Originator Connect Autumn 2019

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CONNECTING COUNTRY WIDE AUTUMN 2019

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Originators

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Call (888) 762-5035 QLMortgageServices.com/StrongerTogether Equal Housing Lender, Licensed in all 50 states, NMLS #3030

A PUBLICATION OF AMERICAN BUSINESS MEDIA

OriginatorConnect MAGAZINE

AUTUMN 2019

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Event Agenda Page 20

Event Agenda Page 18

STAFF PUBLISHER Vincent M. Valvo NATIONAL MORTGAGE CHAIR Donald Frommeyer MANAGING EDITOR Keith Griffin ASSOCIATE PUBLISHER Barb Dimauro INTERACTIVE DESIGN DIRECTOR Alison Valvo

CON TE N T S 4

Making Alliances: NAPMW Joins Forces With American Business Media in New Conference Pact

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David King Named Chief Marketing Officer, LoanDepot Strategic Partnership Announced By Digital Mortgage Platform, Maxwell

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COVER STORY: Mortgage Lenders’ Profit Margin Outlook Hits Survey on Surging Refinance Demand

18

Originator Connect California Mortgage Expo PROGRAM AGENDA

20

7

A Look At The Pros and Cons Of Working Remotely As A Loan Officer

10

Robust U.S. Economy Not A Boost For Black Homeownership

12

The Sales Pro: Make Sure That What You See Is What You Get

14

Originator Connect Photo Gallery

Originator Connect Utah Mortgage Expo

GRAPHIC DESIGN MANAGER Stacy Murray OPERATIONS MANAGER Kurt Schenher ONLINE CONTENT DIRECTOR Navindra Persaud 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.

PROGRAM AGENDA

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It Pays To Shop For A Mortgage

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 | AUTUMN 2019 3

MA K I N G A L L I A N C ES

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NAPMW, AmBiz Join Forces In New Conference Pact

he National Association of Professional Mortgage Women announced that it has entered into a strategic arrangement with American Business Media LLC - parent organization of the Originator Connect Network – for its future national conferences. The agreement means NAPMW is guaranteed facilities to hold its annual business meeting, installation of officers and other functions, while shielding the organization from financial risk.

“We’ve seen that NAPMW’s strengths lie in our education, our networking, and our advocacy for our members,” said NAPMW President Glenda Mooney. “Successful conference management has proven elusive, and has sometimes exposed the organization to unnecessary risk. With our new agreement, we’ve eliminated that risk, provided for the organization to share in conference profits, and guaranteed that we will be able to continue to hold our annual meetings in an attractive venue for members.”

The National Association of Professional Mortgage Women was founded more than 55 years ago as the first, and still the largest, organization representing women in the mortgage industry.

American Business Media LLC is the nation’s largest producer of mortgage shows, and its current national lineup can be seen at www.mortgageconferences.com. AmBiz’s plan is to create a strong national conference for women in the mortgage industry, and include NAPMW’s Annual Meeting as a component of that new event.

“We know that AmBiz produces quality mortgage shows, and the Board of Directors sees this as a unique and beneficial way for NAPMW to achieve its goals, and to spread its message,”

said President Mooney. “I know I’m also personally excited to be working with a company that believes so strongly in NAPMW and its mission.”

Vincent M. Valvo, CEO of AmBiz, said the alliance will prove beneficial for all women in mortgages. “We are deep into planning a comprehensive, exciting and compelling event that speaks to what women in this industry need,” he said.

“By giving NAPMW’s annual meeting a home as part of our event, we start with a base of the best in the industry.”

Vincent M. Valvo AmBiz Media CEO

BROADER MARKETING

NAPMW National as well as the NAPMW Local associations will also be able to exhibit at any of AmBiz’s mortgage conferences, space permitting. That will allow the organization a broader ability to market itself, at no cost. Already, NAPMW National exhibited at the Originator Connect conference (www.originatorconnect. com) in Las Vegas this past August.

AmBiz will also be promoting NAPMW in its quarterly Originator Connect mortgage magazine, which will now serve as the official publication of NAPMW. NAPMW’s Mooney said she couldn’t imagine a better team up.

“We’re grateful to work with AmBiz, and excited about how this will help us advance NAPMW as a force in the mortgage industry.” ■

National Association of Professional Mortgage Women

NAPMW 2019-2020 NATIONAL BOARD OF DIRECTORS

Glenda Mooney NATIONAL PRESIDENT

Susan Kerr PRESIDENT-ELECT

Patti Esswein NVP AREA 1

Mark Jennings NVP AREA 2

Visit napmw.org 4 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

Lauren Layman SECRETARY

Nicole Shea TREASURER

Kelly Hendricks PARLIAMENTARIAN

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 5

Digital Mortgage Platform Maxwell Announces Strategic Partnership

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igital mortgage platform provider Maxwell announced a strategic partnership with Integra to offer seamless, bi-directional integration with Integra’s EPIC Loan Origination System.

Maxwell is now the preferred partner for Integra, and this blossoming partnership is tightly focused on providing an innovative Digital Mortgage Platform-LOS integration with features not previously seen in any other integration in the industry.

“As we collaborated with Maxwell to build this integration, we were committed to creating an integration that surpassed others of its kind in both quality and functionality,” said Mike Picker, VP of Sales at Integra.

“Our partnership with Maxwell is a game-changer for the countless lenders who use Integra every day to make their borrowers’ dreams of homeownership a reality.”

The bi-directional integration between Maxwell and Integra enables lenders to send loan applications, synchronize borrower documents and trigger status notifications to borrowers and real estate agents without ever leaving Maxwell.

“We saw a prescient need in the industry for an intuitive, bi-directional POS integration with Integra’s LOS and we’re thrilled to partner with them to bring this vital integration to market,” said Lindsay Hunt, Head of Product at Maxwell. “We’ve worked tirelessly to build a strong partnership so we can provide something efficient and beautiful to fill that void and empower lenders that rely on Integra to streamline their process and focus on the relationships at the core of the mortgage experience.”

Recently named a winner of HW’s Tech 100 for the third straight year, on the heels of receiving Progress in Lending’s Innovation Award, Maxwell leverages proprietary algorithms built on its network of data providers across loans to enable lenders to accelerate the mortgage lending process from application to underwriting. This allows loan officers to focus on the human relationship at the center of the mortgage journey.

Today, hundreds of lenders across the United States use Maxwell to originate nearly $2 billion in mortgage loans each month at a closing rate 45 percent faster than the national average. ■

6 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

David King joins loanDepot’s industry-elite executive team to focus on further fusing marketing and technology to accelerate and amplify the brand as it enters its tenth year in the market.

LoanDepot Names Industry Vet David King As Chief Marketing Officer

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nthony Hsieh, Founder and CEO of loanDepot, announced that David King has been appointed to the organization’s leadership team as its Chief Marketing Officer. In this role, King will influence and advance the company’s enterprise branding, retail and digital marketing and media and advertising efforts.

King, who formerly served as the Chief Brand Officer at Movement Mortgage and Realty ONE Group, and as President of King Solutions, is widely recognized as a transformative leader, one with unique skill in creating multi-channel brand acceleration, through the use of digital technology, translating marketing success into exponential reach, recognition and sales growth and revenue.

“Our brand, and what it means to our employees, our customers and our shareholders, is one of the crown jewels of our organization,” said Hsieh. “I’m incredibly proud of what loanDepot stands for and that when people think of our brand, they think of innovation, service and great products that fuel one of life’s most important moments -- homeownership.”

“David’s a great addition to our already-strong team,” continued Hsieh. “The talent, innovation and creativity he brings – in addition to his leadership experience in both the mortgage and real estate spaces – will help propel us

even further forward, extending our brand to more customers and partners, in even more impactful ways, through our second decade and beyond.”

“I’m thrilled to join the loanDepot team,” King shared. “After 18 months away from the mortgage industry, I felt drawn back and specifically to loanDepot and Anthony Hsieh. I love the forwardthinking, innovative spirit of the entire loanDepot team and think that the company has a great momentum. At almost ten years old, loanDepot is still quite young, yet their maturity and nationwide reach is impressive. That said, while the company is absolutely revolutionary now in just its first decade, it’s also laying down the groundwork to be in perfect position to keep winning in years to come.”

“As a former entrepreneur and lifelong marketer,” King continued, “the opportunity to work with a cool, innovative brand that transcends the industry in the way that loanDepot does was an opportunity that I could not pass up.

I look forward to being a part of this powerhouse, industry-leading organization.”

King, a native of the UK, will be based out of loanDepot’s Foothill Ranch, CA, Direct Lending campus, while also spending time in the company’s other nationwide footprint sales and operations centers and 200+ retail locations. ■

PROS AND CONS OF WORKING REMOTELY AS A LOAN OFFICER s reat cat t OJ

08/billing update Jeff

I’M THE

BOSS OF ME No commute The average work commute is 25 minutes1, or more than 200 hours a year! How many more loans could you close with 200 extra hours?

Lower stress + higher morale = more productive Compared to working at an office, 82% of remote workers are less stressed, 80% have higher morale, and 70% are more productive.2

Not for novices New LOs benefit from the help and knowledge of their colleagues at the office being just a few steps away.

2: https://remote.co/10-stats-about-remote-work

1: 2006-2011 U.S. Census

Self-motivation required

Need a productive space

You’ll have to set your goals and hold yourself accountable – for better or worse, there’s no one looking over your shoulder.

You don’t need a full home office, but you’ll almost certainly benefit from a dedicated space. How much are you willing to invest?

Fewer distractions Enjoy getting work done in your own controlled environment free of co-workers and meetings.

Fragile work-life balance LOs that already work atypical hours may find it even more difficult to maintain a healthy work-life balance by working where they live.

Greater flexibility More easily cater to the schedule of a real estate agent or customer without having to clock-in at the office.

9 This infographic has been brought to you by your friends at MGIC!

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3

6

mgic.com 17-50985 11/17

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 7

GREAT EVENTS START AT AMBIZ MEDIA 2020 SHOWS

CAROLINAS

The New England Mortgage Expo Jan 17 Uncasville, CT

California Mortgage Expo Feb 6 San Diego April 16 Irvine, CA Sept 17 Los Angeles, CA Oct 13 San Francisco, CA Dec 8 Irvine, CA

c nnect

MORTGAGE EXPO

Texas Mortgage Round Up Feb 11 San Antonio, TX Sept 10 Dallas, TX

Coastal Connect Mortgage Expo Feb 18 Jacksonville, FL

Atlanta Mortgage Expo March 12 Atlanta, GA

Carolinas Connect Mortgage Expo March 18 Charlotte, NC

New York Mortgage Expo April 9 Suffern, NY

www.mortgageconferences.com

8 ORIGINATOR CONNECT MAGAZINE | SUMMER AUTUMN 2019

Motor City Mortgage Expo May 5 Detroit, MI

Chicago Mortgage Originators Expo May 14 Chicago, IL

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 R TG AG E E X P O

Suncoast Mortgage Expo May 21 Tampa, FL

Mortgage Star Conference June 9–10 Memphis, TN

Mid-South Mortgage Expo June 10 Memphis, TN

The Great Northwest Mortgage Expo June 23 Portland, OR

Ultimate Mortgage Expo July 7 New Orleans, LA

Arizona Mortgage Expo July 23 Phoenix, AZ

Originator Connect Aug 21 – 23 Las Vegas, NV

Colorado Mortgage Summit October 1 Denver, CO

Utah Mortgage Expo November 6 Park City, UT

Sept 2 Seattle, WA

www.mortgageconferences.com ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 9

Robust U.S. Economy Not A Boost For Black Homeownership

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espite a robust U.S. economy, a strong employment rate, and steadily increasing 401(k) plan earnings, Black homeownership rates continue to drop. Drawing from the 2019 release of the National Association of Real Estate Brokers State of Housing in Black America (SHIBA) report, not only is the Black homeownership rate falling, the gap between Black and Non-Hispanic White households today is larger than it was in 1968.

Report findings were released at NAREB’s Issues Forum held during the Congressional Black Caucus Foundation – Annual Legislative Conference. The event, hosted by Congressman Gregory K. Meeks (D-NY) and entitled, “The State of Housing in Black America: Educate, Empower, Motivate” served as the launching pad for NAREB’s aggressive, multi-pronged approach to rebuilding Black wealth through homeownership and real estate investment.

“What NAREB has anecdotally known and can now pinpoint are the systemic blockages and traps that for decades thwarted the right of Black Americans to become homeowners,” said Donnell Williams, NAREB president. Latest U.S. Census data reported the Black homeownership rate at 40.6% compared to the non-Hispanic White rate of 73.1%, a 32.5% gap.

10 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

Latest U.S. Census data reported the Black homeownership rate at 40.6% compared to the non-Hispanic White rate of 73.1%, a 32.5% gap.

FEDERAL POLICIES CRITICAL

The report states that the role federal housing policies have played is largely responsible for stifling Black homeownership growth. The reality of staggeringly low homeownership rates during a period of overall economic growth indicates that there are other powerful forces adversely affecting Black Americans’ pursuit of homeownership. The result is a decline that widens the gap in net worth between Blacks and non-Hispanic Whites. The report further warns that a recession will likely push the rate of Black homeownership below 40%, approaching levels not experienced since the 1950s.

Congressman Meeks kicked off the twopanel forum by announcing to the more than 500 people packed into the standing room-only gathering that he would be introducing the American Dream Down Payment Savings Plan. The legislation will help with a home purchase in a way similar to the 529 college savings plan. He applauded NAREB’s advocacy efforts and urged the audience to keep being vigilant.

Expert panelists James H. Carr, Coleman A. Young Endowed Chair and co-author of NAREB’s 2019 SHIBA report; Maurice Jourdain-Earl, Managing Director, ComplianceTech; Nikitra Bailey, Executive Vice President, Center for Responsible Lending, and Mark Alston, owner, Alston and Associates Mortgage Co. followed speaking in support of NAREB’s three-point public policy agenda that covers rethinking credit scoring and restrictive underwriting; eliminating loan level price adjustments (LLPAs) and risk-based pricing; and expanding down payment assistance programs.

The second panel focused on solutions to attract the 1.7 million non-homeowning Black millennials with incomes of $100,000 or more to consider the wealth building aspects of a home purchase or real estate investment.

The audience heard from innovative public officials, entertainers, a sports figure and a NAREB Realtist, including: LaTisha Grant, Broker/Owner of Houston-

Black homeownership has historically been built on a foundation largely consisting of various forms of predatory, high-cost, and unsustainable home purchase loan products. based TAS Realty Group and convener of NAREB’s new “House Then the Car” initiative; Stephen K. Benjamin, Mayor, Columbia, SC; Ronald “Ronnie” DeVoe, entertainer, entrepreneur, founder of DeVoe Real Estate Group, Atlanta, GA; Will Jawando, At-Large Councilman, Montgomery County, MD; Bobby Simmons, former NBA star, entrepreneur, founder of the Bobby Simmons Rising Stars Foundation, and Waka Flocka Flame, rapper, entrepreneur and investor.

As the report indicates, racial discrimi-

nation is often asserted to be the principal “unexplained” factor for the low homeownership rate, and for good reason. Black homeownership has historically been built on a foundation largely consisting of various forms of predatory, high-cost, and unsustainable home purchase loan products and other deceptive and discriminatory housing market practices.

The report details, while discrimination has played a major role in denying affordable and sustainable homeownership access to Black households, discrimination

by individual private market actors is insufficient to fully explain the gap between Black and non-Hispanic homeownership rates. Federal policies are, at least, if not more, responsible for limiting Black homeownership.

“NAREB intends to work on numerous fronts to close the wealth gap. I have served notice by issuing a cease and desist order along with reaching out to organizational and faith-based leaders to join our fight.

Homeownership is our right as citizens and not a privilege,” Williams added. ■

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 11

Be a New York T im bestselling es author!

I

THE SALES PRO

MAKE SURE THAT WHAT YOU SEE IS WHAT YOU GET

By HARVEY M ACKAY, Special to Originator Connect Magazine

learned many years ago that visualizing or fantasizing is one of the most powerful means of achieving personal goals.

This proved true again at the recent women’s U.S. Open Tennis final when 19-year-old Canadian Bianca Andreescu defeated Serena Williams.

During her post-match press conference, a teary-eyed Andreescu mentioned how for years she would close her eyes and envision herself winning the U.S. Open against Williams, the greatest woman tennis player of her generation.

“I guess these visualizations really, really work,” she said.

Andreescu’s rise has been amazingly swift. She lost in the first round of qualifying at the last two U.S. Opens and was ranked outside the top 150 women players when the 2019 season began. She won a tournament earlier in the year but then missed significant time with a torn rotator cuff. Since she returned to the tour in early August she has beaten Serena Williams twice.

Such is the power of active visualization.

Numerous studies have shown that mental

12

practice through visualization can be as effective at improving skills as real practice. You can actually develop and reinforce real skills by visualizing yourself practicing them.

This explains why visualization is part of most world-class athletes’ training: because it works! They have future vision. They see things a split second before they happen.

That’s what a place-kicker does when he comes on the field to kick a winning field goal. Three seconds left in the game . . .

80,000 screaming fans . . . 30 million people watching on TV and the game is still in balance. As the kicker begins his moves he makes the final adjustments necessary to achieve the mental picture he’s formed in his mind so many times – a picture of himself kicking the winning field goal!

DRIVING DREAMS

That’s all great for athletes, but what about the rest of us whose dreams of success follow other paths?

Get a notebook and carve out some alone time for yourself. Give yourself a little time to think about what things you really want in life. Make a list of everything you want and everything you want to do during your lifetime – no matter how crazy it sounds.

If you want to drink champagne in the south of France, write it down. If you want to ride a camel in the desert, write it down. If you want to own a Ferrari, write it down. Nothing is too big or too small. Search every corner of your mind for whatever you want and commit it to paper. Then put the list where you can look at it whenever you wish.

Before I wrote my first book, “Swim with the Sharks Without Being Eaten

Alive,” I had put a Post-it note on my bathroom mirror that read, “Be a New York Times bestselling author.” It worked for me, and it can work for you.

Writer and visualization expert Shakti Gawain encourages her readers to go further, she urges them to cut out pictures of those material things they want from magazines and other sources and hang them up. I’ve used that method too.

It’s important to remember not to expect all of these desires to be fulfilled immediately or at all. But when you take action, like making a list of what you want or cutting out an image of a car you want to own, you open up a pathway to possibility that was not present before. Give the process time and have faith, and it’s likely that you will be surprised by how many things on your list actually start appearing in your life.

Two-time Olympic pentathlete Marilyn King said, “If you can’t imagine it, you can’t ever do it. In my experience the image always precedes the reality.” And she provides a very moving example of the power of visualization.

When King was preparing for the 1980 Olympic trials, she suffered a severe back injury and was confined to bed just nine months before the trials. Determined not to let this injury keep her from performing, she spent the next four months doing nothing but watching films of the best performers in the pentathlon events and visualizing herself going through the same events.

King placed second at the Olympic trials despite her lack of physical preparation.

She stated that it was her psychological state, not her physical condition that gained her success. ■ > Mackay’s Moral: Whatever a person does, he or she must first do in their mind.

Fostering homeownership one dream at a time.

Let Freedom Mortgage help you grow your business.

Contact us Today!

freedomwholesale.com

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 | AUTUMN 2019 13

Originators Conn With more than nearly 25 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.

gives the llen Beydoun UWM EVP A inate by m do to w on ho rizona inside scoop A 19 nt at the 20 being differe o. xp E e ag Mortg

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14 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

Attendees fill the exhibit hall at the Dallas edition of the 2019 Texas Mortgage Roundup.

Attendees and exhibitors networking throughout the exhibit hall at the 2019 Texas Mortgage Roundup in Dallas.

nect Across The Country

o

ge Exp

Mortga olorado 2019 C . e g th in t z a z bu ibit hall solutely The exh was ab

There were plenty of smiling atten dees at the 2019 Originator Connect Conference at Planet Hollywood on the Vegas Strip.

Attendees making their way through a packed exhibit hall at Originator Connect in Las Vegas.

Attendees lined up to visit some of the top companies in the mortgage business at the 2019 Texas Mortgage Roundup.

ndees atting with atte t David Luna ch dup. un Ro e ag tg MEC Presiden Mor e 2019 Texas th at s lla Da in

The Quicken Loan s team and a pack ed booth at the 2019 Originator Co nnect Conference .

frequent stop a-booth was a eg m M W U nect. e Th Originator Con attendees at

for

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 15

FANNIE MAE OUTLOOK

Mortgage Lenders’ Profit Margin Outlook Hits Survey High On Surging Refinance Demand

T

he net profit margin outlook for mortgage lenders hit a survey high, due primarily to strong mortgage demand expectations, particularly in the refinance space, according to Fannie Mae’s Q3 2019 Mortgage Lender Sentiment Survey.

“Lender profitability sentiment hit a survey high this quarter, despite the movement of credit standards from net easing to net tightening,” said Fannie Mae Senior Vice President and Chief Economist Doug Duncan. “Lenders attributed their upbeat profitability outlook to consumer demand and operational efficiency. Many lenders pointed to declining interest rates as the engine behind consumer demand, particularly for refinance mortgages. Together, the results suggest that lenders’ positive profitability outlook is being driven primarily by business fundamentals, not by lowered credit standards.”

MORTGAGE LENDER SENTIMENT SURVEY HIGHLIGHTS: MORTGAGE SPREADS POINT TO CONTINUED POSITIVE PROFITABILITY OUTLOOK

The recent widening of the primary/secondary mortgage spread appears to confirm mortgage lenders’ reported profitability.

Mortgage rates typically do not fully absorb a contemporaneous decline in Treasury rates, due in part to temporary capacity constraints and increased hedging costs for lenders. A wider spread contributes to lender revenues and profits.

REFINANCE MORTGAGE OPPORTUNITY

For refinance mortgages, across all loan types (GSE-eligible, non-GSE-eligible, and government), the net share of lenders reporting demand growth over the prior three months and next three months continued the upward trend that began in Q1 2019 and which has now reached new survey highs. We currently estimate that approximately 40 percent of outstanding mortgages, 16 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

or about $4.1 trillion of unpaid principal balance, would likely experience a benefit from refinancing, and we expect the share of refinance originations to grow through the remainder of the year.

NET TIGHTENING FOR GSE-ELIGIBLE AND GOVERNMENT LOANS

Lenders indicated that credit standards moved to net tightening for GSE-eligible and government loans, with the share of lenders reporting tightening higher than the share reporting easing.

A MIX OF EASING AND TIGHTENING FOR NON-GSE-ELIGIBLE LOANS

Mortgage banks and credit unions continued to indicate a net easing of credit standards over both the prior three months and next three months for non-GSE loans. However, depository institutions indicated a net tightening of credit standards over the prior and next three months. This shift in depository institution appetite for retained mortgage risk is consistent with the soonto-be-enacted Current Expected Credit Loss (also known as “CECL”) accounting standard that will require banks to hold more reserves against expected losses.

The Mortgage Lender Sentiment Survey by Fannie Mae polls senior executives of its lending institution customers on a quarterly basis to assess their views and outlook across varied dimensions of the mortgage market. The Fannie Mae third quarter 2019 Mortgage Lender Sentiment Survey was conducted between July 31, 2019 and August 11, 2019 by PSB in coordination with Fannie Mae. For detailed findings from the third quarter 2019 survey, as well as survey questionnaires and other supporting documents, please visit the Fannie Mae Mortgage Lender Sentiment Survey page on fanniemae.com. Also available on the site are special topic analyses, which focus on findings and analyses of important industry topics. ■

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

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 17

CONFERENCE GUIDE for TUESDAY, OCT 22 7:30 am Registration Opens 8:00 a.m. – 8:45 a.m.

FINDING OPPORTUNITY IN REVERSE Quicken Loans Main Stage 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.

8:45 a.m. – 9:30 a.m.

DOMINATE BY BEING DIFFERENT IN 2019​ Quicken Loans Main Stage Allen Beydoun, Executive Vice President of United Wholesale Mortgage, will be sharing exclusive strategies for how originators can obtain and retain 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.

9:30 am – 10:15 am BOOST YOUR BUSINESS WITH FIX-AND-FLIP LOANS AND PRIVATE LENDING Quicken Loans Main Stage 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, Stephen Ballard of RCN Capital 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 • Interested in tapping into a wealth of new business?

Don’t miss this break-out session. ​ 0:15 a.m. – 11:00 a.m.

1 BREAK WITH EXHIBITORS 11:00 am – 11:45 a.m.

DEALING WITH THE ROCKET REVOLUTION: HOW TO SEE THE DIGITAL DISRUPTION COMING FOR MORTGAGE LENDING Quicken Loans Main Stage Get more competitive in the age of the digital shift.

Tracey Cox, QLMS Director of Marketing and Business Channel Strategy shares her expertise and shows you how to win locally in a digital world. Learn how to effectively solve customer problems and enhance your marketing without a big budget. Discover best practices and great tips for service, marketing, technology and building partnerships. Bring your questions because this is an interactive presentation.

www.camortgageexpo.com 18 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

11:45 pm – 12:30 pm BUFFET LUNCH Exhibit Hall ​ 12:30 pm – 1:15 pm GROW OUTSIDE THE BOX USING NON QM Quicken Loans Main Stage Times are different today and so is alternative lending.

You’ll learn what alternative lending means now and why you shouldn’t ignore nonagency 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.

Learning objectives, presented by John Wise of Angel Oak Mortgage Solutions, include understanding: • How today’s non-prime/non-agency market is completely different than the sub-prime of old • What programs are available to help challenging borrowers • How to identify and reach potential non-QM borrowers • How to qualify and actively market to them to add volume • How to use alternative lending to successfully differentiate yourself 1:15 – 1:45 pm UNTAPPED OPPORTUNITY – RENTAL LOANS Quicken Loans Main Stage 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 Stephen Grupp of Visio Lending, objectives include learning: • How commercial loans can save you time and stress and make you more money • Why you should work with investor borrowers and how to find them • How to underwrite commercial loans for investor borrowers

1:45 pm – 2:15 pm LAST CHANCE WITH EXHIBITORS RAFFLE PRIZES ANNOUNCED ​ :15 pm – 3:00 pm 2 CONFERENCE CLOSING SESSION CHANGING TECH: WHAT OPPORTUNITIES EXIST FOR MORTGAGE BROKERS Quicken Loans Main Stage Practical ideas for an ever changing marketplace.

How will the evolution of technology impact the Broker? Can you more efficiently do your business with the technology and tools available?

• Low Cost Advantage of the Broker Model Defined • Changing Technology and Tools – Will it Kill the Broker Model?

• People Driven Business – Build Your Business to Your Strengths • Structured Value Add – Maximize Referral Opportunities With a Plan Presented by Brad Johnson, VP Regional Manager of the Intermountain Region for Freedom Mortgage in the Wholesale Division. ​ :00 pm - 4 pm 3 CLOSING NETWORKING COCKTAIL RECEPTION ​

WEDNESDAY, OCT. 23 9 am - 5 pm 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 separately-ticketed bonus offering. Make the most of your time this year by getting all your federallyrequired CE at the expo, in addition to a conference full of networking, education, opportunities and prizes.

Continuing Education course provided by Mortgage Educators & Compliance and taught by Audrey Boissonou and Kevin Casey.

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

In addition to pre-registration, in order to qualify for admission to the free NMLS License Renewal Class, you must have attended the expo and had your Exhibit Hall passport marked by all exhibitors. Only one Exhibit Hall passport given per person.

www.camortgageexpo.com

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 19

CONFERENCE GUIDE for FRIDAY, NOVEMBER 8, 2019 7:00 a.m.

Exhibitor Setup 8:00 a.m.

Registration & Continental Breakfast 8:00 a.m. - 8:45 a.m.

OPENING SESSION FROM SEARCH TO SOLD: MAPPING THE MODERN CLIENT JOURNEY Joseph Jenkins, Podium's 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.

8:45 a.m. - 9:30 a.m.

GROW OUTSIDE THE BOX USING NON QM 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. ​ resented by John Wise, regional sales manager of P Angel Oak Mortgage Solutions, learning objectives include understanding:

• How today’s non-prime/non-agency market is completely different than the sub-prime of old • What programs are available to help challenging borrowers • How to identify and reach potential non-QM borrowers • How to qualify and actively market to them to add volume • How to use alternative lending to successfully differentiate yourself 9:30 - 10:15 a.m.

DISCUSSION SESSION CHANGING TECH: WHAT OPPORTUNITIES EXIST FOR MORTGAGE BROKERS? Practical ideas for an ever changing marketplace. How will the evolution of technology impact the Broker? Can you more efficiently do your business with the technology and tools available?

• Low Cost Advantage of the Broker Model Defined • Changing Technology and Tools – Will it Kill the Broker Model?

• People Driven Business – Build Your Business to Your Strengths • Structured Value Add – Maximize Referral Opportunities With a Plan Presented by Brad Johnson, VP Regional Manager of the Intermountain Region for Freedom Mortgage in the Wholesale Division.

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

EXHIBIT HALL OPENS BREAK WITH EXHIBITORS 11:15 a.m. - NOON DIGITAL MORTGAGE SOLUTIONS DRIVING BUSINESS FORWARD Technology continues to be the primary catalyst of the fastpaced, complex and constantly evolving mortgage industry.

Justin Glass, Chief Digital Officer at United Wholesale Mortgage, discusses how you can access a library of diverse

utahmortgageshow.com 20 ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019

tech tools that are designed to provide speed, ease of use and service levels that are unparalleled in the industry. Through UWM’s aggressive first-moving approach to technology, it has introduced new tools and enhancements to its portfolio at an industry-leading pace, putting brokers in great position to grow their business.

12:00 p.m.

LUNCH WITH EXHIBITORS 12:30 - 1:30 p.m.

DEATH BY CLICHE, AND OTHER BUSINESS BUZZWORDS Don’t Build Your Business Off Of Something You Read On A Bumper Sticker! ​Join Steve "That MI Guy" Richman 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.

Topics include: • BYOB – Build Your Originations Business Plan • 4 Characteristics every successful LO has and how to master them if you don’t have them • 7 Elements of effective sales communication for LOs to grow your business and reduce anxiety • 9 Brand New Super Cool Apps for LOs and Realtors • 3 Immediate time management tips to make your more productive • 5 Rules of sales origination success – works for Realtors too And much more

1:30 - 2:00 p.m.

GROWING YOUR ORIGINATIONS IN A REVIEW ECONOMY Today we're in a review economy.

Whether a client finds you through your marketing, website, or even being referred to you a silent step is happening. When this silent step is taking place you need to create a stop sign with your digital footprint so you don't turn your potential clients into shoppers and drive them to your competition.

Consumers have changed the way they make purchase decisions, it's no longer enough to be found through paid ads, you need to be backed by reputation. If you leverage this transition happening online and document your clients experience you'll turn those reviews into new referrals. Presented by Michael Riker, head of enterprise sales, Oggvo.

2:00 - 2:15 p.m.

BREAK WITH EXHIBITORS EXHIBIT HALL RAFFLES ANNOUNCED EXHIBIT HALL CLOSES 2:15 p.m.

UTAH MORTGAGE SHOW ADJOURNS 2:15 - 4:15 p.m.

UTAH 2-HOUR NMLS CLASS (Separately Ticketed) The 2019 Utah CE class will cover the statute definitions all licensees need to know for their 2019 renewal plus new statutes and rules. Class taught by David Luna, president of Mortgage Educators and Compliance.

utahmortgageshow.com

ORIGINATOR CONNECT MAGAZINE | AUTUMN 2019 21

It Pays To Shop For A Mortgage (More Than You Might Think)

T

IN NEARLY EVERY MARKET, HOME BUYERS WITH LOWER CREDIT SCORES STAND TO SEE THE GREATEST SAVINGS FROM SHOPPING AROUND FOR THE BEST MORTGAGE RATE

he typical home buyer spends more than four months shopping for the perfect place. They tour an average of more than four homes, attend two open houses and make two offers. That’s not to mention the hours spent browsing online listings.

But most buyers don’t shop around for the best mortgage rate. And buyers who don’t – especially those with lower credit scores – are missing out on significant potential savings or the chance to make fewer sacrifices as they decide on a home, perhaps affording that extra bedroom they need or being able to buy in a preferred school district.

A hypothetical buyer looking to purchase the median-valued U.S. home (about $229,000) with a 20% down payment and a standard, 30-year, fixed-rate mortgage at a 4% annual percentage rate would pay about $1,102 per month, including taxes and insurance. Keeping all else the same, but upping the rate to 5%, the monthly payment increases to $1,211 – an almost 10% bump that would cost the homeowner nearly

$40,000 over the lifetime of the mortgage.

Rates are historically low now, but there’s more to being a smart home shopper than simply buying when rates are low. A new Zillow analysis shows that seeking out the best rates among lenders can make a significant impact, especially for those with lower credit scores.

In an expensive market like San Francisco, the monthly savings gained from mortgage shopping could be about $550 per month.

Because they’re perceived as riskier, prospective buyers with lower credit scores are generally offered higher interest rates, and ultimately pay higher costs – a way for lenders to offset their risk by getting paid more to take it on. The median rate offered to those with credit scores of 760 or higher (generally regarded as excellent/low-risk) was 4.54%, according to a recent Zillow analysis of rates offered to borrowers seeking 30-year fixed-rate mortgages.

For those with credit scores in the 620-to639 range, the median rate quoted was 5.48% – a difference of nearly a full percentage point.

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WORSE CREDIT, WORSE RATE

Zillow also found a wider spread between the best and worst rates offered to borrowers with lower credit scores, making it even more important for buyers with lower credit scores to shop around for a mortgage. The range for those with credit scores above 760 was 92 basis points, while those with scores between 620 and 639 saw a range of 133 basis points.

In an expensive market like San Francisco, where the range for those with credit scores below 680 is 120 basis points, the monthly savings gained from mortgage shopping could be about $550 per month on a median-priced home. That’s compared to a potential savings of about $480 for buyers with better credit.

In Baltimore, where buyers with lower credit scores saw a range of 155 basis points, they could save about $200 a month, even though home values are less than one-third what they are in San Francisco. That’s about twice what buyers with better credit could save there.

“Finding the right home and neighborhood, and agonizing over how much you can actually afford to bid, can be so overwhelming that optimizing the nuts and bolts of your mortgage, admittedly the driest and arguably the murkiest part of the process, can be overlooked at a big eventual cost,” said Skylar Olsen, Zillow’s director of economic research. “It’s no wonder it happens. The experience of the borrower facing a hard sell differs from place to place, and each time you reach out you’re rehashing sensitive, personal financial information with a new person over the phone, over email, or through yet another on-line application. It can be confusing and exhausting. But really, for the years you’re locked into this loan, the rewards are likely to be well worth it.” ■

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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QLMS Account Executive

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Principal, SD Capital Funding QLMS Pinnacle Partner Iselin, NJ

Call (888) 762-5035 QLMortgageServices.com/StrongerTogether Equal Housing Lender, Licensed in all 50 states, NMLS #3030