMortgage.com. Rick Grant is special reports editor for National Mortgage Professional Magazine and Mortgage News Network. He may be reached by phone at (570) 497-1026 or e-mail RickG@MortgageNewsNetwork.com.

n National Mortgage Professional Magazine n DECEMBER 2019

Lessons for the broker But what does that mean, exactly? We asked Senko what he would tell brokers without experience in the non-QM space but who wanted to begin selling these products. “Set proper expectations from the first moment,” he said. “I think the struggle that loan officers have had adapting to the non-QM world is they expect the deal to be a GSE-type transaction and that’s just not the case. This is good old fashioned, manual, roll-up-your-sleeves lending. It’s sometimes easier for guys like me. I was trained when we were doing handwritten 1003s!” Senko says that he learned things from a manual perspective, but admits that today that’s a bit of a lost art. But it’s not a requirement for getting this job done. Loan officers just need to partner with the right non-QM lender. “As they pivot and they start working on nonQM after a career of just doing GSE-type lending, it requires a lot more attention to detail,” Senko said. “Today’s brokers are quick studies. We help them figure it out.” He says the loan officers that his company has trained are smart, adaptable and

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Providing differentiation for the broker and loan officer What hasn’t changed for brokers is that the market is just as competitive for third-party originators as it was when Senko started his business. While he remains committed to brokers, saying they offer consumers more financing options, he says brokers and loan officers need a way to differentiate themselves in the market. “The financial world works best when you have a diversification of financing sources,” Senko said. “We don’t want the government to be the sole provider of mortgage funding for the United States.” Senko says, “Having unique private lenders is not just good for the borrowers, it’s good for the industry because it mitigates risk and protects the system. I think it really helps benefit the market to spread any risk around but also to create products that are manageable, affordable, and ultimately safe for both the consumer and the investors.” But the real advantage to a diversified financial services industry can be felt in the broker’s shop. “Whether they’re a broker or a loan officer working for a company, they really are entrepreneurs. Having companies like ACC Mortgage gives them more tools for their belt that they can use when they come across a potential client.” Senko remembers his early days as a loan officer, working for a financial institution that offered only a limited menu of financial products. He found it frustrating because there were many borrowers he simply couldn’t service. One of his goals with ACC Mortgage was to fight that kind of commoditization and offer a wider range of financing options. “For so many borrowers, it comes down to finding the cheapest price and the quickest close,” Senko said, but added that this won’t work for every borrower and it doesn’t serve the broker. “The products we offer give the brokers a differentiation. We don’t have a DU/LP-type underwriting engine. These loans are really manual. You have to look at them, you have to manually underwrite and review them. It’s not just a couple of keystrokes in the computer and here’s your approval. That is why it is important to work with an experienced non-QM lender.” This gives the broker the opportunity to be a real partner to referral sources and help borrowers that don’t fit into the box provided by government investors. But it also requires a

Secret to success Senko says, the key to success for the broker, is managing expectations for a better borrower experience. But what about his own secret for success? “I think my secret has been transparency,” he replied. “You need to let people see your vulnerabilities by being honest. I think that’s why I have people that have been with me and my company for over 20 years.” Loyalty happens when there is trust, Senko said. It’s something people want to find, in the people they do business with and in the companies they work in. “It’s amazing to me to hear so many stories from people that come to us from other companies about how they were essentially lied to,” said Senko. “I tell people the good, the bad and the ugly.” At ACC, determining what is a good loan, comes down to three basic rules. Senko calls them his rules for good lending, and it comes down to a simple three-point lending philosophy that he says remains as relevant today as it did when he started this company 20 years ago … l First, the ability to repay: Let’s prove their income before we lend. This was before TRID. l Second, skin in the game: Borrower and lender. If the loan doesn’t work, everyone needs to feel pain. l Third, benefit to the borrower. This drives everything we do. Are we doing a good loan for the borrower? If everyone understands these three things and you remain transparent through the process, success is all but guaranteed, Senko says. “I think that’s been my greatest asset, that complete transparency, whether it’s with a client or a broker,” Senko said. Further highlighting the point of transparency, the company sends an introductory letter from Senko himself with each Conditional Loan Approval. If the broker is having an issue or concern, they can send an e-mail directly to Senko and he will address it personally. Brokers appreciate the accountability from the man at the top.

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H E B E C K W I

The

T H B L O

Blessing Lesson By Christine Beckwith

c e B h t i kw

h t i The kw

t’s the season of giving, and all of us have turned to our local churches, schools, businesses and favorite community charities to give back and pay it forward. It has seemed hard for me to say “no” to anything when at every turn, at every cash register and store there is a different charity donation being asked for. I simply do, like so many of you, as much as I can. And doesn’t it feel amazing to make a difference? Those clothes I donated for women getting into business that need suits, those toys I donated for those kids who would otherwise not have had a wonderful holiday morning … all of it is heart-warming and necessary. It reminded me that we need to consider this year in this industry where volume has been up and sales have been plentiful that there is a way for us to do still do more. Staggering statistics were just released about the epidemic of homelessness in this country, and while I am not trying to open a debate on this topic as it seems like it can stir a lot of emotion about how, what and why people end up homeless, I would like to think that we accept as a human race that we are the fortunate and as such the ones with the strength to be the ones providing blessings. According to the National Coalition for the Homeless, America has 1.7 million homeless people with 1/5th having a severe form of mental illness and almost half of those with other mental illnesses. So, this then brings me to a story I want to share about giving. My son participated in a magazine drive as so many grade school children do, a few years ago. He worked hard, had his eyes set on the tabletop ping-pong table, the grand prize for the fifth grade drive. At the start of the contest, he was given a lanyard to collect teddy bear charms as milestones for his magazine sales. As the contest drew on and his lanyard became full with charms, it seemed imminent that he would indeed be able to get his grand prize, but that would require him getting in the front of the line and getting into the store before the other top producers grabbed this very limited prize. I remember the morning I dropped him off, I told him how proud I was of him, he was beyond excited and off he ran to the school doorway. I thought of him all day knowing there was a chance he would not seize the prize. At the end of the school day, he would come from the school wearing his backpack and with a small bag in hand. I was holding my breath as he walked to the car. When he got into the car I inquired, “You weren’t able to get the tabletop ping-pong game?” and he said, “No mom, I didn’t,” and my heart sank. He went on though, “I was in line for the store and so were all my classmates. My teacher let me be in the very front of the line as I had actually sold the most and all the rest of the kids got in line behind me.” So I asked: “Then what happened?” He continued, “We all went into the store and you know the room mom right, the one beside the cafeteria and so just outside the door sitting were the kids who had no tickets and in our class there was only one little girl.” He told me her name and I could already tell where this story was going. He would go on to tell me he felt so terrible for the girl who had no tickets that it made him feel badly. He said he went out and spoke to the girl. I find the next part humorous as he basically conducted an interview on her, apparently the facts mattered, he asked, “Why do you have no tickets?” as if her answer would make

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NCRA’s 27th Annual

NCRA Executive Director Terry Clemans welcomes attendees to the NCRA’s 27th Annual Conference in Savannah, Ga.

Attendees take part in the Day Two Sessions

NCRA hosted its “Jazzy Night in Madison Square” as part of its 27th Annual Conference in Savannah, Ga. CRA’s 27th Annual Conference was held in November at the historic and beautiful The DeSoto Hotel in Savannah, Ga. This year, more than 140 consumer reporting professionals, representing all three national credit repositories, seven national public record providers, about 80 percent of the mortgage credit reporting industry, and many the nation’s largest resident screening companies, attended the conference. The event kickoff featured a Welcome Reception at

The gavel of NCRA leadership is passed as Executive Director Terry Clemans and Immediate Past President Mary Campbell welcome new NCRA President Bill Bower

the historic DeSoto Hotel, with NCRA’s traditional marketplace and one major change this year, the inclusion of a fundraiser for Homes for Our Troops (HFOT). HFOT had an exhibit, a cobranded booth developed by NCRA member Birchwood Credit, originally designed to help HFOT raise funds at New England area mortgage events. I am delighted to report that NCRA Conference attendees donated $17,350 in less than 48 hours! That’s an average of $121 per person from our group to help build homes for some of America’s bravest who have paid a very high price for the freedoms we all enjoy. We

were honored to have as Special Guests Marine Corporal Tony Mullis and Ben MacDonald from HFOT to help us with this fundraiser. For the next two days, we addressed the latest and most compelling topics in consumer reporting. The Opening Session of the Conference included the annual transfer of the association’s officers. Many thanks to 2019 President Mary Campbell of Advantage Credit in Fargo, N.D. for her service to the association and welcome aboard 2020 NCRA President Bill Bower of Contemporary Information Corporation in Lancaster, Calif.

CFPB Assistant Director of Enforcem Stocks delivers the “State of the Co Reporting Union” report

A packed house listens in on Keynote Speaker Bea W presentation

and 2020 Vice President Debbie Loyning of Alliance 2020 in Renton, Wash. Thank you to the outgoing members of the board of directors, including: Julie Wink of DataFacts in Tennessee, Paul Wohkittel of CIS in New Jersey, Gary Glucroft of The Screening Pro’s in California, and Janet Curtis of SARMA in Texas–and thank you Janet for returning for another term. They have all provided NCRA with great leadership over the last several years. We welcome three new directors to the NCRA board: Jeff Gentry of Service First and Jim Norman of MFI Credit Solutions, both in California, will join Mike

l Conference Review

By Terry Clemans

Enforcement Susan of the Consumer

ker Bea Wray’s

Special Guests Marine Corporal Tony Mullis and Ben MacDonald detail the Homes for Our Troops (HFOT) fundraiser program

NCRA Executive Director Terry Clemans presents outgoing Board member Janet Curtis with an award for her service to the association

Brown of CIS in New Jersey, who will transition into NCRA’s leadership. A full list of NCRA’s board of directors is listed each month on page six of National Mortgage Professional Magazine and we thank all of our board members for their dedication and contribution to our association and the industry as a whole. Master of Ceremonies Murem Sharpe made sure the highlights of the agenda were kept on track, starting with the Keynote Address by Bea Wray, author of What Harvard Taught Me But My Kids Made Me Learn, sponsored by TransUnion. Bea delivered an informational and motivational

Bea Wray, author of What Harvard Taught Me But My Kids Made Me Learn, delivers her Keynote Presentation

NCRA Executive Director Terry Clemans presents Advantus’ Michelle Streeto with the Directors’ Award

address that focused on leadership and family/career balance as taught by her time earning an MBA with honors at Harvard, and reinforced by her children. Speaking of TransUnion, the teams from Experian and Equifax all delivered information-packed sessions about developments at each of their respective national credit reporting agencies and sponsored many events throughout the Conference. As usual, the federal government was wellrepresented again this year. The CFPB’s Assistant Director of Enforcement Susan Stocks and

Chris Papastathis of Experian was on hand to share the latest news from his firm

NCRA Immediate Past President Mary Campbell presents Gary Glucroft with the NCRA President’s Award

FTC Senior Attorney Tiffany George provided what we refer to as the “State of the Consumer Reporting Union,” as each addressed the group on a variety of issues as the primary regulators for our industry. Along with the regulators, NCRA Legal Counsel Christi Lawson, a partner at Foley and Lardner in Orlando, was kept busy in several sessions that also featured national prominent FCRA counsel of Eileen Ridley, another partner at Foley & Lardner’s San Francisco office. Michael J. Saltz Esq., a partner in Jacobson, Russell, Saltz, Nassim and De La Torre LLP, provided

insight on both FCRA and his specialty, resident screening issues. These experienced legal counselors shared insights on both regulations and litigations providing incredible guidance into the ever-changing world of consumer reporting. NCRA introduced a new strategic alliance partner at the conference, eCredable and their new program “Lift,” which helps consumers capture telecom and utility data not currently being reported to the national credit bureaus, and add it to the national file for insert into at least continued on page 75

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Is a Housing Bubble on the Horizon? By Mark Daniels

Will there be a repeat of the 2008 housing market crash? If there is to be a housing market crash, it will not come from the same direction. Whereas in 2005, more than 20 percent of the mortgage market was caught up in sub-prime loans, now it is closer to five percent. Lending standards have also improved. It’s harder to get a home loan if you don’t have good credit. Banks do not lend as high a percentage of the home’s value (55 percent down from up to 80 percent or more), dampening the “house-flipper” market. There’s less likely to be a boom in homebuying because young people have less money to spend. The recession hit them hard, and most had to take out large loans to fund their education. As house price

increases have outpaced income increases, fewer people have the ability to buy, making a housing boom/bust cycle less likely to materialize in the short term. What other factors could lead to a boom or bust? The yield curve on U.S. Treasury notes has become inverted. This yield curve is a good indicator of how investors feel about the economy and prospects for economic growth. An inverted yield curve means that investors are not confident in the near-term economy and prefer to keep their money tied up in longer bonds that will ride out a recession. Higher interest rates would make loans more expensive. Mortgage buyers who took out a variable-rate mortgage at a low rate could find themselves unable to make their repayments if interest rates rose sharply. A return to the use of risky financial products would be likely to cause a repeat of the 2008 housing crash as borrowers unable to repay their loans default. President Trump’s tax reform plan, opposed by the real estate industry, raised the standard deduction. Ultimately, it is a plan that props up house prices and benefits the wealthy, increasing the divide between rich and poor by stopping people from taking advantage of a mortgage interest deduction. Other factors, such as rising sea levels and flooding, are having effects on the price of homes. Ultimately, at this point, we can’t be sure which way the housing market will go from here. With around 50 percent of economists predicting a crash in 2020, it pays to be sensible when choosing financial products.

Mark Daniels is a versatile writer with extensive experience creating interesting, engaging, and unique articles in multiple industries.

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Why do people think there could be a housing bubble? Firstly, house prices had been rising quickly until 2017 and the average home price hit a record high, over 10 percent higher than the previous 2006 record. But housing prices cooled. Sellers were at first reluctant to drop their prices as they wanted the same high gains, so sales slowed. But average incomes haven’t increased as quickly as house price costs, so buyers generally didn’t have enough cash to buy. Housing prices have continued to rise in 2019, but not as quickly as before. The interest rates had been increased by the Fed from 1.5 percent to 2.5 percent, which made home loans more expensive. Recently, the rate was lowered to 2.25 percent, as the Fed attempts to balance the situation. There has been an increase in unregulated mortgage brokers. Half of the largest mortgage

lenders are not banks, and they hold more than half of the U.S mortgages. These lenders are not as regulated as banks, making them more vulnerable to problems if there’s a sharp housing market drop. Access to affordable housing has dropped precipitately. At the start of the decade, around 11 percent of the country’s housing was cheap enough to be affordable to low-income families. This has dropped to under four percent. The biggest change has been seen in cities where house prices have rocketed. Sub-prime loans were a big cause of the previous housing market crash, and many economists have noted that the mistakes of the past have not been learned from. Though the situation does not appear to be as bad as in 2008, a significant percentage of the market is subprime and sub-sub-prime loans.

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very day, we hear conflicting information about how the economy and the real estate market is faring. Are we at the beginning of a huge housing boom, as some analysts suggest, or is a housing bubble just around the corner? Responding to an October survey by real estate company Zillow, almost half of the economists and real estate experts are predicting a recession that will commence in 2020. On the other hand, some economists have suggested that there won’t be a crash until 2026 (if at all). The most commonly cited reason for a potential housing market collapse is monetary policy. If interest rates go up, getting a home loan will be more costly, shutting some potential buyers out. If the Federal Reserve raises rates too quickly, the economy will slow, and there will be a recession.

THE BECKWITH BLOG continued from page 69

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his final decision easier, still unsure if he should help her or not. She said, “My mom works nights and my dad is gone early in the morning and so they couldn’t help me, and I didn’t have anyone to sell anything to” and that was it. It was enough to qualify in my son’s mind as acceptable. He would take his ticket stash and split it with her. She was elated, threw her little arms around him and ran into the store. The teacher was so impressed with my son she had told him how very special that mindset was and that he had a “Blessed” heart. He told me this with no guilt or expected pity, in fact, I think he was proud of himself and he knew that what he had done was a good thing. I had tears in my eyes as I realized that his heart was pure, and that he wanted more to help someone hurting (even if with some requirements … ha ha!) more than he wanted his own abundance. The end of this story is that I would drive him to Target where I had seen a similar prize and for his reward for such an amazing thing I would buy him the same prize, and in such, everyone won. The moral of this story is that we all act in innocent qualification of one another. When someone is having a hard time, our minds do go to: “How did they end up there?” or “How did they end up in this situation?” Because

maybe, we think we are smarter, harder working and clearly more willing to work for it. That all may be true, but … we do NOT know someone else’s story. None of us really know each other’s stories. Furthermore, many of us don’t share our true sufferings behind our white picket fences. So, this brings me to Thanksgiving. Every year after the Thanksgiving holiday, I have gathered the children to an assembly line to create “Blessing Bags” for the homeless. See, in giving thanks, we want to show our children our humanity to help one another, and furthermore, let them see the hard part of the world in a way where they can reconcile the emotions to a “feel good” place. We all encounter homeless and in the harshness of winter, we will still. So instead of the awkwardness of the “look away” while they stand on the corners with their signs, what if we could hand them a “Blessing?” Our Blessing Bags are made up of: Socks, toothpaste, toothbrush, deodorant, hand sanitizer, cough drops, band aids, bar soap, mouthwash, Chapstick, $2 change, water, Slim Jim, peanut butter crackers, Stella Dora cookies, cheese and crackers, canned ham, raisins and granola bars. Also included is a card that says: “You are continued on page 78

NCRA’s CONFERENCE REVIEW continued from page 71

Terry Clemans is executive director of the National Consumer Reporting Association (NCRA). He may be reached by phone at (630) 539-1525 or e-mail TClemans@NCRAInc.org.

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n National Mortgage Professional Magazine n DECEMBER 2019

some jazz for a little R&R to break up two long days of educational sessions with true Southern hospitality. The fun continued with the Annual Awards Luncheon, which featured Advantus’ Michelle Streeto receiving the Directors’ Award and Gary Glucroft receiving the President’s Award. Both of these NCRA members served their company, the association, and the consumer reporting industry with distinction and outstanding service in 2019 and many years prior. On the GSE front, Mark Fisher, risk management and technology solutions at Fannie Mae, updated attendees on Day One Certainty and how Fannie Mae would be analyzing new credit score options according the FHFA plan for a new score in mortgage lending. Bryan Sawyer with Sharper Lending and Wesley Zauner with MeridianLink both addressed their firms’ additions to Freddie Mac’s Loan Prospector portal and what that means for their customers. Barrett Burns, CEO of VantageScore, added to the GSE’s process of changing credit score options, which he believes VantageScore should be included. This change will not come quickly, as both Barrett and Mark outlined a multi-year process that will kick off in 2020. Last, but certainly not least, a session titled “Inside the Beltway–A D.C. Report and Discussion with NCRA’s Lobby Team” had me as the Referee/Moderator between Roy DeLoach, a registered Republican Lobbyist and Mike Chapman, a registered Democrat Lobbyist, and both partners at DC Strategies. From the impeachment process, to the GSE’s going private, and the elections in November 2020, with everything you might imagine in between, we hashed out various scenarios regarding Capitol Hill activities. There was only one conclusion we all agreed upon, the remainder of 2019 and the year 2020 will be very interesting. Next year, NCRA’s 28th Annual Conference will be held the first week of November in Tucson, Ariz. Stay tuned for details!

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one of the three bureaus to “Lift” the consumers score. Steve Ely, CEO of eCredable, provided a background on the program and how NCRA members can help mortgage and rental applicants obtain higher scores to help them secure housing. Call an NCRA member to get more information on this valuable program. Ken Twichell, senior vice president of ServiceLink, NCRA’s Flood Services partner, and Sally King, a founding partner at NXG Strategies, offered details on their respective Flood and Identity Theft Restoration programs. Both of these programs have been with NCRA for more than a decade, offering great value to our members and their customers. The compliance aspect of consumer reporting is always a challenge, and this year, two sessions focused on this everimportant topic. First was an update on the NCRA Compliance Services program, which helps resellers vet the technology providers of the end-users (yes, that’s you mortgage originators), so that everyone is in compliance with the Gramm-Leach-Bliley Act. The Experian Third-Party Risk Review is the primary focus of this program currently; however, this is not just an Experian issue as discussed by Roy Goodwin, NCRA CS director; Christi Lawson, NCRA counsel and partner at Foley & Lardner; and Tim Lobdell of Experian, with me serving as moderator. And since compliance is almost allconsuming these days, Jackie Drziak, executive vice president of All in Compliance, provided additional training. The feature event for networking and entertainment had to be historic in nature, as we found ourselves on hallowed historic grounds. Sponsored by Meridian Link, we had a “Jazzy Night in Madison Square,” just a few steps from the DeSoto Hotel and in the heart of Savannah’s Historic District. “Savannah Dan,” who is a walking history book, brought to life stories of the American Revolution and Civil War battles that took place on the very ground we stood, to the backdrop of a traditional southern dinner, cocktails and

HEARD ON THE STREET

MBA’s Mortgage Action Alliance

continued from page 65

A Message From MAA Chairman Jeffrey C. Taylor continued on page 84

his month, the Mortgage Bankers Association (MBA) launched the MBA Advocacy Roadshow initiative. The program is a key tactic within a MORPAC Chairman Eddy Perez, CMB, president of larger MBA initiative to Equity Prime Mortgage, hosted the MBA Advocacy increase lobbying Roadshow’s first stop in Atlanta, as MBA staff leaders effectiveness and help provided an update on key legislative and regulatory member companies build priorities and cultivate a company culture that prioritizes employee engagement in industry advocacy. The goal is to help advocates launch advocacy campaigns within their companies to expand MBA’s grassroots network of supporters 76 in key states and congressional districts. Company campaigns provide eligible employees with a great opportunity to have a positive impact on the political process. MORPAC Chairman Eddy Perez, CMB, president of Equity Prime Mortgage, hosted the inaugural MBA Advocacy Roadshow at his headquarters in Atlanta. MBA staff leaders provided a comprehensive update on key legislative and regulatory priorities. The team went on to explain the vital role that MBA advocacy plays in promoting and advancing key industry issues in Congress, with federal regulators, and with the leaders in your state capitals. The MBA Advocacy Roadshow also made its way to Nashville and Memphis. In Nashville, MBA staff joined MORPAC Steering Committee Member West Biebers, CMB, and leadership from the Tennessee and Nashville Mortgage Bankers Associations, including Tennessee MBA President Jeff Tucker, CMB; Nashville MBA President Kevin Blankenship; and others from the boards of directors of both associations. In Memphis, MBA and MORPAC teams met with Mortgage Bankers Association of Memphis leadership, including Chapter President Katie Clements and others from its board of directors. At both events, ideas to cooperate and collaborate were discussed, along with future initiatives that integrate the advocacy efforts of local, state, and national associations. Interested in attending an MBA Advocacy Roadshow event? We are in the process of confirming locations and dates for the new year. If you are interested in learning more or hosting an MBA Advocacy Roadshow program in your city or region, please contact Alden Knowlton at (202) 557-2816.

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Jeffrey C. Taylor is chairman of the Mortgage Bankers Association’s Mortgage Action Alliance. Jeffrey is also co-founder and managing director of Digital Risk, a provider of mortgage risk, compliance and transaction management solutions. His is a frequent guest on financial television networks, such as Fox Business News and CNBC, as well as a source to top tier new outlets including The Wall Street Journal, sharing keen insights on the U.S. mortgage market and the economy.

Rezex will also oversee the branch’s satellite office in O’Fallon, Md. Waterstone has also opened a new satellite office in Crozet, Va., to be led by Sales Manager Andy Zemon, who has more than 19 years of mortgage lending experience. Zemon has been with Waterstone Mortgage for nearly five years, previously working out of the company’s Charlottesville, Va. office. Docutech has named Adam Stern as its new chief product officer, responsible for leading new product innovation and ongoing optimization of Docutech’s ConformX document generation engine and Solex eSign, eClosing and eVault platforms. Mortgage Guaranty Insurance Corporation (MGIC) has announced the promotion of Steven M. Thompson to the role of executive vice president– chief risk officer. loanDepot has added mortgage industry veteran Steve Kay to its retail lending channel production leadership team as vice president of strategic alliances. Dytrix has announced that Rick Longmore has joined the company as senior vice president of sales, where he will work with lenders to mitigate the increasing cybersecurity risks that are driving unprecedented wire and identity fraud, as well as help lower their operating costs in managing closing agents. Gateway First Bank has announced the appointment of Deirdre Cherry as its chief credit officer, responsible for the review of Gateway’s loan portfolio on a continuing basis to guide risk-appropriate growth, assist in the detection of deterioration in loan quality and review the portfolio to ensure compliance with state and federal regulations. Gateway First has also announced the appointment of Peter Moenickheim as chief risk officer, where he will provide executive oversight to the company’s credit and risk management teams. His responsibilities will span all efforts in enterprise risk management, compliance and quantitative analytics. LoanLogics has named Brenda B. Clem, CMB as the

company’s new chief product strategist, where she will be responsible for developing and implementing strategic plans for all LoanLogics products, and maintaining strong relationships within the mortgage industry to understand the prioritization of market needs. Robert Tyler-Cook has joined Planet Home Lending as senior vice president of the company’s Western Division. Known for his ability to organically grow mortgage banking companies, TylerCook will strategically build and manage the company’s branch network in Arizona, California, Colorado, Idaho, Montana, Nevada, Oregon, Utah and Washington. SLK Global Solutions has announced that it has hired Lisa Donahue as vice president of customer relationship management to strengthen its title and tax solutions team. CoreLogic has announced the appointment of Francis Aaron Henry as chief legal officer. In his role new job, Henry will oversee all global legal and compliance functions for CoreLogic and serve on the company’s executive committee. Churchill Mortgage has announced that it is expanding operations in the Southeast, starting with a new location in Alpharetta, Ga. Phillip Sizemore will lead Churchill’s expansion efforts as regional manager of the Southeast, bringing more than 20 years of diverse financial experience to the position.

Your turn National Mortgage Professional Magazine invites its readers to submit any information, events, passages, promotions, personal or professional occurrences that seem appropriate and/or other pertinent data to the attention of: Heard on the Street/Mortgage Professionals to Watch column Phone #: (516) 409-5555 E-mail: Newsroom@MortgageNewsNetwork.com

Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.

2019 MBA SURVEY SCORECARD continued from page 49

Convention takeaways Spirits were high among attendees of the convention on the eve before Halloween 2019. Business has been very good for mortgage bankers thanks to solid economic growth, strong employment, low inflation, a responsive Fed, and historically low, low interest rates. The mood

Tom LaMalfa is a 35-plus-year veteran mortgage-market analyst and researcher. He has done pioneering work in the areas of secondary markets, wholesale mortgage banking, mortgage brokerages, financial benchmarking and GSE reform. He may be reached by e-mail at Tom.LaMalfa@gmail.com. 77

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n National Mortgage Professional Magazine n DECEMBER 2019

Background, method and panel of experts This is the 23rd time since 2008 that this survey of senior mortgage banking executives has been conducted, distributed and published. It’s undertaken at the MBA Annual Convention every October and again each May at the MBA’s National Secondary Market Conference. The purpose of the survey is to gather the thinking of an industry about its business—performance, attitudes, ideas, opinions and expectations—along with the industry’s take on contemporary issues and topics. Many of the survey’s initial queries are business-related, for example what products the firm is

originating. The balance of the first page of questions focuses this time around on aspects of the recent Treasury-HUD plan to reform the GSEs. Page 2 of the questionnaire is a potpourri of various issues and topics, including queries about the GSEs, FHA, FHFA, digital technology, automation, house prices, pricing, vendors, market trends, etc. My meeting dates and times were arranged three to four weeks before the event. Almost all those surveyed are longstanding former clients or business friends collected over the decades, and all are industry veterans with decades of the mortgage business behind them. Meeting lengths averaged 45 minutes. Of the 28 firms surveyed, 14 were IMBs and 14 were bankowned firms. The independents represent an amalgam of ownership types: Private families, hedge funds, homebuilders, real estate agents, individuals and private equity firms. Of the depositories, 12 were owned by commercial banks and two by savings banks. There are small, medium and large firms in each group type. Among the 28 executives were eight CEOs, six EVPs, 10 SVPs and four RVP/VPs. Firms’ sizes ranged from $90 million to $200 billion, with an average bank size of $30.8 billion and the average independent $16.3 billion. The respective medians were $8.1 billion and $6.9 billion. Six of the firms will originate less than $1 billion in 2019; seven will originate $1 billion to $5 billion; five over $5 billion to $15 billion; six firms originate $15 billion to $50 billion; and four more than $50 billion. Of the 28 firms surveyed, 10 only operate in retail, eight in two channels, six in three channels and four firms produce in all four channels: Retail, correspondent, wholesale broker and consumer direct.

GSEs. He discussed the new strategic plan and scorecard, its primary goal being to raise private capital. Matching risk to capital was a theme of his talk. The Director advocated a very level playing field for smaller players, whom he greatly encouraged to participate in mortgage lending. More surprisingly, the Director advocated affordable housing goals for the GSEs and a duty to serve. My thanks to those surveyed. I’m most grateful for your time and friendship. Also thanks to my sponsor for underwriting this latest convention survey. Let me conclude with a commercial for my firm to those who seek solid survey research from the experts in the mortgage world. My sole ground rule for clients is anonymity for my panel of experts, and a public sharing of what’s learned on a given project’s topic, ideally telegraphed through MBA Insights.

NationalMortgageProfessional.com

employing localized pricing included a geographic risk variable in their firm’s pricing models. Only four of the 14 firms that price to the local market include a variable for geographic risk in their pricing models. Question 65 asked if more or fewer LOs (loan originators) would exist in 2023 and beyond. Fewer indeed, answered 26 of 28 executives. Question 66 asked if those surveyed thought the GSEs were transparent and operating on a level playing field with their customers. No, said 75 percent of the executives, 21 to seven. Question 67 asked if Fannie Mae raised cash window prices by 15-35 basis points in the past 30 days. Here, 17 said yes, five said no, and six said “I don’t know.” The final question, Question 68, asked if President Trump should be impeached then removed from office by the Senate. Of the 27 rendering an opinion, 12 said yes to impeaching and removing the president and 15 others said Trump should not be removed (about 18 favored impeachment, but not removal). Not too surprisingly, Questions 5, 6, 11 and 13 were the four questions showing the biggest differences between the banks and IMBs. So there you have it, the findings of the October survey from MBA’s Annual Convention of 2019. There was nothing too surprising in the findings. They confirm a sentiment (as Adam Smith used the term) that takes root in the industry.

evidenced quite the change from last year’s convention where higher interest rates dampened originations, especially refinances. So for now, its “let the good times roll …” There were several significant developments that surfaced during or near convention week. One was a MOU between HUD and the U.S. Department of Justice (DOJ) covering claims under The False Claims Act. The Act was used against lenders in the wake of the Great Recession. HUD Secretary Carson discussed the issue in his convention presentation, the only session that I attended. The HUD Secretary pushed for (large) banks to return to FHA lending. The session’s other speaker was FHFA Director Calabria. He was quite clear about what he expects to accomplish during his term, and his speech was something of a call to action. In it, he addresses the Treasury HUD plans for reforming the

THE BECKWITH BLOG

Photo credit: Getty Images/Sean Pavone

continued from page 74

Save the Date … Wednesday-Friday, April 22-24, 2020

NAMMBA CONNECT 2020 The Westin Buckhead Atlanta 3391 Peachtree Road NE • Atlanta

NAMMBA’s CONNECT 2020 provides you with an opportunity to network with mortgage and real estate professionals from across the real estate finance industry and will feature some of the top speakers in the mortgage and real estate industry. Featuring: l Three days packed with professional development, training and networking l More than 50 sales and training sessions l More than 60 Corporate Exhibitors in the Pavilion l Network with more than 800 attendees sales, operations and real estate agents

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Keynote Speakers and Featured Speakers currently booked for NAMMBA CONNECT 2020 include: l Jonathan Lawless, Fannie Mae’s Vice President for Product Development and Affordable Housing l Samuel Luna, Senior Director of Single-Family Affordable Lending for Freddie Mac l Roberto Monaco, Founder of InfluenceOlogy l Mitchel Kider, Chairman and Managing Partner of Weiner Brodsky Kider PC l Rob Chrisman, Capital Markets Consultant for Chrisman Inc.

For more information, visit

NAMMBACONNECT.org/Connect2020.

special, you are loved, God Bless You!” with the Suicide and Drug Hotline phone numbers. These will be put in our cars for when the opportunity arises over winter months. A few years ago, my son and my nieces would head out in the afternoon after making these and filling all our adult cars with boxes full of these bags and look for people in need. Sure enough, we would find people wandering cold and confused in the streets of the town over and we would hand some of these out to astonished recipients. I guess my sentiment in deciding to share this idea comes from my true inner place of wanting to have people really understand in order for our own abundance to be experienced we must do what we can to help those who aren’t able to help themselves. I know there are percentages of people who may have ended up in these spots for reasons that are controversial, but I want us all to focus on the truth behind these statistics, to not judge and to truly embrace a different way. What if we could set a great example for our kids, instead of damning the people on the corners to laziness and other less attractive attributes, we educate them on how people end up in bad situations and that sometimes bad luck, circumstances and things beyond some peoples control has them

down on their luck? What if we could teach them a giving heart? What if we could change how we ourselves felt when approaching those stop signs and lights by having a couple boxes in the back of the car filled with these Blessing Bags that turned our feelings about these folks around and the made an otherwise awkward intersection a truly inspired moment between two strangers? My son has taught me more about a pure heart than anyone ever could, and he reminded me that life is not about winning the grand prize, it’s about what we do with that win when we get it. We have so much in this industry and yes, we have all worked hard for it. We all have some charities we support and especially this time of year, I see it everywhere. I know we all have a Blessing or two to share. So, for all of you who haven’t known what to do or if you wanted a fun project on a snow day or a day at home, you can get many people to join you in this project. Neighbors, communities, churches and anyone with a Blessed heart. The Dollar Stores supply all of these things and writing the cards with the blessing written inside and with the Suicide Hotline and AA hotlines is easy to do and takes just a few minutes. I hope this story is always giving you cause to pause and think, that it inspires, or triggers a work tip, that it motivates and elevates your spirit. May you all have a glorious holiday and be safe, happy and healthy. May you all find your true abundance in the peripheral of your grand prizes! Happy Holidays!

Christine Beckwith is a 30-year mortgage industry veteran who has broken many glass ceilings and has blazed a trail for many female professionals to come. Christine is currently president and chief operating officer of 20/20 Vision for Success Coaching and Consulting, a decorated, sought after and award-winning leader. Christine may be reached by e-mail at Christine@VisionYourSuccess.net .

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE’S

calendar of events FEBRUARY 2020 Monday-Thursday, February 3-6 MBA’s 2020 Independent Mortgage Bankers Conference Hyatt Regency New Orleans 601 Loyola Avenue New Orleans For more information, visit MBA.org. Sunday-Wednesday, February 9-12 MBA’s 2020 CREF/Multifamily Housing Convention & Expo Manchester Grand Hyatt San Diego 1 Market Place • San Diego For more information, visit MBA.org.

Sunday-Wednesday, February 23-26 MBA’s 2020 National Mortgage Servicing Conference & Expo Hyatt Regency Orlando 9801 International Drive Orlando, Fla. For more information, visit MBA.org. MARCH 2020 Tuesday, March 3 FAMP Gold Coast Chapter 2020 Annual Trade Show Bonaventure Resort & Spa 250 Racquet Club Road Weston, Fla. For more information, visit FAMPGoldCoast.org.

APRIL 2020 Friday-Tuesday, April 17-21 2020 NAMB Legislative and Regulatory Conference The Madison 1177 15th Street NW Washington, D.C. For more information, visit NAMB.org. Sunday-Thursday, April 19-23 2020 Regional Conference of MBAs Harrah’s Resort & Convention Center 777 Harrah’s Boulevard Atlantic City, N.J. For more information, visit MBANJ.com. Monday-Tuesday, April 20-21 MBA’s 2020 State & Local Workshop Renaissance Washington, D.C.Downtown Hotel 999 19th Street, NW Washington, D.C. For more information, visit MBA.org. Tuesday-Wednesday, April 21-22 MBA’s 2020 National Advocacy Conference Renaissance Washington, D.C.Downtown Hotel 999 19th Street, NW Washington, D.C. For more information, visit MBA.org.

Thursday, April 23 MBA’s 2020 Capital Markets Summit Sheraton New York Times Square Hotel 811 7th Avenue, West 53rd Street New York, N.Y. For more information, visit MBA.org. MAY 2020 Sunday-Wednesday, May 3-6 MBA’s 2020 Legal Issues and Regulatory Compliance Conference New York Marriott Marquis 1535 Broadway New York, N.Y. For more information, visit MBA.org. Tuesday-Wednesday, May 12-13 NYAMB’s 32nd Annual Regulatory Compliance Conference & Trade Show Westchester Marriott 670 White Plains Road Tarrytown, N.Y. For more information, visit NYAMB.org.

Sunday-Tuesday, May 31-June 2 MBA’s 2020 Chairman’s Conference The Resort at Pelican Hill 22701 South Pelican Road Newport Coast, Calif. For more information, visit MBA.org. JUNE 2020 Thursday, June 25 MBA’s 2020 Document Custody Workshop Ritz-Carlton, Tysons Corner Tysons Galleria 1700 Tysons Boulevard McLean, Va. For more information, visit MBA.org. AUGUST 2020 Wednesday-Saturday, August 5-8 2020 FAMP State Convention & Trade Show Hilton Orlando Bonnet Creek 14100 Bonnet Creek Resort Lane Orlando, Fla. For more information, visit OurFAMP.org. OCTOBER 2020 Saturday-Monday, October 3-5 2020 NAMB National Caesars Palace 3570 South Las Vegas Boulevard Las Vegas For more information, visit NAMB.org.

Sunday-Wednesday, May 17-20 MBA’s 2020 National Secondary Market Conference & Expo New York Marriott Marquis 1535 Broadway New York, N.Y. For more information, visit MBA.org. Sunday-Wednesday, May 17-20 MBA’s 2020 Commercial/Multifamily Servicing & Technology Conference New Orleans Marriott 555 Canal Street New Orleans 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.

n National Mortgage Professional Magazine n DECEMBER 2019

Wednesday-Thursday, February 19-20 NAMB Focus 2020 Harrah’s New Orleans Casino 228 Poydras Street New Orleans For more information, visit NAMB.org.

Sunday-Wednesday, March 29-April 1 MBA’s 2020 Technology Solutions Conference & Expo JW Marriott Los Angeles L.A. LIVE 900 West Olympic Boulevard Los Angeles For more information, visit MBA.org.

Wednesday-Friday, April 22-24 NAMMBA CONNECT 2020 The Westin Buckhead Atlanta 3391 Peachtree Road NE Atlanta For more information, visit NAMMBACONNECT.org/Connect20 20.

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Tuesday, February 18 2020 FAMP Central Florida Chapter Table Top Trade Show Hilton Orlando Altamonte Springs 350 Northlake Boulevard Altamonte Springs, Fla. For more information, visit OurFAMP.org.

Sunday-Wednesday, March 8-11 MBA’s 2020 Mid-Winter Housing Finance Conference Ritz-Carlton, Bachelor Gulch 0130 Daybreak Ridge Avon, Colo. For more information, visit MBA.org.

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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. ÂŠ 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 nd 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 not all applicants will qualifyy 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, nation nal origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS675_0419