Originator Connect Magazine Summer 2019

TESCH RISING

MIDDLEMANS HONORED

UWM TRAINS TOP LOS SUMMER 2019

OriginatorConnect MAGAZINE

INSIDE: ORIGINATOR CONNECT CONFERENCE AGENDA TEXAS MORTGAGE ROUND UP AGENDA

When

Originators Connect, the industry

PROSPERS

LENDING TO

SELF EMPLOYED

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WINNING WOMEN

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A PUBLICATION OF AMERICAN BUSINESS MEDIA

OriginatorConnect MAGAZINE

SUMMER 2019

OriginatorConnect MAGAZINE

Event Agenda Page 21

Event Agenda Page 36

STAFF PUBLISHER Vincent M. Valvo NATIONAL MORTGAGE CHAIR Donald Frommeyer MANAGING EDITOR Keith Griffin ASSOCIATE PUBLISHER Barb Dimauro OPERATIONS MANAGER Kurt Schenher

CON TE N T S 4

Letter From The Editor When Originators Connect, The Industry Prospers

21

Originator Connect Las Vegas PROGRAM AGENDA

6

29

8

25

10

32

Lending To Self-Employed Class Is In Session At UWM How To Qualify Your Non-QM Partner

12

Call “ACTION” If You Want A Call To Action

The Road Warrior Originator Connect Photo Gallery In Brief: Recession Fears Loom, Freedom Mortgage Stanley and Micheal Middleman Receive Honors, LoanDepot Survey, Stressed Out Sellers

RCN Capital Announces CEO Transition Plan

18

The Sales Pro

20

Letter From The Chairman

GRAPHIC DESIGN MANAGER Stacy Murray GRAPHIC DESIGNER Scott Ellison ONLINE ENGAGEMENT COORDINATOR Kristie Woods-Lindig Interested in receiving additional copies of Originator Connect Magazine Call (860) 719-1991 or email kschenher@ambizmedia.com Originator Connect Magazine is the official publication of the Originator Connect Network, serving more than 100,000 mortgage professionals across the United States. In print, in person and online, there is no larger or stronger community of mortgage loan originators. To see our many events, please go to

www.mortgageconferences.com.

34

Women In Leadership

16

ONLINE CONTENT DIRECTOR Navindra Persaud

36

Originator Connect Texas Mortgage Roundup PROGRAM AGENDA

www.ambizmedia.com © 2019 American Business Media LLC All rights reserved.

Originator Connect 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

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 3

LE T T ER FR O M T H E EDI TO R

T

When Originators Connect, The Industry Prospers

he opportunities of entrepreneurship are vast, and the rewards can be substantial. But as anyone who’s dipped their toes into the roiling waters of capitalism knows, success is hardly assured.

Just about every mortgage originator is an entrepreneur. They may work under the banner of a brokerage or a bank or credit union or mortgage company. But most LOs are commission-based. They close deals, or they close out. In the end, every originator is a small business.

That’s why in the Originator Connect Network, we don’t treat LOs or other mortgage professionals as if they need our permission to succeed. We don’t tell industry professionals which companies they should work with, and which ones they should shun. We don’t assume we know what’s better for these entrepreneurial individuals, and we don’t try to tell anyone what kinds of loans they should represent, to whom, or from whom.

When we look at originators, we see a vast field of smart, motivated business Vincent M. Valvo professionals. People who want to be informed about new opportunities, about best practices, about emerging technologies and innovative products. But who want that information in order to make up their own minds about what works best for them and their clients.

It’s a big reason why the national Originator Connect Conference and our regional conferences across the nation are so important, and so useful. They’re the opportunity for successful mortgage originators to gather and share ideas, be a sounding board for concerns, and see a plethora of opportunities. They’re a chance to be fully immersed in everything that could help you grow your business, without the filter of someone telling you what to originate, or who to originate with.

One of the blessings of entrepreneurship is the chance to effectively be your own boss. There’s a thrill in that, especially as you chart your own course. But to do that, originators need to know all their options and then it’s up to each individual to decide what the best direction is.

We’ve built a series of state, regional and national mortgage originator conferences. These events are designed to be efficient and effective for attendees: take just a day (or two) and get access to an array of informative sessions, along with opportunities to meet companies who can help you expand your business. We now host more than 22 such conferences across the country (you can see them all at www.mortgageconferences.com), including our largest, Originator Connect in Las Vegas. But these aren’t just one-off meetings. They’re the building blocks for a support network unlike any other.

The Originator Connect Network is exclusively for you. There’s no membership fee. There’s no alliance with any ideology, and we don’t blackball companies. There’s no direction from any trade association. This is a pure network of information and resources to help originators learn more and sell more. That’s it. We believe that originators are smart enough to make their own decisions, but like to have access to the information they need to make the best decisions for them.

That’s the connection that counts. And we’re proud to be the ones who do that for you.

VIN CEN T M. VA LVO

Publisher & CEO

4 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

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Freedom Mortgage Corporation is a mortgage lender licensed in all 50 states. NMLS# 2767. Corporate office located at 907 Pleasant Valley Avenue, Suite 3, Mt. Laurel, NJ 08054, 800-220-3333. Please visit our website at freedommortgage.com/state-licensing for our complete list of state licenses. This information is intended for use by mortgage brokers and other industry professionals. This is a business-to-business communication and is not an advertisement to or solicitation of a consumer. For additional information about Freedom Mortgage Corporation, please visit the NMLS Consumer Access page at nmlsconsumeraccess.org.

Equal Housing Opportunity. Š 2018 Freedom Mortgage Corporation. All rights reserved.

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ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 5

E X PA N DED O PPO RT U N I T I ES

Lending To The Self-Employed TAPPING THE UNTAPPED MARKET OF FUTURE BORROWERS

By C H R I S B OY LE, Special to Originator Connect Magazine

L

ending to the self-employed is time-consuming and costly, particularly in today’s competitive market. Across the industry, fintech-driven automation has fast-tracked overall loan production, but not much has changed in lending to self-employed borrowers.

Until now. Recent innovations in self-employed borrower income assessment have created significant opportunities for lenders to improve the borrower experience, become more efficient and grow their base of business.

WHY WE NEED TO FOCUS ON THE FUTURE

Freddie Mac recently launched Borrower of the Future®, a groundbreaking, first-ofits kind campaign. We’re bringing together research, trends and compelling stories to help lenders better help future borrowers by offering thought leadership that considers the behaviors, trends and challenges facing the next generation of homebuyers, One of our key goals is to continuously use data to help Freddie Mac clients better understand borrowers’ needs and the issues that affect homebuying decisions and develop timely solutions to address them.

All of us need to understand key topics ranging from new technology to evolving demographics such as Hispanic populations and millennials to self-employed workers.

6 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

WHO ARE THE SELF-EMPLOYED BORROWERS?

How we work is changing. New platforms are shifting work performed by full-time employees in traditional organizations to a crowd of individual entrepreneurs and ondemand workers. “The economy we are heading into will rely far more extensively on freelance and small-business work arrangements than on traditional stable employment,” according to New York University Professor of Business Arun Sundararajan.

While the quantification of self-employed workers varies, the number of working Americans who fall into this category is growing and trending toward increasingly affluent, well-educated Gen X and millennial homebuyers. For example, using a narrow definition of the self-employed, the government puts the number of inde-

pendent workers at about 15 million—or 10.1% of the total labor force. Yet another study classified 41.8 million Americans as independents, defining them as consultants, freelancers, contractors, temporary or on-call workers.

Millennials are forecasted to increasingly dominate this population as tens of millions form new households and move into the prime homebuying age bracket (32 to 38 years of age). The self-employed among this generation are also expected to earn more as they advance in their careers, more so than their Generation X and baby boomer cohorts in this segment of the workforce.

THE HURDLE TO UNDERWRITING THE SELF-EMPLOYED

The personal and business-related tax returns of these borrowers don’t always reflect their true earnings due to deductions and write-offs. For example, removing personal expenses from company profitand-loss statements and validating the cash flowing into personal income can take hours, compared to minutes when inputting a W2 figure into a loan origination system.

The complexity of determining qualifying income for self-employed applicants usu-

ally requires seasoned underwriters who often circle back to processors and loan officers for missing tax-return documentation.

The back and forth drives up costs, delays closing times and most importantly, frustrates the borrower.

In the third quarter of 2018, the cost of producing a residential loan averaged $8,174, according to the Mortgage Bankers Association (MBA), while net production income averaged $480. While the MBA doesn’t publish figures on self-employed borrower loans, they generally cost more to produce, which can generate a lower return.

A GROWTH OPPORTUNITY IN A CONTRACTING MARKET

With refi volume drying up due to higher rates, the mortgage business is now more focused on the purchase market, where competition is fierce. The ranks of the selfemployed are growing in numbers. Lenders who gain traction with such customers stand to grow business in the purchase market beyond the highly competitive traditional borrower market by leveraging technology to scale this business.

With higher rates having cooled demand for refinancing and overall loan volume declining, the mortgage sector is casting a wider net for new customers. Nontraditional wage

earners – or self-employed borrowers – are a promising borrower segment for lenders who can deliver them a better borrower experience.

Despite higher rates, homebuying demand still outstrips supply in today’s market. To win out against rival bidders, buyers must prove to sellers upfront that they’re fully qualified for a loan from a credit and abilityto-repay perspective. The self-employed are no different. They want a quick turnaround from lenders about whether they qualify for a mortgage, can meet the sellers’ asking price and quickly close on a deal. The more time it takes, the greater the risk the customer loses the home to another buyer.

Consumers in this on-demand, real-time era want a fast, full credit and capacity underwrite. This is difficult for a lender serving self-employed customers given the complexity of income documentation and calculation requirements. However, recent innovations in technology addresses these pain points for lenders, automating an otherwise complex process.

With our new GSE-integrated automated solution to help lenders efficiently validate self-employed borrowers, which uses highly refined OCR technology, lenders can: • Cut production costs.

• Speed up the qualifying process.

• Confirm consistency and loan quality.

THE FUTURE IS NOW

This relatively untapped, nascent market of self-employed borrowers is an opportunity for lenders to grow business in this space.

Loans for self-employed borrowers make up less than 20% of their current business but could soon exceed 40%.

For example, loans underwritten for selfemployed borrowers averaged 16%—or $4.2 billion—of total monthly production volume sold to Freddie Mac over a 12-month period ending in January 2019. In contrast, some 84%—or $21.8 billion—of the production volume went towards loans for salaried borrowers.

In today’s market, self-employed homebuyers don’t want to compete at a disadvantage.

The automation of borrower income assessment is a technological breakthrough where lenders can quickly approve loans that meet Freddie Mac’s guidelines. By doing so, lenders can meet these borrowers’ expectations, win their business today and position themselves to succeed in the future. > Chris Boyle is Chief Client Officer of Freddie Mac Single-Family.

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 7

At UWM, Class Is In Session For Mortgage Brokers

T

By M AT IS HB IA, Special to Originator Connect Magazine

here’s never been a better time to be a mortgage broker. As more and more borrowers are realizing that the best way to get a mortgage is through an independent broker, the broker channel is growing rapidly. To keep growing, brokers need to stay on top of their game so they can keep delivering the fastest closings, best rates, and best service to their clients.

Independent brokers are licensed experts and true advisors who can walk borrowers through the biggest financial transaction of their lives. In an industry where the landscape is ever changing, it’s important for brokers to invest in continuing education. They need to find new ways to get better so they can grow their business and set themselves apart from the competition. Brokers can do all of that and more through Success Track from UWM.

classes at no cost because we want brokers to help brokers grow. Period.

GETTING LOS TRAINED, QUICKLY

Broker-owners should be able to focus on building and growing relationships that will help them win more loans. We understand that they don’t have the time to properly train every new LO that they hire. With Success Track, UWM does the work for you. Success Track trains new LO’s on the fundamentals of the origination business, from DTI, LTV, and FICO to loan products, mortgage math and sales skills. We give new loan officers the foundation they need so they can hit the ground running when they start originating

brokers come here for Success Track, they’re a part of our family and they know that we are true partners who have their back.

PEER SUPPORT

One of the best ways to improve is to identify best practices from other LO’s and use those ideas to get better. A big part of the Success Track experience is the opportunity to network with other brokers. When you attend a class, you get to meet independent brokers from around the country and share best practices. You can’t help but leave with at least 2-4 takeaways that will help you grow your business. You also have new networking partners who you can use as resources in the future.

There’s even support after you go back home. As more retail LOs are making the switch to wholesale, they need the resources to help them get their business off the ground and running smoothly. Even brokers who have been in the industry for years need new ideas so they can continue to scale. Success Track gives brokers marketing tips to help with lead generation, building relationships with real estate professionals and much more.

Success Track offers free in-house training with classes for LO’s of all experience levels, from loan officers who just got licensed to those who have been originating loans for decades. There are 4-day One of the best ways to improve is to identify best practices classes and 2-days classes from other LO’s and use those ideas to get better. for both LO’s and procesUWM is 100 percent comsors, depending on their mitted to growing the broexperience. There are classes dedicated to Broker-Owners. There’s loans for your company. And we can give sea- ker channel and providing independent broeven a new class dedicated to helping LO’s soned loan originators tools to take their busi- kers with the support they need. As brokers continue to take more market share, the comsuccessfully transition from retail to whole- ness up a notch. petition for business is only getting stronger. sale. No matter how long you’ve been in the business, there’s always more you can learn.

In the segment for Broker-Owners, senior It’s important for brokers to be committed to leaders from UWM provide insights on how continuing education so they can keep difWhen brokers come to a Success Track seg- to build, grow, and protect your business. Bro- ferentiating themselves. If you truly want to ment, they get hands-on instruction from our ker-Owners also get tips on topics such as re- get better and grow your business, you owe it award-winning training team. If you’re doing cruiting, setting goals, and retaining past cli- to yourself to come to Success Track. It’s an 5 loans a month, Success Track can help you ents. They also get to experience our culture. investment in your future and one that you do more. It’s all about getting better and tak- We want as many brokers as possible to come won’t regret. ing advantage of the resources that are out to our headquarters, experience our culture, there to help you be successful. The best part and see what over 4,000 people invested in > Mat Ishbia is President and CEO of United of all? It’s free. UWM offers Success Track their success looks like and feels like. When Wholesale Mortgage.

8 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 9

PA RT N ER S I N O PPO RT U N I TY

How To Qualify Your Non-QM Partner

CHOOSING THE RIGHT NON-QM LENDER IS KEY IN GETTING IT RIGHT

N

By ER IC M O R G ENS O N, Special to Originator Connect Magazine

ot only is it more important than ever to utilize non-QM loans to grow your business, but choosing the right non-QM lender is critical. That is because the space is growing so rapidly that more and more lenders are jumping in stating they are experts. The truth is, many haven’t been in the non-QM space for very long and not all lenders are created equal. Selecting the wrong lender to handle non-QM could result in a negative situation for your borrower and their Realtor. Choose wisely to ensure a positive experience and repeat referrals.

Selecting a lender with a proven trackrecord in non-QM ensures efficiency and originating quality loans. Is your lender of choice the end investor for the loan? If the answer is no, think of that in terms of efficiency. For instance, Angel Oak Mortgage Solutions is the end investor eliminating the need to send the loan for sign-off. Another key benefit is that at Angel Oak, nonQM are the only products offered. Other lenders focus on agency business and they carry non-QM simply to say they offer the option. Do not put your non-QM borrower in the hands of anyone but a leader in the space.

Tom Hutchens, executive vice president of production for Angel Oak Mortgage Solutions says, “My concern is that with this many players getting into the space, I’m not sure that they’re all as concerned with originating quality non-QM loans.”

WHAT FOCUS?

Conventional lenders just entering the space might consider non-QM to be a lesser focus than agency loans. Rates are down and agency business has increased.

It’s possible that for them non-QM is there and they will figure it out if a borrower

10 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

happens to require an alternative option.

Brokers and correspondents need to trust their non-QM borrowers, such as the selfemployed and property investors, with a proven entity that has the expertise to get these loans done efficiently and quickly.

take care of this process upfront so borrowers know immediately where they stand. A lender offering this service saves time and frustration.

SORTING THEM OUT

5. Are there non-QM specific marketing flyers for available to use for promotion?

Ask if flyers are available for your use to help promote non-QM using your own logo and contact information.

1. How much non-QM volume does your company do? If they are a big, wellknown lender in the agency space it’s important to know how much of their volume includes non-QM. Not much?

New to the space? Consider a lender who specializes in non-QM.

The fact is the non-QM space is going to continue to grow. So many people, from the self-employed, property investors, to those with credit events can’t qualify for a home loan without these products. These are credit-worthy borrowers who can prove their ability to repay the loan. Brokers who can make it happen efficiently are going to be heroes among busy Realtors needing to get to the closing table quickly.

Referrals will no doubt be the end result, being known as the broker who is the goto for non-QM deals.

Asking the right questions is key when determining the right lender to trust with a non-QM deal. Here are a few key questions important to ask:

2. Are they the end investor for the loan? If not, the risk exists that the loan will be sent off to an end investor to get signoff. At times, the terms of the loan can change resulting in delay. Look for a non-QM lender who is the end investor and can get it done seamlessly and efficiently.

3. How do you handle loan-level underwriting exceptions? Understanding their comfort level in approving exceptions and if they are only used to marginal exceptions is important to know upfront. Lenders have different policies regarding approval so make sure you know how they approach non-QM in regards to underwriting.

4. Do you have a team to review bank statements, analyze deposits and calculate income for bank statement submissions? There are lenders who have bank statement review teams to

The key is a non-QM partner who is an expert and leader in the space. When you go with a trusted source with a proven track record, the process is easy and quick. Your borrowers and Realtors will thank you because often, those needing non-QM aren’t sure if or how they qualify to purchase a home. It’s gratifying to help someone realize the dream of homeownership who didn’t think it was possible. And when it also grows your book of business it’s even better! Utilize non-QM and take advantage of the fastest growing segment in the mortgage industry and choose your lending partner wisely. > Eric Morgenson is a business development account executive for Angel Oak Mortgage Solutions.

S U CC ES S FU L M A R K ET I N G

Call “Action” If You Want A Call To Action

By ER IKA S IKO S K I, Special to Originator Connect Magazine

ACTION

A

s social media continues to be one of the most commonly utilized means to market your company online, it’s important to understand how to maximize your social media content to engage with your target audience.

If you scroll through your social media feed, you’ll notice more and more brands are implementing video marketing into their social media strategy. And for a good reason. Video shares and interactions have been on an upward trend across all social media platforms. According to HubSpot, 81 percent of businesses are currently us12 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

ing video as a marketing tool, which is up from only 63 percent the previous year.

Plus, when a social media post has a video incorporated with it, the post receives 48 percent more views overall.

What this means is that video marketing is not a trend that is going away anytime soon. So, it’s time to step up and start recording.

There are two main reasons to adopt video into your marketing strategy; 1. To build a relationship with your target audience 2. To be seen as an industry leading expert

by educating and informing your audience on industry related matters

BUILDING A RELATIONSHIP

Video marketing is the perfect way to connect with your audience and show that there are real people behind the brand. On video you can showcase your personality and add in your own flare to the mix. This can immensely improve the overall trust factor you have with your audience, and new potential clients. People are more likely to work with someone when they can put a face to the brand.

Video is also a great place to showcase the “behind the scenes” of your office space, to meet the team and to highlight

Adding Video To Your Social Media Feed Boosts Engagement

important milestones you and/or your company have accomplished. Overall, video marketing must go beyond the traditional hard sell, as that just becomes noise to people scrolling through the endless pages of the internet and allows them to stop and get to know you for 20-120 seconds.

EDUCATION & INFORMING

To gain credibility with your audience, both on an individual and company level, create educational videos. Highlight industry related news, updates, and common topics.

It’s important when you are choosing topics to create video content your audience will find valuable and informative.

The more you can educate and inform your target audience the more likely they will come back organically since they deem you and your company as experts in your industry.

If you’re having trouble deciding on your first topic to cover, head to your FAQ’s page. Address the common questions people have about your industry and company. But remember to keep the videos short and informative. About 33 percent of viewers will stop watching a video after 30 seconds, 45 percent will stop watching after one minute and 60 percent of people will stop watching after two minutes cites Ad Age. According to Hubspot, these are the recommended timeframes for videos on the different social media platforms to achieve the best results: • Instagram: 26 seconds • Twitter: 45 seconds • Facebook: 1 minute • YouTube: 2 minutes Overall, producing video content on social media comes down to a couple simple items: having an informative and captivating message, a bit of humor and personality, and a call to action at the end of every video.

Video marketing must go beyond the traditional hard sell, as that just becomes noise to people scrolling through the endless pages of the internet.

When creating a call to action for each video, it’s important to determine the objective or goal you are trying to achieve.

For example, are you looking to drive traffic to your website? Then the call to action could be to “Learn More” and to direct people to your webpage for more information on this topic. Another example is to have your audience reach out to you directly. For this create a call to action that clearly explains how people can reach you by phone and email.

The key is to create content on a regular basis, to keep touch points with your audience so they remember you are a resource for them.

This will keep you top of mind with current and new potential customers.

> Erica Sikoski is Marketing Coordinator at RCN Capital.

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 13

GREAT EVENTS START AT AMBIZ MEDIA 2020 SHOWS

CAROLINAS

c nnect

MORTGAGE EXPO

The New England Mortgage Expo Jan 17, 2020 Uncasville, CT

Texas Mortgage Round Up

Coastal Atlanta Connect Mortgage Mortgage Expo Expo March 12, 2020 Feb 11, 2020 Feb 18, 2020 Atlanta, GA San Antonio, TX Jacksonville, FL Sept 10, 2020 Dallas, TX

Carolinas Connect Mortgage Expo March 19, 2020 Charlotte, NC

Motor City Mortgage Expo Detroit, MI

New York Mortgage Expo Westchester, NY

www.mortgageconferences.com

14 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

Chicago Mortgage Originators Expo Chicago, IL

California Mortgage Expo Feb 6, 2020 San Diego April 16, 2020 Los Angeles, CA October 13, 2020 San Francisco, CA

The Originator Connect Network is the nation’s largest coalition of mortgage conferences, reaching more mortgage originators in person than any other organization. Coast to coast, we offer many opportunities for companies to reach the front-line sales and origination professionals critical to you success.

There’s nothing quite like standing faceto-face with potential new clients. At American Business Media, we produce some of the most successful and largest business-to-business conferences and trade shows in the nation.

Visit www.mortgageconferences.com for a full listing of our shows and links to register your company as a sponsor, exhibitor or attendee.

SUN O OAST M O RTG AG E E X P O

Suncoast Mortgage Expo May 21, 2020 Tampa, FL

The Great Northwest Mortgage Expo June 23, 2020 Portland, OR

Ultimate Mortgage Expo Jul 7, 2020 New Orleans, LA

Arizona Mortgage Expo July 23, 2020 Phoenix, AZ

Originator Connect Aug 14 – 16, 2020 Las Vegas, NV

Mortgage Star Conference Memphis, TN

Colorado Mortage Summit October 1, 2020 Denver, CO

Utah Mortgage Expo November 6, 2020 Park City, UT

www.mortgageconferences.com ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 15

RCN Capital Announces CEO Transition Plan

COMPANY COMMENCES BOARD OF DIRECTORS SEARCH PROCESS RCN Capital, a leading nationwide direct private lender, announced that Don Vaccaro will be stepping down as Chief Executive Officer. Mr. Vaccaro left his current role effective June 30, 2019.

Jeffrey Tesch, RCN Capital’s current Managing Director, has stepped in as Vaccaro’s successor. Mr. Tesch, who has been with RCN Capital since its founding in 2010, led efforts to develop the company into a national brand within the private lending industry with a focus on superior customer service and transparent loan products for a diverse customer base.

“It is truly a privilege to have been named the Chief Executive Officer of RCN Capital. I want to thank all of my employees that have contributed to the company’s success and have made RCN what it is today,” said Jeffrey Tesch. “I look forward to continuing to lead the company’s growth efforts through our partnerships and strategic relationships. Under my leadership, RCN Capital will continue to take great pride in setting the highest ethical standards in the private lending industry and moving our space forward as a whole.”

The company has begun the process of assembling a Board of Directors with extensive experience in real estate finance. The Board will provide additional oversight to assist with RCN Capital’s continuing growth initiatives.

JEFFREY TESCH Chief Executive Officer, RCN Capital

IN 2018, RCN CAPITAL REPORTED RECORD GROWTH BY ORIGINATING 1,077 LOANS FOR A TOTAL OF $262M.

16 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

Since its inception in 2010, RCN Capital has underwritten more than 4,600 loans and overseen more than $1 billion in originations throughout the United States. In 2018, RCN Capital reported record growth by originating 1,077 loans for a total of $262M. RCN Capital is a national, direct, private lender. Established in 2010, we provide short-term and long-term commercial loans ranging from $50k to $2.5M+ for the purchase of non-owner occupied residential and commercial properties, financing of renovation projects and bridge funding. It lends to experienced real estate professionals, investors and contractors throughout the country.

54% OF YOUR DAY IS SPENT ON WORK THAT YOU ARE OVERQUALIFIED FOR In a recent study of top loan officers, senior processors, and underwriters, it was estimated they are spending an average of 54% of their day completing tasks they’re overqualified for.

Stop manually completing non-revenue generating tasks. Automate your process with Intelligent Loan Manufacturing.

Find out more today at Lodasoft.com

TEXT “DEMO” TO 702-872-3155.

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 17

THE SALES PRO

A

KIND WORDS ARE THE MUSIC OF THE WORLD

By HARVEY M ACKAY, Special to Originator Connect Magazine

teacher asked her young pupils to tell about their acts of kindness to animals. After several heart-stirring stories, the teacher asked Tommy if he had anything to add. He replied rather proudly, “I kicked a boy once for kicking his dog.”

Okay, so he only got it half-right. Perhaps he should have paid better attention to Fred Rogers, legendary television personality whose programs for children live on in the hearts of generations. He said, “There are three ways to ultimate success: “The first way is to be kind.

“The second way is to be kind.

“The third way is to be kind.”

Being kind is not just a lesson for children. This is a fundamental life skill that we should instill in children so that they grow up to be kind adults.

Kindness is one of the strongest of all virtues. When you are good to others, you are best to yourself. Kindness is the oil that takes the friction out of life.

And the best part of all? You don’t need any special schooling or skills. Everyone can be kind – if they decide to be.

“One who knows how to show and to accept kindness will be a friend better than any possession,” said Sophocles, the ancient Greek playwright.

Kindness is not weakness. Quite the opposite, kindness demonstrates a basic decency and respect that reflects a willingness to get along even when you disagree.

You’ve all heard the old saying that nice people finish last. Not true. Nice people can and often do finish first. No one wants to work with or do business with someone that treats them rudely or disrespectfully. Practice these habits until they become second nature:

18 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

• First, be kind to yourself. You’ll find being nice to others easier if you build your selfrespect with positive thoughts about your personality and achievements.

• Treat everyone with respect. Don’t worry about who’s on top.

Treat everyone the way you want to be treated, regardless of their position or job title.

• Share credit where it is due.

• Say no when necessary. You can’t do everything. But when you do say no, be polite and positive.

• Plant seeds of kindness. Do something nice every day even when your kindness may not have an immediate payoff.

• Complete the statement: “If I were a kinder person I would …” and then act on it.

• Set your sights on another. Pick a person and make him or her the recipient of a random act of kindness. Small acts often work wonders.

• Give a compliment. Offer help to someone struggling with their work.

• Share an inexpensive treat you know they like. You’ll likely lift the spirits of the other person as well as yourself.

“Kindness is more than deeds. It is an attitude, an expression, a look, a touch,” said C. Neil Strait, author and pastor. “It is anything that lifts another person.”

Kindness works everywhere: in the office and at home, even on the farm! Great Britain’s Newcastle University found that cattle treated with care and a ‘more

personal touch’ tend to produce more milk for farmers. Newcastle’s School of Agriculture studied over 500 farmers across the UK and found that cows given names by their owners gave over 50 percent more milk than cattle that were nameless. Yep, we all want to feel special.

Dale Carnegie, who made a fortune writing about how to make friends and influence people, liked to tell the following story: “Years ago, when I was a barefoot boy walking through the woods to a country school out in northwest Missouri, I read a fable about the sun and the wind. They quarreled about which was the stronger, and the wind said, ‘I’ll prove I am. See the old man down there with a coat? I bet I can get his coat off him quicker than you can.’

“So the sun went behind a cloud, and the wind blew until it was almost a tornado, but the harder it blew, the tighter the old man clutched his coat to him.

“Finally the wind calmed down and gave up, and then the sun came out from behind the clouds and smiled kindly on the old man. Presently, he mopped his brow and pulled off his coat. The sun then told the wind that gentleness and kindness were always stronger than fury and force.” > Mackay’s Moral: If you are too busy to be kind, you are too busy.

Bigger.

Better.

And Ready To

Bust Out! 2,400+ Attendees EXHIBITOR AND SPONSOR RESERVATIONS OPEN NOW at www.nemortgageexpo.com The New England Mortgage Expo is back again, and it’s all coming together for another spectacular day at Mohegan Sun. Last year, we had over 2,400 attendees, a compelling exhibitor lineup, a roster of top industry speakers, and multiple event partners – and you can expect an even better Expo in 2020!

Attendees will discover a thoughtful layout, high-quality networking opportunities, and an exciting show floor featuring live podcasting, raffle prizes, complimentary food and much more. Exhibitors and sponsors can take advantage of the opportunity to network with mortgage industry professionals and showcase your solutions with our booth and sponsorship opportunities.

PRESENTED BY

For more information: Vincent Valvo, CEO, American Business Media vvalvo@ambizmedia.com or direct at (860) 922-3441

F ROM T H E C H A I R M A N

Welcome To Originator Connect 2019

O

By D O NA L D FR O M M EY ER, Chairman of the Originator Connect Network

n behalf of the many loan originators that are in the United States, I wish to welcome you to the 3rd annual Originator Connect for 2019. If you have attended the past two shows, you know that this is a mulit-day, jam-packed event that brings you the best speakers, education, exhibitors and entertainment each and every year – and this will be no exception.

First let’s talk about the venue. Planet Hollywood has been the home of the Originator Connect Conference since its inception. We again are here because it affords us a great conferences area and we can have all of the events nearby for everyone to move from one session to another, easily accessible and conveniently located in the center of the Las Vegas Strip.

It all starts with the Quicken Loans Mortgage Services-sponsored Build-A-Broker program on Thursday, starting at 10:00 a.m. This workshop is designed to help originators who want to open up their own shop. Last year, we had over 250 attend this, covering topics from renting space to accounting to choosing LOS systems and more. This workshop is open to all attendees, but you must register in advance for the program. This program will be followed again by our Designation Test.

On Friday, United Wholesale Mortgage is presenting its Success Track Series to get your LOs and Processors trained and focused and ready for production to the next level. Then we’ll have our first session on the New Transitional Licensing Rules that will be going into effect on November 24. This information will be presented by experts in the field. Kelly O’Sullivan who is the Deputy Commissioner in Montana and the NMLS Policy Chair, Bill Young, the Vice President of NMLS Business Services, CSBS and Bob Niemi, Senior Advisor, Financial Services, Bradley. We will be coming from the just ending NMLS Conference in San Diego where this will be a topic of conversation with our Banking Regulators.

On Friday night, the Opening Keynote Speaker will be Casey Hurbis, Quicken’s Chief Marketing Officer. And then following that, we have the Rally Keynote Presentation by Ben Anderson on How To Be A Mortgage Rockstar. Then the welcoming reception and celebration, “Carnival de las Cabanas” out at the Pool Deck.

On Saturday, concurrent sessions run throughout the day. Meanwhile, there are several top keynote events: Nimi Ghamsari, founder and CEO at Blend, the digital lending company in San Francisco, leads us off, and then UWM CEO Mat Ishbia kicks off the afternoon with a high energy look at how mortgage originators are dominating the marketplace.

And that’s not to mention that the exhibit hall opens at Noon and remains open until 6:00 p.m..

At 4:00 p.m., we put a little humor and a little life into the education with the final afternoon keynote, Jeff Havens on How to Uncrapify Your Life. And then it’s time for the Cocktails and Connections Reception on the Exhibitor floor.

On Saturday night, come and join RCN Capital and Appraisal Nation for the Wagon Wheelin’ & Dealin After Party.

It is at the PBR Rock Bar and Grill in Planet Hollywood.

We’re going to wrap things up on Sunday morning with some high powered keynotes. First, we offer some breakfast networking, then live on stage we have Donna Brazile, Presidential Election Specialist and former DNC Chair and current Fox News contributor. She will be followed at 11:00 by Jeff Havens again, this time on How To Uncrapify Your Future.

Obviously, this weekend is going to be packed with all kinds of events and things for you to do all day long. And we leave so time for you to go out and enjoy Las Vegas while you are there.

So get your friends together and I hope to see you there. If not, I’ll look for you at another Originator Connect Network show near you.

DON FROMMEYER, CME Chairman, Originator Connect Network

20 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

OriginatorConnect 2019 PRESENTING SPONSOR

10:00 a.m. - 3:00 p.m.

This pre-conference workshop is free, but seating is limited and pre-registration is required.

CONFERENCE GUIDE THURSDAY, AUGUST 15

PRESENTING SPONSOR

PRE-CONFERENCE WORKSHOP OPEN TO ALL ATTENDEES 10:00 a.m. - 3:00 p.m. BUILD-A-BROKER (SEPARATELY TICKETED) Join us for a special day designed to help originators who want to open their own broker business, or for brokers who want to find better ways to run their company. This day is designed to show you the basics of setting up your business – from how to rent space, to what accounting programs are recommended – and will also cover topics including choosing your loan origination systems, how to pick a CRM system, and more.

SPONSORED BY

10:00 a.m. - 11:00 a.m.

BROKERAGE 101 (Melrose 3 & 4) This roundtable discussion will focus on the foundation for establishing your business, including experienced mentors on: • How to lease office space that will grow with you, but not break the bank • Choosing an accounting program and payroll provider • How to determine whether your workers are employees or independent contractors • How to furnish your space on a budget • What’s the right corporate form (LLC v. Corp.) for you State Licensing Support

11:00 a.m. - 12:00 p.m.

GETTING THE TECH ADVANTAGE (Melrose 3 & 4) We’re gathering a panel of technology providers to discuss innovative tech tools you can use to set your brokerage up for success. You’ll learn about marketing automation, finding better LOS systems, tracking and mobile tools that will dramatically increase your brokerage’s effectiveness, reduce your administrative burden, and help attract the best talent.

1:00 p.m. - 2:00 p.m.

ESTABLISH A COMPETITIVE ADVANTAGE WITH A VARIED PRODUCT LINEUP (Melrose 3 & 4) Few brokerages can fully grow without offering more than the standard-vanilla residential home mortgage. We’re bringing in product experts and broker practitioners to discuss a bevy of diverse products that you can add to your lineup as you create your broker shop. We’ll discuss the pros and cons of Non-QM loans, Reverse Mortgages, Fixand-Flip loans and more.

2:00 p.m. - 3:00 p.m.

BROKERAGE 102 (Melrose 3 & 4) This roundtable discussion will focus on additional foundational issues for establishing your business, including experienced mentors on: • Policy and Procedures that a company should have - including BSA/AML, Sexual harassment, • Marketing and Compliance - under RESPA, TILA, Reg. N, the CFPB, getting leads, co-marketing with Realtors etc.

• Compliance training, audit and testing Presented by Tyna-Minet Anderson of Mortgage Educators & Compliance

www.originatorconnect.com

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 21

CONFERENCE GUIDE FRIDAY, AUGUST 16 11:00 a.m. - 3:00 p.m.

SEPARATELY TICKETED

Free, but advance registration required

SUCCESS TRACK: GET YOUR LOS AND PROCESSORS TRAINED, FOCUSED AND READY TO TAKE PRODUCTION TO THE NEXT LEVEL (Melrose 3 & 4) Here’s a solution to one of the biggest problems in our industry: getting new originators and processors up to speed quickly, efficiently and comprehensively. When you’re already busy meeting your origination goals, finding the time and resources to train is often difficult.

That’s why Originator Connect has teamed up with United Wholesale Mortgage to bring UWM’s innovative Success Track program to Planet Hollywood. This special immersive experience will give new mortgage professionals an in-depth crash course in what they need to know to jump start their careers, and to get them quickly adding to the production pipeline.

Click here for a syllabus of what will be covered. And then be sure to sign up for this complimentary pre-conference training event when you register for the show. It’s sure to be one of the most valuable elements of the Originator Connect experience!

9:00 a.m. - 5:00 p.m.

SEPARATELY TICKETED

NMLS LICENSE RENEWAL CLASS (Wilshire Ballroom) David Luna, President, Mortgage Educators and Compliance

Free, but advance registration required

3:15 p.m. - 4:00 p.m.

Success Track SPONSORED BY NMLS Class SPONSORED BY

CONCURRENT SESSIONS: 3:15 p.m. - 4:00 p.m.

UNDERSTANDING & DEALING WITH NEW TRANSITIONAL LICENSING RULES (Melrose 3 & 4) Congress passed the Transitional License rule that will allow originators to make an application for doing loans out of your current license state (your company has to be licensed in the additional state already) and to do business there while your license is being approved, for a period of 120 days. This goes into effect on November 24th of this year. Join us at this session that will include experts in this field who will discuss the who, what, where, when and hows of this new rule and what it means for you and your company. Moderated by Originator Connect Network Chairman Don Frommeyer, panelists include Kelly O’Sullivan, Deputy Commissioner & Legal Counsel for Montana Banking & Financial Institutions and NMLS Policy Committee Chair; Bill Young, Vice President of the Conference of State Bank Supervisors; and Bob Niemi, CMB, Senior Advisor – Bradley, and former Ohio Regulator and NMLS Ombudsman.

HOW TO LEVERAGE PRIVATE MONEY BRIDGE LOANS TO INCREASE YOUR FUTURE LOAN VOLUME (Celebrity 5) Private money bridge loans are an increasingly popular option for getting borrowers into a home with a short term, private money loan, setting up conventional lenders for the take out refinance. There are many scenarios where borrowers are unable to get conventional financing on a purchase. Mark Hanf, CEO or Pacific Private Money will show you how a bridge loan helps borrowers: • Buy before selling their departing residence (move up buyers, retirees on fixed income moving down) • Borrowers with short term credit or employment or funds seasoning • Pacific Private Money is one of only a small number of private lenders in California that makes CONSUMER, OWNER-OCCUPIED private money loans A private money bridge loan can be a short term solution, with your conventional refinance loan being their exit, making you the hero to your borrower or Realtor.

SAVE MONEY, CLOSE MORE LOANS WITH FREE VOA IN POINT (Wilshire Ballroom) Issue higher quality pre-qual letters, provide more value to your borrowers, and differentiate yourself in a competitive marketplace with free VOA built into Point! That’s right – free. Calyx pays the upfront fee directly to FormFree, so you don’t have to. Join Calyx and representatives from FormFree and Freedom Mortgage to discover how to: • Deliver an easy, seamless, digital experience, while eliminating repeated borrower provisions of docs throughout the loan process • Gain the advantages of a VOA that automatically updates throughout the process at no cost to you • Bring your borrowers closer to their dreams of homeownership while closing more loans, faster, with free VOA in Point.

www.originatorconnect.com 22 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

CONFERENCE GUIDE FRIDAY, AUGUST 16 4:15 p.m. - 5:15 p.m.

OPENING KEYNOTE PRESENTATION

CASEY HURBIS Rocketing To Success: Reach For The Sky, But Stay True To Your Roots (UWM Main Stage) For most consumers, mortgages are a commodity. That’s why mortgage originators and lenders need to be more than just “the best rate.” How do you adapt to technological and social change? How do you stay ahead of the curve, become more than a commodity provider, and bring real value to your borrower base? That’s what going to be critical to being the best in the business. So come learn from someone who’s already done that, who knows how to re-define the game and how to radically adapt for success.

Quicken Loans started as a three-person brokerage. By 2018, Quicken became America’s largest residential mortgage lender. Quicken Loans’ growth comes in the face of the effects of rising interest rates on the economy. And it accomplished this by staying true to its core differentiators: culture, investing in people, leading technology and customer experience. Now, hear from Casey Hurbis, Quicken’s Chief Marketing Officer, how Quicken Loans stays true to its brand, changed an industry with the first completely online and fully personalized mortgage experience – and did it all while recognizing that it needs to help its community grow if it’s also going to succeed. For originators who want to be ready for the future, this is a can’t miss keynote.

5:15 p.m. - 6:30 p.m.

RALLY KEYNOTE PRESENTATION

BEN ANDERSON How To Be A Mortgage Rockstar (UWM Main Stage) ​If you want to be a mortgage superstar, you don’t want to miss this exciting, rollicking opening keynote that will spur you to bigger sales. If you’re serious about making a change, dedicating yourself with 100% effort, then get ready for a full immersion into changing your business. Today is all about adapting and surviving. Come to this session to learn the mental side of succeeding, awareness on what is changing, and how to add high octane to your media, marketing and lead gen. We’ll also look to see how brokerages are looking how to survive with practical application, and exactly what successful originators have done to save their careers.

Learn from Ben Anderson, a superstar originator who has closed more than $3 billion in his career, and is ranked in the top 15 originators in the nation. Point by point, you’ll learn how to create a CEO mindset, and elevate your game!

7:00 p.m. - 9:00 p.m.

WELCOME RECEPTION & CELEBRATION: Carnaval De Las Cabañas

www.originatorconnect.com

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 23

CONFERENCE GUIDE SATURDAY, AUGUST 17 IDEA LAB AGENDA

9:00am - QLMS Marketing Idea Lab open 9:30-9:45am - Email Best Practices with Katy Morrison 10:30-10:45am - Website and SEO with Chelsea Figurski 11:30-11:45am - Social Media with Ashley Craig 12:30-12:45pm - Email Best Practices with Katy Morrison 1:30-1:45pm - Website and SEO with Chelsea Figurski 2:30-2:45pm - Social Media with Ashley Craig 3:30-3:45pm - Email Best Practices with Katy Morrison 4:30-4:45pm - Website and SEO with Chelsea Figurski 5:30-5:45pm - Social Media with Ashley Craig 6:00pm - QLMS Marketing Idea Lab Close

9:00 a.m. - 6:00 p.m.

9:15 a.m. - 10:00 a.m.

CONCURRENT SESSIONS: 9:15 - 10:00 a.m.

DEATH BY CLICHE, AND OTHER BUSINESS BUZZWORDS (Melrose 3 & 4) ​ on’t Build Your Business Off Of Something You Read On A Bumper Sticker! J​ oin Steve “That MI Guy” Richman D for a fast-paced and tactic-filled session that explores – and explodes – common business clichés and how they need to be changed to be relevant in today’s evolving market. But we won’t stop simply at the exploration of these concepts and buzzwords. We will lay out actions that you can take today to update your mortgage origination business plan, improve communications and differentiate yourself from the competition. T​ opics include: HOW TO MAKE SMALL BALANCE LOANS BIG BUSINESS (Celebrity 5) With a slowdown in the traditional purchase market, it’s time to start thinking about providing investment property loans for residential 1-4, multi-family, mixed-use and small balance commercial properties. By focusing more on the property’s value and revenue-generating potential rather than the borrower’s personal income and credit, asset-based investment property loans enable originators to meet the unique needs of real estate investors who are tough to qualify, including W-2 employees, self-employed entrepreneurs and small business owners. Because every borrower, even the extraordinary ones, deserves an opportunity. Presented by Jason Haye of Velocity Mortgage Capital.

MAXIMIZE YOUR SOCIAL MEDIA ACTIVITY AND RETURN AT THE BEST RATE FOR YOUR BUSINESS (Wilshire Ballroom) Attendees will learn how to maximize their online attention using their Social Media accounts, generating new leads while eliminating credit report cost! This is a must-see event that delivers solutions on multiple fronts…

• Increase Sales and Marketing on line • Maximize and grow your Social Media following across multiple accounts with very little effort • Increase your website’s traffic using Social Media to generate leads and sales.

• Lower Cost on your Marketing Budget and Credit reports Presented by Ben Derouchie, Sr. Account Executive, Avantus and Chris Carter, President, Market Focus

10:15 a.m. - 11:00 a.m.

CONCURRENT SESSIONS: 10:15 - 11:00 a.m.

Boost Your Business With Fix-and-Flip Loans And Private Lending (Melrose 3 & 4) With home flipping in the U.S. at a 10-year high, there has never been a better time to expand your product offerings.

Private lending offers lucrative options for fix & flip deals and other real estate investing scenarios that don’t fit traditional guidelines. In this session, Jeffrey Tesch, RCN Capital Managing Director & Private Lending Expert, will teach you how to: • Identify profitable solutions for some of your most commonly overlooked leads • Leverage fix & flip loans and other private lending products to make more money now • Best present yourself and your borrower to a private lender Will Technology Kill The Independent Mortgage Broker? (Celebrity 5) Only an open and honest exchange of ideas to improve your business should be expected! Learn how you can “surpass your competition” by doing more loans with technology instead of becoming obsolete. Be ready to hear the “WholeTale” of Wholesale Lending!

Making Mortgage Marketing Work (Wilshire Ballroom) Join Tom Shaw from ElevenX Marketing on what mortgage companies and brokers need to do to insure marketing that’s cost-effective, efficient and that measurably drives results.

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CONFERENCE GUIDE SATURDAY, AUGUST 17 11:15 a.m. - 12:00 p.m.

KEYNOTE PRESENTATION NIMA GHAMSARI Can The Mortgage Of The Future Be Approved In One Tap? (UWM Main Stage) Mortgages are building toward a more transparent and frictionless future where lending transactions happen in one tap. So what does that future look like, especially for mortgage brokers and loan originators? What role will they continue to have in a digital future? Joining Originator Connect is Nima Ghamsari, founder and CEO at Blend, which now routinely processes nearly $2 billion in loans every day in partnership with more than 150 lender customers.

Learn how Nima and his team are working with lenders to rethink the origination process for consumers and loan teams, and how technology enables originators to focus on building relationships and providing stellar service, rather than document collection and data entry. Nima will also discuss the steps we need to take together as an industry to usher in this new era of simple, transparent transactions and move toward ”one tap” approvals.

12:00 p.m. - 6:00 p.m.

EXHIBIT HALL OPENS

12:30 p.m. - 1:15 p.m.

CONCURRENT SESSIONS: 12:30 p.m. - 1:15 PM From Search To Sold: The Modern Client Journey (Melrose 3 & 4)​ Cameron Tolman, Podium’s Senior Director of Sales—Professional Services, will be discussing how to win clients and build loyalty while client expectations rapidly increase. Discover the impact local search rankings, reviews, and seamless digital tools have on creating a positive experience for your clientele from search to sold.

Product Showcase: FocusIT (Celebrity Ballroom 5) Join FocusIT for a brief demonstration of how they help mortgage pros create profitable businesses with their top rated hosting and efficient pipeline management solutions, including Pulse Mortgage CRM, Hosted PointCentral and SecureShare.

1:30 p.m. - 2:15 p.m.

2:30 p.m. - 3:15 p.m.

KEYNOTE PRESENTATION MAT ISHBIA From #15 to #1 – Don’t Just Compete, Dominate (UWM Main Stage) What is the obvious next step for a former Michigan State basketball walk- on, three-time Final Four attendee, assistant coach, and 2000 NCAA champion? How about growing an unknown, 12-person Michigan-based wholesale mortgage company into the #1 wholesale lender and #2 purchase lender in the country for four consecutive years with over 3,000 team members? UWM President/CEO Mat Ishbia will share how he has accepted challenges, seized opportunities and never let his competitors’ decisions influence the path for himself or his company. He will discuss how to dominate your business by thinking differently, executing with a growth-mindset, and never relaxing.

CONCURRENT SESSIONS: 2:30 p.m. - 3:15 PM Systems for Success: Building the Perfect Workflow Process & High Performance, High Capacity Teams (Celebrity Ballroom 5) You want your team to succeed, but for that to happen you need the right structure and processes in place so everyone can deliver their best. It’s all in the process. How will machine learning and artificial intelligence shape our future?

Adam Batayeh, President of Lodasoft, will help you apply this to the mortgage business as the best tips and tricks are revealed in leveraging people, process, and technology to create the perfect playbook for repeatable and sustainable business in an ever-changing market.

Grow Outside The Box Using Non QM (Melrose 3&4​) With the refi market drying up and overall originations expected to be lower this year, lenders are being forced to find new ways to produce volume. With growth potential of over $100 billion in annual originations, lenders who avoid the non-agency market do so at their own peril. By offering non-agency products, lenders can break into an untapped market, increase their reach and help millions of underserved American homebuyers find a mortgage that fits their needs – ultimately growing their business. Presented by Eric Morgenson of Angel Oak Mortgage Solutions.

Untapped Opportunity – Rental Loans (Wilshire Ballroom) Why it’s smart to shift your focus to serving real estate investors using commercial loans and how to underwrite their deals. If you’re like most originators, you may be wondering how you can stay afloat while refinances and overall originations continue to sink. The good news is you can make a shift that may not only keep your head above water, but help you make MORE money than you did in the retail market. Presented by Matt Matza of Visio Lending.

www.originatorconnect.com

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 25

CONFERENCE GUIDE SATURDAY, AUGUST 17 3:15 p.m. - 4:00 p.m.

CONCURRENT SESSIONS: 3:15 p.m. - 4:00 PM Finding Opportunity In Reverses (Wilshire Ballroom) Are you prepared for one of the fastest growing origination opportunities? Loan origination activities for 2019 continue to reflect the fastest growing homeowner demographic, as 10,000 or more Americans reach age 62, needing specific retirement planning and resource tools as components to a financial longevity strategy. Today’s Home Equity Conversion Mortgage will be one of those important components for many. Are you prepared to address the lending needs of older Americans with loan programs, product education, staffing and a marketing plan? Do you need to fast track this demographic to increase your potential growth and marketshare objectives? Let’s expedite the discussion and begin a pathway to this growing origination opportunity. Presented by Ralph Rosynek, SVP of Moneyhouse.

All For Home – Expand Your Business Opportunity With Today’s Homebuyer And The Borrower Of The Future (Melrose 3&4​) Learn how you can drive efficiency in your loan origination workflow and meet the needs of trending borrower populations. Freddie Mac is delivering solutions that can help cut costs, save time and serve growing borrower segments.

Innovative product and business solutions that leverage our insights, data and technology – developed in partnership with our clients to deliver the most value to their business. Join Tom Smith, Loan Advisor Technology and Integration Manager and David Mendez, Affordable Lending Manager of Freddie Mac to arm yourself with critical information from a trusted partner. All in. All of us. All For Home.

Decision-Making: Selecting Technology As A Small to Mid-size Lender​ (Celebrity Ballroom 5) Join Bryan Traeger, Head of Partnerships at digital mortgage-provider Maxwell, and Chris Ledwidge, EVP of Retail at theLender — a SoCal-based growing lender in the space — as they discuss the intimidating process of implementing the right technology in your process today.

During the discussion, they will cover: • Finding and Selecting Technology • Vendors vs Partners: Your Choice • Integrations and Efficiency Gains • Launching and Driving Adoption • Calculating ROI

4:00 p.m. - 5:00 p.m.

KEYNOTE PRESENTATION JEFF HAVENS Uncrapify Your Life! (UWM Main Stage) ​The award-winning Uncrapify Your Life! keynote is a masterstroke of reverse psychology. Promising to give audiences permission rather than advice, Uncrapify Your Life! will ‘encourage’ your team to employ the MYFABMOFA plan (come to the session to find out what that means!) for a hysterical study in exactly how not to talk to others. You’ll laugh harder than you thought possible at a conference keynote before Uncrapify Your Life! brings it all home with a poignant and powerful discussion about how small changes in our communication strategies can often be the most important (and least expensive) way to strengthen relationships, push sales, increase loyalty, and create a unbreakable culture of teamwork and mutual respect.

5:00 p.m. - 6:00 p.m.

Cocktails & Connections Reception Drinks and networking on the Exhibit Floor

8:00 p.m. - 11:00 p.m.

THE SATURDAY NIGHT AFTER PARTY Join RCN Capital, & Appraisal Nation for: Wagon Wheelin’ & Dealin’ – the Originator Connect After Party! Mosey on down to the PBR Rock Bar & Grill at Planet Hollywood for a networking event like no other! Enjoy complimentary drinks, small bites, and live music all while networking with attendees and exhibitors from Originator Connect. Try your luck at the mechanical bull with prizes throughout the night for the best riders.

One thing is for sure, it’s going to be a buckin’ great party! We look forward to seeing you there!

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CONFERENCE GUIDE SUNDAY, AUGUST 18 9:00 a.m. - 10:00 a.m.

SUNDAY MORNING KICKOFF BREAKFAST Continental Breakfast at the UWM Main Stage.

10:00 a.m. - 11:00 a.m.

The Election Outlook: We’ve Never Seen Anything Like This Before​​ DONNA BRAZILE, Presidential Election Strategist, Former DNC Chair Fox News Contributor (UWM Main Stage) ​ The 2020 Presidential Election is shaping up to be a show unlike anything the nation has ever experienced. What will it look like? Will the results serve to help bring the country closer, or drive it further apart? Can politics in this nation be saved? Tough questions, and difficult answers. But there may be few people more qualified to talk about them than Donna Brazile. She was the first woman to lead a national presidential election campaign (for Al Gore), and she has also served as chair of the Democratic National Committee during the 2016 presidential elections. Currently she is a contributor to Fox News.

Author of the best-selling memoir Cooking with Grease: Stirring the Pots in American Politics, Ms. Brazile is an adjunct professor at Georgetown University, a syndicated newspaper columnist, a columnist for Ms. Magazine, and O, the Oprah Magazine, an on-air contributor to CNN, and ABC, where she regularly appears on ABC’s This Week. Her secret passion is acting; she has recently made two cameo appearances on CBS’s The Good Wife. Ask her and she’ll tell you that acting, after all, is the key to success in politics.

11:00 a.m. - 12:00 p.m.

CLOSING KEYNOTE PRESENTATION JEFF HAVENS Uncrapify Your Future! ​ If you’ve listened to anyone talk about innovation recently, you’ve probably heard something along these lines: “The world is changing at a crazy fast rate. Everything you’re doing now is about to become obsolete. If you don’t come up with some amazing, industrychanging ideas in the next 18 seconds, your business is basically going to disappear. Have a nice day.” And if that’s the kind of doomsayer message that you and your friends love hearing, then you can stop reading now.

But if you’d like to know that innovation as a simple process that literally everyone is capable of performing, then you might want to listen to Uncrapify Your Future! Filled with the trademark wit that has made Jeff Havens one of the most in-demand speakers in North America, Uncrapify Your Future! will make the process of coming up with new ideas easier and more rewarding than you ever thought possible. Because it turns out that every innovation in every industry – from automobiles to streaming music, coffee cup holders to wartime treaties – follows the same straightforward pattern. ​ our mortgage business is always changing, and so you will always need people to anticipate and capitalize on those Y changes. If you want them to think that being innovative is a daunting task that only a few elites can handle, listen to someone else. But if you want to walk away realizing that we’re all capable of greatness, then Uncrapify Your Future! is for you.

Oh, and did we mention that it’s also hilarious? Well it is. And imagine that – a keynote that’s both educational and enjoyable. How innovative!

ORIGINATOR CONNECT ADJOURNS

12:00 p.m.

Thank you to our sponsors and exhibitors We look forward to seeing everyone return in 2020!

www.originatorconnect.com

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 27

PLANET HOLLYWOOD PRESENTING SPONSOR

UWM MAIN STAGE THEATER

EXHIBIT HALL

WILSHIRE BALLROOM

CELEBRITY 5

MELROSE 3&4

IDEA LAB

H Mezzanine

EXHIBIT HALL FLOOR PLAN REGISTRATION

ENTRANCE

407 OAKTREE FUNDING

COFFEE SERVICE

BOOTH

COMPANY

419 NAPMW

417 AMBIZ

450

BAR SERVICE

BOOTH

406 408 410 FUND OPEN VELOCITY LOANS MORTGAGE 307 311 PRIVATE ANGEL OAK MORTGAGE FUND

306

304

FLANAGAN AVANTUS STATE BANK

207 MONEY HOUSE

223 FREDDIE MAC

208 RCN CAPITAL 111 FRANKLIN AMERICAN

420 JCAP

318 319 ANDERSON EPX 365 315 CITADEL

317 PATCH OF LAND

322 CALYX

225 EXPRESS COPY

BROADCAST PLAZA

310 UWM

210 212 216 FOCUS IT DEEPHAVEN 214 MAXWELL FREEDOM

220 PRMG 120

117 115 118 PODIUM CALIBER ZINC

113 MEC

222 220 PRMG 123

332 PACIFIC PRIVATE

224

226 LODASOFT

125

127 VISIO

28 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

30

40

50

60

70

80

260 SPROUT MORTGAGE

COFFEE SERVICE

PRODUCED BY:

20

428 CHERRY WOOD 429 IMPAC MTG

325 LUXURY MORTGAGE 327 ELEVEN X MARKETING

ORIGINATOR CONNECT EVENT SPONSORS 10

UNIQUE CLOSING GIFTS

330 THE WARREN GROUP

308 SHARE STATES

424 FICO LAW FIRM

320 QUICKEN LOANS

LODASOFT 226 MAXWELL 214 MONEYHOUSE 207 MORTGAGE ED & COMPLIANCE 113 OAKTREE FUNDING 407 OPEN MORTGAGE 406 PACIFIC PRIVATE MONEY 332 PATCH OF LAND 317 PODIUM 115 PRIVATE MORTGAGE FUND 307 PRMG 220 RCN CAPITAL 208 QUICKEN LOANS MTG SVCS 320 SHARESTATES 308 SPROUT MORTGAGE 260 TEMPLE VIEW CAPITAL 402 THE WARREN GROUP 330 UNITED WHOLESALE MORTGAGE 310 UNIQUE CLOSING GIFTS 450 VELOCITY MORTGAGE CAPITAL 410 VISIO LENDING 127 WHITEBOARD 415 ZINC FINANCIAL 118

404 402 TEMPLE APPRAISAL VIEW CAP NATION

ANGEL OAK MORTGAGE SOL. 311 APPRAISAL NATION 404 AVANTUS 304 BEN ANDERSON 365 318 CALIBER 117 CALYX SOFTWARE 322 CHERRYWOOD 428 CITADEL SERVICING CORP. 315 DEEPHAVEN MORTGAGE 212 ELEVENX MARKETING 327 EPX 319 EXPRESS COPY 225 FICO LAW FIRM 424 FLANAGAN STATE BANK 306 FOCUSIT 210 FRANKLIN AMERICAN 111 FREDDIE MAC 223 FREEDOM MORTGAGE 216 FUNDLOANS 408 IMPAC MORTGAGE 429 JCAP PRIVATE LENDING 420 LUXURY MORTGAGE CORP. 325

UWM MAIN STAGE THEATER ENTRANCE

COMPANY

415 WHITE BOARD

409 MAXIMUM ACCELERATION

THE ROAD WARRIOR WELCOME TO MY BIZZARO WORLD

I

By NICK R O B ER S O N, Special to Originator Connect Magazine

have mentioned my “road family” in the past, but never really realized the number of different road families I was a part of. There is the group of people who I see at nearly every conference, there are various regional groups around the country, and of course my local mortgage group, which I have been involved with for many years. Occasionally I attend conferences where two different road families are in attendance but seldom are there more than two different groups at one time.

Fate had other plans of course, and all of that changed at one large conference last summer.

It was at the Originator Connect conference last year in Las Vegas. Our team had just been out for a late night dinner with some clients and were returning to the venue hotel. Nearly every hotel/casino in Las Vegas has a very open central bar, where people seem to congregate throughout the evening. This hotel was no exception. I was walking past the bar when I heard someone shout my name. As I turned, a surreal scene presented itself to me. At least five distinctly different groups of friends were in the same bar. I felt like that Bizarro World episode of Seinfeld.

My alternate universes were colliding in a single location. The really peculiar part of the situation was the groups were separated and spaced out around the bar in their unique pods.

HELLO, HELLO, HELLO I finally realized who had shouted my name and was making my way into the bar to say hello. I, of course, greeted each

group of friends I passed as I made my way to the bar. With each hello, I found more and more humor in the situation.

By the time I reached my friend at the bar, I was laughing hysterically and shaking my head. I turned and looked back, scanning the room from one side to the other, explaining to him about my Bizarro world experience and why I was laughing. Then it occurred to me that I bore some social responsibility to visit with each of my group of friends.

It was very late, my energy stores were waning, and I was starting to feel a bit of weight from the moment.

My friend called this “loser talk.” He promptly ordered me a can of Redbull and some libation in a shot glass. So I popped the top on that Redbull, chugged the entire can, pointed at a group of people walking by the bar, and switched shot glasses with my friend as he turned to look. Slowly I made my way from group to group, bringing them all together, and introducing the ones that did not know each other. The unfortunate side effect was they all enjoyed each other’s company so much; they decided they wanted to go to a big night club together to continue the bonding session. The next thing I know a stretch limo was out front and most of the group was headed in the direction of the front door. A small group bowed out gracefully and were hanging at the bar for one last drink.

after the other into it, a plan came to me. As everyone in the limo was distracted with their laughing and conversations, I took a $20 bill out of my pocket and whispered to the limo driver that it was his if he could declare the limo full. He whisked the cash out of my hand, subtly tucked it into his pocket, and quickly proclaimed the limo to be at capacity.

After a brief roar of disapproval from the other passengers, the quick-thinking driver told them not to worry; he would come back for the remaining passengers.

I waved to everyone as the driver closed the door. He gave me a wink and a smile and told me to have a pleasant evening. I could hear the laughter and cheers coming out of the car as they drove away to their next adventure.

I enjoyed a comfortable conversation and a cocktail with the friends who had stayed behind and then headed off to my room. I figured the next day I would pay the price from the “club” group for not showing up, but my barking dogs told me I was doing the right thing. Funny enough, all I heard the next day -- and frankly to this day -- is about how much fun we all had that night at the club. They are all, without exception, absolutely convinced I was there.

Yes, most of the time I would have been there until the end, and have done so many times, but for one night I had discovered the wonders of my Bizarro world, and the value keeping a neatly folded twentydollar bill at the ready.

PHANTOM NICK Here I was, completely exhausted standing between the bar and the front door. There was significant peer pressure to get into the limo. As I helped one person

> Nick Roberson is an account executive for Appraisal Nation, and travels the country incessantly.

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 29

Originators Conn With more than 20 mortgage conferences coast-to-coast, the Originator Connect Network is the nation’s largest producer of mortgage shows. Brokers, originators, and mortgage industry vendors come together to share ideas, meet new colleagues, and build up support networks.

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30 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

Attendees m ake their way through the packed ex hibit hall at th San Antonio e edition of the Texas Mortgage R oundup.

Quicken Loans executives showed off great new initiatives for brokers at the Quicken Loans Idea Lab at the New England Mortgage Expo

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Attendees and exhibitors enjoying the outdoor cocktail reception at the California Mortgage Expo in Anaheim.

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The Money House VP Chris Mun son delivering his session at the Ultimate Mortgage Expo in New Orleans, LA.

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Attendees filling the exhibit hall at the Atlanta Mortgage Expo.

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ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 31

IN BRIEF AS RECESSION FEARS LOOM, MIDDLE-CLASS ANXIETY ABOUT THE AMERICAN DREAM GROWS

Middle-class Americans are less optimistic about their ability to achieve upward mobility than they were six months ago, according to new data from CUNA Mutual Group, a provider of lending, insurance, investment, and financial technology solutions for credit unions.

When CUNA Mutual Group first polled the middle class in fall 2018, survey respondents gave themselves a “B minus” grade when asked to evaluate their prospects for achieving the “American Dream.” Amid increasingly uncertain economic conditions, however, that grade has dropped to a “C.” A potential driver of this anxiety is fear the other shoe will drop after several years of strong economic growth, with close to 50 percent of respondents expressing worry the U.S. will enter a recession in the next year.

However, when thinking about their personal economic position, the majority of respondents feel relatively stable, with 61 percent saying they are somewhat to very confident, and 88 percent saying they feel their job is somewhat or very secure over the next year. That said, the middle class could be doing better – of the respondents who say they are confident in their personal economic position, two-thirds are only “somewhat” confident, meaning they can comfortably pay their bills, but want to save more in the long run.

“The middle class is mired in uncertainty.

We’re seeing stagnating job growth, limited wage growth and increasing market volatility attributable to headwinds from tariffs and unfinished trade negotiations,” said Steve Rick, chief economist, CUNA Mutual Group.

“This should be a wake-up call to families to start shoring up their finances now, whether that takes the form of cutting spending, reassessing their savings to avoid having to cut into their retirement to stay afloat, or even refinancing a mortgage if that’ll put them in a better position. If there’s one thing 2008 taught us, it’s that you can’t afford to be

caught on your heels if a recession hits.”

On the positive side, survey respondents are aware of their economic vulnerabilities.

In the event of a recession, they say they would decrease discretionary spending (53 percent) and make lifestyle changes (52 percent).

ARE WOMEN MORE SENSITIVE TO A POTENTIAL DOWNTURN?

Overall, female respondents appear to be more pessimistic when it comes to the current economy. Specifically: • Women are less bullish about their personal economic situation.

• Only 54 percent say they feel somewhat or very confident about their economic position, versus 68 percent of men • Eighteen percent say they don’t feel very confident about their economic position, compared to 11 percent of men • Women are significantly less likely to feel their employment is secure, with 43 percent saying their job feels very stable, versus 51 percent of men • Female respondents are more wary of a recession, with 51 percent saying they are somewhat or very concerned, compared to 48 percent of men.

Women and families with children express greatest concerns MORE DEPENDENTS, MORE PROBLEMS

Women aren’t the only respondents with a heightened sense of uncertainty, with the survey finding more anxiety among parents than their child-free counterparts. People with children are more concerned the U.S. will enter a recession in the coming year compared to those without children (54 percent versus 47 percent).

Parents are also willing to be more aggressive about steps they would take to maintain stability in a recession. Most notably, they are almost twice as likely as those without children to reduce their

32 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

retirement savings contributions.

These findings are from a CUNA Mutual Group survey assessing 1,288 U.S. adults ages 18 or older and making an annual income of $35,000 to less than $100,000. The survey was fielded in May 2019.

FREEDOM MORTGAGE’S STANLEY AND MICHAEL MIDDLEMAN RECEIVE HONORS

Stanley C. Middleman, CEO of Freedom Mortgage Corporation, one of the nation’s largest full-service non-bank mortgage companies and a leader in VA and government-insured lending, has been named the winner of Ernst & Young (EY)’s Entrepreneur of The Year® Greater Philadelphia Award in the financial services category.

Middleman was among several finalists selected by a panel of independent judges for the award, which celebrates entrepreneurs who are building and leading successful, growing and dynamic businesses. Award winners were announced at a special gala event on June 19, 2019 at the Kimmel Center for the Performing Arts in Philadelphia.

Middleman founded Freedom Mortgage in 1990. As other lenders failed to survive the Great Recession and 2009 foreclosure crisis, Middleman grew his company to become a market leader in VA mortgages and government-insured lending, with a staff of more than 4,000 employees nationwide and customers in all 50 states. Over the past three decades, Freedom Mortgage has helped more than 1 million homebuyers, including countless veterans and military service men and women, obtain affordable mortgages and achieve the American dream of homeownership.

“I’m truly humbled to receive this award, considering how many excellent entrepreneurs and companies there are in the Philadelphia area,” said Middleman.

“It’s an amazing honor, surpassed only by the satisfaction that my team at Freedom and I experience by helping people buy the homes of their dreams.”

IN BRIEF

Stanley C. Middleman

Michael Middleman

Meanwhile, company executive vice president Michael Middleman has been recognized by The Philadelphia Inquirer for his philanthropic contributions to the United Service Organizations (USO) in support of military families.

Middleman, who is the founder of Freedom Mortgage’s First Flyer recruitment and training program, received The Inquirer’s Leadership Award at the newspaper’s Corporate Philanthropy Conference & Awards ceremony. The Leadership Award recognizes executives who are “champions of charity in the workplace” by empowering employees to support charitable activities.

The Freedom Mortgage’s First Flyer college recruitment and training program develops new leaders among the mortgage lender’s expanding workforce. Over the past 18 months, First Flyers have raised more than $61,000 for military organizations through multiple charity events, including a 5K run/walk, Skating for Service and a Veterans Jeans Day fundraiser. First Flyers have also collected over 1,500 brand new backpacks for schoolchildren that contained donated school supplies, including pencils, pens, notebooks, folders, glue, crayons, toys and more.

LOANDEPOT SURVEY: HOME BUILDERS OFFERING FINANCING DELIVER HIGHER LEVELS OF CUSTOMER SATISFACTION

76% of customers who financed through a home builder cite ease of use, competitive rates and time savings as top reasons

A recent national survey conducted by loanDepot revealed that 76% of respondents who financed through a home builder were satisfied with their financing experience, citing ease of use, competitive rates and incentives as their top reasons for satisfaction. However, less than half of those surveyed (39%) indicated that they were offered financing, demonstrating a significant opportunity for more homebuilders to improve their homebuyers’ experience by having a dedicated on-site lender.

The survey, which was conducted on a random sample of 1,000 customers who had purchased homes in the past 18 months, also revealed that the top sources of awareness for home builders are referrals from family and friends (30%), or an introduction from a realtor (28%), indicating that past positive customer experiences offer exceptional opportunities for home builders and mortgage providers to establish a pipeline of future customers. In fact, according to Nielsen1, 92% of consumers believe recommendations from friends and family over all forms of advertising. What this demonstrates is that these positive purchase experiences can translate into valuable relationships with new customers well into the future.

“Home builders who leverage the services of experienced, new home lenders—and especially those that focus on exceptional borrower experiences—will definitely have the advantage in competitive markets,” explains Dan Peña, Senior Vice President of National Joint Ventures for loanDepot.

The survey revealed that respondents found the new home construction experience to be pleasant (40%), easy (33%) and convenient (28%). Top negative associations with the experience were that it was timeconsuming (35%) and stressful (28%).

Another revealing survey finding was that more prospective homebuyers are thinking financing first, another reason for home builders to consider the lender impact earlier in the sales process. According to the survey, over two-thirds of respondents were prequalified or pre-approved with a lender prior to beginning their home search.

MORE THAN A THIRD OF AMERICANS CRY WHILE SELLING THEIR HOME

More Americans are stressed out by selling a home than planning a wedding or getting fired, according to a new Zillow survey Selling a home is one of the most stressful experiences in modern life, second only to a relationship break-up. More than three quarters of Americans who have sold a home in the past three years say it was a stressful experience, and it could easily become more stressful as the market slows and turns in favor of buyers.

According to a new Zillow survey, 36 percent of home sellers say the process left them in tears, with millennials and parents far more likely to cry at some point during the sale. Of those who cried, 20 percent shed tears five times or more.

It’s no wonder. In a world of hyperconnection and on-demand everything, selling a home traditionally is one of the few things that has not gotten easier over time.

“If you’ve ever sold a home before, you know how daunting the process can be,” said Zillow Brand President Jeremy Wacksman. “Anticipating that stress can be a huge obstacle that keeps homeowners from moving on to the next stage of their lives. Our survey found more Americans were stressed over selling their home than planning a wedding, getting fired or becoming a parent.”

Selling a home can be challenging for many reasons. Among those surveyed, 70 percent were stressed by uncertainty over the sale price, 69 percent were stressed their home wouldn’t sell in their desired timeframe, 65 percent were stressed an offer would fall through and 65 percent were stressed about fixing up their home for sale.

According to Zillow’s latest research, 61 percent of sellers are buying a new home at the same time, which adds significant pressure and financial complexity to the process. Zillow’s survey shows that nearly 7 out of 10 people mistimed the process, with more than one-third saying the sale of their home took longer than expected.

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 33

WO M E N I N L EA DER S H I P

Are The Women In Your Organization Thriving?

A CLOSER LOOK AT THE INCLUSION PART OF DIVERSITY & INCLUSION

T

By KAREN KIRCHNER, ELLEN KEITHLINE BYRNE, and DENISE D’AGOSTINO

hese days there is never-ending talk in financial institutions about diversity and inclusion, particularly as it relates to women.

Executives and boards know that to be innovative and relevant in the years to come they need to address this issue. They are paying attention to research like the study done at Deloitte Insights which found that organizations with an inclusive culture are eight times more likely to achieve better business outcomes.

However, when we take a close look at the fundamentals of diversity and inclusion, we see that the diversity part of the equation gets more attention because it is easier to measure. The inclusion part is trickier and more complex. Deloitte Insights identifies a basic formula: “Diversity + inclusion = better business outcomes. Yet diversity without inclusion in worthless.”

34 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

A firm can work towards meeting its diversity goals, but if it doesn’t have an inclusive culture where people feel they belong, those people don’t stay or thrive. The organization ultimately misses out on the benefits of its D & I initiatives.

In a study on inclusive leadership, Catalyst, a global nonprofit focused on women in the workplace, discovered that when employees feel included, they are: • more innovative; • more willing to go above and beyond to help other team members; and, • better at perceiving similarities with coworkers and engendering a feeling of belonging while perceiving differences that lead to feelings that it’s OK to be unique As leadership consultants, we work with financial institutions of all sizes that are struggling with how

Diversity + Inclusion = Better Business Outcomes to build inclusive cultures and attract, retain and advance women. We’ve taken a deep dive into the research and our own decades of experience to share key considerations as you evaluate how inclusive your culture is.

UNDERSTAND THE PROBLEM

To feel “included” in an organization means to feel accepted as an insider in the workplace while maintaining your own unique identity. Research recognizes three fundamental requirements of an inclusive workplace: a. Employees are treated with respect b. Employees are valued for their strengths c. Leaders do what’s right These elements make employees happier, more confident and ultimately more productive.

LOOK BEYOND THE OBVIOUS

Putting in place new HR offerings like launching a women’s networking group or offering unconscious bias training, while helpful, only addresses a small piece of what’s needed. Like most important things, it’s a complex systemic issue requiring a broad look at the

internal factors related to shifting an organizational system to better promote a feeling of inclusion.

The executive team needs to ensure their practices support their aggressive diversity goals. “Add women and stir” doesn’t work. Many organizational structures were originally designed by men to fit men’s lifestyles.

It’s folly to simply place women into a traditional structure and expect them to thrive. Often women falter because they don’t have the networks, sponsors and processes in place to back their success which exacerbates the view that women struggle in certain leadership roles.

One significant obstacle is that a substantial pay gap still exists between men and women doing the same work. This is demotivating to women who are working just as hard and getting results that are equal to or better than those of their male counterparts.

For instance, in a large regional commercial bank servicing New England and New York, a woman we’ll call Mary was promoted to the head of mortgages. She was excited and eager to surpass her group’s objectives.

Yet soon after her move, Mary discovered that a new male hire below her was making $40,000 more than she was. She became angry and resentful, talking to other senior woman about the inequities in the bank.

CONTINUED ON PAGE 38

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 35

PRESENTING SPONSOR

8:00 - 8:40 a.m.

8:40 - 9:15 a.m.

CONFERENCE GUIDE THURSDAY, SEPTEMBER 5, 2019

Coffee & The Commish TEXAS REGULATORY OUTLOOK Join Caroline C. Jones, Commissioner of the Texas Department of Savings and Mortgage Lending, for this insightful and early look at state regulatory issues facing mortgage professionals in Texas. ​ Product Opoortunity BOOST YOUR BUSINESS WITH FIX-AND-FLIP LOANS AND PRIVATE LENDING Stop throwing money in the trash! With private lending, you have profitable solutions for deals that don’t fit traditional guidelines. Stephen Ballard, Business Development Coordinator at RCN Capital, will show you how to make money from your most commonly overlooked leads.

• Learn how private lenders can turn your simple referrals into thousands of extra dollars.

• Find out how to best present yourself and your borrower to a private lender.

• See real life scenarios of brokers that have transformed commercial loan inquiries into cash with little to no effort.

If you want to master the art of private origination, don’t miss this break-out session!

9:15 - 9:20 a.m.

The Group Hug! ​WELCOME TO THE CONFERENCE AND YOUR NEW NETWORK Don Frommeyer, National Mortgage Chair, will welcome all attendees, and give you insight to new benefits and opportunities coming to you FREE as part of the Originator Connect Network.

9:20 - 10:00 a.m.

Jumpstart Session DOMINATE BY BEING DIFFERENT IN 2019​ Allen Beydoun, Executive Vice President of United Wholesale Mortgage, will be sharing exclusive strategies for obtaining and retaining purchase business. This session is packed with hard-hitting relevant tips and techniques to keep you top of mind with Real Estate Agents, your clients and referrals.

10:00 - 10:30 a.m.

F​ inding New Opportunities REINVENTING REVERSE MORTGAGES Are you prepared for one of the fastest growing origination opportunities? Loan origination activities for 2019 continue to reflect the fastest growing homeowner demographic, as 10,000 or more Americans reach age 62, needing specific retirement planning and resource tools as components to a financial longevity strategy. Today’s Home Equity Conversion Mortgage will be one of those important components for many. Are you prepared to address the lending needs of older Americans with loan programs, product education, staffing and a marketing plan? Do you need to fast track this demographic to increase your potential growth and marketshare objectives? Let’s expedite the discussion and begin a pathway to this growing origination opportunity. Presented by Ralph Rosyneck, SVP of Moneyhouse.

10:30 - 11:15 a.m.

11:15 - 12:00 p.m.

EXHIBIT HALL OPENS

Break with Exhibitors

Making The Most Of Your Business Tools WHY NON-QM SHOULD BE PART OF YOUR ORIGINATION MIX Times are different today and so is alternative lending. In this informative session, you’ll learn what alternative lending means now and why you shouldn’t ignore non-agency options. With the refi market drying up and overall originations expected to be lower this year, lenders are being forced to find new ways to produce volume. With growth potential of over $100 billion in annual originations, lenders who avoid the non-agency market do so at their own peril. By offering non-agency products, lenders can break into an untapped market, increase their reach and help millions of underserved American homebuyers find a mortgage that fits their needs – ultimately growing their business. Presented by John Jeanmonod, regional sales manager, Angel Oak Mortgage Solutions

www.txmortgageroundup.com 36 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

CONFERENCE GUIDE THURSDAY, SEPTEMBER 5, 2019

PRESENTING SPONSOR

12:00 p.m.

LUNCH WITH EXHIBITORS

12:45 - 1:30 p.m

Pipeline Partners UNTAPPED OPPORTUNITY -- RENTAL LOANS You may have tremendous untapped potential already in your contact database – namely, mom and pop investors that financed their residence with you but also own one or more single-family residential (SFR) rental properties. The number of SFR rentals in the U.S. has nearly doubled in the past decade. While most were purchased with agency finance, there is a growing universe of private mortgage solutions (typically referred to as Rental Loans) for these investors that now have achieved acceptance in the RMBS market. Rental Loans typically do not include a borrower DTI and offer rapid cash-out refinance features to enable investors to grow their SFR rental portfolios. Presented by Taylor Kleve, Sales Executive of Visio Lending, objectives include learning: • Who are these SFR rental investors and how do you find them?

• What are some of the advantages to you of developing your book of rental loan business?

• How are these loans typically underwritten and what to watch out for?

1:30 - 1:45 p.m.

Last Chance With Exhibitors Raffle Prizes Announced Exhibit Hall Closes

1:45 - 2:30 p.m.

WILL TECHNOLOGY KILL THE INDEPENDENT MORTGAGE BROKER? Only an open and honest exchange of ideas to improve your business should be expected! Learn how you can “surpass your competition” by doing more loans with technology instead of becoming obsolete. Be ready to hear the “Whole-Tale” of Wholesale Lending! ​ llen Middleman is Executive Vice President at Freedom Mortgage with the Freedom Wholesale Division. Mr. A Middleman has responsibilities including guiding Freedom Wholesale’s InTouch Group which provides customized experiences for the InTouch Broker within the Freedom Wholesale Environment.

Closing Remarks Conference Adjourns

FRIDAY, SEPTEMBER 6, 2019 9:00 a.m. - 6:00 p.m. COMPLETE 8-HOUR NMLS COURSE Optional — Must Pre-Register Fulfill your complete 8 hour continuing education requirements for your NMLS license renewal! This is a separatelyticketed bonus offering. Make the most of your time this year by getting all your federally-required CE at the Texas Mortgage Roundup, in addition to a conference full of networking, education, opportunities and prizes. Continuing Education course provided by Mortgage Educators & Compliance, and taught by MEC President David Luna.

Important Note: You must take the entire 8 hour class to qualify for credit. We cannot give partial credit.

In addition to pre-registration by Aug. 31, in order to qualify for admission to the free NMLS License Renewal Class, you must have attended the Texas Mortgage Roundup on Wednesday, Sept. 5, and had your Exhibit Hall passport marked by all exhibitors. Only one Exhibit Hall passport given per person.

www.txmortgageroundup.com

ORIGINATOR CONNECT MAGAZINE | SUMMER 2019 37

CONTINUED FROM PAGE 35

When underlying organizational systems, such as pay rates, show a lack of gender parity, women don’t feel equally valued or respected.

The bank eventually responded and adjusted the pay discrepancy; however, it didn’t make broad changes across the bank.

The good news is that some banks are leading the way in this area as part of their commitment to providing an inclusive and rewarding experience for all. In January 2018, Bank of America announced that for employees in the US and UK, on average, compensation received by women is equal to 99 percent of what is received by men. These larger businesses can be role models for smaller firms by introducing more progressive organizational systems.

DIAGNOSE YOUR CULTURE AND IDENTIFY PATTERNS

Often executives make assumptions about their culture.

The stories are plentiful. Rachna Mukerjee, chief human resources officer from Schneider Electric, while offering remarks relating to including women in its culture, said “I already understand the need and we are doing it.” Soon after Managing Director Anil Chaudhry convinced him to conduct a roundtable with company women.

The executive team was stunned to learn how unhappy their female employees were. That was a tipping point and significant changes ensued.

The best way to confirm or challenge your assumptions is to examine where people thrive within the organization. Robin Ely, faculty chair of Harvard Business School’s Gender Initiative, suggests you ask deeper level questions on how you’re doing. At first, examine your culture, not with gender in mind, and then tease out where gender issues show up most.

38 ORIGINATOR CONNECT MAGAZINE | SUMMER 2019

Ask questions such as: • What does thriving or not thriving look like?

• What does it really take to get work done effectively here?

• What are the critical junctures in career paths?

With these answers you can begin to see the norms, structures and patterns that direct your people. You can see where the pain points lie. Then you can check your assumptions and begin a strategy on how to address any issues that surfaced.

For example, one financial services firm we worked with found that many key decisions were made in informal settings where mostly men were present, such as the golf course or over drinks after work.

Once this pattern was discovered, the firm made a conscious effort to include women in a wider variety of outings that gave them more access to senior management.

In January 2019, Bank of America won the Catalyst Award for building workplaces that work for women. Since 2015,

one of the bank’s key practices to understand patterns is the use of “Courageous Conversations.” These are hosted dialogues ranging from small conversations with teams to enterprise conversations with community partners. The topics include race, gender dynamics, social justice, national current events and more. During the wake of violence in Dallas, Baton Rouge, Minneapolis and Charlotte, the bank hosted a conversation that brought out into the open issues that were on the minds of their people instead of them privately brewing. Through these conversations, employees see the bank’s commitment to including all voices. In addition, it’s an opportunity to identify areas where the bank’s practices don’t align with their employees’ ability to thrive.

Given these thoughts, do you think the women in your organization feel fully included?

If you’re not sure, start asking questions to diagnose what’s really going on. A diverse and inclusive workplace is worth the effort so that you get the full benefit of your employees’ talents and contributions.

Her New Standard LLC was founded by, from left, Denise D’Agostino, Karen Kirchner and Ellen Keithline Byrne, a team of organizational leaders, executive coaches and a PhD, who create programs specifically for women leaders to help them rise up in today’s competitive world and make their mark. For additional information, visit www.hernewstandard.com.

WE’RE GROWING! Apply Now At JoinAngelOak.com

Don’t Get Left in the Dust Angel Oak Mortgage Solutions Visit www.AngelOakMS.com or call 855.539.4910.

Grow With the Leader in Non-QM Wholesale and Correspondent Lending. © Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-to-business communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will 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. MS333_0718

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