June/July 2023

“Take risks and keep asking for opportunities.”

“Dream big. Deliver small.”

“Don’t be shy.”

“Seek out exciting, new opportunities and welcome any challenges ahead with open arms.”

THE REAL ESTATE ISSUE

“You’ll do great things, but it is not going to come without hard work and grit.”

“Harness your authentic self and creativity.”

“Stay focused and don’t let distractions steer you away from your personal goals.”

“Do things before you feel ready.”

“Never say no to an opportunity.”

“Our habits determine who we become and what we achieve.”

“Don’t focus solely on

“Treat selfdoubt as a challenge.”

“Results don’t happen overnight.”

“Take a deep breath, be intentional and trust the process.”

material possessions and financial success. True wealth lies in the quality of our relationships.”

“Let feedback be constructive — not personal.”

HousingWire

MANAGING EDITOR JAMES KLEIMANN

EDITOR ANGELICA LEICHT

SENIOR MORTGAGE REPORTER BILL CONROY

REAL ESTATE & TITLE REPORTER BROOKLEE HAN

MORTGAGE REPORTER FLÁVIA FURLAN NUNES REPORTER CONNIE KIM

LEAD ANALYST LOGAN MOHTASHAMI

PRESIDENT MIKE SIMONSEN

REALTRENDS

VICE PRESIDENT OF REAL ESTATE MARK ADAMS TECHNICAL DIRECTOR KEERI TRAMM RESEARCH AND RANKINGS COORDINATOR ALICIA WYNTERSEND

REVERSE MORTGAGE DAILY EDITOR CHRIS CLOW

EDITOR-IN-CHIEF SARAH WHEELER

CORPORATE

SALES

CEO CLAYTON COLLINS

COO DIEGO SANCHEZ

VICE PRESIDENT OF FINANCE ANDREW KEY

DIRECTOR OF PEOPLE AND CULTURE AMY BEARD

VICE PRESIDENT OF GROWTH CAREN KARRIS

GRAPHIC DESIGNER BRANDON JOHNSON

VICE PRESIDENT OF PRODUCT HOLDEN PAGE

PRODUCT MANAGER OF MEDIA BO FRIZE

AD OPS COORDINATOR ELIZABETH LEDOUX

DIRECTOR OF HW+ & EVENTS BRENA NATH

SENIOR WEBINAR & EVENTS MANAGER ALLISON LAFORGIA

MARKETING PROGRAM MANAGER LESLEY COLLINS

MEMBERSHIP COORDINATOR SARAHI DE LA CUESTA

PEOPLE OPERATIONS MANAGER JAMIE BRIDGES

AD OPERATIONS MANAGER MATTHEW STAFFORD

MEMBERSHIP DEVELOPMENT SPECIALIST CAROLINE ABAD

EMAIL MARKETING SPECIALIST ALI MORRISSEY

GROWTH COORDINATOR SYDNEY SMITH

EVENT AND PROGRAM SPECIALIST MAKENNA CLAY

BUSINESS ANALYST WHITNI ROWE

EXECUTIVE ASSISTANT KRISTIN GROOME

SVP SALES AND OPERATIONS JENNIFER WATSON LAWS

VP STRATEGIC SALES CHRISTI HUMPHRIES

DIRECTOR OF STRATEGIC SALES PETER GRATT

WESTERN CASS HECKEL

CENTRAL & NORTHEAST SAMANTHA STEIN

DIRECTOR OF REVENUE OPERATIONS ADINA RITTER

STRATEGIC ACCOUNT MANAGER BRIA SOYELE

SALES MARKETING MANAGER TOD MOHNEY

CONTENT SOLUTIONS

SENIOR DIRECTOR OF DATA AND CONTENT TRACEY VELT CONTENT EDITOR JESSICA DAVIS

MAGAZINE EDITOR AUDREY LEE

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Forging Opportunities

TO QUOTE BON JOVI, “Whoa, we’re halfway there!” The last six months in the housing market were tough. 2023 has been a year that started off with some renewed optimism thanks to an uptick in housing activity but quickly took a turn as events, like the collapse of Silicon Valley Bank, threw a wrench into a lot of forecasts for the year. Over the next 6 months, the housing market winners will be the people who are forging opportunities despite what’s happening. For many in this industry, that’s going back to their roots, building relationships and working twice as hard for less.

But, much like two other lines from Bon Jovi’s hit song, “We’ve gotta hold on, ready or not,” so “Take my hand, we’ll make it, I swear.” Now is the time to lean in on those connections you’ve been making in housing, whether for advice, to sell or buy or even to partner.

It’s the context of this very challenging year that make the professionals we honor in the 2023 Housing Finance Leaders and Rising Stars even more impressive. These industry leaders are fidning a way through for themselves, for consumers and for their companies — that’s why we look to them as sources, and feature them in podcasts and events. Over the years, these award winners always make one thing clear: the key to success is the people you surround yourself with. Read more about these honorees beginning on pages 22 and 32.

Brena Nath Director, HW+ & Events @BrenaNath

The information contained within should not be construed as a recommendation for any course of action regarding legal, financial or accounting matters. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. HW Media does not guarantee the accuracy of information provided, and is not liable for any damages, losses or other detriment that may result from the use of these materials.

© 2023 by HW Media, LLC • All rights reserved

FULL PAGE AD

ServiceLink congratulates Melinda Maloney on being named a 2023 HousingWire Rising Star!

Melinda Maloney’s deep understanding of the mortgage tech landscape, marketing smarts and empathetic leadership style make her one of the industry’s rising stars to watch. Thank you, Melinda, for all that you do to move the industry forward! ServiceLink congratulates you on this well-deserved honor.

Learn more at svclnk.com

Melinda Maloney, Director, Business Line and Field Marketing

June

How have agent comissions changed in recent years? And what’s to come?

LERETA is giving property tax grants to deserving veterans.

Internet sensation Matt Lionetti has five tips to boost your online presence.

History of Housing

The 70s might seem far, far away, but the state of hosuing was similar to today.

Thanks for joining the HW+ community at the May 2023 Demo Day.

Leading by the numbers: HW 2023 Finance Leaders

The HW Finance Leaders award honors the 30 most influential leaders in housing finance. From chief financial officers to company founders, these financial professionals are balancing the housing equation.

How to reach the stars: HW 2023 Rising Stars

80 HW Rising Star honorees from mortgage and real estate share the best advice they’ve ever received, their habits for success and the advice they’d give their

Real estate trends to know

Ashley Blackmore, Helena de

Reynolds and

share their thoughts on real estate trends in the industry. Get their insider knoweldge on the most pressing housing question, “How’s the market?”

A Call for Community Capital 20

Romi Mahajan

Forton, Sarah Oji

Brian Tolkin

HOUSINGWIRE Dail y

HousingWire Daily examines the most compelling mortgage, real estate, and fintech articles reported across HW Media

listen wherever you get your podcasts

with Sarah Wheeler

Graham Fleming | Finance of America Companies | CEO

Plano, Texas-based Finance of America Companies (FOA) appointed Graham Fleming as CEO. Fleming has been serving as interim CEO following the 2022 retirement of predecessor Patti Cook. He has 25 years of experience in the mortgage industry, which includes prior leadership positions at Icon Residential Lenders and Finance America, a company that is unrelated to FOA.

Andrew Hubacker | United Wholesale Mortgage | Chief Financial Officer

United Wholesale Mortgage (UWM) appointed Andrew Hubacker to the position of chief financial officer. Originally joining the company in 2020 as its chief accounting officer, Hubacker has been serving as interim chief financial officer. Hubacker began his tenure at UWM preparing the company for a merger that would lead to its addition to the New York Stock Exchange.

Carlos Pelayo | Mr. Cooper | Chief Legal Officer

Mortgage and real estate services provider Mr. Cooper hired Carlos Pelayo to serve as the new chief legal officer in charge of corporate governance functions as it seeks to grow its servicing volume. Previously serving as a legal advisor to companies including Bank of America, Barclays and Lehman Brothers, Pelayo most recently served as managing director and legal executive at Merrill Lynch Wealth Management.

Kristen Sieffert | Finance of America Companies | President

Finance of America Companies (FOA) appointed Kristen Sieffert to serve as its new president. Previously the president of FOA’s reverse mortgage division Finance of America Reverse (FAR), Sieffert helped facilitate the acquisition of leading reverse mortgage industry lender American Advisors Group (AAG). She became the president of FAR’s predecessor, Urban Financial, in 2015 — and oversaw its rebranding efforts into FAR later that year.

Tane Cabe | Fairway Independent Mortgage Corporation | President

Fairway Independent Mortgage Corporation appointed Tane Cabe as president of the reverse mortgage lending division as part of an overhaul of the department. Cabe, who was originally hired by Fairway to expand its reverse mortgage for purchase business in 2022, will lead the division under its new, more decentralized structure. The division revamp includes new hires in education, technology, sales support and more.

Sonu Mittal |Freddie Mac | Senior Vice President and Head of Single-family Acquisition

Government-sponsored enterprise Freddie Mac appointed Sonu Mittal as its new senior vice president and head of its single-family acquisition division. Mittal will focus on seller engagement, products, credit and affordable missions goals while also monitoring the technology that facilitates those goals. Mittal previously worked at McLean where he held several leadership roles including as president of its home mortgage division.

Chris Cline | KCD PR | Director of Media Relations

KCD PR hired Chris Cline to serve as its new director of media relations. Cline previously served as the director of communications for the state of Missouri and Veteran United Home Loans. He brings a deep experience of media relations both in the mortgage and finance spaces to his new role at KCD PR. Cline will usher in a new phase at KCD PR, focused on Blockchain and technology-based financial services.

Gathering of Eagles

Date: June 18 - 21

Cost to attend: $2,350

Presented by: RealTrends

LOCATION: AUSTIN, TEXAS

This conference is the must-attend event of 2023 for real estate presidents, senior leaders and broker-owners. Attendees can catch an all-star lineup of CEOs and top real estate leaders on stage like Gary Keller, Nick Bailey, Denee Evans and Katie Johnson. There are sessions on M&A, brokerage success, technology, data and more. New to Gathering of Eagles this year are the “CEO Playbook” sessions. These rapid-fire, 15-minute sessions give attendees an inside look into the success stories behind today’s most powerful real estate leaders. Gathering of Eagles also includes several networking opportunities like the Charity Golf Tournament, wine tasting and welcome receptions.

MISMO Spring Summit

Date: June 5 - 8

Cost to attend: Non Member $1,199 | Member $799

Presented by: MISMO

LOCATION: PORTLAND, OREGON

Learn the latest in mortgage industry standards while networking with colleagues from across the country at the MISMO Spring Summit. This year’s summit offers several informational sessions including a "tech sprint" presented by FHFA, GSE and housing agency updates and sessions on mortgage servicing. Attendees who are new to MISMO will have the opportunity to be paired with an industry veteran who can mentor and guide them throughout the conference. Plus, all attendees can join in on the MISMO Bootcamp to learn about MISMO’s operations, standards and vision for the future. Hear thought leadership on digital innovation, security standards and operating in a tough market from today’s industry leaders. After sessions are over each day, attendees will have the chance to connect with one another during evening receptions.

Event TIP

BY ELISSA BRANCH

This episode’s guest is a mortgage industry veteran and entrepreneur who might be familiar to many of you: Dave Savage, chief innovation officer at TrustEngine and co-founder of Mortgage Coach.

Clayton and Dave's conversation hopes to bring a fresh, new angle to Dave's usual expertise. They talk about current market dynamics, how some new loan officers don't get it — and how the seasoned ones forgot it.

They also go into dissecting the modern sales process and building trust in the type of information that LOs should be sharing at different points in the origination process.

Clayton Collins: I see originators taking completely different approaches to educating their sphere of influence on what's happening. Are there any best practices or even worst practices that make you cringe and wish you could coach? Some of these originators are the first point of homeownership education that their audience members are getting. So, it seems like a fairly important thing to do, right?

Dave Savage: The worst practices are not having a playbook that you're using to deliver a consistent experience. And, unfortunately, I do think the majority of originators don't have a playbook. This is the first inning of the spring home-buying season — and it's a nine-inning game. It is a game when it comes to the purchase business. We're in the first inning where 70% of all mortgages will be done in the U.S. Literally every spring home buying season has very different nuances.

The only thing that's for sure is that January, February and March end at the same time. So bring home a playbook.

Scan the code to listen

"Setting aside the competitive spirit we all have and collaborating as leaders is the true value of these gatherings. It's also a time to recharge and focus on leadership principles."

- Ashley Bowers, president of HomeSmart International

“Dave Savage of Mortgage Coach on what new LOs just don't get.”

Peter Bowman | CEO and co-founder of Flueid

Peter Bowman is a trailblazer in the real estate tech industry. As the CEO and co-founder of Flueid, Bowman is passionate about bringing title data to the start of every workflow. Because of his experience in a wide variety of leadership positions, he was able to realize that title data is the cornerstone for every real estate transaction. Bowman, alongside his leadership team at Flueid, is responsible for driving the adoption of data and technology within the real estate category and creating the title decision-making category in the early 2000s.

Below, Bowman answers five questions that give an inside look at his life.

1. Besides my job and family, my greatest passion is...finding ways to serve people through different means.

2. My signature phrase...always ask "why?"

3. My favorite thing to do with my employees is...create lasting and impactful memories that remind the Flueid team that we get to work together — we don’t have to work together.

4. I can’t live without...the sun! Besides the scientific truth behind this, I try to catch the sunset as often as I can for a mental reset.

5. Biggest business success this year...transforming Flueid from a one-product start-up to a multiproduct company and raising Series B funds in a challenging market.

Cristal Clarke

Berkshire Hathaway Homeservices

cristal@montecito-estate.com

999 Romero Canyon Road, Montecito, CA 93108

$20 million

5 bedrooms, 6.5 bathrooms

Cristal Clarke has been a full-time real estate agent for more than 35 years, specializing in Montecito, Santa Barbara, Hope Ranch and the surrounding California communities.

According to Clarke, the top requirement for any agent — whether they’re new to the industry or a seasoned pro — is to know their market and provide personalized service for their clients.

“Many people like to differentiate the ‘luxury market’ as opposed to the market at large,” she said. “My response to that is that the purchase of a home will, in all reality, be the most expensive purchase a person or persons may make. So to that buyer, it will be viewed as a ‘luxury’ no matter the price point, and you should treat the client accordingly.”

This 2.4-acre property is an exceptional remodel with breathtaking ocean views from almost every room. The Montecito estate showcases the finest design elements and materials, with designer touches including solid oak details and Calacatta marble. Its state-of-the-art technology features include a Lutron system, smart home functionality and top-of-the-line security elements. And the infinity edge pool offers views of the Channel Islands, Stearns Wharf and coastal sunsets.

The Romero Canyon property has been promoted via a social media campaign — including an Instagram reel with more than 25,000 views — as well as an email campaign to top luxury agents worldwide and ads in a variety of local magazines.

Clarke said that in her local market, she’s seeing an overabundance of pent-up buyer demand with restricted inventory levels, which is supporting property values. Volume has been impacted, but mostly based on a lack of inventory rather than interest rate hikes, inflation or economic data.

By Brooklee Han

Bergen County, N.J.

New Jersey’s Bergen County gives homebuyers the best of both worlds. There are over 9,000 acres of parklands and easy access to New York City. “There are excellent schools and great transportation into Manhattan, but if you go a little bit north you can go hiking. It has a little bit of everything,” Max Stokes, a Bergen County-based Compass agent, said. Recently, Bergen County has been home to one of the hottest housing markets in the country. After hovering around $700,000 from late May until early December 2022, the 90-day average median list price of homes in Bergen County has been steadily on the rise, reaching a new peak of $859,000 in the week ending April 14, 2023, according to data from Altos Research. In addition, Altos reports that the 90-day average median days on the market has fallen back down to 56 days after reaching a high of 84 earlier this year. “A lack of inventory still exists in Bergen County,” Stokes said. “People aren’t moving because they are tied into low-interest rates, so they aren’t listing their home. For every seller I probably have 50 buyers.” But, homes are not receiving the same volume of offers that they used to. “At the peak, there was a lot more panic in the market. Every single house would get 20 to 30 offers, but most of them were not that strong,” he said. “Only the top five or six were really worth considering and now those top five or six offers are all you are seeing on properties.”

30A Florida

Named after County Road 30A, which spans roughly 20 miles along the Florida panhandle coastline, the 30A metro area encompasses Destin, Panama City, Santa Rosa and other towns in between. Known for its white sand beaches, coastal dune lakes and the vibrant blue waters of the Gulf of Mexico, the 30A region has become quite popular with vacation home and second home buyers. “The weather and the beach are unbeatable,” Ray Giacoletti, a local Corcoran Group agent, said. “It really is paradise here. The sun just makes you feel alive each and every day.” With 10 picturesque, beachfront towns in the area, Giacoletti says that depending on homebuyers’ budgets they are sure to find exactly what they are looking for. The median list price for homes in Walton County has been on the rise, increasing from a 90-day average median list price of $489,500 in April 2018 to $884,000 in April 2023, according to data from Altos Research. Although the market in Walton County cooled in the later part of 2022 and in the early months of 2023, things were back on the rise this spring. The share of active listings with price decreases fell to 32.67%, after hitting a five-year high of 44.59% in late November 2022.

Pasadena, Calif.

Unlike many other markets across the country, Charleston’s housing market did not take off at the onset of the COVID-19 pandemic. In fact, the 90-day average median list price of a home in Charleston has yet to again reach the peak of $198,358 it hit in late May 2019. This spring, things were looking positive for a metro area whose median list price has spent the past five years hovering between $160,000 and $200,000, according to data from Altos Research. With inventory continuing to decline, hitting a 90-day average of 150 homes as of the week ending April 14, and the 90-day average median list price coming in at $193,147, it appears the record may be in reach. Sitting at the confluence of the Elk and Kanawha rivers, Charleston is the most populous city in West Virginia. With a variety of job opportunities and easy access to outdoor activities like hiking and whitewater rafting, Charleston offers residents big city amenities with small-town charms.

Pasadena, Calif.

Charleston, W.V. Fargo, N.D.

While most of the California housing market has been making headlines for declining home prices, there is still a strong seller’s market in Pasadena. It had an Altos Research Market Action Index score of 49, well above the 30-point reading that would indicate a balanced market. “The inventory remains low, which offsets the impact of higher interest rates and a diminished number of buyers,” Tracy Do, a local Coldwell Banker agent, said. “As a result of this, the last two listings we brought to the market in Pasadena received multiple offers from qualified buyers. Homes that are priced to meet the marketplace are doing well and selling within the first 14 days on the market.” Known for its annual Tournament of Roses, Pasadena has attracted newcomers and tourists alike since its founding in the 1880s. The area was originally home to the Hahamonga Tribe of Native Americans, before the establishment of the San Gabriel Mission in 1771 by Spaniards of the Franciscan order. Today, Pasadena is home to a wide variety of industries, as well as the California Institute of Technology.

An early stopping point for steamboats traveling down the Red River in the late 19th century, Fargo was originally known as Centralia. The city was eventually renamed to honor Northern Pacific Railway director, and Wells Fargo Express Company founder, William Fargo. Today the population of Fargo is roughly 128,600. It is the most populous city in North Dakota. In the past decade, the city has gained nearly 17,000 new residents, causing the demand for housing to rise. Despite the volatile mortgage rate environment, the median list price for homes in Fargo continued to rise this spring, reaching a new 90-day average median list price high of $373,357, according to Altos Research data. With only 170 active listings, the city’s still tight inventory has helped keep prices high this spring and contributed to the city’s Altos Market Action Index score of 40.

Social media is inseparable from doing business in the housing industry today. HousingWire has collected some of the most-liked, most informative and must-read posts on all your favorite platforms, below. Follow your colleagues across the industry, and keep up with HW Media on Facebook, Instagram, Twitter, TikTok and LinkedIn. Have a trending post you want us to feature? Reach out to us @HousingWire

Facebook: HousingWire

Instagram: @housingwire

LinkedIn: HousingWire

Twitter: @HousingWire

Tweets From The Streets

"The fed wanted sales to crash. Days on market to grow. Less bidding wars. Housing to go into a recession. They got all that. It was never about targeting home prices to crash at all, they even said homeowners balance sheets were fine." 3 12 10 by @LoganMohtashami

Liked by miabliss miabliss and others Edit this description with your own text. #instag m #template #vec r #set olsendrake

olsend rake Geneva, Swiss

starl

Your story miabliss onthemoon markfit

housingclayton logan_mohtashami brena housingwire

housingwire last week was relativley calm for the housing market.

@Kennyparcell

A great kickoff to our Broker Sum- mit. Excited to be in Kansas City with these fantastic REALTORS.

Dava Davin | Founder of Portside Real Estate Group

More single women than single men own homes, marking a major milestone in the progress of gender equality. It's hard to believe that when I was born, women couldn't get a mortgage without a male co-signer. This trend is just the beginning of what I believe will be a continued shift toward women's empowerment in the housing market.

Chris Heller

Agents, it's crucial not to mistake emailing, texting or social media interactions for genuine conversations. Foster strong relationships with your clients and prospects by engaging in meaningful discussions regularly. Make it a habit and be consistent. There's no substitute for real world conversations.

The movement crew in southwest Florida showed up BIG TIME at the Best Buddies

@movementmtg

Friendship Walk

@realtordotcom

@uwmlending

When the broker community comes together, there's no stopping us. Thanks for investing in yourself to get better and for making our community stronger, too.

"Don't text me good morning, text me listings to look at while I'm bored."

A call for community capital

Community-focused capital can buck the trend and deliver sustainable returns in more ways than one

By Romi Mahajan, president of KKM group and adviser to Rook Capital

Residential real estate is the single largest physical asset class. In the U.S. alone, the aggregate value of houses exceeds $45 trillion. As such, this sector attracts investors and entrepreneurs alike and spurs a huge ecosystem.

Yearly transactions are measured in the trillions, and with such staggering amounts at play, one is reminded of the apocryphal story of bank robber Willie Sutton. Upon being asked why he robbed banks, he said, “Because that’s where the money is.” The money is in real estate — for sure.

This statement is certainly a truism but it’s worth examining the matter with more nuance.

Questions worth posing include:

• Who is investing in real estate?

• What is the position of the ordinary family in this sector?

• Are houses affordable for most Americans?

• Who benefits the most from the rise in real estate prices?

ANSWERING THE QUESTIONS

The National Association of Realtors (NAR) predicts that approximately 4.8 million homes will be bought in 2023. Of that share, institutional investors are likely to purchase about 20%. This number is brought into bold relief when we consider that the U.S. is “short” circa 5 million housing units — both single and multi-family units.

standards.

like

Add this to another double-whammy, housing prices are near historic highs in the U.S. and mortgage interest rates have doubled over the last 18 months. This situation creates an impossible burden for tens of millions of American families.

When considering all of these facts, there are three straightforward conclusions to be drawn:

1. There are vested interests in creating the crisis of permanent renting. Today, 45 million American families rent their homes.

2. Capital talks. The “activation” capital that people need to become homeowners eludes tens of millions of American families while flush institutions can buy entire neighborhoods and convert them into rentals.

and

3. A large portion of these renters could become homeowners with just a little nudge. This is borne out by the fact that 45% of renters spend 30%+ of their gross household income on rent. With the right methodologies, that money could be spent on a mortgage.

What all of this comes down to is, you guessed it, capital.

The crisis is so deep that it affects even families that would be considered well-off by otherwise sensible standards. In some markets like San Francisco, San Jose, Seattle, Boston and New York, even families with incomes upward of $200,000 per year have a hard time achieving homeownership. Mind you, these lofty numbers apply to only 7% of all households.

THE CRISIS IS NOT ONLY ABOUT AFFORDABLE HOUSING BUT ABOUT HOUSING AFFORDABILITY

Real estate has two mantras: “location, location, location” and “money, money, money.”

Capital, however, does not live in isolation from other factors. It’s a major disservice not to discuss other valences that have

“The crisis is so deep that it affects even families that would be considered well-off by otherwise sensible

In some markets

San Francisco, San Jose, Seattle, Boston

New York, even families with incomes upward of $200,000 per year have a hard time achieving homeownership.”

brought us to where we are today with regard to housing. The most decisive parameter is race, which cannot be seen as discrete from class. Rather, they are intertwined in powerful ways. In the U.S. today, approximately 65% of people live in houses they own. The Non-Hispanic, white homeownership rate is 73.3% while the rate for Black households is 42%. The average household income for the former group is $75,000 while for the latter it is $51,000.

Given the low rates of homeownership and income disparities coupled with the fact that home equity is the main source of generational wealth transfer for most families, historical trends weigh heavily on the present. This is not simply a product of individual bias. Redlining and “housing racism” has been enshrined in the law for the entire history of this country. Wealth disparities are hard enough to overcome, but disparity combined with an abetting ideology creates a boundary that appears to be insuperable.

HOUSTON, WE HAVE A PROBLEM

To extend the NASA analogy, societies are known to make moon shots and are often taken, even kicking and screaming, into a new reality. That reality requires a new paradigm of capital.

Let’s call this new paradigm

“Community Capital” while the traditional/ incumbent I’ll label as “Wall Street Capital.” The latter category should be understood as a partnership between institutional money and government agencies. So what is the difference between the two? Community Capital can be seen as a form of altruism or as a form of long-term, sustainable business with positive externalities.

These externalities include both those realized at the personal or family level and also those realized on a societal level. Strong communities with economic and social “happiness” tend to be healthier, safer, more democratic and better at problemsolving. These factors benefit everyone, including those who ordinarily are on top of the hierarchy. In this way, housing inequality is like air pollution — it is toxic for everyone.

Community Capital can be the wave of the present and the harbinger of a positive future.

Housing is one sector that can benefit from this paradigm. No doubt, others can as well, like healthcare. This is a clarion call for a new paradigm whose time has come. Some companies have answered the call, but voices in the wilderness need amplification.

“Community Capital can be the wave of the present and the harbinger of a positive future. Housing is one sector that can benefit from this paradigm.”

Romi Mahajan is presiden of KKM group and adviser to Rook Capital.

24....Pavan Agarwal

Gil Arbitsman

25....Jim Balas

Kelly Brink

Vincent Ciardullo

Mike Clear

26....Bryan Dipo

David Eakes

Alejandro Franco

Marco Fregenal

27....Brenda Hedeen

David Hisey

Andrew Hubacker

Mark Kearns

28....Amber Kramer

Mike Leone

Carmine Napolitano

Stephen Nicolo

29....Sean O’Neil

Mary Rapoport

Michelle Ressler

Tom Rettinger

30....Sean Sievers

Vinay Singh

Kevin Thompson

Mike Wells

31....Don Wenner

Mike Witt

Eugene Wong

Chrissy Zotzmann Brown

Leading by the numbers

By Lesley Collins

If there’s one word that could be used to describe the role of an effective chief financial officer in 2023 it would be “stability.” Having the strength and ability to stand firm despite the waves of the housing market has proven to be vital for any finance exec in housing in the past 12 months. This year’s HW Finance Leaders have harnessed this strength, while exhibiting extraordinary leadership, innovation and financial acumen in driving their organizations’ success.

The 2023 HW Finance Leader Honorees exemplify the best of the finance executives who have carried their organizations through unstable times, riding the waves of the current market and ensuring that their organizations survive another day.

Mike Leone, for example, is the chief financial officer at Bright MLS. He provides expert financial guidance that positions Bright with the best financial opportunities while mitigating both financial and business risk. In 2022, Leone led and structured the successful execution of three joint ventures with California Regional Multiple Listing Service — an historic event as the two largest MLSs in the country set precedence with their strategic partnership.

Or Atlantic Bay Mortgage Group’s chief operations officer, Chrissy Zotzmann Brown, who is redefining the way Atlantic Bay looks at operations and loan processes in the mortgage industry. Her leadership and forward thinking guided the company to offer a full-stop digital mortgage experience for mortgage bankers and borrowers, and positioned the company as a leader in the e-Closing arena.

Another example of steady and experienced leadership can be found in The Real Brokerage’s chief financial officer, Michelle Ressler. She has led the organization through a massive hyper-growth stage, including an uplisting to the Toronto Stock Exchange and two acquisitions in 2022.

These leaders represent only a few of the 30 winners selected for this year’s class of HW Finance Leaders and are a testament to the importance of finance executives’ roles in the real estate and mortgage industries. Their contributions to the industry’s continued growth and success are innumerable. Congratulations to the outstanding 2023 honorees.

Pavan Agarwal

President and CEO

Sun West Mortgage Company

Pavan Agarwal currently serves as the president and CEO of Sun West Mortgage Company, Inc and Celligence, LLC. Agarwal leads Sun West Mortgage Company, a tech and financial firm focused on client satisfaction. Sun West is one of the largest privately owned mortgage lenders and servicers. The company uses innovative tech to provide customized loan programs. Agarwal’s vast experience and expertise make him a recognized Ginnie Mae HMBS (Reverse Mortgage) Issuer, Servicer and Master Servicer, with agency approvals from FHA, VA, USDA, Fannie Mae and Freddie Mac. Agarwal says navigating through the 2008 financial crisis was the proudest moment in his career. That time reflected his resilience and adaptability. Today, Agarwal is motivated by the thousands of people who depend on him to feed their families. In addition to his family life, Agarwal sees achievement in growing his team of 20 to a team of 2,000+ and serving hundreds of thousands of families all over the country.

Gil Arbitsman Chief Financial Officer UMortgage

Since joining UMortgage in June 2022, Gil Arbitsman’s expertise as chief financial officer has helped lead the company to a continued period of exponential growth. UMortgage outpaced its growth goals for the year thanks to Arbitsman’s financial structure, organizational restructuring and general tightening of the belt. Using his of experience in the finance sector — most recently as chief financial officer of American Financial Resources — Arbitsman helped materialize UMortgage’s growth, as it attracted more than 300 of the sharpest loan originators in the nation over the course of the year. Arbitsman utilized his executive-level experience to help facilitate a top-tobottom organizational restructure, which was a major catalyst in UMortgage’s continued scalability. Arbitsman led multiple capital raises that brought liquidity to UMortgage. This successful move allowed UMortgage to acquire some of the largest and most innovative brokerages in the nation. With these structures in place, UMortgage plans to continue its growth throughout 2023 and beyond.

Jim Balas Chief Financial Officer CoreLogic

Jim Balas is the chief financial officer at CoreLogic. Balas is responsible for overseeing the financial reporting, accounting, tax, treasury, capital allocation, risk management as well as the corporate finance functions including the company’s financial planning and analysis and business finance teams. Balas plays a key role in strategic initiatives including mergers and acquisitions and the company’s transformation and productivity programs. Balas oversees long-term tax planning, cost management policies, control and reporting operations. Balas joined CoreLogic as senior vice president, controller and principal accounting officer in March 2011. In 2012, his role expanded to include oversight of finance in addition to his other responsibilities. Prior to joining, CoreLogic Balas held a variety of senior finance leadership positions at several publicly traded companies after a successful 10year career at Ernst & Young and Capgemini.

Kelly Brink

Chief Financial Officer Orchard

Kelly Brink is the chief financial officer at Orchard. During her tenure, Brink has fostered relationships with multiple financial institutions, investors and external stakeholders to ensure that Orchard can continue to bring its customers the most stress-free, simple and fair way to buy and sell homes. Brink has been at the center of numerous strategic decisions including leading the 2022 acquisition of LoanMonkey — a move that enabled Orchard to rebrand their Home Loan Division as Orchard Mortgage and to become a lender. With 20 years of financial experience under her belt, she has worked with large financial institutions including JPMorgan and Bain Capital. This experience allows Brink to elevate Orchard’s financial performance and improve liquidity. She has been at the center of all Orchard capital infusions, including our $100 million Series D, which included funding from FirstMark, Revolution, First American, Juxtapose and a syndicate of new investors. Brink has achieved numerous accomplishments and benchmarks during her time at Orchard.

Vincent Ciardullo

Senior Vice President of Capital Markets CIVIC Financial Services

Vincent Ciardullo, senior vice president of capital markets at CIVIC, has played a pivotal role in CIVIC’s success with capital markets. From solidifying CIVIC’s position for a successful acquisition by Pacific Western Bank to assisting with the development of CIVIC’s Rental Loan product, Ciardullo has led the charge. Bringing that same determination and dependability to his relationships, with the CIVIC team and beyond, Ciardullo has become a truly inspirational leader that is leaving a lasting impact on the finance industry. With a decade of experience in the mortgage and finance industries behind him, Ciardullo guides CIVIC’s capital markets team with a balanced and dynamic approach that is optimized for success. Ciardullo puts communication, transparency and dependability at the center of all his relationships. Ciardullo has built a reputation of being an educator and a wealth of information, always willing to put his problem-solving skills to the test, intercept issues and assist wherever it’s needed.

Mike Clear

Chief Operations Officer and Chief Financial Officer Realty ONE Group

Mike Clear currently serves as chief operations officer and chief financial officer at Realty ONE Group. Clear is a strategic adviser to business owners and real estate professionals contributing to think tanks with high-level executives around the country. Clear oversees human resources, marketing, accounting and finance, brokerage operations, technology and strategic partner programs. Despite a challenging market, Clear continues to guide the growth and international expansion of this popular lifestyle real estate brand while mentoring teams and individuals throughout its now global network. Under Clear’s leadership, Realty ONE Group grew its agent count to over 18,000, sold new franchises and opened new doors. Clear is called on to speak at industry events and appears frequently throughout Realty ONE Group’s ONE University coaching program to guide and train entrepreneurs to success. He is acutely focused on making an impact and strategically growing a healthy and profitable franchise organization while creating future leaders throughout the network.

Bryan Dipo

Senior Vice President of Secondary Marketing Academy Mortgage Corporation

Bryan Dipo is the senior vice president of secondary marketing at Academy Mortgage. His industry knowledge and standout personality have made him a key contributor and driver to the organization’s success since joining the company in September 2003. Dipo has allowed Academy Mortgage to be nimble at adapting to changing markets and position itself for continued success. He is a solution-driven leader, who has continually protected Academy by ensuring they have the correct coverage on all loans. Dipo’s teams continue to find success under his leadership. Dipo has been a driving force in making critical changes to how Academy sells loans and has helped to make pricing even more competitive with the recent introduction of the company’s new pricing model. He continues to build and maintain strong investor relations for the company, which has been instrumental in expanding Academy’s product offerings. The company brought on 112 new products in 2022 alone. His ability to affect change and execute plans and strategies has translated into great success for Academy.

David Eakes

Chief

Financial Officer HomeLight

David Eakes, chief financial officer at HomeLight, is responsible for all finance and administrative functions of the company. Eakes has over 25 years of experience in the finance, accounting and technology sectors, with leadership roles spanning public accounting, mergers and acquisitions and investor relations across companies like Deloitte, Sun Microsystems and Oracle. Eakes is proud to work for a real estate technology platform like HomeLight, reducing unnecessary complexity and empowering individuals to make one of the most important financial decisions in their life. In August of 2017, Eakes started at HomeLight as one of the first 50 employees and the company’s first full-time finance hire. He has assisted in the expansion of HomeLight as the company acquired three individual businesses, increased its headcount of employees, grew annual revenue and developed his own mighty team of finance leaders to support the company’s exponential growth. Most recently, Eakes led HomeLight through three equity financing rounds bringing the company to a valuation of $1.7 billion.

Alejandro

Franco

Controller, Vice President of Accounting and Finance JPAR Real Estate

Alejandro Franco is the controller and vice president of accounting and finance for JPAR Real Estate. Franco focuses on strategic accounting, financial management, forecasting and mergers and acquisitions. Since early 2022, Franco has been revitalizing the JPAR accounting department and financial reporting processes. He was instrumental in establishing stronger internal controls within the company. He also spearheaded improving the accounts receivable department. Within weeks, both the franchise and brokerage divisions increased cash flow by nearly 10%. He also developed a new program for the franchise division and increased the workflow in billing consumers. This led to increased efficiency by 97%. He introduced quick reporting on a weekly and monthly basis that was crucial in driving the business forward. He created a new forecasting methodology for the company as well. The forecasting method has been dynamic to the adjusting market, which allowed the company the ability to quickly react for potential M&A or joint venture opportunities.

Marco Fregenal President and Chief Financial Officer Fathom Realty

Marco Fregenal has been Fathom Realty’s chief financial officer since 2012 and has served on its board since February 2019. Fregenal has also served as president since 2018. Earlier in his tenure with Fathom Realty, Fregenal was the chief operating officer and chief financial officer. Prior to joining the company, Fregenal was the chief operating officer and chief financial officer of EvoApp Inc., a provider of social media business intelligence. And he was the CEO and chief financial officer of Carpio Solutions, an information technology solutions company. Fregenal received a bachelor’s degree in economics from Rutgers University and a master’s degree in Econometrics and Operations Research from Monmouth University. His extensive financial experience, knowledge of the company’s operations and oversight of its business qualify him also to serve as one of Fathom Realty’s directors.

Brenda Hedeen Chief Financial Officer Open Mortgage

Brenda Hedeen is the chief financial officer at Open Mortgage, a multi-channel mortgage lender dedicated to empowering the dream of homeownership. She spearheads the firm’s finance and accounting operations. As a member of the chief executive team, Hedeen reports directly to Open Mortgage President Joe Stephenson and leverages her extensive background in analysis and fiscal planning to create a company wide infrastructure and implement comprehensive financial management standards. Staying up to date with industry trends and best practices, Hedeen leads her department to success by ensuring they have the resources and training needed to perform their duties. Prior to her role at Open Mortgage, Hedeen served as On Q Financial, Inc.’s chief financial officer and chief financial officer of Mann Mortgage. She has held roles in private and public accounting where her career growth was powered by a keen eye for optimization. Hedeen is a certified public accountant and earned her master’s in accounting from Stetson University.

Andrew Hubacker

Chief Accounting Officer and Interim Principal Financial Officer

United Wholesale Mortgage

Andrew Hubacker is United Wholesale Mortgage’s (UWM) chief accounting officer and interim principal financial officer. He brings nearly three decades of experience to the table and has been a key leader in developing UWM’s finance team capabilities as a public company. His impressive background, collaborative work style and teamfirst mindset have made him an invaluable asset to UWM. Hubacker and his team played a key role in leading UWM as the No. 1 overall lender in the nation. They assisted in various business initiatives to enhance the company’s liquidity position, through sales of mortgage servicing rights and establishing new secured and unsecured sources of financing. In addition, Hubacker oversees the financial compliance program at UWM, and he transitioned from a co-sourced model in 2021 — the first year as a public company — to a fully insourced model in 2022. He approaches everything he does with collaboration in mind and focuses on building strong working relationships with both team members and external vendors and partners.

David Hisey Chief Financial Officer Stewart Information Services

David Hisey serves as chief financial officer, secretary and treasurer of Stewart Information Services Corporation. He leads Stewart’s financial organization and strategy, overseeing financial planning and analysis, accounting, treasury and audit functions, as well as investor relations and property management. As chief financial officer, Hisey partners with each area of the business to help them achieve their financial and commercial success. He focuses on top-line growth and bottom-line margin enhancement. Hisey brings to Stewart more than 30 years of financial leadership experience, most recently as senior adviser to the CEO and acting chief financial officer for Prospect Mortgage, LLC. Prior to this position, his roles included executive vice president and chief financial officer, as well as chief strategy and external affairs officer and chief of staff for Nationstar Mortgage Holdings, Inc.

Mark Kearns

Chief Financial Officer

PunchListUSA

Mark Kearns, chief financial officer of PunchListUSA, brings a proven track record of driving growth at companies of all lifecycle stages, both private and public. Since joining the company in April 2022, Kearns has led key initiatives and provided financial modeling and insights that have driven rapid growth. Kearns also led several process improvement initiatives in financial reporting, cash management, forecasting and transition to a new accounting system, among others. A veteran of the real estate tech industry, Kearns brings valuable insights to all business units to propel the company’s growth. In addition to being executive sponsor of initiatives streamlining financial systems and investor relations, he provides guidance on a wide range of interdepartmental initiatives including sales, marketing, vendor management, sales partnerships and product development to improve efficiency and position the company for both short-term and long-term growth. Kearns’ financial oversight and fiscal responsibility are critical during its high-growth stage.

Amber Kramer

Senior Vice President and Chief Financial Officer Guild Mortgage

Amber Kramer is the senior vice president and chief financial officer of Guild Mortgage Company. Kramer has held this position since August 2020 and is responsible for the accounting, finance, treasury, payroll and facilities functions within the organization. Prior to serving as Guild Mortgage’s chief financial officer, Kramer served in various finance positions at the organization, including as senior vice president of finance from 2015 to 2020 and vice president of finance from 2010 to 2015, a financial analyst from 2005 to 2007 and a staff accountant from 2004 to 2005.

Carmine Napolitano

Carmine “CJ” Napolitano leads financial strategy and operations at Side. He has more than 25 years of experience as a chief financial officer, chief operations officer, general manager and CEO. Napolitano has also completed over $1 billion in corporate financial transactions. Prior to joining Side, Napolitano served on industry-leading teams at Propel, Electric Cloud, Computer Access, LeCroy, Centric Software and Wavefront Technologies. These companies all pioneered new markets and in some cases were ahead of their time. Napolitano earned his MBA from New York University, and BS in mechanical engineering from the University of California, Santa Barbara.

Mike Leone Chief Financial Officer Bright MLS

Mike Leone is the chief financial officer for Bright MLS. Leone is responsible for overseeing the company’s financial functions including accounting, financial planning and analysis, financial investments, financial systems and controls, tax and audit. In addition, Leone leads contracts management and has led the customer support and policy operations in past years for Bright MLS. Leone is also the staff liaison for Bright’s Board of Directors’ Finance Committee. As a member of Bright’s executive leadership team, Leone consistently provides expert financial guidance that positions Bright with the best financial opportunities while mitigating both financial and business risk. He’s an advisor to the CEO, C-suites and the board. Under Leone’s leadership, Bright MLS has become one of the most financially secure MLSs in the country. Bright consistently receives the highest audit opinion, has a strong credit rating and excellent credit standing. Leone has successfully managed Bright’s multimillion-dollar Broker Rewards program, benefiting hundreds of participating broker subscribers.

Vice President of Financial Analysis Sagent

Stephen Nicolo is the vice president of financial analysis at Sagent. Nicolo understands the future of mortgage servicing technology must be built on sound financial footing. He built an investment framework that allows Sagent to identify and pursue partnership opportunities that benefit the firm, its clients, and the mortgage ecosystem at large. Nicolo manages both incremental investment with existing stakeholders, including a leading private equity firm, and outside dealmaking with strategic partners and acquisition targets. Over the last 12 months, Nicolo solidified Sagent’s sound financial position through the development of detailed expense management processes while pursuing and modeling key M&A opportunities in the marketplace. Nicolo helps keep Sagent profitable at scale by holding the company to a diligent expense management framework, all while encouraging rapid innovation by providing internal teams with the resources they need to best serve clients and achieve wider business goals.

Chief Financial Officer and Chief Operating Officer Side

Stephen Nicolo

Sean O’Neil

Executive Vice President and Chief Financial Officer Ocwen

Sean O’Neil has served as executive vice president and chief financial officer at Ocwen since June 2022. Most recently, he served as chief financial officer for Bayview Asset Management, which he joined in 2015. At Bayview, O’Neil was responsible for finance and accounting, treasury and financing structures, liquidity, loan accounting, funding and collateral activities. Prior to joining Bayview, he was the group financial officer for Wells Fargo, Eastern Community Bank. Prior to this role, O’Neil was the chief financial officer for Wachovia’s Wealth Management Group. Before joining Wachovia, he was a senior manager at Boston Consulting Group, where he worked with financial services companies in Europe and North America.

O’Neil began his career as a nuclear submarine officer in the U.S. Navy, and he earned a Master of Business Administration degree from Harvard Business School and a Bachelor of Science degree in Mechanical Engineering from Pennsylvania State University.

Mary Rapoport

Senior Vice President of Investor Relations and Capital Markets Freedom Mortgage Company

Mary Rapoport is a senior vice president of capital markets at Freedom Mortgage Corporation. She has over 30 years of structured finance and capital markets experience. Rapoport has positioned the company to implement and execute its capital and liquidity initiatives, which have enabled Freedom Mortgage to grow its servicing and origination businesses. She is a key member of the senior management team and has contributed to the success of Freedom Mortgage’s finance initiatives under multiple economic and interest rate cycles. Rapoport’s contributions in 2022 supported the company’s primary mandate of fostering home ownership across the country. Rapoport is a member of a small team of executives focused on an initiative that involves interfacing with the FHFA and other market participants to develop a strategy to allow non-bank institutions, including Freedom Mortgage, to be eligible to access the FHLB system. Rapoport has promoted and developed alternative access to liquidity including during times of market distress for Freedom Mortgage and the non-bank mortgage sector.

Michelle Ressler

Michelle Ressler has led The Real Brokerage through a massive growth stage. Under Ressler, Real saw year-over-year growth in all of its key measures — agent count grew by 126% to more than 6,700 agents, transactions increased by 197% to 11,233, revenue was up 188% to $112 million and gross profit grew 158% to $9 million. Ressler’s financial acumen has led to Real’s strong operating leverage and the company’s continued geographic expansion and product diversification. Real expanded into Alabama, Mississippi, Maine and New Mexico in the U.S., and British Columbia in Canada in 2022. The company also expanded into the title and mortgage businesses with the acquisitions of Expetitle — now Real Title — and Lemonbrew. With Ressler’s guidance, Real has successfully integrated two companies in a span of less than 12 months, giving the company entry into two new ancillary, revenue-generating services. As a leader, Ressler exhibits a hands-on and inspirational leadership style with the more than 35 employees she manages.

Tom Rettinger

Senior Managing Director and Head of Secondary Marketing Pennymac

Tom Rettinger is the senior managing director and head of secondary marketing at Pennymac. Rettinger, a seasoned finance professional with over 35 years of experience, has a track record of effectively managing teams and is skilled in complex financial analysis, risk management, and automation and process improvement. His expertise in hedging, mortgage finance, asset valuation, trading and project management has made him a valuable asset to Pennymac since he joined in 2010. Known for his loyalty and dedication to the company, Rettinger consistently goes above and beyond in his role and responsibilities. Rettinger’s contributions to Pennymac are a reflection of the company’s status as a leading mortgage lender. He has been instrumental in developing the talent within his teams, fostering a culture of open communication and collaboration. In the past year, Rettinger has implemented a comprehensive framework for employee development. Through his efforts, Rettinger has not only added value to the individual employees, but also to the company as a whole.

Chief Financial Officer The Real Brokerage

Sean Sievers Chief Financial Officer Guaranteed Rate

Sean Sievers is the chief financial officer for Guaranteed Rate. He has spent over 25 years in executive financial leadership positions. This expansive tenure has earned Sievers pivotal roles across his career where he worked through some of the most challenging issues. Starting his career as a CPA for Grant Thornton, he later played a pivotal role in the early stages of Countrywide Financial, as the founding chief financial officer for CHL’s internet bank and as segment chief financial officer in retail originations. Sievers worked for Freddie Mac in investments and capital markets. He later served as the chief financial officer over SunTrust’s consumer banking division, including its massive mortgage company. Most recently Sievers helped restructure Citibank’s global mortgage operations. He also worked at Barclays Bank as the global chief financial officer over cards and payments. Before he began working with Guaranteed Rate, Sievers had the opportunity to work in the fintech space as the chief financial officer for fintech blockchain giant Figure Technologies.

Vinay Singh

Chief Financial Officer

U.S. Department of Housing and Urban Development

Vinay Singh is the chief financial officer at the U.S. Department of Housing and Urban Development (HUD). Singh has been in numerous leadership roles in the private sector for over 25 years that span accounting, finance, technology and operations management spheres. His work in the private sector provided him an opportunity to learn and lead teams with closing the books; SEC reporting; IT and business auditing; business process design, budgets and reporting, governance, risk and compliance; technology implementations and organizational restructuring. The critical thread across roles is program, process and project management. During his time with the International Trade Administration as deputy assistant secretary, Singh learned how to balance priorities and execute complex tasks with multiple stakeholders inside the federal government. It was here where he worked on infrastructure and smart cities and learned that housing is the core pillar of not only economic growth but individual and community integration.

Kevin Thompson Head of Finance

PURE Property Management

As the head of finance for PURE Property Management, Kevin Thompson has overseen the acquisition of 37 property management companies in just under one year. That ferocious pace equals three acquisitions per month, an unprecedented feat within the industry. Under Thompson’s financial leadership, PURE is operating profitably as it maintains its high-tech, high-growth and high-profit focus. Since its founding in October 2020, PURE has completed over 60 acquisitions representing more than 25,000 residential and 20,000 HOA properties. Thompson is the key driver of profitability for every local branch office and the company as a whole. As a result, PURE is operating profitably. A recognized Silicon Valley executive, Thompson brings more than 25 years of experience in M&A, raising private equity and venture capital, GAAP accounting and contracts and has a proven track record of driving growth and building high-performance finance teams.

Mike Wells

Senior Vice President of Accounting and Finance

PrimeLending

Mike Wells is the senior vice president of accounting and finance at PrimeLending. For more than a decade, his expertise, guidance and ingenuity have helped PrimeLending strengthen its reputation as a premier mortgage lender with an impressive track record of profitability and growth. As a 20+ year industry veteran, Wells plays an integral role in the development of the company’s strategic plan. His knowledge and expertise have been instrumental in the development and implementation of financial and performance management applications, including playing a key role in the recent implementation of both the Oracle general ledger and Loan Vision subledger systems. From profit and loss reporting at the individual loan offer level to financial consolidation at the corporate level, Wells is proficient at measuring and maximizing financial performance. He developed a loan level and branch profit simulator to further exemplify his industry knowledge and equip leaders in making educated business decisions.

Don Wenner CEO DLP Capital

Don Wenner is the founder and chief executive officer of DLP Capital. Wenner has led DLP to 10 straight years on the Inc. 5000 list of fastest-growing private companies and a ranking as one of the top 15 real estate professionals in the country by the Wall Street Journal. In 2022 alone, DLP Capital acquired more than $990 million in multifamily and commercial properties, funded real estate loans totaling more than $850 million and increased DLP’s assets under management from $2.25+ billion to over $4 billion. Wenner founded DLP Capital with an audacious goal to provide housing to one million people and positively impact and transform 10 million lives. This led to a spot on the Forbes list of the top 100 private companies in America. And with DLP Capital’s year-over-year growth for the last 16 years, expanding into new markets — including Texas and Florida — DLP Capital is well on it’s way. In 2022, DLP added 350+ new investors with more than $450 million of new capital invested, allowing DLP to acquire over 5,590 units.

Mike Witt Chief Financial Officer Deephaven Mortgage

Mike Witt is the chief financial officer of Deephaven Mortgage, taking over the role in 2017. Prior to Deephaven, Witt held the same position at Boston National Title where he was instrumental in its growth from a regional provider into one of the nation’s largest, independent title services companies. Witt’s extensive mortgage leadership experience includes division CFO roles at HSBC and First Union, and senior finance or credit risk roles at HSBC, Bank of America, First Union and Nations Bank. He holds a B.S. in Commerce from the University of Virginia.

Eugene Wong Chief Financial Officer

Hometap

Eugene Wong has quickly risen through the ranks to become a C-suite financial executive. Though he began his role as Hometap’s chief financial officer quite recently, his decade of experience in various areas of finance has already proven to be an invaluable asset to the company. Wong works closely and cross-functionally with the company’s capital and investor product teams to raise asset capital in order to grow home equity investment originations and support homeowners at an unpredictable and ever-changing time in both real estate and finance. Wong embodies Hometap’s values of being a good owner by executing with intention, rolling up his sleeves and creating solutions for the company. Wong’s deep experience in the banking and financial services industries, combined with his business acumen and his passion for mission-driven performance and results that make a tangible difference in the lives of others, have positioned him as a force to be reckoned with in the finance world.

Chrissy Zotzmann Brown Chief Operations Officer

Atlantic Bay Mortgage Group

Chrissy Zotzmann Brown is the chief operations officer at Atlantic Bay Mortgage Group. Zotzmann brings nearly 25 years of extensive mortgage operations and sales experience to her role at Atlantic Bay where she focuses on creating the smoothest cost-effective loan process in the business. Through her insight, she has advocated and assisted in the implementation of new technologies and automation/ bots that have continued to improve efficiencies. Her leadership has guided Atlantic Bay to offer a full-stop digital mortgage experience for mortgage bankers and borrowers and positioned the company as a leader in the e-Closing arena. Brown serves on many advocacy boards and volunteers her time as an instructor with the MBA’s School of Mortgage Banking. She is an active advocate to government agencies on behalf of the mortgage industry. Recently, she spoke with the White House on the effects of the PSPA amendments. Zotzmann is also an active member of the CMB Society, the Community Home Lenders Association and serves on the LendersOne Advisory Council.

What is the best piece of advice you have ever received?

What is one thing you would tell a younger version of yourself?

What one habit has helped you succeed?

34....Craig Austin

Chris Basinger

35.... Julia Bi

Ashley Blackmore

Beau Blankenship

Brannen Blazer

36....Alex Boand

Gareth Borcherds

Lauren Bowen

Lauren Brown

37.... Jesse Burrell

Shellie Burton

Brock Cassidy

Mike Chang

38....Lindsey Clark

Chad Crile

Helena de Forton

Devang Doshi

39....Brendan Fairbanks

Josiah Feuerbacher

Alison Flinn

Eric Forney

40.... Justin Foster

Kimber Fox

Nick Friedman

Alayna Gardner

41....Kerri Girouard

Rogelio Goertzen II

Nicole Goodman

Courtney Graham

42....Matt Harbus

Grace Harrison

Kelly Hebert

Jozef Hlavek

43....Christopher Hussain

Dalip Jaggi

Ryan Jancula

Andrew Jewett

44....Victoria Keichinger

Azar Kheraj

Morgan Klabenes

Renee Lawlor

45....Nate Levin

Peter Lillestolen

Lindsay Listanski

Kayla Lopez

46....Michael Lucarelli

Brandon Lwowski

Melinda Maloney

Reno Manuele

47....Greg Middleman

Jonathan Morales

Amanda Morrow

Andres Munar

48....Thu-Lynn Nguyen

Tony Nguyen

Jason Nicosia

Elizabeth Perez Barletta

49....Matt Pettit

Sunny Ramamurthy

Rahkiya Reid

Sarah Reynolds Oji

50....Nuria Rivera

Saurabh Shah

Shailendra Singh

Scott Slezak

51.... Jeff Smith

Brandi Snowden

Ori Tamuz

Brittany Tei

52....Brian Tolkin

Nate Trunfio

Dave Umphress

Karol Villavicencio

53.... Jennifer von Pohlmann

Mike Vough

Chris Wade

Lyra Waggoner

54....Xun Wang

Katherine Warren

How to reach the stars

By Lesley Collins

HousingWire’s Rising Stars award program recognizes the up-and-coming leaders in housing who have made their mark on the industry all before the age of 40. These leaders bring fresh perspectives, new ideas and a willingness to take risks and embrace change in an effort to drive the industry forward.

One of the traditions of the HW Rising Stars submissions is to ask the nominees to provide their response to a question that touches on advice they have received throughout the course of their career or a habit that they swear by. Each year, the responses are fascinating and shed light into the drive and determination that helped lead them to the success they are experiencing in their careers today.

“I always pick up the phone,” said Lauren Brown, retail market manager at Sierra Pacific Mortgage. “Even if I send an email, I follow it up with a phone call. If it’s bad news or not-so-great news, I still pick up the phone. Too much is lost in a text or email.”

“[I] never stop asking questions,” noted Nicole Goodman, senior director of product marketing and strategy at First American Data and Analytics. “I want to understand things thoroughly enough that I feel comfortable talking about the subject and can successfully communicate with others about it. Curiosity really drives that. No question is stupid and keeping my curiosity alive is critically important in helping me deliver the best results that I can.”

Kelly Hebert, first vice president of sales operations and Marketing at LERETA, said, “I’m not afraid to start with only a germ of an idea. I can take a raw concept and turn it into something concrete with goals, project plans and deliverables. My colleagues trust me to be a sounding board for ideas, and I will challenge, push back, take notes and help to spin new ideas that can result in ground-up concept creation and execution.”

Want to hear more from this year’s winners? Flip through the next several pages to see what they had to say and learn more about their impressive accomplishments.

Congratulations to the 2023 class of HW Rising Stars!

Craig Austin Executive Vice President FirstClose

Craig Austin is the executive vice president of FirstClose, a fintech provider of digital HELOC solutions for banks, credit unions and lenders nationwide. Austin is responsible for leading new and existing client initiatives. In less than a year, Austin has closed several high-impact deals with large lenders and partners, resulting in both business and revenue momentum. Since joining the firm in August 2022, Austin has played a crucial role in FirstClose’s growth. He has led several initiatives that significantly streamlined the home equity lending process, including FirstClose’s partnership with Evolve Mortgage Services. The partnership enables lenders to approve HELOCs within seven minutes and eClose lines within seven days, significantly faster than the industry average. The collaboration combines FirstClose’s home equity application management system with Evolve’s SigniaDocument engine and its eSign and RON capabilities.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Know yourself. Know yourself very well. Be honest with what you’re good at and your strengths and limitations. We all have them.

Chris Basinger Vice President of Strategic Partnerships Earnnest

As Earnnest has grown into one of the real estate industry’s leading earnest money deposit and digital payments solutions, there are few folks who have played as big of a role as Chris Basinger. Basinger is the vice president of strategic partnerships at Earnnest. He was Earnnest’s first sales hire, and he is the longest-standing current employee that has had a hand in every one of Earnnest’s major partnerships. Basinger joined the Earnnest team in 2019. It was his first role in the real estate technology industry, but he built a successful track record of bringing transformative products to market. Today, Basinger continues to drive adoption of Earnnest’s award-winning digital payments platform with industry-leading brokerages, title companies, real estate attorneys, lenders and proptech companies across the country. Basinger has played an integral part in building the collaborative, customer-centric culture at Earnnest.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Treat self-doubt as a challenge. While you take the biggest risks and do the things that scare you most, embrace the human part of yourself that’s most authentic.

Julia Bi Head of Product Strategy Orchard

As Head of Product Strategy at Orchard, Julia Bi is tasked with creating the most delightful buying and selling experience for our customers at Orchard. Her perspective and leadership have been vital in the launch of new services at the company. Bi embodies all of Orchard’s values and makes sure to connect with her colleagues on a personal level. Bi is masterful at combining qualitative and quantitative feedback and translating these insights into actionable brainstorms. One of her strengths is building advocacy for new products and service improvements. When Equity Advance was set to launch, Bi secured buy-in from the Orchard team through both companywide and teamspecific presentations that explain the value to the customer and to the business. Bi employed a variety of techniques, including fun trivia questions over email, Q&A sessions and shared decks to bring agents, marketers and engineers up to speed. As a leader, Bi makes a massive impact on the business.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Your career path is your responsibility — don’t be afraid to advocate for yourself and take opportunities when they come.

Beau Blankenship License Partner and Private Office Adviser

Engel & Volkers 30A Beaches

Beau Blankenship is the license partner of Engel & Völkers 30A Beaches and is a private office adviser. At only 32 years old, Blankenship is the lead adviser for Blankenship Group. The group recently represented the highest sale in the Florida Panhandle at $24 million. Between 2021 and 2022, the Blankenship Group has sold over $1 billion in real estate, making them the top team in northwest Florida, and Blankenship the highest-grossing advisor within Engel & Völkers Americas. As a leader, Blankenship has a clear vision to assist real estate advisers within the brokerage to focus on their careers. He created a strong leadership team consisting of marketing and operations professionals, a non-compete managing broker and a brand ambassador. He provides the brokerage with various adviser enrichment courses regarding communication, investments, new construction and more. Always willing to share his knowledge through experience, Blankenship has carefully curated a culture of collaboration.

Ashley Blackmore CEO and Founder Blackmore Group

At just 30 years of age, Ashley Blackmore is an individual top producer and 1% in the world. In January of 2022, she started Blackmore Group with 12 agents and has grown the company to over $68 million in sales volume. She is creative and authentic, and she is always a positive light. Blackmore coaches her team to be their authentic selves and encourages them to dig deep into their creativity to create an authentic brand identity. On top of running the brokerage, Blackmore also works as an agent with her boots on the ground. She has sold $29 million in sales volume. Blackmore is passionate about her family, and she preaches balance for both a healthy lifestyle and good mental health for top-producing agents. At her previous brokerage, Blackmore was on the company’s Rethink council, where she traveled the country creating forward-moving creative ideas. Now, she harnesses that mentality and is growing organically within her own brokerage, changing the world of real estate and encouraging agents to be more forward-thinking.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Harness your authentic self and creativity. Don’t be afraid to show it. That energy will attract those who you align with to your business.

Brannen Blazer is the executive director of private equity at Amherst. He has distinguished himself as a leader within Amherst’s Private Equity team, spearheading capital raising, new venture formation, investment management and other strategic initiatives for the firm. Blazer oversees the entire investment life cycle of Amherst’s single-family rental (SFR) portfolio, working closely with institutional partners from purchase through to sale. Blazer works closely alongside Amherst’s leadership team to establish joint venture partnerships while also supporting the firm’s capital-raising efforts and investment management operations. As a part of these processes, Blazer leads the onboarding of each of these partners and their investments into Amherst’s ecosystem. Blazer remains hyper-focused on supporting the company’s mission to transform the way real estate is created, owned, financed and managed. He and his team work tirelessly to identify new solutions for a fragmented, slow-toevolve real estate ecosystem, leveraging Amherst’s proprietary data and analytics.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Creating my own listings, especially during periods of low volume.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Slow down and be patient with the process. Our generation is often in a rush to get where we want to be in life.

Brannen Blazer Executive Director of Private Equity Amherst

Alex Boand Managing Director of Correspondent Group Sales Pennymac

Alex Boand, managing director of correspondent group sales at Pennymac, is a results-driven finance executive who quickly rose through the ranks to become an executive leader at the age of 38. Boand leads a highly experienced team of regional sales managers, serving more than 800 clients and is directly responsible for correspondent service levels, revenue optimization, risk mitigation and client engagement. Boand is committed to nurturing and expanding the talent at Pennymac. He routinely conducts educational sessions for his sales and support groups, providing valuable insights on the market, Pennymac’s initiatives and overall strategy. Throughout his illustrious career, Boand has emerged as a respected leader in the correspondent channel. He earned the admiration of his peers, colleagues and clients. His outstanding performance is a testament to his upward trajectory within Pennymac’s leadership team, as evidenced by the support of other senior leaders.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Actions speak louder than words. What a person does should tell you everything you need to know.

After joining Sierra Pacific Mortgage (SPM) in 2018, Lauren Brown quickly made her mark as one of the top-producing loan originators in her region. She is a driven leader, dedicated to being the most educated professional in the mortgage industry. As a retail market manager, she is constantly pushing the boundaries of her comfort zone to create opportunities for improvement. Brown started in the mortgage business nearly 20 years ago. In 2022, the Wichita team funded over 630 closings resulting in $140 million worth of volume. Brown continually demonstrates her compassion, understanding and integrity as a leader who is always willing to go the extra mile on behalf of her customers and teammates. Brown leads by example and is in the trenches every day with her team, empowering them with the time and resources they need to accomplish their goals. Brown holds the team accountable to high standards of service on every loan file and is quick to offer her support. Her selfless nature to develop others both personally and professionally is an innate part of her character.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I always pick up the phone. Even if I send an email, I follow it up with a phone call. If it’s bad news or not-so-great news, I still pick up the phone.

Gareth Borcherds Managing Director Ascent Software Group

Gareth Borcherds has led Ascent Software Group as the managing director and founder, and he created the Jaro technology platform. The platform connects lenders with their vendors in an innovative, streamlined approach. Borcherds understands his customers’ pain points more than most, having previously run an appraisal management company. He used this knowledge to solve his customers’ biggest complaints about the lengthy and disorganized valuation process. Borcherds implemented a data intelligence feature called AssignIQ that measures the complexity of a potential appraisal assignment. AssignIQ gives users a score that estimates the difficulty of getting an appraisal done based on a variety of factors. His main goal is to share the products he and his team have built through demos and conferences to help as many individuals and companies in this industry as possible. He is passionate about the change they will bring to the mortgage industry in hopes of creating a more efficient and organized valuation process.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Results don’t happen overnight. There is no shortcut to putting in the time and effort to build something meaningful.

Lauren Bowen is the youngest and first female chief operating officer of Robert Slack. Bowen is a real estate broker in six states and sits on the board of directors for Robert Slack’s non-profit Slack Serves. For the past five years, Bowen has been a team leader to one of the most successful teams within the company. Two out of the past three years her team has succeeded in holding the trifecta of highest conversion, highest volume and highest transactions closed within the company. Bowen not only oversees 15 team leaders within the organization, she oversees all of the lead sources that supply the entire company’s leads. As Robert Slack is a leads-driven model, this entails managing numerous different sources. Bowen has been with Robert Slack since its inception, and she strives to keep and promote the family culture it started with. While they have grown from four agents to over 700, making sure everyone feels at home is something the company wants to prioritize across all teams.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Whatever you choose in life, choose to be the best and do it to the best of your ability.

Lauren Brown Retail Market Manager Sierra Pacific Mortgage

Lauren Bowen Chief Operating Officer Robert Slack

Jesse Burrell CEO BatchService

As the co-founder and CEO of BatchService, Jesse Burrell has bootstrapped the company to a nine-figure valuation and built a user base of more than 15,000 real estate professionals in just over four years. Burrell is passionate about providing data and tools to help businesses in and around real estate find better leads, evaluate property, market more effectively and close more deals. Burrell has had an immense impact on the business including investments in data science and partnerships with a host of tier-one data providers, helping BatchService build a reputation as a leading data provider. Burrell understands the unique needs of real estate industry professionals and has built a support organization that’s equipped to guide the entry-level professional, tackle technical questions from power users and handle everything in between. As a leader, he and his co-founders are committed to building a people-centric organization. Burrel built a culture rooted in transparency, employee development and growth.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

I would focus on the importance of creating structure and good habits to achieve my goals.

Brock Cassidy Vice President of Business Development EasyKnock

As Vice President of Business Development at EasyKnock, Brock Cassidy is instrumental in the company’s success and growth in the residential real estate industry. Cassidy has past experience in strategy leadership roles at Rocket Companies where he both launched and acquired additional divisions for the company. Cassidy has taken the lead on EasyKnock’s go-to-market strategy for new products and launching strategic partnerships. At EasyKnock, Cassidy creates and executes strategies for identifying and launching partnerships in new channels, including new construction, financial solutions for divorce, relocation, senior housing and both purchase and refinance mortgages. He focuses on working with partners to offer consumers more flexible access to their home equity, helping them reach financial goals. Cassidy has contributed value to moving the market forward through leadership and professional guidance to the EasyKnock team, as well as through media appearances, industry speaking engagements and industry boards.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Always find a way to learn from everyone because everyone you encounter will be better than you at something.

Shellie Burton Vice President of Escrow Mr. Cooper

Shellie Burton is the vice president of escrow at Mr. Cooper. Burton grew up in the school of mortgage and is now paving a path for others to keep the dream of homeownership alive. Burton leads her team to provide best-in-class customer service, working hand-in-hand to resolve issues. Above all, her greatest passion is to be a leader. Burton oversees a team of nearly 100 people, and she is responsible for ensuring the accurate and timely delivery of all escrow services, including insurance and tax payments. Burton ensures that all parties have the most up-to-date information and knowledge so that they can work to avoid miscommunication, resolve problems and have the right messaging in the market for customers. Burton led her team to successfully reduce complaints in the escrow department by 20% and overall inbound calls regarding issues with escrow by 10%. She increased her department’s “Great Place To Work” score and 92% of the team members she manages agree that Mr. Cooper is a great place to work.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Stop doubting myself at every turn.

Mike Chang Director of OJO Select Network OJO

As Director of the OJO Select Network, Mike Chang is responsible for managing and growing the company’s exclusive agent referral network. Since joining OJO in 2020, Chang has been instrumental in building the OJO Select Network from scratch, scaling its membership and equipping it to support millions of consumers across the U.S. in achieving their home buying and selling goals. Chang’s leadership has been instrumental in fueling the company’s growth, enabling OJO to reach and equip more consumers to unlock the abundant benefits of homeownership. Chang has long understood the value of agents and has cultivated a nationwide social community of more than 235,000 agents. Since its launch, Chang has led the recruitment and onboarding of top agents from brokerages spanning the entire U.S. In the network’s first year, Chang and his team onboarded more than 20,000 agents. Chang is committed to supporting both consumers and industry professionals.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

All the returns in life, whether in wealth, relationships or knowledge, come from compound interest. There is no overnight success.

Lindsey Clark Regional Operations Manager PrimeLending

Lindsey Clark is the regional operations

` manager at PrimeLending. Clark serves as a results-oriented leader, tireless teacher and compassionate supporter of her team, which supports loan originators in six states. Under Clark’s guidance, her team efficiently tripled their volume, rolled out a new origination system and maintained customer relationships all while transitioning to working from home. Staying connected with a team across several states may feel challenging to some, but Clark found a solution to keep team camaraderie alive through quarterly virtual events. Clark applies her previous experience as a teacher into her leadership style by recognizing the strengths and nurturing the weaknesses of her team. As a result, Clark aligns her team to achieve the greatest advantages. When her team needs a solution to a problem, Clark doesn’t give them a quick fix that bandages the issue. Instead, she takes the time to walk them through the solution so that each individual can be self-sufficient in the future.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Seek out exciting, new opportunities and welcome any challenge ahead with open arms.

Chad Crile Loan Officer Fairway Independent Mortgage

At only 30 years old, Chad Crile opened a Fairway Independent Mortgage office in Northwest Indiana and hit the ground running. Since then, Crile has grown his footprint with the help of the corporate team, the local branch and by hiring hungry, humble, smart teammates. Crile’s volume went from $25 million in 2019 to $45 million in 2020, $82 million in 2021 and held strong even in 2022 at $72 million. Crile’s leadership philosophy is captured in the phrase, “Be prepared to give a little now to gain a lot in the future.” He has found that being generous with his time, expertise, resources and financial acumen to those reporting to him has opened many doors down the road as those teammates went on to soar to new levels. Crile gives back to his community and partnered with Fairway’s non-profit American Warrior Initiative, giving away a service dog to a deserving veteran. Crile loves volunteering at local food banks and working with the Fairway Ignite coaching organization.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Treating everyone the way I’d want to be treated. Teammates, clients and referral partners will never forget how we make them feel.

Helena de Forton Managing Director, Head of EMEA Christie’s International Real Estate

Helena de Forton, the brand’s managing director for EMEA and APAC, has spearheaded significant growth of the network. She inked new deals with broker affiliates in more than a half-dozen countries. de Forton’s background in high-end fashion, and in London’s ultra-exclusive private member clubs, prepped her for a career in luxury real estate. de Forton oversees Christie’s International Real Estate’s global business-development strategy, and she manages the brand’s partnership with the separately owned, but closely aligned, Christie’s auction house. de Forton is also responsible for managing Christie’s International Real Estate’s international events schedule. In the past year, de Forton’s team has coordinated over 80 successful events in her regions. As a 30-something who speaks four languages and is equally at ease among agents, brokerage owners, auction house patrons and buyers and sellers across the globe, she is a unique business talent helping to write the new playbook for international luxury real estate brokerage.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Positive affirmations to yourself are very important; no one else will do it for you.

Devang Doshi

Senior

of SingleFamily Capital Markets

Vice President

Fannie Mae

Devang Doshi is the senior vice president of single-family capital markets at Fannie Mae. Doshi leads over nine teams who work diligently to balance the needs of various stakeholders — homeowners, lenders and investors — to strengthen the housing finance industry. Within Fannie Mae, Doshi leads his teams to partner with various divisions across the organization to deliver thoughtful research and insights to Fannie Mae’s investor community. His market leadership, companywide influence and collaboration have helped to increase his team’s impact on driving results, supporting transparency and delivering insights to the market. He prioritized ensuring the continued growth and development of his team members, while ensuring key objectives were met. He is also a strong advocate of celebrating diversity, helping to champion a “Women of Capital Markets” networking group and was a keynote speaker at the firm’s Diwali celebration.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Seek out and be open to honest and constructive feedback, esecially as you are workping to establish your brand.

Brendan Fairbanks Founder and CEO Perchwell

Brendan Fairbanks, founder and CEO of Perchwell, is on a mission to revolutionize the MLS platform. Using his own home-buying experience, along with feedback from agents, brokers and consumers, he and his team have created the next-generation MLS system. It was first rolled out in New York City and is being onboarded by MLS organizations throughout the country including REcolorado. REcolorado and Perchwell have been working together for just over a year and in that brief time, the companies have developed a strong partnership and working relationship. Fairbank’s entrepreneurial energy and “get it done” approach inspires his team daily. In 2022, Perchwell was one of eight companies invited to be part of the National Association of Realtors Reach growth accelerator. Fairbanks strategically utilized Reach to introduce Perchwell to a national audience. Through Reach he reinforced the universal need for Perchwell’s innovative approach and its scalability across all markets.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

My mother always told me, “Build trust in nickels and dimes, then spend it in 10s and 20s.”

Josiah Feuerbacher Principal Product Manager Maxwell

Josiah Feuerbacher serves as Maxwell’s principal product manager. These products provide mortgage lenders with the tech they need to improve profitability and best serve their customers. Since joining Maxwell in early 2020, Feuerbacher and his team have developed tools with measurable impact on the everyday realities of lending teams. On top of setting the product strategy, Feuerbacher uses customer feedback to continually improve the Maxwell experience. Leading Maxwell’s product innovation, Feuerbacher is a critical liaison between customers and Maxwell’s engineering, marketing and customer success teams. Feuerbacher embodies Maxwell’s mission to help lenders achieve the scale, efficiency and data-driven insight they need to compete against the industry’s largest players, especially in the current market. By building tech with the customer’s concrete pain points in mind, Feuerbacher ensures Maxwell releases products that are empathetic to the lender’s workflow.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Embracing curiosity. A spirit of curiosity is what led me to begin analyzing the data behind loans transacted on the Maxwell platform.

Alison Flinn Chief of Staff, Development Amherst

Alison Flinn is the chief of staff, development at Amherst. Flinn ensures crossfunctional alignment and oversight of the firm’s acquisition volume. Flinn oversees operations for Amherst’s Merchant Bank and SFR Development teams, including strategy, analytics, financial planning and technology product development. She works closely with her teams to understand how any changes in price may impact acquisitions, and she works to effectively structure her teams to manage any change in volume. She plays an active role in navigating new market opportunities, overseeing talent strategy and working with cross-functional teams to design solutions to meet Amherst’s business needs. Flinn exemplifies exceptional leadership skills through her focus on creative problem-solving and firmwide collaboration. As a leader, Flinn encourages mentees to ask questions that prompt them to reach their own solutions. Her pragmatic, handson approach encourages team members to speak up and voice their ideas, fostering a culture of innovation and big-picture thinking.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Never assume you know the answer. Listen, ask good questions and encourage your team to share their ideas.

Eric Forney VIce President of Industry and Innovation Livian

Eric Forney is the vice president of industry and innovation at Livian. As a leader, he demonstrated a commitment to fostering growth and innovation. Forney is consistently training, leading and advising the real estate industry’s best entrepreneurs and agents on his cutting-edge sales strategies, tactical application of economics and the latest innovative tools. Forney was instrumental in ushering in validity and direction to Livian’s growth strategy. He has demonstrated exceptional leadership and innovative thinking during Livian’s rapid growth, helping to reimagine what the scalable infrastructure of the future looks like for the best real estate teams in the world. By adopting his first principles approach and inspiration from other industries, Forney has helped implement Livian’s cutting-edge sales strategy. Forney’s commitment to delivering on Livian’s promise of creating businesses that allow Realtors to “Love How They Live” is evident in his relentless pursuit of world-class product development and innovative thinking.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I wear earbuds everywhere so that I can maximize the time I’m able to study successful businesses, influential leaders and biographies of the most prominent people in history.

Justin Foster Senior Vice President of People Experience Radian

Justin Foster is the senior vice president of people experience, and he leads critical functions that assure Radian is not only an excellent workplace, but they deliver on the promise of ensuring sustainable, affordable and equitable homeownership. Over the last year, Foster and his team have achieved progress in expanding diversity, equity and inclusion efforts and educating Radian employees, customers and stockholders on the importance of closing the homeownership gap for communities of color and other underrepresented communities. As one of Radian’s youngest senior executives, Foster brings a fresh perspective and energy to the role of people experience, which focuses on empowering employees to reach their full potential. He has led an expansion of Radian’s employee resource groups to foster awareness and celebrate diversity. The resources established pay transparency practices and required unconscious bias training for employees. He has created momentum for Radian’s progress in the years to come.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Know yourself. Know yourself very well. Be honest with what you’re good at and your strengths and limitations. We all have them.

Nick Friedman Senior Director and Growth Manager HomeLight

Nick Friedman is the senior director and growth manager at HomeLight. He is a prominent leader within the proptech industry, spearheading the exponential growth of HomeLight’s financial flagship products to best serve its top agents and their clients. Previously, Friedman was the co-founder, chief operating officer and chief revenue officer of Accept.inc. In June 2022, HomeLight acquired Accept. inc in an all-stock transaction, making the two companies shared vision come to life. Friedman has been responsible for expanding HomeLight’s flagship financial products to ensure agents have the proper tools to help their clients achieve the American dream of homeownership. In December 2022, he spearheaded the release of HomeLight’s new core product, Buy Before You Sell, bringing speed and certainty to those who need to sell their current home in one of the most challenging markets to date. Under Friedman’s leadership, HomeLight now has the most innovative and streamlined process when working with agents and their clients.

Kimber Fox Realtor and Assistant Business Manager

Texas Pride Realty Group

Kimber Fox lives and breathes diversity in real estate services. As a Realtor and assistant business manager, she seeks out new clients and potential agents in the diverse, overlooked communities of Dallas/Fort Worth. She helps shape the organization’s diversity efforts in hiring and client marketing. Fox joined Texas Pride Realty Group in 2019 as a brand new agent. Fox has brought a younger perspective to Texas Pride’s diversity efforts. She is active in the company’s hiring program, and she has attracted half the new agents in the last 12 months. She actively seeks out new clients and real estate agents from the diverse communities of Dallas/Fort Worth who do not feel seen or welcomed at other traditional brokerages. This year, Fox also assumed the role of assistant business manager. In this role, she helps train and mentor the company’s “sophomore” agents who have completed between five and 10 transactions. Fox is a strong mentor and servant to all agents.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Accountability. The constant reminder from my mentor to stick to my “why” in real estate has helped me thrive beyond belief.

Alayna Gardner Director of Sales and Marketing LodeStar Software Solutions

As the Director of Sales and Marketing at LodeStar Software Solutions, Alayna Gardner brings an impeccable standard of excellence, personality and service to her sales and content marketing strategies. Gardner helped collaborate on the design and launch of different usage tiers and price levels for LodeStar’s Closing Cost Calculator. This move took stress off of the implementation team and better serves lower-volume clients. She designed a workflow to help LodeStar’s Marketing and Customer Success teams collaborate on user guides and how-to articles, so that neither team’s primary work fell to the wayside. As the leader of both the sales and marketing teams, Gardner champions the core company values of clarity, connectivity and community. She makes sure team members have a firm grasp on their goals and projects. Gardner also provides ways for her teams to communicate and coordinate on tasks and ensures that each team member feels valued, so that when the company succeeds, everyone has a personal stake in their contribution.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Don’t be shy. If you need something from someone high up at a company — or a favor that’s seems impossible — just ask.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Take risks and keep asking for opportunities. Taking risks isn’t the same as being careless.

Kerri Girouard Vice President of Client Success ICE

Mortgage Technology

Kerri Girouard is the vice president of client success at ICE Mortgage Technology. She is known across the organization for embodying ICE’s customer-first values and going above and beyond for her clients. Not only is she a charismatic leader who consistently hits the goals set for her and her team, but she also takes personal time to mentor people throughout the organization. Girouard has been with ICE Mortgage Technology for more than 10 years. In 2022, she took on the role of vice president of client success and didn’t miss a beat. Under her leadership, Girouard’s teams consistently hit their goals. Most recently, her team was directly responsible for enabling a 100% growth in the adoption of ICE’s partner services and an over 100% increase in the adoption of our eClose technology. She challenges the norm and is always looking for ways to improve. Girouard likes to understand the problem before creating a solution, and she often leverages a mix of people, processes and tools to do so.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Do things before you feel ready. There will be opportunities offered to you that may feel uncomfortable, but trust in yourself and the confidence others have in you to take the leap.

Nicole

Senior Director of Product Marketing and Strategy

First American Data & Analytics

Nicole Goodman is a strategic leader for marketing, communications and PR initiatives for First American Data & Analytics. In her role as senior director of product marketing and strategy, Goodman guides multi-channel initiatives to launch and market several key new products and technology offerings. She has managed multiple teams to successfully coordinate all aspects of go-to-market strategy, key messaging, collateral production and execution management for key company initiatives. Goodman has proven to be a resourceful mentor to those she works with — her direct reports as well as her peers. She actively sends content and educational resources among her team and colleagues. She works with the sales department to identify lead-generation sources and educate them on specific marketing opportunities so that, together, they can develop the tactics that will generate the biggest ROI. Her collaborative and open approach to working together and sharing information and resources is one of her biggest strengths.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Never stop asking questions. No question is stupid and keeping my curiosity alive is critically important in helping me deliver the best results that I can.

Rogelio Goertzen II Director of UWM Sales United Wholesale Mortgage

Rogelio Goertzen II has more than 10 years of experience in the industry. His adaptability and execution as United Wholesale Mortgage’s (UWM) director of UWM sales has impacted the entire industry. Goertzen has been a driving force since joining UWM in 2014. As the first Spanish speaker, he would assist the entire company — as well as consumers — with servicing concerns. Goertzen understands the importance of consumer education because of his unique background, being ethnically Mexican-German, born in Canada but raised in the U.S. Goertzen follows the motto, “Faster, cheaper and easier,” or ”Rapido, mas varato, y mas facil.” Goertzen has been a part of onboarding 80% of the top brokerages, and his unique ability to merge processes has allowed these brokerages to scale at an accelerated pace. Recently, he has onboarded over 300 brokerages, which have been crucial to UWM becoming the No. 1 overall lender.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

The crossroads of passion and innovation to solve minuscule details that make an impact. Combined with structure, execution and passion to be the best version of yourself with the opportunity that today brings.

Courtney Graham is the chief marketing officer and chief people officer for Princeton Mortgage. Graham has approached the tumultuous housing market with steadiness and grace. From generating new referral partners and recruiting relationships to driving cost-cutting initiatives, her leadership played a huge role in Princeton being one of the only mortgage banks to grow year over year in 2022. Graham is one of the pillars that holds up Princeton Mortgage. Her influence can be seen in every part of the company. Graham is the architect for Princeton’s marketing machine — a driving force for yearly growth and increasing sales revenue. Through her efforts in 2022, loan officers increased their referral partner network and the company’s recruiting success has more than doubled. As chief people officer, Graham is focused on scaling Princeton’s company culture focused on delivering results and being humble, hungry and smart. This past year Graham had to make and execute some tough decisions that have enabled Princeton to continue to flourish amidst a difficult market.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Show up every day. Showing up means just starting. When you show up, you show intent. You do the hardest part: you start.

Goodman

Courtney Graham Chief Marketing and People Officer Princeton Mortgage Corp.

Matt Harbus Executive Vice President Freedom Mortgage

Matt Harbus serves as the executive vice president of Freedom Mortgage. He oversees both the origination division’s sales call center and the servicing division’s customer contact call center. Harbus’ teams service the mortgages of nearly two million homeowners representing over $452 billion in loans. Since joining Freedom Mortgage in 2015, Harbus has held a variety of leadership roles. He is a firm believer in collaboration as a core value among his teams. He noticed team inefficiencies making it difficult for some processes to be executed efficiently. Now, working as one collaborative team, the call center can manage its inbound and outbound call strategies more effectively resulting in better service levels to accommodate Freedom Mortgage’s customers. As interest rates have steadily increased since last year, the entire mortgage industry contracted. Harbus and his servicing team rolled out a new, real-time technology platform that enables specialists to have a 360-degree view of a customer’s information.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I always find the time to develop my leaders and work to build a culture that they can thrive in. Having strong leaders that I can depend on has allowed me to spend my time strategically planning for the best future for Freedom Mortgage.

Kelly Hebert First Vice President of Sales Operations and Marketing LERETA

Kelly Hebert founded a small property tax service startup that grew into a successful company acquired by LERETA. Now, Hebert serves as the first vice president of sales operations and marketing. Hebert brought her innovative and entrepreneurial skills to help grow the LERETA brand and increase market share. Her multifaceted experience in sales operations, product development and marketing makes her an invaluable resource for LERETA. Hebert’s passion for mentoring others and promoting an inclusive culture that lifts the contributions of LERETA employees overall makes her invaluable to the organization. She co-leads LERETA’s DEI initiatives, and in 2022 she helped create the company’s ESG policy. She is committed to promoting leadership and career-growth opportunities for her female colleagues. She has led initiatives to develop female subject-matter experts at LERETA. Hebert’s generosity of her time and talents benefits LERETA and has been a positive influence on alls who’ve come to rely on and respect her.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Know yourself. Know yourself very well. Be honest with what you’re good at and your strengths and limitations. We all have them.

Grace Harrison Marketing Events Director Auction.com

Grace Harrison, Auction.com’s marketing events director, is a business-minded leader. When the COVID-19 pandemic hit, Harrison had the challenging task of bringing events back to pre-pandemic levels and keeping the industry tethered and thriving by reaching out and growing our virtual connections to clients, servicers and companies. Today, Auction.com’s annual Disposition Summit meeting has over 75% participation at pre-pandemic levels. Over the last year, Harrison has expertly navigated the challenge of keeping Auction.com front and center as a crucial industry sponsor. Harrison plays a crucial role in amassing industry leaders to brainstorm and solve our industry challenges. Harrison also creates and fosters opportunities for Auction.com’s business development team to have industry-changing interactions with its clients. The company’s conferences, charity events, celebrations and sponsorship events, all directed by Harrison, have prompted critical industry conversations and decisions affecting our entire industry.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Never say no to an opportunity about something that interests you. This stems from leaning into what you’re passionate about.

Jozef Hlavek Digital Product Management Director Rocket Homes

Jozef Hlavek is the director of product management for Rocket Homes. Working with technology and analyzing data to drive achievement, Hlavek digs into the weeds of Rocket Homes processes to uncover better ways to develop products that make home buying or selling easier for consumers. Hlavek personally took on the Rocket Platform integration challenge and lead the internal process changes required to make the Rocket client experience much more seamless. By identifying and eliminating any disconnects between the technology and product teams, Hlavek ensures a collaborative process that fasttracks products for Rocket clients to utilize to make homebuying all the easier. Hlavek created a failure-friendly environment that encourages team members to lean on and trust one another as their ideas develop. This attitude allows Hlavek, the team and the company to grow together in the name of creating a better experience for the client.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Let feedback be constructive — not personal. I would tell my younger self to let go and trust the people around me.

Christopher Hussain CEO RealKey

Christopher Hussain has been an influential force in the mortgage technology space. He is now the CEO and founder of RealKey. Hussain’s vision is to move finance and lending out of the current inefficient application-centric approach and into a more document-centric approach. His plan would focus on improving the loan process over the intake of applications. With RealKey, he has built the world’s first truly intelligent document collection, review and communications portal that not only identifies all needed documents and dates for funding, but the underwriting of those files as well to eliminate painful touches and time lost in the process. Hussain leads from the trenches, from fundraising and leading sales teams, to providing thought leadership for marketing and growth modeling. Lenders and brokers have looked to RealKey as a cost-savings and efficiency tool that is much needed when they are looking to go lean and gain additional competitive advantages, which the RealKey automated loan processing platform provides.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

You will do great things, but it is not going to come without hard work and grit. Few are going to give you any help, so be prepared to do more in order to be more.

Ryan Jancula Real Estate Broker Compass

Ryan Jancula has achieved outstanding success as a real estate broker and industry leader, with over $750 million in sales. In addition to his position as a real estate broker at Compass, he is also a real estate investor and developer and has multiple luxury single-family developments. Jancula has made a significant impact in the luxury residential real estate market locally and nationally. Jancula’s effective communication and negotiation skills, combined with his integrity, professionalism and unmatched market knowledge, enable him to provide a seamless experience for his clients. His efforts have been highlighted by the Compass CEO as a standard for other agents in the brokerage. This combination of innovation and exceptional service has earned Jancula recognition as one of the top-selling agents in Los Angeles, while also being the youngest top-producing agent having created his business organically through a grassroots approach. He has proven to be a leader and trailblazer by breaking into a well-established and engrained agent community.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Lean in when facing adversity. Even when the odds are not in my favor, confronting challenges head-on with confidence, poise and charisma can lead to valuable experiences.

Dalip Jaggi Chief Operating Officer and Co-founder Revive Real Estate

Dalip Jaggi is a serial innovator, active entrepreneur, skilled technologist and passionate business leader. Today, Jaggi is the chief operating officer and co-founder of Revive Real Estate. Revive is an industry leader in the proptech space, and Jaggi has been co-piloting the company’s ascent. Leadership at Revive comes naturally to Jaggi as he was chief technology officer at Rich Uncles, the first privately held REIT to take on unaccredited investors. He also was the founder and CEO of Devise Interactive, an Orange County engineering studio. Jaggi also founded Forge54, a non-profit offering pro-bono marketing makeovers for other nonprofits. Leveraging these experiences, Jaggi brings to Revive — along with co-founder Michael Alladawi — an abundance of positive energy and enthusiasm that fuels his passion for leading by example. Company culture is paramount to Jaggi and his team. They credit positivity, kindness, compassion and empathy as powering their penchant for success.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Avoid shiny object syndrome. Building a business takes patience.

Andrew Jewett Chief Strategy Officer Anchor Loans

Andrew Jewett is the chief strategy officer for Anchor Loans, the nation’s leading provider of financing to residential real estate investors and entrepreneurs. Jewett is responsible for leading corporate growth and strategic initiatives. He also heads up the company’s client relations, pricing strategy, product development, intelligence analytics, competitor intelligence and marketing. Under Jewett’s leadership, Anchor has also launched new, innovative single-family rental and build-to-rent programs. The single-family rental program offers market-driven, competitive rates and guidelines for both new and seasoned investors. The build-to-rent program enables homebuilders to fund ground-up construction specifically built for rental purposes. The program offers competitive rates for new-construction funding that is converted to long-term financing for a seamless and streamlined transaction. In late 2021, he was deeply involved in Anchor’s acquisition by Pretium Partners, a specialized investment management company operating across the residential real estate space.

WHAT

IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Surround myself with talented people that I enjoy being around. Talented teammates can push you to be your best.

Victoria Keichinger Vice President of Brand Markteting

Coldwell Banker Real Estate

As vice president of brand marketing for Coldwell Banker Real Estate, Victoria Keichinger oversees national media and advertising. Since joining in 2014, Keichinger engineered the brand’s identity through new marketing initiatives designed to increase brand awareness and support diverse representation in real estate. Her creativity, dedication and passion have been a driving force behind the Coldwell Banker commitment to guiding people home every day. Keichinger was at the forefront of the launch of the brand’s 2022 Seller Strategy and “Dream” ad campaign, which were designed to encourage buyers to reach for their dream home. She created a targeted media plan to showcase the “Dream” ad campaign on major media platforms. Her guidance and industry knowledge led to a successful campaign launch with 34 pieces of earned media coverage and over 206 million impressions. Her media plans have led to dynamic media units for real estate and fostered brand integrations with top-tier partners like NBC, 20th Century Fox, MLB and Samsung.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Stay passionate. When you lead with passion, you allow your knowledge and creativity to shine.

Morgan Klabenes Senior Leader of Solutions Engineering CoreLogic

Morgan Klabenes joined CoreLogic in March 2021 and has quickly risen through the ranks to lead solutions engineering. As senior leader of solutions engineering, Klabenes is a key leader for high-profile client pursuits totaling $25 million in potential new revenue. From establishing the company storyline to refining the CoreLogic position and persona in the RFP process, Klabenes has led with extreme tenacity and professionalism. She understands both the operations of CoreLogic’s clients and its business. As a result, the creative solutions she drives to execution are true win-win scenarios. Klabenes educates and enables others to create equally beneficial solutions for CoreLogic and its clients. Her willingness to help the team and company by “leading from the middle” was inspiring to leaders and her peers across CoreLogic. Klabenes is improving teams through her laser-focused engagement. Whether it’s in product, sales, marketing or technology, Klabenes’ leadership drives CoreLogic’s teams to better solutions internally and externally.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Stop trying to fit in. Instead, find a company, culture and community that allows you to be your authentic self.

Azar Kheraj Chief Operating Officer OJO Canada

As the Chief Operating Officer of OJO Canada, Azar Kheraj played a critical role in OJO’s tremendous year of growth. In a series of blockbuster deals totaling nearly $200 million, Kheraj was instrumental in the sale of the Canadian operations of OJO to the Royal Bank of Canada, while simultaneously raising debt from Vista Credit Partners. Kheraj’s work has given liquidity to OJO U.S. in a time of housing market volatility. His expertise and relentless pursuit of making this milestone a reality ultimately shaped the entire trajectory of the company. Kheraj helped guide the company’s launch in Canada, working alongside partner and investor, RBC Ventures, to define a shared investment model for scaling. He developed a plan to accelerate the launch, outlining how much investment was needed, trade-offs, and ultimately what the expansion would look like once complete. Kheraj lead the months-long deal that enabled RBC to acquire OJO’s Canadian operations in early 2023. The transactions totaled approximately $200 million.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Constantly ask questions. Knowing what you don’t know allows you to learn quickly, deeply understand the complexities of what you’re working on and challenge the status quo.

Renee Lawlor Director of Operations Strategy Hometap

Renee Lawlor is Hometap’s director of operations strategy. Lawlor has gone above and beyond to demonstrate the company’s value of being “good owners of our work and good neighbors to our homeowners and each other.” Since joining Hometap in November 2021, Lawlor has owned this new role and improved the home equity investment process. Not only did she establish the new operations strategy function within the organization, but she also created a system for business leaders to keep track of cross-functional changes and drove a process documentation and verification system that created more than 350 job aids. After spending significant time with various roles across Hometap, she built a detailed and comprehensive investment process map that outlined nearly 400 activities and how each connects and contributes to the overall homeowner investment experience. Lawlor has a deep understanding of the need for transparency and collaboration across business units to maximize productivity and success.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

No complaints without solutions.

Nate Levin Managing Director Parker89

As Managing Director of Parker89, the proptech-focused venture capital arm of First American Financial Corporation, Nate Levin oversaw the launch of the Parker89 brand in 2022 and established its reputation as one of the most active proptech investors in the market. He is an incredibly knowledgeable investor, sitting on the boards of several startups Parker89 invests in and helping changemakers in proptech scale in an incumbent market. He takes a hands-on approach with the portfolio, bridging the gap between established, legacy mortgage companies and startups that are revolutionizing real estate business models. Under Levin’s leadership, Parker89’s investment strategy focuses on finding and supporting early-stage companies and entrepreneurs that are reimagining elements of the real estate process. He has a unique ability to connect the dots between startups and the larger mortgage establishment and provides both counsel and capital to these upstart companies. Levin provides resources for startups to deliver strong returns.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I take notes on everything. Even if I don’t think a piece of information is important, I still write it down, because it helps me retain information better.

Listanski National

President of Field Marketing Coldwell Banker Real Estate

Lindsay Listanski is the national vice president of field marketing for Coldwell Banker Real Estate. Listanski collaborates with key leaders in numerous departments to ensure alignment and execution within Coldwell Banker. Her depth of knowledge and expertise in public affairs, marketing and real estate shines through when collaborating with team members to design marketing strategies and national campaigns built to push Coldwell Banker forward in the real estate industry and guide consumers home. Listanski has been a key influence behind many Coldwell Banker national marketing campaigns and strategies including spearheading the latest addition to its suite of products. An advocate for diversity and inclusivity, Listanski was a part of the team that played an integral role in the launch of the Coldwell Banker’s Inclusive Ownership program — an industry-first franchise approach designed to help increase the representation of minority, women, LGBTQ+ and veteran entrepreneurs in the real estate industry.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Lifting others as I rise. Surrounding yourself with the best and brightest is key because no one moves up without a successful team around them.

Peter Lillestolen

Senior

Director and Co-head of targeted affordable housing

Freddie Mac

Peter Lillestolen is the senior director and co-head of targeted affordable housing at Freddie Mac. In a year when delivering on affordability was critical, Lillestolen co-led the multifamily targeted affordable housing (TAH) team to success — producing record results in Freddie Mac’s core retail business and low-income housing tax credit equity. He also exceeded 2022’s affordable housing goals. Lillestolen is a respected leader, a technical expert and an outstanding mentor. Lillestolen played a lead role driving Freddie Mac’s record affordable results for households earning 80% of area median income and below. His critical work led to approval by the Federal Housing Finance Agency (FHFA), resulting in substantial improvements to the terms and applicability of forward commitments. Lillestolen dug in, learned the business, implemented change and empowered his team to succeed. He has stepped into two new roles that have tested his leadership and expertise. He leads with commitment, drive and integrity.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Always assume positive intent. This includes treating others with respect and keeping an open mind.

Kayla Lopez Senior Vice President of Strategy UMortgage

Kayla Lopez is the senior vice president of strategy at UMortgage. Lopez played a key role in creating the blueprints that directly contributed to the continued growth and development of the UMortgage platform. In 2022, she led the daily operations of UMortgage’s business development, operations, marketing and business innovation teams as they planned and executed large-scale projects, underwent department restructurings and managed the consistent growth of the company. Lopez’s role as a leader directly embodies UMortgage’s core value to “get better every day.” While she helped lead UMortgage through a year of record growth in 2022, Lopez earned a master’s degree in organizational leadership. Whether she’s leading the innovation, marketing or business development team, she is approachable, compassionate and hands-on. She consistently reminds team members that they’re not just originating loans, but they’re helping to create life-changing opportunities through homeownership. This people-first mentality reverberates throughout the organization.

WHAT

IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Allocating time to discover new information, processes and practices. I shadow people, ask questions, read books, and meet with people both in and outside of the industry.

Lindsay

Vice

Michael Lucarelli CEO and Co-founder RentSpree

Under CEO Michael Lucarelli’s leadership, RentSpree has grown over the past six years into an award-winning seamless platform for real estate agents, owners and renters. It simplifies and automates the entire rental process, from listing to lease. Through his diligence and tenacity, Lucarelli was able to successfully complete another round of funding in 2023 and secure a spot on the Inc. 5000 list. Lucarelli’s leadership also lead the company to reach over one million users, creating a substantial impact on the rental industry and ultimately people’s lives. Through constant development, RentSpree is further empowering those in the rental process by offering such essential features as the easy-to-use, all-in-one tenant screening as well as its latest rent payment tool. RentSpree has seen an average monthly increase of rent collected via this latest feature by more than 30% year to date as of August. Given this trajectory, RentSpree will process more than $160 million in rental payments over the next 12 months.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

The future of entrepreneurship is dependent on entrepreneurs and business leaders truly knowing their place in the market, and using data to deliver targeted strategic value.

Melinda Maloney Director of Business Line and Field Marketing ServiceLink

Melinda Maloney is a collaborative marketing leader with a knack for breaking down complex processes into easy-to-understand messaging. As director of business line and field marketing at ServiceLink, Maloney connects ServiceLink’s lender partners with the technology they need to keep pace with an evolving marketplace. A recent graduate of ServiceLink’s prestigious, invitation-only leadership academy, she has further honed her skills through the academy’s formal programming. The academy focuses on emotional intelligence, managing multigenerational teams, performance management, conflict resolution and much more. Maloney lives the tenets and values of the ServiceLink organization and inspires those around her to rise to the occasion and bring their best selves to work each day. Her ability to think strategically and act with empathy, coupled with her curious nature and constant commitment to learning and growing her skillset, make her one of the industry’s leaders to watch.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

“Clear is Kind.” I think every young person should understand and hear that.

Brandon Lwowski Director of Research HouseCanary

Brandon Lwowski is the director of research at HouseCanary. Lwowski credits his quick rise to his unique background. Prior to entering the housing industry, Lwowski worked as a high school math teacher. Through that experience, he developed listening and communication skills that have helped him stand out among his peers. He used those skills to initiate important projects at HouseCanary. He has been a significant part of HouseCanary’s tackling of appraisal bias. Lwowski has used his position at HouseCanary to research racial bias in the housing industry. He co-authored a whitepaper titled, “Reducing Racial Bias in Home Appraisals Using Automated Valuation Technology.” The report demonstrated how appropriately trained AVMs can eliminate bias toward homeowners, thereby creating a fairer appraisal process. Lwowski can operate as a team of one, taking ownership over important projects, or as a team of many, responsible for overseeing innovation at an innovative company.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

The skills I used as a teacher — communicating clearly and listening — were essential when pursuing projects at HouseCanary.

Reno Manuele President Neighborhood Loans

Reno Manuele serves as the president of Neighborhood Loans. His innovative and creative approach to business has encouraged young loan officers to think outside the box and come up with new strategies to retain real estate agent relationships. Manuele’s commitment to his employees and his customers is reflected in his approach to business, which focuses on providing exceptional service, building trust and fostering long-term relationships. As a result of his leadership, Neighborhood Loans has become one of the most respected and successful mortgage lenders in Illinois and expanding nationwide. As a leader, Manuele has created a family atmosphere within Neighborhood Loans. He goes above and beyond to listen and care about every member of the company whether they are part of the leadership team or work on the operations side. Manuele and his team built a company that empowers people with technology and by doing so they have won multiple accolades.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Tough times don’t last, tough people do.

Greg Middleman Senior Vice President Freedom Mortgage

Greg Middleman serves as senior vice president at Freedom Mortgage. He oversees correspondent pricing, counterparty risk, the MSR exchange program and tech teams. He has led numerous projects to modernize internal systems and external facing sites, which have improved customers’ overall borrowing experience. Middleman is on the executive strategy team, and he is a leader in discussing the best course of action for Freedom Mortgage to take to continue to grow and stay in business. Last summer, Middleman was tapped to oversee the Freedom Mortgage servicing rights (MSR) exchange platform. Within a few months under Middleman’s leadership, the Freedom Exchange MSR trading platform has become a new revenue stream for the company, which has topped $4.5 billion per month UPB, in terms of total loans. Moving forward, Middleman will take on and manage Freedom Mortgage’s banking relationships and work closely with other leaders to improve the company’s overall warehouse lending strategy.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Making sure that I listen more than I speak. This allows me to gain as much information and perspective as possible and enables me to make better decisions.

Amanda Morrow Director of Investor Relations Atlantic Bay Mortgage

As Director of Investor Relations at Atlantic Bay Mortgage Company, Amanda Morrow wears many hats. Morrow radiates fun and genuine devotion, and she remains eager to help those around her. Not only does Morrow possess an Accredited Mortgage Professional (AMP) designation, but she is also an active regional and national Mortgage Bankers Association (MBA) member. Morrow’s drive and attention to detail assist in developing strong bonds with external constituents and coworkers alike. Morrow coordinates agency and investor relationships and works closely with credit risk and policy to ensure that Atlantic Bay has the means to offer industry-leading products and programs. Morrow recognizes the opportunity to learn and grow from each new challenge. Her voracious appetite to develop and continue advancing her craft is reflected in her consistent effort in the workplace. She finds innovative ways to assist in a variety of campaigns across departments. She is versatile, never backs down from a challenge and is laser-focused on creating strategic efficiencies.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Know what you are and know what you’re not. Having the self-awareness to play to your strengths and leverage your areas of opportunity is imperative to achieving your goals.

Jonathan Morales Managing Director Graystone

Jonathan Morales is the managing director at Greystone. A CPA by training, he looks beyond the numbers to find creative financing solutions for his clients. Since joining Greystone 12 years ago, Morales has managed almost $1 billion in originations. Even amid the uncertainty of the COVID-19 pandemic, his average annual volume increased by 37%. Morales’ success lies in being a trusted business partner and innovator for his clients — not solely a lender — he’s his clients’ go-to guy for navigating day-to-day operational challenges and larger business issues in affordable housing and beyond. Morales’ passion for getting to the heart of the matter for clients exemplifies Greystone’s “people matter” philosophy. Morales’ leadership style is to mentor by example so that his team has the same curiosity and care about their clients as he does. He is currently developing new product offerings that are designed to help Section 8 property owners in the current rising costs market environment.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Take a deep breath, be intentional and trust the process.

Andres Munar Owner and President Co/LAB Lending

Andres Munar is a visionary leader in the mortgage industry who has made a significant impact on his brokerage and the wider community. As the founder and CEO of Co/LAB Lending, Munar has pioneered the role of mortgage brokers in Puerto Rico. Under Munar’s leadership, Co/ LAB Lending has achieved remarkable success, with record-breaking growth and a loyal client base. He has instilled a culture of collaboration, transparency and accountability. Moreover, Munar is a passionate advocate for the mortgage industry, serving as the AIME hispanicé committee vice chair and actively engaging with other trade organizations to promote best practices and advocate for industry professionals. He is dedicated to his team’s growth and success. He leads by example, setting high standards for himself and his team, and is always pushing for continuous improvement. His unwavering commitment to excellence and his team’s success makes him a true asset to Co/LAB Lending.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Time boxing has helped me achieve success in my business. By setting aside dedicated time blocks for specific tasks, I am able to increase my focus, productivity and efficiency.

Thu-Lynn Nguyen Vice President of Marketing InterLinc Mortgage

Thu-Lynn Nguyen, vice president of marketing at InterLinc Mortgage, is a results-driven marketing executive. Nguyen has a proven track record in business development, integrating technology and creating demand-generation strategies. She has spearheaded multiple growth and culture initiatives, achieving impressive results that have positively impacted production and employee engagement. One standout is the customer experience initiative, an integrated tech-stack tool that enables loan originators to submit a lead and have it nurtured within minutes, with continuous communication until it becomes an application. Beyond her work at InterLinc, Nguyen is a prominent member and writer for the Forbes Communication Council and contributes to The Dubs, a financial services newsletter for marketers. In 2022, Houston Agent Magazine named her as a who’s who of Houston real estate. As a committee member of the InterLinc family foundation, she has helped raise over $120,000 in donations for approved charities.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Don’t focus solely on material possessions and financial success. True wealth lies in the quality of our relationships.

Jason Nicosia Senior Vice President

of Expansion Better Homes and Gardens Real Estate

Jason Nicosia joined Anywhere.RE in 2018 and has quickly risen through the ranks to run franchise expansion nationally for Better Homes and Gardens Real Estate (BHGRE). He is highly engaged in the growth of more than 400 affiliated BHGRE offices and the next chapter of growth of the iconic BHGRE brand. Nicosia’s background in real estate technology as well as franchising has helped him integrate quickly into the Anywhere.Re leadership team and offer growth strategies to the BHGRE-affiliated companies nationally. Nicosia represents a new chapter of growth for this iconic brand. Working closely with the largest affiliates in the BHGRE network, Nicosia’s background in large M&A deals has proven useful in identifying and executing on M&A opportunities. In 2022 alone, BHGRE saw more than 43 million new GCI join the brand via affiliation and M&A activity. Nicosia is also an active mentor to sales professionals in various roles across the real estate industry, specifically in real estate franchising.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Finding good mentors. Seeking out mentors has tremendously helped both my knowledge and growth in the industry.

Tony Nguyen Loan Officer

Supreme Lending

Tony Nguyen, loan officer at Supreme Lending, has been in the mortgage origination industry since 2006. Along with his years of origination experience, Nguyen ran his own mortgage office and worked as a market leader providing mortgage support for over 40 retail bank locations across the Dallas metro area. Nguyen is a top 10 loan officer at Supreme Lending, having closed 141 loans for $60.1 million in volume in 2022. Nguyen is continually looking at ways to improve and works every day to become more efficient in his role. His business philosophy is to focus on two significant factors: efficiency and communication. As a leader, Nguyen enjoys mentoring and using his experience to help everyone, from guiding a first-time homebuyer to helping out new loan officers in the industry. In addition to his work at Supreme, Nguyen is very involved in the Asian Real Estate Association of America on both a national and local chapter level. He was the chapter president for the Dallas chapter from 2019-2020.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Stay focused and don’t let distractions steer you away from your personal goals.

Perez Barletta Attorney Ligris + Associates PC

Elizabeth Perez Barletta is a residential real estate expert. With over 15 years of experience, Barletta is a valued member of the Ligris + Associates PC team. She not only brings a strategic perspective to the firm but has compassion for all of her clients to help close any deal. Barletta’s commitment to clients and referral partners is simple: she will do her best – every single day. She strives to help clients understand the process of buying and selling a home. Barletta prides herself on educating her clients and providing a superior experience that leads to repeat business and loyal clients that return when it is time to sell or buy a home. Not only has Barletta brought in new clientele and continues to build a loyal brand, but she also established her own legal team. The Barletta Team helps residential buyers and sellers in the Greater Boston area. Barletta is actively committed to helping not only her clients but her community. She develops and publishes engaging videos on her social media accounts in both English and Spanish to help people understand her services as a real estate attorney.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

My team members and community help me succeed. Together, you can go much further to support and grow a client base.

Elizabeth

Matt Pettit President Arrive Home

Just as he was beginning his career in mortgage, Matt Pettit realized that getting down payment assistance is more difficult than it needs to be. So, he teamed up with colleagues to establish Arrive Home, a social enterprise dedicated to helping responsible borrowers in underserved communities through alternative credit solutions and down payment assistance programs. As president of Arrive Home, his goal is to tear down the barriers that prevent unconventional — yet creditworthy borrowers — from securing a home loan. Pettit’s mission was to change the way lenders view down payment assistance by educating the industry about these programs and providing technology that makes these loans less burdensom. The idea is to work with governmental entities, lenders and nonprofit groups to offer innovative mortgage products and loans to reliable borrowers who qualify under FHA guidelines. For Pettit, building a system that makes down payment assistance accessible for correspondent lenders is key.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Treat others how you want to be treated. I try to take the time to really understand the people I work with on a personal level.

Rahkiya Reid

Associate Broker

Keller Williams Preferred Properties

Rahkiya A. Reid is a highly accomplished associate broker and Realtor with Keller Williams Preferred Properties. She is known for her performance in the real estate industry. With over nine years of experience as a salesperson and investor, she has been an impactful leader of millennial agents in her market center. Reid’s professionalism and commitment to detail have earned her respect and repeat business from her clients and colleagues, as well as recognition through various awards and accolades. She has served on her market center’s board of directors and has contributed to the implementation of several training and engagement activities in the office. Rahkiya has been named among the Top 50 in Prince George’s County Association of Realtors and ranks in the Top 10% of individual agents at Keller Williams. She is passionate about representing millennial women entrepreneurs in her industry and community and serves on the Board of Directors of The Prince George’s County Association of Realtors as the youngest serving member.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Don’t be afraid of failure. I’ve come to realize that failure is an inevitable part of life. It’s how we learn and grow.

Sunny Ramamurthy Senior Product Leader CoreLogic

Sunny Ramamurthy is the senior product leader at CoreLogic. Ramamurthy has a strong product vision and empowers his product managers and analysts to ease the home buying process and provide an exceptional user experience to homebuyers. Ramamurthy’s leadership for the OneHome Product has enabled one billion listing views through 2022 and empowered more than 600,000 agents to serve more than 10 million prospective homebuyers. Ramamurthy is a leader who brings energy, enthusiasm, collaboration and execution to any initiative. He drives innovation and empowers his product managers and analysts to be innovative and deliver on client commitments. He drives alignment on priorities, supports where needed and makes the work fun. He listens to his customers and creates a strong focus on serving the customer through “voice of client” sessions, and he personally meets with countless agents, brokers and MLS executives in continuing to refine the product to help them better serve the real estate industry.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Be your own benchmark and never stop improving on what you have built and what you deliver.

Sarah Oji-Reynolds CEO EmpowerHome

Since being named CEO in 2009, Sarah Oji Reynolds has made it her mission to disrupt the real estate industry while maintaining the value of the Realtor. EmpowerHome has grown to serve buyers and sellers in 12 unique markets across the U.S. under Reynolds’ leadership. She has cast a vision for EmpowerHome to one day operate in 100 major metropolitan areas, serving 100 families a month and giving back $1 million to local charities in each area served. Reynolds brought a mind for lead generation, marketing and team building with her when she joined the team. Reynolds is passionate about maintaining the value of a Realtor, and the direct-to-consumer approach of EmpowerHome embodies her passion. EmpowerHome Agent Partners are provided with qualified appointments generated from the lead generation and unique client program strategies Reynolds has led for over 13 years. By providing appointment opportunities as well as administrative and operational support, EmpowerHome’s model allows agents to focus on what they do best — serve people.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Drinking water. I was 100 pounds overweight, so extremely unhealthy. Gary Keller said to me, “You can’t make an impact if you are dead.” It stung to hear that and it was so powerful!

Nuria Rivera CEO Novation Title Insurance Agency

Nuria Rivera is the CEO of Novation Title Insurance Agency. Rivera’s efforts have helped companies create more freedom for their founders, disrupt the status quo, increase profits and attract and retain high-level talent. Novation Title provides high-ticket life training, dream-coaching, masterminds, financial literacy, non-profit work and travel experiences, to name a few. Originally from Mexico, Rivera is now actively teaching corporations and businesses how to synergize and incorporate feminine energy into workplace culture. As the 2023 National President of the National Association of Hispanic Real Estate Professionals (NAHREP), Rivera uses her success to teach leaders and employees how to listen and support, while keeping high standards. By integrating empathy, communication and accountability into high-stress environments, Rivera has empowered individuals to reach their full potential. She has successfully created the tools to redesign and amplify people-first leadership and teams with record-high retention rates.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

To feel the fear and go for it anyway!

Shailendra Singh Director of Software Engineering Sagent

Shailendra Singh is the director of software engineering at Sagent. Singh has over a decade of software engineering experience in America’s $13 trillion servicing sector. He leads by example through Sagent’s core values: relentless, relevant and reliable. LoanServ touches every part of the mortgage lifecycle, from onboarding and real-time payments to disbursements and insight/visualization around loan performance and cash flow to secondary-market reporting. Over the last 12 months, Singh listened to Sagent’s servicing customers and delivered three high-priority features that meet their most pressing needs. Singh leads his 150+ global team of fintech professionals in-line with best practices around operational stability. He has nurtured a team culture that emulates his infectious compassion and curiosity. Singh’s leadership is grounded in respect, empowering his team to make key decisions that meaningfully shape how Sagent affects real improvement.

Saurabh Shah Co-founder InstaLend

Saurabh Shah is the co-founder of InstaLend Corporation. He is the face of InstaLend and spends time speaking to clients, representing the business at conferences and giving keynote talks. This has directly translated into organic inbound leads for the business. Thanks to his efforts, InstaLend was recognized as one of the fastest-growing companies in the U.S. for 2022 as part of the Inc. 5000 list. Through Shah’s vision and leadership, InstaLend has empowered thousands of real estate entrepreneurs to access capital that allows them to redevelop neighborhoods. This has translated into the creation of more jobs as every real estate loan made by InstaLend creates roughly six jobs. By lending to house flippers and empowering real estate entrepreneurs, Shah has helped them realize their vision of generating passive income.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Work hard and stay humble. Relentless effort always speaks for itself, and the job is never quite done.

WHAT

IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Acknowledging the importance of understanding customer requirements by having direct conversations with our clients.

Scott Slezak

Vice President and Underwriting Leader United Wholesale Mortgage

In his role as Vice President and Underwriting Leader at United Wholesale Mortgage (UWM), Scott Slezak is essential in the development and launch of new technologies. Slezak is responsible for arranging successful product launches, and he ensures team members across many departments possess a clear understanding of policies and procedures. Slezak has proven to be a pillar of leadership at UWM. His consistency, reliability and thoughtfulness have been instrumental in the company’s launch of well over 100 new products and technologies over the past year. Additionally, he has contributed key insights that led to successful program initiatives such as enhancements to UWM’s TRAC program, and the launch of HELOCs. Slezak epitomizes continuous improvement and demonstrates this on a day-to-day basis. He is never content with having a “good enough” mindset, instead Slezak is constantly pushing himself and others to find better ways to overcome challenges.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Constant over-communication. Regular check-ins, setting clear expectations and reminding others of the goal at hand.

Jeff Smith Vice President of Marketing Guarunteed Rate

Jeff Smith, vice president of marketing, has been a key driver of growth for Guaranteed Rate’s marketing platform offering. He successfully migrated several joint ventures to the Guaranteed Rate marketing platform ecosystem, grew platform adoption by 20% and added four new integrated vendors to the company’s offering. Additionally, Smith demonstrated leadership and technical skills in launching an enhanced pricing integration with Total Expert. It was a major achievement that has increased our compettitiveness in the industry, while greatly improving our overall offering. Smith played a vital role in several company acquisitions. Throughout these efforts, he has consistently prioritized the company’s best interests and demonstrated an entrepreneurial mindset that motivates his team and others to take ownership of outcomes. He leads his team with transparency and unwavering commitment to the betterment of the company. When challenges arise, Smith takes the initiative to drive solutions.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

“You can teach anyone anything, except for work ethic.” This is something that my mother instilled in me at a young age.

Ori Tamuz CEO and Co-founder DoorLoop

Ori Tamuz, the co-founder and CEO of DoorLoop, has led the company to tremendous success. Tamuz’s deep understanding of the real estate industry, his passion for building user-friendly technology and his previous success in building and selling software companies, primed him to guide DoorLoop through its growth, revolutionizing the property management industry. He leveraged his extensive experience in software development and real estate investing to build a revolutionary proptech startup. Tamuz was instrumental in securing $20 million in Series A funding from ASG, assembling a team of industry experts and driving the growth and expansion of the business. His experience as a property manager inspired him to create DoorLoop, a platform designed to streamline and simplify property management workflows while providing the most user-friendly experience in the market. Tamuz’s vision and passion for building intuitive software have been essential to DoorLoop’s rapid ascension to a market leader in property management technology.

Brandi Snowden Director of Member and Consumer Survey Research National Association of Realtors

Brandi Snowden is the director of member and consumer survey research at the National Association of Realtors (NAR). Snowden creates and analyzes new survey research data, and she works to innovate existing survey research. Snowden strives to produce and display data in ways that are easy to understand so that the research can be utilized through various outlets, including traditional and social media and various NAR committees. She is the lead researcher on the Real Estate in a Digital Age report, the Technology Report and the Profile of Home Staging Report that looks at how Realtors use technology in their daily business, Realtor technology usage and the effectiveness of home staging, respectively. Snowden reflects NAR values through her survey work and her outreach to share these findings with NAR members who utilize the data in their everyday businesses, consumers and members of the media. Her work with consumer data touches on the importance of DEI and Fair Housing.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

A professor told our class before we took his midterm exam that we shouldn’t worry too much because his test probably wouldn’t be the most important thing that we did that day.

Brittany Tei Director of Operations Technology Thrive Mortgage

Brittany Tei is the director of operations technology at Thrive Mortgage. Tei has an extensive background in technology development, process automation, robotics and project management. She provides process improvements through the adoption of process-driven automation as well as data-driven decisions to create greater workflow efficiency. Since joining Thrive in early 2021, Tei’s role has been to spearhead multiple initiatives related to expanding the innovative lender’s capabilities. Tackling a project dubbed internally as “The Mortgage Genome Project,” Tei and her team have worked to identify inefficiencies in existing processes and replace that inefficiency with advanced technology. In an industry of continually shifting conditions, from margin compression to capacity concerns, Tei’s contributions to the research and development of innovative solutions have laid the foundation for Thrive Mortgage to be a leader of innovation that propels the industry forward.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Put your people first. Building a team of talented, passionate A-players is the surest way to create a business that lasts and makes a real impact in others’ lives.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Don’t wait for someone to present you with an opportunity. Make your own opportunities!

Brian Tolkin Vice President of Product Opendoor

Brian Tolkin is the vice president of product at Opendoor. Over the past five years, Tolkin has played a critical role in shaping, building and ultimately leading Opendoor’s innovative product teams. Tolkin has created and launched some of Opendoor’s most cutting-edge products. From digitizing Opendoor’s entire customer experience to shepherding a product partnership that brought together two category leaders to fundamentally transform the way people move, Tolkin is helping to lead the digital evolution in real estate. His work spans Opendoor’s field operations, sales and support tooling, and enterprise and growth platforms. He enables Opendoor to build better products and produce more consistent results. Tolkin is the epitome of “1% Better Every Day” — one of Opendoor’s nine operating principles. He is a culture champion for all Opendoor employees. Whether he is leading companywide meetings with mediocre jokes, passionate customer stories or in-depth product tutorials, Tolkin is a role model within the company.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I am an early riser and use the extra morning hours to get a jumpstart on the day. With the extra hours, I will either work out, connect with people in other time zones or simply focus on the day ahead.

Dave Umphress Operating Principal and Founder Flourish Real Estate Network

Dave Umphress is the operating principal and founder of the Flourish Real Estate Network. Umphress dreams big and gathers people around him. He firmly believes that the purpose of business is to create the world you dream of, and he dreams of a world of equity, opportunity, health and housing for all. Much of the volunteer work that Umphress and the Flourish agents are involved in focuses on human flourishing in the Denver metro area. For instance, Umphress and his team can be found at Gracefull Cafe, a pay-what-you-can cafe in their area serving delicious food and dignity to those currently experiencing homelessness. Umphress’ leadership shows up most in casting big visions and helping chart a course to achieve big goals. He firmly believes that Flourish Real Estate has the chance to change the world, and that is thanks to its incredible agents running incredible businesses. When they hit their goals, the organization can have a much greater impact than they thought possible.

Nate Trunfio Chief Revenue Officer

Lima One Capital

As Chief Revenue Officer of Lima One Capital, Nate Trunfio has led the company to industry-leading originations through a diverse approach. He built a sales organization that includes channel expansion, team growth, salesperson development, geographic expansion and go-to-market strategies. Trunfio joined Lima One Capital in late 2020, and he has led the maturation of the sales team, including the addition of three new sales channels, commercial real estate, lender finance and wholesale. He doubled the size of Lima One’s sales team while also growing production on a per-person basis, proving how his leadership has enabled existing and tenured salespeople to level up and grow while newer sales reps ramp up their production at a pace faster than previous years. Trunfio is passionate about leadership and is known for creating a positive and motivational sales environment. He focuses on setting expectations so that the team can be held accountable for succeeding on a personal and team level.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Karol

Villavicencio

Director of RegCheck Operations and Product Management Asurity

Karol Villavicencio serves as the director of RegCheck operations and product management at Asurity. Her level of regulatory compliance expertise, coupled with her software application knowledge, made for a perfect fit to guide Asurity’s RegCheck product design and forward strategy. Villavicencio was elected to serve as the educational representative on the MISMO regulatory compliance examination file working committee. Unafraid of diving into the details or rethinking traditional practices in her sector, she crafted a roadmap to ensure all regulatory test suites were not only compliant, but enhanced. Taking advantage of an all-new technology stack, Villavicencio worked closely with Asurity’s development team to add product features — all with an eye toward establishing the industry-leading solution. She provided the vision to build out a new and enhanced UI for the RegCheck product. Her vision is intuitive and innovative, enabling Asurity to gain market share rapidly following formal product launch.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

“Where do you see brokenness in your industry, and how do you feel like you’re being called to address it?” wrecked me.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Reading. I started using reading as leverage early in my professional career to figure things out in the absence of resources.

I have a passion for inspiring personal and business growth in myself and others. Being a lifelong learner who seeks continuous and never-ending improvement is truly my “why.”

Jennifer von Pohlmann Senior Director of Content and PR ATTOM

Jennifer von Pohlmann oversees the public relations and content programs for ATTOM, including the strategic planning and development efforts for all internal and external communications. She directs the company’s message among national print, broadcast, trade and regional media outlets, as well as creating unique data-driven stories relating to all things real estate while driving engagement and increasing leads. Since joining ATTOM in 2010, von Pohlmann has played a key role in the company’s rebranding efforts, aiding in its strategic M&A initiatives and driving the company’s mission of serving as a one-stop shop for premium property data. Under von Pohlmann’s leadership, ATTOM’s bold PR campaigns and rich content initiatives continue to maximize exposure and increase traffic, further demonstrating the company’s commitment to serving as a transformative information and property data services organization that fuels innovation, growth and strategy for its customers.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

I am a firm believer in learning through doing. Therefore, I make it a habit to never ask twice.

Mike Vough Vice President of Hedging and Trading Products Black Knight

Mike Vough is Black Knight’s vice president of hedg - ing and trading products, Optimal Blue. He is a respected and valued go-to advisor. His vast expertise, combined with the sophisticated secondary marketing technologies he directs, bolsters Optimal Blue’s broad client base with more effective operational and competitive strategies. Under Vough’s direction, these integrated solutions support clients’ unique business strategies for the capital and secondary markets, no matter how complex, and he is leading technology innovations that represent the next generation of hedging and loan trading. Vough leads by example and his ability to both manage from the top and get down in the trenches are inspirational to his team. He is a trusted expert in capital markets, can personally code the solutions he creates, and is able to clearly communicate with professionals at all levels of an organization. His passion for developing knowledge and innovation are the embodiment of Black Knight’s company values.

WHAT IS ONE HABIT THAT HAS HELPED YOU SUCCEED?

Always be willing to roll up my sleeves and get my hands dirty. Learning and completing an entire process like team members or customers have to will give you a more complete insight into the issue you are attempting to solve.

Chris Wade Director of Data Operations Showcase IDX

Chris Wade is the director of data operations at Showcase IDX. Wade has managed data licensing and compliance for one of the largest MLSs in the country. In his time at Showcase IDX, Wade has led the growth of their “data footprint” from 102 MLS feeds, and an estimated 64% of total U.S. listing coverage, to over 330 feeds. He also spearheaded the company’s drive for 50-state data coverage and ensured the top 225 MLSs were connected to the Showcase IDX system. In his current role, Wade leverages his knowledge of the unique methods of transport and standardization used within the real estate industry to help data engineers build the most robust system possible. Wade’s familiarity with the MLS feed onboarding and maintenance processes, from start to finish has made him a natural leader in this area. Not only does the engineering team come to him with technical questions on data transport, but the operations and customer support teams rely on him to help navigate the MLS licensing and compliance ecosystem.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Dream big, deliver small. One thing I see time and time again is teams coming up with great ideas, but failing to deliver on them.

Lyra Waggoner Chief Innovation Officer Movement Mortgage

Lyra Waggoner is the chief information officer at Movement Mortgage, and she relies on her 18 years of mortgage industry experience to pioneer the creation of proprietary loan origination and servicing platforms. Waggoner has implemented solutions that yield quick wins for the business while maintaining an eye on the long-term goals of the company. She is leading the build of the most personalized sales enablement platform in the mortgage industry. Waggoner has attracted a team of some of the most accomplished technology leaders to Movement because of her strong leadership, well-articulated vision and reputation for execution. Waggoner is an active change agent in that vision. She believes that technology, culture and product focus collectively drive results for sales teams, and she has a passion for empowering her team with everything they need to succeed. Her unique approach to relatable professionalism makes her a strong leader and one who truly embodies Movement’s mission to love and value people in everything the company does.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Become an expert on all aspects of the mortgage business instead of only focusing on technology.

Xun Wang

Vice President of Credit Decision Models

Freddie Mac

In her tenure at Freddie Mac, Xun Wang has been at the center of the organization’s efforts to improve the automated underwriting system, Loan Product Advisor, so that it yields more accurate results. As the vice president of credit decision models, Wang and her team have set the gold standard for a model community. Wang specializes in mortgage analytics and complex data science methodologies. She has taken the lead in developing challenger models and ensuring that the models are built in robust ways that will allow them to be more resilient in the face of future shocks. Wang possesses the knowledge and ability for abstract thinking and formulating ideas, allowing her to analyze and diagnose problems with creative solutions. She motivates her team by supplying thought leadership and promoting productivity, balanced with proactively inviting ideas and innovations to the work. She created an inclusive culture that prioritizes long-term goals, encourages collaboration and aims to achieve business outcomes.

WHAT IS THE BEST PIECE OF ADVICE YOU HAVE EVER RECEIVED?

Never stop learning. It encourages me to seek out new experiences, explore different perspectives and always challenge assumptions.

Katherine Warren Director of Learning and

Development PropStream

Katherine Warren is the director of learning and development at PropStream, and she is an instructional design maverick. Warren has a gift for translating complex real estate concepts into interactive, easy-to-understand lessons. She has contributed to the success of the PropStream Academy with tens of thousands of enrollments and an abundance of satisfied reviews from happy students. Internally, her commitment to the growth of her fellow team members has resulted in new initiatives. Most recently, Warren and her team have implemented a series of growth and industry-focused events aimed at providing opportunities for internal employees to not only grow in their knowledge of how the real estate market impacts our team, but also focuses on personal growth and development. Warren’s excellence and commitment to creating a positive impact on the real estate industry are evident through her work as an instructional design leader at PropStream.

WHAT IS ONE THING YOU WOULD TELL A YOUNGER VERSION OF YOURSELF?

Take the leap of faith and take steps toward change, even if the timing is not perfect. Waiting for the perfect moment can lead to missed opportunities and regrets later on.

HW+ community!

REAL ESTATE TRENDS TO KNOW FROM THE 2023 HW RISING STARS

THE REAL ESTATE INDUSTRY has been revolutionzed by technology in recent years. Databases, digital valuation, online communication and more functionalities are all standard to both homebuyers and industry professionals. No one is more on the cutting edge of these changes than the HW Rising Star honorees.

The theme of the June/July issue of HousingWire Magazine has long focused on real estate, so this year, we spoke with several of the Rising Star honorees working on the real estate side of the housing ecosystem.

These professionals are agents, proptech leaders and broker owners who have achieved great success at under 40 years of age.

Check out their answers to all the pressing questions in the industry today: What are the biggest challenges facing real estate? What is the next frontier in real estate technology? How’s the market? And, what’s going on with housing inventory?

Plus, read up on each of these leaders’detailed bios starting on page 32 to get the inside scoop on how they found their success, the advice they would give their younger selves and the habits that helped them get where they are today.

ASHLEY BLACKMORE, CEO AND FOUNDER, BLACKMORE GROUP

HOUSINGWIRE: AS A 2023 HW RISING STAR WINNER, WHAT ARE YOU MOST PROUD OF YOURSELF FOR ACHIEVING AT SUCH A YOUNG AGE?

Ashley Blackmore: Real estate is not an easy industry. The first thing that comes to my mind when answering this question is the word “confidence.” In my community, there are a lot of real estate agents in comparison to the population, and it took me quite a few years to be confident in myself and get over “imposter syndrome.” I knew I could do something completely different for listings than what others were doing, but I had to be confident enough to really bring that to the table. I stuck with it even in my days of doubt and became confident enough to open an independent real estate brokerage firm that now operates with 12 other agents. Without that confidence and belief in my vision, I wouldn’t be where I am now.

HW: WHAT TRENDS IN REAL ESTATE ARE YOU MOST EXCITED ABOUT?

AB: I am most excited about a balance in our industry. I know many areas are freaking out about it, but it’s time for the wave to adjust. Being born and raised in Durango, Colo., it has been pretty stressful seeing young families who can’t afford our area. They are being pushed out of the market. Durango is a wonderful place to raise a family and live an outdoor lifestyle. I am excited for our interest rates to balance out and for buyers to be able to make the move to our area.

HW: WHAT ARE THE BIGGEST CHALLENGES FACING THE REAL ESTATE INDUSTRY?

AB: There are many challenges facing the real estate industry, but the biggest challenge I see actually comes from agents themselves. Over the last few years — especially during the COVID-19 pandemic — agents got somewhat relaxed in how they do business. Many wouldn’t call other agents back because they were too busy negotiating multiple offers. Some were turning down business. That’s a big challenge as we move to an adjusted market. You cannot take back how you made people feel, and I see many agents having issues once the “gravy train” has slowed down.

The financial markets are another challenge. I see us transitioning back to the basics. Crypto, the stock market, mortgage lenders and politics all dramatically affect the real estate industry. As we move through this season, I do see us facing challenges in those arenas. Exceptional customer service will still seal the deals. The agents that are above average caliber will continue to thrive in my opinion.

“Without confidence and belief in my vision, I wouldn’t be where I am now.”

- Ashley Blackmore

HW: WHAT ARE YOU DOING TO STAY AHEAD IN THIS TOUGH MARKET?

AB: To stay ahead in this tough market, we are continuing to do our best. I know a lot of agents coming from a scarcity mindset who are afraid they won’t do as many deals. Blackmore Group is upping our dollar spend from the brokerage advertising, all the way up to our listings. We continue to do our amazing lifestyle videos, SEO marketing and ramp up the same as we always do. With fewer deals to be found, people need to know they have an agent who is not afraid to spend the money and go the extra mile. We want people to know that we are the best, no matter the market.

HW: DO YOU HAVE ANY FIVE- OR 10-YEAR GOALS FOR YOUR CAREER OR YOUR COMPANY?

AB: My five-year goal for Blackmore Group is to dominate the luxury market and focus on our community values. The driving force for us to be independent is to give back to our community. We are passionate about supporting our local community, as well as our veterans. My personal five-year goal is to donate over $100,000 to charities that help a veteran build a house because I come from a family of veterans.

Blackmore Group is not out to be the biggest brokerage or to hire as many agents as possible. I don’t feel like that has ever aligned with my goals. But, in the next 10 years, we would like to expand into other markets around Colorado and New Mexico.

HW: WHAT DOES THE MARKET LOOK LIKE IN YOUR AREA?

AB: The trend I am seeing here in Durango — and our surrounding area — is the luxury market seems unaffected by mortgage rate changes and the overall housing market. We are seeing homes that sold for $500,000, now sell for $800,000 or more.

We got pushed into a “luxury town.” We are going to continue to see people move to Durango and our local area because we have an amazing outdoor lifestyle opportunity and a great community. Our current clients really want to get out of the cities and start exploring nature.

- Helena de Forton

HELENA DE FORTON, MANAGING DIRECTOR AND HEAD OF EMEA, CHRISTIE’S INTERNATIONAL REAL ESTATE

HOUSINGWIRE: AS A 2023 HW RISING STAR WINNER, WHAT ARE YOU MOST PROUD OF YOURSELF FOR ACHIEVING AT SUCH A YOUNG AGE?

Helena de Forton: I am proud to have been able to make such an impact on Christie’s International Real Estate’s business throughout Europe and around the world. I led the creation of Christie’s International Real Estate’s events department connecting our affiliate brokerages with the auction house. Within the first five years, we went from three events per year to 120. I also put in place a series of cross-marketing opportunities between Christie’s real estate business and Christie’s auction house.

HW:

WHAT IS BLACKMORE GROUP’S APPROACH TO TECHNOLOGY ADOPTION?

AB: We are a very tech-focused company, but we come from an authentic brand strategy. We have partnered with a luxury platform that gets us in front of all the luxury websites like WSJ, Dupont, Mansions Global, etc. We also focus on our advertising campaigns through social media, making sure each agent is authentically advertising themselves by going through my complete branding strategy training.

I like each agent’s personality to come out and attract their target client organically through their social media. We do not do paid leads to Zillow or other platforms that are trying to undermine real estate agents. I think it’s important to invest in platforms that support real estate agents as a whole.

I have built a strong business development team based in London and Hong Kong, and in the last two years we have expanded into 16 new territories across EMEA and Asia. We expect to add another eight territories this year. Two of our biggest achievements have been entering the Middle East and expanding in Asia. Lastly, I am very proud that I have been able to juggle my kids and career at the same time during the difficult years of the COVID-19 pandemic and the recent acquisition of Christie’s International Real Estate by @ properties.

“We are starting to see more foreign transactions. This is always an exciting market, because of the buyer dynamics, currency dynamics and different trends across markets.”

HW: WHAT TRENDS IN REAL ESTATE ARE YOU MOST EXCITED ABOUT?

HF: I’m most excited about the tremendous growth we’ve seen in the second-home market, which was initially driven by the COVID-19 pandemic and has continued post-pandemic. During the COVID-19 pandemic, a lot of second-home buying activity occurred locally because of restrictions on international travel. Now, as international travel has returned, we are starting to see more foreign transactions. This is always an exciting market, because of the buyer dynamics, currency dynamics, different trends across markets, the cooperation between our affiliates, and of course, the properties, which are often breath-taking. In the current environment, being part of an international network is very important for our member firms because it allows them to service their clients, approach new clients and take advantage of referrals.

HW: WHAT ARE THE BIGGEST CHALLENGES FACING THE REAL ESTATE INDUSTRY?

HF: In Europe, the war is affecting the market more acutely than in America or Asia. It impacts who is buying or not buying, and where. There is a financial impact as well. The rise in interest rates has also made the market more volatile, and slowed things down as some buyers and sellers are not comfortable making big decisions right now. And like many areas in the U.S., there is a lack of inventory in many international markets, particularly ski destinations and coastal cities, and that has frustrated many buyers –and real estate professionals.

HW: WHAT ARE YOU DOING TO STAY AHEAD IN THE TOUGH MARKET?

HF: We are providing the best marketing tools to help our affiliates differentiate themselves, win more business and create success for their clients, especially during tough

periods. We have a wide range of tools in all areas of the business including digital marketing, print advertising, social media, and events and cross-marketing with Christie’s auction house. Our partnership with the auction house is key for maintaining relationships with high-net-worth clients who continue to transact despite the challenging economic conditions. We are also leveraging the Christie’s International Real Estate global network to build stronger relationships among our affiliates. This helps create more consistent service, so clients can rely on one brand no matter where their real estate needs take them.

HW: DO YOU HAVE ANY FIVE- OR 10-YEAR GOALS FOR YOUR CAREER OR YOUR COMPANY?

HF: One of my goals over the next five years is to grow and strengthen our network in Asia. We have a strong core of Affiliate firms, but we want to serve more markets. We are looking at growth opportunities in South Korea, Vietnam and Indonesia to name a few. Long term, our goal is to be the dominant international luxury real estate network — the largest and the strongest, built around the best independent firms in their respective markets. If we continue on the pace that we’ve set in the U.S. and Europe over the last two years, I think this is very achievable. Personally, I want to be a role model to working women who are in executive positions while also trying to juggle being a mother and a wife. I feel that society has come to expect this of women, and there is not enough recognition given to how difficult this is. I am lucky that Christie’s International Real Estate’s CEOs, Mike Golden and Thad Wong, are big supporters of women in leading roles.

HW: YOU WORK CLOSELY WITH BRAND PARTNERSHIPS FOR CHRISTIE’S. WHAT IS ONE TACTIC YOU RELY ON FOR BUILDING STRONG PARTNERSHIPS AND RELATIONSHIPS? HOW HAVE THESE HELPED CHRISTIE’S KEEP A COMPETITIVE EDGE IN THE TIGHT MARKET?

HF: We are the only luxury real estate business that provides unique experiences, in partnership with an auction house, to our affiliates globally. This in itself is a competitive edge. We have a very strong events department that runs an amazing series of events across the world, so our affiliates are able to meet Christie’s clients, entertain their own clients and elevate their brand even further.

“We are the only luxury real estate business that provides unique experiences, in partnership with an auction house, to our affiliates globally.”

- Helena de Forton

We have dedicated teams that soley focus on integrating Christie’s auction activities with Christie’s International Real Estate. Christie’s is the leading art business in the world, and we have to assure their clients that Christie’s International Real Estate will take care of them at the same level as Christie’s does.

HOUSINGWIRE: AS A 2023 HW RISING STAR WINNER, WHAT ARE YOU MOST PROUD OF YOURSELF FOR ACHIEVING AT SUCH A YOUNG AGE?

SARAH OJI REYNOLDS: I’m proud of the impact that I have had on many remarkable humans. The 300+ amazing team members across EmpowerHome, what they represent and their choice to follow me as their leader, make me very proud!

I’m also proud for just being named in the Washington Business Journals, Top Corporate Philanthropist list for 2023, as a result of giving over $1.6 million to worthy causes in the last three years. The mission of EmpowerHome embodies giving to worthy causes and I’m proud of EmpowerHome being recognized publicly for that!

HW: WHAT TRENDS IN REAL ESTATE ARE YOU MOST EXCITED ABOUT?

SR: Right now I am excited to see the quality of the real estate professional increase due to a slower market. I got my license in the summer of 2006 and learned how to be a realtor in one of the toughest real estate markets in decades. It was the best thing that could have happened for me, providing so many learning opportunities. I’m excited

to see the increase in professionalism this market demands.

HW: WHAT ARE THE BIGGEST CHALLENGES FACING THE REAL ESTATE INDUSTRY?

SR: The biggest challenge facing the industry is realtors not being able to create and communicate their value in a way that prospects can consume and understand. Value is largely determined by who has the loudest voice, a.k.a. the most money. Public companies and startups alike have deep pockets that make it seemingly impossible for the individual agent to compete, and when they do they are competing with dozens of agents who received the same prospect info through a different channel.

HW: WHAT ARE YOU DOING TO STAY AHEAD IN THE TOUGH MARKET

SR: Refining our messaging to the consumer, both content and medium, to ensure we are meeting them where they are, and sharpening our skills to articulate our value proposition in an effort to take market share.

HW: DO YOU HAVE ANY FIVE- OR 10-YEAR GOALS FOR YOURSELF OR YOUR COMPANY?

SR: Having EmpowerHome teams in 100 locations nationwide operating as one, each location serving 100 families a month and giving back $1,000,000 to worthy causes in each local community we have the honor of serving!

HW: HOW HAS EMPOWERHOMES BEEN EMPOWERING BUYERS WHO ARE FRUSTRATED BY THE TIGHT MARKET?

SR: Homes, homes and homes. Buyers want homes, and the right home will always cause a buyer to act. We have increased our focus on proactivley searching for on and off market homes, on behalf of our buyers. We do not rely on the MLS at EmpowerHome, we believe in working hard and being proactive in our search for our buyers: letters, calls, relationship building with other top listing agents, etc.

HW: EMPOWERHOME HAS SEEN IMPRESSIVE GROWTH SINCE YOU TOOK OVER AS CEO, TO WHAT DO YOU CREDIT YOUR REVENUE EXPANSION?

SR: Simple: our process but most importantly our people! We have by far the best people at EmpowerHome. The culture at EmpowerHome is one team family servicing buyers, borrowers and sellers across multiple locations.

“The biggest challenge facing the industry is Realtors not being able to create and communicate their value.”

- Sarah Oji Reynolds

SARAH OJI REYNOLDS, CEO, EMPOWERHOME

Our people are all in on our mission of giving, which makes them have the most amazing “Figure it out!” attitude! I’m thankful for being recognized by HousingWire, and it’s really the people at EmpowerHome that deserve all the recognition.

BRIAN TOLKIN, VICE PRESIDENT OF PRODUCT, OPENDOOR

HOUSINGWIRE: AS A 2023 HW RISING STAR WINNER, WHAT ARE YOU MOST PROUD OF YOURSELF FOR ACHIEVING AT SUCH A YOUNG AGE?

BRIAN TOLKIN: Throughout my career, I’ve always been passionate about building better, more accessible consumer products. And I’m proud of the impact I’ve been able to make by working at Opendoor. We are developing important products in high-stakes scenarios to solve real customer pain points. The work we’re doing isn’t easy, but that’s what makes it so rewarding. Real estate is a $2 trillion sector of our economy and millions of Americans buy and sell homes yearly — it’s one of the largest financial and emotional decisions of people’s lives.

Yet, the traditional process has gone untouched for decades and is largely offline, complex and burdensome. For me, seeing how the products we are building enable families, young professionals, retired couples, newlyweds and people from all walks of life to move on to their next chapter is the reason I’m here.

I recently listened to the customer story of someone who turned to Opendoor after more than two failed escrows because the sale kept falling through — and issues more and more sellers are facing right now — and we were able to give them peace of mind with a certain offer.

Now they’re happily settled into a new home that fits their family’s needs. We’ve served hundreds of thousands of customers in similar situations and our seller product has an NPS greater than 80 — not only are we truly helping people, but we are building an experience they love. And that’s what I’m extremely proud of.

HW: WHAT TRENDS IN REAL ESTATE ARE YOU MOST EXCITED ABOUT?

BT: I’m excited that we’re seeing more consumers take more control over their transactions. And this is largely due to the emergence of more technology and tools available at their fingertips — including apps and virtual technology to browse and tour homes, faster pre-approvals online, digital

closings and more transparency into home values and purchasing power.

It used to be that all you could see online was an estimate for your home’s value; today you can get a real cash offer from Opendoor and conduct the entire transaction online from the comfort of your couch.

It’s important to remember that your home is worth what it will sell for, not necessarily an estimated amount — which is why more homeowners are starting their selling journey with an Opendoor offer.

In fact, every 60 seconds a seller requests an offer from Opendoor and we’ve generated more than 1.8 million offers.

With Opendoor, homeowners have more visibility into their largest asset and can evaluate all their options to sell. And ultimately, choose what’s best for them, all with the confidence of having our certain cash offer in hand. Overall, technology is making real estate more accessible and helping to level the playing field for more buyers and sellers.

This is also rapidly accelerating with the recent advances in AI, bringing even more tools to consumers to browse, sort, view, imagine, dream and transact. While there’s still a lot of work to be done, the more transparent technology we have, the more efficiencies and reduced costs we can provide customers.

HW: WHAT ARE THE BIGGEST CHALLENGES FACING THE REAL ESTATE INDUSTRY?

BT: In an environment of rising interest rates, many sellers are stuck on the sidelines feeling locked in their homes. And less homes for sale means less supply — in fact, new listings are the lowest they’ve been since 2004 in markets where Opendoor operates.

This leads to decreased affordability and reduced mobility, which is why it’s important to find ways to “unstick” customers, whether that’s by providing certain cash offers, delivering more streamlined selling options or offering move-in-ready homes. As an industry, we must find ways to empower our customers to move as seamlessly as possible.

“Every 60 seconds a seller requests an offer from Opendoor.”

- Brian Tolkin

HW: WHAT ARE YOU DOING TO STAY AHEAD IN THE TOUGH MARKET?

BT: We’re focused on using technology to streamline the entire real estate transaction to make it as simple and certain as possible, which, in turn, will allow more people to move because the process is easier. Looking ahead, we will continue to invest in the technology and systems we’ve built, including our pricing algorithms, operational efficiencies and differentiated customer experiences.

We are excited by the advances in generative AI and what it can do for the industry, and look forward to integrating those new technologies in our products. When you sell to Opendoor, you have the ability to get a quote in minutes and sell in days — and this process attracts thousands of serious sellers every month.

Earlier this year, we introduced a new selling option where you can list with us, giving sellers the opportunity to put their homes on the market with the same certainty we’ve always provided. We also leveraged our unique capabilities to launch a marketplace, Opendoor Exclusives, that we believe will set the pace of the modern consumer real estate experience.

We have a unique culture of innovation at Opendoor, where teams operate like startups, iterating and shipping products to meet the needs of our customers in any climate. And, oftentimes, adversity can bring opportunity. Our goal is to meet customers where they are with highly differentiated product experiences and that’s exactly what we’ve done and will continue to do.

HW: DO YOU HAVE ANY FIVE- OR 10-YEAR GOALS FOR YOURSELF OR YOUR COMPANY?

BT: When Opendoor was founded almost a decade ago, the company was committed to reimagining the customer experience – and nothing has changed since. The tra -

ditional real estate transaction does not work well for many, and Opendoor is the only truly differentiated experience available, unlocking mobility for buyers and sellers. We will continue to lean into our strengths with our selling product that consumers love, taking a traditionally complex process and turning it into something simple and easy.

As we look five or 10 years ahead, we envision Opendoor as the place for all things real estate — whether you’re selling a home and want a fast, simple sale, want to list a home on the MLS or sell on a private marketplace, we have you covered.

If you want to buy an Opendoor-owned home, a new build or a home on the MLS, we have you covered. And all can be done with the tap of a button online. One of our most innovative and forward-looking products is Opendoor Exclusives.

It’s an e-commerce experience for buying and selling homes, very similar to Amazon’s third-party marketplace. And it’s a great example of all the exciting product experiences, enhancements and new features we have ahead.

HW: HOW HAS THE IBUYING MARKET REACTED TO THE CURRENT, CHANGING SUPPLY AND DEMAND?

BT: Right now, the real estate market is in a bit of a recalibration period. With high interest rates, demand is much lower than a year ago, but the supply of new listings is also much lower.

And those counteracting factors create a more balanced market. So while overall market activity has slowed down, we see the tenants of our products — simplicity, certainty and cash — don’t go out of style.

Our digital end-to-end experience removes the layers, barriers and confusion that often come with the traditional process. Instead, we give consumers greater confidence and control over the entire move, unlocking liquidity and enabling geographical mobility.

In slow markets or fast markets, people need to move. The commonality is that they are looking for an easier and more certain solution to do it. That’s where we come in.

“The real estate market is in a bit of a recalibration period. With high interest rates, demand is much lower than a year ago.”

- Brian Tolkin

Trade associations from across the housing industry are on the front lines of issues that lenders, real estate agents and everyone in between face every day. In these letters, they give their members an inside look at what they are working on, and the most important issues facing each industry today.

Katie

AIME members, Summer is an especially exciting time here at AIME. It marks the arrival of our annual celebration, National Mortgage Brokers Day (NMBD), now in its sixth consecutive year. When NMBD was first created, it was a way for mortgage professionals across the country to build awareness of independent mortgage brokers in their local communities. Today, we are taking that awareness a step further by focusing the full strength of our efforts on Capitol Hill.

We’re commanding legislative attention by bringing important homeownership issues directly to policymakers in Washington, D.C. For the first time, our newly appointed state captains will participate in an in-depth training day on Capitol Hill. They will learn to become effective

advocates for ensuring our voice is represented in the policy decisions made by our state and federal lawmakers.

I also encourage each and every wholesale mortgage professional to celebrate the impact of independent brokers by hosting your own local NMBD festivities. Wear your “Brokers Are Better” t-shirts and connect with borrowers in your community to let them know that brokers are their neighborhood mortgage experts.

Now is the time for us to recognize our importance to the larger housing market. Together we can stand up for the independent voices in our communities. The celebration and recognition that accompany NMBD serve as an opportunity for us to be bold and make a statement — brokers are here, and they are better for consumers.

Association of Independent Mortgage Experts

MBA members,

The combination of high mortgage rates, high home prices and low inventory has made purchasing a home very challenging for many prospective homebuyers, especially for minorities and low- to moderate-income families.

At the national level, MBA continues to work with regulators on solutions to deliver affordable, equitable, sustainable and responsible financing to meet the needs of today’s homebuyers. The work does not stop there. MBA’s affordable housing initiative, CONVERGENCE, is leading the charge in three cities — Memphis, Columbus and Philadelphia — to increase affordable homeownership opportunities for Black, Hispanic and other diverse households.

CONVERGENCE engages local lenders, nonprofit organizations, affordable housing advocates and public officials to identify and create new solutions to address housing affordability challenges, with a special focus on addressing the racial homeownership gap. The program

Mortgage Bankers Association

has been well-received in the three cities, with industry and community leaders coming together to develop onthe-ground tools and resources that make affordable homeownership a possibility. Our work with community leaders has also provided us with a growing template of best practices for how lenders, real estate professionals, housing counselors and others can work together to better serve minority borrowers and those in underserved communities. This ongoing, local engagement — and the lessons learned — will help drive strategic initiatives that are scalable and effective.

Closing the racial homeownership gap is a top priority for MBA, and CONVERGENCE is just one of our initiatives currently underway to promote and advance minority homeownership.

Robert Broeksmit President and CEO Mortgage Bankers Association

Sweeney President Association of Independent Mortgage Experts

NAHB members,

Almost 11 million people — including self-employed workers — worked in construction across the U.S. in 2021. Economists at the National Association of Home Builders (NAHB) analyzed the data, which comes from the Census Bureau’s American Community Survey (ACS), and estimate that out of the 11 million, roughly 4.5 million people worked in residential construction, representing 2.9% of the employed civilian labor force.

It comes as no surprise that California, the nation’s most populous state, has the most residential construction workers. It accounts for over 3.5% of the state’s employed labor force. Fast-growing Florida comes in second with almost 440,000 residential construction workers. NAHB economics’ assessment also looked at home building employment by congressional district. The average congressional district has about 760,000 residents, of which roughly 10,300 work in residential construction. That number is significantly higher in some high-growth districts. For example, Montana’s lone congressional district has 27,400 residents working in the industry. Montana gained a second congressional district

in 2022 after the 2020 U.S. census. This assessment of residential construction employment includes self-employed workers. It is important to count such workers in estimates of home building employment, as one-person enterprises have traditionally made up a larger share of the labor force in this sector than in most other industries. It is important to note that these employment estimates only include workers directly employed in the home building industry and do not count jobs created in related industries, such as building materials manufacturing and supply, engineering and architecture, furniture making and finance. As a result, the estimates understate the overall impact of home building on employment. Demand for skilled construction workers is growing. NAHB, along with its workforce development partners, the Home Builders Institute and the National Housing Endowment, are investing in education and training for the next generation of skilled workers who will build the homes of the future.

Alicia Huey Chairman National Association of Home Builders

National Association of Home Builders

NAR members,

The Washington Post reported earlier this year that stability was the No. 1 trait members of Generation Z seek from prospective employers as this group continues its graduation into the U.S. workforce.

Stability in many ways represents one of the most attractive features of homeownership. Home is where we start families, raise children and grow old beside those we love. These structures offer safety, comfort, financial security and one of the best possible paths toward long-term wealth. It’s no surprise then, given this generation’s desire for permanence and security, that many Gen Zers are already pursuing their own piece of the American dream. NAR’s most recent Home Buyer and Seller Generational Trends report examined similarities and differences of home buyers and sellers across various age groups. One of the most noteworthy findings is the fact that Generation Z now makes up 4% of homebuyers in the U.S. “As the youngest generation of home buyers and sellers, it’s encouraging to see Gen Z entering the

market,” NAR’s deputy chief economist and vice president of research Jessica Lautz noted when the report was released. “Their desire for homeownership is strong and many are relying on family support systems to help them make their first real estate purchase.” Another surprising revelation from the report, is the fact that baby boomers once again represented the largest segment of U.S. home buyers. Millennials had been the biggest from 2014 to 2022. Despite the advanced age of this demographic, baby boomers are showing a prolonged ability to capitalize on the equity many have accumulated through decades of homeownership. “The majority of baby boomers are repeat buyers who have housing equity to propel them into their dream home,” Lautz added. “Baby boomers are living healthier, longer lives and making housing trades at later stages in their lives.”

President National

National Association of Realtors

Kenny Parcell

Association of Realtors

NRMLA members,

A lot is going on in the reverse mortgage business at the moment and the most effective way to stay engaged with our memberships by hosting in-person events in areas of the country where we have the highest concentrations of members.

NRMLA has scheduled a few regional events this summer, one in Irvine, Calif. on June 6 and a second one on July 13 in Austin, Texas.

If you are near either one of these locales, we invite you to attend.

These events are designed for both reverse mortgage professionals who want to network and catch up on the latest trends, but also individuals from the forward mortgage space who want to learn more about reverse mortgages and receive practical tips on how to succeed.

Use the opportunity to gain exclusive access to the industry’s top subject matter experts. Be among the first to learn about new market trends, regulatory updates and best practices

that will help you drive your business forward. Don’t miss out on this unique opportunity to connect with industry leaders and build new relationships that will help you succeed.

At most NRMLA conferences, we not only discuss reverse mortgages, but oftentimes the broader economy and issues impacting America’s aging population. Last year, Thomas Drapala, from the National Association of Registered Social Security Analysts, discussed ways that individuals can maximize their Social Security benefits and how reverse mortgages can be part of their claiming strategy.

Our meetings provide a valuable forum for mortgage professionals to learn something new and to grow professionally. With insightful speakers and informative panels, you’ll leave with a wealth of knowledge that can help advance your career. Don’t miss out on this great opportunity to network with peers and industry leaders alike. We look forward to seeing you this summer.

National Reverse Mortgage Lenders Association

Steve Irwin

President and CEO

National Reverse Mortgage Lenders Association

Real Estate

The remarkably resilient agent commission rate

LAWSUIT OUTCOMES COULD BE THE ONLY WAY TO LOWER COMMISSIONS

JAMES KLEIMAN

On Friday afternoon, my real estate agent called with good news.

“Congratulations!” she said. “You just sold your house.”

The agent wished me well and said that she would appreciate a review on her website. And that was that!

A little backstory: The four-bed, 1.5-bath house in the Poconos showed well and I priced it very competitively — at $269,000. Within 72 hours of it being listed on April 1, I had two full-priced offers in hand and expected to receive a third. I wanted to close before May 1, so I selected a buyer who was already in underwriting.

My agent exchanged a few emails with the buyer’s agent over a few minor repair requests, but this was all buttoned up very quickly. My personal experience speaks to a data trend we’re seeing with agent commissions — when the deal closed, the agents received the full 6% — $16,140, which they’d split evenly.

I had sought out the agent because she had the best track record in the area, worked with a lot of investors on the buy side and had a history of closing quickly. She made clear in our first conversation that the commission would only drop to 5% if she also found the buyer.

UUnlike loan officers, whose commissions are

“My personal experience speaks to a data trend we're seeing with agent commissions — when the deal closed, the agents received the full 6%."

highly regulated by the government, real estate agent commissions are based largely on long-standing industry practices and market forces.

According to RealTrends’ historical data, agent commissions reached a high point in 1991 at an average of 6.10% and fell to a nadir of 4.94% in 2020 before climbing to 5.06% in 2021 and 5.32% in 2022.

commissions to remain elevated for the foreseeable future.

It wasn’t so long ago that experts said the internet would drastically bring down agent commissions. They were wrong.

Relatedly, discount brokerages have promised big savings to sellers for decades. They’ve never caught on.

I briefly considered a “listing only” agent but chickened out. No one wants to be the fool who steps over dollars to pick up pennies.

TThe legal threat that looms largest is what’s known as the “Moehrl case.” The National Association of Realtors (NAR) and several of the country’s top real estate brokerages are going to trial in a class-action commissions lawsuit that has potential damages of $13 billion.

WWhat’s especially interesting is that, unlike average- or low-performing agents, top-performing agents simply don’t lower their commission rates very often.

“I think one of the underreported factors that we first noticed back in 2020 was that the top-performing individual agents and teams were grabbing a rapidly increasing share of the market — a trend that continued in 2022,” Steve Murray, a senior advisor for HW Media, told my colleague Tracey Velt.

“If we were to look at the average commission rate for top agents and teams, we would find that it mirrors these results.”

By that measure, we might expect

Because selling a home is a highstakes, low-frequency transaction, the vast majority of homeowners stick with full-price brokers and bake the fee into the sale price.

But what happens when that calculation collides with the worst period of housing affordability in decades?

Two forces could quickly change the calculus — inventory shortages and strong demographic demand, as well as the specter of class-action lawsuits that attack the traditional agent commission structure.

The plaintiffs essentially argue that sellers are subsidizing buy-side agents and it’s an anti-competitive practice that lacks transparency.

If the NAR and brokerages lose, buyers would likely have to negotiate commissions with their own agents. The case applies to sellers who paid a commission between 2015 and 2020 but could also apply to “current and future” sellers across 20 MLSs. Should the NAR and brokerages lose the Moehrl case, commissions would almost certainly fall. We could also see portals like Zillow step in and create a platform for buyers to negotiate commissions with agents. The more comfort people gain in negotiating commissions through a portal, the more commission discounts we would see.

“Unlike loan officers, whose commissions are highly regulated by the government, real estate agent commissions are based largely on long-standing industry practices and market forces."

WWe are also seeing new models proliferate, albeit on a small scale and in targeted markets. In the fall, Opendoor launched “Opendoor Exclusives,” an Amazon-like marketplace for off-market deals that don’t involve real estate agents.

See the house? Like the price? Click the button and buy it.

Real estate industry consultant Rob Hahn also recently launched Decentre PX, an online auction marketplace that will allow homeowners to sell without having to pay a commission.

In a world of ultra-low existing home sale inventory, where many

buyers still have multiple bids and can sell their homes quickly and at full price, I expect other models that put pressure on agent commissions to gain some headway.

discount brokerages or listing-only agents.

Like me, when sellers are dealing with one of the biggest transactions of their lives, they’re too chicken to try the alternatives or simply don’t believe it’s worth the risk.

SStill, it would be foolish to bet against the remarkably resilient traditional real estate commission model.

Over the decades it has survived scrutiny from the Justice Department, beaten discount brokerages in federal court, and has even persevered in the internet age. Consumers have more information than ever but rarely choose to go it alone or even with

“Because selling a home is a high-stakes, low-frequency transaction, the vast majority of homeowners stick with full-price brokers and bake the fee into the sale price."

Housing Market

Big Four executives bemoan housing market conditions

BY BOOKLEE HAN

EExecutives at both Stewart Information Services and First American Financial bemoaned the challenging housing market environment as they discussed their respective firms’ first-quarter 2023 earnings with investors.

“The sharp decline in affordability driven by mortgage rates above 6%, along with low inventory and elevated home prices, adversely impacted the housing market, and as a result, our residential purchase business,” Ken DeGiorgio, the CEO of First American, told investors.

For DeGiorgio’s firm, these conditions resulted in a total revenue of $1.4 billion for the quarter, down 29% year over year, and a $45.9 million net income, down from $97.9 million a year prior.

The firm’s title segment also recorded drops in revenue and income during the first quarter of the year, with revenue posting a 32% annual decline to $1.3 billion, and pre-tax income coming in at $88.2 million compared to $219.5 million the same quarter a year prior.

EExecutives attribute the declines to slower title order volume, with the number of title orders opened in the quarter dropping from 279,000 in Q1 2022 to 172,600 in Q1 2023. The commercial segment recorded just 25,600 opened orders for the quarter, a 28% annual decrease.

However, these declines were partially offset by a 15% year-over-year increase to $3,428 in average revenue per direct title order closed in the quarter. This was due to a shift in the mix to higher

“The sharp decline in affordability driven by mortgage rates above 6%, along with low inventory and elevated home prices, adversely impacted the housing market."

- Ken DeGirogio

premium commercial transactions from lower premium refinance transactions compared to a year ago.

In Q1 2022, First American recorded a refinance order volume of 1,061 refinance orders opened per day compared to 349 refinance orders opened per day in the same quarter this year. According to DeGiorgio, mortgage rates would have to drop well below 5% to trigger another major refinance wave.

DDespite his firm’s struggles, DeGiorgio has found reasons for optimism, including the launch of Endpoint’s mobile notary platform and developments on the instant title front.

“During the last few quarters, we have discussed our initiative to develop instant title decisioning for purchase transactions, which also promises to improve our operational efficiency and expand our competitive advantage,” DeGiorgio said. “Given the success of our early testing, we expect to deploy it in two markets within the next year.”

However, along with ServiceMac, Endpoint and the instant title initiative resulted in an $18 million pretax loss in Q1 2023. While this is not great news during the challenging housing market, the firm said it expects these innovation initiatives to positively contribute to its profitability in the long term.

In addition, DeGiorgio had promising news about the start of the second quarter.

“The purchase market appears to have stabilized,” he said. “In the first three

weeks of April, we are seeing typical seasonal improvement in the purchase order trend, with open orders up over 5% compared with March.”

Like First American, other Big Four member, Stewart, also recorded weaker financial results in the first quarter of 2023 compared to the first quarter of 2022.

During the first quarter of 2023, Stewart reports a total revenue of $542.3 million, down from $852.9 million a year ago, and a net loss of $8.2 million compared to a net income of $57.9 million in Q1 2022. The firm’s title segment also reported weaker financial results, recording a 37% annual decrease in revenue to $456.9 million and a pretax net loss of $700,000, compared to a pretax net income of $82.8 million a year ago.

TThe weaker title segment results were attributed to the large decrease in orders opened in Q1 2023 — 73,861 orders opened — compared to Q1 2022 — 116,755 orders opened. However, Stewart did record a 30% annual increase to $3,400 in its average domestic residential fee per file, which the firm attributed to a higher purchase mix.

“These challenging market dynamics, along with the impact of seasonality, led us to our lowest quarter closed order volumes in over 20 years,” Fred Eppinger, Stewart’s CEO, said. “We expect this difficult environment will moderately improve in the second quarter, but the challenging environment will continue to the second half of 2023, and we will continue to be an adjustable business

“Like First American, other Big Four member Stewart also recorded weaker financial results in the first quarter of 2023 compared to the first quarter of 2022."

with a careful balance of cost disciple and investments in skill and capabilities that we will expect to put us in the best position long term.”

But like DeGiorgio, Eppinger remained positive about the future outlook for his firm, despite the weaker quarter.

“What is interesting for us is that I think closed orders were down 50% in January, 48% in February and 40% in March,” Eppinger said. “We made money in March. I think we are a much better company now.”

Executives also reminded investors and analysts that Stewart failed to turn a profit in the first quarter of the year for over 100 years, and that it wasn’t until three years ago that the firm reported its first Q1 net income.

“We will both manage our expenses and investments with a practical balance between an operating discipline for the current short-term market challenges and strengthening Stewart for the longerterm growth performance,” Eppinger said.

“I think we are a much better company now." - Fred Eppinger

Mortgage

Desperate for deals, mortgage pros get creative

LOAN OFFICERS ARE TURNING TO NICHE PRODUCTS

CONNIE KIM

ith few homeowners willing to give up their low mortgage rates, Mike Roberts has shifted his focus to targeting firsttime homebuyers.

He’s been watching the spring homebuying season slowly pick up and buying leads through Zillow and Realtor.com. It’s a lot of work, and there’s no guarantee that they will pay off.

“A first-time homebuyer requires a tremendous amount of nurturing,” said Roberts, the president and founder of City Creek Mortgage. “We have a system where we follow up with them 19 times over a three-week period until we actually connect with them.”

Roberts and thousands of other loan officers

across the country continue to be hampered by a serious inventory shortage, which results in heavy competition for fewer deals. To achieve deal flow, loan officers have been forced to come up with creative ways to persuade buyers they can make the deal work, half a dozen mortgage professionals interviewed by HousingWire said.

“This is honestly where good loan officers can really separate themselves,” Josh Burruss, executive vice president and chief lending officer of Intercoastal Mortgage, said.

“What we’re seeing is just increased competition over every deal. There’s a lot of lenders that are running really lean on everything,” Burruss said. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list. Another tactic is to capitalize on newly built homes — a silver lining in the inventory-lacking market — which now account for a third of available inventory, double normal levels, according to Redfin.

W“We have a system where we follow up with them 19 times over a threeweek period until we actually connect with them.”

- Mike Roberts

IIn an environment where every deal counts, some go niche.

Brian Parkinson, a loan originator at Alerus Mortgage, says that niche loans — including bridge loans, construction loans, doctor loans and professional series loans for CPAs and attorneys — are a great way to grab an agent’s attention in a market where referrals are critical.

Bridge loans are popular among his clients since they allow homeowners to tap into their equity when buying a home, as well as a professional mortgage where buyers in a specific industry can make a 10% down payment without mortgage insurance, Parkinson explained.

Niche loans consist of about 5% of Parkinson’s business.

“It’s a small amount but it’s nice to have products where you can get a real estate agent’s attention with a product that another lender doesn’t have. It could open up the door for more business,” he said.

There are also advantages to working with buyers in a less competitive marketplace.

Buyers want the 30-year fixed mortgage rates to drop to the low and mid-5% range but with that decline will come home price increases and increased bidding wars, Daniel Arias, loan officer at We Fund LA, a division of New American Funding, explained.

“Although rates are high, we have to educate our clients and walk them through why there’s a unique opportunity to sell for the higher rate and refinance down the road, that’s the conversation we’re having with most of our clients,” Arias said.

“There are just more buyers than there are sellers,” added Steven Grossman, chief strategic officer at NJ Lenders. “Waiting for rates to go down is just a

foolish bet. When rates go down, prices are gonna go up and you will see more bidding wars.”

NJ Lenders does a presentation for their clients of what they would be paying for a monthly mortgage payment at the current mortgage rate versus a future payment with lower rates and an appreciated home price.

“It’s an interesting exercise. A lot of the clients view it as an opportunity to get an aggressive price because if rates come down a full percent, it adds another significant amount,” Burruss explained.

NNew builds represent another silver lining.

The past year’s pullback in the price of lumber and other materials has helped builders maintain margins even with price cuts. That’s why builders are utilizing closing cost incentives and temporary rate buydowns often funded by lenders.

“If I were a builder right now, I’d build as many houses as I could, because there is a lack of inventory, they’re pretty much the only sellers,” Roberts said.

Some markets like New Jersey don’t have land to build new homes. But in areas where new construction is strong — including Northern Virginia where Burruss is based — loan officers are taking advantage of being on builders’ preferred lender list.

If a builder’s client chooses to get a mortgage through a company that is on the builder’s preferred lender list, buyers are able to waive the closing cost. Being on multiple builders’ lists is a way to rack up more deals for loan officers.

“A lot of builders have preferred lenders, some of the builders own their mortgage companies. Other ones will have preferred lender lists where if you

“Buyers want the 30-year fixed mortgage rates to drop to the low and mid-5% range but with that decline will come home price increases and increased bidding wars."

- Daniel Arias

work with one of four lenders, you can get a closing cost incentive,” Burruss said.

“I do a bunch of new builder business, just by being in that second category of earning it as a preferred lender on different builders accounts. I’ve got a reputation for doing that business for a long time. So I get to dip my toe into both worlds,” Burruss added.

a lot of time being a really good reliable source of information and explaining what’s going on to the clients in realtime so they understand what’s hype and what’s not hype,” Burruss said.

It’s taking people a lot longer to buy a home, so staying in touch with clients and adding value to their buying experience is crucial, Grossman added.

“The man with the most friends wins, because somebody has got to get the offer accepted. So you just hope that it’s your client,” Grossman said.

WWith inventory trends still looking gloomy, some mortgage professionals believe lower rates are the only real difference maker.

When rates get closer to the 5% range, existing homeowners who need to move into bigger homes will feel comfortable giving up their low mortgage rates and locking in a higher one, Donny Kirby, president of ClearPath Home Loans, noted.

“I think if we get down close to the 5% range, that will definitely open up a lot of buyers from an affordability standpoint. Homeowners are more likely to move up from 3% to 5% mortgages when the perfect home hits the market,” Kirby said.

Between the Federal Reserve‘s inflation-fighting battle and volatility in mortgage rates, loan officers are fighting an information battle right now.

“So the good loan officers are spending

“Between the Federal Reserve‘s inflation-fighting battle and volatility in mortgage rates, loan officers are fighting an information battle right now."

LERETA and Operation Homefront are making homeownership acessible for veterans

By Audrey Lee

kudos

LERETA, a property tax and flood service provider, has teamed up with Operation Homefront, a nonprofit organization dedicated to providing veterans and active service members with financial assistance and housing. Together, these organizations have created a grant to provide permanent homes for veterans, including mortgage-free home ownership and financial education.

Below, John Walsh, CEO of LERETA, and Gracie Broll, vice president of transitional and permanent housing for Operation Homefront, answer questions about the new grant and highlight the program’s first recipient.

HOUSINGWIRE: WHAT CAN YOU TELL US ABOUT THE BACKGROUND OF THIS PARTNERSHIP BETWEEN LERETA AND OPERATION HOMEFRONT? HOW DID IT COME ABOUT?

JOHN WALSH: We wanted to take our commitment to the next level and create a proprietary charitable program. What we set out to develop was an initiative that would be unique to LERETA, could be done on a national level and was relevant to our business, which is real estate tax and flood services.

I have to give credit to our marketing team, and specifically Kelly Hebert, vice president of sales operations and marketing, who took the lead in exploring and researching options. During that process, we honed in on the idea to pay property taxes for people in need, and there was unanimous agreement that our military veterans would be a universally positive group to support.

So, the idea of Tax Grants was born, but we needed a strong partner to help us identify and vet candidates. Operation Homefront was the perfect partner, and their existing Permanent Homes for Veterans program was the ideal umbrella under which we could offer these Tax Grants.

HW: WHAT ARE YOU HOPING THIS PROGRAM ACCOMPLISHES?

JW: The idea with this grants program is really threefold: to provide financial support to veterans who are new homeowners; to honor them for their service to our country; and to promote successful home ownership.

The Permanent Homes for Veterans program provides mortgage-free homes to veterans who qualify and complete an intensive educational program on financial literacy and successful home ownership. Veterans are able to move into an Operation Homefront home and work directly with caseworkers and other financial counselors to learn and plan for home ownership, including paying property taxes and handling home maintenance.

After successful completion of the program, selected veterans receive the deed to the home, mortgage-free, and will be eligible to receive a LERETA Tax Grant to pay one year of taxes. The partnership with Operation Homefront allows us to achieve all of our goals with this charitable initiative.

HW: WHAT IMPROVEMENTS WOULD YOU LIKE TO SEE IN THE VETERAN HOMEBUYING PROCESS?

JW: Speed in decision-making is critically important for VA lending, and frankly the perception that VA loans take “too long” has hurt service members

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and veterans in recent years.

Too often real estate agents advise their sellers to take lower cash offers or offers backed by GSE loans because of the uncertainty surrounding VA loans.

This is unfair to people who have served their country and are trying to use one of their benefits to buy a home. As an industry, we need to accelerate our processes to be competitive with GSE loans and tell the market about our progress.

HW: HOW CAN OTHER HOUSING INDUSTRY PROFESSIONALS SUPPORT VETERAN HOMEBUYERS?

GRACIE BROLL: The housing industry has been incredibly supportive of our mission to build strong, stable and secure military families so they can thrive in the communities they’ve worked so hard to protect. From donating homes to making generous investments to help sustain our housing programs, the industry is key to bringing our mission to life.

HW: HOW IS LERETA’S FINANCIAL ASSISTANCE CHANGING LIVES FOR VETERANS?

GB: Since the Permanent Homes for Veterans program began in 2012, more than 670 veterans have successfully graduated and received a mortgage-free home. Thanks to the support of like-minded partners, Operation Homefront will continue working to ensure our nation’s military families are not on the outside of the American dream looking in.

LERETA’s one-time grants to pay the annual property taxes for military families in our Permanent Homes for Veterans program not only eliminates a siginificant financial obligation, but also allows these families to build their savings and apply those funds to other critical needs.

HW: ANYTHING ELSE YOU’D LIKE TO ADD?

JW: At LERETA, we believe it’s vitally important to give back, and supporting our military veterans by paying their property taxes for a year allows us to honor their service in a tangible way.

Operation Homefront is doing incredible work providing mortgage-free homes to veterans and teaching them how to be successful homeowners, including the importance of paying property taxes on time. These tax grants are just one small way we can say thank you to the service men and women who’ve sacrificed so much for our country.

PICTURED ABOVE: Jeffery Bates and Vanessa Bates, first grant recipients of LERETA and Operation Homefront’s Permanent Homes for Veteran’s program. The Bates served 11.5 years and five years, respectivley. Thanks to LERETA’s assistance, the Bates are able to save for future tax payments, pay down medical bills and set down permanent roots for their family, including their two children in Lititz, Pennsylvania. The Bates’ began the Permenant Homes for Veterans program in 2020 and successfully graduated from the program in 2022.

Top 5 ways to boost social media presence

Having an online presence is nearly inseparable from having a career in the housing industry. Most homebuyers start their searches online, including their searches for the professionals who will help them land their dream home. So, consider what your social media is telling potential clients. Below, Matt Lionetti, real estate agent, content creator and managing director of The Agency, shares his five tips for improving your social media presence and creating better online content. Check out Lionetti’s own buzzy content, here: @matt.lionetti

✔ Post your content in a vertical format.

Posting your videos and photos vertically fills up the screen, making it more eye-catching and engaging to your audience.

✔Have a healthy mix of business and personal content.

People want to connect with you on a deeper level than just your business. Share your hobbies, passions and the things you love most to connect with your potential clients.

✔Don’t be scared of trial and error.

You must discover what your audience gravitates towards and what they don’t. If you have a new idea or segment that you’re not sure about, post it in your stories first. Your story goes away in 24 hours. It is a great place to try out new content!

✔Social media is a two-way street.

If you want engagement, you need to be actively engaging yourself. Spend some time engaging with stories, commenting on posts and chatting with people in your DMs. When you do these things, the people you engage with will likely see your new posts more frequently.

✔It’s not about going viral!

It’s about having an engaged audience. Followers do not matter, stop focusing on how to get new followers and start focusing on how you can tailor your content to the followers you already have. You want an engaged following before anything else.

✔Bonus tip: Be consistent!

Creating content is a muscle — and like any muscle — the more you use it, the stronger it gets.

Matt Lionetti is a real estate agent, content creator and managing director of The Agency.

History of Housing 1973

AVERAGE HOME PRICE: $32,500 (THAT’S $229,514 TODAY)

MORTGAGE RATE: 8.4%

AVERAGE MONTHLY MORTGAGE PAYMENT: $198

AVERAGE SQUARE FOOTAGE: 1,660

AVERAGE INCOME OF HOMEOWNER: $12,050

While most of the U.S. was being diagnosed with Saturday Night Fever, the housing market in particular was suffering from inflation.

The 1970s in the U.S. was a time filled with disco tunes, iconic films like Star Wars, scandals like Watergate and the progress of the environmentalist movement. The Vietnam War and the founding of companies like Apple and Microsoft were also landmark events of the decade.

In housing, there was a major shortage of new construction and an overall decline in purchasing activity — not dissimilar to the state of housing today. There were only 1.6 million homes built in 1973. Homebuyers were halting in the summer of 1973. Housing costs were also on the rise and pricing many families out of the market; this resulted in an increasing popularity of mobile homes and manufactured homes.

Even with all these moving parts, real estate was stayin’ alive and some homebuyers were making offers the sellers couldn’t refuse.

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❱ THANKS FOR JOINING US AT DEMO DAY

On May 2, 2023, we welcomed housing industry technology companies to demo their products for HW+ members. Presenters included Blend, docutech, Creditxpert, CoreLogic and DocMagic.

HW Demo Day is designed to help business leaders make decisions about what technology they want to add to their business in a low-pressure environment. In May, we were joined by hundreds of attendees with great participation, saw companies highlight extensive mobile features and learned how to put our best digital-foot forward. Thanks for joining us and we can’t wait to see everyone at the next Demo Day event.

Photo: Allison LaForgia, senior webinar and events manager at HW Media, Diego Sanchez, chief operating officer of HW Media and Leah Sommerville, senior account executive at DocMagic.

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