NMP National Mortgage Professional September 2021 by ambizmedia

SEPTEMBER 2021 Volume 13, Issue 9

ANSWER THE

COMMISSION QUESTION BETTER CONFERENCES for WOMEN : 2021 E D I INS

T S O M ED L V

YERS O L P EM 19 PAGE

HOMES & HEARTSTRINGS:

YOUR EMOTIONAL BRAND

Originators Can

CASH IN ON REMODELING

BACK COVER

PARTNER WITH THE LEADER IN NON-QM MORTGAGE LENDING MORE EXPERTISE | MORE SERVICE | MORE TECHNOLOGY

Visit AngelOakMS.com | 877.926.3073 ©Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-tobusiness communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS_A252_1220

SEPTEMBER 2021

FRONT COVER

Volume 13, Issue 9

ANSWER THE

COMMISSION QUESTION BETTER CONFERENCES for WOMEN 21 E: 20

T S O M ED INSID

L V

S OYER EMPL 19 PAGE

HOMES & HEARTSTRINGS: YOUR EMOTIONAL BRAND

Originators Can

CASH IN ON REMODELING

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

SEPTEMBER 2021

Volume 13 Number 9

CONTENTS

IN SI D E: 20 21

nationalmortgageprofessional.com

4 The Biggest Mortgage Audience In The World We’ve been bringing mortgage pros together live all summer. 6 Pay Plans And Rate Requests How your recruiting plans need to be able to parry the two most frequent questions: how much do you pay, and what’s your rate? 8 Female-Forward Events Mortgage conferences are back, and so are ones specifically geared toward women in the industry. But are they any good? 9 Non QM Showcase 11 People On The Move See who the movers and shakers are in the mortgage industry.

MOST L VED

12 Build-A-Broker: Getting To The Heart Of The Matter Why you need to consider emotional connection when you create your brokerage brand.

EMPLOYERS PAGE 19

14 My First Million: Keep At It, Slugger Your business coaching lessons can be learned at your kid’s ballgame. 16 Stay In Your Lane Take a look at the processes, practicality and priorities at your mortgage company. 17 Wholesaler Directory 19 COVER STORY MOST LOVED EMPLOYERS NMP went right to the source: the employees of various mortgage industry companies. We wanted to know what they liked about their organizations, and what could be better. The result is this debut feature of NMP Magazine’s Most Loved Mortgage Employers, as decided by the folks who actually have to love their work.

MY FIRST MILLION: Keep at it Slugger PAGE 14

COVER STORY PAGE 19

NMP MAGAZINE EXCLUSIVE

30 OriginatorTech Directory 32 Break Down That Wall, Break Out That Commission The remodeling market is bursting at the seams. And with special government financing programs, mortgage originators have a golden opportunity to open up a whole new market.

34 Facebook Thoughts: AKA, ‘Bringing Home The Bacon Wars”

nationalmortgageprofessional.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

SEPTEMBER 2021

Volume 13, Issue 9

ANSWER THE

COMMISSION QUESTION BETTER CONFERENCES for WOMEN : 202 1

MOSET D INS IDE

L V

YERS EMPLO 19 PAGE

HOMES & HEARTSTRINGS: YOUR EMOTIONAL BRAND

Originators Can

CASH IN ON REMODELING

LETTER FROM THE PUBLISHER

Volume 13, Number 9

STAFF

Pride Month

his past summer, I had the pleasure of presiding over multiple large mortgage conferences. What was terrific was that in every instance, the mortgage community came together – live and in person – in a testament to the desire to learn new ways to grow, to meet colleagues for networking and idea-sharing, and to find new opportunities from vendors. And in every case, the attendees were clearly working to be sure that both they and their fellow conference-goers were being as safe as possible. June saw the return of the New England Mortgage Expo – the nation’s largest regional mortgage conference. More than 1,400 people signed up to be part of the first big mortgage event anywhere in the country since the Covid outbreak began. In July, hundreds turned out in New Orleans for the Ultimate Mortgage Expo, in Phoenix for the Arizona Mortgage Expo, and in Charlotte for the Carolinas Connect Mortgage Expo. Then came August and…wow. At the San Diego edition of the California Mortgage Expo, nearly 650 came out for this one-day event. And then that was followed by the biggest mortgage conference in the nation. Originator Connect in Las Vegas drew nearly 2,700 registrants – far more than any other originator or broker conference, and even larger than the MBA national confab.

BIG STARTS HERE NMP Magazine is a great resource for mortgage pros, which is why it’s the oldest, largest and most respected news source in the industry. But we’re thrilled to say that, just since mid-May, our sibling events group the Originator Connect Network has truly lived up to its name. In only four months, more than 8,500 mortgage pros have signed up for its events. It’s provided free live NMLS renewal classes to more than a thousand originators. Nearly 550 people have been through its unique Build-A-Broker program. Upwards of 200 received complimentary training and designation as Certified Military Lending Specialists. And there are still eight more live OCN conferences to go this year. We hear a lot of bluster from a lot of corners about this organization or that one being the biggest, the greatest, the strongest advocate in the originator community. But whether it’s through this magazine, through our sibling publications Mortgage Banker Magazine and Mortgage Women Magazine, or through our live events group, there’s clear evidence that there’s really only one entity that connects to more mortgage pros than any other. We’re all part of the Originator Connect Network, and we’re all coming together in person and online to make the most of this profession. This is, after all, where we write the story of your success.

VIN CE N T M. VALVO Publisher, Editor & CEO

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

CEO, PUBLISHER & EDITOR Vincent M. Valvo ASSOCIATE PUBLISHER Beverly Bolnick EDITOR David Krechevsky SENIOR CONTRIBUTING EDITOR Keith Griffin CONTRIBUTING WRITERS Lew Sichelman, Erica LaCentra, Harvey Mackay, Nick Roberson, Mary Kay Scully STAFF WRITER Katie Jensen DIRECTOR OF STRATEGIC GROWTH Alison Valvo GRAPHIC DESIGN MANAGER Christopher Wallace MARKETING MANAGER Michael Castro GRAPHIC DESIGNER Stacy Murray USER EXPERIENCE DESIGNER Billy Valvo ONLINE CONTENT DIRECTOR Navindra Persaud MARKETING & EVENTS ASSOCIATE Melissa Pianin HEAD OF ENGAGEMENT AND OUTREACH Andrew Berman FOUNDING PUBLISHER Joel Berman

Submit your news to editorial@ambizmedia.com If you would like additional copies of National Mortgage Professional Call (860) 719-1991 or email info@ambizmedia.com

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© 2021 American Business Media LLC All rights reserved. National Mortgage Professional magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313 West Hartford, CT 06117 Phone: (860) 719-1991 info@ambizmedia.com

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

AVE HERSHMAN

RECRUITING, TRAINING AND MENTORING CORNER

Answering The Magic Question BY DAVE HERSHMAN | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

really find it amusing to find managers complaining that they can’t hire loan officers because they get stuck focusing on the “magic” question. What is this magic question? Here it is… What is your split (or your commission plan)? Why is this so amusing to me? Because it is the managers of this industry that have the responsibility to help loan officers conquer their own “magic” question— What is your rate on a 30-year fixed mortgage? If we are going to be able to help our loan officers succeed, should we not be setting an example by not getting stuck on such a “standard” question? You know this question will come from loan officers looking for a company. You should have a plan of attack. Here is my advice… First, if you are getting this magic question from all of your candidates, this is a bad sign that your recruiting plan is producing the wrong candidates to begin with. In my mortgage school I teach loan officers that their goal is to set up a business model that has their prospects calling in and asking—

“You are the expert, what should I do with regarding to purchasing a home and financing it.” Or “I just purchased a home and John said I should call you and find out what to do.” The business model that produces strong personal referrals puts you in a position to succeed by not having to start with the magic question as often. That is the whole goal of the model—to have to deal with the question of rate 20% of the time instead of 80% of the time. Your recruitment plan should have the same goal. On the other hand, every plan no matter how efficient will still produce the magic question a certain percentage of the time. So you still need to be able to handle the question when it comes. You must have a plan of attack for the question you know is coming.

RATE DOESN’T MATTER I tell loan officers that their customers do not care about the rate. They care about their monthly payment (yes, they are related). Most of their customers do not know what a reduction of .125% in rate will do to their payment, especially after taxes. So, the quicker the conversation converts to payment (or something else that may be important to them), the more successful they will be. Similarly, the quicker the manager converts the conversation from the “split” to the important issue, the more successful they will be. What is really important to a loan officer is how much they will earn. Yes, the split does affect this but so do several other factors,

including operational, technical and marketing support. My first questions back to them might be— • How much would you like to earn annually? • How much did you earn last year? • Why did you not earn what you would like? • What factors do you feel could positively affect you to earn more money—aside from changing your compensation program? As you can see, we are broadening the focus with this line of questioning. This will also enable you to move to other factors that may be important to them. These factors might include meeting their long-term goals such as advancement or retirement. The more you focus on the commission “split,” the more you have turned your job into a commodity they can shop. Just as a mortgage should not be shopped like orange juice, a job certainly should be the result of many, many important factors. Refer back to your recruitment package. How much would it be worth for them to work for you? How much value do you add? You must be able to quantify this value. If you do not, you will not be distinguishing your opportunity and you will be selling against everyone else, which is not a pleasant place to be.

Dave Hershman, senior vice-president of sales for Weichert Financial Services.

The more you focus on the commission “split,” the more you have turned your job into a commodity.

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RICA LACENTRA

THE XX FACTOR

The Female Factor

The Rise of Women-Focused Events in the Mortgage Industry (Sort of) BY ERICA LACENTRA | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

recently attended a conference and was pleasantly surprised to see one of the days featured what was billed as a “Women’s Pre-Networking” event. This event was supposed to be

an exclusive opportunity for female attendees to network prior to the larger conference-wide networking hour. The coordinators even plied attendees with free mojitos just in case women didn’t find the opportunity to network with their peers enticing enough. Upon arriving, there was really no indication that it was an event that catered to women in the industry other than the fact that the attendees were female. While the idea was well intentioned and it was a nice cocktail hour, the execution of a networking event that would better cater to women had missed the mark. Even after speaking with other women that attended, the consensus was that while it was a

nice

networking event, it really wasn’t necessary to have it separate from the main networking event. So, what can conferences do to better welcome their female attendees and make them feel more included in these industry events?

CONTENT, CONTENT, CONTENT – AND, DARE I SAY IT AGAIN, CONTENT When women attend industry events and conferences, they are there for the same exact reasons as their male counterparts: to network and find contacts that will benefit their businesses, and to watch panels and sessions that will increase their knowledge of what is occurring in the industry. While many “women only” events tout female friendly networking opportunities and promote gimmicks they feel will attract women, so few focus on appealing content to complement the event program. The best female-forward events I’ve attended over the years are not the ones that bar men from entering or offer free fruity drinks upon arrival, they are the ones that have incredible speakers and actionable content. There are inspiring female speakers not only in the mortgage industry but in other industries with stories that parallel what women have to go through to climb to the top in the mortgage space. Often after attending conference after conference and hearing from men and speaking with our male counterparts over and over again, sometimes all we really want is to hear a female perspective for once.

If events want to truly want to take the extra step to focus on women in the industry, get the right speakers and provide them with valuable and relatable content.

BETTER NETWORKING Now as I previously said, many female-focused events present opportunities to network. However, with so many conferences finding creative ways for attendees to better connect with the right people rather than milling around with a drink in hand, why not apply those tactics to women’s events? Speed networking has become very popular at conferences lately and it is a format that would work well at a women’s event considering there are often fewer female attendees at events. It would give attendees ample opportunity to have a brief chat with most of their fellow female conference goers with low pressure, as you rotate after a minute or so. Another format to consider would be event roundtables. For younger women in the industry, even women’s events can be intimidating when you’re trying to find your footing. I know I personally struggled with trying to come out of my shell and be comfortable networking with anyone at first. By setting up roundtables, specifically ones where there is a more seasoned figure in the industry that could spearhead the discussion, it would allow for more meaningful dialogue and encourage newer attendees to feel more comfortable speaking up. This would also act as a great way for women to connect

and be able to establish mentor/mentee

of this idea are endless yet so simple

industry must take to elevate the

relationships more easily. Trying to

to apply. Because at the end of the day,

women in our space is to stop creating

seek out a mentor during a typical

better organized and more meaningful

so many separate opportunities within

trade show is a very challenging feat

networking doesn’t have to be

a larger event and just highlight women

considering everything else that is

complicated, it just has to do a better

throughout the program. Integrate

going on. This would alleviate the stress

job of connecting participants.

women speakers into the agenda and

and go a long way to benefit females in our industry. Events could also utilize color

have them appear beside their male

REMOVE THE BARRIERS

counterparts. Do more to prevent

While I’ve covered how women-only

women from feeling uncomfortable at

coded wrist bands for the purpose of

conferences and events can up their

conference wide networking events by

connecting attendees based on what

game and be more worthwhile to

having more structured networking.

they are looking to get out of the

participants, I think it is important to

Simply focus on making it easier for

event. If someone is purely attending

briefly touch on a larger topic at hand.

women to be included. Until that

to expand their network and meet

While I do personally enjoy events that

happens, women’s conference and

new people, they could have one color,

are catered to women’s professional

networking opportunities are nice and

if someone is looking for a specific

development whether in the mortgage

hell, I’ll even take my free fruity drink

type of vendor or attendee profile,

industry or on a broader basis and

if they’re offering them, but we still

another color, or colors could indicate

feel they are important and have their

have a long way to go until the industry

if the attendee has attended this event

respective place, these types of events

reaches some level of equality.

multiple times vs. this is their first

are just the tip of the iceberg when it

time. This could also apply to the

comes to women feeling more welcomed

concept of trying to form mentor/

in our space.

mentee relationships. The possibilities

Erica LaCentra is Chief Marketing Officer for RCN Capital.

One of the biggest steps the mortgage

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HOW NMP’S MONTHLY SECTION OF HANDS-ON PRACTICAL ADVICE

BUILD A BROKER How To Spark Emotion With Your Brand YOUR FIRST MILLION DOLLARS How To Learn From Kids’ Sports How To Keep Your Business Strategy On Track CAREER TICKER: People On The Move

PEOPLE ON THE MOVE //

> Berkshire Hills

Bancorp, Inc. named Ellen Steinfeld as executive vice president, head of consumer lending and payments.

> Union Home

Mortgage named Glenn Wilson as the company’s regional manager for Alabama, Georgia and Florida.

> Greg Grubb

was named national sale manager for Birchwood Credit Services.

> ChainLogix

Mortgage Solutions named Guadalupe Garcia as the company’s national sales director.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

BUILD-A-BROKER: HANDS ON PRACTICAL ADVICE

SPONSORED BY

BUILD-A-BROKER

The Emotional Components Of Branding SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

hile emotion has always been key to branding, it may be getting even more important: A study on the massive Millennial consumer generation (currently ages 18-34) shows that Millennials identify with brands more personally and emotionally than do older generations, with 50 percent agreeing that brands represent their values and where they fit in. Great emotional branding doesn’t directly sell products–it sells feelings. The goal is to generate a feeling for potential customers or clients to associate with your brand and then make sure you’re representing it across all your marketing channels— including both online and offline ads, in your social media and in your website content. Here are some of the most effective emotions you might use in branding your small business: A FEELING OF COMMUNITY As a mortgage broker, one of the advantages you have over the big guys is your story as an entrepreneur. Consumers want to feel good about their purchases, and contributing to a local small business promotes a feeling

of contributing to the community. To build community into your brand, make sure you include an “About Us” or “Our Story” page on your website, and share photos and tidbits about you and your employees. Get involved in your community by participating in local charity organizations and having a presence at local community events. A FEELING OF FAMILY Tapping into the human desire for family or feelings of love and gratitude can attract customers to your brand. How does your business help families get closer, have more time to spend

together or get more out of their relationships? Is it a place where people without families can create their own families of friends? Does your business make customers feel like family? FEELING CARED FOR Everyone wants to feel valued and important. As a small business owner, you built your business on your reputation for caring about each customer or client. Keep this feeling part of your brand as your business grows by instilling the same culture in your employees. Create customer

PEOPLE ON THE MOVE //

> Birchwood

Credit Services named Jasmine Kuzak as human resources manager.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

> Homebot

named Jeff Marchetti as the company’s vice president of Large Account Enterprise Sales.

> Cherry Creek

Mortgage hired Lorie Helms as the company’s chief technology officer.

> Non-

QM lender Deephaven promoted Mack Walker as the company’s new senior vice president, director of capital markets

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LEADERSHIP LESSONS

Think Of It As Broker Sandlot Kids’ sports hold lessons for business

BY HARVEY MACKAY | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL

atching a kids’ ball game can provide a mini life lesson for observers. The takeaway also applies to business. Astute observers can learn a lot by watching kids play. My Chief of Staff Greg Bailey told me about his granddaughter’s machine-pitch softball team for seven- and eight- year-olds. He cheered them on for two months, ignoring the fact that they weren’t very good. They didn’t even score a run until the final two weeks of the season. Then came the state tournament, where they won their first game – by forfeit – when the other team didn’t show up for an early morning game. They took full advantage of the extra practice time, with a six-on-six scrimmage. They lost their next game by a single run which sent them to the consolation round of the tournament. The next day, they shocked everyone and won 6-0. In the consolation championship game, they were behind 4-1 and somehow came back to win 5-4. Truly unbelievable! This team that struggled mightily all season had won three out of four games in a state tournament – their

only victories all summer. Or were they a struggling team?

they kept showing up with enthusiasm, ready to play and maybe even win!

THE WINNING FORMULA

FINDING JOY

I’m sure there are many scenarios like this around the country, but I want to focus on attributes that this team showed that can apply to all of us. Their victories went far beyond their exploits on the ball field. Most important is that they maintained a positive attitude all season long, despite repeated losses. I would submit that these little players held on to every hope and kept trying, even when their prospects looked mighty dismal. They got better as the season went on. Their progress was slow sometimes, but with encouragement from very patient coaches and fans, these kids worked hard toward improving their softball skills and teamwork. All these girls loved each other and the game. They never lost interest. They loved what they were doing, and

Finally, they always had fun. They cheered each other on and chanted in the dugout regardless of the score. Every inning was an opportunity. Every girl was an important part of the team. Most barely knew each other at the start of the season, but they ended as great buddies. They had come together as a team, largely due to the efforts of management (aka coaches), and the story had a happy ending. Granted, business tends to be a little more complicated than kids’ games. But have you ever heard of a business that was successful while projecting a negative attitude? Businesses would be wise to follow the example of this young team. I know of few organizations that haven’t suffered through slow periods or outright slumps. When you have nowhere to go but up, find a way to dig yourself out of that hole. Positive thinking, when

Keep doing what you did that made you successful, and don’t neglect the basics.

PEOPLE ON THE MOVE //

> WFG National

Title Insurance Company announced that Monique Modica Vasek joined the company as its South TX regional mgr and Houston Division president. 14

> Phillip

Sizemore will manager Envoy Mortgage’s first of several new branches in the Atlanta, Georgia area.

| NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

> Rayman

Mathoda joined Sharestates’ board of directors.

> Mortgage

industry veteran Tom Donatacci was named executive vice president of business development for The Money Source.

combined with realistic goals, can change outcomes.

RESIST COMPLACENCY

Maintaining a positive attitude when things are gliding along is naturally easier, but I would caution against getting so comfortable with success that you let your guard down. Teams that get used to winning and suddenly suffer a couple losses know that passing up a practice or taking their games less seriously might have contributed to their reversal of fortune. There’s a lesson for businesses in here. Keep doing what you did that made you successful, and don’t neglect the basics. At the same time, find areas that you can improve and make the changes that will take your organization to the next level. Never give in to the temptation to feel like you can’t fail. Oh, how the mighty have fallen! The true measure of a successful person is someone who works just as hard – or harder – once they have “made it.” They don’t fall prey to the trap of working harder only when things aren’t going their way. These young ballplayers probably

don’t realize that their sports are preparing them for future challenges. They are busy working hard yet having fun, enjoying the social aspects of teamwork and celebrating their small victories. Do you recognize parallels to the world of work there? I give a lot of credit to kids’ sports coaches who volunteer so much time

teaching, encouraging, disciplining and celebrating with their teams. I also value managers who do the same for their professional workers. They are the real winners. Mackay’s Moral: Fun and games are great teachers for success.

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HOW: HANDS ON PRACTICAL ADVICE

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MARY KAY SCULLY

BENCHMARKS & BEST PRACTICES

Keep The Plan On Track Process, Practicality and Priorities: How does your company stack up?

BY MARY KAY SCULLY | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

e’ve talked about how to manage your time and your to-do lists, so now it’s time to get into the weeds. With the end of the year quickly approaching, there is no better time to assess your business – specifically how your processes are contributing, or not contributing, to your bottom line. It will be difficult to grow your business if you don’t know what makes money and what wastes it. To get a better idea of how work is working for you, take a look at the processes, practicality, and priorities at your organization.

PROCESS To assess how your business is doing, you must first take inventory of your processes and sourcing. The business you are doing likely falls into one of four categories: high effort, high return; low effort, high return; high effort, low return; low effort, low return. With this in mind, identify the processes and relationships that have high returns. How can you protect those sources of your business? Are there ways you could grow in those areas? Especially for those that do not

take an excessive amount of effort, look for new opportunities to promote them in order to boost your overall success. In the same way, examine your transactions and relationships with low return. These are the ones you will want to improve or strategize around. Ask yourself why it’s not moving the needle. Is the process inefficient? Do you need more resources to make it a success? Is it mutually beneficial? Just because something is low return does not mean it needs to be written off entirely. Uncover why it’s low return and brainstorm ways you can turn it around. Maybe it’s something as simple as finding an activity that can be automated or delegated. Other areas of your business, or even other industries, may have examples of how they have solved similar problems. Use your resources and explore your options. While the first reaction may be to cut out everything that is inefficient, the goal should be to look for opportunities to improve efficiency and boost ROI in the long run.

PRACTICALITY Once you’ve assessed your processes, you’ll have a better understanding of how to best use your time to create meaningful results for your business. The right processes also generate the most revenue, especially with regard to how much work was put in. Look at information like the percentage of loans that are withdrawn, rejected, and closed or what percentage of loans require a counter offer or have numerous items needed in order to be clear to close. Are the majority of rejections the same loan type or from the same referral source? Understanding the reason for the loan denial is critical. You may need to improve your product and guideline knowledge. Why are some applications suspended? Is the cause an incomplete application? You may need to conduct a thorough review of the borrower data to avoid

process delays. Missing data and documents with inaccurate information can cause a process bottleneck and negatively impact all transactions. The data will be clear as to which processes are working and which need improvement. Remember the experience of the borrower dictates the likelihood of a referral or repeat customer. Assessing your practical processes is just as important as assessing your impractical processes. What types of transactions have the fastest pipeline clearance and/ or approval rate? Are there transaction types that you know will be profitable, but you are not going after? If this is the case, you are letting business walk out the door. Ask yourself what is holding you back from spending your time on improving or changing a processes that will result in referrals and returns down the road. It may be that you need to go back to assessing your processes to find out why you are not capitalizing on a certain transaction type.

PRIORITIES Now that you know what works and what works well, it’s time to prioritize. Of course, it’s important to prioritize what truly moves the needle for your business and positively impacts your bottom line, but it’s equally important to prioritize yourself. Your business won’t be profitable if you are burnt out. High production is great, but it’s not the only way to see success. Make sure your workload is sustainable and you are not overwhelming yourself with tasks and responsibilities. Additionally, prioritize activities outside of work that make you happy. This could be time with friends and family, time alone, exercise, rest, or travel. The list goes on and will depend on what recharges you, and makes you feel energized and ready for work. Mary Kay Scully is the Director of Customer Education at Enact, leading the development of the company’s customer education curriculum. The statements in this article are solely her opinions and do not necessarily reflect the views of Enact or its management.

Wholesaler Directory

Acra Lending Specialty/ Niche: Non-QM / Jumbo Acra Lending is the leader in Non-QM Wholesale and Correspondent lending programs. Offering a range of programs and services geared toward helping mortgage professionals and borrowers achieve their purchase and investment goals. We are committed to providing simplicity, consistency and an optimal customer experience.

ACC Mortgage Specialty/ Niche: Non-QM

Princeton Wholesale Specialty/Niche: The Effortless Mortgage

ACC Mortgage is the oldest Non-QM lender that has never stopped lending in 22 years. We specialize in Bank Statement, ITIN, P&L, Foreign National and DSCR lending. Price, Product and Process are what make for NonQM success.

States Licensed in: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME, MD, MI, MN, MT, NE, NV, NH, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY

States Licensed in: AZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IL, IN, KS, MD, MI, NV, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, WA

Bio: Princeton Wholesale is headquartered in Pittsburgh, PA driven by the mission to show up every day and improve our mortgage process for our broker partners and their customers. We believe that customer loyalty is earned by providing a consistent, effortless experience and by doing the right thing, every time.

http://ACCMortgage.com

https://acralending.com/

States Licensed in: Alabama, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin http://princetonwholesale.com

Angel Oak Mortgage Solutions Specialty/ Niche: Non-QM, Non-Agency Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.

First National bank of America Specialty/ Niche: Non- QM Bio: FNBA is a portfolio lender with over 65 years of experience. We understand that in the Non-QM business, service makes all the difference. That’s why we are committed to providing you with the fastest turn times, exceptional service and loan programs that make growing your business easy! States Licensed in: All 50 States http://www.fnba.com/mortgage-brokers

States Licensed in: AL AK AZ AR CA CO CT DE FL GA HI IL IN IA KS KY LA ME MD MI MN MS MT NE NV NH NJ NM NC ND OH OK OR PA RI SC SD TN TX UT VA WA WV WI WY DC www.angeloakms.com

The Money House, INC. Specialty/ niche: DIRECT HECM LENDER - GNMA ISSUER Money House On Demand is the US Division of The Money House, Inc., a Ginnie Mae Forward and Reverse Mortgage Issuer/ Servicer. The US Division combines a complete range of mortgage products with a unique seasoned and professional team of bi-lingual staff and resources supporting complete Wholesale and Correspondent Partner relationships.

Freedom Mortgage Specialty/ niche: VA and FHA

States: CA. CO, DC, FL, GA, IL, MD, OR, PR, TN, TX

As the #1 VA and FHA lender*, Freedom Mortgage Wholesale is dedicated to serving the needs of brokers, wholesale correspondents, banks and credit unions with a wide variety of products. Our local Account Executives, three Regional Operation Centers, and seasoned underwriters are committed to providing an unparalleled experience

http://www.moneyhouseus.com

*Inside Mortgage Finance, Jan-Jun 2020

States: all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands. www.freedomwholesale.com NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

At Supreme Lending, YOU will always come first. No matter how fast we continue to grow, every sales, operations, marketing, technology, onboarding— every decision will be made with YOU and your local market in mind. The Supreme Team is a family, and family always has your back.

DANIELLE P.

JOHN M.

CALIFORNIA

TIFFANY F.

TEXAS

At Supreme, you can be an entrepreneur. You can create and run your business as you want with few limitations. I love their desire to be better and evolve in an ever-changing market.

When I joined Supreme 14 years ago, I found a family. Supreme is always there to support me through both the good and the not-so-good times—in my work and personal life, too.

ARKANSAS

We take care of our team just like we do our clients—with excellence. Our clients love Supreme because our employees love Supreme. It’s not just a job— it’s a passion to serve people.

READY TO BE SUPREME? JOIN OUR TEAM! Visit us at Local.SupremeLending.com

2021

MOST LOVED EMPLOYERS

Everything good about a company comes down to its culture: how it treats its employees, what it’s commitment is to its customers, what’s its vision of service is all about. But how do you quantify that?

arly this year, NMP reached out to mortgage employers across the country. We invited them to apply to participate in an exercise in which their employees voted on how well they were doing. Once a company was accepted into the program, they were given a unique code to distribute to their employee base. That code, and a special link, allowed employees to rate their companies on various aspects, without those employers having any ability to see what the voting was like. We asked about benefits and corporate

Based on Participation

BROKERAGE Simplist: GOLD

As explained on its company blog in 2019, using advanced technology, a sprinkling of industry know-how and a number of partnerships with great lenders, Simplist created a one-stop shop for mortgage shopping that aims to process from start to finish. It’s a young company,

culture; about community involvement and social interaction; about commitments to diversity and racial justice, and much more. We received hundreds and hundreds of replies. And then, from those votes, we tallied the results for each company in each category. The result is this listing. These companies did not purchase their slot here. They voluntarily submitted to the judgment of their workforce. And in the end, each of them takes a place on the podium of excellence. These are, without question, the Most Loved Employers in the mortgage industry.

which means it faced the challenges of growing amidst the COVID-19 pandemic. Allie Kamin, its director of people said, “For a small startup, they’re thinking long term to ensure scalability and that we become a top employer to work at! Everyone is super friendly despite many of us being hired remote during COVID-19. I have very high hopes for the success of Simplist and everyone on the team!” That’s a sentiment echoed by Randy Sutton, vice president of engineering. “The company is well

capitalized and positioned to grow and I love that. I feel leadership does a great job including its employees with overall company objectives,” he said. Simplist is led by Chris de la Motte, co-founder and president, and Anthony Sherman, co-founder and CEO. Joyce Souto dos Santos, a loan processor, said, “I love that we are able to contact our bosses and have open conversations. They are always very friendly and attentive to our personal problems.” CONTINUED ON PAGE 23

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

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2021 MOST LOVED EMPLOYERS

American Financial Network (AFN), is honored to be named a 2021 Most Loved Mortgage Employer by National Mortgage Professional Magazine (NMP).

We focus on providing a great experience to our Team AFN employees, and our customers. With built-in technology and efficient operations, we believe our mission statement of being the BEST, MOST TRUSTED, and ADMIRED mortgage banker is a truth we live by every day.

We are passionate about cultivating the success and happiness of our Branch Managers.

Join the team that understands and supports the needs of true leaders in our industry! Contact us today.

JOINAFN.COM | CAREERS@AFNCORP.COM EQUAL OPPORTUNITY EMPLOYER. NMLS# 237341. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the California Financing Lenders Law License (6038771) and holds a CA Bureau of Real Estate, Real Estate Broker’s License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 237341. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Financing Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where American Financial Network, Inc. is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This information is intended to assist Real Estate Brokers, Agents, and other Industry Professionals, and is N M L S # not an advertisement for consumer credit as defined in 12 CFR 1026.2(a)(2). This information is not intended for consumers and may not be duplicated or disseminated to the public. 237341

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MOST LOVED CONTINUED FROM PAGE 19 WHOLESALE RCN: GOLD

RCN Capital was established in 2010 to provide time-sensitive, bridge financing to real estate investors to fund the purchase of non-owner occupied residential and commercial properties, provide bridge loans, and offer real estate-backed lines of credit. As RCN has grown to become the nation’s premier direct private lender, it hasn’t lost its sense of community among its workers: a fact attested to repeatedly by its employees. Alan Johnson, a loan officer, said, “The team and family culture … has been built over the years. There is never a time that you are not heard.” RCN, which is headed by

CEO Jeffrey Tesch, has built on its success by valuing team member feedback. Loan officer Peter Rusconi said, “The culture that’s been built here was created out of a passion for mutual success. Everyone wants everyone to succeed at their positions and grow into new ones. The level of understanding and compassion held by management is a huge contributor to all of our success as a company.” The company also receives praise for its inclusivity. “The company is inclusive, and I don’t believe it is intentional, and I believe that that speaks volumes about the character of the leadership of the company. The company is focused on growth and it believes that the company’s growth comes from its employees and that is refreshing,” said Adlai Richards, a loan officer.

Angel Oak: SILVER

Angel Oak Mortgage Solutions offers non-QM and specialized mortgage solutions for brokers and correspondents throughout the country. Currently, Angel Oak is the largest non-bank originator of non-QM and provides innovative programs and services in 44 states. Account executive Angel Perez said the company’s success is attained through many factors, including a “constant pursuit of improvement, whether in technology, process, culture, products, etc. Also there is a sense of wholeheartedness that management truly cares about our well-being. Starts from the top and trickles down; ownership and management do a great job.”

Employees quickly catch on to the Angel Oak Culture. “I am fairly new to Angel Oak Mortgage Solutions, however, at my limited time here I feel included, listened to, and motivated. I have learned so much already and I love the people who I work with. Angel Oak has a wonderful corporate environment,” said Lanier McMullen, a compliance specialist with less than a year with the company.

LOCAL

Total Quality Lending: GOLD

Total Quality Lending, based in Irvine, California, puts its company values on its website for the world to see. Among CONTINUED ON PAGE 24

Depend on Us. Deliver for Your Clients. As a trusted local wholesale lender, we’re committed to providing great service for you and great results for your clients – each and every time. No FICO score (unless PMI loan)

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Cash-outs* up to $2.5M (no seasoning)

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Loan amounts up to $3.5M with CLTVs to 90%**

Bijan Farassat (917) 731-4870 bfarassat@ridgewoodbank.com NMLS ID# 646654

24/7 access through our online portal

Joseph Noviello (718) 240-4780 jnoviello@ridgewoodbank.com NMLS ID# 625762

*On primary residences. (LTVs apply). | **1–2 family and condo purchases and rate and term refinances – primary residences. | Terms and conditions subject to change without notice. Loans subject to credit approval. © 2021 Ridgewood Savings Bank. All rights reserved.

“I cannot express how grateful I am to have a broker relationship with Ridgewood. Time and time again, you’re the lender I count on for personal attention and unparalleled service.” Mary Ann Scaggs Sr. Mortgage Loan Originator Purchase, NY

www.ridgewoodbank.com

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MOST LOVED CONTINUED FROM PAGE 23 them are family, creating a positive impact and leading by example. TQL, as the firm is more commonly known, is led by its president Chris Paliska. In his bio, Paliska emphasizes he likes to lead with humility, integrity, respect and kindness. “TQL provides a family culture and a supportive system in a industry that is largely based on competition. This greatly increases the opportunity for success among its employees,” said Lucas Garispe, a loan mentee who has worked for the company a short time. Bryan Bowman, a loan officer, has effusive praise for the company leadership for committing to its values. “Upper management leads from the front and they are motivated by the success of others. Family comes first and it just so happens that everyone is treated as family,” he said. Shane Gilmore, a senior loan officer, says TQL truly values its employees. “Every employer I’ve ever had gives the same song and dance about being ‘one big family.’ This company truly, very sincerely lives it every day. The culture is more that of a non-profit charity when it comes to the overall ethos, while still affording all employees the opportunity to prosper financially.”

Christensen Financial: SILVER

In 2001, Carol, David, Clint and Sara Christensen took their combined years of mortgage industry experience to build Christensen Financial. Twenty years later, CFI is licensed in 20 states and the District of Columbia and operates nearly 20 branches.

Michael Flinchum, who works in sales, says the company keeps that family feel two decades in. More importantly, though, the company also embraces professional practices. “CFI created a family culture. They go out of their way to make sure the employees are well taken care of. CFI promotes and rewards for performance not seniority. They listen and use your opinion to make a better work environment,” he said. In addition to its familylike atmosphere, employees also believe CFI provides a diverse culture. Among the employees participating in our survey, all said CFI would appeal to employees of all demographics. “This is the most diverse company I have ever been employed with,” said Lane Voshell, a mortgage help specialist.

officer, praised the company for instilling its values during the COVID-19 shutdown. “Great culture. Due to [the] pandemic I have not met some of my coworkers in person but feel that I know them well anyway,” he explained Samantha Coombes, a DML accountant, has an anecdote that best exemplifies the company’s commitment to teamwork. “They gave me an opportunity when most wouldn’t because my husband is career military. I am 1000 miles away from our [corporate] office and they didn’t bat an eye at still hiring me! Giving me an opportunity to take my job with my next job change for my husband,” she said.

Mountain West Financial: SILVER

REGIONAL DML: GOLD

When co-founders Mike Naylor and Ashley Mills started Direct Mortgage Loans in 2007, they wanted to create a company on the values of accountability, transparency, and teamwork. Today, DML stretches across 24 states, and has funded over 10,000 loans for more than $2.5 billion in volume since 2012. Kelly Curran, who works in digital marketing, said the DML philosophy serves both customers and employees alike. “DML truly values their employees and makes sure that we are always set up for success. There is a big open door policy and there is always open communication. Happy employees equals happy customers!” she said. Adam Siegelbaum, a loan

On its website, Mountain West Financial says since 1990 its success has derived from its goal of offering sustainable homeownership solutions, doing right by its team, clients, and referral partners, and continuously expanding program offerings, systems and tools. Its employees would agree. “I love the amazing work ethic of different departments. Each department works with one another cohesively even amidst a pandemic. The ways this company has adapted to the pandemic says a lot about this company. I love the culture and that we involve everyone in the company in virtual events!” said Shelby Ruelas, a brand specialist. Employees also welcome the constant positive feedback. Andrea Morgan, who works

in loan operations, said, “My company ALWAYS makes us feel appreciated! MWF goes above and beyond to make the employees feel special whether it’s by sending cards, gifts, bonuses or just a little email to let us know that we’re doing a great job. I’ve never worked for a better company.”

LARGER

USA Mortgage: GOLD

On its website, USA Mortgage highlights, “We have over 1,000 owners. That’s because each and every employee at USA Mortgage has an ownership stake. This is not common… in fact, only 1 in every 200 companies in the US are employee-owned.” That helps explains the employees’ enthusiasm for the company, which is headed by Douglas A. Schukar, chairman and CEO of DAS Acquisition Company, LLC aka USA Mortgage. “I love that everyone is connected, everyone helps each other with a lending hand, and we are all about team work,” said Britany Tudor, a loan officer assistant. Another employee cited how the company’s leadership gets out of the way and lets people get to work. Linnea Wilson, a pipeline coordinator, said, “They don’t micromanage and they really go above and beyond to help you be successful.” That philosophy appears to be paying off. USA Mortgage has been recognized on Inc. 5000’s list of the fastestgrowing private companies in America for 2021. The company said in announcing the news, companies that made the list, on average, have grown sixfold since 2016 during a stretch when the economy grew just 15 percent. As regional manager Sean Zalamnoff said, “We have grown an awesome CONTINUED ON PAGE 27

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ESTABLISHED IN 1996 • LICENSED IN 49 STATES • $22 BILLION IN ANNUAL VOLUME

WE’RE EMPLOYEE OWNED

Come work for and own a piece of a Top Mortgage Lender that’s 100% focused on making you look good.

Visit JoinAPM.com or contact Dustin Block at 303.378.3166. ©2021 American Pacific Mortgage Corporation | NMLS #1850. American Pacific Mortgage is 35% employee-owned and 65% independently owned. NATIONAL All information contained herein is intended for mortgage professionals only and not for public distribution.

MORTGAGE PROFESSIONAL MAGAZINE |

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MOST LOVED CONTINUED FROM PAGE 24 company that rivals what the big dogs offer and more with our ESOP without losing our entrepreneurial spirit!”

Homebridge: SILVER

Homebridge Financial Services, Inc. is one of the top privately held, non-bank mortgage lending firms in the U.S. Among its core values, as outlined on its website, are empowering and inspiring its employees through a commitment to excellence. Lisa Sconzo, a processor, said she noticed that commitment quickly. “I am new to the Homebridge family BUT have been in the industry 20+ years and I have never felt so much love and support from another mortgage company,” she said. Eryn Rubin, a senior marketing manager, added, “I am also thrilled to have a new Office of Diversity & Inclusion that continues to push Homebridge toward a sense of belonging and a friendly workplace for all.” Praise is abundant in different ways for the leadership team, headed by CEO Peter Norden and President Joel Katz. “I love that management supports you and upper management is informative about the direction of the company and very open. No one asks like they are better than you. Everyone is down to earth,” said John Bannister, a manager in the organization.

CMG Financial: BRONZE

Christopher M. George established CMG Mortgage Inc. in July 1993 in Pleasanton, California, and in 1995, the company opened a Wholesale Lending division. In 2012, CMG launched a new business channel, Correspondent

Lending, which allowed the company to partner with other organizations as an investor by purchasing closed loan volume. Courtney Cooke, CMG’s Eastern operations manager, said it’s impressive George is still actively involved in his privately held company. “Mr. George himself is always present, that is not something you see often. I feel appreciated by management and that is huge!” she said. Kylie Goldschmidt said, more importantly, CMG truly cares about its employees. “I have worked at CMG for five years now; without this company I would not be where I am today. They have supported me through the best of times and hardest of times. They have helped me grow in my career more than ever.”

HIGHEST # OF SENIOR EMPLOYEES (10 YEARS+) Homebridge: GOLD

Homebridge Financial Services is profiled more in-depth above. Communication is an important factor in the company’s ability to retain employees for over a decade and longer. “Senior management’s transparency is very helpful to making decisions at lower levels because we don’t have to guess what the company policy and direction is,” said Anne Tramble, director, national affordable lending. Douglas Cernek, a branch manager who also have over 10 years with the company, added, “It is run like a small family company but yet has a couple of thousand employees. You always feel included in all aspects of the business. Your opinion is valued!”

American Pacific: SILVER

American Pacific Mortgage has helped people achieve their homeownership goals since 1996. It has nearly 200 branches throughout the U.S. and more than 1,400 loan advisors. It has ranked in the top 10 among best mortgage companies to work for. Kim Windham, director of mortgage banking operations, has worked for APM for over a decade. She said, “Even with the size that the company is, I still feel connected to the owners and executive team.” Michele Doran, a closer, with over 10 years at APM, explained a true sense of teamwork drives the company. She said, “Everyone (team leads managers, leadership) works to make sure the whole company thrives, excels and grows as one. If one person, team, or department is falling behind, even on just one file, another team is ready and willing to help out.” Karen McIntyre, a veteran loan officer, also praised APM for its commitment to issues outside the office, citing, “Diversity is important; social justice is important.”

Waterstone* BRONZE

Waterstone Mortgage was founded in 2000 in suburban Milwaukee. Its first office space was only 350 square feet. Fast-forward 13 years and it was operating out of a 56,000-square-foot facility. Success has come, in part, because of the company’s view of its employees. As Waterstone touts on its website, “Our employees are some of the best

in the business, and we enjoy a family-like culture that allows us to have fun, be creative, and enjoy the important work that we do each day.” Amy Stierwalt, vice presidentnational branch operations, is a veteran employee of over a decade. She explained what sets the company apart. “The feeling as though we are all family. We can come together and work through different aspects of company projects as one team, no division,” she said.

Supreme * BRONZE

Supreme Lending is a fullservice mortgage lender founded by Scott Everett in 1999. Based in Dallas, the company has been recognized as a Top 20 company for overall volume and retail mortgages. Marc Portugal, a Supreme Lending branch manager, has been with the company over 10 years. He said Supreme thrives because it lets employees do their jobs. He said, “[There is a] great corporate culture and we are given the ability to work fairly autonomously.” Laurie Lucia, a regional ops manager, has been there less than a year but it seems like she might hit the 10-year mark. “I love that it’s not a giant institutionalized company where people actually matter and are recognized for their accomplishments. The owner and senior management are caring dedicated people - I feel like I’m working with family!”

USA* BRONZE

USA Mortgage is profiled more in-depth above, but what continues to see it apart for its long-term employees is CONTINUED ON PAGE 29

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MOST LOVED CONTINUED FROM PAGE 27 employee ownership. As regional manager Sean Zalmanoff observed, “We have grown an awesome company that rivals what the big dogs offer and more with our ESOP without losing our entrepreneurial spirit!” Dani Ploch, VP secondary, who has also passed the 10-year mark, added, “Regardless of position, everyone’s voice is heard. There is so much opportunity to advance in the company as well.” *tied

HIGHEST # OF RESPONSES Homebridge: GOLD

Homebridge, profiled above, had over 430 responses. Typical among them was this sentiment shared by Christine Regalbuto, a production FHA underwriter. She said, “You are valued, respected and appreciated!! Upper management and management are extraordinary!” Tiffany Tolle, a loan processor, added, “I love the welcome feeling that there is for all employees. I love that my superiors actually take my opinion into account and that they actively work to make sure all employees are heard and feel appreciated.”

CMG: SILVER

CMG, which is profiled above, had over 320 employees respond. Lindsey Kuhlne has been with the company for less than a year but beats the drum loudly for how CMG treats its employees. She said, “I came to CMG after being with another company for almost 13 years. When CMG brags about their culture, it’s not just words; it’s reality. The company as a whole works as a team and remains respectful of one another. They promote positivity in and amongst their employees.”

American Pacific Mortgage: BRONZE

American Pacific Mortgage, profiled above, had almost 250 responses. Cindy Thompson, a closing agent specialist, has been with the company less than a year. She said, “Many companies make you feel that your are just an employee. This company makes you feel like a part of a family, and your voice actually matters. The company gives back to it’s employees constantly as well as to the community. This is a company that you could call home!”

SUPERLATIVES FGMC: MOST NOMINATED

Licensed in 48 states + D.C. and celebrating almost 35 years in the mortgage business, First Guaranty Mortgage Corporation is headed by CEO Aaron Samples. It was the most nominated of the mortgage companies in our survey. Among the kudos from its employees were these thoughts shared by Dani Oakes, a senior graphic designer. She said, “Great company to work for. Everyone is very supportive, encouraging, and open. Goals are clearly communicated. [It is a] positive atmosphere where everyone wants each other to succeed. Just a great place.” “FGMC has established a culture where employee voices are heard, we are an organization where opportunity is endless in one is willing to put in the effort. Executives encourage employee development and growth and when it starts at the top it is easy for the process to trickle down,” added Jesus Gomez, senior vice president, post closing operations.

Planet Home Lending: CHARITY

Based in Indiana, Planet Home Lending is a national mortgage lender and servicer, offering home loans backed by Fannie Mae, Freddie Mac, VA, FHA, USDA and private funders, in 47 states, the District of Columbia, and Puerto Rico. It was recognized by nominators for its charitable works. One example is Planet Home Lending supporting a healthy environment through a treeplanting partnership with the National Forest Foundation. In 2021, the company has sponsored the planting of up to 100,000 trees to help restore national forests. “Planet Home Lending has great leadership and continues to grow. I love that PHL recognizes employees and promotes within. PHL also plants three trees for every loan originated and supports the Farmlink Project to connect farmers with local food banks. I’m going on my 8th year and I am honored to be part of PHL,” said Nicole Berg, VP, national underwriting manager. Adam Gonzalez, vice president of retention production, praised the company for its culture. ”It’s got heart, it’s a large company with the feel and care of a smaller mom and pop organization. [It is a] great place to work.”

New American: DIVERSITY

New American Funding is one of the largest privately owned direct mortgage lenders in the nation. Headquartered in Orange County, California, New American was founded by Rick and Patty Arvielo. The Arvielos proudly state on their website that New American has become a leader through employee diversity. “The workforce has grown to 4,800+ based on the tremendous growth of the

organization as a diverse workforce comprised of 60% women, 45% minorities, and 38% Millennials,” the duo said. “The culture, diversity and support throughout the company is unlike anything I have ever seen. Amazing!” said Jerry Hensley, a sales manager with New American Funding for over three years. Dominik Hekking, an area production manager, added, “I love this company because I feel we make a difference in the community. We have such diverse employees who are knowledgeable and work well as a team to accomplish goals.”

AFN: CULTURE

American Financial Network is a Brea, California-based mortgage bank licensed in all 50 states. A family-owned company, it was cofounded in 2001 by Jack Sherman and its CEO is now John Sherman. Christina Maine, a senior production manager, praises the company’s commitment to employees by truly treating them like family. She said, “The family aspect. The respect and fun that we have is like no other. I have worked other places that promise the same things and they do not keep their word like AFN does.” In addition to its family qualities, AFN also provides its employees with a culture that rewards improvement and advancement. “Working at AFN makes me feel valued, respected and that I make a significant contribution to the world. I love how much we all care about the company success but most especially, how we care about each other. I have been given every opportunity for training and to seek advancement,” said Sherri Pembleton, a loan processor who joined the company less than a year ago.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

SPONSORED EDITORIAL SPECIAL TO NMP

SUCCEEDING IN THE NEW MORTGAGE MARKET

f you’re a mortgage loan officer or a branch manager, you probably already see the writing on the wall. If you’ve been in this business for any length of time, you know that it’s not going to be as easy to find new mortgage borrowers next year. Nothing could be as easy as it was in 2020, but 2022 is going to be a very different kind of game. THE END OF EASY REFINANCE BUSINESS Professional salespeople in the mortgage business, and by that, I mean those who are compensated based on their ability to find new business and close it, are watching interest rates carefully. They know that if they continue to tick up -- and the experts say they will -- borrowers will no longer be in the market for a rate and term refinance. INCREASING INTEREST RATES = LESS REFINANCE BUSINESS Refinance business is easy to find because the prospective borrowers seek you out. They know when rates are dropping and pick a few lenders to approach for a better deal. Over the past few years, this kind of business has kept most loan officers busy. It won’t in the future.

FINDING NEW PURCHASE MONEY BORROWERS IS HARD If you are fortunate enough to get time with a Realtor, you are competing with a number of other lenders for every deal they get. You can’t drop by with donuts and hope to build a relationship, they’re all working via mobile. Buying internet leads is largely a waste of money and trying to get borrowers to come to your company’s website for a prequalification is tough, especially if their real estate agent sends them elsewhere. INABILITY TO FIND HOME BUYERS = NO PURCHASE BUSINESS FOR YOU You need to find a way to be where the borrowers are. A NEW PLATFORM THAT PUTS BORROWERS WITHIN REACH That’s why we’re building www. SRE.com, the world’s first online destination for home buyers, sellers and investors that gives consumers everything they want, including trust support for their real estate buying and financing transactions.

It’s about human-assisted eCommerce and it’s what’s coming to our industry next. Consumers love technology and they’ve been going online for many years now to find their dream homes. In the past, it hasn’t been as easy for them to find real estate financing...but that has all changed. www.SRE.com is spending millions on this new online destination and we want you to be part of it. SRE.com puts you in the same place as home loan borrowers who are looking for someone to trust. It will be the only way to get new business in the coming purchase money market, but only for loan originators who have profiles on the system. Get your profile on www.SRE.com today ... for Free! Any licensed originator completing their free profile between now and October can win one of FIVE trips for two to Hawaii. https://sre.com/ sign-up/ Ensure the future success of your business today at www.SRE.com.

Purchase money mortgage business is harder. You need to find a way to get in front of the home buyer at the right time. Up until now, the best way to do that was to link up with a real estate agent and let them bring you the business. But there are problems with that.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |

THE MORTGAGE SCENE

Are Originators Overlooking The Remodeling Sector?

EW SICHELMAN

BY LEW SICHELMAN | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

reddie Mac sees it. The Harvard Joint Center recognizes it. And at least one giant bank is on to it, too. The question is: Are you? We’re talking about the boom in remodeling. Last month, Freddie Mac rolled out a brand new product to capture a share of the huge market. Earlier, Bank of America reported that two-thirds of young home owners plan to renovate their homes. And the Joint Center for Housing Studies said owners will continue to invest in their properties well into next year. Let’s start with the Joint Center, which tells us that Americans spend more than $400 billion a year on residential renovations and repairs. That alone should set your antenna to wiggling. But in its latest report, the Center’s Remodeling Futures Program says it expects growth in the sector to “remain solid” for the rest of this year and into 2022. The Program’s Leading Indicator of Remodeling Activity, which is a short-term indicator of home improvement and repair

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spending on owner-occupied houses, projects “a healthy pace” of singledigit gains, with nearly 5 percent growth by next year’s first quarter. Panelists on a National Association of Home Builders press conference saw an even longer timeline, predicting that remodeling will roll at a “healthy pace” for at least two more years. “There is steady consumer demand,” said Vince Butler, a remodeler from Clifton, Va. “Because people are using their time at home to remodel,” agreed Arlington, Tex., contractor Tim Landsford, “the demand and the backlog for remodeling remains high.” The Joint Center’s Managing Director, Chris Herbert, cited a number of factors that point to owners’ continued investment in their properties. And only one – stimulus money from Uncle Sam in the wake of the pandemic – is likely to go away. The others include strong house price appreciation and the aging of the nation’s housing stock. More about those shortly.

FIXER UPPERS Although the surge of do-ityourself projects has fallen off as the economy has re-opened, Abbe Will, who helps run the Joint Center’s remodeling program, says a shift to more professional jobs has more than offset the slide. Owners have “undertaken (the) larger discretionary renovations” they postponed during the early part of the virus outbreak, Will says. That alone should boost annual spending in just remodeling – not including

repairs and maintenance – to $370 billion by Q1-22, according to the LIRA. Similarly, in May, the National Kitchen & Bath Association said its market index “soared” in the first quarter, jumping to the highest point ever. One in three designers in the group reported their clients now are requesting higher-priced products and finishes. And retailers are experiencing the same shift. Kitchen and bath remodeling account for a major share of the entire renovation market. Part of the trend is likely due to fact that quick-fix, pandemicdriven DIY projects have run their course. Now people are taking on serious make-overs. “As consumers experience more flexibility in their working arrangements, there’s an increased need for total reconfiguration (of) their spaces,” commented Todd Tomalak of Johns Burns Real Estate Consulting, which compiles the NKBA index. The trend isn’t getting as much attention as it should, according to the folks at Bank of America, which covered the sector in its recent Homebuyer Insights Report. The survey of 2,000 current or future owners – with an over sample of 185 first generation owners – found that many are eager to refresh their living spaces. BoA found that nearly half the younger respondents said they prefer to purchase a fixer-upper and improve it over time as opposed to buying something that’s move-in ready. Seven out of ten members of the younger set have recently

completed do-it-yourself work, whether it’s just painting a room or two or going all out by rejuvenating a bathroom or the kitchen.

CHANGING DYNAMICS Their motivations are changing, too. Traditionally, home improvements have been undertaken as an investment, as a way to add value. But the big financial institution found that twice as many of those polled now are approaching home improvements as a way to enjoy their living space. Indeed, more than half plan to remodel before they move into their new digs or right when they move in. Other factors are at work, too. Nearly half of the prospective buyers surveyed said they preferred buying an existing home, preferably a fixer-upper, and improve it over time. One reason: These houses are typically less expensive. But another is the fact that the nation’s housing stock is old and getting older, so they may have no choice. The age of our houses is an important remodeling market indicator. Older houses are simply less efficient, not only when it comes to energy but also in terms of utility. According to the latest Census Bureau data, the median age of owneroccupied homes is 39 years. But that figure varies widely across the 50 states. New York has the oldest, with a median age of 60 years, followed by Massachusetts at 56 and Rhode Island at 55. Newer homes, meanwhile, are mostly concentrated in the Sun Belt states where 14 out of 15 have stocks younger than the national median. The exception is California, with a median age of 43 years.

ESCALATING VALUE And then there’s surge in housing values over the past year or so, a rush that has led to a rise in equity-rich homeowners just itching to retool their places rather than move onward and upward. Actually, the big jump in appreciation has helped homeowners at both ends of the spectrum. In its latest report, data cruncher ATTOM says a third of all mortgaged properties are now equity rich, meaning the loans outstanding on their properties add up to no more than half their estimated market value. At the same time, only 4 percent of mortgaged houses – just one in 24 – are still considered seriously underwater with

debt exceeding value by 25 percent. Both are improvements that were the largest in two years, the company reported. Recent home buyers were inspired to do the work themselves by cable TV. Half learned from watching videos online and 39 percent were motivated by channels such as HGTV. It’s worth noting here, though, that many DIYers often find themselves in over their heads when they take on work they know nothing about, and end up calling on a pro to finish what they started. But whether they are successful or they hire contractors from the get-go, they still have to pay the freight. And when it comes to the larger jobs, it often means financing. Fortunately, plenty of options are available, from cashing in some of their equity to rehab loans from the Federal Housing Administration or through Fannie Mae and Freddie Mac. Surprisingly, though, Bank of America found that some folks don’t know they can access their equity to pay for the improvements they want to make. Actually, they don’t know much at all about how to pay for renovations, says Ann Thompson, the bank’s specialty lending executive. “Homeowners don’t get much information when it comes to how to pay.”

BROKER OPPORTUNITY In reality, BofA says owners often combine a variety of funding sources. The survey found that they mostly tend to use savings or to a lesser degree a home equity line of credit, a credit card or money invested in the stock market. Nowhere in this list are the various rehab mortgage offerings. I don’t want to get too deep into the weeds here, but here’s a quick look what you can offer your clients: • The FHA’s 203(k) loan can be used by buyers as well as owners to purchase or refinance their homes by adding up to $35,000 in rehab costs to the mortgage principal to make repairs or improvements. It is FHA’s primary program for the rehabilitation and repair of single family properties. Borrowers can’t use the loan to finance major structural alterations, but they can use it to replace leaky windows and doors, an old roof and otherwise update an older property. Buyers can use the funds to make repairs identified by an appraiser or home inspector or make

improvements before they move in. And owners can use them to make repairs, improvements or to ready their places for sale. • Fannie Mae’s Homestyle Renovation Mortgage is a conventional mortgage that lets borrowers finance improvements, renovations or repairs to a home at the time of purchase or as a refinance transaction. It even can be use to renovate accessory units like in-law suites or basement apartments – or those ADUs that are all the rage. And with some limits, manufactured housing also qualifies. For purchase money mortgages, renovation costs are limited to 75 percent of the lesser of the purchase price plus the renovation costs or the “as completed” appraised value. For refinancing, the ceiling is 75 percent of the “as completed” appraised value. • Freddie Mac’s renovation loans are similar, save that manufactured homes are ineligible. But one-to-four unit sitebuilt houses qualify, as do investment properties and second homes. This summer, Freddie rolled out a new mouthful of a mortgage – CHOICEReno eXPress – to help cover the cost of smallscale renovations with a single-close. It is a more affordable option than offered by credit cards or unsecured loans. Proceeds can be used to pay for renovations of up to 10 percent of the home’s as-completed value – or up to 15 percent in some rural regions. Depending on the purchase price, it doesn’t require special lender pre-approval or lender recourse. But an inspection is required to verify the planned work was completed. If products like these aren’t in your quiver, it says here that they should be. After all, refinancing will eventually run its course as rates begin to rise, and purchase lending will slow for the same reason. Remodeling, though, is like the Energizer Bunny. It just keeps on going and going.

Lew Sichelman is a contributing writer to National Mortgage Professional magazine. He has been covering the housing and mortgage sectors for 52 years. His syndicated column appears in major newspapers throughout the country. He also has been the real estate editor at two major Washington, D.C., dailies and spent 30 years on the staff of National Mortgage News, formerly National Thrift News.

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To see more by Nick, just go to www.facebook. com/nickroberson.

FACEBOOK THOUGHTS

Cooking The Books

NICK ROBERSON

Nick Roberson

Nick Roberson is a long-time mortgage industry veteran and a board member of the California Association of Mortgage Professionals. He’s a forthcoming and giving guy, who shares his … unique … perspective on work and life on his Facebook account. Here are some of Nick’s FB thoughts this month:

There are times in a parent’s life when you have to deal with unique situations that arise with your children. I knew the high school teen years would be challenging, but I really wasn’t prepared for the conversation I had with my daughter last night. I guess this had been going on for some time, and either I didn’t see it, or I was just in denial. I am really struggling with the reality of this situation, and I am still trying to figure out just what to do about it. Last night I was driving home with Savannah when she dropped the bomb daddy of all bombs on me. I caution you, my friends, this will be hard for many of you. I can still hear her words echoing in my head. Savannah looked at me with those innocent blue eyes and said, “Dad, can we stop by the store on the way home and pick up some.....Turkey bacon?” I damn near wrecked my car. I asked her why she wanted turkey bacon. She told me she liked it better than regular bacon. Hold on, I am getting choked a bit typing this. I just don’t even know how it’s possible that a child of mine prefers turkey bacon over actual BACON (how dare they desecrate the word bacon by putting the word turkey in front of it). I think I need to send her to my family in Missouri for a while for some detox. Lord, the next thing you know she will tell me she prefers kale over steak. I am just beside myself right now. I ate a kid’s meal at McDonalds yesterday. His mother was furious. My ex just texted me and asked, “Do you ever get a shooting pain across your body, like someone’s got a voodoo doll of you and they’re stabbing it?” I replied, “No. Why?” She responded, “How about now?” If you really want to get to know your neighbors, check out the books they’re getting rid of at their garage sales. I now know a couple way better than I want to. Apparently, their kids are jerks and frequently in trouble. The mom has self-esteem issues, thinks her husband doesn’t find her sexually appealing, believes she has a few dozen different diseases and is hitting menopause. The husband loves to golf, play poker, work in his garage, and dreams of living in a tiny house without the other idiots in his family. On a positive note, the wife appears to be a hell of a cook. I bought a cookbook, thanked them, and gave the husband

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a hug while telling him how sorry I was, and to hang in there. I think my brain may be broken. I just caught myself talking to my laundry while I was folding it. The worst part is, I put a sock on my hand and responded to myself. I am going to lie down for a moment. Great! Now I can’t get this stupid sock to shut the hell up! A downside to having security cameras around my house is I have learned I frequently talk to myself like a crazy old man. The upside is apparently I think I am funny and I do love a captive audience. Leave it to my daughter to provide me with late afternoon motivation. I was sitting here in my chair taking a break from looking at the computer screen and staring up at the ceiling to clear my head. As my daughter walked by she said, “What are you doing, dad?” I said, “Just taking a quick break and clearing my head.” To which she replied, “And what are your competitors doing right now?” I thought about it a moment and said, “I really don’t know what they are doing, most likely working.” Her response to me was priceless, “You know that client you didn’t call because you were taking a break and staring at the ceiling? Well, your competitor just called them and got your deal.” Then she told me to enjoy my break and walked her sassy self out of the room. Dammit! I hate it when she is right. Back to work. PSA - Pay attention to the napkins you reach for on your desk when you have to sneeze and remember sometimes when in a pinch on the road, you make important notes on napkins to follow up on later. Um yeah...this was snot one of my better ideas.

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AFTER PARTY

SATURDAY, SEPTEMBER 25TH, 202117PM - 10PMMBELLAGIO LAS VEGAS WEʼVE MISSED YOU!

We hope you will join PRMG at the lavish Lily Bar & Lounge located at Bellagio Las Vegas! Enjoy a night full of entertainment, drinks and camaraderie following AIME Fuse! Connect with our team and learn what Built by Originators for OriginatorsTM truly means.

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©2021 Paramount Residential Mortgage Group, Inc. (“PRMG”) NMLS ID #75243; 1265 Corona Pointe Court, Corona, CA 92879; All Rights Reserved. Licensed by the California Department of Financial Protection and Oversight, the Residential Mortgage Lending Act, License #4131268; Finance Lenders Law License #603D903; AZ Mortgage Banker License #910387; Georgia Residential Mortgage Licensee #32087; IL Residential Mortgage License # MB.6760962; KS-Licensed Mortgage Company, #MC.0025196; Massachusetts Mortgage Lender and Broker License, #MC75243; MS Department of Bank and Consumer Finance; NV Mortgage Broker License #3693; NH Banking Department 17393-MB; Dept. of Banking in the Common Wealth of PA, #37894; RI Licensed Lender, #20112799LL; and is also approved to lend in the following states: AL, AK, AR, CO, CT, DE, DC, FL, HI, ID, IA, KY, LA, ME, MD, MI, MN, MO, MT, NJ, NM, NC, ND, OH, OK, OR, SC, SD, TN, TX, UT, VT, WA, WV, WI. For licensing and other disclosures please visit: https://www.prmg.net/licenses/. For NMLS information: https://www.nmlsconsumeraccess.org/. PRMG is an Equal Housing Lender. Questions? Comments? Email: Feedback@PRMG.net

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