August 2020 Issue by HousingWire

August 2020

HOUSINGWIRE MAGAZINE ❱ AUGUST 2020

Women of

Influence R i ha m

ElL

aka ny

K ar

Victoria

a Taylor

Karen S tar n s

pie es

Gi ll

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Arch MI Congratulates

Amy Keyser SVP and Chief Human Resources Officer, Global Mortgage Congratulations to Amy, a recipient of the 2020 HousingWire Women of Influence Award™. As a company executive, she advances business goals with HR policies and programs that support a high level of employee engagement to drive results, minimize turnover and create opportunities for the company’s future leaders.

ARCH MORTGAGE INSURANCE COMPANY 230 NORTH ELM STREET GREENSBORO NC 27401 | ARCHMI.COM © 2020 Arch Mortgage Insurance Company. All Rights Reserved. Arch MI is a marketing term for Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company. HousingWire’s Women of Influence Award is a mark of HousingWire Magazine. MCUS-B1315A-0620

EDITOR-IN-CHIEF Sarah Wheeler NEWSROOM EDITOR-AT-LARGE Kathleen Howley FINTECH EDITOR Mary Ann Azevedo REAL ESTATE REPORTER Julia Falcon REPORTER Alex Roha DIGITAL PRODUCER Alcynna Lloyd INTERN Adnan Khan COLUMNISTS Dustin Brohm, Mary Frances Coleman, Julian Hebron, Kristin Messerli, Logan Mohtashami CONTRIBUTORS David Stevens, Desirée Patno, Rick Sharga, Joanne Cleaver HW+ HW+ MANAGING EDITOR Brena Nath MAGAZINE EDITOR Kelsey Ramírez COLUMNIST Scott Petronis CONTENT SOLUTIONS ASSOCIATE CONTENT EDITOR Jessica Davis AUDIENCE DEVELOPMENT DIGITAL EDITOR Maleesa Smith DIGITAL CONTENT STRATEGIST Alyssa Stringer CREATIVE GRAPHIC DESIGNER Emily Carpenter SALES VICE PRESIDENT, SALES Jennifer Watson Laws NATIONAL SALES DIRECTOR, REAL ESTATE Mark Adams CALIFORNIA Christi Humphries CENTRAL Chris Anderson SOUTHEAST Tamara Wren GREAT LAKES Lorena Leggett NORTHEAST Vernesa Merdanovic BUSINESS DEVELOPMENT Lindsley Harris BUSINESS DEVELOPMENT, REAL ESTATE Amanda Luzsicza

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CORPORATE PRESIDENT AND CEO Clayton Collins CHIEF PRODUCT OFFICER Diego Sanchez CONTROLLER Andrew Key MARKETING MANAGER Caren Karris MARKETING COORDINATORS Katie Galbraith, Brooke Combs CLIENT SUCCESS MANAGER Haley Hess clientsuccess@HousingWire.com AD OPERATIONS COORDINATOR Matthew Stafford CLIENT SUCCESS COORDINATORS Talia Quigley, Layne Powers

HOW TO REACH US LETTERS TO THE EDITOR: feedback@housingwire.com TIPS AND STORIES: editorial@housingwire.com CURRENT MEMBERSHIP / SUBSCRIPTION: hwplusmember@housingwire.com NEW MEMBERSHIP / SUBSCRIPTION: housingwire.com/membership MARKETING & ADVERTISING: jlaws@housingwire.com or (469) 893-1486 ADVERTISING CLIENT SUCCESS: clientsuccess@housingwire.com

AUGUST 2020

LE T TE R F R OM THE E DITOR

The Reveal AUGUST is already one of our most exciting is-

goal was to bring you a premium product design

sues of the year because in it, we feature the win-

that matches the premium content we bring you

ners of one of my favorite awards: The Women

each month. We also included new sections like

of Influence. This year, our issue launch is even

our Inside Agent section on page 20, which fea-

more special as this marks the official redesign

tures a real estate agent and their luxury listing.

of HousingWire Magazine. When we first set off to redesign the issue, we

As always, we featured our Women of Influence starting on page 34. In celebration of

had one rule: rethink everything. If there was

their achievements, we also gave this section

a way to make something better for the reader

some special dazzle, so flip through them and

expereince, we did it, and nothing was above ex-

get to know the women who continue to drive

amination. If something could be improved, we

our industry forward through their strength and

did it. So we went to work. Our Graphic Designer

influence.

Emily Carpenter cleaned up the look, refreshed fonts and even customized the HousingWire logo across the front. Any time we stopped to wonder, “Are we taking this too far? Is it too different?” goes. The end result? You can judge for yourself. Our

Kelsey Ramirez Magazine Editor @kels_ramirez

Tweets From The Streets I’m going inside homes again. Clients are ready and the market has shifted. It’s not what it was a few months ago, so I’ve adapted. “I’ll be wearing a mask. Please have all doors open and all lights on. I won’t touch anything. And sorry, no hugs from me (they laugh at this).” 13 3 31 @SacAppraiser

AUGUST 2020

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. © 2020 by HW Media, LLC • All rights reserved

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we went back to our first and only rule: anything

CONGRATULATIONS

Leading our customers to their new front door Your passion, innovation and service mindset are a true inspiration to our team members, your peers and the industry as a whole. We are so proud to call you our fearless leader. Congratulations on once again being recognized as a Housing Wire Woman of Influence.

Tawn Kelley President, Taylor Morrison Home Funding Executive Vice President, Taylor Morrison

2020

People Movers

10 F re d d ie M ac a ppoints C hris tia n L o w n as its e x e c u tiv e v ic e pre s id e nt a nd c hie f fina nc ial off ic e r.

Unique Solution

12 S uppor ting c lie nts a nd b ro k e rs has b e e n Q uic k e n L oa ns ’ m is s ion for the pas t 35 y e a rs .

Take 5

14 C hris H ill s pe nt 10 y e a rs p lay ing profe s s ional bas k e tball in E urope b e fore joining the m or tg ag e indus tr y.

Local Intel

16 A maz on’s s e c ond he adq ua r te rs in W as hing ton, D.C . d id n’ t mak e things a ny e as ie r for pote ntial b uy e rs .

Startup Profile

18 B o b F ulton s aw firs tha nd the lac k of te c hno log y afte r c lo s ing , a nd launc he d L auraM ac .

Inside Agent

20 Ine s F lax is a M ia m i B e ac h, F lorid a-bas e d R e altor, a nd the ma ns ion s he is s e lling s ho w s off a its oc e a n v ie w.

Q&A

22 A c ad e my M or tg ag e C orp.’ s K ris ti P ic k e ring ex p lains w hy le nd e rs a re b e tte r off no w tha n in 20 0 8 .

Trade Desk

80 T he National A s s oc iation of R e altors re aff irms its c omm itm e nt to non-d is c rim ination in hous ing .

Mortgage

84 T he C F P B a nnounc e d it w ill e lim inate the d e bt-to -inc om e re q uire m e nt from its Q M s ta nd a rd s .

Real Estate

88 A s s oc iations c a m e tog e the r to d e ma nd ac tion to re m ov e ba rrie rs to b lac k hom e o w ne rs hip.

Fintech

92 R e noF i rais e d $ 6 .4 m illion to he lp le nd e rs off e r re no v ation loa ns bas e d on the hom e ’s po s t-re nnov ation v alue .

8 ❱ H O U S IN G W IR E

Table of contents

august

AUGUST 2020

Politics & Money

96 A B id e n e le c tion c ould d e rail c urre nt p la ns to e nd the c ons e r v ators hip of F a nnie M ae a nd F re d d ie M ac .

Kudos

100 He re ’s ho w Q uic k e n L oa ns a nd the R oc k F O C c re ate c ha ng e in the c om m unitie s a round the m .

Parting Shot

102 Hom e build e rs in the Dallas a re a hav e a m e s s ag e to s ha re : Tog e the r w e a re s trong e r.

WOMEN LEAD

features

WOMEN OF INFLUENCE

Through the haze of the pandemic, women led through empathy, communication and intuition. By Joanne Cleaver

T his y e a r ’s W om e n of Influe nc e w inne rs re pre s e nt 10 0 of the m o s t influe ntial w om e n in le ad e rs hip in the hous ing indus tr y. B y H W E d itorial S taff

70 ECLOSING SOLUTIONS

THE RISE OF IMBS F lex ib le , te c h-d riv e n IM B s a re tak ing ov e r ma rk e t s ha re from la rg e ba nk s . T his s te ms from the ir ab ility to s hift q uic k ly a nd the ir foc us on te c h-d riv e n tools . B y K e ls e y R a m irez

S e v e n c om pa nie s prov id ing the e c lo s ing s o lu tions for a s tre a m line d , e ff ic ie nt proc e s s . B y H W C onte nt S olu tions

IMBs play pivotal role in opening access to homeownership

The attraction to homeownership for women has changed during COVID-19

The case against a foreclosure tsunami

By David Stevens

By Desirée Patno

By Rick Sharga

AUGUST 2020

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Commentary

PEOPLE MOVERS

Christian Lown

| Freddie Mac | Executive Vice President and

Chief Financial Officer

Freddie Mac appointed Christian Lown as its executive vice president and chief financial officer. Previously, Lown served as the executive vice president and chief financial officer of Navient Corp. Lown also served as managing director of financial institutions group at Morgan Stanley, where he co-led the global fintech and North America Banks and Diversified Finance investment banking practices.

Rachel Morley

| realtor.com | Chief Product Officer

realtor.com promoted senior vice president of product Rachel Morley to chief product officer. With more than two decades of experience in the industry, Morley previously held multiple positions at REA Group, which operates property websites domestically and throughout Asia. Morley also cofounded Cogent, a product development agency that works with some of Melbourne's start-ups and technology companies to create new products, including one that is now a part of the fight against COVID-19 in Australia.

Yvette Gilmore

| ServiceLink | Senior Vice President of Servicing Product Strategy

ServiceLink appointed Yvette Gilmore senior vice president of servicing product strategy. Gilmore has over 20 years of experience leading servicer relationship and performance management efforts for Fortune 500 financial service organizations. Gilmore previously worked at Freddie Mac for more than a decade, most recently serving as vice president of servicer relationships and performance management. Before joining Freddie Mac, she led the loss mitigation departments at IndyMac and Washington Mutual.

Jodi Bell |

WFG Lender Services | Vice President of National Business Development

WFG Lender Services announced that Jodi Bell joined the company as vice president of national business development for the company’s lender services organization. In her previous role as a national sales executive, Bell oversaw recruitment of new clients by designing more effective sales strategies. Prior to her role as national sales executive, Bell worked as vice president of business development for a San Diego-based national law firm.

David Sober |

LRES Corp. | Vice President and National Sales Manager

Real estate appraisal, valuation and asset management company LRES Corp. announced David Sober as its new vice president and national sales manager. Sober has more than eight years of experience in the mortgage industry, and has built relationships with federal agencies, GSEs and top lenders, servicers and investors. Sober is responsible for the company's revenue growth as well as supporting strategic mergers and acquisitions.

Drew Warshaw | Enterprise Community Partners | Chief Operating Officer Enterprise Community Partners named Drew Warshaw its first chief operating officer. Warshaw brings experience in government and business, credentials in strategy, operations and execution, and a deep background in policy and finance. Prior to joining Enterprise, Warshaw built and managed Clearway Energy Group’s Community Solar business, and launched the renewables division of NRG Energy, a division which was later acquired and reorganized as Clearway.

Michael Briggs |

Mortgage Bankers Association | Senior Vice President and General

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Counsel

The Mortgage Bankers Association appointed of Michael Briggs as senior vice president and general counsel. Prior to the MBA, Briggs was the assistant general counsel for the consumer law section at the Federal Deposit Insurance Corp. Briggs also previously served as chief legal officer of America's Community Bankers.

AUGUST 2020

UNIQUE SOLUTION

SPONSORED CONTENT

Supporting clients and brokers has been the mission for 35 years 35 years ago, Dan Gilbert started a small mortgage brokerage called Rock Financial. It was not the nation’s largest mortgage lender, but with hard work, passion, an unmatched culture and the ability to harness the power of technology and the internet, it experienced truly remarkable success.

AUSTINNIEMIEC

1 2 ❱ H O U S IN G W IR E

Executive Vice President Quicken Loans Mortgage Services

Quicken Loans, the company that started as slow their pipelines or even told their partners Rock Financial with just a small three-person to pause business. QLMS never had to take such drastic meaoffice, now helps more Americans buy homes and refinance their mortgage than any other sures. Its partner network experienced very little disruption to their business. That type of stabilcompany. Three and a half decades after its humble ity is what brokers need regardless of market conditions. beginnings , Quicken By working with a large, Loans is staying true to experienced lender, partits heritage. QLMS has experienced ners also have access to The company partners immense growth in exclusive technology. For with 40,000 LOs across example, QLMS has a tool the country through its the last few years, that is like having an unQLMS division, which is mainly due to its derwriter with them at all solely focused on servtimes. ing and supporting the philosophy of treating Instead of sorting broker community. partners as equals. through paperwork and QLMS has experiemails to find the latest enced immense growth Instead of it being guidelines, brokers simply in the last few years, purely transactional ask a question and they mainly due to its philosreceive an instant answer ophy of treating partners and focused on the 24/7/365. as equals. lender’s success, Partners have been able Instead of it being to use the tool to find the purely transactional and QLMS is committed right loan product for their focused on the lendto making sure its client and turn a “no” into er’s success, QLMS is a “yes.” That is just one of committed to making partners grow along the ways QLMS is utilizing sure its partners grow with them – becoming its technology to help partalong with it – becomners better support their ing Stronger Together. Stronger Together. clients. By following this simRegardless of whether a ple idea, QLMS has achieved record loan volume year after year and brokerage opened a month ago or is established in their local community, they can leverage the has grown its partner network to new heights. Thanks to its 35 years of experience, infra- experience and infrastructure of a 35-year-old structure and capital, QLMS is able to weather business that started out just like them – as a broker. any storm. QLMS has all the tools brokers need to grow. When the COVID-19 pandemic first hit, some lenders implemented restrictive overlays to Join them and become Stronger Together.

AUGUST 2020

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TAKE 5

Chris Hill

United Wholesale Mortgage Team Leader in Capital Markets

Chris Hill spent 10 years playing professional basketball in France, Belgium and Turkey before beginning his career in the mortgage industry. Now, Hill leads a team of more than 20 people in United Wholesale Mor tgage’s capital markets group. In 2019, four years after joining UWM, Hill was promoted to his current role and helped to lay the groundwork for the company’s record-breaking production year.

14 ❱ H O U S IN G W IR E

Hill gave us an inside view of his life by answering five questions:

1. My morning routine looks like... Immediate hot shower, prayer and meditation, NPR and a cup of strong Nespresso!

2. In high school I was... A quarterback, a point guard and a trumpeter in the band!

3. People would be surprised to know I... Speak fluent French

AUGUST 2020

4. My workout playlist includes... ESPN’s PTI podcast and UWM’s Power Forward podcast

5. My Bucket List includes... Having an authentic Italian dinner at Lake Como, Italy

LOCAL INTEL

By Brena Nath

Las Vegas, Nev ad a

Tucked away next to Southern California, Las Vegas, in the words of 2020 Las Vegas Realtors President Tom Blanchard, is “becoming a bedroom community” for Southern California residents. While the weeks of shutdown due to COVID-19 created challenges for Realtors trying to sell properties, Blanchard was still worried that the influx of California buyers would inflate prices and keep local residents from accessing affordable homeownership opportunities. “It’s a double-edged sword,” he said. “I’m glad they’re coming, but I just wish they’d be more frugal with their money. Firsttime homebuyers have a harder hill to climb because of the price points that we’re at, but there are still homes that are more in the affordable range.”

1 6 ❱ H O U S IN G W IR E

Wa s h in g to n , D.C . If the home-buying market in Washington, D.C. wasn’t busy enough due to the large population of young people who live in the area, the arrival of Amazon’s second headquarters at National Landing in Arlington County didn’t make things any easier for potential buyers. Sean Johnson, branch manager at loanDepot in Fairfax, Virginia, pointed out that this market is somewhat different from other major metros because “it’s such a transient community. There are always people moving in and out of the D.C. metro area, whether it’s military or contract workers for the government that have steady, high-paying salaries. That keeps real estate moving without too much of a problem.” But the market is not without challenges. Johnson said the market is burdened with a deficit of inventory and a surplus of buyers, which has forced many house hunters to settle considerably out of town.

AUGUST 2020

Ne w Yo r k C it y , Ne w Yo r k New York City may be the U.S. epicenter of the coronavirus pandemic, but the city’s residential real estate market was facing problems before the pandemic hit town. As a result, buyers began looking outside the city for real estate, eyeing the Hamptons and Florida and everywhere else rather than the city. However, Gabe Leibowitz, associate real estate broker with Douglas Elliman, responded to the negativity by tapping into New York Yankees icon Yogi Berra’s witticism about having déjà vu all over again. “There was a lot of talk about something like this after 9/11, that everybody was going to leave New York and they wouldn’t want to be here anymore,” he said. “And there was some concern for the first six months about it after things began to somewhat normalize. I think there will be definitely people leaving the city, but there’ll be others coming in. I’m not particularly concerned about that – New York is New York, and that won’t ever change.”

Ithaca, New York became the first city in the U.S. to cancel rent payments in response to COVID-19. In early May, New York Gov. Andrew Cuomo extended the state’s eviction moratorium through August 20. Ithaca, whose population is about 75% renters, announced a resolution that froze rent and required landlords to offer tenants lease extensions. The resolution allowed Ithaca Mayor Svante Myrick to cancel rent debt from the last three months for tenants and small businesses. “The Governor ’s extension is not a blanket moratorium on evictions,” the Ithaca Tenants Union said about the Emergency Tenant Protection Act. “Starting June 20, landlords can still pursue evictions and take their tenants to court, where tenants will have to prove that they are unable to pay rent due to economic issues brought on by COVID-19.”

Colorado

When the pandemic first started impacting the state, Colorado Gov. Jared Polis declared homebuilding an essential business, but not everyone agreed with him. “There were a few counties that halted all construction for a period of time,” said Ted Leighty, Colorado Association of Home Builders CEO. “We worked with those counties to create a checklist that our members are utilizing to ensure safe job sites – maintaining distance, having sanitation and cleaning stations and educating them on the safety precautions that our members take, whether they’re in a pandemic or not. We were able to kind of get those counties reopened in a matter of a month or so.” This isn’t the only challenge that the state is navigating though, as it also found itself with a supply and demand imbalance that builders have yet to resolve. “Demand has been greater than supply since we came out of the recession,” Leighty said. “We were under-supplied going into this pandemic and we will be under supplied coming out.”

AUGUST 2020

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Ith ac a , Ne w Yo r k

STARTUP PROFILE

After years of working in the origination space, Bob Fulton saw firsthand the lack of technology available in mortgage lending after the close of a loan. Together with Chief Technology Officer Amit Aggarwal, he launched LauraMac, an enterprise solution to secondary market participants looking to review loans. Fultonâ&#x20AC;&#x2122;s ultimate goal is to allow lenders to perform due diligence on a loan in sync with its origination and with less human interaction. Whether it is a loan QC, pre-purchase review, rating agency review or any other type of review LauraMac makes the process configurable, faster and scalable with more accurate data. The systemis not designed for one specific asset class or product but is configurable to allow its clients to design a process to fit their needs.

Things To Know Attempting to Disrupt: The way due diligence is performed Launch Date: May 2020 Funding: Funded and owned by Calterra Capital Location: Nationwide lauramac.com

Decision matrices manage escalations

Reduces cost and allows scalability

Utilizes modern APIs to connect with other industry platforms

The disruptor score, unique score and launch size were determined through interviews with and editorial research on the company.

1 8 â?ą H O U S IN G W IR E

UNIQUE SCORE:

LAUNCH SIZE: FUNDING:

HIGH

LOW

DISRUPTOR SCORE:

UNDISCLOSED Pre-Seed

Seed AUGUST 2020

INSIDE AGENT

Ines Flax One Sotheby’s International Realty inesflax@aol.com

77 NHibiscus Dr, Miami Beach, Florida 33139 $10,000,000 5 bed 5 bath 1 half bath 4,619 sqft

2 0 ❱ H O U S IN G W IR E

INESFLAXis a Miami Beach, Florida-based Realtor. She is from Nicaragua, but found new roots in Fort Lauderdale, Florida with her husband in 1999. In 2000, she got her Realtor’s license and began selling homes. With her client’s home at 77 North Hibiscus Dr. Flax said she has never seen a renovation done with more thought and more love than this one. Built in 1925, this Mediterranean-style home is considerably smaller than other mega mansions, which are in more demand in this area. Flax said that prior to COVID-19, the Miami-Miami Beach market had strong demand, especially the mansions that had more bedrooms.

AUGUST 2020

w it h Kristi Pickering Academy Mortgage Corp. Senior Vice President of Process Automation

Why lenders are better off now than in 2008 Lessons that are propelling leaders through the COVID crisis Agreat leader is prepared to take their teamthrough uncertain times, and one Woman of Influence explained how lenders can do just that. COVID-19 created unprecedented changes across mortgage lending, but with the right technology and team, lenders are in a better position today to react to changing market conditions, said Kristi Pickering, Academy Mortgage Corp. senior vice president of process automation and a 2019 HousingWire Woman of Influence. “Twelve years ago, I don’t think we would’ve dreamed that we’d have these extraordinary capabilities at our fingertips,” she said. HousingWire sat down with Pickering to discuss the impact of COVID-19 on lenders today, and how leaders can guide their teams through this time. This interview has been lightly edited for length and clarity. HousingWire: How does the crisis today compare to what went on in 2008? Will the pandemic have more or less of an impact on housing this time around? Kristi Pickering: No one can completely control or predict what impact the COVID-19 pandemic will have on the housing and mortgage lending industries, but we are better prepared for these challenges because of the lessons we learned during the mortgage crisis of 2008. A specific example is today’s requirement to verify that a borrower has the ability to repay their mortgage, which has resulted in a much stronger portfolio of loans than we had in 2008. We also now have improved processes and pipeline management strategies in place, which were implemented to maintain quality and compliance as we’ve adapted to market fluctuations over the past 12 years. Overall, we are in a better position to quickly and prudently react to market changes today.

2 2 ❱ H O U S IN G W IR E

HW: How does/can automation help the housing industry be better prepared this time around? KP: Our teams at Academy were prepared and equipped for today’s COVID-19 logistical challenges with technology and in-house resources to ensure we can keep de-

livering the dream of homeownership. With innovative tools like our My Mortgage app and multifunction AI bot technology, our team members have been able to continue in their daily roles and responsibilities to originate, process, underwrite and fund loans as quickly and efficiently as possible, without missing a beat. Twelve years ago, I don’t think we would’ve dreamed that we’d have these extraordinary capabilities at our fingertips. HW: How can members of the housing industry show leadership through this time? KP: Leadership teams can focus on delivering three things during this time of uncertainty: communication, transparency and nimbleness. At Academy, our company leaders are providing company and market updates via weekly town halls broadcasted nationwide, frequent emails, dedicated websites and internal communication platforms. As information continues to come in rapidly, we are trying to quickly communicate and be as accurate and transparent as possible with our team. It is also important to be proactive versus reactive in this fluid environment, responding to ever-evolving conditions with agility and optimism. HW: HousingWire recognized you as one of our 2019 Women of Influence. What is your secret to success? KP: I have been blessed to work with amazing people who have served as mentors in helping me succeed in this industry. I have tried to follow their examples and emulate their strengths. There is power in surrounding yourself with people who stretch your ability to do more, get you out of your comfort zone, and help you grow.

AUGUST 2020

COMMENTARY

MBs play pivotal role in opening access to homeownership The true risk level of IMBs to the mortgage market By David Stevens, Former MBA CEO

2 4 ❱ H O U S IN G W IR E

Since the recovery from the Great Recession, one trend that emerged is the phenomenal growth of non-bank lenders as a dominant sector. Nonbank lenders, also known as Independent Mortgage Bankers, grew their market share from 24% in 2008 to 55% in 2018. This trend has brought praise but also criticism from various leaders in housing policy. What makes an IMB unique is that, in general terms, they are mono-line businesses, that do only mortgage lending. Unlike most banks and credit unions who typically provide a larger menu of products from commercial, auto, credit card, personal and business loans, the IMB’s are singularly focused on mortgage lending. This structure proved itself invaluable to the housing market over the past decade when many banks, in the face of increased regulatory scrutiny, legal risk, cost and complexity, simply left the mortgage business altogether or reduced exposure by limiting product types and terms, tightening credit standards greater than investors required, or shutting down whole channels that were previously used for mortgage origination. IMB’s, on the other hand, did not have that option. Mortgage lending is all they do and therefor they could not shut off that channel and focus on other lending products. The result? While IMB’s make up only about 15% of companies reporting annual data under HMDA requirements, they were the dominant force in lending overall.

It’s difficult for most policy officials to name an IMB that failed during this same period other than perhaps one or two.

But in the midst of this growth some influential voices have cried foul. Some claim that they are taking on more risk than should be allowed by originating some loans with more flexible underwriting criteria than banks. Others claim that they are less regulated and may pose greater risk to the US financial system. They claim concerns about access to liquidity in the event of a credit event. The calls have come from the current Federal Housing Finance Agency director, the former Ginnie Mae president and others. But, are these cries of concern legitimate? My short answer is that while there is risk in any mortgage lending entity, there is no greater risk in the IMB sector than any other. In fact, the data is clear that without the IMB’s lending to underserved communities, opportunities for first time homebuyers, especially minority first time buyers, would have been significantly impaired. Lets start with some basic facts: 1. From 2007 to 2012, more than 450 banks failed under the weight of the Great Recession. These firms were taxpayer backed through FDIC and in some cases required incentives from the federal government to their acquiring institution due their size and risk profile. I highlight this to emphasize one point: It’s difficult for most policy officials to name an IMB that failed during this same period other than perhaps one or two. To make matters worse, some of these banks were huge in size, requiring significant support from the government to help ease the transition burden with names like Wachovia, WAMU, Indy Mac, Amtrust and more topping the charts. 2. As the Mortgage Bankers Association points out in its own IMB Fact Sheet in 2018, more than 80% of all Federal Housing Administration loans were done by IMB’s and more than 65% of all VA and USDA loans as well. And of critical importance, per HMDA data, in 2018 IMB’s made 64% of all purchase loans to minority buyers despite being only about 15% of total lending companies. 3. Claims of not being well regulated, or under regulated, are simply not true. While banks may be regulated by federal government agencies such as the OCC, the IMB’s face a

AUGUST 2020

ASSESSING THE RISK As to concerns about systemic risk, as was proven in the recent Great Recession, the nation is far better served by distribution of institutional risk over hundreds of relatively smaller companies as the concern over too-bigto-fail, or SIFI risk, is drastically reduced. IMBs do not retain credit or interest rate risk on their balance sheets. As the MBA pointed out in their research, the intermediary role of the “mortgage banking business model serves as an importer of capital to local communities, moving investment dollars from the capital markets on Wall Street to make home mortgages available on Main Street.” The Community Home Lenders Association has also been vocal on this subject, pushing back

aggressively on what they view as outsized and disproportionate scrutiny stating in their recent report on Ginnie Mae. “ The purpose of this report is to warn that Ginnie Mae supervisory tightening of smaller IMB issuers that is disproportionate to the risk they pose could undermine GNMA’s While risk certainly primary statutory responsibility exists in mortgage to facilitate access to mortgage banking, and credit.” institutional The MBA and CHLA put forth counterparty risk a series of recommendations to should always be address inflexibilities at Ginnie looked at, the IMB Mae. The MBA made specific is not unique to that recommendations that would risk. provide liquidity to IMBs. The bottom line? While risk certainly exists in mortgage banking, and institutional counterparty risk should always be looked at, the IMB is not unique to that risk. In fact, banks that retain interest and credit risk on their balance sheets versus the pass-through model of the IMB who originates and sells all credit and interest rate risk, poses a vastly different systemic implication to the U.S. finance system. Certainly risk should be carefully analyzed, and it is the responsibility of political leadership to look for options to leverage resources in the event of a credit event, and many unique ideas have been put forth to date. It is somewhat outrageous, however, to have the degree of focus on this segment that has in fact posed so little risk relatively in stress events of the recent past and yet is providing an oversized role in supporting the mortgage market, communities across this nation, and creating such critical access for minority and first-time homebuyers that otherwise would simply not exist.

Dave Stevens is the CEO of Mountain Lake Consulting. Prior to this role, Stevens was president and CEO of the Mortgage Bankers Association and was the former U.S. Assistant Secretary and Federal Housing Commissioner for President Barack Obama.

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steady stream of prudential regulators at the state and federal level who parade through and camp out in their offices, including each state regulator where they are licensed, the CFPB, each investor with whom they do business, their warehouse lenders, servicing buyers, FHA, VA, USDA, and Ginnie Mae, and even some of the larger banks who purchase their correspondent business. They are analyzed and scored for credit quality, liquidity, capital, compliance, operations, servicing and more. Having worked in both business models, I often pined for federal pre-emption when I ran nonbank companies. 4. IMB personnel are the only business model in mortgage banking required by federal law to complete the testing requirements under the SAFE act to insure a well-trained and compliant employee. Banks are exempted from this requirement. Without IMBs serving our communities the picture of homeownership access would look far more segregated as IMBs have been the pivotal access point as proven by the data. Between 2007 and 2018, 64% of all purchase loans for minority borrowers were done by the 900 IMB companies, leaving 36% for the several thousand banks and credit unions with the rest.

COMMENTARY

he attraction to homeownership for women has changed during COVID-19 New study shows women make 85% of homebuying decisions By Desirée Patno

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Across the nation, people are spending more time in their homes than ever before due to the COVID-19 outbreak. Homeownership allows individuals to design a space where they live, work and perhaps homeschool their children. Women no longer feel they have to wait until marriage to buy a home, compelled to create their own sanctuary, means of self-expression and financial wealth through homeownership. BEING MORE RELATABLE TO WOMEN’S DESIRE OF HOMEOWNERSHIP Stay-at-home moms outnumber stay-at-home dads four to one: 7.9 million moms compared to slightly over 2 million stay-at-home dads. Women are very focused on what a community offers from healthcare and childcare, to government oversight and local support systems. They place a higher value on private external space, which is almost as valuable as internal space. From social media platforms to pulsing community engagement, women are looking deep into resources to plant their stake. This is the perfect opportunity for lenders to engage with women about the benefits of owning a home, such as the ability to design their home to fit their needs without having to ask for permission. Women value creating a unique space from which to retreat from the outside world—one in which they control the climate, the decor, the layout. Although homeownership comes with its own set of responsibilities from managing the associated costs and maintenance, the freedom of owning your own home far outweighs these added duties. Mothers will value family time while working on a house project together, creating memories that will last a lifetime. I will never forget when my mother was in the middle of remodeling her home. I had my first newborn son in my arms when I had to dodge the rain from hitting him while in the house.

ACCESSIBILITY TO REAL ESTATE PROPERTIES When buying a home as a single woman with or without children, most women want to touch, see, hear, smell and experience the zen the property generates. This presents its own challenges with limited inventory and not all properties are accessible in person. My suggestion, especially for single mothers, is to have someone go with you as not having that second opinion or fall back while in the property can make all the difference. HOW COVID-19 HAS CHANGED THE MORTGAGE INDUSTRY Mortgage lenders face challenges as COVID-19 puts a direct impact on their ability to originate a residential mortgages when a borrower’s employment and income status may quickly change. With the onset of the COVID-19 pandemic, almost all loans have moved completely online and with all-time historically low interest rates, lenders have their hands full. To accommodate this new normal, the GSEs announced temporarily-relaxed standards for appraisals and employment or income verification requirements. Meanwhile, the GSEs created more stringent underwriting requirements to ensure borrowers have continuity of income for new originations. SERVING WOMEN THROUGH PERSONALIZATION AND DIVERSITY Lenders can serve women homebuyers through personalization and diversification. Single women buyers might be overwhelmed by the process of applying for a loan, especially during this time of uncertainty. Thousands of women do not even dream of homeownership, yet qualify for a loan. There are several first-time buyer programs, grants and platforms for assistance. There is a great opportunity of educating the potential buyers on so much more than the financial aspects for homeownership and providing support through the process of applying for a loan in order to achieve their dream of owning a home. The loan officer needs to be the trusted partner in this business endeavor with a vested interest. What are the advantages of homeownership in terms of short and long-term gain? There are emotional and physical benefits in addition to the financial advantage of wealth building. Women are always asking their

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“Diversity in the workplace leads to diverse thought, solutions and plans.”

RESOURCES FOR SINGLE WOMEN HOMEBUYERS Single women, including single mothers, have many assistance programs to help them in the home-buying process. Programs are offered by the Federal Housing Authority, the United States Department of Agriculture, and at the local and state level. Mortgage Credit Certificates and Individual Development Accounts are also at their disposal. These programs can help single mothers buy homes and assist in the down payment regardless if they have a low income or poor credit history. Some of the state and local resources beneficial to single mothers include: • FHA: The FHA offers programs for first-time buyers, or those who haven’t purchased in three years (helpful, perhaps in a divorce or for long-term renters) with some loans requiring as little as a 3.5% downpayment. • USDA: USDA loans are zero-downpayment mortgages for rural and suburban homebuyers, and they are suited for borrowers with limited funds, who might be ineligible for a traditional mortgage. USDA

provides single-family housing direct loans and single-family housing guaranteed loans. The USDA acts as the lender in direct loans, while private lenders fund guaranteed loans which the USDA backs against default. In 2017, over 25% of single females (with and without dependents) received guaranteed loans, while over 51% of single females received direct loans. • LOCAL AND STATE RESOURCES: Many state and local communities offer government programs for low-tomoderate income buyers. You can search a down payment resource index to find a program in your area. The states with the most programs include California (380); Florida (238); Texas (181); and Maryland (84). The U.S. Department of Housing and Urban Development has an online directory to pinpoint resources by state. • MCCS: Some first-time homebuyers, including single mothers, can qualify for tax credits through state and local governments to offset mortgage interest if income qualifications are met. • IDAS: IDAS help people earning no more than 200% of the Federal Poverty Income Level save for a home downpayment by matching their savings. These organizations are an incredible way for lower-income single mothers to work toward homeownership. Savings can be as low as $25 and can be matched as high as an 8:1 ratio. NICHE LOANS: Sometimes loans are available for a particular occupational or educational demographic such as union members or veterans. Search for these loans within professional groups associated with your niche. The pull to own a home is especially intense for women seeking to create a sanctuary for themselves and stability for their children. Many women may not know about resources to help them in their home-buying process, so share this with a single mother you know on the path to homeownership. Having access to the right information could make a huge difference in her life.

As the President and CEO of Women in the Housing and Real Estate Ecosystem and Desirée Patno Enterprises, Calling on her three decades in the housing industry and experience owning a brokerage, Patno leads the executive team’s expertise of social impact, gender equality and access to capital.

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friends who they know and trust! The special time of being relatable and compassionate will always be memorable to your client. It’s how you make someone feel that matters in the long run. According to Bloomberg, women make 85% of all purchasing decisions, and 91% of new home purchasing decisions, in the U.S. This means there are millions of clients potentially looking to work with women. If you are a women-owned business, leverage your certification and brand to get a leg up on the competition. Having a diverse workforce helps you serve the needs of diverse customers, whether to relieve a language barrier or attend client preferences, and grow your bottom line. If you’re working with women buyers, women lenders can possess a unique understanding of what these clients want and need throughout the home-buying process.

COMMENTARY

he case against a foreclosure tsunami COVID-19 disrupts the normal turn of recession By Rick Sharga

Under normal circumstances, the disastrous economic consequences of the COVID-19 pandemic would lead us to expect a massive wave of foreclosures. Since the beginning of the pandemic, the country entered a recession and the GDP is expected to fall by another 25% to 40% in the second quarter; over 40 million Americans filed for unemployment; 4.5 million homeowners opted into mortgage forbearance programs; and delinquency rates on loans have risen to their highest levels since the Great Recession. Under normal circumstances, it would be entirely logical to anticipate that all of this would lead to another foreclosure tsunami. But if anything is true of 2020, it’s that the phrase “under normal circumstances” simply doesn’t apply.

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WON’T RECORD UNEMPLOYMENT LEAD TO MASSIVE DEFAULTS? Historically, there’s been a reliable pattern that starts with an economic downturn, followed by rising unemployment, delinquent mortgage payments, defaulted loans and, finally, foreclosures. But COVID-19 disrupted that pattern, stopping a strong economy in its tracks. Unemployment rates went from 50-year lows to record highs virtually overnight, not because of weakness in the economy, but because the government essentially shut the economy down in an effort to limit the spread of the coronavirus.

The unusual nature of this pandemic-induced unemployment is one of the reasons that the normal pattern may not apply this time.

The unusual nature of this pandemic-induced unemployment is one of the reasons that the normal pattern may not apply this time. Why? Unemployment hit certain industries much harder than others – travel and tourism, hospitality, retail, restaurants and personal services. These are all industries made up of relatively low-earning, hourly wage employees who tend to be renters, not homeowners. According to the U.S. Census Bureau, the homeownership rate for households making less than the median income is about 50%; for households making more than the median income, the homeownership rate is about 80%. Homeownership rates are also lower for young adults, and adults without a college education, both fairly typical traits of employees within the most impacted industries. Research from First American Economics tracked the “unemployment gap” between renters and homeowners. The gap, which had virtually disappeared prior to the pandemic, increases during recessions, where renters are typically harder hit with job loss. The research suggests that the gap will widen even more dramatically this time than it usually does during an economic downturn due to the industries most negatively affected, meaning that homeowners and the pool of potential homeowners probably won’t suffer as much financially as renters will, unless the recession is longer and more severe than expected. Up to 85% of the jobless claims made during the pandemic were filed as “temporary” job loss. While it’s unlikely that all of the temporary jobs lost will come back, unemployment claims appear to have peaked. It’s likely that many workers will find themselves back at work sooner than later. DOESN’T FORBEARANCE = FORECLOSURE? Another argument suggesting that we’re about to see a huge wave of foreclosures is that millions of homeowners have asked for forbearance on their mortgage payments. And there’s no disputing that fact: by mid-June, the percentage of homeowners in forbearance had reached 8.55% – almost 4.3 million borrowers. But a look inside the numbers tells a slightly less desperate story. The percentage of borrowers in forbearance is dramatically lower than the 25% some experts predicted. The number of borrowers entering forbearance also appears to have peaked at the very earliest stage of the pandemic. According to the Mortgage Bankers Association, borrower requests for

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the market is being underbuilt by several hundred thousand units a year. In 2008, homes were overpriced; in 2020, even as nominal home prices passed their prior peak, the combination of low interest rates and wage growth increased consumers’ homebuying power. Loan quality was abysmal in 2008, but outstanding in 2020 due to years of responsible (and risk-averse) lending practices by mortgage companies. In fact, both delinquency rates and default rates were running well below their historical averages before the forbearance programs went into effect. And historically, housing has tended to fare reasonably well during and after pandemics, recessions, and other economic shocks, such as the terrorist attacks on 9/11. While home sales volume generally dips at the outset of a downturn, prices hold and usually rise as the volume of sales increases. In fact, housing is often an important driver in bringing the U.S. economy back during these recessionary periods.

HIGH DEMAND + LOW SUPPLY + HIGH EQUITY = SAFER LANDINGS Not all homeowners will escape from an economic downturn as severe as this one. But even for those borrowers who simply won’t be able to resume making mortgage payments due to economic hardship, not all is lost. Homeowners entered the pandemic with a record level of equity – over $6.5 trillion. Even homeowners in the forbearance program have healthy levels of equity. Black Knight reported this summer that 91% of those borrowers have more than 10% equity in their homes, and equity gives borrowers options that help them avoid foreclosures. Historically, more distressed properties are resolved through a traditional sale than via foreclosure, and it’s likely that this is what will happen again post-COVID-19 (the exception to this rule was during the Great Recession when homeowners had very little equity and the supply of homes for sale exceeded demand). Current conditions in the housing market – extremely limited supply of homes for sale combined with strong demand fueled by historically low mortgage rates – definitely favor this sort of disposition strategy for distressed sellers.

WHAT COULD GO WRONG? First, let’s be clear: there will definitely be an increase in default activity. To suggest otherwise would be irresponsible and a bit foolish, given the severity of the hit to the U.S. economy. The question isn’t whether default rates will go up, but if they’ll go up as high as they were during the Great Recession, when foreclosure rates peaked at 4% of active mortgages, and delinquency rates approached 12%. Given the factors discussed above, it doesn’t seem likely that we’ll see as much default activity this time as we did in 2008, but we’ll absolutely see more delinquencies and foreclosures than what we’ve seen over the past few years. There are also other factors that could drive default activities to much higher levels. For example, if there’s a second wave of the coronavirus more severe than the first one, it could result in an even deeper, and longer-lasting, recession than what’s now being forecast, regardless of whether or not the federal or state governments “officially” implement shelter-in-place or quarantine rules. The industry could also make the situation worse. While the forbearance program for government-backed loans has been designed very specifically to help borrowers avoid default, 40% of mortgage loans are in private portfolios, which don’t necessarily have to follow the rules outlined by the FHFA or FHA. If those private lenders do something extraordinarily foolish such as demanding lump-sum payments from their borrowers at the end of the forbearance period, we could also see an immediate (and largely unnecessary) spike in foreclosures. This is 2020: the year of the global pandemic, killer hornets, social unrest and what promises to be a rancorous presidential election. It’s hard to bet against another unexpected twist in what’s already been an unprecedented and unpredictable year.

RECENT – AND DISTANT – HISTORY FAVOR A RECOVERY Market conditions entering the pandemic bore virtually no resemblance to the market leading into the Great Recession. In 2008, the housing market was overbuilt; in 2020, demand is outpacing supply, and analysts believe

A 20-year veteran of the real estate and mortgage industries, Rick Sharga is the founder of CJ Patrick. Prior to founding CJ Patrick, Sharga was chief marketing officer at Ten-X and Auction.com, executive vice president at Carrington Mortgage Holdings, and senior vice president of marketing at RealtyTrac.

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forbearance were highest during the week of March 30 ( just prior to April mortgage payments being due), and have been lower every week since. If financial distress among homeowners had been becoming more severe, we should have seen spikes near the first of each month when the next mortgage payment was due; but that wasn’t the case in either May or June, and by mid-June, the MBA reported its first weekly decline in borrowers in the program. Borrower behavior within the forbearance program has been encouraging. According to reports, over 40% of borrowers made a mortgage payment in April, despite being in forbearance, and 20% did so in May and June. Finally, the nature of the repayment plans for borrowers in the forbearance program are designed to minimize default. The deferred payments are simply tacked on to the end of the mortgage, and due when the loan is paid in full, refinanced or when the property is sold.

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Women lead industry through the haze of pandemic Leading through empathy, communication and intuition B y J o a n n e C le a v e r

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As the holidays ramped up in early December 2019, Charlotte Catalfo had her eye not on decorating and gift-wrapping, but on a small but worrisome health crisis escalating halfway across the globe. From the suburban Virginia headquarters of mortgage securitizer Freddie Mac, Catalfo kept tabs on a new virus that the Chinese government was having trouble containing to the city of Wuhan. When the now-infamous COVID-19 virus hopscotched to Italy, she knew that it was time to put Freddie Mac’s emergency continuity plan into gear. As senior vice president for enterprise operations and a member of Freddie Mac’s senior operating committee, it was her responsibility to figure out how to ensure uninterrupted work with investors, lenders, multifamily property owners and homeowners if business as usual was thrown off track.

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Leading the Freddie Mac’s business continuity initiative, which manages $2.2 trillion in assets, Catalfo cleared the way for ongoing collaboration with regulators and business partners to firm up policies to keep Americans safely housed. Her team worked with lenders to lay out policies for mortgage forbearance, if it was needed. She oversaw dress rehearsals in which Freddie Mac departments practiced remote work to find and fix technical and logistical glitches. “People, process and technology,” Catalfo says of the remote-work stress tests. “We found that some people were locked out [of the Freddie Mac computer systems] and we could help them before there actually was a crisis. We figured out how to support employees in their critical roles. We finished our last division just as we declared that everyone had to work from home except for essential personnel. That plan executed nicely.” In March, while most American companies were hastily patching together backup plans for keeping their doors virtually open, Freddie Mac was a step ahead. Having learned from the 2008 housing crisis that consumers needed clear, consistent guidance about what to do if they couldn’t pay their mortgages, Freddie Mac made itself the go-to source for how homeowners could claim forbearance to ensure they had a home i n wh ich t o shelter in place.

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As the pandemic swept across America in the spring of 2020, Freddie Mac managers took their cues from senior leadership: support line employees as they figured out their own personal continuity plans. Communicate more, and more often, than you normally would. Assume the best. Lead with empathy. It worked: the company’s thousands of employees managed a record volume of inquiries, offering beleaguered Americans at least one reliable point of reference when nearly all aspects of daily life were upended. Over 2 million Americans sought information about their mortgages from the company’s website. From pandemic to protests to politics, 2020 has been an obstacle course for housing industr y companies. Though core business momentum is strong, employers are fighting a thicket of complications to keep staff engaged, business partners in synch and customers in the loop. Data and forecasting only go so far when events cascade to a torrent of unexpected, unpredictable situations. When companies have to navigate one week or even one day at a time, communication and collaboration are the most critical leadership skills. And women are, as a group, renowned for those skills, along with a measured

“It’s not about one gender’s skill or aptitude versus the other. It’s a blend of both that brings out our best.”

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risk management; empathy; and a people-first approach to operations. This year, as the going got tough, women who kept things going drew on both traditional and operational strengths. If this year continues its current trajectory, the housing industry might permanently change as a result. “It’s nurturing that women tend to be better at,” says Kara Taylor, ATTOM Data Solutions vice president of marketing. “And that’s what this situation calls for.” A health care crisis on such a huge scale is intrinsically threatening at an elemental level. That means that employee communication is really about reassurance; frightened people can’t concentrate, Taylor pointed out. In such situations, she says, women intuitively gravitate toward communication, lots of it, in lots of different ways, on lots of different levels. “I’m always asking my team, how’s your comfort level, what are you worried about? And then I can take that to the executive team and share that there’s anxiety out there,” Taylor said. Early in the COVID-19 pandemic, she realized that employees and business partners alike had no tolerance for generic messages. “They wanted to hear directly from the person in charge. It helps every time our CEO sends out an email that says, ‘here’s what we’re doing, and why.” “What we’re seeing now is drawing on some important skills that don’t always get prioritized,” said Gayle Weiswasser, senior vice president of communications and business development for Homesnap, a mobile productivity platform for agents and a home search platform for consumers. “Serving in a communications role in this pandemic has drawn on traditionally female traits, such as empathy and connection, and reaching out,” Weiswasser said. “It has been a bit less about traditional marketing messaging and analytics, and the more transactional side of relationship building. We’ve seen that since the middle of March. What’s working with establishing connection with audiences is providing information and recognizing the challenges that people, especially agents and multiple listing service staff, are going through. We’re trying to anticipate the kind of content that will make their lives easier and explaining what those features are and how to use them.” Catalyst, a New York-based nonprofit think tank that explores and advocates for women’s leadership, released a report in June illustrating how aptitudes often characterized by women are precisely what’s needed to guide organizations through this year’s wrenching events. Transparency, equity and communication are essential factors for fueling resilience and flexibility, Catalyst reported. Housing industry employers need all that and more to steer through the confusion that the COVID-19 pandemic inflicted on nearly every segment of the economy. “The pandemic has put more urgency on utilizing

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our soft skills for crisis management, without a doubt,” said Lisa Fenske, senior vice president of marketing and communications for Waterstone Mortgage, which employs 600. “We had to have creative problem-solving strategies while also considering health and safety protocols. We put even more of an emphasis on communication, not just with employees and customers but also with business partners. And that didn’t just mean pushing out emails and videoconferences, but considering the personal and emotional perspective.” “And then I started seeing a bit of a shift,” Fenske continued. “When we had conversations, and we kept bringing up employees’ situations as we made decisions, other leaders started talking about that, too. The months of March through May presented many extraordinary circumstances for us, as they did for all businesses. We relocated about 90% of our workforce to their homes, and remained sensitive to the unique emotional challenges that many of our employees and customers were facing. While we focused on making the transition seamless and flexible for our team members, we were also able to successfully help a record-breaking number of customers with their home purchase and refinance needs.” As in many industries, many women in senior housing leadership occupy marketing, communication and human resources roles, precisely the roles designed to rise to the occasion. “I held myself and the team accountable to ensure that we had virtual face time with each of our direct reports,” said Victoria Gillespie, chief marketing and communication officer for the National Association of Realtors. “We initiated best practices around virtual and consistent communication.” T he s a m e a p p r o a c h f r a m e d Gillespie’s external communication: if she was a resource for her team and for NAR, then member agents could take their cues accordingly and be re-

sources for their local communities. “We called this a resiliency plan, not a ‘COVID plan,’” said Gillespie. The nature and intensity of 2020’s events could signal a permanent shift in how the housing industry values women’s traditional strengths, according to business school academics who study gender roles in the workplace. “I’d be surprised if we went back to business as usual,” said Laurens Bujold Steed, an assistant professor of management at Miami University in Oxford, Ohio. “Employers have to be more thoughtful about sick leave, taking leave, caregiving and working from home, and there are a lot of psychological impacts that employers will likely have to consider as well. Organizations may find that many of the policies they enacted benefit the organization and they may keep them.” Crisis-induced change can be good, said Elizabeth McClean, an assistant professor of management within the University of Arizona’s Eller College of Management, who studies gender dynamics in leadership. Given the glacial pace of advancement for women in most industries, including housing, a radical shake-up can break inertia and propel change that has been long in coming.

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“There is a chance that this pandemic might have some positive outcomes,” McClean said. “We might be better managers because of this. It will require having more women at the top but also having more men at the top explicitly recognizing the benefits of these behaviors.” Karen Starns, chief marketing officer of OJO Labs, a technology company that has developed a personal artificial intelligence advisor, is acclimatized to male-dominated teams, she said. But the abrupt shift to all-remote, all the time challenged even her tech-immersed comfort zone. “When you’re a successful woman leader, the tactics that work for you around a conference table may not directly translate to virtual work,” Starns said, who added that she is asserting herself more to ensure that all participants in virtual meetings are heard, including herself. “There are lots of tactics you can use in a room, like putting your hand on the table, and when you’re on Zoom you can’t use your presence in the same way.” “One thing I learned earlier in my career is not ceding the floor,” Starns said. “I find that it is valuable to not say, ‘oh, you go ahead.’ If two people start talking, I’m going to say my piece and not always defer. I’m going to get my comment in.”

“We might be better managers because of this. It will require having more women at the top but also having more men at the top explicitly recognizing the benefits of these behaviors.” In normal times, task-oriented leadership behaviors tend to be more valued, even though leadership effectiveness requires the ability to get things done and to have strong relationships. “Since women are already expected to display compassion and communality, we are at a pivotal moment where we can explicitly shift the value we place on relationship-driven leader behaviors for both men and women, without anyone risking a backlash for doing so,” McClean said. “People think of evolution as linear, but it’s not,” said Vipula Gandhi, a managing partner with Gallup, which constantly monitors American perspectives about leadership and workplace culture. “Unexpected high impact events create change at a very high pace. Women’s strong connection with the purpose of the organization, and their innate strengths provide them an edge in the current circumstances.” “There will be a greater appreciation for women because men are seeing how well women are handling so many factors,” said Erica Bigley, Ellie Mae vice president of corporate communications. The pandemic forced Ellie Mae to transfer its annual user conference to the virtual realm. The silver lining to that cloud quickly shone: 6,000 customers, partners, prospective customers and employees signed up to attend from their desks, compared to 2,500

who’d registered for the on-site event. Meanwhile, working largely from home, Ellie Mae’s staff of 2,000 continued to help lenders manage a record volume of mortgage refinances. “I think we’ll look back in 10 years and realize this period was worse than we thought,” said Courtney Graham, Princeton Mortgage senior vice president of marketing and people. Executive teams are discovering previously hidden fault lines and have a chance, as the dust settles, to realign their dynamics accordingly, she said. The true moment of change will come when male leaders realize the power of women’s strengths and deliberately decide to incorporate an understanding of some of those skills into their own leadership style, said Gandhi. “If we incorporated women’s empathetic and inclusive approach into the traditionally male style of data-driven and strategic decision-making, an entire leadership team will be better positioned for success” she said. “It’s not about one gender’s skill or aptitude versus the other. It’s a blend of both that brings out our best.”

Wom of

Influence This yearâ&#x20AC;&#x2122;s Women of Influence winners represent 100 of the most influential women in leadership in the housing industry. From tech advancements to mentoring to their engagement in nonprofits, these women are showing true leadership inside and out of the housing industry. They are using their positions to bring others along their path and propel the next generation of women into leadership. During this time especially, many women spearheaded efforts to move employees to remote offices, provide help to the community around them and even set up training to help their teams as more digital workflows were implemented. Women rose through the challenges to provide leadership and influence the world around them.

2020

Mercedes Vela | Janette Waller | Cristy Ward | Gayle Weiswasser | Jacqueline

RIHAM EL-LAKANY

VICTORIA GILLESPIE

Vice President and Chief Marketing and Communications Officer, Single-Family Division

Chief Marketing and Communications Officer

National Association of Realtors

Freddie Mac

s vice president and chief marketing and communications officer for Freddie Mac Single-Family, Riham El-Lakany supports the business through comprehensive, effective marketing and communications campaigns and initiatives. Under El-Lakany’s leadership and direction, her team launched Freddie Mac’s newly designed single-family website and new Single-Family Guide online experience in May 2019 with more than 500 pages on the website and over 3,000 pages in the revised guide. In the last year, the company’s single-family communications grew rapidly in both quantity and quality. Under El-Lakany’s direction, the communications team sent 4 million emails to support more than 700 campaigns. El-Lakany and her team also launched new several new marketing and communications channels, including a podcast series called Home Starts Here, covering dozens of timely topics and featuring top industry experts; a series of digital books on topics that Freddie Mac’s clients care about most; a new online magazine titled Sightline, offering clients the insights and perspectives to help them succeed; and a variety of thought leadership articles aimed at raising awareness and exploring new trends and opportunities. El-Lakany has also been a driving force of #LeadingTheWay, helping to launch Freddie Mac’s campaign focused on the advancement of women in the workplace.

t was more than 30 years ago when Victoria Gillespie began her professional career as a branch manager in the financial services industry. During her tenure, Gillespie held senior-level sales and marketing posts at Sandy Spring Bank and Realtors Federal Credit Union, and specialized in residential sales as a Realtor herself. After joining the National Association of Realtors staff in late 2018, Gillespie complately transformed the once-siloed marketing, communications and events staff into a single, cohesive group whose output is strategically driven and unified in look, feel, tone and messaging. Under Gillespie’s leadership as chief marketing and communications officer, NAR launched “That’s Who We R,” its most successful consumer advertising campaign to date with over 2.34 billion impressions and 42.4 million social media engagements. In the last 12 months, Gillespie developed a new structure for the more than 70-person group, organizing it into multiple disciplines while setting the tone thanks to her vibrant personality, high energy and tireless drive. She also led efforts that required coordinating content from more than a dozen key subject matter experts across the association to ensure that all messaging disseminated added value, helped members become or remain successful in the real estate industry, and reinforced what NAR is doing on members’ behalf.

KAREN STARNS

KARA TAYLOR

Chief Marketing Officer

Vice President of Marketing

OJO Labs

ATTOM Data Solutions

ith expertise in product marketing, customer acquisition and digital initiatives at fast-growing companies including Microsoft, Amazon and Pearson, Karen Starns is a force within the consumer tech space. Driven by a passion for helping brands connect with their customers in a meaningful way, Starns is always brainstorming how companies can deploy cutting-edge technologies to better anticipate and meet consumer needs. Now, as chief marketing officer at OJO Labs, Starns focuses the majority of her attention on the revamping of OJO Labs’ brand to better reach a rapidly increasing number of consumers through the company’s proprietary AI advisor for homebuying, OJO. In addition to overseeing all aspects of marketing strategy, Starns is also committed to building a culture at her company that encourages mission-driven thinking with her motto “Earn trust – never forget the lives we impact.” Outside of the office space, Starns actively mentors emerging female leaders through various programs. A participant in the Vital Voices and Bank of America Global Ambassador program, Starns was matched with and continues to serve as an advisor and mentor to the CEO of social enterprise Cielo Hammocks and non-profit Cielo Foundation. Furthermore, Starns was a founding member of the Advisory Board for the University of Tedas’ McCombs School of Business, Master of Science in Marketing program.

nown within her company as a passionate and driven leader, Kara Taylor has proven time and time again her ability to execute hands-on tactical strategies. As vice president of marketing at ATTOM Data solutions, Taylor utilizes her 15 years of industry experience to grow various marketing teams focused on lead generation and brand awareness. Taylor is one of two female members on ATTOM’s seven-member executive leadership team. As a member of the leadership team, she actively contributes to several strategic initiatives bringing more comprehensive real estate data to the marketplace. Prior to joining ATTOM, Taylor developed and grew various marketing teams focused on lead generation and brand awareness. Helping young girls follow in her footsteps, Taylor also played a significant role in ATTOM’s partnership with Girls Inc. of Orange County to offer local high school girls an opportunity to explore career options in their areas of interest. Within the partnership, Taylor participated in several interactive activities including focusing on topics such as workforce development, financial literacy and college preparedness. Taylor is also an active member of her Laguna Beach, California community, where she served on the Parent Teacher Association Board for Top of the World Elementary School. Kara also provided pro bono marketing services for the current California State Assemblywoman in District 74.

MIN ALEXANDER

NANCY ALLEY

General Manager and Chief Operating Officer

Vice President of Strategic Planning

Auction.com

Simplifile

MEGAN ANDERSON

AMANDA ANDRADE

Vice President of Marketing

Chief People Officer

MBS Highway

Veterans United Home Loans

s general manager and chief operating officer of Auction. com, Min Alexander drives the strategy and development of Auction.com buyer technology and tools to transform how real estate buyers and sellers interact for optimal outcomes. Alexander is also leading innovation through new machine learning and AI applications to solve common real estate industry problems. Most recently, she was behind the launch of Direct Offer, a feature that lets buyers make offers directly to sellers on select bank-owned properties in an online format, and Remote Bid, a mobile app feature that lets buyers bid remotely on select in-person foreclosure properties. Over the past two years, Alexander created a number of team wins at Auction.com, including increased performance and quality, increased scale and reach, mobile bidding and sales and innovations to support investor needs. Within her company Alexander leads a team of 700 professionals who manage the sale of more than 140,000 exclusive listings annually. To ensure productivity Alexander has a passion for team development to empower the most valuable resource in the business: leadership and human capital. She is motivated to build high-performing teams to serve buyers and sellers through innovation, collaboration and a relentless focus on customer service.

egan Anderson is relatively new to the mortgage space, but already her influence has been felt by thousands of industry professionals. As vice president of marketing at MBS Highway, she has interviewed some of the top minds in the mortgage and real estate space in her podcast, Behind the Breakthrough. In this podcast, Anderson tells the stories of todays leaders, before they were leaders. She is also featured on the daily video MBS Highway puts out which reaches more than 20,000 subscribers. Anderson’s message focuses on inspiring loan originators and real estate agents to face their fears of social media while promoting themselves and their business online. She also inspires others to not let fear and self-judgment get in the way of reaching their goals or helping clients. Not only has she been an inspiration, but she has also personally held the hand of so many to overcome this fear, from creating social video scripts, content calendars and online webinars. She has introduced systems and platforms that effectively create content and increase engagement. Anderson also travels around the U.S sharing her own story. With hands-on mentorship, Anderson is helping industry leaders and professionals navigate an ever-changing digital platform. As a result, Anderson has become a local trusted celebrity and advisor in her community.

n her almost 30-year career, Nancy Alley has become an influential force in the advancement of mortgage technology and guiding the mortgage industry into the digital age. Alley led product management and strategic planning for several key players in the industry – all with the goal of making an end-to-end digital mortgage the industry standard. Since joining Simplifile in 2013, she has helped drive its business strategy, which was a key factor in Simplifile’s acquisition by Intercontinental Exchange in 2019. These efforts include forging strategic partnerships with technology providers such as Ellie Mae and Docutech to craft a technology-driven environment that connects lenders and settlement agents and drives digital workstreams. By establishing these integrations with Simplifile’s suite of loan collaboration, eRecording and post-closing services, Alley created an ecosystem in which lenders leverage county-by-county eEligibility data to safely maximize the degree to which every loan can be executed digitally while also providing a standardized process for all closing scenarios (fully digital, hybrid or ink). In addition to serving as a past MISMO eMortgage workgroup co-chair, Alley also served on the MISMO strategic planning committee, MBA RESTECH Forum, Freddie Mac’s Vendor Advisory Board and the GSE’s UCD Advisory Board.

manda Andrade has become one of the most prominent human resources executives in the mortgage industry through her work in Veterans United People Services Division. In 2019, she was instrumental in expanding Veterans United workforce by 30% with the addition of more than 1,000 new employees – including a 17% increase in the number of production team members. She also oversaw the expansion of the Veterans United corporate offices in St. Louis. Andrade's works have been praised across the industry, including through the Mortgage Bankers Association’s 2018 Residential Diversity and Inclusion Leadership Award. Her input has been cited by Fortune Magazine as it included Veterans United in multiple listings of the best workplaces in the nation. Andrade’s indefatigable spirit and passion for helping others can be seen outside of her company as well: she serves on the boards of directors of several Missouri-based nonprofits including Regional Economic Development and First Chance for Children. She also serves on the Personnel Advisory Board for the city of Columbia and advises the city council on the status of the municipal personnel system. Andrade is also on the executive board as well as the advisory council of the Inclusive Impact Institute, an organization that uses education to promote diverse and inclusive communities.

SARA AVERY

President and Cofounder

Senior Vice President, Chief Risk Officer

New American Funding

Common Securitization Solutions

atty Arvielo is committed to empowering and teaching today’s women and minorities to be tomorrow’s mortgage leaders. A first-generation Latina with 39 years of experience in the mortgage industry, Arvielo is a self-made leader of a company with a servicing portfolio of over 128,000 loans for $31.3 billion. Arvielo continues to influence the entire industry in terms of lending policy while rallying on behalf of the upward mobility of women and minorities in the workplace. As president and cofounder of New American Funding, Arvielo leads by example as she manages operations and sales for the company’s headquarters, 198 nationwide branches and more than 3,200 employees. Her expertise and influence extend to numerous committees within the industry, including the National Association of Hispanic Real Estate Professionals the Housing Counseling Federal Advisory Committee and the Mortgage Bankers Association Affordable Homeownership Advisory Council. Arvielo is a former member of the Fannie Mae Affordable Housing Advisory Council and Freddie Mac’s Community Lender Advisory Board and Affordable Housing Council. Outside the office, she currently serves on the National Park Foundation Board of Directors and is a member of the Executive Board of Big Brothers and Sisters Orange County.

ith nearly 20 years of experience, Sara Avery spent the last six years enhancing risk management and employing guidance with Common Securitization Solutions. Avery led the effort to ensure operational readiness of CSS to support the implementation of the UMBS in June 2019. Avery's leadership in the company’s risk management function ensured the maintenance of safe and sound operations – which allowed a flawless transition to a new platform that currently manages nearly $5 trillion in securitization issuance and administration. Her ongoing responsibilities include ensuring that all risks are well understood and effectively mitigated to meet the level of service required of CSS. Prior to joining CSS, Avery spent nine years at Freddie Mac in a variety of senior roles focused on strengthening risk management. Avery’s coaching style focuses on empowering across the organization, and encourages “one team” for every challenge. She is regarded as consistently pushing innovation and creativity to boost value for clients. Avery fosters trust with her teammates by communicating openly with others, sharing feedback in a constructive fashion, and addressing problematic situations head-on. By letting each member of her team stretch within their roles, she inspires her team members to reach their personal best.

AJ BARKLEY

DEBBIE BEIER

Senior Vice President, Neighborhood Lending Executive, Consumer Lending

Chief Operating Officer

WOMEN OF INFLUENCE 2020

PATTY ARVIELO

GO Mortgage

Bank of America

ebbie Beier is a key player in the modernization and amplification of GO Mortgage and its position in the mortgage industry. In her role as the company's chief opperating officer, she has been able to bring servicing in-house in order to increase profits and improve the overall customer’s experience. Beier is also the architect of the company’s service platform for GSF Mortgage/GO Mortgage’s single close construction offering. After coordinating the entire project, she then methodically trained and educated each department on it, from processing to closing. Her organization and determination to bring the right pieces in-house is one of many reasons why Beier is a mentor to multiple employees within GO Mortgage. Additionally, it was her tenacity that enabled the company to be one of a few lenders to receive a conventional variance from Fannie Mae. Beier’s emotional intelligence enables her to shift and adapt to any situation, whether with vendors, customers or employees. Historically, Beier is known to never back down from a challenge, and if a problem lands on her desk, she does not delegate it, she boldy handles the issue at hand and works until it is resolved. Due to her strong leaderhsip, Beier won the Best in Leadership award from the Milwaukee Chapter of the Wisconsin Mortgage Bankers Association and serves on the advisory board at Lenders One.

AUGUST 2020

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n her role, AJ Barkley is tasked with finding ways to drive successful homeownership among low-to moderate-income borrowers, underserved communities, and multicultural borrowers in all economic situations. Barkley is responsible for implementing the megabank’s commitment to affordable, responsible lending, including home, auto and small business loans, through strategies designed to educate and inform. Recently, Barkley headed up efforts to create and raise awareness of Bank of America’s Community Homeownership Commitment, an initiative intended to put buyers on the path to affordable and sustainable homeownership. As part of that program, Bank of America committed $5 billion in the form of grant programs designed to help prospective homebuyers with down payment and closing costs. According to the bank, the program will help more than 20,000 individuals and families become homeowners. Barkley’s work also strengthened the bank’s connections with first-time homebuyers as well as multicultural and low-to moderate-income clients. Outside of her important role at Bank of America, Barkley also serves as the co-executive sponsor of the Black Professional Group of North Texas and launched the Black Women Ready to Lead initiative, where she is invested in the professional and personal development of employees in the Dallas area.

WOMEN OF INFLUENCE 2020

KRISTINA BENNETT

ERICA BIGLEY

Senior Vice President of Sales

Vice President of Corporate Communications and Branding

United Wholesale Mortgage

Ellie Mae

rica Bigley boasts a track record for enabling companies to achieve strategic and financial objectives. Her passion to help companies and leaders share their stories, to create a voice for solutions to problems, and to expand narratives beyond just marketing has been the driving force behind her success. As vice president of corporate communications and branding at Ellie Mae, Bigley is responsible for driving the voice and vision of origination and acquisition technology within the company. Since joining Ellie Mae in 2015, Bigley also leads the external communications with lenders, partners and the media. She is also responsible for the internal communications to the nearly 2,000 Ellie Mae teammates, the company's corporate full-service creative services function, content marketing including emails, blogs and videos, social media endeavors and the Ellie Mae website. Bigley’s leadership style channels a down-to-earth relatability which enables her to solve challenges that arise so her team can continue to move forward. Bigley also leads multiple events that focus on giving-back initiatives. One example is the Ellie Mae Classic Golf Tournament, which she developed and leads herself. In 2019, the tournament contributed more than $250,000 in total charitable donations, with $100,000 going to MBA Opens Doors.

LAURA BRANDAO

ALISON BROWN

President

Senior Vice President of Operations

American Financial Resources

LivCor

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s one of the original 12 team members of the United Wholesale Mortgage team, Kristina Bennett has been instrumental in UWM’s growth from a Top 200 lender to the Top 2 overall lender in the U.S., as well as the No. 1 wholesale lender in the country. From the first quarter of 2019 to the first quarter of 2020, Bennett and her team at UWM helped more than 1,000 mortgage professionals transition from the retail lending channel and other industries to the independent channel. Bennett embodies an unwavering commitment to ensure every client touchpoint maximizes their ability to seamlessly onboard with UWM, start their own business or reach their company growth goals. Her passion for client success resulted in many leadership positions over the years, with her most recent promotion to that of senior vice president of sales in the first quarter of 2020. As the driven leader of UWM’s sales team, Bennett’s top priority is growing the wholesale channel and supporting mortgage brokers everywhere by providing resources and tools that they can use at any stage of their career. By utilizing her 26 years of experience in the housing industry, Bennett has been able to fuel her passion at UWM for helping her team members not only reach their goals but exceed them.

or more than two decades, Laura Brandao has been assessing the needs of the mortgage industry and responding. As president of American Financial Resources, she leads the company in developing unique products to support the ever-changing demands of the housing market. Brandao has been a consistent voice for new product development, as well as placing technology at the forefront of the mortgage process. Guided by her vision, AFR created several technological innovations such as AskAFR through Amazon’s Alexa, as well as the One-Time Close Portal. Recently, Brandao led the launch of a new certification program for lending partners. Recognizing her growing audience as a public figure, Brandao is personally committed to consistently providing inspiring content for others through her SayYesEverday.com blog, PositivelyCharged.biz podcast, and #MotivationalMonday videos shared on social media. Brandao also serves as the effervescent leader of the AIME Women’s Mortgage Network and spearheaded the organization’s launch event which highlighted collaboration, communication and empowerment in the industry. With an infectious enthusiasm, Brandao is increasingly passionate about guiding families to the home that is right for them. Always open to meeting new people and sharing encouraging words, selfie photo requests with her at events have grown in popularity.

efore arriving at LivCor, Alison Brown already had an extensive career in leadership and operations at the Ritz Carlton, Equity Residential and Steadfast Companies. Today, Brown leads the operational arm of the Blackstone multifamily portfolio Good Owner program, setting the national expectations for how LivCor operating partners embrace residents and local communities with integrity and service. In the midst of the pandemic, Brown amplified her role by becoming the quarterback of the operational response, acting as the information hub for the 32 operating partners while LivCor defined new systems, processes and standards to take care of both team members and residents through unprecedented times. Not only did this leadership set the standard for LivCor communities, but it helped influence the standards for the operations of over 1 million apartments across LivCor’s operating partners. Brown’s leadership style demonstrates her focus on influence, not authority, and consistently finds her in a service-oriented mindset. Brown is one of the two leaders of SEED (Support, Empower, Engage, Develop), LivCor’s program to engage and develop more women in the organization and industry. Brown acts as a mentor to all the women in the organization and has helped her company to hire more women in asset management and finance.

AUGUST 2020

CHARLOTTE CATALFOF

Senior Vice President of Title Operations

Senior Vice President of Enterprise Operations

Radian Title Services

Freddie Mac

GENGER CHARLES

CHAO CONG

Senior Director of Government Relations and Strategy

Vice President of Business Strategy, Data and Analytics

Amherst Residential

Black Knight

enger Charles brings more than a decade of experience in mortgage, housing finance, legal and public policy to her role at Amherst, where she formulates the company’s government relations strategies and environmental, social and corporate governance policies. From 2014 to 2017, she served as the general deputy assistant secretary at the Office of Housing and Deputy Commissioner for the Federal Housing Administration, and was formerly a senior policy advisor and the first chief of staff to the FHA Commissioner. Today, Charles works alongside Amherst CEO Sean Dobson and President Drew Flahive in tackling the major challenges facing the housing environment, particularly the still-glaring problem of inequities in the system. With Charles at the helm, the company has cogently addressed the housing needs for Americans of all income levels while partnering with municipal governments to support economic growth and access at local levels. One of her most significant recent accomplishments was coordinating the publication of crucial research using Amherst’s proprietary data on the economic perils that renters faced during the economic tumult brought on by the COVID-19 pandemic. Charles leveraged this research to develop public awareness, engage stakeholders and advocates across numerous sectors to highlight the extraordinary impact of crisis on rental housing.

harlotte Catalfof spent more than two decades in the mortgage industry, including executive roles at Vertice, Wachovia and Freddie Mac. Catalfo is a member of Freddie Mac's Senior Operating Committee, providing leadership and strategy on operational risks, including business resiliency, treasury operations and payment risks. Over the past year, Catalfof ramped up Freddie Mac's business continuity/resiliency planning and testing program. She organized and oversaw an effort that engaged the entire company in preparing for various disaster scenarios. Her successes included a company-wide exercise simulating a technology issue at a partner company. Catalfof and her team took lessons from this exercise and drove refinements in planning down to individual departments. When the COVID-19 virus appeared in late 2019, Catalfof ramped up Freddie Mac's planning and preparation for a pandemic, producing a multi-scenario plan tuned to the threat. The company deployed Catalfof's plan beginning in February 2020 and was prepared with the infrastructure, personnel, strategy and communications that helped Freddie Mac manage the crisis. In the early stages of the pandemic, Freddie Mac moved more than 95% of its staff to remote work, managing a $2.2 trillion mortgage portfolio without significant disruption.

s vice president of business strategy for Black Knight Data and Analytics, Chao Cong plays a critical role in providing the data and research for key stakeholders across the industry. This includes overseeing Black Knight’s Home Price Index, which enables mortgage professionals to quickly evaluate portfolio equity and determine the potential for loss. Chao is also responsible for Black Knight’s Index Suite, which complements the index with an overview of prepayment and credit market performance. Her expertise and insights are increasingly used by mortgage and real estate professionals throughout the mortgage process to increase market share and reduce risk. Her unique skill set combines a strong quantitative and analytical background built on in-depth experience in data research and behavior modeling to turn large-scale data into actionable recommendations that drive business opportunities. In her role, she leads a diverse group of data-focused professionals and is responsible for Black Knight’s analytics solutions, including the AFT Prepayment and Credit Model, Mortgage Scores and Dialer Optimizer. In addition to her financial services modeling and leadership experience, Chao is a chartered financial analyst and a certified financial risk manager, as well as an author and researcher for Black Knight industry white papers.

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ill Cadwell is a 30-year industry veteran who has spent the last two years rapidly improving the operations within Radian Title Services. Cadwell’s reputation precedes her, as a passionate developer of innovative production and technology solutions with rock-solid teams. Past operations, Cadwell spearheaded key initiatives including the development of a digital processing platform and digital portal. After the emergence of the COVID-19 crisis, Cadwell seamlessly turned Radian’s Title Services business into a fully remote, and fully operational, enterprise literally overnight. Cadwell ensured that the roughly 225 Title Services employees in three states had the tools and systems they needed to work from home successfully amid such a demanding environment. In the last year, Cadwell led a major effort to leverage bot technology to automate certain administrative aspects of the title process, including the roll out of additional bot functionalities across its title systems. Even as Radian’s title-related businesses had grown by nearly 200 percent during Cadwells’s tenure, service-related metrics stayed the same or increased. Her leadership relies on “skills-based routing,” a process improvement that involves leveraging data and technology to ensure that work is assigned to the best-qualified person for the task.

WOMEN OF INFLUENCE 2020

JILL CADWELL

WOMEN OF INFLUENCE 2020

ANNETTE COTTON

CAROL CRAWFORD

Vice President of Data Operations

Chief Marketing Officer

DataTree by First American

Closing Corp

CATE DALTON

DAVA DAVIN

Executive Vice President, Customer Advocacy

Founder and President

Mortgage Cadence

Portside Real Estate Group

ith more than 30 years of industry experience, Annette Cotton possesses expert knowledge of real estate data. She earned her leadership status by working in every role that supports data manufacturing, including source acquisition, data extraction, research, quality and delivery. In her role as vice president of data operations, Cotton leads more than 150 employees and manages client fulfillment, captive offshore production and vendor oversight. She actively contributes to building the market-leading suite of data assets serving the financial services market segment. For example, Cotton led a revolutionary change to the methods used to manufacture data with modern tools and technology, collecting 60% more data at a reduced cost and achieving higher quality standards than manual methods. Under her leadership, First American has become the largest provider of title plant data, which represents the deepest, regionally sourced collection of public records available. As a result, clients experience the highest data accuracy and completeness of any source and see a competitive advantage when they use DataTree products like the national HOA database and PACE loan monitoring. Internally, Cotton advocates for female executives and created the Future Women in Leadership program.

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n just a few months as executive vice president of customer advocacy at Mortgage Cadence, Cate Dalton has already had a significant impact on the company’s operations. Dalton was promoted into her current role in January, and in the months since then, she has already redefined the ways that Mortgage Cadence can be customer-centric both strategically and tactically. In her first month in the role, Dalton traveled to 15 different customer sites in order to speak to them directly about what they needed from Mortgage Cadence. Following those meetings and the information she gathered from them, Dalton quickly acted and launched several initiatives. One of those was the Mortgage Cadence Customer Advisory Council, built on a diverse and expansive representation of customer markets. Through this council, Dalton is taking initiative to ensure that every decision made by the company involves its customers. Additionally, Dalton introduced and launched MBA Online education to every employee at the organization to ensure that every customer is met with understanding and knowledge of their business. Prior to her promotion, Dalton served as product manager for the Enterprise Lending Center. Driven by her passion for the customer experience, Dalton played a key role in changing the way Mortgage Cadence developed features and provided value for its customers.

arol Crawford embodies ClosingCorp’s culture of innovation and efficiency. A member of the original core team that conceived, built and grew the company, she has played major roles in acquisitions, tech collaborations and client relations, in addition to her marketing and brand development responsibilities. This year, ClosingCorp completed the successful acquisition of WESTvm, an order management platform. Crawford was involved with the due diligence and development of a corporate strategy to integrate the new technology into the company’s existing product suite. Since the acquisition, new sales of ClosingCorp’s Order Management platform, formerly known as WESTvm have exceeded company expectations, largely in part of the comprehensive go-to-market plan developed and rolled out by Crawford. Crawford’s multifaceted approach to launching new products, branding, strategically placed media communications and indispensable product training materials for employees and customers alike made the acquisition a complete success. In 2019, Crawford also led the rebranding of all company products to help the market understand the expanded solution suite and the benefits of using ClosingCorp solutions from fee quoting through service ordering, and upgrading the company’s website to reflect its new brand.

ith a passion to make a difference, a handful of agents and a small office in Falmouth, Maine, Dava Davin founded Portside Real Estate in 2012. Now, eight years later, Davin’s dream is the fifth-largest real estate company in the state. With five unique offices, Davin owns and operates the largest solely female-owned real estate company in Maine. That force of female empowerment revealed itself again when Davin was named honorary chair of the non-profit Girls on the Run. Davin built her business by the law of attraction - believing that what you focus on expands. In an industry where turnover of agents is 20% to 25% annually, turnover at her company averages just about 4%. Davin's reach and influence also expands into the community. In 2018 her motto “make doing good easy” transcended itself when she established the Portside Foundation. Together, Davin and her foundation team host Portside Gives Back events that directly benefit local non-profits, while raising more than $60,000 annually. The foundation also contributes a portion of every commission earned to their non-profit partners. Goal setting and being better today than she was yesterday carries over outside the office in her passion for endurance sports. Davin completed several marathons including qualifying for the Boston Marathon multiple times and is a four-time IRONMAN finisher.

AUGUST 2020

Executive Vice President of Corporate Social Responsibility

Ellie Mae

Mr. Cooper Group

or more than 20 years, Terri Davis has been a tireless advocate and leader across several different segments of the mortgage industry. After various leadership stints within the housing realm, including PMI and Fannie Mae, Davis joined Ellie Mae in 2017 to lead the modernization and integration of the AllRegs platform. Under Davis’ leadership as the business’s general manager, the Ellie Mae AllRegs team was able to revamp its go-to market strategy to better enable customers as part of the overall Ellie Mae digital lending platform. She also assisted in the assimilation of a new solution interface that allows clients greater ease of use and utility to quickly make real-time decisions. As the freshly promoted vice president of client management, Davis serves as the voice of Ellie Mae’s customer base to ensure their needs are met – working cross-functionally across product, finance, marketing and operations teams. As a strong and organizational leader, Davis utilized her deep knowledge of customer’s imperatives to fuel creativity and empower their success. Outside of the office, she is actively engaged in women’s leadership as a participant in several industry working groups. And Davis works internally at Ellie Mae within the Women in Leadership program to lead and mentior the next generation of leaders. .

ana Dillard plays an integral role in advocating for the American dream of homeownership as she fosters Mr. Cooper’s relationships with industry and government officials. Dillard leads efforts to support communities and homeowners in need through partnerships with government and non-profit housing organizations. Dillard spearheaded Mr. Cooper’s efforts to obtain a liquidity facility for all mortgage servicers who must continue to advance payments on behalf of homeowners in forbearance plans. In addition to leading government relations efforts, Dillard’s made a consistent effort toward the creation of Mr.Cooper’s diversity and inclusion program, where she was dedicated to creating an inclusive environment. Under Dillards’s leadership, the diversity and inclusion program grew to include more than 15 employee resource groups with more than 3,500 active members. Dillard’s goal is to make a positive impact through mentorship, volunteerism and championing of minority groups. Dillard expressed time and time again that leading others through change and challenging times has been the cornerstone of her success. Dillard also received the Five Star Institute’s Humanitarian Award for her efforts with HOPENOW, where she traveled around the country talking to hundreds of struggling families following the 2008 financial crisis.

KELLY ANN DOHERTY

ANGELA DUNHAM

Chief People and Communications Officer

Chief Operating Officer

Mr. Cooper Group

OJO Labs

ithin just three years at Mr. Cooper, Kelly Ann Doherty was promoted from senior vice president of corporate communications to the chief operating officer, a member of the executive team, to now serving as their chief people and communications officer. Within her role, Doherty is responsible for the company’s culture initiatives to create a more encouraging and empowering work environment. Last fall, Doherty led the launch of the Mr. Cooper Group Benefits Marketplace for annual enrollment and is a strong advocate for employee motivation through regular surveys and feedback channels. Because of her push for employee feedback, Doherty was able to spearhead several employee centered initiatives which led to a variety of team members receiving benefits they had never had before. She believes that trust is the foundation of a great culture and human connections help maximize the potential and productivity of teams. Outside the office, Doherty is a member of the Unstoppable Cultures Fellowship and served as a guest coach in the fellowship’s training program to support executives and company leaders through their own culture transformations. Additionally, Doherty is frequently invited to speak at industry and local events including the NEXT conferences and events with the Dallas chapter of the Public Relations Society of America.

rior to her success at OJO Labs, COO Angela Dunham tucked more than 25 years of experience under her belt – honing her skills in management and operations roles at global companies including MCI, Yodle and most recently on the executive leadership team at Web.com. Today, as the head of operations, Dunham consistently instills the company’s mission of “empowering consumers to make better decisions” into the day-to-day workings of the organization. She oversees program management, working alongside every team at OJO Labs to ensure cross-functionalities across the company achieve their goals in a timely manner. Underpinned by program management excellence, Dunham guarantees that every employee is equipped to uphold the company mission and deliver upon its goals. Though based in Austin, Dunham made several strides at the St. Luica office where she successfully established the company’s customer engagement, AI trainer and concierge teams, starting with an initial class of 29 and scaling the organization to more than 220 employees in less than one year. Further, Dunham has been an advocate for building team culture outside of everyday work, including establishing OJO Cares to allow employees to give back to the community, creating a dog-friendly work environment, and supporting a variety of interest groups.

AUGUST 2020

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DANA DILLARD

Vice President of Client Management

WOMEN OF INFLUENCE 2020

TERRI DAVIS

WOMEN OF INFLUENCE 2020 4 2 ❱ H O U S IN G W IR E

LAURA ESCOBAR

DENEE EVANS

President

CEO

Eagle Home Mortgage

Council of Multiple Listing Services

aura Escobar oversees the mortgage lending subsidiary of one of the nation’s leading homebuilders, Lennar Corp. Rising through the ranks to become president of Eagle Home Mortgage, Escobar leads a team of more than 1,100 associates in 54 locations across 26 states and has made it a priority to meet, talk and listen to every employee. Under her leadership, Eagle has transformed into a digital-first organization, lowering origination costs by more than $2,000 per loan, while increasing customer satisfaction by double digits. This evolution wouldn't have been possible without a cultural transformation, one that inspired associates to become digital champions and adopt new programs with incredible speed and agility. As a 30-year mortgage industry veteran, Escobar has held leadership positions with both bank-owned and independent mortgage companies overseeing all aspects of mortgage banking. She currently sits on multiple advisory boards and committees, including TransUnion Mortgage Advisory Board, the Ellie Mae Executive Advisory Board and the Mortgage Action Alliance. Outside of the office, Escobar works with Women United, a chapter of the United Way. The chapter’s focus is on diversity and inclusion and moving people forward, and the goal of the group is to help women feel like they are having an impact.

enee Evans hit the ground running after joining the Council of Multiple Listing Services in 2014. As CEO, Evans emerged as a leader and impassioned champion for her collaborative approach in a highly competitive industry. Evans consistently proved her dedication to clients after she highlighted Multiple Listing Services’ desire to better serve brokers and agents by considering the needs of consumers. Evans deemed the strategic evolution of MLS governance and leadership as essential and led to MLS policy advancement. She made a lasting impact in Nevada by developing a low interest, revolving loan fund for energy efficiency retrofits. She also transformed an official Home Performance with ENERGY STAR Initiative into a collaborative authority on energy efficiency that provided homeowners energy savings that infused capital into Nevada. Known to challenge the status quo, Evans was awarded the CMLX3 designation from CMLS for her proven contributions to the industry. Evans also serves on the President’s Associates Council at the University of Nevada, Las Vegas, which invests in the future of the community through students, programs and other various efforts. She volunteers her time as an enthusiastic youth sports parent and coach, motivating young female athletes to realize their potential.

VANESSA FAMULENER

PAM FAULKNER

General Manager

Director of Mortgage Solutions

HomeLight Cash Close

SimpleNexus

ince joining HomeLight to lead business operations two years ago, Vanessa Famulener has proven herself flexible, dynamic and willing to tackle whatever the company needs as it scales. As general manager, Famulener started the year developing a strategy for HomeLight to build a home-financing division, researching various opportunities, and finally identifying Eave, an innovative digital mortgage startup, as an acquisition target. After successfully overseeing the merger, Famulener was instrumental in the integration and evolution of the two companies into the powerful lending platform, HomeLight Home Loans. Under Famulener’s leadership, HomeLight took home purchasing to a whole new level in January with the launch of the HomeLight Cash Close program. Famulener developed two game-changing products, HomeLight Trade-In and Cash Offer, with the goal of transforming the transaction experience, and introducing speed and certainty into an otherwise frustrating process. As she continues to pioneer revolutionary home purchase products and tools, Famulener is committed to making every real estate transaction simple, certain and less costly. Known to her peers as both a creative and a problem solver, Famulener’s leadership style is one that consistently encourages her team to take risks and get outside their comfort zone.

am Faulkner joined SimpleNexus in February 2019 following a 13-year tenure at Ellie Mae, where she helped launch the Scenarios comparison tool within LO Connect, Ellie Mae’s mobile solution for originators. Since her arrival at SimpleNexus, the company has posted quadruple-digit growth and grown its team to include well over 100 employees – and many of the new arrivals received an informal mortgage education from Faulkner. She collaborates with the company’s training, product, sales and marketing teams to ensure projects are on target, and she also advises the customer success team on how they can encourage lenders to maximize their implementation of SimpleNexus. Faulkner was credited with the successful launch of SimpleNexus’ disclosures toolset – though perhaps “successful” is too mild a word because the company recorded a 93,272.3% increase in the number of disclosures packages delivered via mobile app each month. Paul Drobot, SimpleNexus vice president of sales, said it best when he stated: “Pam brings a dedication to the success of SimpleNexus and everyone in the company. She is well-respected by her vast network of mortgage contacts and has been a key resource for training our team members on technology and the industry, supporting the sales function and helping build out internal processes.”

AUGUST 2020

KRISTY FERCHO

Senior Vice President of Marketing and Communications

Head of Wells Fargo Home Lending

Waterstone Mortgage

Wells Fargo

hen Kristy Fercho talks, people listen because she is so knowledgeable and so genuine. As head of mortgage at Flagstar Bank, Fercho is responsible for the direction and oversight of all aspects of mortgage and secondary marketing for Flagstar, as well as for the continued expansion of Flagstar’s mortgage business. When Fercho started at Flagstar, one of the first things she did was spend more than a month talking personally with nearly every person in the mortgage division in order to get better acquainted with the company and her team. She has also followed the lead of Flagstar’s CEO in making transparency a hallmark of how she runs the mortgage division. Early on, she created personal touchpoints by launching a monthly get together called a “Konversation with Kristy” that involves mortgage employees across the country, along with a “Breakfast Konversation with Kristy” for employees at headquarters. Both seek feedback from randomly selected employees for candid, unplugged sessions with no specific agenda. Fercho has also been a leader in Flagstar’s diversity and inclusion initiative. Not only does she serve on the bank’s D&I Executive Advisory Council, but she also shared her own story frankly with employees and in public forums and interviews. Her involvement even extends to personally mentoring employees.

DANA FORTIN

RENEE GALITIS

Chief Marketing Officer

Chief Information Officer

Embrace Home Loans

Caliber Home Loans

ana Fortin’s career in marketing spans more than two decades, including 18 years at Embrace Home Loans. Under her leadership, this past year Embrace became one of the few mortgage companies to launch conversational website landing pages powered by artificial intelligence to support borrower engagement. She also led Embrace to become the first lender in the mortgage industry to use geolocation to target homebuyers when they are most engaged in looking for a home. Fortin has been on the forefront of launching several other ground-breaking initiatives at Embrace, where she oversees a staff of 35 and manages all marketing functions, including marketing automation, analytics, creative, brand, retail support, website, direct mail and all digital media. She led the company’s SEO team to more than double Embrace’s web traffic in the past year. Fortin has built a reputation as a mentor and has inspired many young women at all levels of the company to model themselves on her example. Last year, Fortin was named a Woman with Vision by Mortgage Women Magazine and recognized by National Mortgage Professional Magazine on its list of Mortgage Banking’s Most Powerful Women of 2019. In addition, she recently became a Certified Coach by the International Coach Federation and was recognized by 20/20 Vision for Success Coaching.

uring the coronavirus pandemic, Renee Galitis not only helped employees but also leveraged technologies to service customers. Her team quickly implemented technology measures to help more than 2,000 employees work from home. Under her leadership, the team also mobilized a servicing group and implemented forbearance technology, making it easier for customers in need of help. Galitis quickly recognized the importance of ensuring the forbearance request experience was seamless and efficient. Her recent work is the continuation of a stellar record. In 2019, Galitis’ team increased operations and capacity that resulted in a record volume of loan applications at $61 billion. That Caliber could generate significant business speaks to the capacity and capabilities of the underlying technology which Galitis oversees as chief information officer. She led the implementation of enabling technology to fortify Caliber’s proprietary loan origination system, which helps loan officers write loans quickly and efficiently. This initiative required architecting a technology plan to modernize the LOS in the first place with automation and artificial intelligence. In order to transform the technology, Galitis has maintained connectivity with the business, and she has championed a robust and transparent partnership among leaders throughout Caliber.

AUGUST 2020

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isa Fenske first joined Waterstone Mortgage in the midst of the 2008 mortgage crisis, and hit the ground running. Fenske’s mantra focuses on spotlighting the amazing benefits of homeownership, and how it can improve many aspects of a person’s life. Fenske is a manager who encourages her employees to continue developing their talents and pursuing their professional interests to full fruition. Fenske implemented the addition of countless marketing technology tools and spearheaded the digital and written efforts of expanding Waterstone’s brand nationwide. During her eight-year tenure with Waterstone, she led the launch of the company’s cultural competency training initiative and the development of marketing materials for Spanish-speaking consumers – which included working closely with NAHREP and NCS. Recently, Fenske introduced the company’s Charitable Contributions program, which invites corporate employees to nominate charities that they would like Waterstone to financially support. In 2019, Fenske also led Waterstone Mortgage’s efforts to co-sponsor Habitat for Humanity of Waukesha County’s Women Build event. After nearly 20 years of experience in the industry, Fenske continues to dedicate herself to streamlining operations and ensuring that employees understand the company’s mission, vision, and goals.

WOMEN OF INFLUENCE 2020

LISA FENSKE

WOMEN OF INFLUENCE 2020 4 4 ❱ H O U S IN G W IR E

DOREEN GHUSAR

ANNIE GOTCH

Senior Director of Regulatory Compliance

Associate Vice President, Wholesale Branch Manager

Roostify

Paramount Residential Mortgage Group

COURTNEY GRAHAM

LAURA GRANNEMANN

Senior Vice President of Marketing and People

Vice President of Strategic Investments

Princeton Mortgage

Quicken Loans Community Fund

husar’s two-decade career has included roles as a loan originator, a branch manager and a compliance manager. In the past 12 months at Roostify, Ghusar led the company to place accessibility – not just of the borrower-facing application, but also the lender-facing interface – at the top of the design and engineering agenda. Ghusar ensures Roostify’s offerings are compliant with the Americans with Disabilities Act. She has a passion for ensuring people with speech ability issues, visual impairments or difficult typing or hearing all have equal access to the digital mortgage lending platform. Another recent accomplishment includes guiding the product team on a groundbreaking artificial intelligence project. Ghusar is the chair of the Roostify Women’s Network, offering leadership within the organization to discuss and advise on what tools and experiences are necessary to empower the company’s female employees. She often encourages men at the company to attend the events in order to provide awareness and how to collaborate together to meet similar goals. Ghusar is a member of the Mortgage Bankers Association’s residential technology forum. There she collaborates with compliance officers across the industry to build clarity around tech issues for companies ranging from big banks down to small lenders.

s senior vice president of marketing and people, Courtney Graham primarily leads the marketing, people operations and affinity partnership teams, but her influence reaches company-wide. In 2019, Graham lead the creation of the affinity partnership channel which creates and fosters relationships with organizations and employers as a source of lead generation, providing an additional revenue stream for Princeton Mortgage. In the first year of implementation, the affinity channel has been a key factor in the company’s record-breaking numbers, as early adopters include multiple Fortune 200 companies and a federal organization. The company has reached more than 50,000 new prospects from this program. Graham also has curated omni-channel marketing campaigns – including direct mail, text messaging, email campaigns and social media retargeting – throughout Princeton Mortgage’s channels. In recent months, she stepped into a larger role that includes the people operations. In her expanded position, Graham is focused on scaling Princeton Mortgage’s company culture as it adds additional markets in the coming months. Graham’s vision and influence has been a driving force leading to the organization’s rebranding overhaul and emergence on the national market, highlighted by 50 times growth over a two-year period.

ince day one, Annie Gotch consistently exceeded expectations as a top producing and loyal account executive at Paramount Residential Mortgage Group. Gotch is an industry veteran with more than 35 years as an account executive – the majority of that tenure at PRMG. As associate vice president and wholesale branch manager, Gotch was awarded membership in the PRMG President’s Cabinet, year after year. When Gotch joined PRMG, she brought along with her a plethora of existing broker business that led to the majority of PRMG’s initial growth. In her role, she is very in tune with PRMG’S loans programs and technologies. She utilizes this knowledge to better assist her brokers in elevating their performance. Known to her team as a passionate leader, Gotch is extremely attentive to her customers’ needs, while frequently exceeding their expectations. She made it her mission to provide her clients with the best experience and service possible every day. Over the years, Gotch stays actively involved in the tradeshow circuit, including local chapters of CAMP, while representing PRMG nationally. Her actions and consistent behaviors have demonstrated her to be a proven leader amongst her peers and customers, and a dedicated mentor to the broker community.

aura Grannemann founded the Quicken Loans Community Fund when she was 24 years old with the goal of increasing opportunities for residents of Detroit and other Quicken Loans home cities. As the philanthropic arm of Quicken Loans and the Rock Family of Companies, the fund was created to give residents access to safe and affordable housing and build wealth through homeownership. As the vice president of strategic investments, Grannemann and her team drive systemic change through investing $30 million annually. Her data-driven, human-centered investment strategy has allowed tens of thousands of low-income families to retain homeownership. Over the last year, she has led her team to take on complex issues such as tax foreclosure and the lack of quality housing inventory, along with supporting those experiencing chronic and veteran homelessness. She built and operationalized a program called Rehabbed and Ready, which takes publicly owned houses, invests in complete rehab, and then sells the property at a loss in order to stabilize the housing market. Grannemann uses all of the business tools Quicken Loans offers in order to maximize the Quicken Loans Community Fund’s impact, finding innovative ways to build social, racial, and financial equity in each of Quicken Loans’ home communities: Detroit, Cleveland, Charlotte and Phoenix.

AUGUST 2020

JENNIFER HANNAH

Executive Creative Director

Assurance Partner

LUDWIG+

Richey May & Co

fter a highly decorated 20-year career in the advertising industry, Jennifer Grasso turned her attention to a profession that would combine her sales skills with her passion for interior design and architecture: real estate. Grasso joined United Wholesale Mortgage as executive creative director where she made her mark in pushing the marketing and creative product to new heights with a 300% increase in brand awareness. Grasso spearheaded the massive brand transformation for the TMS Grow Happiness campaign, while her transformative work on SIMEfunkified changed the landscape in for the SIME servicing tech company. Grasso also led the rebrand of NAMB and Orlans PC, eTITLE, along with the launch of the new Revlegal. In the summer of 2019, Grasso spun off with her team to form the women-owned LUDWIG+ marketing agency. In just eight short months, Grasso grew her department to more than 20 creative professionals and digital technologists. Quick with praise or critique, mentoring and passing down what she has learned to do (and not do) over the years is a big part of her modus operandi. She leads by example, expecting excellence from her reports right down to the tiniest detail while always willing to lend a hand or nugget of knowledge where needed.

ennifer Hannah’s commitment to clients has earned her a reputation as a transformative leader. As the inaugural female assurance partner at Richey May, Hannah’s leadership led to revenue growth above projections, pushing her service lines to one of the top performers within the firm. Her engagement in process improvement led her to train numerous clients and even new entrants to the industry on hedging, mortgage servicing rights and mortgage banking. Hannah is also the co-founder of Elevate, Richey May’s diversity leadership program. As a champion ally for diversification Hannah focuses on the advancement of women and underrepresented groups in the industry. Hannah is also a leader at the firm in client-centered focus. Her knowledge of current trends and consistent communication with clients makes her a subject matter expert and has led her to teach Mortgage Banking 101 classes with the Mortgage Bankers Association. She is a model of understanding the client experience at a deep level, which makes her a trusted counselor for leaders at the companies Richey May serves. During the COVID-19 crisis, Hannah took on the role of co-leader of the client response team for questions clients may have about SBA Disaster Loans and the Paycheck Protection Program.

LISA HEITZMANN

JENNIFER HENRY

Senior Vice President of Enterprise Operations and Strategic Initiatives

Vice President of Strategy and Marketing

WOMEN OF INFLUENCE 2020

JENNIFER GRASSO

Equifax Mortgage and Housing Services

Xome

ver the last two decades in the housing industry, Jennifer Henry has proven she is an innovative, results-oriented leader with more than 20 years of experience in product, strategy, sales and management. Through her experience, she also holds a deep understanding of mortgage loan quality, loan origination, servicing and technology. Henry brings a wealth of innovative ideas designed to fuel greater efficiencies and growth within the sectors. During her tenure at Equifax, she has enhanced Equifax’s ability to provide access to customer insights that fuel the entire mortgage process. Among her accomplishments this past year, Henry was instrumental in creating the Mortgage Servicing Product Bundle, designed to empower lenders with the data and analytics they need to combat issues ranging from mitigating delinquency risk and identifying portfolio retention strategies to increasing operational efficiencies with non-performing loans. Henry developed and deployed a new product innovation process that resulted in over 15 new product launches. She has also been instrumental in expanding Equifax into new market segments, most notably real estate and multi-family housing. Henry takes a unique approach to mentoring her team. She believes that success looks different for each individual, which requires goals and paths to success to be clearly defined for each person.

AUGUST 2020

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s part of Lisa Heitzmann’s nearly 30 years of experience, she is known at Xome as the go-to solutions provider, idea generator and project leader among her peers. Heitzmann helped the company develop new technologies, manage partnerships and unify the culture for both in-office and remote team members. Heitzmann and her team are taking the complexity and hassle of real estate transactions head-on and changing how the industry approaches mortgage defaults. She seeks to reinvent the loan lifecycle by simplifying processes, creating workflows and developing technologies to expedite various real estate financing and servicing processes. Most recently, Heitzmann helped spearhead a comprehensive end-to-end default services platform that allows banks and servicers to save time and money leveraging Xome’s diversified offerings in a single workflow while reducing redundancies in the default lifecycle. Outside of the office, Heitzmann and her family dedicate their time to King and Queens International organization, an organization that focuses on child abandonment prevention to provide the spiritual, physical and psychological needs to impoverished and abandoned children both domestically and globally. For the past several years, Heitzmann has also worked with Cookies for Kids Cancer organization, supporting their annual Chefs for Kids event.

WOMEN OF INFLUENCE 2020

CHRISTINA JENKINS

JEVONNA JOHNSON

Partner; Senio Vice President of Client Development

Director of Consumer Lending Bank Operations

Sandler Law Grou; Asurity

Discover Home Loans

levating from a mortgage file clerk to law partner, Christina Jenkins has always dedicated her career to the mortgage industry. She quickly learned to counsel clients, gaining mutual respect between client partners and colleagues. Jenkins’ career began in 1996 as she progressed through law school. During this time she gained a passion for servant leadership. Jenkins served more than 15 years in private practice as mortgage banking compliance counsel nationwide and overseer of Texas document preparation. Today, as partner at Sandler Law Group Jenkins advises law firm clients through a broad range of mortgage banking compliance issues. She is a lead advocate in coordinating internal resources for the preparation and delivery of best-in-class, client-centric product solutions and in transforming existing client relationships into deeper and more rewarding client partnerships. In January of 2020, Jenkins was peer nominated, and accepted, into induction as a Fellow of the American Bar Foundation – an honor limited to 1% of lawyers licensed to practice in each jurisdiction. Jenkins also serves on the Council of the American Bar Association Real Property Trusts and has handled several pro bono matters through the Dallas Volunteer Attorneys Program.

or the past 20 years, Jevonna Johnson has been a standout leader in the mortgage industry, earning a reputation as someone who is able to produce results by encouraging and championing the people who work for her. Johnson has served as a director of operations since July 2017, where she has driven transformation across all parts of the origination’s workflow. Over the past year, while she was managing the Phoenix offices’ consolidation of its two operational centers, Johnson has also helped lower the average cycle time by 17%, creating a smoother borrower experience. Known for her nimbleness at implementing fixes to address customer feedback, Johnson’s passion for borrower experience boosted Discover Home Loans’ customer satisfaction rating and has kept it at above 90%. Johnson has distinguished herself as a leader with humility, having built a culture in which every employee from frontline agents to department managers feel empowered to partner with her personally on any idea or challenge. Johnson was a branch manager at Citigroup and group manager to EquiFirst Corporation prior to joining Discover. Johnson was also a senior vice president, closing services support program manager at Bank of America, as well as senior vice president and director of mortgage operations at Heartland Financial.

TAWN KELLEY

AMY KEYSER

President

Senior Vice President and Chief Human Resources Officer of Global Mortgage

Taylor Morrison Home Funding

Arch Mortgage Insurance

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s president of Taylor Morrison Home Funding, Tawn Kelley is an absolute powerhouse. In addition to leading Taylor Morrison’s financial services suite companies, Kelley is the chairman of the company’s joint venture business, Mortgage Funding Direct Ventures, that partners with Mattamy Homes and Neal Communities. Kelley also serves as an executive leadership member, an enterprise risk management committee member and customer experience committee chairman for Taylor Morrison. She is an active member of the MBA, Leading Builders Executive Mortgage Council, RESPRO and is a new member of RESBOG. As a leader, Kelley puts the well-being of her employees and client base first while recognizing the social responsibility of providing homebuyers with their best interests first and foremost. Kelley is fiercely passionate about exceeding expectations, finding the willingness to shift (Kelley’s favorite word), and pushing the company forward with new technology and ideas to achieve excellence. That same forward-looking vision created ARO, Able Ready Own, a free-of-charge qualification improvement department for customers to better position families for home purchase. In the workplace Kelley has created a nurturing, inclusive and rewarding environment where employees are valued, ideas are encouraged and respected in order to strengthen involvement.

s senior vice president and chief human resources officer of Arch Capital’s Global Mortgage Group, Amy Keyser’s transformation of the company’s culture and processes has been recognized nationally. Under her leadership, the company significantly improved employee retention, established a recruiting network to attract top talent and created programs to recognize and celebrate employee excellence. Keyser currently manages a 13-person team that supports a company with more than 1,000 people, including more than 600 based in Greensboro, North Carolina, and Walnut Creek, California. She works closely with the executive team to advance business goals with HR policies and programs supporting a high level of employee engagement to drive results, minimize turnover and create opportunities for the company’s future leaders. Keyser and her team also collaborated with other leaders within the company to introduce a parental leave policy in 2019 for employees. The newly implemented plan provided up to 10 weeks of paid leave for each parent following a birth, foster placement or adoption. When all Arch employees shifted to working at home in March based on COVID-19 guidelines, Keyser’s team established support programs to promote work-life balance and ease the transition for those working at home for the first time.

AUGUST 2020

Senior Vice President of Product and Strategic Programs

Guaranteed Rate

Finicity

KATIE KING

ELANA KNOLLER

Head of Vendor Strategic Management and Compliance

Chief Product Officer

FormFree

Better.com

n a traditionally male-dominated mortgage field, Risha Kilaru is a force to be reckoned with. Kilaru began in the housing industry as an underwriter 13 years ago. Today, she is a senior vice president of mortgage lending for Guaranteed Rate and a multiple award-winning loan originator. In 2019, Kilaru funded more than $329 million in total loan volume, ranking as the fourth top producer at Guaranteed Rate. Kilaru consistently uses her success in the industry to empower and positively influence her company. As branch manager for Guaranteed Rate’s location in Fremont, California, Kilaru develops and leads a team of mortgage professionals in order to serve her clients and business partners with the best possible outcomes. She understands that without the support of her team, she wouldn’t be where she is today, and takes their development very personally. She is actively involved with the Guaranteed Rate Origination of Women, an inclusive organization that provides Guaranteed Rate employees with mentorship and a safe place to learn, exchange ideas and generate increased empowerment and confidence. Besides her significant contributions to the mortgage industry, Kilaru works closely with Janyaa, an organization with the mission to improve the lives of under-privileged rural children in India through hands-on education.

atie King is responsible for overseeing all matters related to compliance, audits, enterprise risk and vendor management – which is no mean feat when one considers her work is related to thousands of clients and more than 100 integration partners. Although she has only been with the company for approximately one year, she has already made a positive impact on its operations, including the forging of strategic partnerships with the government-sponsored enterprises. She also oversaw FormFree’s participation in pilot and system enhancements to Fannie Mae’s Desktop Underwriter Validation Service and the company’s upcoming participation in Freddie Mac’s Loan Product Advisor asset and income modeler pilot. Furthermore, King’s leadership skills were crucial in establishing a partnership with LexisNexis Risk Solutions to help lenders pre-fill the Universal Residential Loan Application for applicants and make paystub collection and verification available through FormFree’s Passport. She was also instrumental in helping the company comply with the Fair Credit Reporting Act as a consumer reporting agency. When the COVID-19 pandemic paralyzed most of the economy, King spearheaded the company’s transition to teleworking, ensuring the firm’s lender customers received uninterrupted asset verification service in the midst of uncommonly high report order volume.

n her almost three years as senior vice president of product and strategic programs at Finicity, Lisa Kimball works with innovative partners and industry leaders to create next-generation customer experiences within the financial technology landscape. Kimball’s success stems from her curiosity in the next big thing – especially if it will improve the financial lives of customers. Within the past year, Kimball spearheaded the launch of Finicity’s Verification of Income and Employment solution, and partnered with customers in the development of the Ultra FICO and Experian Boost offerings. For close to 20 years now, Kimball has worked diligently in financial services – advancing the use of creative thought around better consumer-permissioned financial data. Her leadership values are deeply rooted in building relationships and creating a culture of inclusiveness and belonging. Because of her passion for seeing colleagues reach outside their comfort zone, Kimball is a highly sought-out mentor for those in her field. Outside of work, Kimball actively participates in the Know Your Neighbor program, which provides support to refugee families. She has also been involved with the Women Tech Council for many years, and serves as a SheTech mentor, encouraging high school girls to pursue STEM degrees and successful careers.

t has been a very busy year for the idustry overall, and especially for Better.com Chief Product Officer Elana Knoller. At this time last year, in addition to serving as chief of staff, Knoller was leading the cross-functional partnership with Ally Financial. Today, Knoller leads five teams at Better.com, two of which she founded herself. In September, Knoller launched the company’s first cross-functional experimentation-based growth team composed of product, design, engineers, paid acquisition, pricing and marketing teams. In January, Knoller built another team, adding the strategy and special operations team with a goal of developing cross-functional business lines focused on experiences for real estate agents. Finally, in February, Knoller took over the product and design teams, where she doubled down on the core business strategy, adding automation and education to the customer experience. Knoller models her ethos and displayes her leadership by taking on roles and responsibilities to outer limits whenever there is a gap or a new need arises. Her method created a culture at Better.com where employees are encouraged to take initiative in their ideas specifically with what they feel would best benefit the company. As a mentor, Knoller is quick to be the first one to hold herself accountable and loves to share what she learned from her latest mistakes at meetings.

AUGUST 2020

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LISA KIMBALL

Senior Vice President of Mortgage Lending

WOMEN OF INFLUENCE 2020

RISHA KILARU

WOMEN OF INFLUENCE 2020

DEBBIE KNOTTS

KARA LAMPHERE

Senior Vice President of Direct to Consumer Lending

Chief Operating Officer

NewRez

Mid America Mortgage

s the architect of Mid America Mortgage’s eMortgage strategy, Kara Lamphere has continued to push the envelope regarding what is possible for lenders in today’s origination environment. In addition to crafting Mid America’s 2016 cross-channel transition to eClosings and eNotes, Lamphere was also the driving force behind its direct-to-consumer digital mortgage platform, which earned her recognition as one of the Mortgage Bankers Associations’ Tech All-Stars in 2019. With the digital mortgage process Kara implemented at Mid America, the organization has been able to reduce its cost-per-loan by 25% since going live in 2017 and currently accounts for a significant portion of both Fannie Mae’s and Freddie Mac’s total eNote purchases. In 2019, Mid America executed 90.23% of its total retail production and 41.28% of its combined wholesale and Section 184 production using eClose. Not content with these efforts, Lamphere has continued to move the needle in terms of Mid America’s utilization of available digital mortgage solutions, including remote online notarization. The digital ecosystem Lamphere built at Mid America has not only enabled it to sustain relatively normal operations, but the company was also able to maintain its 600 to 680 FICO requirements for FHA, VA and USDA loans during the COVID-19 disruptions.

LAURA LARAIA

ANNETTE LOWDER

Chief Legal Officer and General Counsel

Chief Operating Officer

First Guaranty Mortgage Corp.

Intercap Lending

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ebbie Knotts joined NewRez in September 2019 as part of the Ditech acquisition. She had been at Ditech for over 14 years, and she has maintained tremendous loyalty and retention among employees while also facilitating enormous growth for NewRez. Knotts successfully transitioned over 80 licensed loan officers who contributed more than 25% of the company’s total funded production. Her staff increased funded volume by 74% in six months. Through targeted changes in sales management, Knotts led the improvement of locked productivity by qualified to produce loan officers by 100%. Knotts championed a 10-week program known as The Lab that trains individuals looking to break into the mortgage industry into productive licensed loan officers. Thus far, 39 licensed loan officers have been hired this year, coming from varying industries. Additionally, 90% of The Lab participants passed their licensing test, a pass rate 30% higher than the industry average. During her time at Ditech, the organization went through four CEOs, causing several major phases of transitions and adjustments for all senior leadership. During these times, Knotts demonstrated an exemplary attitude, presenting to her team as transparent, communicative, and thus managed to maintain employees and even increase productivity.

aura LaRaia is a force to be reckoned with as chief legal officer and general counsel at First Guaranty Mortgage Corp. Most recently, LaRaia was instrumental in providing counsel to the firm as it sought to navigate through the COVID-19 crisis. She worked tirelessly to delve into the components of the CARES Act that affect mortgage lending, investigated the implications of the legislation and provided legal and risk guidance to FGMC's leadership teams. She spent her time during the first months of COVID-19 advocating with the Mortgage Bankers Association and investors through the Mortgage Action Alliance. LaRaia also assisted her teams in rolling out the plan for implementation of the revised Uniform Residential Loan Application and oversaw the completion of multiple successful state and agency audits for her firm. With over 20 years in the industry, LaRaia serves as a member of several MBA committees, including the MBA state legislative and regulatory committee, MBA litigation task force, and as both an advocate for and a member of the MBA’s Mortgage Action Alliance. LaRaia is also involved in mPower, NEXT, and volunteered with Interfaith Housing Coalition and Jesuit Volunteer Corps, as well as Habitat for Humanity. She lives by the philosophy that she would never ask any of her team members to do something she wouldn’t do herself.

nnette Lowder built Intercap Lending's operations team from the ground up. She started nearly from scratch in 2017, building up to now more than $1.8 billion in production in 2019, and she is already approaching $1 billion for 2020. As chief operating officer at Intercap Lending, Lowder built the operations team and systems to support one of Utah’s leading mortgage lenders. But the operations team wasn't her first team to build at the company. Since mid-2016, Lowder has also built the underwriting, compliance, appraisal, processing, closing and disclosure teams from the ground up. Her expertise and guidance enabled Intercap to scale using technology, allowing all operations teams to work more files in less time. Lowder has been a driving force behind Intercap’s quick rise from less than $50 million in production per year to nearly $2 billion in annual production. In addition to this, Lowder is a mentor to those around her. Her ability to connect with her team and her willingness to jump into any problem make her unique. Lowder is a member of the Board of Directors for Utah Housing Corp., an organization dedicated to supporting affordable homeownership options in the state of Utah. As a member of the board, Lowder has been an important part of driving housing affordability during these extremely difficult times in the housing industry.

AUGUST 2020

CAMELIA MARTIN

President and CEO

Managing Director of Digital Mortgage Advisory

Dytrix

Falcon Capital Advisors

JANE MASON

SHANNON MCGAHN

President and CEO

Senior Vice President of Government Affairs

Clarifire

National Association of Realtors

n 2008, Jane Mason conceived and led the development of CLARIFIRE, an application that uses intelligent business rules to automatically distribute work, critical information and documentation to its users. As president and CEO, Mason took her company and its technology to a whole new level in 2019. Mason and her team began examining industry operational impediments to better understand where and how technology falls short in addressing industry issues. They then used this knowledge to improve the CLARIFIRE solution by developing advanced automation that standardizes and drives efficiencies. Her mantra – to do business with kindness, always deliver on what you say, work hard and make a difference – not only fueled the success of her company, but inspired countless colleagues over the years, including many women entrepreneurs. Mason has dedicated many hours to help lead and mentor women in the industry through her ongoing participation in the WBENC, WHF and the C200 – a global organization of women in business leadership. She also serves on advisory boards for local universities where she mentors new entrepreneurs, and offers regular guidance on current industry issues – explaining concrete solutions to today’s obstacles both in industry trade articles and as a part of her bi-monthly Clarifire Conversations series.

amelia Martin led the adoption, implementation and use of digital mortgages over the past 15 years. Martin has led industry-wide digital mortgage initiatives that have directly supported eNote acceptance programs for key participants such as Ginnie Mae and the Federal Home Loan Banks. A former MERSCORP executive, Martin launched the Digital Mortgage Advisory Group for Falcon Capital Advisors and has played a pivotal role in the implementation and adaptation of digital mortgages at MERSCORP. For several trade associations, Martin helped develop new digital mortgage technology standards and certification processes. Martin is an active participant in MISMO, serving on the strategic planning committee, as well as a co-chair on the Mortgage Bankers Association’s Document Custody eNote Working Group. In Martin’s previous role as MERSCORP’s director of risk management, she helped establish an enterprise-wide risk management program, oversaw the issuance of member rule violations and developed new enforcement procedures. Thanks to Camelia’s efforts, countless industry participants have been able to better understand and integrate eNotes into their policies and procedures, as well as create and implement their own digital mortgage strategies.

s the first woman to hold the top federal advocate spot in NAR’s 110-year history, Shannon McGahn doesn’t pull punches. During the past year, the senior vice president of government affairs redesigned the NAR’s federal advocacy team with the goal of strengthening key and strategic relationships in the House and Senate for a new political era. McGahn’s reboot of NAR’s Washington operation began with a renewed focus on the organization’s members. She dispatched a new group of traveling political representatives across America to become advocacy’s eyes and ears and serve as a critical conduit for information between communities and decision-makers in Washington. McGahn’s team helped secure victories on top federal priority items like a full fiscal year extension of the National Flood Insurance Program, a seven-year reauthorization of TRIA, and various tax extenders critical to American real estate. McGahn’s ambitious plan also brought a renewed presence of NAR at conventions and political events for both Democrats and Republicans. She quickly became known for her open-door policy at NAR and spirit of collaboration across the organization. Managing federal legislative and political affairs for America’s largest trade association also takes McGahn around the country as a highly sought out and respected voice on housing and the economy.

AUGUST 2020

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egina Lowrie already earned a place in the mortgage profession’s history books in 2005 as the first woman to serve as chair of the Mortgage Bankers Association, and the 40-year industry veteran is now looking to put cybercriminals out of commission with her technology company Dytrix. Lowrie launched Dytrix in 2018 with the goal of protecting financial transactions from cyber fraud. The Dytrix Platform is designed to secure wire/ACH transfer validation and closing agent management while mitigating the risks of wire and identity fraud and disclosure of non-public information. Lowrie’s technology mitigates the risk of privacy violations that are excluded from a lender’s CPL and typical E&O insurance policies, and it also provides a credit monitoring feature for client customers that complies with consumer privacy regulations while protecting borrowers from closing agent breaches. Lowrie has become a much sought-after expert on cybersecurity thanks to a series of bylined articles in industry trade journals and guest appearances on mortgage podcasts that focused on the growing risks created by wire transfer fraud and business email compromise attacks. In addition to her work with Dytrix, Lowrie is also the founder and CEO of RML Advisors, a consultancy for the financial services industry.

WOMEN OF INFLUENCE 2020

REGINA LOWRIE

WOMEN OF INFLUENCE 2020

KERRY MELCHER

TERRI MERLINO

Head of Sales and Brokerage

Senior Vice President and Chief Credit Officer, SingleFamily Business

Opendoor

Freddie Mac

JONNÉ MIKITA

ANDREA MITCHELL

National Operations Development Manager

Managing Partner

Sierra Pacific Mortgage

Mitchell Sandler

s a third-generation Realtor, Kerry Melcher was born into the real estate industry. Now, with more than 33 years of experience in real estate, Melcher plays an integral role as head of sales and brokerage at Opendoor. She joined Opendoor as its director of business development, and served as general manager of Phoenix. She was also instrumental in growing Opendoor’s team in the region, doubling office space in Scottsdale and nearly doubling staff – all while helping agents and brokers learn how Opendoor could help them better serve their customers. Prior to Opendoor, Melcher owned a boutique real estate practice that specialized in Center City Phoenix real estate. She took on several leadership roles outside her practice to help strengthen her local real estate community. Melcher was appointed the director and president of the Phoenix Association of Realtors, before joining Arizona Regional Multiple Listing Service as a director of MLS strategy. At ARMLS she ran product, marketing, licensing, support and strategy. She also served as chairman of the board. Mulcher played an integral role in helping develop the Opendoor Agent Partner Program – a program that provides agents high-quality referrals, and helps them provide more certainty for their clients.

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20-year veteran of the mortgage profession, Jonné Mikita joined Sierra Pacific in 2012 as a national operations support specialist, climbing to her current role in 2019. Mikita works closely with the company’s IT specialists on multiple projects related to all aspects of the origination process. Teaming with the company’s IT department, she has addressed issues including proprietary internal LOS concerns, AUS problems and ULDD requirements and provided assistance on UAT testing of new program rollouts. Mikita also oversaw the release and training for Sierra Pacific’s retail point of sale proprietary platform throughout the enterprise, the release and training for the company’s third-party origination LOS proprietary platform throughout the enterprise and served as automated validation lender liaison to Fannie Mae and Freddie Mac for process improvement of DIC and AIM. The company honored her with its Sierra Pacific Heart Award, which is presented under the banner “Making a Difference Through Outstanding Service” Mikita is not one to luxuriate on her laurels – she listens to what others have to say and discerns the between-the-lines issues to ensure the workflow remains in smooth motion. She also takes time to mentor newcomers to the Sierra Pacific team to guarantee they become valued members within the corporate culture.

erri Merlino plays a key role at Freddie Mac, serving as chief credit officer of the company’s single-family business. Merlino substantially impacts Freddie Mac’s mortgage credit risk management efforts and the experiences of the company’s clients. In addition, Merlino also assumed additional risk management responsibilities. Late in 2019, Merlino was promoted from vice president to senior vice president, making her one of the most influential leaders at Freddie Mac. In her roles at Freddie Mac, Merlino was instrumental in leading the drive for industry adoption of Freddie Mac’s risk assessment tools Loan Quality Advisor and Loan Product Advisor, to ensure loans delivered were acceptable to Freddie Mac’s risk profile. Beyond that, Merlino also led teams that innovated products and tools, including Loan Product Advisor AIM, which automates the assessment of borrower assets and income for lenders; and Automated Collateral Evaluation, which leverages Freddie Mac proprietary models, along with historical data and public records to let Freddie Mac clients originate eligible loans without a traditional appraisal. Merlino also acted quickly and decisively in response to the COVID-19 pandemic crisis to provide flexibility, guidance and clarity in underwriting guideline policy and process.

ith more than 20 years of legal experience, Andrea Mitchell created a business model and leadership approach that is effective, offering excellence, diversity and inclusion. As a managing partner of Mitchell Sandler, Mitchell has demonstrated her leadership and influence through several avenues including having served as a strategic and legal advisor to numerous start-up fintech companies, advising multiple banks on developing and executing consumer redress plans and advising multiple institutions on developing new products and services to assist distressed borrowers impacted by COVID-19. Before she began her partnership with Mitchell Sandler, Mitchell was a partner at Buckley, where she championed women leadership by becoming the first woman member of the firm’s executive committee. On top of her professional accomplishments, Mitchell has worked to create a more inclusive environment for women in the legal and financial industries, including creating a firm with her colleagues that is majority-women owned and managed, boasting an equal number of female and male attorneys. Mitchell is always willing to help further the careers of talented employees of the firm’s clients and frequently advocates for and gives recognition to them that they may not otherwise receive when speaking with executives and senior managers.

AUGUST 2020

Cofounder and Executive Vice President

realtor.com

BeSmartee

achel Morley brings more than two decades of experience helping companies execute on technologies that consider the customer experience and deliver business results to the residential real estate industry. Since joining realtor.com in August 2019 as senior vice president of product, she has played an integral role in developing digital marketplace experiences and driving audience and revenue growth within a highly competitive market. As more consumers expect transactions to be easy, intuitive, personalized and on-demand, Morley and her team continuously evolve the realtor.com search experience to deliver on those expectations. As a result, Morley and her team helped build and launch the new RDCx platform earlier this year, which created a more streamlined consumer experience on the site. Since its launch in February, RDCx has helped improve consumer satisfaction rates on the site, increased lead volume to customers and helped grow media revenue. In addition to this, her team created a noise map overlay on realtor.com that provides reliable sound data down to the property level, where available. Originally cofounding the agency 11 years ago, Morley is also on the board of Cogent, a product development agency that offers a blend of strategy, design and development to create and invest in digital products.

eronica Nguyen served as a founder of appraisal services and technologies provider InHouse from 2002 to 2014. Afterward, she helped launch BeSmartee in 2012. Nguyen’s experience, analytical prowess and creativity have driven BeSmartee’s growth and expansion. Within two years, Nguyen transformed InHouse from its inaugural start-up phase to bringing on more than 150 full-time employees. Nguyen held various management roles at InHouse, from human resources, finances and compliance to software design and operations. She also provided board oversight and governance and represented shareholders’ interests. WIth an entrepreneurial spirit and expertise in taking start-up companies from launch to highgrowth, Nguyen is passionate about helping build up the individuals around her, leveraging the skill sets of her employees to help them grow as well as promote innovation and productivity in BeSmartee's dynamic workplace. Nguyen’s commitment to excellence and innovation is clear in her ability to scale and deliver profitable growth at BeSmartee. In addition to her leadership roles at InHouse and BeSmartee, Nguyen has also held a board position with OC Human Relations, an award-winning nonprofit organization servicing Orange County’s diverse community.

KIMBERLY NICHOLS

QINGQING OUYANG

Managing Director

Executive Vice President of Engineering

PennyMac

OJO Labs

imberly Nichols has been a key player at PennyMac for the last nine years. Currently, Nichols is leading the PennyMac team that is driving growth in the wholesale channel, which includes both broker and non-delegated correspondent production. Under Nichols' leadership, PennyMac has become a top 15 wholesale lender. Nichols spent the early days of her career in secondary marketing and capital markets, which she followed up with 10 years at PMI Mortgage Insurance and later became an industry leader in the correspondent space including positions at GMAC RFC, Bank of America and now PennyMac. Beyond leading her team and the business channels she supports, Nichols is viewed as a leader across the organization as co-founder and committee member of wEMRG - an company-wide program with the purpose of empowering, mentoring and promoting the success of high potential females within PennyMac. Over the course of the last year, wEMRG has expanded the growth and influence of this organization within PennyMac with 235 women participating. wEMRG provides an informal professional forum for women in PennyMac by offering access and interactions with senior leaders. The forum also assists participants in growing their careers through sharing experiences, building knowledge, skills and relationships.

ingqing Ouyang is an engineering powerhouse for OJO Labs. Ouyang became a champion for the company’s commitment to consumers as she drove the rapid expansion of market launch for the OJO product. She also led the development of OJO’s machine learning efforts, transforming its product from a conversation engine to a powerful AI advisor in the real estate industry. While supporting more consumers in the system, she drove the significant improvement of MLS process speed, from updating home buyers every 12 hours to alerting any changes in minutes. Her leadership pushed the team to constantly explore how technology can be applied to support consumers and deliver meaningful, personalized experiences throughout the home-buying journey. Ouyang has fostered a culture where every idea is challenged and creativity and exploration are encouraged. Outside of work, Ouyang dedicates her time supporting STEM initiatives, spending many of her weekends volunteering at Code2College, a local nonprofit working to promote STEM education for underprivileged youth. Throughout her career, Ouyang has energized those around her to explore the boundaries of what’s possible through technology – constantly looking for innovative ways to apply technology to support businesses and consumers as they navigate the home-buying process nationwide.

AUGUST 2020

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VERONICA NGUYEN

Senior Vice President of Product

WOMEN OF INFLUENCE 2020

RACHEL MORLEY

WOMEN OF INFLUENCE 2020

LISA PATTERSON

FIONA PETRIE

Chief Originations Officer

Executive Vice President, Managing Director of U.S. Operations

Home Point Financial

RE/MAX INTEGRA

iona Petrie joined RE/MAX INTEGRA in 2006, and has since worked her way up the corporate ladder – spearheading franchise business growth and overseeing overwhelming growth including 150 RE/MAX office expansions and the opening of more than 90 new offices. As executive vice president and managing director of U.S. operations, Petrie oversees all operations in the Midwest and New England regions, which include 500 franchises and 7,000 agents. In 2018, Petrie launched Ladies in Leadership, a group of female brokers who meet regularly to build their management skills and empower female leadership in the industry. In 2019, Petrie expanded this initiative with the launch of RE/MAX Empowering Ambitious Ladies, R.E.A.L. Petrie is also the host of the “Now We’re Talking Real Estate” podcast, a series of interviews that take a deep dive into the DNA of top producers in the RE/MAX network. Given her platform, Petrie is constantly seeking opportunities to transform the perception of women in real estate. She intends to show that women in the industry can be strong leaders. As a leader herself, Petrie values personal and professional growth, and encourages others to discover their own talents in and out of the industry with her steadfast work ethic and enthusiasm.

ROCIO PORTELLA

COURTNEY POULOS

Mortgage Loan Officer

Owner/Broker

Mint Mortgage

ACME Real Estate

5 2 ❱ H O U S IN G W IR E

isa Patterson was one of the founding team members of Home Point Financial. Since joining the company in 2015, Patterson has built the third-party originator business into its own mortgage origination powerhouse, producing record loan volumes month after month. As a result of her efforts, the third party origination channel originated more than $12 billion in 2019, solidifying Home Point’s position as the third-largest wholesale mortgage lender for residential loans in the U.S., according to data compiled by Inside Mortgage Finance. Over the last 12 months, Patterson and her team have achieved record TPO channel growth through a combination of top sales staff, innovative solutions and a superior operations team. Patterson also plays a key leadership role in Home Point’s Customer for Life initiative, designed to create stability and long-term value for mortgage brokers. Patterson has had an extensive career in the mortgage industry, and came to Home Point Financial with more than 25 years of experience, including executive positions at CitiMortgage (formerly ABN AMRO) and Cole Taylor Mortgage, where she was the senior vice president of operations. In previous positions, Patterson built and managed operations teams of up to 350 people and led national ranked wholesale sales teams.

ocia Portela staked her claim as a true trendsetter and team player. Her secret sauce? Authenticity, hard work, speed and always striving to bring value. Portella performs at a high level statistically, and was recognized as a top 1% MLO for two years in a row. Portella has always made it her mission to empower and develop those with whom she works. In 2017, Rocio funded more than $38 million in mortgage loans and held a spot for three years in the National Association of Hispanic Real Estate Professionals' top 250. She is No. 35 in Florida as well as the No. 1 female Latina in the state. For two years, she sat on the list of top 100 minority LOs for the NAMMBA and is a three-time President's Cabinet Winner. Driven by the notion that leaders are not great because of power, but because of their ability to empower, Portella founded and drives the Mortgage Chicks brand, where she leads and trains a team of women loan originators to be better producers, and encourages them to lean on each other for support. She also takes great joy in having developed and mentored multiple loan partners who had previously worked under her to become loan originators and business professionals themselves. Before joining Mint Mortgage, Rocio's experience includes serving at companies such as AnnieMac Home Mortgage, Paramount Residential Mortgage Group and Everest Financial Group.

rom inspiring women to take charge of their future through real estate investment to passing on her knowledge through mentorship, Courtney Poulos is firmly ingrained in the real estate community. Poulos began selling real estate in 2005, and since then, has shared her experience, knowledge and passion for it every day. Now, as ACME Real Estate owner and broker, Poulos juggles her own clients, runs a growing brokerage and tends to the needs of the 32-agent ACME team. Poulos' passion for her real estate community, and motivation to work toward positive change, most recently led her to become a member of the Board of Directors of the Greater Los Angeles Association of Realtors. Her stated mission to help women achieve financial independence through real estate investment led her to even write and publish her own book, featuring real-life stories of women who started from scratch and built their wealth through creative real estate buying and selling. Outside of her book, Poulos provides mentorship by giving guidance to her team on how to move forward with the changing market – always with an approach that is sensitive to the current climate. For example, her leadership has truly shone throughout the COVID-19 pandemic as she consistently keeps her team and clients completely in-sync through the unexpected twists and turns.

AUGUST 2020

ANNA RATANAWAN

Senior Director, Reimagine Servicing Integrations and Adoption, Single-Family

Vice President of People Operations

SimpleNexus

Freddie Mac

CHRISSI RHEA

MARILYN RICHARDSON

CEO, Founder and President

President and CEO

Mortgage Investors Group

Mason-McDuffie Mortgage Corp.

hrissi Rhea cofounded Mortgage Investors Group 30 years ago and has nearly 40 years of experience in the mortgage industry. Rhea founded the company with the vision of investing in loan officers, borrowers and the communities they serve. In the past year, Rhea spearheaded expanding the company’s presence across the Southeast, bringing Mortgage Investors Group’s brand of mortgage lending services with physical locations in two new states, as well as opening two new branches in its home state of Tennessee. Rhea also launched a brand refresh that represents Mortgage Investors Group as a growing residential mortgage lender in the Southeast that is building on a proven track record as a long-time industry leader and helped grow the company’s digital and social media presence. In addition to investing in technological improvements and marketing campaigns, Mortgage Investors Group has established a Digital Consumer Interface team that is paving the way for customer interactions to be more immediate and personal. Rhea is on the board for the Mortgage Bankers Association's Residential Board of Governors as well as the board of directors for the Tennessee Housing Development Agency. Rhea also served as a mentor to Mortgage Investors Group’s entirely female-operated downtown Knoxville, Tennessee branch, including its branch manager.

nder Anna Ratanawan's direction, SimpleNexus split its product and engineering divisions and reinvented them as project-specific teams consisting of a product manager, designer, senior engineer and a number of junior engineers and interns. This created two remarkable results: a better enabling of development efforts in accordance with MISMO’s universal industry standards and the encouragement of team members to cultivate varied skill sets. Ratanawan’s vision for the company also brought about a quarterly continuing education for developers, which the company credits with giving product and engineering teams better insight into designing technology solutions. Ratanawan also developed HIVE – the acronym stands for hungry, innovative, vibrant and empathetic – a system for managers to better judge employee applications, and she also implemented the employee recognition software Motivosity to allow the staff to recognize their peers who exhibit HIVE values. Outside of the office, Ratanawan partnered with local universities on a multi-semester internship program for software development students – and, to date, SimpleNexus hired more than half of its interns. Ratanawan’s efforts have been noticed by the wider world: the company’s executive leadership earned an “A” rating from Comparably.

arilyn Richardson started with Mason-McDuffie Mortgage Corp. as the receptionist. Intrigued by the mortgage business, she accepted each opportunity to change positions within the company, among sales, processing, collections and management, and as she did Richardson worked her way to the top. In 1979, Richardson's hard work paid off and she became the first female partner; the company had to change the location of the partners’ meeting because, at the time, the spot in San Francisco didn’t allow females. She went on to become one of the first female CEOs of a U.S. Top 100 mortgage company and now oversees the operations of the company, including finance, capital markets, administration and operations, from underwriting to post closing. Building up the next era of leadership is critical to her. “Something that’s very important to me is to leave the opportunities here for the newer generations because I was lucky enough to have those opportunities with Mason-McDuffie,” Richardson said in a recent company video. In 2020 Richardson led the company, in business for more than 130 years, to a record year in sales, recruiting and retention. Great leaders lift their team up to be better than they are, a spirit that Richardson embodies. “You’re not a success by yourself; it’s the ability to build a team and move forward as a group,” she said.

AUGUST 2020

5 3 ❱ H O U S IN G W IR E

ecelia Raine was instrumental in leading Freddie Mac’s efforts to launch “Reimagine Servicing,” one of the company’s largest, most effective and successful initiatives of the past 12 months and one of the largest investments in servicing in 10 years. This initiative is helping minimize credit losses, reduce costs and support sustainable homeownership and stability in the housing market. Raine led her team to create and launch this multiyear initiative, which is transforming the experiences of thousands of Freddie Mac servicer clients and having a positive impact on homeowners. Under this Reimagine Servicing umbrella, Freddie Mac upgraded numerous servicing technology tools, processes and policies, all with the goal of minimizing credit losses, reducing costs and transforming the client experience. The program has improved efficiency, eliminated manual processes, boosted data quality and integration points, and developed and deployed tools that meet clients’ needs. One piece of the initiative was a new technology product called Servicing Gateway. The solution provides workflow and communication efficiency and has modernized access for 1,200 servicers to Freddie Mac applications. The technology saved up to 12 clicks per user for more than 5,000 users.

WOMEN OF INFLUENCE 2020

CECELIA RAINE

WOMEN OF INFLUENCE 2020 5 4 ❱ H O U S IN G W IR E

LYNN RIEDEL

SARA RODRIGUEZ

Executive Vice President, President, Chief Operating Officer of NTC Washington

Counsel and CEO

Titan Title

WFG National Title Insurance

NICOLE RUETH

LEORA RUZIN

Producing Branch Manager

Director of Real Estate Lending

The Rueth Team at Fairway Independent Mortgage

Valley First Credit Union

ynn Riedel brings more than 43 years of title and escrow experience to WFG National Title Insurance, most recently as the president and chief operating officer of the Washington division. She also leads the NTS division, WFG’s centralized title processing entity, and was a prominent figure in helping WFG earn a net promoter score of 77. Riedel was a founding architect of WFG’s growth strategy, actively assisting the company to expand its national footprint, market share and the build-out of the entire WFG National Title Services platform. As a proactive leader, Riedel believes in open-door management, and trusts her people to use their own good judgment by creating environments where it is acceptable to make mistakes. Outside of the office, Riedel gives back to her community by helping to raise funds for the Boy Scouts of America and United Way. Riedel has also been an active board member on the Women’s Council of Realtors, Puget Sound Mortgage Bankers Association, Escrow Association of Washington, Chamber of Commerce and the Washington Land Title Association. As a licensed instructor for the state of Washington, she taught practices in real estate classes at the local community college and continuing education courses for licensed Realtors and loan processing officers.

s producing branch manager at the Rueth Team, Nicole Rueth helped guide her branch to the No.1 spot in the nation for Fairway Independent Mortgage. As a community leader, Rueth prioritizes educating and supporting Denver-area homebuyers, investors and real estate agents by offering real estate financial advice and expertise free of charge to the public to encourage financial education. Her teachings take the form of weekly social media posts and videos, as well as eight in-person classes. Her courses focus on teaching homeowners how to build wealth using real estate, educating real estate agents on industry economics and coaching agents on becoming long-term advisors for clients. Rueth is also the host of her own podcast “The Double Comma Club,” where she covers various topics surrounding real estate including real estate agent education, local market trends, investment strategies, homeownership and much more. Rueth is a proactive philanthropist for organizations who are dedicated to addressing children’s education and housing needs such as Colorado I Have a Dream Foundation as a 5th-year title Sponsor, Colorado Miss Amazing, The Anchor Center and the Colorado Coalition for the Homeless. She was also the No.1 producing branch manager at Fairway in 2016, 2017 and 2019, and was Colorado’s top originator for the past two years.

n December 2018, Sara Rodriguez founded Titan Title, and now runs the Virginia-based firm with passion and tenacity as its CEO. Over the last year, Titan Title opened a new office and expanded its footprint across the D.C.-Virginia area thanks to Rodriguez’s inspiring efforts and leadership. Rodriguez is a strong advocate for taking business digital, and not only helped Titan Title operate remotely, but she assisted her community through educational webinars and online events on the subject. As a leader, Rodriguez is convinced that the best way for the industry to grow is by putting the right tools and practices into the right hands. Outside of Titan Title, Rodriguez is the 2020 president of the National Association of Hispanic Real Estate Professionals. Her journey with NAHREP is a long one, having been the vice president of the NAHREP-Metro D.C. and eventually president, and served on the board of directors for the national NAHREP for three and a half years. And beyond these efforts, Rodriguez has demonstrated her leadership in other areas of the housing industry as she is also an advocate of remote online notarizations. Rodriguez even once went so far as to speak with Senator Diane Feinstein and Secretary of State Alex Padilla about how to properly move toward RON integration.

eora Ruzin has maintained a deep and intense passion for the advocacy of American homeownership for more than 13 years, and her efforts go far beyond even her own workplace. Through her volunteer efforts, involvement in grassroots industry organizations and her writing, including feature stories for HousingWire Magazine, she is helping change the face of real estate lending for the next generation. Now, as director of real estate lending at Valley First Credit Union, Ruzin shares her knowledge of non-QM lending and lending to other niche borrower types. In 2019, that thirst for knowledge culminated in her obtaining the Certified Mortgage Banker designation with the Mortgage Bankers Association. Ruzin is wellknown in the industry as a woman who stands up for others and constantly fights for the rights of those who often can’t fight for themselves, whether it is for the fair treatment of military veterans, advocacy of minorities in the workplace or through the sharing of her personal story. As she works to expand her reach in the industry, she mindfully uses her voice to advocate for others to find their path and has often shared her time to aid others in achieving their goals. To accomplish this, Ruzin sits on several industry committees that are focused on advocacy and equal housing rights and is determined to “give back” as often as she possibly can.

AUGUST 2020

Principal

Quicken Loans

Toorak Capital Partners

rina Scott spearheads the development and implementation of Quicken Loans' diversity and inclusion strategy, ensuring that diversity and inclusion are celebrated within the organization. She is the first chief diversity officer in a dedicated diversity and inclusion role, aligning strategic leadership efforts with overall strategy around key initiatives at Quicken Loans and the Rock Family of Companies. These initiatives include diverse recruits and team members, engaging, retaining and developing all team members, and community impact, along with what the company is doing in the marketplace. Under her leadership, Quicken Loans has harnessed input from teams and aligned it with the company’s strategy in order to create a diverse environment that encourages team members to thrive and excel. Scott developed a diversity and inclusion strategy for 33,000 team members, spanning eight business sectors for nearly 100 companies in four U.S. cities. She’s also been making a difference for big companies – and inspiring growth, collaboration and an inclusive mindset in her teams – since well before she joined Quicken Loans, doing so in roles that spanned the globe. Scott also serves on the board for the Mortgage Bankers Association Diversity and Inclusion Committee, Inforum and Oakland University Alumni Association.

leksandra Simanovsky is responsible for spearheading market-wide understanding and acceptance of the residential bridge market. Before joining Toorak in 2019, Simanovsky spent four years as a vice president in Deutsche Bank’s Commercial Real Estate Group, where she led the new issuance of over $40 billion in commercial real estate backed securitization deals. Simanovsky also served as an associate director in the CMBS group at Kroll Bond Ratings Agency, where her responsibilities included overseeing the end-to-end execution of ratings on the private-label conduit, standalone single borrower and agency CMBS deals. Now, Simanovsky regularly represents Toorak at monthly and quarterly KKR board meetings. Simanovsky’s dedication to credit analysis, research, opinions and methodologies have also been presented and featured in several publications. In May of 2019, Simanovsky was the first female executive hired at Toorak Capital Partners, and is now the highest-ranked female within the company. At Toorak, Simanovsky actively champions her female co-workers, most notably when she founded the group, “The Women of Toorak.” She also serves as a mentor to aspiring female leaders within the firm and regularly works with her colleagues to guide them on the career path they desire.

MICHELE SIMS

ANJU SOGI

Chief Financial Officer

Senior Business Architect

Floify

Tavant

n addition to her role as chief financial officer, Michele Sims also helped found Floify in 2013. In her role as the head of finance and manager of business operations and growth, which also includes hiring staff and ensuring the company continues to attract top talent, Sims has played a key role in transforming the company into an advanced digital point-of-sale solution for the housing industry. Sims helped spearhead the rapid development of Floify’s digital point-ofsale solution. In the last 12 months, Sims played an important role in the evolution of Floify, including increasing the number of the company’s strategic partnerships and facilitating the release of several new features. Those features include the company’s recently updated 1003 mortgage application, which features a simple questionnaire that is easier for borrowers; major updates to Floify’s enterprise-grade Disclosure Desk, which allows lenders to streamline the process of completing borrower disclosures; hybrid eClosing functionally, which allows lenders to enable the electronic signing of non-notarized portions of a borrower’s closing package; and new integrations with dozens of credit vendors. With these improvements, Floify has seen an explosion in the adoption of its mortgage point-of-sale platform, with the company’s user base skyrocketing to more than 1 million users worldwide.

n her 15 years with Tavant, Anju Sogi has led and executed multiple game-changing projects that have enabled customers to establish industry leadership positions and are used by hundreds of thousands of Americans. In her role at the company as senior business architect, Sogi plays an instrumental role in overseeing the development of Tavant's VELOX suite of products, while enlightening Tavant's FinX Retail Loan Officer experience. She is a five-time Tavant Excellence Award winner for excellence and customer focus and carries strong domain experience in residential mortgage, capital markets, and insurance. In addition to providing leadership and oversight across the VELOX suite, Sogi has been responsible for conceptualizing, defining and building several of the most prominent of Tavant's VELOX suite of products, including the FinX Retail LO, the one-stopshop for loan officers as part of the FinXperience platform. Prior to her career with Tavant, Sogi pursued her bachelor’s of engineering in computer science, and her master’s in business systems. Today, she is heading Tavant's Fintech BA Center of Excellence, where she is not only mentoring and guiding the team with business solutions, but further identifying growth and learning paths. In addition, Sogi's strong governance skills have made her a key member of Tavant’s Women in Leadership group.

AUGUST 2020

5 5 ❱ H O U S IN G W IR E

ALEKSANDRA SIMANOVSKY

Chief Diversity Officer

WOMEN OF INFLUENCE 2020

TRINA SCOTT

WOMEN OF INFLUENCE 2020 5 6 ❱ H O U S IN G W IR E

LEANNE SPIES

CRYSTAL SUMNER

Senior Vice President of Multifamily Asset Management and Operations

Head of Legal

Blend

Freddie Mac

KATIE SWEENEY

PINKY TELREJA

Executive Vice President of Strategy

Associate Vice President of Service Delivery

Association of Independent Mortgage Experts

Sutherland

eanne Spies has played a vital role in leading the response at Freddie Mac to one of the most changing economic environments the industry has seen in a decade. As the senior vice president of multifamily asset management and operations, Spies is the architect of the relief plan for multifamily mortgage borrowers facing hardship due to COVID-19. She was also a key developer of the customer experience platform that made Freddie Mac Multifamily the nation’s leader in multifamily housing finance. The strong foundation she built has helped Freddie Mac persevere through the pandemic, as she directed several teams who are responsible for the systems and processes that servicers and investors depend on. Over the course of the last year, she has funded a record-breaking $77.9 billion in originations, servicing a $340 billion portfolio of 27,000 loans and achieved a near-zero delinquency rate. She also helped Freddie Mac Multifamily obtain the highest possible ratings a monoline commercial mortgage servicer can receive from Fitch Ratings, Morningstar Credit Ratings and Standard & Poor’s Rating Service. Spies oversees several teams and hundreds of employees encompassing all aspects of the Multifamily division’s servicing, asset management, governance and management of data and technology.

atie Sweeney’s ability to create strategic partnerships grew the Association of Independent Mortgage Experts sponsorship contributions by over 100% within the first 90 days of joining the team at the beginning of 2020. As AIME's executive vice president of strategy, Sweeney shaped the organization’s 2020 strategy and oversaw the launch of multiple member-facing initiatives. Under her leadership, AIME has taken a data-driven approach to all facets of operations, developing and utilizing custom data models to assist with future initiatives and provide increased value to members and partners. Sweeney’s industry knowledge helped guide AIME’s member education efforts, recently through live videos and digital communication, to better assist independent mortgage brokers to improve their businesses. Sweeney formed a first-of-its-kind industry-specific vendor partner network, focused on providing access to services needed when starting a brokerage. In only a four-year time span within the mortgage industry, Sweeney has successfully brought to market an innovative, all-in-one platform and custom lender portal for the wholesale mortgage channel, managed new customer acquisition and portfolio retention for a top 10 government lender and formalized partnerships with over 50 leading lending institutions and service providers.

rystal Sumner played an instrumental role in growing Blend’s customer base to more than 225 lenders while brokering contracts with Wells Fargo and U.S. Bank. Sumner joined Blend in 2016 and immediately began working tirelessly to bring Blend’s one-tap pre-approval technology to market, enabling lenders to verify a consumer’s assets, income and employment with source data and reducing paperwork to provide a modern application experience for consumers. In her daily role at Blend, Sumner exemplifies how to implement and advance consumer banking technology, ensuring the company builds innovative products that simultaneously push the consumer lending industry forward while adhering to strict security and compliance standards. Her streamlined risk management program and contract service processes helped Blend’s customer base grow over the last year by 93%. In addition to her day-to-day work, Sumner is also the executive sponsor of Women at Blend, overseeing the professional development of Blend’s female workforce and building a supportive network within the company. Outside of Blend, Sumner is an active member of both the Women's Journal Counsel Network and Tech General Counsel group and a volunteer for the ACLU and OneJustice Immigration Pro Bono Response Network.

erving as the associate vice president of service delivery at Sutherland, Pinky Telreja grew into a passionate global business leader over the course of her 14-year tenure with the company. Since Telreja travels extensively on business she focuses her networks consistently on solutioning that helps reduce costs, improve quality and enhance workflow – utilizing offshore resources to work through global time zones to keep loans and transactions in motion, optimizing the cycle time. Telreja also brought in many digital solutions for Sutherland clients – introducing robotic process automation, smart ICR technology, big data analytics and omni channel solutioning to revolutionize how a business looked at mortgage processing as they moved away from the conventional steps. Telreja also led the social impact initiatives for the site, and for many years has worked very closely on women and youth welfare programs. She spearheaded a learning project for more than 1,200 underprivileged students that were trained on communication skills by Sutherland employees as volunteers. Telreja religiously runs women’s round table sessions to engage, inspire, mentor and motivate young women’s talent through her experiences and insights and works closely with the Juvenile Home for Girls to help young girls have a better life and to stay positive through their situations.

AUGUST 2020

ANN THORN

Senior Vice President Mortgage Lending/Branch Manager

Chief Loan Administration Officer

Caliber Home Loans

Guaranteed Rate

o Ann Thierault-Fazio’s work in the industry has been frequently recognized. The senior vice president of mortgage lending at Guaranteed Rate was inducted into the “Woman of Excellence” registry by the National Association of Professional and Executive Women. In addition to her role as senior vice president, in which Thierault-Fazio led the industry with overwhelming production, she also takes pride in her position as branch manager of Guaranteed Rate’s Deerfield, Illinois, office. There, Thierault-Fazio dedicates herself to the job of building and developing a team of talented loan officers to serve the Chicago metropolitan area. Besides her accomplishments as a mortgage lender, Thierault-Fazio helped to expand the Guaranteed Rate Organization of Women. As mentorship director, she created and now manages the organization’s mentorship program, which connects employees across various departments to support the leverage of their talents for success. Over 75 women at Guaranteed Rate have now gone through GROW’s mentorship program, giving them access to a network of support and tools to assist in their career development. Thierault-Fazio is also a sponsor and participant of the Anthony Rizzo Family Foundation, an organization which raises money to support pediatric cancer patients and their families.

s the chief loan administration officer of Caliber Home Loans, Ann Thorn leads the large and dynamic servicing and production operation organization, which has worked tirelessly to address customer needs during the ongoing coronavirus pandemic. Thorn and her team quickly mobilized more than 2,000 employees to work from home during the COVID-19 crisis, over a period of just a few weeks. By making sure that her vast organization could work safely at home, she demonstrated that her priority was to put Caliber’s employees' safety first. She has a proven track record of influence: In 2019 Thorn and her team facilitated a 49% increase in production by processing, underwriting and closing over 210,000 loans for $60 billion across four sales channels while reducing the cost to produce by 22%. Plus, her group assisted over 9,000 families to stay in their homes over the last year by completing loan modifications and other loss mitigation programs. Thorn is a respected leader at her company and within her community. Proving she is committed to developing the talent of Caliber, in the last year, 75 employees were promoted and 14 had their roles expanded. She sponsored the creation of a women’s employee network at Caliber and is also a member of the Economic Leadership Council of the Texas Women’s Foundation.

MERCEDES VELA

JANETTE WALLER

Senior Leader of Product Management and Customer Solutions CoreLogic Credco

President, Direct Division

WOMEN OF INFLUENCE 2020

JO ANN THIERAULT-FAZIO

First American Title Insurance Company

CoreLogic

anette Waller continues to gain responsibility within First American TItle, utilizing her deep understanding of the title business to provide value to the company. Waller joined First American as an escrow assistant and eventually advanced to become president of First American Title Insurance Company’s Direct Division, a position she was recently promoted to in January 2019. After assuming her current position, Waller quickly shaped the division’s positive results, expanding business opportunities through a dedicated focus on strategy, customer service and collaboration. Waller also encouraged an enhanced focus on transparency, which led to greater interaction between leaders and employees, as well as improved efficiency and financial performance. Waller’s leadership drove the direct division to record levels of pre-tax margins. Waller’s leadership was honored inside the company as well. Waller was named the 2019 winner of First American’s Virginia Ueberroth Outstanding Woman in Leadership Award. Established in honor of Ginny Ueberroth, a longstanding member of First American’s Board of Directors, the award is sponsored by First American’s Women in Leadership group, a high-impact program designed to help develop women leaders and provide opportunities to engage in important conversations for the company and their own professional development.

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or over 25 years, Mercedes Vela has been an integral part of the mortgage and credit reporting industry, at the forefront of digitizing mortgage solutions while working with CoreLogic. As the company's senior leaderof product management and customer, Vela’s work reinforced her reputation as an industry expert. Vela’s dedication and collaboration with CoreLogic team members have helped define key business strategies and initiatives, creating new boundaries for credit and consumer reporting. Vela is dedicated to ensuring that CoreLogic products and services are delivered with the highest quality as the guiding force for managing integrations and mortgage credit strategy. For six years, Vela was the co-chair of the Mortgage Industry Maintenance Standards Organization credit group, where she rallied to create and develop industry standards for exchanging information and conducting business in the U.S. mortgage finance industry. Vela is known for her wealth of industry and company expertise, as she is tapped for her advice and wisdom frequently by people across CoreLogic and the mortgage industry. Vela spent all of 2019 working side-by-side with Fannie Mae to acquire Day 1 Certainty certification for CoreLogic’s Verification of Employment and Verification of Income products, and works with the GSE continuously to ensure CoreLogic products reach D1C certification.

WOMEN OF INFLUENCE 2020

CRISTY WARD

GAYLE WEISWASSER

Chief Strategy Officer

Senior Vice President of Communications and Business Development

Mortgage Connect

Homesnap

risty Ward leads national revenue and business strategy for Mortgage Connect. She is responsible for all lines of revenue within the originations, title and closing services, loss mitigation, default, appraisal, private wealth and home equity divisions. Ward is instrumental in identifying client pain points, imagining solutions and then helping the team drive them from concept to market launch and implementation. In more than eight years with Mortgage Connect, Ward has cemented relationships with top lending institutions, including money center banks, independent mortgage bankers, servicers and special servicers. Over the course of 2019 Ward’s efforts helped grow Mortgage Connect to more than 1,100 employees. This included the launch of two new offerings: Critical communications services and drone appraisal technology, which is highly effective for disaster appraisals when it is unsafe for appraisers to enter an area. In September of 2019, Ward organized and hosted the inaugural Women Empowering Women Council event, sponsored by Mortgage Connect and other leading companies. The event, which included six of HousingWire’s 2019 Women of Influence, brought together more than 50 women to set the council’s mission: “To elevate women in our industry through a network of collaboration and support.”

fter Gayle Weiswasser joined the Homesnap team in 2014, she was immediately recognized as a powerhouse. Weiswasser worked independently to manage and execute all business development, while also overseeing Homesnap’s entire marketing strategy. As senior vice president of communications and business development, her team increased Homesnap’s multiple listing service partnerships by 3,043% from 2014 to 2020. Although Weiswasser specifically leads the business development and communications teams at Homesnap, she touches several other departments on a daily basis, and is often approached for her advice. Weiswasser upholds a collaborative work approach, and her ability to push people to grow and reach their full potential is consistently apparent. Since her initiation to Homesnap, she successfully grew her team from just one person to a team of six. Weiswasser encourages her team, and all employees, to think outside the box and take part in molding the company’s success. She is also the founder and host of Homesnap’s bi-weekly podcast, "The Snapshot" – which focuses on digital marketing and business development for real estate agents. Prior to her 14 years of in-house and agency work, Weiswasser earned her B.A. from Brown University, and her J.D. from Harvard Law School.

JACQUELINE WELCH

CHERYL WIEBE

Chief Human Resources Officer and Chief Diversity Officer

Senior Manager of Customer Technology

Genworth Mortgage Insurance

Freddie Mac

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hile traditional HR is often characterized as transactional and reactive with a compliance-driven approach, Jacqueline Welch does not take the traditional approach. Instead, she looks beyond this and focuses on being a strategic business leader. As chief human resources officer and chief diversity officer at Freddie Mac, she leverages best practices in human resources to advise senior leadership on the best human capital decisions to help the company achieve its long-term strategic goals. She leads the business forward with her promise to never lose sight of the humans they serve within the company and outside of it. In the face of the COVID-19 pandemic, her approach to leading has been more important than ever and is a key ingredient in Freddie Mac’s business successes. Some of these changes and achievements include prioritizing safety and well-being in times of crisis, embedding a culture of inclusion and diversity, launching fresh approaches to better include and engage people and providing new options for employees to prioritize their total well-being. Outside of the crisis, she also equips employees to continuously learn and raise the bar on their performance while embracing disruption, such as partnering with the CEO to roll out new corporate mindsets to shape the right culture to ensure Freddie Mac delivers the right results.

heryl Wiebe has more than 20 years of experience in mortgage insurance operations, marketing, product management and systems. Before joining Genworth Mortgage in 2017, Wiebe gained substantial experience in executive roles with Arch Mortgage Insurance and United Guaranty Corp. For the past five years, she led large cross-functional teams while driving specific work areas to deliver tasks that, when integrated, fulfill the strategic initiative. Over the past year as senior manager of customer technology, Wiebe achieved successful project delivery as she helped her company adapt to a rapidly changing pricing environment. During this transition, Wiebe and her team simultaneously completed several integrations and upgrades toward the strategic build-out of Genworth Mortgage Insurance’s website road map. Wiebe’s mission statement is “establishing safe spaces to create solutions to overwhelming challenges.” This mission has been demonstrated as she wields the skills to cut through language barriers, cultural differences and business discrepancies. Wiebe is also extremely mindful of how her team operates and together delivered 426 story points, an 18% increase over the planned budget allowance. Wiebe’s strong work ethic and leadership skills earned her the Genworth Compass Award, the company’s highest honor awarded to a select few.

AUGUST 2020

JANINA WOODS

CEO

Senior Vice President

Real Property Management Preferred

Planet Management Group

anina Woods brings more than 30 years of servicing industry experience to meet the needs of special servicing and sub-servicing investors and clients, especially in this year’s unpredictable environment. Woods has driven Planet’s growth, bringing in non-performing, re-performing, small-balance commercial, residential transition loan and single-family residential clients, which tripled the growth of the company’s sub-servicing portfolio between 2016 and 2020. Woods has influenced the industry overall by pioneering servicing programs that grew into industry servicing standards; those standards balance the needs of investors, secondary market participants and borrowers. In 2002, she developed the servicing business plan for one of the first sales of defaulted government loan pools via HUD’s 601 Accelerated Claim and Asset Disposition program (known today as HUD’s Distressed Asset Stabilization program). Now under Woods’ leadership, Planet’s proprietary asset management system has positioned its sub-servicing clients to respond to the default challenges from COVID-19. Based on her experience in prior financial crises, Woods helped clients project how many borrowers were likely to miss mortgage payments during this crisis, as well as the likelihood a borrower will re-perform in the short term.

RAMIE WORD

YULIA YUTSIS

Senior Vice President of Acquisitions and Escrow

Vice President of Strategy, Planning and Analytics

Mr. Cooper

Beam Living

or 16 years, Ramie Word has been considered the “one to get it done” at Mr. Cooper. Word worked her way up from the representative level with determination in her industry, and is now senior vice president of acquisitions and escrow for the company. Word plays a critical role as ally to internal and external partners, clients, regulators and customers. In 2019, her role expanded when she was selected to oversee twice the team size in servicing including escrow, tax and insurance. With 20 years of experience in the industry, her specialties include engaging teams, process improvements, creating efficiencies, minimizing loss and upholding compliance, to name a few. Outside of her traditional responsibilities, she is also a valued sponsor and leader for the diversity and inclusion resource team for Mr. Cooper’s Working Parents. Word paved the way for many women by helping spearhead the Mom’s Group at Mr. Cooper, which focuses on working mothers in real estate. By working with HR and various vendors, she was able to secure gifts to give new moms after they returned from maternity leave. She also helped to ensure the Mom’s Group leadership team stayed on track with planning and marketing for monthly meetings, led monthly collaboration calls, and made sure the updates were posted to Mr. Cooper’s internal social media group page.

fter emigrating to New York City at the young age of 15, Yulia Yutsis proved her dedication and tenacity when she learned English, earned her Bachelor’s degree from Baruch College, and then focused her sights on an MBA from NYU’s Stern School of Business. Subsequently focusing her studies in real estate finance and analytics, Yutsis began her career working at Beam Living as a senior financial analyst. Through her quest to constantly improve both herself and those around her, she was recently promoted to vice president of the strategy, planning and analytics department. Over the last year as vice president, Yutsis achieved both financial and operational success by creating a revenue management platform, spearheading Beam Living’s major data and business intelligence initiatives, and guiding the organization through unprecedented regulatory challenges. Yutsis actively displays leadership by exhibiting pride and loyalty to her team and company, as evidenced by her 14 years with the firm. Her leadership style is one that puts trust in her team's work and decision-making, but she is always ready to roll up her sleeves. Yutsis is an integral member of the Beam Women’s League – a group that empowers young professional women. She also conducts seminars where she shares experiences of her own hurdles as a woman in real estate.

AUGUST 2020

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oni Wolfswinkel skillfully navigated the firm to one of its most successful years in her two-decades-long tenure in the real estate business. At Real Property Management Preferred, Wolfswinkel inspires her team with her “courage under fire” leadership style and her ability to stay focused and deliver the company’s core values to better serve its clients. Wolfswinkel’s success draws itself from her tireless commitment to excellence, and her encouragement to pursue better results with importance and urgency. Outside the office, Wolfswinkel’s community service efforts are far-reaching. She is persistent in her dedication to servant leadership and mentors her team to “give back and pay it forward.” Currently, Wolfswinkel serves on the board of directors for the Bridge the Gaps Foundation, a non-profit organization setup to assist underprivileged, lower-income, minority and at-risk athletic students by reconnecting their cultural, emotional, mental and educational gaps. Wolfswinkel and her family are also sponsors to special needs children through the Lenn Foundation, and have spent several years actively volunteering with Generous Genius. Wolfswinkel is currently spearheading and launching an entrepreneurial podcast and is authoring a book that highlights the importance of empowering women across all industries.

WOMEN OF INFLUENCE 2020

JONI WOLFSWINKEL

WOMEN OF INFLUENCE 2020

AUGUST 2020

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By Kelsey Ramírez AUGUST 2020

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Flexible, tech-driven IMBs takeover market share from large banks

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When the Consumer Financial Protection Bureau released the 2019 Home Mortgage Disclosure Act data there was one key shift that was evident from the start – independent mortgage banks clearly stepped up their game. Wells Fargo, which had long held the No. 1 spot for mortgage originators, had fallen. Not only did Quicken Loans surpass the mega bank in total originations, which it had been doing for some time already, but United Wholesale Mortgage also surpassed Wells, placing the bank in a solid third place in terms of total originations.

Quicken Loans announced in early 2018 that it officially surpassed Wells Fargo as the No. 1 lender in the U.S. Later, UWM announced it beat Wells Fargo in originations for small sections of the year in 2019, such as the first quarter and in April. UWM also announced it was on track to beat Wells Fargo in 2020 due to strong growth just before the COVID-19 pandemic. But these weren’t the only notable shifts in the most recent HMDA data. Fairway Independent Mortgage rose one spot to No. 5 on the list, with 147,000 total originations in 2019 versus 110,000 in 2018, while Freedom Mortgage saw a significant gain after it rose from No. 14 in 2018 with 58,000 total originations, to the No. 9 spot in 2019 with 110,000 total originations. After Wells Fargo, JPMorgan Chase came in as the No. 4 lender. Three more nonbank lenders take over after that with Fairway, loanDepot and Caliber Home Loans taking over the next three spots before Bank of America files in at No. 8., followed by Freedom Mortgage. Comparing that to just a few years before, HMDA data shows that JPMorgan Chase, Bank of America and Wells Fargo all fell into the top 5 originators in 2016. The shift is clear – borrowers are looking to independent mortgage bankers now more than ever, and the mega banks are falling behind. The 2019 HMDA report stated banks collectively originated 32.4% of all reported originations in 2019, with 2.6 million loans. Credit unions followed with 714,000 loans making up 8.8% of originations. Independent mortgage companies took the lion’s share in 2019, originating 4.4 million loans. That accounts for 54.5% of all reported loans, a drastic increase from 2008, when IMBs accounted for just 24% of the mortgage origination share. “Over the past few years, the share of loans originated by independent mortgage companies has increased sharply,” the CFPB said in June with the release of its report on 2019 HMDA data. “In 2019, these lenders originated 56.4% of first-lien, owner-occupied, one-to-four-family, site-built, home-purchase loans, down slightly from 57.2% in 2018 and up from just 35% in 2010. “Independent mortgage companies also originated 58.1% of first-lien, owner-occupied, one-to-four family site-

AUGUST 2020

THE SHIFT IS CLEAR – BORROWERS ARE I N C R E A S I N G LY LOOKING TO INDEPENDEN T M O R T G A G E BANKERS, AND THE MEGA BANKS ARE FALLING BEHIND.

built refinance loans, an increase from 56.1% in 2018,” the report continued.

DEPENDENT ON MORTGAGES

SERVING THE UNDERSERVED

As banks continue to back away from the mortgage space, they are leaving one demographic underserved. “More recently, IMBs have stepped into the void created as bank lenders retreated not only from government lending, but from the mortgage market generally, in the aftermath of the financial crisis,” the MBA stated. IMBs aren’t just taking over for conventional loans. They are also playing a major role in ensuring mortgages are available for first-time and low-income homebuyers. In 2018, IMBs accounted for more than 82% of FHA loans, 68% of VA loans, and 66% of RHS loans. More than 64% of minority homebuyers got their financing from an IMB in 2018. Further, independent mortgage banks originated more than 60% of all home purchase loans for low- and moderate-income borrowers. As more homeowners enter the market including Millennials and even Gen Z, the technology investments and product offerings from IMBs have proven to be strong factors in attracting these borrowers and have helped increase their market share over large banks. “Depositories have simply changed their lending footprint,” Emerson said. “They backed away from a lot of FHA lending. They took their lending footprint only to where they typically have customers. And as a result of that, that left the market opportunity for the nimble independent mortgage bankers to come in and help consumers that

AUGUST 2020

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During the early months of the pandemic, many lenders began adding overlays in order to combat risk brought on by the economic crisis COVID-19 wrought. As layoffs increased and the U.S. government ensured forbearance options would be available for anyone who needed it - even without showing proof of hardship - financial companies took action. At UWM, for example, CEO Mat Ishbia dedicated about 400 staff members to re-verifying employment on the day of closing. But large banks put even stronger standards in place. In mid-April, JPMorgan Chase announced that it would require a 700 FICO score and a 20% down payment in order for borrowers to buy a home. And the mega bank also said these lending standards applied to its refinances on non-Chase mortgages. Those changes do not apply to Chase’s DreaMaker mortgage program, which makes loans available for low-to-moderate income borrowers with as little as 3% down and reduced mortgage insurance requirements. But for everyone else, buying a home got much harder – that is if they went through Chase. However, banks weren’t the only option for borrowers to choose from. Many IMBs continued to offer 5% down payment programs, 3% conventional options from Fannie Mae and Freddie Mac for first-time homebuyers and other low downpayment options. FICO score requirements remained at their usual levels and interest rates continued to tank – meaning borrowers could afford more house than before or see extensive savings on their monthly payment. Why were banks so much more stringent than IMBs? There may be many answers, but one important factor is the dependence of IMBs on mortgages in order to stay in business. If the housing market becomes difficult, banks can take a step back. IMBs, however, don’t have that option. “Independent mortgage banks are typically monoline companies, focused exclusively on providing home mortgage financing, mortgage servicing, and other closely related services,” the Mortgage Bankers Association said in a report. “They operate through all market cycles and across all delivery channels (retail, broker wholesale, and correspondent). “The majority of IMBs are closely held private companies whose owners have made significant personal investments in technology and infrastructure — their success is tied directly to the success of the enterprise, providing ‘skin in the game’ and strong incentives to manage the business for the long term,” the report stated. Quicken Loans Vice Chairman Bill Emerson said in an exclusive interview with HousingWire that banks oftentimes will jump into quick decisions which they believe will mitigate risk. After a time, they will circle back and rethink the policy and assess the outcome, he said.

“ still needed to get mortgage financing but weren’t able to get it from depositories.” “For instance, independent mortgage bankers are lending more to low-to-moderate income folks than depositories and more to blue collar workers who are out there every single day working hard to make a living for their family,” Emerson continued. “And we’re lending more to people of color, so now we have the opportunity to help others that the depositories are just not helping.” Emerson explained that in the housing crisis years of 2007 through 2009, major banks made fundamental changes in their business models. Once these changes were made, many banks determined that those changes worked for them and since then banks haven’t held a major presence in the FHA or lower income borrower mortgage space. This then opened up the market for independent mortgage bankers.

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A FOCUS ON TECH

Emerson explained that there are three reasons why IMBs are excelling and taking over market share from depository institutions: their entrepreneurial spirit, their presence in the FHA and low-to-medium income borrower space and a strong focus on technology and innovation. “They’re much more technologically focused than depositories and that technology is really where consumers want to play,” Emerson said. “And I will tell you that if you think about COVID-19 and what’s happened and some of the transformations that have

MORE RECENTLY, IMBS HAVE STEPPED INTO THE VOID CREATED AS BANK LENDERS RETREATED NOT ONLY FROM GOVERNMENT LENDING, BUT FROM THE MORTGAGE MARKET GENERALLY, IN THE AFTERMATH OF THE FINANCIAL CRISIS.” -MBA AUGUST 2020

happened now where we really are having contactless closing and some of the things that technology has been able to advance for the consumer – I don’t see them wanting to go back. “As we continue to move forward that advantage from the technology perspective will be even greater for the IMB,” he predicted. Emerson explained that because IMBs tend to be more entrepreneurial, they can react more more quickly to market changes and shifts in strategy.

M & A A N D C A PI T A L RAISES

More recently, a few IMBs have grown large enough to secure backing from private equity firms, arrange larger and more sophisticated commercial financing facilities, and raise capital as publicly held companies, the MBA explained in a report. For exa mple, F reedom Mortgage saw a significant gain after it rose from No. 14 in 2018 with 58,000 total originations, to the No. 9 spot in 2019 with 110,000 total originations. In 2019, Freedom Mortgage acquired J.G. Wentworth Home Lending, adding an additional 570 employees and 35 offices nationwide. This acquisition boosted Freedom Mortgage’s portfolio by $6 billion. The acquisition expanded Freedom Mortgage’s reach to several new markets, particularly in the mid-Atlantic region, where J.G. Wentworth has a strong presence. Based in Chesterbrook, Pennsylvania,

J.G. Wentworth Home Lending originates more than $6 billion in annual mortgage volume and manages a $6 billion servicing portfolio. But while IMBs have seen some increase in M&A activity, most growth in this sector has been organic, Emerson explained. “Take a look at those top lenders and those are organically grown,” he said. “For the most part, they’ve just done a great job of building up their platforms and continue to take market share.” “I’ll take us for example: Rocket Mortgage continues to build and grow and continues to help consumers at a record pace, so I think it has more to do with what I talked about, the main reasons why you see the growth, than it does with anything else,” Emerson said. “I don’t think that the M&A piece has had a lot to do with it.”

spend advertising money to build a brand. Since the launch of the company, Quicken Loans has spent $5 billion in marketing, including over $900 million for the year ended December 31, 2019, the company disclosed in an S-1 filing for its initial public offering. “Marketing is a big piece of what we do because we are not touch the ground like a lot of the other independent mortgage bankers and so our brand is important,” Emerson said. “Our brand drives people to us. Once they get here it’s the experience in technology, it’s the speed with which we call and it’s our scalability. That’s what gives us the greatest advantage.” Like any other industry, IMBs must work to fight against the more well-known brands and increase their market share. And each year the HMDA data shows their hard work is

“WE’RE LENDING MORE TO PEOPLE OF COLOR, SO NOW WE HAVE THE OPPORTUNITY TO HELP OTHERS THAT THE DEPOSITORIES ARE JUST NOT HELPING.” -BILL EMERSON MARKETING THE BRAND

When it comes to getting their name out to consumers, IMBs have a battle to fight. Unlike many smaller IMBs, mega banks are household names. These mortgage banks work within their communities to get their name out and show consumers the technology and products they offer. “A lot of mortgage banks are local and in the community,” Emerson said. “As a result of that, they have a relationship with Realtors and they’re closer on the ground and so that’s where a lot of their business comes from.” Emerson said that many IMBs don’t spend much advertising dollars on marketing, since they work by integrating with their communities and working closely with real estate agents. For larger lenders like Quicken Loans, they

paying off. Their market share continues to grow as more and more consumers look to IMBs to fill the gaps left behind by the traditional depositories. Through their innovation, technology and relationships, IMBs are building their brands and taking over the mortgage industry as the largest banks continue to slip lower on the list of top mortgage lenders. But could big banks soon be looking to make a comback? In mid July, Wells Fargo hired Kristy Fercho as its new head of Wells Fargo Home Lending. A 2020 Woman of Influence, Fercho is one a well known and respected business leader in the mortgage industry, and could be an early sign of a shift at Wells Fargo to once again fight for market share in the mortgage indrustry.

Quicken Loans (or Rocket Companies) filed an IPO in July under its new name. Here’s what stood out: • Serves 9.2% of an over $2.0 trillion annual market • 75% of applicants are first-time homeowners and/or Millennials. • 2019 overall client retention levels hit 63% • Total net revenue increased to $5.1 billion and net income attributable to Rocket Companies was $893.8 million, representing a 22% and 46% growth from the prior year, respectively

AUGUST 2020

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MARKET UPDATE

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Black Knight............................................................72 The Closing Exchange......................................................73 DocMagic.......................................................................74 Docutech, A First American Company..............................75 eClosePlus................................................................76 Simplifile.................................................................77 Snapdocs.................................................................78

AUGUST 2020

- SPECI AL REPORT -

eClosing Solutions Most lenders looking to digitize their mortgage experience have prioritized the beginning of their loan process, focusing on portals for borrowers to apply and to submit documents online. However, recent months have highlighted that digitizing the closing process is just as beneficial for borrowers and as crucial for business. A number of tech companies offer eClose solutions that not only make closings simpler for borrowers but improve the process for everyone involved. In this section, we highlight seven companies providing the digital closing solutions lenders need for a streamlined, efficient process.

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on Sp

d re so

nt te n Co

- SPECI AL REPORT -

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JOE NACKASHI, PRESIDENT, BLACK KNIGHT Joe Nackashi is responsible for ensuring Black Knight delivers solutions that help transformthe industry, and that the company maintains alaser focus onclients, helping themachieve greater levels of success.

RICHARD GAGLIANO, PRESIDENT, BLACK KNIGHT ORIGINATION TECHNOLOGIES Richard Gagliano is responsible for the direction of Black Knight’s origination technologies.

JOHN RALSTON, DIRECTOR OF ELENDING STRATEGY, BLACK KNIGHT ORIGINATION TECHNOLOGIES

Expedite Close uses intelligent analytics to determine whether a closing should be fully digital, paper or hybrid

he COVID-19 pandemic has accelerated the mortgage industry’s need to adopt digital solutions. As business procedures have adjusted to new needs for social distancing, consumer expectations reflect an increased desire to close their loans electronically and reduce – or entirely remove – the need to review and sign paper documents. Expedite Close, from Black Knight, supports the full eClosing process, including integrations with remote online notarizations (RON). Expedite Close is a fulfillment-based, easy-to-use eClosing solution that delivers comprehensive capabilities and fast implementation. The application is web-based and supports all forms of closings, including completely digital with RON, hybrid and wet-sign closings. With Expedite Close, lenders can immediately start using a complete digital option on day one. Expedite Close handles much of the complexities and decisioning involved with eClosings for lenders. The solution leverages intelligent analytics to systematically select the best way to close a loan for each transaction based on client-configurable rules. Client-defined rules, built-in logic and transaction data are used to identify factors to help determine if the closing should be fully digital, paper or a hybrid of both approaches. These deciding factors include jurisdiction requirements, consumer preferences, settlement-agent processes and investor requirements. The flexibility of Expedite Close enables lenders to work toward completely digital closings at their own pace. Expedite Close enables all participants

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John Ralston oversees the product roadmap initiatives, development andimplementation of Black Knight eLending capabilities.

AUGUST 2020

in a real estate transaction to securely collaborate online, augmenting the processes, document providers or systems they currently have in place. The solution integrates with loan origination systems, title and escrow software solutions, and document providers to allow participants to continue conducting business the way they do today without needing to change their current practices or systems. Using a comprehensive “fulfillment” approach, Expedite Close accounts for each individual participant’s role during closing. Data is normalized across the participants in the closing process, and the secure, online portal manages workflows to enable all participants to interact seamlessly in the same digital “workspace.” “Our clients appreciate that Expedite Close is easy to learn, cost-effective, offers end-to-end capabilities and has a fast implementation time,” said John Ralston, director of eLending Strategy at Black Knight Origination Technologies. “They also appreciate that they are leveraging a secure, online portal that manages workflows, includes easy document upload capabilities and enables all participants to seamlessly interact with each other.” Expedite Close’s advanced analytics, which drive rules to enable automated fulfillment, help simplify workflows and reduce costs. Because it’s LOS-agnostic, the solution also frees closing participants from constrained workflows and pre-determined vendor support. “Since Expedite Close is built on proven banking-grade software, fulfillment services and infrastructure, users can trust that Expedite Close supports secure services every step of the way,” Ralston said.

- SPECI AL REPORT -

Sponsored Content

CXChoice combines technology and service to allow signings to shift fromeSign to wet sign seamlessly ment platform for the fulfillment of signings and notarizations by The Closing Exchange and leverage the platform to assign notaries and attorneys as well as manage orders and communication CXChoice enables “out of the box” eServices with a robust engine customized to a business’ workflows and processes. CXChoice allows the user to define their experience, leveraging the company’s professional vetting and compliance, client-specific signing agent training, and eClosing Facilitation Services. The Closing Exchange’s integrations and partnerships with entities such as DocuSign, Nexsys and Pavaso provide seamless access to the various technologies, eliminating the client’s need to build staff, training or integrations to deliver various closing types. CXChoice is also integrated with most title production software, offering seamless order management, communication and security. By outsourcing aspects of their workflow, clients can expand their capacity while reducing costs. The company’s staff supports electronic document signings with critical “flagging and tagging” services. As RON legislation continues to expand across the states, the company is connecting with notaries across the nation to fulfill the closing transactions. “CXChoice functions as an extension of your business – creating scalability and adding flexibility to your cost structure, while enhancing the customer experience,” said Alan Frelix, CEO. “CXChoice is built with the ebbs and flows of the mortgage market business in mind, and as your business needs change and evolve, we evolve with you.”

THE EXECUTIVES:

ALAN FRELIX, CEO Alan Frelix has more than 25 years of experience in financial and business service. He was previously managing director of Strategic Development for Stewart Lender Services.

MARVIN BANTUGAN, CHIEF TECHNOLOGY OFFICER Marvin Bantugan has more than 25 years of experience in financial and business services as well as management consulting. Previously, Bantugan served as a principal for North Highland Consulting.

LANDON SMITH, EXECUTIVE VICE PRESIDENT OF CLIENT STRATEGY AND BUSINESS DEVELOPMENT Landon Smith has more than 25 years of experience in the lender services and title industry. 7 3 ❱ H O U S IN G W IR E

he closing process is often fraught with last-minute surprises that can create time delays and cost overruns. Technology offers a solution, but it is often a partial answer. In the case of eClosings, platforms need to consider both the high-tech considerations and the human element. CXChoice from The Closing Exchange is an integrated signing services platform providing flexibility and multiple closing options, including mobile notary, eSignings, hybrid closings and Remote Online Notarizations (RON). As a result, solutions can be tailored to fit customers’ needs. “The Closing Exchange understands that changes happen before the closing table,” said Landon Smith, executive vice president of client strategy and business development. “You may have a customer that has a scheduled closing but has a last-minute business trip – yet still needs to sign. You need to be able to offer flexible closing options.” CXChoice’s blend of technology and service allows signings to seamlessly shift from eSign to wet sign without impacting a client’s workflow or staff. To help ease implementation, the CXChoice platform offers three main eService delivery models: • Managed Signing Services, where the clients outsource the entire signing services process to The Closing Exchange for fulfillment • eClosing Facilitation, where clients engage the company to facilitate eSignings, hybrid eSignings, in-person electronic notarization (IPEN) and RON via CXChoice integrations and partnerships • Sof twa re as a Ser vice (SaaS) platform, where clients leverage CXChoice as an order manage-

THE CLOSING EXCHANGE TheClosingExchange.com

AUGUST 2020

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Sponsored Content

DOCMAGIC DocMagic.com

THE EXECUTIVES:

DOMINIC IANNITTI, PRESIDENT AND CEO Dominic Iannitti founded DocMagic with a commitment to provide the mortgage industry with superior solutions and services that would reduce and eventually eliminate the use of paper.

CHRIS LEWIS, DIRECTOR OF ENTERPRISE SOLUTIONS Chris Lewis partners with the largest banks in the industry to provide tactical strategies for increasing operational efficiency and expanding digital mortgage utilization.

BRIAN D. PANNELL, PMP, CHIEF ESERVICES EXECUTIVE

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Brian D. Pannell has managerial responsibility for all post-sales activities for customers who are adding eMortgage as well as post-closing technologies and efficiencies.

Total eClose provides everything required for a 100% paperless eClosing, reducing time at the closing table

s the need for social distancing now factors into many business decisions, lenders are focused on digital technology implementations to update paper-reliant lending processes. DocMagic’s Total eClose Solution is a comprehensive, end-to-end eClosing system that supports all hybrid eClosing types and provides everything required for a 100% paperless eClosing. The seamless digital experience is comprised of DocMagic’s comprehensive suite of eSolutions, leveraging SMART Doc eNotes, eNotarization (remote online eNotary and in-person), an industry-leading certified eVault and automated Investor eDelivery technology. Total eClose helps companies provide enhanced customer service and digital efficiencies, reducing borrower time at the closing table to just a few minutes – or even eliminating the need for in-person contact altogether. “There are a lot of options in our single-source platform, allowing lenders to leverage the flexibility that comes with doing business digitally,” said Dominic Iannitti, president and CEO of DocMagic. “The goal is to give our customers the tools they need to create opportunities in this new landscape... or any landscape.” Lenders can directly access DocMagic’s eClosing platform regardless of their document provider. Total eClose can consume data and documents from any source and e-Enable and auto-prepare third-party documents. If documents are not e-Enabled for eSign, eDelivery, eNotary or eClosing, the solution automates the process and makes those abilities accessible. Switching the majority of loan documents from paper to electronic can reduce a 100-page or more document package to just a few pages and condense an hour-long closing to one that takes only minutes. Shorter closings mean less face-

AUGUST 2020

to-face interaction is required of borrowers, settlement agents and notaries. The solution also allows borrowers to preview their documents and sign some documents prior to closing, and includes both remote and in-person electronic notarization capabilities. “We work with lenders all day, every day, who are working to be as ‘e’ as they can be,” said Chris Lewis, director of Enterprise Solutions. “If this is the new normal, then it’s necessary to implement digital technology to reduce the amount of in-person interaction.” Total eClose’s intuitive design and workflow help maximize user adoption, and DocMagic partners with customers before integration begins to develop a strategic technology plan. The company’s dedicated eClosing and onboarding teams are committed to high standards of service and support, easing the user adoption process and providing valuable digital mortgage experience to help shape goto-market strategy. In addition, Total eClose’s intuitive, single-vendor technology fosters interoperability between disparate systems in the supply chain to help originate, process, close and sell quality loans as efficiently as possible. The Total eClose Solution ensures accuracy and delivers efficiencies for borrowers, notaries and settlement providers. With greater control and accountability during the loan cycle, loans can close faster, with fewer errors and omissions. “By offering crucial communication and collaboration tools and easing integrations with other platforms, Total eClose gives users the ability to close loans faster and at a lower cost,” said Brian D. Pannell, chief eServices executive. “Our eClosing solution lowers the cost to produce loans, ensures compliance and removes potential surprises that can create delays at the closing table.”

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Sponsored Content

Solex eClosing Engage gives lenders the insights they need to determine eEligibility for every loan an intelligent eEligibility engine that analyzes each closing package and helps determine the most appropriate eClosing path. From the borrower perspective, reviewing and electronically signing documents has never been easier. Borrowers can review their documents from any device in advance of the day of closing, and can eSign their ancillary docs, thereby shortening the actual closing ceremony. Lenders can also provide title and settlement with secure access to review and add title documents to the closing package. On the day of closing, Solex provides options for in-person eNotarization and eRecording as well as remote online notarization. “One of the most important considerations for moving RON eClosings into mainstream operations is to understand the factors that determine a viable RON eClosing,” Brandt says. “We refer to this as the three legs of RON eEligibility. First, marketability: will your investor purchase the eNote from the RON eClosing? Second, recordability: will the county recorder eRecord the eNotarized Deed of Trust from the RON eClosing? And third, insurability: will the title underwriter insure the loan if it’s executed with a RON eClosing? Solex eClosing Engage provides lenders with eEligibility insights to help address these questions on every loan.” After the eClosing is completed, lenders can register the eNote on the MERS eRegistry through the Solex eVault. Once registered with MERS, lenders can manage secured parties or interim investors, transfer control to a final investor, update the servicer and location fields when needed, and later flag an eNote as being paid off, assumed, modified or other life-of-loan events.

THE EXECUTIVE:

AMY BRANDT, PRESIDENT Amy Brandt has over 20 years of leadership experience within the mortgage, software, tech, aerospace and financial services industries. Brandt drives the company’s strategicvisionandleadsitsgrowthinitiativesby adding new products, entering new market segments, andseekingstrategictechnology integrations. Amongher industry honors are HousingWire’s 2019 Women of Influence Award and HousingWire’s 2018 Vanguard Award.

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s lenders strive to reduce costs, close loans faster, and deliver a safe, seamless and convenient borrower experience, leveraging a comprehensive eClosing platform is a top priority. Docutech, a First American company, provides lenders with a complete and integrated digital mortgage solution that streamlines the complex closing process. Their Solex eClosing Engage platform continues to lead the industry and has now helped lenders close more than 100,000 mortgages electronically. Solex eClosing Engage is designed to “engage” all participants in the eClosing process – providing superior experiences for consumers, lenders and settlement agents. Approved by Freddie Mac and Fannie Mae for eClosing, eNote and eVault functionality, the Solex eClosing platform provides lenders with eSigning efficiencies from initial document generation through post-closing, eVault integration with the MERS eRegistry, intelligent eEligibility and Remote Online Notary (RON) eClosing. Closing documents are generated by ConformX, Docutech’s dynamic document engine, integrated with leading loan origination systems and borrower portal solutions. Every relevant field is imported, defaulted or automatically populated through rulesbased intelligence and all disclosures and closing documents are auto-tagged for eSignatures, eliminating manual labor and missed signature points. While there are many benefits for lenders to implement eClosing, determining how “e” a closing package can be is complex and a potential barrier to scaling eClosing volumes. Through Docutech’s integration with Simplifile, lenders gain the benefit of

DOCUTECH, A FIRST AMERICAN COMPANY docutech.com

AUGUST 2020

- SPECI AL REPORT -

Sponsored Content

ECLOSEPLUS eClosePlus.com

THE EXECUTIVES:

ALLAN POLUNKSY, MANAGING MEMBER Aveteran of the residential mortgage industry for morethan44years, AllanPolunksy is a visionary inleadinginnovation. Heis alsothe managingpartner andfounder of eClosePlus’ sister company, Polunsky Beitel Green, LLP.

ERIC GILBERT, CHIEF TECHNOLOGY OFFICER Eric Gilbert has been a leader and visionary in mortgage technology since the mid-90s and has extensive experience in developing industry-leading software and procedures.

STACEY MAISANO, DIRECTOR OF BUSINESS DEVELOPMENT

n an ideal world, eClosings are simple and efficient, with technology taking the place of paper to accelerate the process so transactions can close accurately and on time. However, this isn’t always the case. There may be roadblocks with document accuracy, questions at the closing table or missed eSignatures that add further delays. eClosePlus aims to solve these problems with its comprehensive eClosing solution, which includes SMART Note, eVault and automatic MERS Registration. Its eClosing capabilities range from hybrid eClosings to completely digital eClosings using remote online notarization (RON). Powered by automated intelligence, eClosePlus is document-agnostic by design, able to take on documents from any source – and the system can learn a new document in an average of 30 seconds. Its AutoTag technology digitizes, automatically tags, categorizes and bookmarks any document, whether it’s generated by the lender or the settlement agent. eClosePlus’ system checks document fields to ensure accurate and complete answers. Borrower names are automatically entered to eliminate typos, correct dates are entered as needed, and checkboxes and yes/no questions are marked as requirements so they can’t be missed. “A lot of our clients tell us that we’re reducing the time that they’re spending in closing by anywhere between 30-70%, because they’re not having to review their documents,” said Eric Gilbert, chief technology officer. “They know once they get those documents back, everything’s perfect – they’re only looking at anything that’s been wet-signed.”

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Stacey Maisano has over 25 years of experience invirtually all aspects of mortgage and title including executive leadership.

AUGUST 2020

eClosePlus is dedicated to making the eClosing process simpler for its clients as well as borrowers. Lenders have visibility into where the borrower is in the process, and the platform even has automated reminders to let the borrower know that they need to eSign their documents before arriving at their closing so it can be executed smoothly. If the borrower has questions, they can chat live with someone in the signing room. Implementation of the eClosePlus system is easy and fast. According to Gilbert, one client signed a contract to work with the platform on a Friday and closed their first loan using eClosePlus a week later. eClosePlus is flexible to meet the needs of its partner clients. The solution includes IPEN, RON and eVault capabilities, but is built on an open structure and can integrate with other providers if that’s a lender’s preference. The product can also be customized to match a lender’s branding, emails and web presence, including logos, colors and wording. The goal is to make sure lenders and their customers feel comfortable with the solution and know that borrower information is secure. “Homebuyers using eClosePlus enjoy a streamlined process designed to be convenient, simple, accelerated and a pleasure to use,” Managing Member Allan Polunsky said. “Lenders, settlement agents and their customers are able to complete the closing process with the highest degree of satisfaction possible. Customers immediately recognize our state-of-the-art, fully digital technology which enables all parties to the transaction to participate in a unique and unequalled experience.”

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Sponsored Content

Simplifile provides a standardized platformto connect lenders, settlement agents, notaries and counties gibility at the county level and allows every closing to be as electronic as possible. While other systems may focus on state-level acceptance to determine whether eNotarized documents are legal, Simplifile’s eEligibility indicators provide the latest policies at the county level, a better indicator of whether an eNotarized document will be recorded properly. Because Simplifile can work with all eClosing systems, lenders can choose the tech that best fits their needs. Simplifile streamlines the complexity of eClosings by providing a consistent platform and workflow that clearly identifies for the agent and notary what needs to be done and provides single sign-on access to the lender’s chosen closing platform. If the agent can access the Simplifile platform, both the agent and lender can be confident that the proper tasks are being completed. Additionally, other digital mortgage systems tend to end at the closing table. Simplifile, however, allows lenders to take advantage of digital post-close efficiencies regardless of the type of signing and notarization. The platform automates the return of recorded documents, final recording fees and taxes and final title policies, eliminating paper and shipping as well as reducing wait time. “Our settlement users appreciate the ability to allow every closing to be as ‘e’ as possible with a focus on a consistent, transparent workflow and stress-free closing coordination,” said Nancy Alley, VP of Strategic Planning. “And because lenders drive the platform decision, settlement agents appreciate that Simplifile brings them this bridge to the lender’s eClosing system at no charge.”

Mission Statement: Simplifile, part of Intercontinental Exchange, helps navigate the mortgage transaction by offeringcollaborationtools andpost-closing visibility for mortgage lenders and settlement agents workingtogether onreal estate documents. Simplifile is also the nation’s largest eRecording network and connects settlement agents and county recorders via its eRecording service. Through Simplifile, users can securely record, share and track documents, data and fees with ease.

Fast Facts: • •

•

F o u n d e d in 2 0 0 0 in P ro v o , U t a h O v e r 2 5 , 0 0 0 s e t t le m e n t a g e n t c o m p a n ie s u s e S im p lif ile Network of over 2,100 e R e c o rd in g c o u n t ie s

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or an eClosing strategy to be successful, settlement agents and notaries need to be able to coordinate on the closing, and lenders need to know whether electronic documents and transactions are accepted and recorded with the county in which the closing takes place. Settlement agents often have to learn multiple systems and different processes to work with each lender and closing type, which can be overcomplicated and overwhelming. Lenders have to evaluate investor and underwriter acceptance of eClosings and check whether electronic documents will be recorded at the county level. Simplifile has worked to solve both of these issues with consistency and simplicity by serving as a bridge between a lender’s eClosing system and settlement agents, notaries and counties. This enables lenders to provide a standardized platform for document delivery and settlement agent coordination across all closing types – ink, hybrid and full eClosings – and eliminates the need to learn multiple systems and separate workflows, which leads to greater eClosing adoption. By leveraging Simplifile’s open network of tens of thousands of settlement agents and notaries, lenders can reduce their integration overhead and shorten their eClosing implementation time. The settlement agents and notaries in Simplifile’s ever-expanding network that use Simplifile are trained and supported to ensure that every transaction is expertly completed. eEligibility is at the heart of Simplifile’s platform, which examines each transaction in real time to check its electronic eli-

SIMPLIFILE simplifile.com

AUGUST 2020

- SPECI AL REPORT -

Sponsored Content

SNAPDOCS snapdocs.com

THE EXECUTIVES:

AARON KING, CEO AND FOUNDER Aaron King started working in the mortgage industry when he was in high school. In 2013, he founded Snapdocs, a technology company focused on perfecting the digital closing process.

CHRISTIAN HJORTH, VICE PRESIDENT OF SALES AND CUSTOMER SUCCESS Inhis role at Snapdocs, ChristianHjorthbuilt the sales teamfromthe ground up and has developedthecorporateplaybookandsales strategy.

BRIANA INGS,

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DIRECTOR OF PRODUCT

Lenders close more loans, reduce errors and impress borrowers with Snapdocs’ eClosing solution

ost eClosing technology isn’t designed to quickly deliver value to all participants. This means lenders spend a lot of time and money in implementing eClosings only to see little ROI, or they never make it to full adoption. Powering over 1,000,000 closings a year, Snapdocs is the industry’s leading digital closing platform. Snapdocs provides lenders with a single, scalable process for working with any settlement partner on any type of closing, including wet, hybrid and full eClosings. With Snapdocs’ proven and pragmatic approach, lenders close more loans, at lower costs, while delivering the modern experience that borrowers expect. “We’re able to drive value to all participants from day one because Snapdocs supports all the different workflows that happen around a closing and what needs to be done by the lender, settlement and borrower. This makes it easy to roll out digital closings, because as soon as your internal and external stakeholders touch the transaction, they realize they’re benefiting from it,” said Aaron King, CEO and founder of Snapdocs. The time to value and results that lenders get is unparalleled. Lenders can digitize 99% of their loan volume in as little as one month. This is possible because Snapdocs seamlessly plugs into any LOS or doc prep provider, and its unique AI automatically annotates any loan package for eSigning. “It’s probably the only close to out-ofthe box technology we have released, and we’ve released about 11 over the last 14 months,” said Katherine Campbell, chief digital officer at Assurance Financial.

Briana Ings leads the development of Snapdocs’ digital closing platform. By prioritizing modern and intuitive design, leveraging powerful AI and building seamless integrationstocoresystems, her team’swork empowers lenders to transformthe closing process.

AUGUST 2020

Snapdocs gives lenders the tools for digital closings, like eNote and remote online notarization (RON), while also automating manual work and standardizing their workflows with settlement. As a result, lenders see game-changing operational efficiencies that enable them to do more with the same amount of staff. In 2019, The Mortgage Firm handled their highest volume to date — a 13% increase from 2018 — without adding headcount. “One of the best things about Snapdocs is not that we can do digital closings, but that everything is done from one place,” said Sheri Nedley, SVP of loan operations at The Mortgage Firm. “All the things we used to do manually were separate steps — emailing the loan team, title and the borrower. Now, it’s one step for the closer and all of that’s done. That’s where the true time savings are.” By using Snapdocs Digital Closing Platform, lenders also make the closing easier and more efficient for borrowers and settlement agents. With document preview and eSigning, errors that surface at the closing are reduced by 80% and the closing appointment is shortened to 15 minutes. “We originally learned about Snapdocs from our escrow partners, who spoke highly of the company and the platform,” said Tamra Rieger, COO of Evergreen Home Loans. When surveying borrowers, “we hear how easy the process was and how smooth the closing went. That has a lot to do with the fact that everything is done through Snapdocs and the majority of our loan packages are done as hybrid closings,” Nedley said.

- SPECI AL REPORT -

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7 9 â?ą H O U S IN G W IR E

with HousingWireâ&#x20AC;&#x2122;s 2020 Women of Influence award. By driving

TRADE DESK

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.

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AIME.............................81 ALTA .............................81 MBA.............................82 NAHB............................82 NAR..............................83

AUGUST 2020

Chairman Association of Independent Mortgage Experts

AIME members, It is with great pride that I’ve had the chance to sit on the sidelines and watch the independent mortgage broker channel consistently grow for over ten straight quarters. When I decided to leave loan origination over two years ago to start AIME, I knew that there was huge growth potential for our channel. With the commitment and support of lenders and vendors who are true partners in our independent community, that is exactly what is happening. There is no doubting the fact that the broker channel is growing consistently because it offers mortgage professionals the most flexibility as business owners and provides unparallelled optionality for their clients, especially in the most competitive and difficult lending markets. We are uniquely positioned to lead the way toward homeownership in our own communities. This year has challenged the adapt-

ALTA members, The concept of “leadership” is one we often take for granted. Ask 100 CEOs to define leadership, and you’ll probably get 100 different definitions. Some focus on a company vision while others focus on human qualities, such as empathy or humility. Every answer may be different, but they are all correct. One of the title and settlement industry’s core values is “We Lead.” When we say, “We Lead,” we are talking about how the industry helps its customers. Our definition of “We Lead” is: “We are the authority in real estate transactions. We innovate for the benefit of our customers.” This leadership has been on full display during the COVID-19 pandemic. While most businesses across the United States closed, the title and settlement industry remained resilient. In April, an ALTA survey found 98% of respondents reported their offices remained open during the crisis. Whether operating remotely or via drive-through closings or appoint-

ability of the independent channel, but many brokers used the slowdown to onboard and hire new staff so they are ready for whatever the housing market has in store next. AIME plans to celebrate all of these wins and continue to lay groundwork for how brokers will dominate the market in the coming year at our third annual AIME Fuse National Conference that will be hosted in Las Vegas on Sept. 25th and 26th. Normally the largest gathering of independent mortgage brokers, this year’s event will also debut on a premium virtual platform to allow for everyone interested in attending the opportunity to engage and interact with each other and exhibitors. I am so excited to see everyone who can make it to AIME Fuse in Las Vegas this September and doubly excited to share the event virtually this year so no one misses out on a second of the action.

ment-only access, the majority of title and settlement businesses went to great lengths to remain available for consumers. Additionally, ALTA’s #GoodDeeds campaign captures the human qualities that compose leadership. As communities struggle with the pandemic, the title and settlement industry has stepped up its charitable actions. See these #GoodDeeds at blog.alta.org/gooddeeds. The title insurance industry has always cared deeply about the communities in which they live and work. The more than 120,000 title professionals across the country take pride in protecting their customers when they make one of the biggest financial decisions of their lives.

American Land Title Association

Diane Tomb

CEO American Land Title Association

AUGUST 2020

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Anthony Casa

Independent Mortgage Experts

TRADE DESK

Robert Broeksmit President & CEO Mortgage Bankers Association

Mortgage Bankers Association

TRADE DESK

MBA members, Over the last several years, the Mor tgage I ndu s t r y S t a nda rd s Maintenance Organization has been a driving force behind the mortgage industry adapting to a fully digital world. Since MISMO’s inception, the organization has discovered solutions that will enhance the digital mortgage experience. Its impact has never been more evident than during the COVID-19 pandemic. We have seen the rapid expansion of Remote Online Notarization standards, digital closings and electronic notes to ease the home-buying process for consumers and the industry. Earlier this month, we announced that MISMO, with the support of MBA’s membership and the Mortgage Electronic Registration Systems Board of Directors, will begin col-

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NAHB members, The COVID-19 pandemic has made all of us think about what we can do to make our homes healthier, safer and more livable. Some older Americans may consider what changes they need to make to their homes as they age. Others may be ready to move to a new senior-friendly community. And as social distancing has become the new normal, more families may want to make changes to their own homes to provide a safer place for elderly loved ones and to help provide in-home care. The number of households headed by someone age 55 or older has steadily increased, and builders across the country are ready to meet the special needs of those buyers. The National Association of Home Builders has designated Certified Aging-in-Place Specialists who have the essential skills to help home owners make choices to help them stay in their homes safely, independently and comfortably. The principles of aging-in-place are designed to enable people to stay living in their homes safely and securely. Home improvements to foster independent

lecting a $0.75 administrative fee for every new loan registered on the MERS System. The new fee will allow MISMO to significantly enhance the valuable products and services it provides to the entire real estate ecosystem, and will assist MISMO with the development of new tools to help the mortgage industry streamline all processes related to the integration and flow of industry data. MISMO has several significant initiatives planned. It will work to develop a fully digitized loan file with standard elements, standardize industry definitions to promote document clarity and certainty, and do much more to ensure that the industry will seamlessly adapt to new technological developments. Our industry’s continued technological development will clearly be a result of MISMO’s vision.

living may include wider doors and hallways; easier kitchen and bathroom functionality; lever door handles instead of doorknobs; easier access to power outlets and thermostats; and better lighting to improve comfort, safety and livability. The changes can be aesthetically pleasing and can also increase the value of your home, according to many real estate agents. NAHB members also include builders who are experts in 55 or older communities that are unlike the isolated retirement communities of the past. Many of these communities are found in vibrant locations and often include amenities like nature trails, pools and recreation centers to keep owners active and social. Visit NAHB.org to find out what the nation’s home builders are doing to help more homeowners live safely and independently at home.

National Association of Home Builders

AUGUST 2020

Dean Mon

Chairman National Association of Home Builders

NAR members, As we engage in the national dialogue on fairness and justice, the National Association of Realtors takes this moment to reaffirm its commitment to non-discrimination in housing. Our Code of Ethics has long prohibited discrimination based on race, color, religion, sex, handicap, familial status, national origin, sexual orientation or gender identity. As Realtors, our clients and prospective customers view us as thought-leaders in our communities. This requires us to be proactive in advancing equality, inclusion and acceptance. Iâ&#x20AC;&#x2122;m pleased to announce that NAR, working with The Perception Institute, recently created an Implicit Bias Training video as a part of an online workshop. This video supports our commitment to fair housing and our commemoration of Homeownership month in June. The video, which is based on the latest research on overcoming unconscious stereotypes, emphasizes how professionals can avoid implicit bias in real es-

tate transactions and in other daily business activities. Research shows that individuals often have an automatic, instant association of stereotypes with various groups. These associations can often lead to unfair treatment among individuals with different backgrounds, races and characteristics. Such unconscious biases regularly persist despite a personâ&#x20AC;&#x2122;s best intentions. NAR is committed to helping people of all backgrounds in their pursuit of the American Dream. Diversity is our strength. Providing fair housing for all is our duty. The time for action is now. For more infor mation on Homeownership Month visit www. homeownershipmatters.realtor or search #CreatingHome.

National Association of Realtors

Vince Malta

President National Association of Realtors

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MORTGAGE

AUGUST 2020

MORTGAGE

CFPB to eliminate DTI requirement from QM standards E X T E N DS Q M PAT C H F O R T R A N S IT IO N B Y K ELSE Y R A M IR E Z

According to Kraninger, the proposed alternative would be “intended to better ensure that responsible, affordable mortgage credit remains available to consumers.”

AUGUST 2020

According to Kraninger, the proposed alternative would be “intended to better ensure that responsible, affordable mortgage credit remains available to consumers.” Now, Kraninger is following through on that plan.

In the first notice of proposed rulemaking, the bureau wants to amend the qualified mortgage definition in Regulation Z to replace the DTI limit with a price-based approach. It said that it preliminarily concluded that a loan’s price, as measured by comparing a loan’s annual percentage rate to the average prime offer rate for a comparable transaction, would be a more holistic and flexible measure of a consumer’s ability to repay than DTI alone.

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he Consumer Financial Protection Bureau announced two notices of proposed r ul e mak ing surrounding what’s commonly known as the QM Patch. One of those rulemakings would remove the debtto-income requirement from qualified mortgages. Back in January, CFPB Director Kathy Kraninger sent a letter to several prominent members of Congress, saying the bureau had decided to propose an amendment to the QM Rule that would “move away” from DTI as a factor in mortgage underwriting. Specifically, Kraninger said at the time that the CFPB has decided to shift from the DTI standard and move to an “alternative, such as a pricing threshold (i.e., the difference between the loan’s annual percentage rate and the average prime offer rate for a comparable transaction.)”

MORTGAGE

For eligibility for QM status under the General QM definition, the bureau is proposing a price threshold for most loans as well as higher price thresholds for smaller loans, which is particularly important for manufactured housing and for minority consumers. The NPRM also proposes that lenders take into account a consumer’s income, debt and DTI ratio or residual income and verify the consumer’s income and debts. T he Abilit y to R epay/Qualif ie d Mortgage rule was enacted by the CFPB after the financial crisis and requires lenders to verify a borrower’s ability to repay the mortgage before lending them money. This includes a review of a borrower’s debts and assets to ensure they have the ability to repay the loan, with a stipulation that their DTI ratio does not exceed 43%. But Fannie Mae and Freddie Mac are not bound to this requirement, a condition known as the QM Patch. Under the QM Patch, loans sold to Fannie Mae or Freddie Mac are allowed to exceed to the 43% DTI ratio.

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Some in the mortgage industry, including Federal Housing Finance Agency Director Mark Calabria, believe that the QM Patch gives Fannie and Freddie an unfair advantage because loans sold to them did not have to play by the same rules as loans backed by private capital. Calabria told HousingWire last year that he supports the Consumer Financial Protection Bureau’s move to kill the Qualified Mortgage patch. “My view ultimately is that Fannie and Freddie should play by the same set of rules as everybody else,” Calabria told HousingWire at the time in an exclusive

“My view ultimately is that Fannie and Freddie should play by the same set of rules as everybody else… We’re working with the CFPB, my hope is that we can have the patch expire and that we fix the underlying QM.”

AUGUST 2020

interview. “We’re working with the CFPB, my hope is that we can have the patch expire and that we fix the underlying QM.” Calabria told HousingWire that any moves made by the CFPB should include a fix to the QM rule. “I see the patch as an implicit admission that the QM is flawed,” he said. “That suggests to me that the solution is to fix the QM, not to continue to allow exemptions from it.” Calabria also expressed his thoughts on Twitter after the CFPB announced its intention to let the patch expire, saying this would create a more level playing field. Kraninger seemed to side with Calabria in the latest decision by the CFPB to do away with the QM Patch and, as she says, level the playing field. “The GSE patch’s expiration will facilitate a more transparent, level playing field that ultimately benefits consumers through promoting more vigorous competition in mortgage markets,” Kraninger said. “The bureau is proposing to replace the patch with a price-based approach to QM loans to preserve consumer access to mortgage loans while also making sure

MORTGAGE

The QM Patch is due to expire in January 2021, and last year the CFPB moved to officially do away with the QM Patch on its stated expiration date, however the second notice of proposed rulemaking from the CFPB would move that date to ensure a smooth transition. The bureau proposed to amend Regulation Z to extend the QM Patch to expire upon the effective date of a final rule regarding the first notice’s proposed amendments to the General QM loan definition in Regulation Z. “ The bureau is proposing to take this action to ensure that responsible, af fordable credit remains available to consumers who may be affected if the GSE Patch expires before the amendments take effect as defined in the first NPRM,” the CFPB stated. This came as welcome news to the housing industry, which has long been calling for an end to the QM Patch. Over the last several months, Bank of America, Quicken Loans, Wells Fargo, Caliber Home Loans, along with the Mortgage Bankers Association, the American Bankers Association, the National Fair Housing Alliance, and others asked the CFPB to do away with the QM rule’s debt-to-income ratio requirement. “America’s Realtors applaud the CFPB’s action to provide a temporary QM patch extension, and commend the bureau and Director Kraninger for acting on behalf of

our nation’s consumers and homebuyers at a time when market stability is so critical,” National Association of Realtors President Vince Malta said. “Perhaps

“America’s Realtors applaud the CFPB’s action to provide a temporary QM patch extension, and commend the bureau and Director Kraninger for acting on behalf of our nation’s consumers and homebuyers at a time when market stability is so critical,” ”

most importantly, we appreciate the Bureau’s decision to eliminate a hard DTI standard, and we look forward to more closely examining the proposed replacements and their impact on homebuyers over the coming months.” The initial reaction from the MBA was also positive as the association said it expects the new rule to continue to ensure the creditworthiness of borrowers with minimal disruption to the industry. “MBA appreciates the CFPB’s proposed changes to the QM Rule and extension of the GSE Patch,” MBA President and CEO Bob Broeksmit said. “As proposed, the regulatory changes would seek to ensure credit wor thy borrowers have access to sustainable mortgage credit without disruption to the overall mortgage market. MBA looks forward to reviewing and commenting on both rules, and we will continue to work with policymakers and all other stakeholders to ensure borrowers are both protected and have access to credit throughout the mortgage lending process.”

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consumers have the ability to repay them. The bureau is committed to ensuring a smooth and orderly mortgage market throughout its consideration of these issues and any resulting transition away from the GSE Patch.”

AUGUST 2020

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REAL ESTATE

AUGUST 2020

REAL ESTATE

Associations demand action to remove barriers to Black homeownership NAREB , NAR , NAMMBA S PE AK OUT

he National Association of Real Estate Brokers President Donnell Williams released a statement on June 3 in response to the national civil unrest America was facing. NAREB chose to take an economic perspective in regard to Black Americans battling COVID-19, racial injustice, discrimination, prejudice and inequality. To aid in the ongoing fight, Williams encouraged voting, completing the census and a proposed amendment of the U.S. Department of Housing and Urban Development’s Section 184, which provides lowinterest mortgage loans to other minority groups but currently does not include Black Americans. “It’s a new day,” Williams said. “If nothing else, the year 2020 has shown us that business as usual is over and some rules were made to be broken. The National Association of Real Estate Brokers pivots

“A new birth is taking place. In the future, you will be asked ‘What’d you do?'”

AUGUST 2020

to embrace these changes as we continue to work to have a positive impact upon Black lives across the country.” NAREB called for the elimination of obstructive systemic barriers that hinder or preclude the increase of Black homeownership, including “lending discrimination and the despair fueled by racial discrimination that obstructs Black homeownership.” NAREB’s issued a call to action, which included: • Call for passage of the Heroes Act • Call for all 50 states to pass and update fair housing laws • Call for cities to reform foreclosure prevention laws • Call to eliminate zip code-based insurance rates • Call for Federal Housing Finance Agency and the Federal Housing Administration to eliminate Loan Level Price Adjustments • Call for more investment in Black-owned banks, CDFIs and credit unions

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B Y B R E NA NATH, A LE X R OHA

REAL ESTATE

•

Call for more technical assistance to increase commercial real estate, property management and real estate investment • Call to increase funding to create more career and business opportunities for Black Americans in commercial, etc. “This is a historic time,” Williams said. “A new birth is taking place. In the future, you will be asked ‘What’d you do?'”

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The National Association of Realtors laid out a five-point plan for how the real estate industry can step up to provide support in increasing the number of Black American homeowners. While the homeownership rate for Black households has slightly improved and now sits at 44%, compared with an overall U.S. rate of 65.3%, it was only a year ago that it fell to 40.6%, which not only was the lowest level in the Census Bureau’s quarterly data going back to 1994 but was also the smallest share recorded for Black households since the 1950 decennial Census when it was 34.5%. NAR Chief Economist Lawrence Yun said that “given the events of the recent weeks, it highlighted the progress, or lack of progress, among the AfricanAmerican community,” adding that the access to homeownership is a critical source for building financial wealth. Yun added that this list isn’t new, but rather, it’s something the association has been pushing for and highlights conversations and discussions that have been taking plans among members. The five-point plan includes: • Build more homes to increase supply: Yun stated that since the

•

“Since the industry needs to build so many homes, why not build or sell homes in the Opportunity Zones to help revive some of those areas?”

AUGUST 2020

•

pool of potential first-time buyers is higher in the minority population, if the industry can increase supply, it could help minority households lock in a home. Build more homes in Opportunity Zones: Yun posed the question: “ Since the industry needs to build so many homes , why not build or sell homes in the Opportunity Zones to help revive some of those areas?” He added that there is even a tax break in certain geographically defined opportunity zones for developers to go in and build homes, helping the revitalization of economicallydistressed areas. Increase access to down payment assistance: While family members are stepping in to help address affordability issues, NAR stated that it is still much more difficult for Black Americans to obtain substantial financial assistance from family members. They added that increased access to federal

REAL ESTATE

“ We need to ensure successful homeownership, not just temporary homeownership,” said Yun.

“The delta between the non-Hispanic white and the minority homeowners, these are persistent gaps going back decades,” O’Connor said. “If we can’t

“The delta between the non-Hispanic white and the minority homeowners, these are persistent gaps going back decades…”

On June 19, the National Association of Minority Mortgage Bankers of America hosted a state of the industry town hall. The webinar featured discussions led by industry professionals on minority homeownership topics. Mor tgage B anker s A s s o ciation senior vice president, Steve O’Connor, led the initial discussion on minority homeownership and the MBA’s Black Home owner s hip ini tiative . S ome challenge s the MBA cite d were preservation and production of affordable housing stock, financing options and access to mortgage credit. “It’s not one thing that’s going to fix our affordability challenges,” O’Connor said. O’Connor’s examination spotlighted the city of Memphis and cited specific gaps in: •

• •

•

Knowledge, and the misinformation and myths that lead to borrowers pulling out of the market Trust, and the rehabilitation of it after the 2008 market crash Market, and the inventory, supply, and quality for a diverse group of homeowners Resources , including f unds necessary to gain homeownership and where to find them

AUGUST 2020

figure out how to close these gaps, we’re going to have a much smaller marketplace to serve and we’re not going to have a healthy marketplace.” Other speakers included in NAMMBA’s town hall were Freddie Mac’s singlefamily affordable lending manager, David Mendez, on minority homeownership creation with housing finance agencies, and iEmergent’s CEO, Laird Nossuli, on empowering lenders to increase home ownership.

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down payment assistance based on a certain income threshold is vital, particularly for Black Americans. • Strengthen FHA’s loan program: Yun explained that many minority households are able to become first-time buyers by using FHA mortgages, making the product an important source of financing. NAR stated that shifting federal dollars to strengthen the FHA program could lower mortgage insurance premiums and monthly mortgage payments. • Expand alternative credit scoring models: NAR outlined that expanding credit scoring models to include rent and utilities payments would help Black Americans boost their credit score. Yun also shared an estimate from the National Association of Real Estate Brokers that alternative credit scoring would open up buying to 115,000 Black Americans annually. To turn these five points into tangible change, Yun suggested that Realtors should take these points with them as they speak with their local officials, showing their leaders the ways they can help minority homeownership. This is especially important since things like housing supply is often determined at the local level when it comes to zoning rules and fees. Yun concluded by adding that the industry needs to ensure that it doesn’t make the mistakes of the past, especially mistakes made 10 years ago with subprime lending. The homeownership rate for Black households fell more than seven percentage points from 47.8% at the start of the financial crisis in 2008 to last summer’s new record low after some predatory lenders focused on minority communities.

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FINTECH

AUGUST 2020

FINTECH

RenoFi raises $6.4 million to help lenders offer home renovation loans LOA N S B A S E D O N H O M E ’S A F T E R -R E N OVAT IO N VA LU E

enoFi, a fintech p lat f or m t hat aims to empower lenders to offer a “next generation” of renovation loans, has raised $6.4 million in Series A round of funding, the company told HousingWire exclusively. Canaan Partners led the financing, which also included participation from new investor Comcast Ventures and existing backer First Round Capital. The investment brings RenoFi’s total venture raised since its inception in 2018 to $7.15 million. Justin Goldman, the company’s CEO and cofounder, emphasized that RenoFi is not a lender. Instead, it partners with mortgage lenders such as credit unions, which offer “RenoFi Loans.” “Most lenders have this major gap in their product suite, and are not offering renovation loans. RenoFi provides the platform that makes it seamless for a

“We’re the best of both worlds. RenoFi takes the after-renovation value concept from construction loans and marries them with ease of home equity loans.”

AUGUST 2020

lender to offer renovation loans without hiring new staff,” Goldman told HousingWire. “It just integrates with their existing infrastructure.” RenoFi’s goal is to solve a problem faced by many homeowners who want to renovate but don’t have established equity in their homes that they can tap into. Goldman first came up with the idea for RenoFi after experiencing his own struggles with financing renovations when purchasing a home that was built in the 1960s. After he and his wife researched their options, he realized there was little out there in terms of renovation loans, especially for those who had not yet built up equity. The idea for RenoFi was then born. Many homeowners find themselves dipping into their savings or retirement, borrowing on credit cards, or taking out personal loans to fund renovations. They also often do not want to apply for construction loans, which can be cumbersome and not as well-suited for smaller projects.

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BY MARY ANN A ZEV EDO

FINTECH

T he way RenoFi work s is that homeowners can borrow against their home’s anticipated post-renovation value (as determined by a third-party appraiser), rather than borrowing against the home’s current value. This, according to Goldman, can boost buying power by as much three times. Loans can be funded in less than 30 days. (This model is similar to the way construction loans work but less complex, less risky and less costly, RenoFi says). “We’re the best of both worlds. RenoFi takes the after renovation value concept from construction loans and marries them with ease of home equity loans,” Goldman told HousingWire. “ But there’s no inspection and no contractor involvement. It’s a simple way to borrow based on future values versus old-school construction loans.”

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When the COVID-19 pandemic hit in March, RenoFi initially saw a dip in demand. But by mid-April, that dip turned into a surge and the startup saw a record number of demand for its loans in May, according to Goldman. With so many people spending so much more time at home, interest in home renovations is on the rise. “An increasing number of homeowners are itching for an upgrade after months of being stuck at home,” Goldman said. “Also, the work from home movement is suddenly exploding forcing homeowners to rethink their space. Others are fleeing urban centers and flocking to the suburbs buying old homes sorely in need of renovations.” Lower mortgage rates are also fueling more home purchases, and that in turn is boosting demand for RenoFi loans.

“Our detailed feasibility analysis and contractor diligence ensures homeowners don’t take on a project that is doomed before it even starts.”

AUGUST 2020

The company claims that its renovation underwriting platform not only protects the lenders, but also the homeowners. “ Our detailed feasibilit y analysis and contractor diligence ensures homeowners don’t take on a project that is doomed before it even starts,” Goldman said. RenoFi charges a fee every time a lender puts a homeowner into one of its RenoFi Loans. That ’s its primary source of revenue. But it also charges a demand generation fee when it pairs a homeowner that came in through its own site with one of its lending partners. At the beginning of 2020, RenoFi had just one major lending partner, Ardent Credit Union, but has since added new ones, with the number climbing every month, according to Goldman. “ When we first started RenoFi, we called over 500 banks and credit unions of all sizes to understand how many

FINTECH

As part of the latest financing, Brendan Dickinson of Canaan Ventures joined the board of directors. In a blog post, he outlined why his firm believes the startup is in fact closing an existential funding gap in the massive home renovation market (which was estimated to be $354 billion in 2019 alone). “During COVID, top of funnel for all home renovation platforms have been growing as people have sheltered in place and considered new needs in their current home – or look to purchase a new home that needs work,” he wrote. RenoFi, according to Dickinson, is building a dif ferentiated network of credit union partners to fund renovation loans. “Given their mandates, credit unions consistently provide some of the lowest cost of capital in lending. And they are nimble, innovation-minded partners,” he wrote. “However, they have struggled to build a digital presence and find new members online. By building a network of credit unions, RenoFi is building a symbiotic network, helping credit unions build their memberships while also providing the lowest cost of capital loans to consumers.” Also, as of late, home equity loans have been in the news because some of the biggest lenders in the country have suddenly shut down their programs.

“Smaller lenders such as community banks and credit unions have not pulled back,” Goldman said. “Not only are our credit union lending partners still offering

awareness of RenoFi Loans as it expands into new geographies and bringing on additional lending partners. At the start of the year, RenoFi Loans were only

“Not only are our credit union lending partners still offering home equity loans, but they along with their partnership with RenoFi, are actually innovating at a time when the big banks are pulling out.”

home equity loans, but they along with their partnership with RenoFi, are actually innovating at a time when the big banks are pulling out.” T he company plans to use its new capital to fund further product d e v e l o p m e n t o f i t s R e n ov a t i o n Underwriting Platform, creating more

AUGUST 2020

available in the Greater Philadelphia area (where the company’s three co-founders are based). But with the addition of new lending partners in the past few weeks, it now has lenders offering RenoFi Loans in 49 out of 50 states.

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were offering renovation financing and to understand if any were lending based on the after renovation value,” he said. “ We found out that more than half of the community banks we called did not have such capabilities and over 90% of big banks and credit unions lacked ARV lending capabilities.”

POLITICS & MONEY

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Politics & Money AUGUST 2020

POLITICS & MONEY

Recap and release risk? A B IDE N E LE C T IO N C O U LD DE R A IL P L A N S TO E N D G S E C O N S E R VATO R S H IP

With the November presidential elec tion looming, the Federal Housing Finance Agency, an independent federal watchdog that regulates Fannie Mae and Freddie Mac, is racing to end the federal conservatorship because of a little thing called “election risk.” That’s the polite term pundits use to highlight the possibility that President Donald Trump may lose the election in November, which would leave Democrats to decide the fates of the two companies. “If President Trump loses the election this November, then any work on the GSE recap and

"If President Trump loses the election this November, then any work on the GSE recap and release effort is definitely going to be halted by a Biden administration.”

AUGUST 2020

release effort is definitely going to be halted by a Biden administration,” Beacon Policy Advisors wrote in a note to clients. The FHFA isn’t letting the worse public health crisis in more than a century get in the way. In early February, weeks before the COVID-19 pandemic began hitting the U.S., the FHFA hired investment bank Houlihan Lokey Capital to advise it on what is likely to be the largest public share offering in U.S. history. Then, in mid-June, when the death toll from the virus stood at more than 110,000 people and more than 4 million mortgages were in forbearance, Fannie Mae and Freddie Mac hired advisers to underwrite the offering. Fannie Mae, the bigger of the so-called government-sponsored enterprises, said it has chosen Morgan Stanley while Freddie Mac said it will use JPMorgan. The advisers will help take Fannie Mae and Freddie Mac through steps that are necessary to leave federal conservatorship. Some of these

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B Y K ATHLE E N HOW LE Y

POLITICS & MONEY

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steps include reviewing their business plans and strategies for recapitalizing the companies. “ We look forward to working with JPMorgan to continue meeting the milestones necessary to begin our new chapter as soon as possible,” Freddie Mac CEO David Brickman said in June. “At the same time, our focus on supporting borrowers, renters and lenders in the face of COVID-19 is stronger than ever.” If you’re rooting against the mortgage giants to be released from their government conservatorship before the election – or at least getting their fate set on a path that would be difficult to reverse – these aggressive steps might not be welcome news. Key Democrats have made clear the two mortgage companies, which together back more than half of the outstanding $11 trillion in home mortgages, are too important to the U.S. housing market to let the private sector guide their fates. Sen. Sherrod Brown, D-Ohio, made statements in multiple Senate Banking Committee hearings, cautioning against freeing the mortgage giants without major reform. Brown pointed to testimony from experts, saying it might be risky. “Failing to listen to these important voices does a disservice to communities and puts our housing market and taxpayers at risk,” Brown said in a statement. The ideal housing reform plan would have Fannie Mae and Freddie Mac structured like public utilities, Brown and other Democrats have said.

Calabria released a much-awaited “roadmap” to privatize Fannie Mae and Freddie Mac. If we were at a hearing in front of Congress, Calabria might object to that term, as he does regularly. The companies technically aren’t private. But the federal government has owned 80% of Fannie Mae and Freddie Mac since it seized the companies in 2008, and it dictates how they are run as well as what happens to their profits. The other 20% of the company is owned by private shareholders who have no say in anything. That’s not exactly “private.” So, maybe “privatizing” isn’t the right word, though they are majority-owned and completely controlled by the government at the moment. But, talking about an “IPO” isn’t right either, because there will be nothing “initial” – the I in IPO – about the share offering being planned by the Trump Administration.

“Failing to listen to these important voices does a disservice to communities and puts our housing market and taxpayers at risk.”

T h a t ’ s n o t h i n g l i k e t h e Tr u m p Administration’s plan. Last year, U.S. Department of the Treasury Secretary Steve Mnuchin and FHFA Director Mark

AUGUST 2020

Fannie Mae began trading on the New York Stock Exchange in 1968, and Freddie Mac began trading on the same exchange in 1989. Both were chartered by Congress to provide liquidity to the mortgage market and, thus, widen homeownership opportunities. T he companies were seized in September 2008 when their investments in subprime mortgage securities – which were meant to fulfill their mandate to invest in affordable housing – went sour. Fannie Mae, whose official name is the Federal National Mortgage Association, was chartered by Congress in 1938 during the Great Depression as part of President Franklin D. Roosevelt’s New Deal. Fannie Mae expanded access to mortgages by purchasing home loans from lenders – as long as the borrowers met their strict standard – then packaging them into mortgage-backed securities and selling them to investors. That offloaded the risk for banks and freed up cash for them to reinvest. Before Fannie Mae, mortgages were given to only the safest borrowers because the bank was going to be holding the loan for 30 years, or whatever the term of the loan was.

In 1970, Congress also chartered Freddie Mac, whose official name is the Federal Home Loan Mortgage Corporation, with a similar mission. With the help of the two governmentsponsored enterprises, the homeownership rate in the U.S. went from about 43% during the 1930s to a new record high of 69.4% in mid-2004. But now, in the wake of this new financial crisis, the rate has again fallen, dropping to 65.3%.

POLITICS & MONEY

it said. “Eventually, consent decrees expire. This could be because the target has completed what is required in the decree or the issuer can conclude it

is no longer needed. We are unsure how one could make a consent decree permanent.”

“Our concern is that we believe FHFA cannot use a consent decree to establish permanent restrictions on an enterprise…”

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If Biden wins the election, he may try to halt the release of Fannie Mae and Freddie Mac. Cowen Washington Research Group suggested the FHFA may resort to using consent decrees to ensure the GSEs stay on the path to privatization whether Trump is in office or not. Other federal regulators use consent decrees – sometimes called consent orders – to legally bind the companies they regulate to act in predetermined ways. For the Federal Reserve and the Office of the Comptroller of the Currency, it’s a normal way to ensure their orders are carried out. “ The bank regulators use consent decrees with banks that have become undercapitalized to lay out a plan and a timeline for them to recapitalize,” Cowen said in a note to clients. “Such orders also tend to include conduct restrictions on the banks.” Calabria has discussed using consent decrees to facilitate the recap and release of Fannie Mae and Freddie Mac, the Cowen note said. “ The idea is to include conduct restrictions in the decree such as the prohibition on volume discounts as well as to specify firm dates by which each enterprise has to raise specific amounts of new capital,” it said. “We believe this could even include requiring Fannie and Freddie to reach an agreement with Treasury and junior preferred shareholders on the future of their stakes,” it said. “The advantage of this approach is that it could put Fannie and Freddie on a path to recap and release even if they are not ready to approach new investors until 2021 or 2022.” But, there’s a drawback, the Cowen note said. “Our concern is that we believe FHFA cannot use a consent decree to establish permanent restrictions on an enterprise,”

AUGUST 2020

KUDOS

Here’s how Quicken Loans and the Rock FOC create impactful change

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By Brena Nath

kud

Quicken Loans and the Rock Family of Companies are built on 19 carefully thought out philosophies, or as they call them, ISMs, that compile all of their values into active ways they plan to inspire change. From “this is how we leave our mark,” and “obsessed with finding a better way,” to “take the roast out of the oven” and “we eat our own dog food,” these ISMs are the bedrock of their culture and unite them together. The 19 ISMs are also why Quicken Loans and the Rock FOC were able to quickly respond to the pandemic and protests related to racial injustices that have defined this year. They didn’t have to pull words or beliefs out of thin air. Instead, they harnessed the knowledge of their leaders and ISMs already in place to galvanize team members. Two of the change agents at Quicken Loans and the Rock FOC are Trina Scott, chief diversity officer at Quicken Loans, and Laura Grannemann, vice president of strategic investments at Quicken Loans Community Fund. Both women were also named HousingWire 2020 Women of Influence in this issue. After the death of George Floyd, Quicken Loans CEO Jay Farner released a statement, saying, “As the CEO of the Rock Family of Companies with more than 30,000 team members across the United States, I am committed to ensuring our African-American team members feel safe. More importantly, our team members need to continue being heard – and feel comfortable expressing pain and frustration without fear of reprisal.” “In par tnership with T rina Scott, our chief diversity officer, and leaders across the family of companies, I am immediately instituting an action plan to advance meaningful and lasting discussions on race, police brutality and inclusion,” Farner said. Scott expanded on this comment in an interview with HousingWire, stating that their action plan is nothing new when compared to the diversity and inclusion plans they already have in place.

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However, she added, “As our vice chairman told me, it’s put the pedal to the metal. It’s time to move forward very quickly and accelerate all of our efforts.” To Scott, diversity and inclusion begins with culture. “Oftentimes, when people are in the diversity, equity and inclusion space, the knee jerk reaction is to turn to programming,” she said. “I’m proud to say that while we have programmatic things that are in place, we really started to do some self-reflecting of our organization.” Scott explained that the company started this intentional effort three and a half years ago, and rather than having to come in and build something new, she was able to build off of what team members had already put in place. “It was really important for us to humanize this thing around diversity and inclusion and not make it so technical and difficult,” she said. “This is not an easy topic to discuss. Many of us, like myself, grew up where you don’t talk about politics, race, religion, sexual orientation, and voila, that’s what we do every single day.” Scott also shared some advice for other executives trying to promote diversity and inclusion in their company. “First, look inward,” she said. “You can’t buy this off the shelf. It’s really taking a look at what your organization is built on and what the mission and the culture of the organization is.” The next step she highlights is looking at the metrics and data, which allows you to see where you are and see the measurement in the areas that you really need to focus on. There’s a debate right now about whether you should have numbers or metrics that you’re trying to reach, and if that equals quotas, Scott said. But each organization has to make that

determination for themselves by looking inward. “We all have to feel comfortable with being uncomfor table,” Scott added. “There’s no playbook for this. You can’t turn to chapter seven, section six that’ll tell you how to deal with a pandemic and racial uprising. The first and most important thing is giving each other space and grace.” Meanwhile, leading another company within the Quicken Loans and Rock FOC that shares the same ISMs and drive as Scott, is Laura Grannemann. As vice president of strategic investments at the Quicken Loans Community Fund, G r a n nema n n over s ee s the philanthropic arm of Quicken Loans and the Rock FOC, helping drive systemic change through investing $30 million annually. “The opportunity that we saw when we first founded this organization was that we have such a dramatic inf luence across several different spheres,” she said. “It’s not just our philanthropic capital, although our philanthropic capital is really important. The best way to make an impact in our communities has been to pull all of those different resources together and leverage them at the same time towards one mission.” Grannemann explained that what they do is most

powerful when paired with their resources, such as their team members, their government affairs advocacy or technology. “When we’re able to pull all of these resources together, we can really drive change, especially in the housing industry,” she said. “We are extraordinarily passionate about taking all of those resources and driving impact in the city of

Detroit,“ Grannemann said. “And when I say impact, I don’t mean just surfacelevel impact. I mean big systemic change to the way that our systems work here in the city of Detroit. Clearly, there’s a lot of challenges. And some of these systems have been broken for a very long time and are not serving our community.” The fund makes datad r iven i nve st ment s i n housing, employment and public life, but to spotlight just its housing impact in

2019, they created communities to house nearly 7,000 veterans through the Built for Zero initiative, a movement of more than 80 communities redefining what is possible and what it takes to end homelessness,” she said. “They also launched the second annual Neighbor to Neighbor outreach campaign, reaching 60,000 homes at risk

of ta x foreclosure and helping a record number of residents avoid tax foreclosure in 2019. Thirdly, they added 557 participants to the Make It Home program for a three-year total of 1,157 families who avoided tax foreclosure-related displacement.” I n t h e i n t e r v i e w, Grannemann dug deeper into the example of the property tax burdens in the city, explaining the downstream impact of the taxes. “Today, we still have roughly 40,000 to 50,000 properties in the city of Detroit that are blighted and still need some significant repair or demolition,” she said. “We know that

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we need to really attack the root cause of this challenge, which is that disproportionately high property tax burden and fundamentally poverty that causes the inability to pay for those property taxes.” One of the cornerstones of how Grannemann enacts change is by tapping into data. “The first thing that I always encourage any partner or team member that I’m working with is to better understand the problem, better understand the data and put yourself in the shoes of the person who’s walking through that problem,” she said. “If we don’t listen, if we don’t learn, if we don’t understand that experience, we’re never going to be able to address it in a way that’s meaningful.” The restoration, success and vibrancy of Detroit is a big deal to Quicken Loans and the Rock FOC. Grannemann added that a former mayor once said, “Detroit today is your town tomorrow.” He meant that Detroit serves as an example to the country for what’s going to happen, she said. And while he meant it in a very positive way, Grannemann said, “I think we see it both in positive and negative ways.” But by harnessing their home in Detroit and by being the nation’s largest mortgage lender, Quicken Loans and the ROCK FOC are able to create lasting and impactful change inside and outside of the industry.”

1 0 1 ❱ H O U S IN G W IR E

dos

KUDOS

parting shot

Handmade signs outside a new housing development in the Dallas metroplex echo the rebound residential construction saw this past May. In the wake of COVID-19 the National Association of Homebuilders reported nearly 422,000 job losses within the industry for April. However, homebuilders and remodelers added 226,000 new jobs the next month, alongside improvements to housing demand.

Photo Credit: Alex Roha

1 0 2 â?ą H O U S IN G W IR E

â?ą TOGETHER WE ARE STRONG

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