September 2021 Issue by HousingWire

September 2021

HOUSINGWIRE MAGAZINE ❱ SEPTEMBER 2021

The Mortgage workforce

Movement

One mortgage platform for the entire lending life cycle

The Origence Mortgage Platform is a fully integrated digital solution that covers the entire lending life cycle—from application to closing. With Origence, you can replace your traditional POS, LOS & CRM mortgage stack with one single platform built with groundbreaking automation and an API-ﬁrst strategy. Or, by tapping into our modular capabilities, you can integrate Origence anywhere in your stack where you need to make the biggest impact on your lending. Check out Origence today, the industry’s ﬁrst truly modern mortgage origination platform.

origence.com

MAKE A DIFFERENCE. BECOME A MORTGAGE BROKER. Across the country, thousands of independent mortgage brokers have stories like these. As small business owners, they have the freedom and availability to help more borrowers realize the dream of homeownership. If you’re ready to take your mortgage career to the next level and have the power to impact people’s lives, UWM makes it easy. You’ll find resources available exclusively for mortgage brokers, including cutting-edge technology, customized loan options, competitive pricing and more. And you’ll have support every step of the way. Make a difference in people’s lives – starting with yours. Talk to the team of experts at BeAMortgageBroker.com today.

KATE DIBIA SE

NINET JACOB

PATRICK STOY

PAUL KWON

NORTHSTAR MORTGAGE GROUP

JACOB & JACOB REALTY AND FINANCE

MC MORTGAGE GROUP

EA LENDING

Kate knew she could help a woman she overheard in a checkout line talking about mortgage loan struggles. She offered her services and got the woman preapproved in the parking lot.

Ninet grew up in Iran with ambition, but no voice. She has since helped fellow Iranian women with homeownership as the founder of her own real estate and finance business.

Patrick helped a family of 10, including two children with special needs, living in an RV and turned down by other lenders, secure a USDA mortgage and a proper home for the family.

During the COVID-19 pandemic, Paul helped a 64-year-old woman qualify for a first-time homeowner down payment assistance program, fulfilling her lifelong dream of being a homeowner.

(800) 229-6342 | info@BeAMortgageBroker.com

This information is provided to mor tgage and real estate professionals only and is not intended nor is it authorized for consumer distribution. NMLS #3038

HOUSINGWIRE EDITOR-IN-CHIEF SARAH WHEELER MANAGING EDITOR JAMES KLEIMANN HW+ MANAGING EDITOR BRENA NATH MEMBERSHIP COORDINATOR SARAHI DE LA CUESTA SENIOR REAL ESTATE REPORTER MATTHEW BLAKE SENIOR MORTGAGE REPORTER GEORGIA KROMREI MORTGAGE REPORTER MARIA VOLKOVA LEAD ANALYST LOGAN MOHTASHAMI CONTRIBUTORS CLIFFORD ROSSI, DAVID STEVENS, MELINDA WILNER

REALTRENDS DIRECTOR OF REAL ESTATE MARK ADAMS EDITORIAL DIRECTOR TRACEY VELT DIRECTOR OF CREATIVE SERVICES BO FRIZE MANAGER OF CLIENT SERVICES LIZ SMITH FINLEDGER DIRECTOR HOLDEN PAGE ASSISTANT EDITOR ALEX ROHA REVERSE MORTGAGE EDITOR CHRIS CLOW

HW MEDIA CORPORATE CEO CLAYTON COLLINS COO DIEGO SANCHEZ DIRECTOR OF FINANCE ANDREW KEY MARKETING DIRECTOR CAREN KARRIS DIRECTOR OF EVENTS TRACY GARCIA CREATIVE EMILY CARPENTER MARKETING PROGRAM MANAGER LESLEY COLLINS CLIENT SUCCESS DIRECTOR HALEY HESS WEB DIRECTOR BRENT DRIGGERS PRODUCT MANAGER MATTHEW STAFFORD EVENT SPECIALIST KATIE GALBRAITH AUDIENCE DEVELOPMENT COORDINATOR SYDNEY SMITH CLIENT SUCCESS COORDINATORS SETH FREEDMAN, ELIZABETH LEDOUX BUSINESS ANALYST WHITNI ROWE SALES SVP SALES AND OPERATIONS JENNIFER WATSON LAWS CALIFORNIA CHRISTI HUMPHRIES SOUTHEAST TAMARA WREN GREAT LAKES & NORTHEAST MICHAEL ORME SALES STRATEGY ASSOCIATES AMINA JAHIC, LINDSLEY HARRIS, AMANDA LUZSICZA PODCASTS AND MULTIMEDIA DIGITAL MEDIA MANAGER ALCYNNA LLOYD JUNIOR DIGITAL PRODUCER ELISSA BRANCH

4 ❱ HOUSINGWIRE

CONTENT SOLUTIONS MANAGING EDITOR MALEESA SMITH CONTENT EDITOR JESSICA DAVIS ASSISTANT CONTENT EDITOR JORDAN WHITE WEBINAR MANAGER ALLISON LAFORGIA

HOW TO REACH US LETTERS TO THE EDITOR EDITOR@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) 870-4572 ADVERTISING CLIENT SUCCESS CLIENTSUCCESS@HOUSINGWIRE.COM

SEPTEMBER 2021

LETTER FROM THE EDITOR

The next generation DID YOU DREAM about getting into the mort-

issue spotlights our 100 HousingWire Insiders,

gage industry? It’s a question — an often joked

the operational all-stars at companies. These

about question — that I think we’ve all heard

are 100 people who are changing the narrative

before when chatting with others in the space.

for the next generation of workers, creating an

Personally, my own answer is no, but here I am

environment and space where people might final-

nearly eight years later still in it, albeit from the

ly choose to do mortgage when they graduate

journalism side. I distinctly remember my first

college. Starting on page 36, you can check out

interview at HousingWire. It was in 2013 and the

all our honorees. We had a remarkable group

aftermath of the financial crisis still filled most

of winners this year. Then, beginning on page

of our coverage, with the CFPB still in its infancy.

64, we spotlight three winners, who share their

Fresh out of college, I stood out as an applicant

insight on how to get more people into the space

since I wasn’t as jaded when it came to the Great

and, more importantly, how to retain them.

Recession and wouldn’t frame all my pieces as anti-mortgage. I point this out because within these pages is a recurring theme around the next generation of of getting into this space, and yet we call homeownership the American dream. The September

Brena Nath HW+ Managing Editor @BrenaNath

Tweets From The Streets Since the CDC can now effectively override local law by extending eviction moratoriums indefinitely, can they also directly issue building permits for more housing while they’re at it? 45

261

1.6K

by @bobbyfijan

SEPTEMBER 2021

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. © 2021 by HW Media, LLC • All rights reserved

5 ❱ HOUSINGWIRE

mortgage workers. We joke about not dreaming

Congratulations! HOUSINGWIRE 2021 INSIDER AWARD WINNER MERCED COHEN EVP, OPERATIONS CIVIC FINANCIAL SERVICES

THE

magic

OF CIVIC

Merced’s operational and leadership excellence, combined with her expert industry knowledge, sales-centric approach, strong business acumen, and people-first spirit make her the true magic of CIVIC. She is an inspiration and the entire CIVIC family could not be more proud. Congratulations!

THANKS. WITHOUT YOU, WE WOULDN’T BE US. Without you, the independent brokers, our unprecedented growth wouldn’t have been possible. With sincere appreciation, we thank you for helping us become the industry’s fastest growing wholesale lender over the last two years. This is a people business and you are the person we have gratitude for. And if you haven’t worked with us yet, ﬁnd out how and why we’ve grown into the most trusted partner for home.

Become a broker partner pennymacbrokerdirect.com Equal Housing Opportunity © 2021 PennyMac Loan Services, LLC, 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, 818-224-7442. NMLS ID # 35953. For licensing information, go to: www.nmlsconsumeraccess.org. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Information is intended solely for mortgage bankers, mortgage brokers, and ﬁnancial institutions. Arizona Mortgage Banker License # 0911088. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Colorado office: 700 17th St, Saite 200, Denver, CO 80202, (866) 436-4766. Georgia Residential Mortgage Licensee #33027. Massachusetts Mortgage Lender License # MC35953. Minnesota: This is not an offer to enter into an agreement and an offer may only be made pursuant to Minn. Stat. §47.206 (3) & (4). Licensed by the N.J. Department of Banking and Insurance. North Carolina Permit No. 104753, 112228, 112874, 112877, 113746. Rhode Island Lender License # 20092600LL. Texas office: 2201 W. Plano Parkway, Suites 150 and 300, Plano, TX 75075. Washington Consumer Loan License # CL-35953. For more information, review https://www.pennymacbrokerdirect.com/state-licenses. Loans not available in New York. Some products may not be available in all states. Information, rates and pricing are subject to change without prior notice at the sole discretion of PennyMac Loan Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. The information included in this communication is considered conﬁdential and proprietary, and any unauthorized reproduction is prohibited. All rights reserved. (01-2021) 2019-2020 Source IMF. *Based on BPMI industry comparisons.

September 2021

Inside Agent

20 People Movers

12 Freddie Mac announced Jerry Mauricio has permanently moved into the role of chief compliance officer.

Take 5

14 Can you guess which HW Insider has jumped out of a plane twice and attended Burning Man?

Launches

16 From bitcoin to new technology in title, here are the latest launches in the finance space.

Event Calendar

8 ❱ HOUSINGWIRE

HousingWire Annual will bring everyone involved in the real estate transaction under one roof.

This recently listed Beverly Hills home was once inhabited by publishing tycoon William Randolph Hearst.

Politics & Money Local Intel

22 Odenton, Maryland’s housing market might be at a breaking point according to one local agent.

104 The DOJ dropped the gloves, withdrawing from an antitrust settlement with NAR.

Kudos Trade Desk

92 Trade associations look forward to going back to in-person events, as more events are announced.

108 For I Heart Real Estate CEO Christopher Stevens, it’s about more than just selling houses.

Parting Shot Real Estate

96 Here’s what buying and selling in America’s largest retirement community looks like.

Reverse Mortgage

100 How to navigate the relationship between financial planners and reverse mortgages.

SEPTEMBER 2021

110 Like the housing market, TikTok experienced rapid growth during the COVID-19 pandemic.

The mortgage workforce movement Can the workforce demands of 2020 stand the test of time? According to these sources, the workforce is going to have to make some changes heading into next year.

2021 HousingWire Insiders Known as the operational all stars of their organizations, this year’s list of HousingWire Insiders includes 100 honorees for the first time, reflecting the critical role this group played in a year of record volume.

Insider Q&A We sat down with three HousingWire Insiders to learn how they got into the housing industry, how to get more people into the space and the key to retaining employees.

Fintech Product Showcase

The 17 companies featured in this section offer platforms that help lenders digitize closings, cut costs and enhance the borrower experience.

The future of the independent mortgage broker channel

Ginnie Mae’s new liquidity standards are sorely needed

Why is Ginnie Mae attacking nonbanks?

By Melinda Wilner

By Clifford Rossi

By David H. Stevens

SEPTEMBER 2021

9 ❱ HOUSINGWIRE

features

PEOPLE MOVERS

Jerry Mauricio

| Freddie Mac | Chief Compliance Officer

Freddie Mac announced that Jerry Mauricio, who has served as the GSE’s chief compliance officer since January 2021, has transitioned permanently into that role. As CCO, he joins the company’s senior operating committee and reports directly to Freddie Mac’s CEO, Michael DeVito. Mauricio will oversee Freddie Mac's compliance risk management program for its regulatory and conservatorship obligations.

Andria Lightfoot |

SimpleNexus | Chief Customer Officer

SimpleNexus recently announced a string of C-suite additions. Andria Lightfoot was named chief customer officer, originally joining the company back in March of this year as vice president of professional services, tapping into her deep mortgage expertise to drive the adoption of digital eClosing. Lightfoot will be responsible for all customer-centric activities of SimpleNexus’ customer division, including professional services, customer success, support, training and integration engineering.

Kevin McKenzie |

SimpleNexus | Chief Operating Officer

Kevin McKenzie was also named name to the C-suite team at SimpleNexus, joining the company as chief operating officer. McKenzie, who is also the firm’s chief financial officer, will absorb the responsibilities of COO, including oversight of human resources, information technology, legal, corporate development and facilities. McKenzie has also held leadership roles at Zane Benefits and AdvancedMD and brings decades of experience in financial analysis and controllership to the position.

Matt Miles |

Anchor Loans | Chief Capital Markets Officer

Anchor Loans appointed Matt Miles as the company’s new chief capital markets officer. Miles has more than 20 years of experience in real estate capital markets, with a special focus on fix-and-flip lending and investment, which aligns well with Anchor Loans. Throughout his career, Miles founded fix-and-flip lender Civic Financial Services and Aperture Real Estate Ventures, a proptech company. Most recently, he worked at Sundae, where he was the firm’s fix-and-flip portfolio manager and head of capital markets.

Cecilia Janson |

BlackFin Group | Partner, Chief Delivery Officer

BlackFin Group hired 20-year mortgage industry veteran Cecilia Janson as partner and the consultancy’s chief delivery officer. The management consulting firm brought Janson on to head its implementation consultancy. Beginning her career as a mortgage loan processor in 2001, she went on to lead multimillion-dollar software implementation teams at banks and independent mortgage banks. Janson is a member of the Mortgage Bankers Association and the National Association of Minority Mortgage Bankers.

Chris Aaron |

Oaxaca Interests | Chief Financial Officer

Oaxaca Interests appointed Chris Aaron as its new chief financial officer, joining the company from Mill Creek Residential, where he served as vice president of corporate finance. Oaxaca, which is an investment, development and asset management company, hired Aaron to lead financial strategy and the company’s portfolio of commercial and residential projects. Aaron’s background includes working at The Howard Hughes Corporation and “Big Four” accounting firm PricewaterhouseCoopers.

12 ❱ HOUSINGWIRE

Felicia Grimes |

Evolve Mortgage Services | VP, eMortgage Division

On-shore outsourced mortgage service provider Evolve Mortgage Services closed its acquisition of E-Notary Seal earlier this year. With the acquisition, Evolve named E-Notary Seal Founder Felicia Grimes, who created the company in 2019, to vice president of Evolve's eMortgage Division. The two companies already regularly discussed the shortcomings eClosings, with the acquisition a natural extension of their ongoing relationship.

SEPTEMBER 2021

TAKE 5

Merced Cohen EVP, Operations at Civic Financial Services

As executive vice president of operations at Civic Financial Services and a 2021 HW Insider, Merced Cohen brings an innovative approach to operations, with an employee-centric focus and a relentless pursuit for simplicity at the Redondo Beach, California-based private money lender. She is a vital part of CIVIC's growth, from funding $20 million per month to more than $1 billion annually. The success Cohen has achieved in scaling CIVIC’s business is not just the result of the considerable time she has devoted to the organization and her key role in it, but the manner in which she treats every task, vision and person. Her ability to apply the disciplines from conventional lending to the private money space helped her achieve a 13% reduction in cost per loan while also increasing volume by 5x over the last two years. Below, Cohen answers five questions that give an inside look at her life:

1. People would be surprised to know...

I’ve jumped out of a plane twice and attended Burning Man.

2. I feel successful at my job when...

we grow future leaders and exceed customer expectations.

3. My last vacation was...

in Carmel with my husband to celebrate our 30th anniversary.

4. The future is...

not something we enter... it is something we create.

5. Biggest business success this year...

14 ❱ HOUSINGWIRE

surviving COVID-19 and seeing the thriving CIVIC culture unite our team.

SEPTEMBER 2021

LAUNCHES

Square

Digital Title Orders

Square’s Jesse Dorogusker announced the company would be developing a hardware wallet for bitcoin. A hardware wallet is responsible for storing the public and/or private keys associated with cryptocurrency transactions. Square CEO Jack Dorsey said the company would also develop a GitHub repository and dedicated Twitter account for the project and will develop the wallet in collaboration with the crypto and Square community. The wallets will be optimized for the mobile user and they will be non-custodial, meaning wallet holders will have sole ownership and control over the wallet keys and the associated crypto.

Real estate technology company Lone Wolf Technologies launched Digital Title Orders, a digital title solution allowing agents to select their preferred title provider and submit orders directly within a transaction. Following a year where real estate and mortgage professionals had to adapt quickly to changing conditions, Lone Wolf is offering its new product to advance digitized real estate transactions. That collaboration includes a partnership between Lone Wolf, First American Title Company, WFG National Title, SoftPro and RamQuest, to name a few of the many title and title software providers. Lone Wolf officials said they expect to onboard 80% of title companies by the end of 2021.

Buyside Buyside, a real estate data analytics and marketing company, has expanded into core and ancillary services with a new feature that enables millions of homeowners who are currently receiving a home valuation report from Buyside to now see a personalized Home Equity Dashboard. The new feature not only answers what someone’s home is worth but it also presents estimates on how much equity the homeowners have, ideas and tips of what they can do with that equity and how they can get pre-approved to tap into their equity.

Henlopen Mortgage LoanDepot, the nation’s second-largest nonbank retail mortgage lender, struck up a joint-venture with Schell Brothers, a homebuilder based in Delaware. The venture is to be called Henlopen Mortgage. Through the joint venture, Schell Brothers, which builds energy-efficient homes along the beaches of Delaware and in Virginia, will have access to loanDepot’s “mello” lending platform. Per Mark Jones, who will lead Henlopen Mortgage as vice president of regional production, Henlopen Mortgage helps homebuyers achieve their dream of homeownership “in a seamless and pleasing way.”

16 ❱ HOUSINGWIRE

Payveris Money movement provider Payveris has announced a new P2P solution via its MoveMoney Paltform, allowing customers to send money to anyone with a U.S. bank or credit union account using the recipient’s mobile phone number or email address. The service is available via API, SDK widget and SSO integration, and uses debit card infrastructure to enable real-time funding and instant credit transactions between banks and credit union accounts. The platform now supports over 227 total credit unions, after signing 27 partners in the past 12 months. Payveris’ MoveMoney platform is designed to help banks and other legacy financial institutions compete with new, agile fintech competition that hasn’t had to deal with updating legacy systems in recent years.

SEPTEMBER 2021

s,  i 

2021 HousingWire Insider’s Award

 r g 

!  e L

Congratulations to Lenderworks’ Leah Lanier!

The HW Insiders Award program recognizes the mortgage industry’s operational all-stars — those insiders who are vital to their companies’ success. Lenderworks COO Leah Lanier is one of those all-stars, always leading the way to help us serve our clients in better, more efﬁcient ways. Leah is at the forefront of our efforts, and she has led the way by recognizing our clients’ needs and addressing them through continuously

TAKING THE WORK OUT OF LENDING

improving processes.

EVENT CALENDAR

LISTEN NOW

AIME Fuse 2021

Rocket’s Laura Grannemann on housing inequality

September 24 - 25, 2021 Cost to attend: $399 Presented by AIME

BY ALCYNNA LLOYD

LOCATION: LAS VEGAS, NEVADA THE ASSOCIATION OF INDEPENDENT MORTGAGE EXPERTS is meeting at the Bellagio Hotel & Casino in Las Vegas, Nevada, for its fourth annual Fuse National Conference. The two-day event offers attendees the opportunity to network with broker-owners, loan originators and mortgage professionals from across the country. The conference agenda includes workshops on industry best practices, breakout sessions highlighting industry experts and access to AIME’s vendor and lender partners. AIME also locked in three notable keynote speakers, including NBA Champion Magic Johnson and the bestselling author of “Molly’s Game,” entrepreneur Molly Bloom.

HousingWire Annual 2021 September 27 - 28, 2021 Cost to attend: HW+ Member: $595 | Non-member: $1,095 Presented by HousingWire LOCATION: FRISCO, TEXAS FOR ITS SECOND HW ANNUAL CONFERENCE, HousingWire is taking all the major players who are involved in the residential real estate transaction process and bringing them under one roof. After all the uncertainties that surrounded 2020 and continued into 2021, this two-day event will equip attendees with the information and knowledge they need to be nimble and successful in 2022. Speakers, including Blend president Timothy Mayopoulos and Lead Analyst Logan Mohtashami, will discuss the economic forecast, cybersecurity, regulation under Biden, winning in a purchase market, the future of valuations, servicing challenges as forbearance ends, appraisal bias, the future of the real estate brokerage and more.

The HousingWire Women of Influence program recognizes the outstanding efforts of women driving the U.S. housing economy forward. This unique annual program, which was the first national effort of its kind, was launched to recognize the significant contributions of women in both mortgage banking and real estate. Each year, HousingWire receives hundreds of nominations, in turn honoring individuals who are making notable contributions to both their businesses and to the industry at large. In July, HousingWire launched the Women of Influence podcast series to further highlight these accomplishments. In the first episode of WOI, HW+ Managing Editor Brena Nath interviews 2020 Woman of Influence Laura Grannemann, vice president of Strategic Investments at Rocket Community Fund. During the episode, Grannemann, who founded the fund when she was 24 years old with the goal of increasing opportunities for residents of Detroit and other Rocket home cities, touches on the women that she looks up to and gives some insight on how to recruit more women into the housing space. Additionally, Grannemann discusses how COVID-19 starkly highlighted inequity in housing across the country and shares advice on how people listening can make an impact in the housing industry and where to start. According to her, 2020 brought to light the many inequities existing in housing, encouraging her to seek better solutions. “The past year has been a lot of craziness for all of us involved,” she said. “However, what’s been really great about our work is that we knew that some of these inequities existed prior to the pandemic, but having the pandemic hit, really accelerated a lot of the work that we were doing, and really accelerated a lot of the partnerships that we have in this space.” Scan the code to listen now!

18 ❱ HOUSINGWIRE

Event TIP “We’re all so busy that it’s tempting to multitask while attending a virtual conference. I challenge my team to be discerning in the events they choose to attend and then extract maximum value by blocking their calendars and giving the programming the same level of attention as they would at an in-person conference.” - Arend de Jong, Chief Financial Officer at Sales Boomerang

SEPTEMBER 2021

HOUSINGWIRE Daily A deeper look into the HousingWire newsroom's most compelling stories.

Listen here: housingwire.com/podcast

INSIDE AGENT

Anthony Marguleas Side dba Amalfi Estates info@amalfiestates.com 1011 N. Beverly Dr. Beverly Hills, California 90210 $69.95 million 9 bed 15 bath 29,000 sqft

THIS IS NOT A TYPICAL HOME, nor a usual home sale. This Beverly Hills

20 ❱ HOUSINGWIRE

abode was formerly inhabited by publishing tycoon William Randolph Hearst and Hearst’s lover Marion Davies. It was also the site of John and Jacqueline Kennedy’s honeymoon. But attorney Leonard Ross bought the home in 1976 for a little over $2 million, and Ross has tried at various points since to unload it at an eye-popping price. The Hearst estate was listed for $25 million in 1987, and $195 million in 2016. Today, Ross has filed for personal bankruptcy, a bankruptcy judge has ordered the sale of the estate, and a handful of real estate agents — Marguleas, Gary Gold of Hilton & Hyland, and Zizi Pak and John Gould of Rodeo Realty — are looking to move the home as soon as possible. Listed at $125 million last year, the mansion now is now marketed at a mere $70 million. The listing assignment is a boon to Marguleas, a three-decade veteran of Los Angeles real estate. Marguleas works under the brand Amalfi Estates, a team affiliated with the white-label brokerage Side, which is based in San Francisco. There are challenges to finding a Hearst estate buyer, Marguleas acknowledges. One is that on top of the purchase price, a buyer may spend millions of dollars more “to update it to today’s standards.” Another is branding. Marguleas is embracing the Hearst legacy, but avoiding the perhaps apocryphal story that “The Godfather” scene was filmed here in which a jockey awoke with a horse’s head in his bed. Said Marguleas, “We are trying to steer clear of The Godfather.”

SEPTEMBER 2021

ALL

THINGS HOUSING. SEPTEMBER 27-28 FRISCO, TEXAS PRESENTING SPONSOR

LOCAL INTEL

By: Matthew Blake

Kansas City, Missouri

“This is sick, and I want it to end,” said Sharon Aubuchon, a RE/MAX Premier Realty agent in Prairie Village, Kansas, a suburb of Kansas City. “It is like 10 kids fighting over one ice cream cone. One kid will give $4 instead of $1. One kid will give their parent’s car.” Aubuchon says buyers are making too many concessions. Buyers “are waiving inspections, an appraisal contingency, and the latest trend is to pay closing costs usually done by the seller.” Besides a high-demand, low-inventory market, Aubuchon must contend with a new competitor on the block. New York Citybased Compass recently recruited 24 agents in the Kansas City area including Kristin Malfer, who is a former top performer at Reece Nichols. Of the homes that are on the market, Aubuchon said, many are adorned with front-yard signs reading “Compass.”

22 ❱ HOUSINGWIRE

Lake Norman, North Carolina Abigail Jennings’ father, James Jennings, founded Lake Norman Realty in 1978 and Jennings has served as company president since 1998. Despite her long tenure, Jennings is dealing with several unprecedented problems. One, which should already be familiar to most agents, is the lack of inventory. “We’re off the books — every price range, every location is hot,” Jennings said. “We actually now have buyer lists for people who are waiting.” Another — which is perhaps becoming familiar to agents — is a stand-off with homebuilders. For the Charlotte area Multiple Listings Service (Lake Norman lies 40 miles north of Charlotte), new home construction is up about 14% over the last year. But homebuilders, Jennings said, are breaking tradition and not honoring the commissions they pay agents for routing a homebuyer to a new abode. “I have been disappointed in some of my builder friends,” Jennings said. “They are definitely burning their bridges.”

SEPTEMBER 2021

Seattle, Washington The city of Seattle passed legislation in the last two years to encourage more housing density. These measures include allowing the construction of accessory dwelling units and a tax exemption for select multifamily developments. But attempts to increase the housing supply have not reduced housing costs. In fact, this spring, home prices were up 20% in April from one year earlier to a little over $800,000, according to the S&P CoreLogic Case-Schiller Home Price Index, the greatest recorded year-over-year increase in the city’s history. “We are still chasing that affordability phantom,” said Ray Akers, a broker at Ewing & Clark in Seattle. Akers argued that rules encouraging more real estate developments simply prod more outside investors to flock to Seattle. “I am inundated with solicitations every month to sell my own house,” Akers said.

“The client stress level is way too much,” said Mary Groven, a broker at Keller Williams. Like Aubochon in the Kansas City area, Groven sees a market at a breaking point — desperate buyer ’s waiving standard protections like home inspections, county government bottlenecks preventing sufficient home construction, and not enough affordable lumber to facilitate that construction. Overall, Groven sees buyer fatigue. Sure, the average seller can easily sell their home for 20% more than they bought it for, but good luck finding a new home. “Buyers are writing 15 or 20 different contracts,” Groven said. One bone Groven has to pick is with the average mortgage interest rate hovering below 3%. keeping prices high.

A leafy hamlet with just over 10,000 people in suburban Westchester County, demand exceeds supply in Rye Brook. Back in July 2020, there were 39 active listings in Rye Brook, and 34 pending sales, according to New York state Multiple Listings Service figures. By July of this year, there were 23 active listings, and 43 pending sales. That’s similar for all of Westchester County, where there are fewer than 1,600 listings and more than 1,900 sales in contracts. “The people who moved up here were people who had maybe thought of moving up here in a few years,” said Annalise Stack, an agent at Houlihan Lawrence. “There was an urgency for people to get out of the city.” The pandemic and attendant work-from-home rules drove people out of New York. Stack said that at least 30% of new homebuyers in Rye Brook came from the city. With the pandemic hopefully waning, some people may return to New York. But Stack hopes any exodus will be defrayed from international buyers freed up to enter the U.S. market.

SEPTEMBER 2021

23 ❱ HOUSINGWIRE

Odenton, Maryland

Rye Brook, New York

COMMENTARY

he future of the independent mortgage broker channel 3 things that the future holds By Melinda Wilner

Currently, one in five, or roughly 20%, of consumers work with an independent mortgage broker. With their strong, personal relationships, endless loan options and access to technology, we expect that number to continue to grow as more and more consumers become educated on the value brokers add to the home-buying experience. This past year and a half brought on challenges we never saw coming. And as things return back to normal, we’re now looking forward to the next chapter and what is to come in the industry. The special thing about the broker channel is that it’s set up to succeed in any market, especially a purchase market. We also can’t ignore that the market is more competitive than ever before with limited inventory coupled with low rates. As we head into the final quarter of the year, let’s dig into what we believe the future holds for the wholesale and broker channels.

24 ❱ HOUSINGWIRE

“Rates will continue to fluctuate — that’s simply the nature of the mortgage business.”

1. THE MARKET WILL NORMALIZE Rates will continue to fluctuate — that’s simply the nature of the mortgage business. But there are a couple of things to keep in mind. First, refinances won’t necessarily end if rates increase. They’ll simply slow down. Second, when purchase loans increase, brokers win. Let’s tackle the refinance surge first. After over a year of historically low rates and record production volume in 2020, refinances may be slowing down, but they’re not going away. With the average mortgage rate currently in the low 3’s, there’s still a significant amount of borrowers who have loans locked in at rates in the 4’s or 5’s, meaning they are still eligible for a refinance. Other borrowers may want a cashout refinance or may be looking for options to consolidate other high-interest debt. In other words, the opportunities for refinances are still there. Additionally, people are buying homes at an astonishing rate, which is encouraging to see because when this happens, mortgage brokers dominate. Borrowers want the best rate possible for their financial situation and are eager to close on their home quickly. We also know there’s concern over the lack of inventory in the current market. We anticipate that more homes will make their way back to the market, especially as forbearance programs that were put into place during the pandemic come to an end. We’re predicting that by the end of this year, or early 2022, we’ll begin to see a normalized inventory. 2. TECHNOLOGY WILL CONTINUE TO EVOLVE These days, almost everything we do can be done in the palm of our hands. As the world becomes more and more digital, so does the mortgage process. Because lenders are committed to developing top-of-the-line technology for the wholesale channel, brokers are getting access to state-ofthe-art, digital tools that allow them to move through the entire life of a loan completely paperless, further creating efficiency and ease for everyone involved. If I’ve learned anything during my time in the industry, it’s

SEPTEMBER 2021

“If I’ve learned anything during my time in the industry, it’s that speed matters, and that has become more apparent over the past year.”

3. CONSUMER EDUCATION WILL BECOME A PRIORITY There is some work to do when it comes to overall consumer awareness of an independent mortgage broker. Large banks and retail lenders dominate the advertising industry, so consumers may not know to search for an independent mortgage broker. The good news is that independent mortgage brokers have a leg up in areas where large banks and retail lenders don’t. For example, when it comes to local community involvement, mortgage brokers dominate. As a member of the local community themselves, they have knowledge and connections in the market that large retail banks and lenders likely don’t have. This allows brokers to connect with clients on a more personal level, further creating a strong sense of credibility and trust. Additionally, independent mortgage brokers work closely with local real estate agents, which can result in more opportunities for referrals. The more brokers impress borrowers, real estate agents and others throughout the process, the more consumers will realize the opportunities of getting a loan through them. The mortgage broker channel is set up for tremendous success and growth. Together, we will continue to educate consumers about these benefits, and in return, watch the channel continue to dominate and grow.

Bio: Melinda Wilner is the chief operating officer at United Wholesale Mortgage

SEPTEMBER 2021

25 ❱ HOUSINGWIRE

that speed matters, and that has become more apparent over the past year. Borrowers want to get into their homes as quickly as possible, sellers want to have a hassle-free experience selling their homes, and when it comes to refinances, consumers want to get their new rate locked in as quickly as possible to start immediately start taking advantage of the savings. This means we’re going to continue to see mortgage companies put a strong emphasis on their technology so they can keep up with the speed and demand needed to be successful in this industry.

COMMENTARY

innie Mae’s new liquidity standards are sorely needed Proposal to strengthen capital requirements By Clifford Rossi

26 ❱ HOUSINGWIRE

Ginnie Mae’s proposal to impose liquidity and risk-based capital requirements on their singlefamily issuers is the right approach for ensuring the long-term financial stability of this segment of the housing finance system. Unlike lenders or servicers for Fannie Mae and Freddie Mac, Ginnie Mae issuers are responsible for passing along payments to investors after borrower equity, federal agency and mortgage insurance resources are exhausted. If those issuers fail, Ginnie Mae is ultimately responsible for making those investor payments. Immense structural changes to the Ginnie Mae issuer landscape have occurred since 2008, posing significant potential risk to the agency. As depository institutions retreated from the mortgage market following the crisis for a number of reasons, including the loss of appetite for holding highly volatile and less liquid mortgage servicing rights (MSRs), nonbank financial institutions eagerly filled that gap. Unlike depositories, nonbanks do not face the same level of safety and soundness scrutiny as federally regulated depositories. That has enormous implications for the risk profile of these firms and for the broader housing finance system as they lend and service not just Ginnie Mae loans but also GSE-eligible mortgages. By contrast, depository institutions face significant oversight by safety and soundness regulators in multiple areas such as capital requirements, liquidity, credit and operational

risk, to name a few. In the years following the crisis, for example, bank capital requirements rose substantially including imposition of a 250% risk weight on MSRs, which effectively dealt a death blow to bank incentives to hold this asset.

“Unlike depositories, nonbanks do not face the same level of safety and soundness scrutiny as federally regulated depositories.”

FUNDING SOURCES Nonbanks’ great reliance on external sources of funding from other counterparties such as warehouse lines and repurchase agreements that can evaporate during a liquidity crisis like the one triggered by the financial crisis of 2008 also makes these firms riskier in terms of liquidity. Nonbank funding tends to be short-term in nature and when coupled with a relatively limited number of funding sources can spell doom for a company if they get into trouble.

SEPTEMBER 2021

LOAN QUALITY Another concerning aspect of nonbank financial institutions is the quality of their loan manufacturing processes. In a statistical analysis of GSE-eligible mortgage loan default, controlling for borrower, property, loan and product characteristics over time, I found that loans originated between 20122015 by nonbank lenders were 1.9 times more likely to become 90 days past due or worse than loans originated by other lenders. While these results are not specific to Ginnie Mae loans, the operational processes used to originate loans for the GSEs and government mortgage programs are comparable. A lack of regulatory oversight into the operational processes used for loan origination and servicing of nonbanks is why Ginnie Mae’s proposal is sorely needed to level the playing field in terms of financial viability requirements of issuers. The imposition of risk-based capital requirements on private mortgage insurers via Private Mortgage Insurer Eligibility Requirements (PMIERs) by the GSEs also serves as a reasonable precedent for imposing liquidity and capital requirements on critical nonbank counterparties in the housing finance system by Ginnie Mae. Not unlike Ginnie Mae nonbank issuers today, mortgage insurance companies resisted the new risk-based requirements, but once imposed, ultimately came to embrace the new

“A lack of regulatory oversight into the operational processes used for loan origination and servicing of nonbanks is why Ginnie Mae’s proposal is sorely needed to level the playing field in terms of financial viability requirements of issuers.”

rules as they significantly bolstered the stability of that industry that was shaken to the core during the crisis. Superior mortgage loan performance of mortgages originated after the 2008 crisis to a large degree has provided Ginnie Mae with some breathing room to get their arms around the nonbank risk issue. However, the agency understands that the increase in and concentration of nonbank lenders and servicers of government loans over the last decade poses notable risk to Ginnie Mae should another crisis come along. Ginnie Mae’s proposal to strengthen liquidity and capital requirements of its single-family issuers is thus a prudent step in establishing a level playing field between depositories and nonbank financial institutions. It’s not surprising nonbanks are up in arms over this proposal, as their regulatory oversight is far different from that of depositories that may not always support strict safety and soundness oversight from their federal regulators but know it’s the price of admission for conducting their business.

Bio: Clifford Rossi is professor-of-the-practice and executive-in-residence at the University of Maryland’s Robert H. Smith School of Business. He formerly was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group, overseeing the risk of a global portfolio of mortgage, home equity, student loans and auto loans valued in excess of $300 billion.

SEPTEMBER 2021

27 ❱ HOUSINGWIRE

Think back to Countrywide Financial Corporation’s liquidity crisis in 2008 when they struggled to gain access to funding, which ultimately led to their demise and eventual purchase by Bank of America, as a cautionary tale for the current set of nonbank financial institutions if another mortgage crisis were to unfold in the future. Beyond having far less stable funding sources, the balance sheets of most nonbank issuers are concentrated in MSRs, a notoriously unstable asset that even the best and most analytically sophisticated firms have been challenged to successfully manage over the long-term. Valuation of MSRs is a tricky business, with heavy reliance on accurate assessments of prepayments from analytical models, which, if misestimated, can blow a gigantic hole in a company’s balance sheet and/or its MSR hedging program.

COMMENTARY

hy is Ginnie Mae attacking nonbanks? Proposed plan would significantly alter the mortgage markets By David H. Stevens

It is rare to see a regulator so afraid of its own programs as we are witnessing at Ginnie Mae. In an alarming move, Ginnie Mae has unleashed a plan that, if implemented, will significantly alter the mortgage markets and raise costs on loans that the majority of first-time homebuyers and minority homebuyers depend on. On July 9, a Friday afternoon when most were ending their week, Ginnie Mae snuck out a request for information on a rule that would require a 250% risk weighting on Ginnie Mae mortgage servicing rights. The rule would also require additional capital be held by any approved issuer for non-Ginnie Mae loans including GSE mortgages and loans held for sale. The request for information (RFI) came with the added insult of an only 30-day comment period and clear language stating that this was not a notice and comment rule-making but simply a desire to get feedback.

28 ❱ HOUSINGWIRE

THE PATH FORWARD There are several concerns about the path Ginnie Mae is on. First, it defies testimony and statements from HUD Secretary Marcia Fudge

“With no Ginnie Mae president, a seat that has been vacant going back into the Trump Administration, some are concerned that this is the product of GNMA staff run amuck.”

on trying to expand access to homeownership for minorities. Frankly, it raises the question whether the Secretary or her senior staff had even seen this RFI and policy plan at all. With no Ginnie Mae president, a seat that has been vacant going back into the Trump Administration, some are concerned that this is the product of GNMA staff run amuck. The RFI states some general priorities but in reviewing the recommended policy it is striking that there is no logic, no methodology, no data at all to reference what would justify why they are moving in this manner. Perhaps the best glimmer of logic, or lack thereof, comes from a friend. Cliff Rossi, a professor at the University of Maryland and a former co-worker, defended the Ginnie Mae policy plan in this opinion piece published by HousingWire. Honestly, despite my deep respect for Rossi, I find his arguments in favor of this plan to be not only derogatory to the entire independent mortgage banker business model but also just simply flawed. To highlight a few points, let me start with his reference to Countrywide Mortgage, which dramatically failed in the heat of the 2008 Great Recession. Rossi contends that they failed due to a liquidity crisis. In fact, Countrywide failed because they were the leading lemming that led all the others as they all chased Countrywide off the cliff amidst the housing bubble. Countrywide led the market in adverse selection and poor lending practices. From subprime, to deeply discounted pay option arms, from no doc lending, the “Fast and Easy” loan, interest only loans, and more, Countrywide failed from originating terrible credit quality loans that could not sustain when the market failed. To base their collapse on a liquidity crisis is absurd. In fact, you can assume that had Dodd-Frank been in place, Countrywide would have had a small fraction of the products that they had back then and the housing crisis would not have happened. THE STATE OF GINNIE MAE Today, the nonbank lending industry, in fact all lenders, originate loans using an ability to repay standard (ATR). There is simply no comparison. But if the 2008 crash is the basis as to what Ginnie

SEPTEMBER 2021

can pull a loan out of a pool after 90 days or, as some do, the servicer can file for a partial claim and get reimbursed for some of the advances along the way. But what’s most alarming here is the lack of transparency. To sneak this out on a Friday afternoon with no detail, modeling, metrics, or other data is confounding. And if the Great Recession was used as the basis for this capital standard, then why did we go through the effort of passing Dodd Frank and wiping out the variety of products that took down Countrywide and so many others? Neg am, SISA, NINA, extended term loans, interest only, balloon loans, short-term ARMS and more were outlawed by statute. The CFPB now manages the ability to repay standard

“To be clear, for a regulator trying to protect against large market disruptions, this single policy would actually be that market disrupter that they apparently want to avoid.”

which requires lenders to prove the borrower can repay the mortgage. This policy, if implemented, would be a dagger in the back of the FHA, VA and USDA programs. It would be an embarrassment to the HUD Secretary’s efforts to advance homeownership opportunities. Ginnie Mae has published a rule that seems to be looking back at the Great Recession or even the Great Depression, but it does not take into account all of the protections put in place after 2010 when Dodd Frank was passed. And despite a rational argument that insuring adequate capital is needed, this simply goes too far without the logic or rationale to support it. This is a bad policy proposal.

Bio: David H. Stevens has held various positions in real estate finance, including serving as senior vice president of single family at Freddie Mac, executive vice president at Wells Fargo Home Mortgage, president and COO of the Long and Foster Realty Companies, assistant secretary of Housing and FHA Commissioner and CEO of the Mortgage Bankers Association.

SEPTEMBER 2021

29 ❱ HOUSINGWIRE

Mae is setting capital levels at, then perhaps we should simply shut the program down altogether. Rossi goes on then to look at PMI companies and the PMIERs capital standard put in place as justification for doing the same to Ginnie Mae issuers and servicers. But, let’s be clear. PMI is the first loss in the default stack for a GSE loan. They cover a significant amount of total expected loss on a GSE loan and therefore it is responsible to make sure they will be there in the next downturn. Similarly, for an FHA lender, FHA takes first and total loss. They are the insurance company. So, yes, FHA should be capitalized and in fact there is a statutory measure that is there to insure that. Comparing PMI to the FHA program might make sense, but comparing it to an originator is non-sensical. Rossi also took a back-of-the-napkin approach to state that, by his own research, nonbank-originated loans had a 1.9 times greater chance of default than by banks. The fact is, nonbanks do provide broader credit terms in the FHA loan program than banks. Rossi states so himself simply by acknowledging that banks left the FHA program after the Great Recession. Even today, banks continue to have far tighter underwriting overlays on the program. Rossi states that they left due to servicing (MSR) volatility. The fact is they left due to False Claims Act enforcement fears. The servicing of FHA loans was associated but secondary. Look, I could go on poking fun at Rossi’s supposed analysis, but let’s be clear. Ginnie Mae servicing is a massive $2 trillion portfolio held by investors globally. A 250% risk weighting applied to Ginnie Mae MSRs would instantly devalue the entire existing global balance sheet. The demand for committed capital would be extraordinary and the liquidity of this servicing would dry up. To be clear, for a regulator trying to protect against large market disruptions, this single policy would actually be that market disrupter that they apparently want to avoid. But let’s all agree that there is risk in servicing the Ginnie Mae mortgages. If a default occurs, scheduled payments must be made to investors regardless as to whether the borrower is paying the mortgage. This means a servicer must have dependable and reliable access to credit and repo lines in order to manage that asset. But advances are not unlimited. In fact, a servicer

30 ❱ HOUSINGWIRE

The mortgage workforce movement

SEPTEMBER 2021

Can the workforce demands of 2020 stand the test of

By Brena Nath

SEPTEMBER 2021

31 ❱ HOUSINGWIRE

time?

Four months into the new year, conversations among mortgage executives were focused right back on the same issue that always happens after a mortgage boom — LO comp. Three mortgage executives were virtually gathered to talk about the routine topic at the Mortgage Bankers Association’s Spring conference in April. The session was a part of the MBA’s decision to merge its usual lineup of conferences into one single virtual conference due to the pandemic. “It’s hard to go to your loan officers and tell them they’ve got to reduce their commissions,” Eric Gates, president of Apex Home Loans, said at the time. “There are some other tools — we implement dollar minimums and maximums with everyone. And we do have conversations and show the math on that — if they’re willing to lower their maximums then they can be more competitive on larger loans.” All three executives shared similar sentiments about waiting too long after the refinance boom of 2018 to adjust pricing, a move that is both extremely sensitive but vital to the health of a company. But as the industry readies for the turn of another calendar year, the waning refinance boom’s impact on LO comp has only grown, with compensation now being one factor in a much larger discussion around what the mortgage workforce will look like moving forward. The aftermath of 2020’s surge in demand lingered in 2021, but between extra staffing, a pandemic that forced everyone to work from home and a shift in where the need is, the workforce is going to have to make some changes heading into next year.

When LBA Ware released its updated numbers for Q2 2021, LBA Ware Founder and CEO Lori Brewer commented on the looming potential impact of over-staffing. “Another notable observation is that lenders added processing manpower at almost 10 times the rate they added LOs in Q2. It remains to be seen if that level of operational staffing will be sustainable over the long term,” Brewer said. The report stated that loan processor staffing grew 49% year over year in the second quarter, with processors handling 27% fewer loans per month in the quarter compared to the year prior. This ultimately led to smaller paychecks, as processors experienced a 26% decrease in quarterly bonus compensation earned, dropping from $2,684 per processor per month in Q2 2020 to $1,999 in Q2 2021. To get the added perspective of what’s happening on the wholesale side, the Mortgage Bankers Associations’ Quarterly Mortgage Bankers Performance report for the first quarter of 2021 found that companies that are 75% of more wholesale, on average originated 1,884 loans, with total origination-related income coming in at $1,772. For companies that are 100% retail or consumer direct, they on average originated 2,341 loans, with total origination-related income coming in at $2,184. However, while loan compensation has long been a hot topic, 2020 ushered in a different set of requirements from operational staff and originators that goes beyond money. What do you want? “ T he f i r s t question that I get f rom c a n didates typically is, ‘Is this position fully remote?’ That’s what they want to know right off the bat,” Raj Sharma, who serves as chief operating of f icer at mor tgage recr uiting firm Agility 360, said. Sharma noted that the desire to permanently be remote also spans across all roles, ranging from entry-level customer service agents to team lead underwriters and supervisors. Working from home wasn’t an entirely new concept for

“It remains to be seen

if that level of opera-

tional staffing will be sustainable over the

What goes up must come down At the start of the year, analytics provider LBA Ware’s quarterly loan compensation report showed that LO headcount increased 27% year over year. While the industry did scramble to hire more people in 2020 to meet the huge demand in business, the increased headcount does come at a cost. More people equals more loan disbursement between LOs and maybe more importantly, operational expenses.

32 ❱ HOUSINGWIRE

long term.” - Lori Brewer

SEPTEMBER 2021

the mortgage industry, but the remote opportunity often depended on your role. For example, it wasn’t uncommon to find a remote underwriting position, but it was less likely to find remote processing positions. During a summer podc a st inter v iew for Housing News, Brian Holland, CEO of Atlantic Bay Mortgage Group, shared his company’s journey to getting its workforce to 95% remote as of Ma rch 2020. The company w a s u n iq ue ly positioned since over a dec ade ago, it decided to allow people to work remotely so they could draw in talent from across the country. But it still wasn’t at the level it is at today. “Prior to the pandemic, we had some processers working remotely and then many more working remotely,” said Holland. “Unfortunately, there’s still a few things that we have to do with paper and wet signatures, and those are the only positions that are difficult from a remote standpoint, like final docs, delivery and some of those things.” Those few positions that must touch paper in the office make up the 5% who aren’t remote. Scott Crutcher, a veteran of the mortgage industr y who now ser ves as president and founder of Maverick Financial Group, echoed people’s heightened desire to work remotely. It’s also something he is seeing a shift in at the executive level, as his firm serves as an executive search and advisory firm. “One of the things that’s enticing people is change. The work from home environment is here to stay,” Crutcher said. “A lot of the SVPs, EVPs, presidents and CEOs that I talk to on a weekly basis are getting away from — or at least slowing down —these high-priced

lease spaces, especially on the retail side.” The other change that Crutcher and Holland commented on was the shift in trusting employees to be productive at home when the fear used to be that people would slack off. Everyone being forced to work remotely in 2020 has shown that people can not only be product ive, bu t a l s o super productive work ing f rom home, Crutcher explained. “ T h e r e ’s s o many instances of top mortgage professionals making seven figures running their empires from the beach in their flip flops and doing it well,” Crutcher said. The story is similar for Holland.

“The first question that I

get from candidates typ-

ically is, ‘Is this position fully remote?’ That’s what

they want to know right

SEPTEMBER 2021

33 ❱ HOUSINGWIRE

off the bat.” - Raj Sharma

“When we first tested [remote options], we wanted to have our more experienced people do it who we knew.” As time went on, he learned that “the key, as in every position, whether it’s remote, or it’s in the office, is to find the right person, and the right people that are motivated and passionate about not only what they do, but about the company.” However, not everyone in the industry is keen on the idea of working from home. In an interview last year on the company’s rise to becoming the No. 1 wholesale lender, United Wholesale Mortgage CEO Mat Ishbia commented on how t he s t ay - a thome orders made him rea li ze that while U W M can move its nearly 6,000 employees remote on a whim, he will never volunt a r ily do it again. “That’s just not who we are here, and t h a t ’s n o t w h a t we ’r e going to ever d o,” I s h bi a said. “Unless this pandemic la st s for the next five years, we’re going to get back to normal as soon as everyone’s safe and healthy a nd we’re able to do that.”

reinventing the wheel and doing a mass layoff on the origination side, transitioning them into servicing. Another foreclosure crisis isn’t likely due to a multitude of factors, including increasing home prices, low inventory and high buyer demand, but that doesn’t mean there isn’t a major need for more help on the servicing side. At the start of August, there were still 1.74 million homeowners in forbearance plans, according to the MBA. It’s also creating more opportunities for growth within the servicing space, as small servicing and sub servicing shops poach from the bigger shops, Sharma said. He added that the servicing space of ten of fers more lateral move s w it h the room for growth being very slow and tedious. And it’s not just servicing t h a t ’s s e e ing an uptick i n s t a f f i ng. Crutcher said he is noticing hiring trends in wholesale account executives, consumer direct loan officers and even hard money loa n officers. “ W i t h t he crazy real est ate ma rket r i g h t n o w, there’s a lot of people that are going out and utilizing alternative financing, hard m o n ey a nd private money type loans to be able to be competitive with a cash offer in most markets across the country right now. So, our private lending clients are experiencing tremendous growth,” he said. The new demand for these roles isn’t too surprising though. Due to the cyclical nature of the housing industry, the job needs have always ebbed and flowed. But there is one major factor that hasn’t been around as

“With the crazy real estate market right now, there’s a

lot of people that are going out and utilizing alternative

financing, hard money and

private money type loans to be able to be competitive

with a cash offer in most markets across the country

34 ❱ HOUSINGWIRE

right now.” - Scott Crutcher

Is now the time to be picky? “The origination boom of 2020 is leading to the servicing boom of 2021,” said Sharma. While there was a huge ramp up in operation teams, there still might be room for those roles to transition into other roles, versus the industry normal, which is layoffs. Sharma explained that he thinks companies are trying to create that cushion that they need, by allocating folks that are already in their system and hired, and instead of

SEPTEMBER 2021

much in past cycles that could be a game changer moving forward: technology. The future “Unfortunately, I think half the industry might be heading towards the unemployment line,” Tom Middleton, founder and managing partner at The Middleton Group, said. He doesn’t mean layoffs in the same way that it has meant in the past — big hiring booms leading to a lot of layoffs when demand settles. Instead, he is talking about the role that technology will play in companies. “I think technology is really, really showing its face, and I don’t mean the old days where we talked about technology giving us more loans. I mean, technology is enabling companies to work smarter, not harder,” Middleton said. “With regulations and system improvements constantly, you really don’t have the need for that full-time employee as much as you once did. That’s a trickle-down effect all the way across the industry.” After an extremely successful year like 2020, Middleton questioned why there are any issues today after people have bragged about how they’re in a record year and how they just came out of a record year. “We bring talent in and the first thing they want to do is knock down half the production. They want to start tearing apart this candidate, but the question we have is, where’s that revenue? Because the companies of tomorrow, they’re going to show their true colors based on their ability to withstand the pressures of having margins go up,” he said. Margins, as they have long been, will continue to be the center of many conversations moving forward. Except now, executives should have more tools in their tool belt to work with. “The chief financial officers that I talk to in our industry are burning the midnight oil right now trying to figure out how to drive down the cost per loan. That’s always been the game — how can we run more loans through the factory bet-

ter, quicker, faster a nd le s s expensive, by lower ing the cost,” Cr utcher said. “ T h a t ’s goi ng t o continue to be a hot topic as technolog y improves, there’s goi ng t o be the haves and t he have nots,” he said. “The ones that have the technology to continue to push the levers to drive the cost per loan down, and then, there’s going to be the ones that don’t have it that I simply don’t think will be around after 2023, 2024, 2025.” As a result, and to drive efficiency and reduce costs, Crutcher said, “We’re going to continue to see large amounts of M&A activity. It’s exciting. It’s good thing.”

“That’s going to contin-

ue to be a hot topic as technology improves,

there’s going to be the haves and the have

SEPTEMBER 2021

35 ❱ HOUSINGWIRE

nots.” - Scott Crutcher

SEPTEMBER 2021

36 ❱ HOUSINGWIRE

Table of Contents Srinivas Annapureddy Lisa Basham Eric Bloomquist Sarah Boultinghouse Jennifer Bourgeois Julie Brooks Monica Button John Cady Antony Charles Layton Checketts Amanda Cherry Merced Cohen Marci Davis Arend de Jong Beverly Donawho Rosanne Elliott Elena Emmart Kevin English Chris Favilla Vivian Forr Anthony Forsberg Rebecca Frisbie John Gaines Lorraine Geraci Jeff Gravelle Adil Gulamhusein Angela Hernandez Katie Hersh Kelli Hodges Sophia Hosking Nancy Ingalls Paul Jones Noah Jones Adam Josephson Vasantha Kandikuppa Elizabeth Karwowski

38 39 40 41 42 43 44 45 46 47

Bindu Kaul Azar Kheraj Shane Kidwell Stephanie Kupke Sean Lamb Leah Lanier Genevieve Lawrence Josh Lehr Angela Leyva Landy Liu Sandra Madigan Samantha Manfer Chiara Mazzonis Dionne McBride Dean McCall Scott McGinley Ryan McGuinness Kevin McKenzie Candra McLaughlin Erik McNally Katie Means Cheryl Miller Ashley Minech Susan Mudry Tricia Murray Fobby Naghmi Ameez Nanjee Annette Noonan Monica Ottenbacher Amanda Overton Teri Pansing Michael Potter Jennifer Priestley Sean Pyle Amaly Quiroz Bill Rice

48 49 50

Dan Riley De Ann Rogers Scot Rose Jenna Rozenblat

Mona Samaha Susan Schmidt Lisa Schwartz David Sheeler

Maloch Spivey Agnes Standowicz Davida Stanley Kimberly Starnes

Wes Stayton Mark Stier Rachael Strenz Nick Taylor

Vinod Thomas Andrew Thompson Arthi Vijayaraghavan Nick Volpe

Emily Vondrak Jithender Vulupala Jessica Werner Caleb Wuethrich

Paul Yarbrough Bobby Zitting

SEPTEMBER 2021

58 59 60 61 62 63 64

37 ❱ HOUSINGWIRE

Carmen Acosta-Bergen Dolly Anderson

ne of the most common phrases in the housing industry is that “this is a cyclical business.” There are cycles where business is booming — this is where refinance demand often enters the picture — and cycles where everything slows down. Anyone who has been in the business long enough often has an interesting story or two to share about the lull years. The past year technically falls into one of the peak categories, but by categorizing it simply as another peak in a cyclical business, you’re doing a disservice to how unique these past 12 months have been. Reports have jokingly (though there’s some truth in it) taken the definition of a “hot market” to a new level, labeling it on the Scoville scale, which measures the pungency of chili peppers. Some housing markets got habanero hot, emphasizing exactly how busy the past year was.

38 ❱ HOUSINGWIRE

It’s important to grasp how unprecedented this past housing cycle was to fully understand and appreciate the impact of this year’s class of HousingWire Insiders. Known as the operational allstars of an organization, this year’s list includes 100 honorees for the first time, reflecting the massive role this group had. They truly are the glue that holds the industry together. While they’re often the team members behind the scenes, they were extremely essential this last year in retaining and growing staff, adapting to the latest changes in regulation, managing the millions of borrowers who filed for forbearance and so much more. Congratulations to the winners listed in the following pages, and we know that there’s a lot more to come from this year’s phenomenal group of Insiders.

Carmen Acosta-Bergen Risk In-Force Quality Assurance Manager

Enact Since joining Enact’s mortgage insurance subsidiaries in 2008, Carmen Acosta-Bergen has held positions in operations, the ActionCenter, marketing communications and risk, allowing her to learn various parts of the business and bring new skills to each role with ease and excitement. As the Risk In-Force Quality Assurance Manager, Acosta-Bergen leads a five-person team in auditing the quality of numerous operational processes ranging from rate quote to claims payment and policy cancellation. Acosta-Bergen also leads her team in pinpointing efficiencies and solutions that will help the organization move faster and improve functionality within each department. Acosta-Bergen makes it a habit to recognize her team for their achievements, while also providing them the guidance and support to own their projects and develop their expertise. As an active participant in her team’s growth, Acosta-Bergen spends a considerable amount of time learning each one of her team members’ career and personal goals and aspirations.

Dolly Anderson Chief Product Owner

Freddie Mac Single-Family Division As chief product owner at Freddie Mac Single-Family Division, Dolly Anderson has been working as a project manager and product owner since joining the organization in 2015. Behind the scenes, Anderson knows how to navigate the process to seamlessly launch new capabilities without a hitch. Anderson first worked on loan closing advisor and then as a product owner on the Correspondent Assignment Center, Data Share API and Developer Portal. Currently at Freddie Mac, she is the product owner for the Developer Portal and various Universal APIs that have been created over the last year. In 2020, Anderson helped bring Freddie Mac’s business vision to life in technology products with an effective client-led approach. Even during the peak of the pandemic, Anderson was tenacious in the delivery of new services and led her team to build and deploy the Loan Look Up API (application program interfaces) to help support forbearance programs. Since then, her team developed many additional APIs while continuing to enhance the Developer Portal.

SEPTEMBER 2021

Srinivas Annapureddy

Lisa Basham

Director, Capital Markets Technology

VP, Movement Mortgage’s Innovation Team

Fannie Mae

Movement Mortgage

Srinivas Annapureddy is a pioneering, tech-forward leader in Fannie Mae’s Capital Markets Technology team, leveraging technology to drive transformation efforts and deliver flexible and secure platforms. As a collaborative leader who keenly understands the need to break down silos in order to deliver his best work, Annapureddy has been integral to driving Fannie Mae to think differently and adopt robust engineering principles, flexible architecture patterns and new technologies. He led the effort to onboard Launch Darkly, a feature management platform that enables continuous delivery for Fannie Mae’s product teams, leading to increased tool adoption by 60% across the Integrated Technology Solutions department. Annapureddy was also responsible for driving teams to adopt micro-frontend architecture as part of the organization’s digital transformation efforts. This design approach allows the traditional monolith user interface to be broken into more manageable micro modules thus allowing independent teams across the organization to own their features.

Lisa Basham, vice president of Movement Mortgage’s Innovation Team, led the innovative efforts that transformed the overall operations process. This was fundamental in helping Movement Mortgage achieve record-breaking success this past year. When Movement experienced exponential growth due to the COVID-19 pandemic, her problem-solving skills served the company well and contributed to Movement becoming the sixth-largest retail mortgage lender in the U.S. When a need arose for Movement to implement a new process to drive new technology implementation and innovation, Basham stepped up to identify solutions that would provide overall support to all areas of the organization. This proved essential in 2020 and beyond as Movement navigated through surging volume and the current pandemic state. She helped identify and implement countless changes in the process and ensured all areas impacted were included and improved upon. These vital projects allowed Movement to double its volume while creating a more streamlined and efficient process.

Eric Bloomquist

Sarah Boultinghouse

Radian

Colonial Savings

VP, Business Architect & Process Improvement Manager

Over the past year, Eric Bloomquist has been working behind the scenes at Radian to transform the title and closing experience for consumers. In May 2021, this vision was brought to life through titlegenius by Radian, a blockchain-enabled online portal that empowers consumers to shop for and save on title and closing services. As a self-described “real estate junkie with a focus on models and systems,” Bloomquist brought a creative and innovative approach to shaping the operational structure and strategy for titlegenius. Bloomquist led a project team of nearly 120 people in developing the portal and digital experience roadmap, including key touchpoints, how communications are delivered, go-to-market messaging, operational controls and staffing. Additionally, Bloomquist and the team designed an agile framework that accommodates the complexities of state and local title regulations, allowing Radian to rapidly expand the footprint of titlegenius into multiple states.

With a clear vision of the future in mortgage lending, Sarah Boultinghouse’s leadership has been integral in preserving Colonial Savings’ commitment to remain an industry leader. While maintaining an intense workload and extreme adaptability, she consistently produces extraordinary work with a positive attitude. Despite the limitations of lockdowns, Boultinghouse expertly organized and led Colonial’s search for a new loan origination system, all the while maintaining the functionality and enhancements of the current system. Boultinghouse’s ability to adapt and multi-task was instrumental to the implementation of the company’s new URLA form. After leading contract negotiations and managing vendor relationships, Boultinghouse’s leadership and project management skills have been essential in developing, managing and directing all aspects of this significant project across three distinct business channels. Boultinghouse leads by example, working alongside her staff to meet critical requirements and deadlines.

SEPTEMBER 2021

39 ❱ HOUSINGWIRE

VP, Centralized Purchase Services

Jennifer Bourgeois

Julie Brooks

First Community Mortgage

Candor

AVP, Retail Closing

Director of Product

Jennifer Bourgeois has been with First Community Mortgage for more than 10 years. Bourgeois is always looking for solutions to problems and provides a level of service that is praised by many groups inside and outside of the organization. She is involved in a lot of the company’s testing of new systems and processes, as her input is valued throughout the organization. Bourgeois’ team loves working for her and appreciates her support as a model employee and leader. She is a proactive and approachable leader with patience that extends to the moon and back. These attributes prove to be vital in her role as assistant vice president of Retail Closing, as she is responsible for loans during one of the most crucial stages in the loan process. Bourgeois’ team has been complemented by numerous sales offices as having the best closing team they have ever worked with. With Bourgeois at the helm, closings happen on time and are executed smoothly, providing the customer and First Community Mortgage’s referral partners with a level of confidence that is not always easily achieved.

Julie Brooks brought scrum master rigor and agility to Candor, helping the company boost its sprint cycle efficiencies. Since then, she has become deeply woven into the fabric of Candor. Brooks put in place Scrum principles that helped prioritize releases based on market demand and took the visions of Candor executives to implement bestin-class processes to propel those dreams into a successful reality. Along the way, Brooks created steps and processes that put Candor in the best position for success, while keeping the team focused on the end goal. In the last 12 months, Brooks and her team have bolstered the regression testing processes and implemented additional automated quality assurance to save time and ensure the highest level of quality output. She also oversees all third-party vendor integration and testing and is charged with fostering an effective and productive working environment and guiding others to understand it. She ensures that all communication and organization is taken care of and keeps meticulous tabs on all the moving parts during releases.

Monica Button

John Cady

The Agency

Cardinal Financial

40 ❱ HOUSINGWIRE

Director of Human Resources

SVP, Retail

As The Agency adjusted to a new normal last year, Director of Human Resources Monica Button was one of the operation team’s unsung heroes. Button led operations forward with a people-first mentality as the real estate industry drastically shifted its business due to COVID19. Amid staff adjustments, transitions to remote work environments, digital onboarding, training and more, employee relations heavily fell on Button’s shoulders as she navigated the challenging landscape. As The Agency’s human resources professional for over 90 staff in offices across the U.S., Mexico, Canada and the Caribbean, Button immediately sprang to action and expertly guided the company through the operational challenges raised by the pandemic. Button provided clear and open communication, aided in the transition to digital structure and supported all staff from the beginning of the pandemic. As face-to-face collaboration was replaced with technology, Button masterfully helped the company shift to a remote work model at an accelerated rate and scale.

With over 30 years of mortgage industry experience John Cady has extensive knowledge in building and developing all channels of mortgage production and operations — from retail, wholesale, joint venture, credit union, consumer direct and recruiting to everything in between. Cady has grown regional and national platforms in excess of $14 billion in yearly production. In 2019, Cady joined Cardinal Financial as a senior vice president because he saw “both a challenge and an opportunity” to usher in the next generation of loan officers and mortgage professionals. When Cady joined Cardinal the company was funding approximately $8 billion a year. Cardinal ended 2020 at over $28 billion and is projected to beat that number in 2021. To hear it from Cady, he has reached a point in his career where he has developed a passion for educating and training people at a variety of levels in the mortgage industry. Aside from his core duties, he is mentoring over a dozen branch managers on how to grow their personal and branch production.

SEPTEMBER 2021

Antony Charles

Layton Checketts

Candor

Finicity, a Mastercard Company

Solutions Architect

Product Manager

As a solutions architect at Candor, Antony Charles works tirelessly to bring Candor’s mortgage technology to the next level on the front and back end. Charles provides solutions and real innovation to the organization and is always hard at work looking for new ways to update Candor’s technology and find new opportunities to innovate. Recently, Charles was responsible for one of the biggest challenges for the entire mortgage lending/servicing community: the URLA upgrade, working tirelessly to implement the extensive changes necessary for compliance with the GSE mandate by the URLA effective date. Charles has the unique, inherent ability to not only speak to the business and use product language but also effectively communicate with clients. He can make a C-level presentation and speak to clients and the product development teams with equal authority. Charles’ work ethic is tireless and he brings an impressive level of leadership to the group of developers he leads. He takes it upon himself to help newcomers in a way that helps them truly learn and retain the information.

As the product manager for Finicity’s Mortgage Verification Service, Layton Checketts has been instrumental in bringing a one-touch solution for digital asset, income and employment verification successfully to market. Checketts worked tirelessly, collaborating with lenders, ecosystem partners and others to create a solution that allows consumers to permission bank and payroll data quickly and easily so lenders can verify assets, income and employment. Checketts spent a significant amount of time over the past year understanding current workflows, identifying pain points and then creating a valuable solution for both lenders and borrowers. He worked with stakeholders to develop a roadmap and priorities and went through multiple iterations with engineering, design and the client to arrive at the best outcome. Throughout the process, Checketts took feedback where needed but also educated others about how to adopt a digital-first mindset. In his short two-year tenure at Finicity, Checketts has moved from a scrum master to a product lead.

Amanda Cherry

Merced Cohen

Finance of America Reverse

Civic Financial Services

EVP, Operations

Amanda Cherry has been instrumental throughout operations at Finance of America Reverse, from processing to IT to product management, with a few stops in between. She transitions seamlessly to wherever she is needed most, jumping in and taking on assignments without hesitation. She is eager to learn new applications and find more efficient ways to streamline existing processes. With her vast business knowledge and experience at FAR, she is a crucial resource for many of the company’s priority projects. Cherry started at FAR back in 2011 as an executive management assistant before working her way up through many roles to her current position as associate product manager. Before her most recent promotion in May 2021, Cherry served as a business analyst in which her roles included meeting with key stakeholders, performing research and data analysis based on project requirements, and playing a large part in all loan origination system processes. Cherry has also served as a subject matter expert for both ReverseVision and QuantumReverse.

Merced Cohen’s innovative approach to operations and inspirational leadership style have made her vital to CIVIC’s growth from funding $20 million per month to more than $1 billion annually. The success Cohen has achieved in scaling CIVIC’s business is not just the result of the considerable time she has devoted to the organization and her key role in it, but also the manner in which she treats every task and person. Her ability to apply the disciplines from conventional lending to the private money space helped her achieve a 13% reduction in cost per loan while also increasing volume by 5x over the last two years — all the while being a fierce and empathetic leader to the entire organization. Under Cohen’s leadership, in the past year CIVIC has exceeded 12,000 loans and $5 billion funded. Cohen has revolutionized a role traditionally known for being transactional to one that is highly collaborative and strategic, uniting multiple business units to create interdepartmental communication and efficiencies to drive major organizational change.

SEPTEMBER 2021

41 ❱ HOUSINGWIRE

Associate Product Manager

Marci Davis

Arend de Jong

ICE Mortgage Technology

Sales Boomerang

Senior Director, Product Management

CFO

Marci Davis is an industry veteran who understands the all-important operational needs of lenders. Her subject matter expertise coupled with her wealth of technology knowledge and insight, have contributed greatly to the success of ICE Mortgage Technology. Davis has collaborated with some of the largest correspondent lenders in the country which resulted in the design and implementation of a new web-based correspondent solution that’s been a game-changer for all correspondent lenders. Over the past 12 months, Davis has differentiated herself as a rare leader at ICE Mortgage Technology. With the pandemic and the need for employees to work safely from home, she has embraced the shift from in-person to the virtual space by leaning in harder with collaboration and communication with her peers, partners and lenders. Davis’ deep understanding of the mortgage industry and technology makes her a unique technologist who can transition seamlessly from an in-depth business conversation with key stakeholders to a deep technical conversation with engineers.

As chief financial officer, one of Arend de Jong’s main areas of focus is company growth. A member of the company’s leadership team since the beginning, de Jong has worked to translate Sales Boomerang’s mission into a workable business model with clearly defined business metrics. As a testament to that mission, in August, Sales Boomerang debuted in the top 5% of the Inc. 5000 with revenue growth of more than 3,800% in its first three years of operation (2017-2020). In the past 12 months, de Jong has focused on scaling Sales Boomerang for continued success. Last year, Sales Boomerang grew revenue by more than 116% year over year. The company works with over 125 IMBs, banks and credit unions, for whom it delivered $468 billion in loan opportunities last year alone. He not only works to ensure that Sales Boomerang is financially successful, but he also works to ensure that each team member understands how they play a part in the company’s success. He hosts a monthly finance meeting, in which he breaks down recent metrics and what each means for the business.

Beverly Donawho

Rosanne Elliott

Asurity

Waterstone Mortgage

42 ❱ HOUSINGWIRE

VP, Compliance Products and Services | RiskExec

VP, Investor Relations

Beverly Donawho has proven to be a valuable asset to the Asurity team in her role as vice president of Compliance Products and Services. Her resourcefulness, problem-solving skills and confidence allow her to provide unprecedented client support to those who use the RiskExec software. Donawho’s compliance expertise has helped clients improve their internal processes and procedures. With more than 20 years of experience in the mortgage industry, Donawho’s time spent working on CRA modernization efforts provides a unique perspective on implementation and regulation, helping her succeed in her role at Asurity. She has become an invaluable SME to the CRA community especially in the Dallas area and banks have begun to rely on her advice and guidance. Donawho’s current focus is on advancing RiskExec, a reporting and analysis platform for HMDA, CRA, Fair Lending and Fair Servicing. She also helps build the service offerings of RiskExec, including CRA Exam Readiness Assessments, CRA/HMDA Data Integrity Audits and Fair Lending.

With more than 25 years of experience in the mortgage lending industry, Rosanne Elliott has extensive underwriting knowledge, the ability to build strong, cohesive teams and a dedication to her work. Her strongest skill is her ability to find effective solutions, no matter which department or investor she is working with. Elliott joined Waterstone Mortgage in 2015, initially working as a senior underwriter for jumbo and portfolio loans. She was then promoted to regional underwriting manager, overseeing the Midwestern region, before accepting her current role as vice president of Investor Relations in March 2021. Elliott now works alongside Waterstone Mortgage’s investors to create stronger support for the company’s products and guidelines. She continually advocates for more efficient and robust products that serve as many homebuyers as possible. Elliott plays a crucial role in helping homebuyers gain access to the mortgage solutions that best fit their needs and goals. When presented with a challenge, Elliott doesn’t falter.

SEPTEMBER 2021

Elena Emmart

Kevin English

Academy Mortgage Corporation

New American Funding

SVP, Operations

EVP, National Operations

Elena Emmart is an operational trailblazer who holds true to her vision and values. Emmart serves as senior vice president of operations at Academy Mortgage. She boasts a nearly two-decade mortgage career with a background in sales and operations, allowing her to understand every angle of the business. She began her career with Academy in 2010 as a loan officer before moving to an operations management role in 2014. Now in her current role, Emmart is responsible for overseeing the operations teams in six of Academy’s 14 regions. Her leadership, knowledge and influence has an even broader impact to increase efficiency, ensure compliance, and improve the loan officer and customer experience. In the last year, she has been instrumental in creating Academy’s production operations team to better support various teams by providing guidance, enhancing pipeline management and creating consistency throughout the loan process. Emmart’s proactive approach, attention to detail and problem-solving abilities keeps projects and processes moving forward.

Kevin English began his career at New American Funding a decade ago when he first joined the company as a processor. English then quickly progressed beyond his initial role and now oversees the company’s entire operations division of over 1000 employees nationwide. Faced with exploding mortgage volume during 2020, English and his team worked quickly to hire as many operations personnel as possible to deal with the demand. Instead of trying to aggressively compete with other companies over the same pool of potential employees, English and his development team conceived and executed a plan to hire people with little-to-no background in mortgages and successfully train them to become processors. English and his team then designed a three-month boot camp class that educated these new employees on all things mortgage and set them up for success. Also in the last 18 months, English focused on trying to find efficiencies and automate certain parts of the company’s mortgage process, all with the goal of taking pressure off the company’s internal teams.

Chris Favilla

Vivian Forr

Ocrolus

First American Docutech

SVP, Professional Services

With both an IT and operational background, Chris Favilla enhances the functional structure and scalability to service the digital banking and mortgage market. At Ocrolus, Favilla leads initiatives to increase operational efficiency and reduce file turnaround time while readying the organization to scale for high volume and business growth. Even though Favilla has only been at Ocrolus for almost a year, she leads the “human in the loop” aspect of Ocrolus’ core machine learning value proposition, managing more than 700 team members in the U.S. and India. Over the past year during the pandemic, Favilla and her team have adapted to work-from-home situations while maintaining strict data security and process efficiency. Her leadership enabled Ocrolus to address highly volatile processing volumes due to increased mortgage refinancing and enormous paycheck protection program lending volumes. In the earliest days of COVID-19, Favilla worked with her team across two continents and four offices to quickly implement secure hardware and networking provisioning.

Vivian Forr leads the technology implementation processes that have successfully helped grow her company’s client base to more than 30% of the U.S. residential mortgage market by closed loan volume. Forr has helped leading lenders digitize more of their mortgage workflow, faster. Forr, who joined First American Docutech in January 2018, immediately provided leadership to the professional services group to dramatically improve implementation backlogs and enable more efficient and effective processes to support rapidly growing new client acquisitions. Through Forr’s leadership, the implementations team consistently delivers a collaborative approach with their clients from day one. She directs technology implementations for First American Docutech’s clients with clear outcomes and goals through a collaborative process to ensure singularity of purpose. When the pandemic set in, Forr and the implementations group successfully stood up approximately 20 new eClose solutions with clients over the first 120 days of the pandemic.

SEPTEMBER 2021

43 ❱ HOUSINGWIRE

Head of Operations

Anthony Forsberg

Rebecca Frisbie

TMS

ICE Mortgage Technology

SVP, Default Servicing

Director, Product Management

Anthony Forsberg brings a unique combination of extensive default experience, technical savvy and a customer-centered approach that makes him an integral part of the TMS community. In his role as senior vice president of Default Servicing, he collaborates with the customer-facing team to offer the best service and mortgage relief options available. During his three year tenure, Forsberg has inspired his team in a way that has allowed for tremendous advancement, helping TMS to keep pace with growth and face COVID-19 challenges. Forsberg proved instrumental to navigating the pandemic, working with TMS technology, default and customer-facing teams to provide resources to their SPOC (Customer Ally team) and their customers at a swift pace. He helped TMS roll out a desktop loss mitigation eligibility tool within their Servicing Intelligence Made Easy servicing portal, that allowed them to quickly take customers through the myriad of applicable options. He then helped build the structure that would become TMS’ customer-facing self-service tool.

With deep industry knowledge and experience, Rebecca Frisbie offers a unique expertise focused on a clear vision, direction and execution of the ICE Mortgage Technology’s goals. As director of product management, Frisbie has spent the last 12+ months working tirelessly on the launch of ICE Mortgage Technology’s highly anticipated product, Encompass eClose solution. In close collaboration with the engineering and marketing teams, Frisbie successfully orchestrated the launch that included virtual demonstrations, blogs and speaking opportunities to share news of this game-changing hybrid solution. Her extensive knowledge of the borrower’s journey during any mortgage process makes her the perfect leader to drive solutions towards a fully digital experience. Frisbie’s collaborative and can-do spirit make her a critical member of ICE Mortgage Technology. She’s highly influential not only among her teammates, customers and partners but also among other leaders in the industry because of her strategic thinking and approach to solving problems.

John Gaines

Lorraine Geraci

Arch Mortgage Insurance Company

Finance of America Reverse

44 ❱ HOUSINGWIRE

EVP, Chief Actuary

VP, Learning and Development

John Gaines began his mortgage industry career more than two decades ago with United Guaranty, which Arch MI acquired in 2017. Now, as executive vice president and chief actuary at Arch MI, Gaines and his 50-person team are responsible for critical aspects of the business, including pricing products, setting and establishing loss reserves and managing the product development and data analytics teams. He constantly evaluates Arch MI’s pricing and products in the dynamic mortgage environment to ensure that they continue to be known as the most innovative company in the private mortgage insurance market. When the pandemic hit in the spring of 2020, he and his colleagues immediately focused on adjusting the pricing of Arch MI products to protect the company’s balance sheet. As the number of individuals unable to afford their mortgage payments more than tripled during the pandemic, under Gaines’ leadership, his team developed methodologies to establish appropriate loss reserves during unprecedented circumstances.

Lorraine Geraci is a veteran of the reverse mortgage industry, with 17 years of experience and counting. After many different careers in the industry, Geraci started working as vice president of Learning and Development at Finance of America Reverse in February of 2014. After over seven years with the company, Geraci has proven she is a true asset to the FAR team. Her early success as a loan originator has made her an effective and crucial piece of her company’s sales training initiatives. As vice president of FAR’s Learning and Development Team, Geraci provides tremendous leadership and experienced oversight for all of the company’s internal and external training. Additionally, in her role, Geraci contributes to technical writing for the company and direct supervision of the learning management systems. Using her strong writing skills, Geraci authored a book in 2014 called “Living a Rock Star Life”. Geraci’s true passion lies in helping others become the best version of themselves, and her direct reports attest to the effectiveness of her management style.

SEPTEMBER 2021

Jeff Gravelle

Adil Gulamhusein

Newrez

Sourcepoint

Chief Production Officer

VP, Operations

Jeff Gravelle is a driving force behind each step forward at Newrez. Gravelle transitioned to chief production officer in May 2020 after working as a consultant with Newrez through New Residential Investment Corp., Newrez’s parent company. As CPO, he oversees Newrez’s multi-channel origination platform, which produced $62 billion of origination volume in FY2020 under his leadership. Since joining Newrez, Gravelle has played an instrumental role in the digital transformation of the company’s lending experience through its strategic partnership with Salesforce, revolutionizing a highly differentiated, consistent and personalized experience for loan applicants and homeowners. Overseeing Newrez’s multi-channel origination platform including direct to consumer, wholesale, correspondent and joint venture, Gravelle’s holistic view of all origination channels, loan products and processes serve as a unique vantage point to understanding – and building – the Newrez customer experience.

Adil Gulamhusein, vice president of Operations at Sourcepoint, assembles teams of individuals to perform in sync and at their highest abilities to achieve excellent results. In the past year, Gulamhusein reinvented Sourcepoint’s client originations engagement by making highly effective use of the company’s Mortgage Training Associates program. By reducing time to source talent based on skill level and training time for specific tasks, Gulamhusein improved Sourcepoint’s average time spent capturing new client opportunities from 8 weeks to 4 weeks. In addition, he streamlined processes by working with staff to create a pipeline management tool that helped processors prioritize their work pipelines and automate processes, allowing them to work more efficiently than ever. When the pandemic hit, Gulamhusein formed a strategy to increase his team’s productivity by reducing reworks and errors in closings and resequencing processes to expand the client’s business operations to a 24/7 format by having more closing work done offshore.

Katie Hersh

SVP, Secondary Marketing Manager

Director of Strategic Finance and Analytics

DHI Mortgage Company

Amrock

Angela Hernandez has been with DHI Mortgage for 25 years, having started as a file administrative clerk and progressing through every aspect of the mortgage industry on the path to her current role as senior vice president, secondary marketing manager. When the pandemic hit, purchasers of mortgage servicing rights for government-backed loans left the marketplace, thus requiring DHIM to adapt to a different business model of retaining some servicing. Hernandez quickly worked with her Capital Markets group to successfully launch this transition, ultimately creating improved execution by over 16% versus the alternative. Also during this time, the DHIM Centralized Disclosure Department, with Hernandez’s leadership, was able to effectively manage the incredibly large increase in volume and subsequent need for increased disclosure capacity. She took on each challenge presented and, through the effective management of staffing and development of efficiencies, found success at every endeavor.

With more than a decade of industry experience under her belt, Katie Hersh has served as director of strategic finance and analytics for Amrock for almost two years. Hersh leads a team that was created in 2020 to help the company prioritize, plan and strategize to remain on track with, and exceed, goals. Her team is responsible for examining business data and using this insight to empower leaders to make the most impactful business decisions. One of the team’s first large projects was assisting with the Rocket Companies’ IPO – pulling, analyzing and presenting the company’s data comprehensively. On a daily basis, Hersh’s team brings added visibility to leaders by creating models that demonstrate the impact of their future decisions and strategies. Hersh’s leadership is vital to ensure the team accurately sifts through the data, pulls the appropriate content and tells the story visually so those who are not used to looking at the numbers can understand complex financial details. Hersh and her team look at all this data through the lens of company culture and goals.

SEPTEMBER 2021

45 ❱ HOUSINGWIRE

Angela Hernandez

Kelli Hodges

Sophia Hosking

Mortgage Coach

Reali

COO

Head of Portfolio Operations

Backed by more than 20 years of mortgage technology operational expertise, Kelli Hodges is known as the “wizard behind the curtain” at Mortgage Coach, where her process transformation initiatives have increased customer adoption by 55.5%, elevated customer retention to 99.8% and grown revenue by 23%. Hodges identified a great opportunity to turbocharge engagement among current customers. By reorganizing the training teams into customer success teams, Hodges enabled account executives to build deeper relationships with customers so they could tailor ongoing education around each customer’s unique pain points and more effectively keep them up to date on new features and integrations. In addition to creating better processes for Mortgage Coach, Hodges has played a large role in creating process efficiencies for customers by forging partner integrations that eliminate redundancies and deliver more, faster. During her tenure, she has also led Mortgage Coach through the implementation of a new CRM, business intelligence platform and HRI system.

When Sophia Hosking first joined Reali, she hit the ground running, and helped them launch two products: Cash Offer and Trade-In. She was instrumental in building out the consumer product offering, designing and implementing Reali’s go-to-market strategy, and leading development of all the extensive back-end operations to service these customers from financing and pricing to property management. Thanks to Hosking’s experience, willingness to take risks and dynamic leadership, Cash Offer and Trade-In have become Reali’s core product offerings, placing the company on an even steeper trajectory. Hosking works with key stakeholders in many cross-functional departments to ensure that these products maintain high standards and provide the best customer experience possible. Her ability to communicate and help train agents has been crucial to Reali’s early and continued success. Currently, Hosking and her portfolio operations team are building the processes and policies that will allow Reali to grow to meet their business goals now and into the future.

Nancy Ingalls

Paul Jones

Senior Manager of Customer Engagement and Marketing Technology

SVP, Non-QM Business Development & Production

46 ❱ HOUSINGWIRE

Enact

At Enact, Nancy Ingalls has engaged with customers in meaningful ways along their customer journey through the use of personalized communications, segmentation and value to build affinity for the business. This approach has led to higher customer retention and engagement and has provided the customer with personalized and relevant experiences that make them feel understood and supported. Over the past year, Ingalls has worked with a small core team and the senior leadership team to create a framework for Enact’s brand strategy to bring to life the new company name, introducing customers to the story behind Genworth Mortgage Insurance’s journey to becoming the Enact group of insurers, and creating efforts to help customers feel a part of Enact’s journey as a new company. During 2020, Ingalls also assisted in building and managing the team that published two e-books for loan officers to help with creating successful borrower pipelines and developing and executing successful marketing.

First Guaranty Mortgage Corporation Paul Jones, a leader with a relentless passion for non-QM, first joined First Guaranty Mortgage Corporation in March of 2019, helping grow FGMC’s brand-new non-QM product line into a major player in today’s Non-Agency marketplace that grew in volume 50% month-over-month in Q1 2021. He is a trailblazer for FGMC’s Maverick Solutions proprietary product line through his commitment to training, marketing mindset and robust product knowledge. Jones has partnered closely with the marketing team to build brand recognition and a meaningful marketing strategy for the Maverick Solutions products. Jones helps achieve an easy-to-understand way of marketing by translating guidelines into easily digestible information and centering the borrower experience. Additionally, Jones has been a vocal advocate for the Maverick Solutions brand by building a culture around being a Maverick. With Jones’ expertise, Maverick Solutions has released 6 non-QM products since its inception and continues to grow today to provide homeownership opportunities to more and more Americans.

SEPTEMBER 2021

Noah Jones

Adam Josephson

Floify

Top of Mind

Director of Disclosures & Onboarding

VP, Customer Success and Service

As a veteran digital mortgage professional and the director of disclosures and onboarding at Floify, Noah Jones is the driving force behind Floify’s disclosure and onboarding process for thousands of loan originators and their support teams. Since joining Floify in 2018, Jones has effortlessly remained the technical and customization expert for the company’s sales team and lent his expertise to LOs as they navigate the often confusing mortgage technology marketplace. Over the last 12 months, Jones and his team have spearheaded new account creation, customization and training, as well as ensured successful transitions to digital loan workflows. During this time, Jones has also provided customers disclosure management and support as needed throughout the duration of their engagement with Floify. Furthermore, he has been responsible for ensuring the accurate preparation and timely delivery of mortgage disclosures for loans, including delivering these time-sensitive documents to consumers in accordance with company and CFPB guidelines.

At Top of Mind, Adam Josephson has architected a customer journey that has led the company’s flagship product to achieve a customer satisfaction score of 97%. In his role, Josephson is responsible for creating a journey for Top of Mind customers – from sales to support. Josephson’s first major project upon joining the company was to develop a new streamlined process for handing off newly-signed customers from sales to an implementation capable of scaling as the company grows. By implementing a new internal CRM and reengineering how information moves between departments, Josephson was able to reduce the time for customers to go live with Surefire by 36%. Also notably, Josephson implemented a product support request prioritization process that reduced the queue of pending product requests by an average of 50% in a matter of 15 months. Other major initiatives Josephson took on over the past two years include building a professional services division from the ground up to help customers execute on their business needs and developing ROI reporting for customers.

Vasantha Kandikuppa

Elizabeth Karwowski

Equifax

CredEvolv Services

Chief Operating Officer and Chief Customer Officer

As Equifax’s product architect leader for Mortgage, Vansantha Kandikuppa works very closely with Equifax’s business and development teams to translate product/business requirements into valuable technology solutions. She navigates a myriad of stakeholders while effectively managing and mentoring both on- and off-shore resources. During the pandemic, Equifax was laser-focused on massive technological transformation, migrating all of their technology solutions and products to the cloud; Kandikuppa was at the helm leading these efforts. In addition to this gargantuan effort, she helped them completely rewrite and replace their customer-facing product portal and enhance several mortgage products, all over the course of 12 months. In her day-to-day role, Kandikuppa manages several teams across three different business units, ensuring they are all set up for success and have her full attention whenever they need it. She embraces the philosophy that failures are stepping stones to excellence.

Formerly the CEO and president of Get Credit Healthy (acquired by CredEvolv), Elizabeth Karwowski built her company from the ground up and has helped tens of thousands of consumers achieve credit well-being and realize the dream of homeownership. As the chief operating officer and chief customer officer for CredEvolv, Karwowski is responsible for all aspects of operations and customer success for their fintech education platform. She has built a fintech platform to connect mortgage originators with HUD-certified nonprofit counseling agencies to help deserving but underserved consumers remediate their credit issues and participate in the dream of homeownership. In 2020, Karwowski successfully navigated the COVID-19 pandemic, moving all of her operations to a virtual environment. During this time, she was able to successfully grow revenue despite the unknowns of the pandemic. At the same time, she planned and executed a migration of the technology platform from server-based to an AWS cloudbased platform with multi-tenancy and microservices capabilities.

SEPTEMBER 2021

47 ❱ HOUSINGWIRE

Sr. Mortgage Product Architect

Bindu Kaul

Azar Kheraj

Director, Cloud and Data Technology

Senior Director of Strategic Finance

Fannie Mae

OJO Labs

In her role as director of cloud and data technology, Bindu Kaul combines expert knowledge of multi-cloud and data technology with leadership and influence capabilities. She empowers Fannie Mae’s housing products development and digital transformation efforts with cloud adoption and has driven a balanced, efficient and secure cloud-native architecture and migration strategy which includes Fannie Mae’s capabilities, processes and people. Kaul has completed enterprise-wide database connectivity solutions which impact approximately four thousand database connections and is helping the company provide a better overall experience to its customers. Digital transformation is key to Fannie Mae achieving its mission of transforming the housing market, and Kaul is behind the scenes making it happen. She has led several initiatives to establish secure and reliable cloud architectures in support of migration acceleration. She also leads cross functional teams to architect critical services with enterprise-wide dependencies.

As senior director of Strategic Finance at OJO Labs, Azar Kheraj has played a critical role in OJO Labs’ tremendous year of growth. Since joining the company in February 2020, Kheraj has guided OJO Labs in strategic decisions that bring the OJO experience to millions of new consumers across the U.S. and Canada and break down barriers to homeownership along the way, positioning the company for rapid growth. At the onset of the pandemic, Kheraj provided strategic advice for maintaining a sustainable and profitable business in a market that was turned upside down overnight. Meanwhile, he worked closely with executive leadership to vet the opportunity to acquire Movoto, having to return to the drawing board multiple times with his team to re-evaluate the opportunity in the face of industry headwinds. In addition to the Movoto acquisition, Kheraj has developed the model for how the company would scale while shifting its monetization approach. Further, he worked alongside his executives to spearhead the acquisition of personal finance platform Digs.

Shane Kidwell

Stephanie Kupke

Victorian Finance

Caliber Home Loans

48 ❱ HOUSINGWIRE

EVP, Sales

VP, Product Development

Within five years of joining the industry, Shane Kidwell was selected as a top 1% mortgage originator and managed a team to over $300 million in loans. He owns and operates complementary businesses across the country. He currently manages and oversees a team of more than 80 originators and support staff in 10 states as the executive vice president of sales for Victorian Finance. Kidwell is constantly working to stay at the bleeding edge of technology and believes that building a personal team and brand are keys to success for every originator he comes in contact with. He works diligently to ensure his originators have all of the latest tools to efficiently manage a growing number of clients while delivering a personalized and relatively painless experience for them. He also regularly hosts webinars for the company’s loan officers across the country and spotlights guest speakers to share knowledge and ideas on how to improve their workflow, client experience and retention, branding and team culture.

As Caliber’s vice president of Product Development, Stephanie Kupke is responsible for creating and driving strategies to help provide borrowers with the right programs to help them attain their dream of homeownership. During the unprecedented times of 2020, through Kupke’s leadership, Caliber was able to make the necessary adjustments to ensure the best products were offered to customers while also mitigating risks. She led the charge on temporarily halting certain products and worked countless hours to track down information from investors and servicers regarding their updated policies. The following year, Kupke led the Product team to successfully launch over 45 individual programs across more than 20 Housing Finance Agencies, reintroduced non-QM products through Caliber’s brokered partnership with NRZ and expanded Caliber’s Jumbo investors to offer competitive pricing and programs across the U.S. Kupke manages a multitude of teams within her department and takes the time to ensure everyone feels included within the organization.

SEPTEMBER 2021

Sean Lamb

Leah Lanier

American Pacific Mortgage

Lenderworks

SVP, Operations

COO

As senior vice president of Operations at American Pacific Mortgage, Sean Lamb works hand in hand with operations and production leadership to ensure that not only do loans close — but they do so with every cylinder firing at exactly the right time. In 2020, Lamb stepped into a senior leadership role in the midst of the business surge never before seen in the industry. He kept a laser focus on loan quality as well as turn times and worked with the technology department to get his team set up and operational to work remotely. He then further grew his team to fill the gaps created by the influx of business. All while doing this he kept focus on loan officers, making their transition to a remote process streamlined so that they could continue originating while confident that their loans were being processed, underwritten, and funded with his team. When business more than doubled, instead of simply moving business to an offshore vendor, he worked to open an APM-operated offshore fulfillment center in Manilla, Philippines to help ease the burden on the stateside operations teams.

As chief operating officer, Leah Lanier is at the forefront of Lenderworks’ growth, and has led the way by recognizing the brand’s strengths, galvanizing them with improved processes and then taking them to market. Lanier has worked in virtually every element of mortgage lending — starting as a bank teller 20 years ago, then growing her experience and expertise in everything from loan origination to risk management, compliance, wholesale credit risk and business systems. In her past 10 years with Lenderworks, Lanier has excelled at building teams of cross-functional professionals trained to support mortgage lenders. In particular, in the past year, Lanier has driven change initiatives designed to improve efficiency and optimize integrated technologies for a business poised to enter a phase of accelerated growth. Her talented skills in system implementations, redesign of business processes and project planning have all contributed to putting Lenderworks in a position for explosive growth in 2021 and beyond.

Josh Lehr

Director, Strategic Analysis

Director, Technology Alliances

RE/MAX

Total Expert

As the director of Strategic Analysis for RE/MAX Holdings, Genevieve Lawrence offers data-powered guidance to the Executive Leadership team that plays a direct role in strategic decision-making. With a passion for progression, Lawrence took RE/MAX from a company that used data operationally to a company that uses data dynamically, seeking out greater impact and implementing findings in strategy to help RE/MAX make decisions differently.  Lawrence’s team has been able to help shape the core initiatives behind the company’s reported $72.3 million of revenue during Q1 of 2021. Over the past year, Lawrence’s team’s work has resulted in changes to the franchise billing structure as well as recruiting and retention initiatives. Thanks to her razor-sharp analysis, the RE/MAX regional development team was able to pinpoint the cities with the most opportunity for growth and what matters most to agents in those markets, resulting in a 15-city business coaching tour. This regional analysis helps make the RE/MAX National Housing Report.

With 19 years of financial services experience and nine years of mortgage industry knowledge, Josh Lehr has become one of the most highly-valued and trusted advisors on consumer lending for Total Expert. Lehr joined Total Expert in June 2020 as its director of strategy for consumer direct. Lehr quickly became a company visionary and leader for Total Expert teams as the marketing and customer experience-focused fintech helped lenders and loan officers nationwide pivot to fully serve borrowers online. In 2020, Lehr developed and strategized the company’s newest product, Total Expert for Consumer Direct, a powerful tool that helps lenders better connect with borrowers through data-driven insights and marketing automation technology, which officially launched June 2021. He then helped secure more than 30% of anticipated revenue goals for the Consumer Direct product, all before the second half of the year 2021. He also developed a training for Total Expert’s employees to ramp up awareness for the company’s consumer direct strategy and product roll-out.

SEPTEMBER 2021

49 ❱ HOUSINGWIRE

Genevieve Lawrence

Angela Leyva

Landy Liu

American Mortgage Network

Better.com

Processing Manager

General Manager, Insurtech

As manager of loan processing for American Mortgage Network, Angela Leyva is responsible for ensuring that loans close on time and meet the specifications of the company’s investors. She orchestrates a finely tuned team of 10 individuals who work across company departments, such as underwriting, originations and management, as well as helps customers who want to close on time. She trains all her staff by not only teaching process requirements but also personally encouraging and coaching them to reach out to other members of the AmNet team to resolve issues that slow the loan approval process. Given the surge in loan volumes, Leyva has created an organized team that embraces a “win-win” philosophy. Each loan processor understands how to fix issues and often works outside their comfort zone. Leyva inspires a mindset in her team that focuses on continual learning and enacting changes that better serve clients, both inside and outside the company. Leyva leads by example and gets involved in daily activities to meet ongoing challenges.

At just 27 years old, Landy Liu got himself licensed as an insurance agent and launched Better.com’s insurtech business lines, comprising both homeowners insurance and title insurance. Under Liu’s leadership, Better.com’s insurtech division has grown 700% year over year, bringing in significant revenue while saving customers hundreds of dollars per year with faster, cheaper and more transparent insurance. While Better.com’s insurtech business is a separate business from their mortgage business, they’re successful because Liu has been able to build strong relationships across the mortgage company and strategically work with senior partners to implement new processes to optimize efficiency internally, maintaining customer experience at the forefront of his operations. Liu is a true insightful leader and visionary who has created a startup within a startup that now prizes over 8,000 employees. The success of Better.com’s insurtech can be credited to Liu as a leader. He strikes a balance between empowering his team and leading and directing them.

Sandra Madigan

Samantha Manfer

Black Knight

Planet Home Lending

50 ❱ HOUSINGWIRE

Digital Product Director, Enterprise Product Strategy, Servicing Technologies

Sandra Madigan is leading Black Knight’s efforts for digital transformation in loan servicing by conceptualizing and supporting the development of numerous digital capabilities that provide for a better customer experience. Madigan helped lead the development of Servicing Digital, a game-changing solution in the servicing industry, and the most successful product in recent history at Black Knight. This unique product gives customers the ability to review information about their loan and home, as well as perform tasks, such as making payments, from any device. In three short years, Servicing Digital has secured over 5 million active users per month. As the lead evangelist behind Black Knight’s application programming interface future strategy to benefit their valued customers, Madigan makes sure all Black Knight’s digital products are developed with an API mindset. This significantly accelerates Black Knight’s ability to bring innovative solutions to market quicker for the benefit of their clients and helps them perform business processes with ease and efficiency.

EVP, Business Development

As executive vice president of Business Development, Samantha Manfer is a visionary rainmaker who leverages the Planet Financial Group family of companies to generate fee-based income and maximize portfolio execution for private clients. During her eight years with Planet Home Lending, she has identified and implemented dozens of strategic initiatives that drove profitability and raised the Planet family of companies’ visibility as a multichannel platform focused in the residential and commercial servicing and lending spaces. Over the past year, the strategic partnerships Manfer developed with institutional private investors have helped fuel the company’s record-breaking profits and growth. As the end of coronavirus-related forbearance approached, Manfer pitched investors on the importance of effective default resolution and reperformance to fully capitalize on asset values. As she continued to attract private clients with portfolios advantaged by sophisticated management, Planet Home Lending’s third-party sub-servicing portfolio more than doubled.

SEPTEMBER 2021

Chiara Mazzonis

Dionne McBride

Promontory MortgagePath

LERETA

HR Director

VP, Tax Line Set Up / Tax Line Audit Manager

A human resources rockstar, Chiara Mazzonis has doubled Promontory MortgagePath’s workforce, kept employee satisfaction at an all-time high despite a pandemic and employee turnover being at an all-time low — all while remaining ready to tackle whatever new challenges come her way with enthusiasm and determination. As Mazzonis’ role and responsibilities have grown alongside Promontory MortgagePath, beginning as an HR consultant to her current role as director of human resources, she’s seen to it that all Promontory MortgagePath employees have the same opportunities. She’s implemented career development opportunities within Promontory MortgagePath to allow current employees to grow their careers with the organization while also managing a 91.2% increase in the company’s workforce. From internal job openings, promotions and lateral moves across teams, with Mazzonis’ HR expertise, Promontory MortgagePath has prioritized employee longevity. As a testament to this, new hire onboarding satisfaction is at an all-time high.

Throughout her tenure at LERETA, Dionne McBride’s upward momentum in the company has given her a unique sense of what clients and prospects are looking for. McBride started at LERETA more than 25 years ago in a customer service processing role. Throughout her career, she has held several different managerial roles before working up to vice president, tax line set Uup / tax line audit manager. In this role, McBride is responsible for leading the tax line set up and audit team that’s responsible for timely set up of all new orders and acquired loans. In 2020, McBride led the initiative to launch LERETA’s document review service offering in which LERETA reviews lenders’ closing disclosure statements to confirm taxes were paid at closing and proceed with an accurate set up of tax lines for future payments. Since the launch of the offering, the team has been able to save lenders significant time researching and posting refunds on thousands of loans from the tax collecting agencies and prevented payments of delinquent taxes.

Dean McCall

Scott McGinley

Promontory MortgagePath

American Financial Network

EVP, Secondary Marketing

Dean McCall has been committed to developing technology to streamline complex mortgage processes from start to finish for over 20 years. McCall joined Promontory MortgagePath in April 2016 as one of the firm’s first employees and was tasked with helping to establish the firm’s infrastructure and tech stack from the ground up. Managing a diverse team that includes front-end engineers, back-end engineers, and help desk personnel, McCall’s efforts have helped Promontory MortgagePath grow from a small start-up to a business with more than 100 employees servicing multiple customers in just a few short years. McCall is the mastermind behind Promontory MortgagePath’s cloud infrastructure blueprint, matching data architecture to unique mortgage-industry problems and incorporating self-service data insights into mortgage operations. As the lead developer of Promontory MortgagePath’s point-of-sale technology, Borrower Wallet — and specifically the development of its superior data collection by developing proprietary tools such as Perfected Qualifying Data and IncomeAI.

With decades of experience in capital markets/secondary marketing, Scott McGinley’s depth and breadth of program, pricing, warehousing and trading knowledge have helped make it possible for American Financial Network to consistently close $1 billion in loans, month after month. As AFN’s executive vice president of Secondary Marketing, McGinley is brilliant at what he does, from margin strategies and hedging position optimization to best-execution modeling. His abilities and knowledge have expanded along with the company’s growth, always keeping pace with what is required to flourish and succeed at ever-higher levels. His combined education and years of experience, paired with the way he collaborates with others on the executive team, make McGinley a shining star in the eyes of his peers. McGinley is also a pillar of his community and gives back with donations of time, sweat and pledges. He has run many marathons and raised hundreds of thousands of dollars for charities, such as The ALS Association.

SEPTEMBER 2021

51 ❱ HOUSINGWIRE

Managing Director of DevOps & Data

Ryan McGuinness

Kevin McKenzie

Freddie Mac Single-Family Division

SimpleNexus

Mortgage Servicing Policy Director

CFO

Ryan McGuinness serves as director of single-family servicing policy at Freddie Mac, where he is responsible for creating loss mitigation products and policies to support the needs of borrowers and servicers. At Freddie Mac, McGuinness has created a successful track record of, developing, implementing and monitoring servicing policies and requirements. When the pandemic hit last year, McGuinness helped Freddie Mac successfully steer through the challenges by supporting mortgage Servicers, including collaborating across the industry, creating flexibilities to help thousands of people stay in their homes, leading policy development during the rapidly changing environment, and helping to produce a record number of Guide Bulletins. He not only helped Freddie Mac but also successfully worked with FHFA and Fannie Mae to create GSE-aligned products and policies that benefit the entire industry. Most notably in 2020, the GSEs rolled out the COVID-19 Payment Deferral to help thousands of borrowers, which was born out of a pilot program that McGuinness created.

From leading a $108 million capital raise to developing multi-tiered dashboarding, chief financial officer Kevin McKenzie’s initiatives have been central to rapidly scaling tech innovation and company growth at three-time Inc. 5000 company SimpleNexus. When McKenzie joined SimpleNexus, he brought vibrant innovation to the organization by spearheading three major initiatives that have brought a national staff of 209 marching toward a singular goal. The first of those initiatives was developing department- and executive-level dashboarding that keeps every stratum of the organization aligned and empowered to make data-driven decisions using a crawl, walk, run strategy. The second major initiative driven by McKenzie was a company-wide dashboard that enabled every employee to see objectives and key results progress by client. That way, employees from every department feel invested in client success and can offer support if a client is lagging. Lastly, as his third major initiative, McKenzie is the creator and driving force behind SimpleNexus’ financial planning and analysis initiatives.

Candra McLaughlin

Erik McNally

First Community Mortgage

Nomis Solutions

52 ❱ HOUSINGWIRE

VP, Regional Operations

Senior Product Manager, Mortgage

Candra McLaughlin just finished her second year making an impact at First Community Mortgage as vice president of regional operations. McLaughlin’s management style is perfectly in sync with her company’s leadership model. Her strong support of her operations and sales teams builds strong confidence in her ability to make things happen — timely and with quality. McLaughlin and her operations team are almost transparent to First Community Mortgage by doing what’s needed to get the job done and doing so in a way that seems effortless. She makes her supervisor’s job much easier by enabling them to focus on the big picture since she and her team consistently have their work humming along smoothly. McLaughlin exemplifies First Community Mortgage’s leadership model while encouraging others to do the same and, in fact, giving them the room to do so. She gives her team the motivation to rise above when things don’t go as expected and instead of looking for blame, she points them toward finding a resolution.

Erik McNally joined Nomis Solutions two years ago and quickly became a key contributor to product development due to his keen experience and background in the mortgage industry. As lead product manager, McNally is responsible for designing the robust analytics methodology and captivating display within Nomis Mortgage. McNally works cross-functionally between teams to spearhead Nomis’ product vision and communicates diligently with developers and UI/UX designers to construct data pipelines, APIs and software wrappers. In the past year, McNally has also worked to build analytics for multiple dashboards, provided advanced training for all Nomis Mortgage clients and processed over 2 billion records in Nomis’ data pipeline, representing primary market pricing for more than 600 lenders. Acting as the glue between the development, design, mortgage client success and sales teams, McNally continues to be involved in every aspect of the Nomis Mortgage platform creation and ongoing evolution - from coding to enhancements and new functionality deployments.

SEPTEMBER 2021

Katie Means

Cheryl Miller

International Document Services

Embrace Home Loans

Implementation Specialist

VP, Closing

For lenders implementing document preparation software, an expert implementation specialist can make all the difference, and Katie Means makes that difference every day at International Document Services. In her role, she assists clients with federal, state and lender-specific mortgage documents using in-house software. With a vast understanding of the mortgage industry, Means works every day to provide a high level of customer service. Since last year, Means has led 20 successful implementation projects, onboarding her clients at a faster pace than the industry average. During that time, she has also created 1,013 documents that are used in tens of thousands of mortgage transactions across the country each month and worked on 5,797 Zendesk tickets with 100% satisfaction feedback. Means also recently implemented several large clients that are now consistently some of IDS’ top 10 producing clients. Means has not only excelled in her day-to-day duties but has grown into a leader in the implementation department.

In 2020, Cheryl Miller was called to serve as a mentor to her company, Embrace Home Loans’ closing group to share her vast expertise and experience. By early 2021, Miller became the leader of the group and was promoted to vice president. When she joined the group, Miller immediately created additional structure for the closing teams to have a better view of the work to be done. In addition, she made adjustments to the loan process to make it more efficient for each teammate in the closing area. In the 12 months since Miller served as a mentor and subsequently took over closing, the size of the group has doubled. Additionally, Miller has devoted much of her time to working with and training the new managers, teaching them not only pipeline management but also conflict management and teamwork. Miller has become a leading example to other employees by being sincere, fair and reliable and always going the extra mile to help others. Outside of her direct role, Miller has been an integral part of fundraisers, volunteer work and community service.

Susan Mudry

VP, Product Management

VP and Chief of Staff, Office of the CEO and President

Factual Data

Freddie Mac

As vice president of product management at Factual Data, Ashley Minech oversees the Product Management, Change Management, Technical Support, Account Support, and Business Analyst groups. Having started with the company in 2008, Minech’s breadth of company and industry knowledge make her a go-to resource for information. Early in the pandemic, when loans in forbearance were increasing dramatically, Minech, as a key member of an executive team, led the development of a new product offering credit data from sister-company Innovis. The data provided updated information to lenders to identify if a loan had gone into forbearance – critical information for lenders. As a key contributor to this initiative, Minech drove the development and then supported the Factual Data team as they spread the word to lenders in the industry. Over the past year, Minech has been involved in dozens of customer engagements, representing the company as the subject matter expert for Factual Data products and ordering platform.

With nearly 25 years of experience at Freddie Mac, in all major operating divisions, Susan Mudry has a proven ability to build and oversee efficient operations for a large organization via strong business acumen and organizational savvy. As chief of staff to the president and the interim CEO, Mudry touches nearly every one of Freddie Mac’s most consequential challenges. Through a global pandemic and multiple leadership transitions, Mudry remained the glue behind it all during 2020, connecting the C-suite to the broader staff and providing a conduit for the flow of information among the Freddie Mac business lines. In the past year, Mudry oversaw the effective execution of corporate strategies and goals, including those impacting Freddie Mac’s broader communities. Among other top corporate priorities, she influenced the enterprise’s position on inclusion and diversity and the mission to support affordable housing. In that capacity, she developed an approach for creating racial equity and inclusion plans across the company.

SEPTEMBER 2021

53 ❱ HOUSINGWIRE

Ashley Minech

Tricia Murray

Fobby Naghmi

CoreLogic

First Option Mortgage

Sr. Leader, Analytics

EVP, National Sales Manager

With 19 years of industry experience, Tricia Murray is a strategic leader, driving innovation every day. She drives the business plans for weather, for climate change and for creating “off the shelf” analytic capabilities across industries. In 2020, she introduced MLOps for CoreLogic’s core solutions, and that process was adopted across the enterprise. As CoreLogic continues its pursuit of a complete view of property, Murray has paved the way with her executive leadership in the cross-enterprise adoption of analytic and hazard models into, for example, mortgage and servicing as well as insurance and collateral risk. In her time at CoreLogic, she has been instrumental in leading the charge in moving key solutions like their automated valuation model and Home Price Index to a cloud-based architecture, thus facilitating the use of artificial intelligence and machine learning models. She’s implemented a robust analytic surveillance system to validate the quality and accuracy of the petabytes of data flowing into the more than 180 models her team supports.

With more than 25 years of mortgage industry experience, Fobby Naghmi knows the intricate details of the mortgage process and what it takes for companies to succeed. As the national sales manager, he continues to tap into his industry experience to help increase First Option’s national footprint. With his direct involvement, First Option was able to update its web page to better share the company’s culture with consumers. At the same time, Naghmi was instrumental in developing a stand-alone site designed to engage candidates and share the First Option’s proposition value. His knowledge of branding allowed him to enhance the marketing department and help develop new collateral that aligned more closely to the firm’s vision. Naghmi has also been instrumental in improving First Option visibility in the industry and attracting talented and skilled professionals needed to help take the regional firm to the next level. His reputation has allowed him to provide expertise and discuss the challenges of the homebuyer in 2021 on his company-supported podcast.

Ameez Nanjee

Annette Noonan

Freddie Mac

Advanced Data Corporation

54 ❱ HOUSINGWIRE

VP, Asset & Liability Management and Assistant Treasurer

Director of Verifications

Ameez Nanjee joined Freddie Mac as an analyst in 2004 and quickly advanced into leadership, becoming a portfolio manager in 2006 and working his way through the ranks to assistant treasurer and vice president, asset and liability management, a position he has held since 2019. Nanjee is largely responsible for the planning and flawless execution of Freddie Mac’s LIBOR transition, and he spearheads the enterprise’s cross-divisional, 80-person LIBOR Transition Task Force. Over the past year, the task force created a LIBOR Transition Playbook and FAQ and posted those to a new Reference Rates Transition website to educate the industry. In addition to his duties as leader of the LIBOR Transition Task Force, he is directly responsible for all management of Freddie Mac’s interest rate risk strategies, short-term and longterm funding and debt management strategies, liquidity investment portfolio and structured financing, cash flow and liquidity metrics. He also leads the financial workstream for corporate resolution planning strategies.

Going on her 12th year at Advanced Data, Annette Noonan serves as director of verifications, overseeing a team of 70 remote verification specialists. From the start of her time at Advanced Data, she has worked closely with the founder of the company to develop policies, procedures and processes. Her intimate understanding of Advanced Data’s proprietary technology and her operational experience give her a unique perspective and make her an asset to each department. At the start of 2021, Noonan worked with her team of verification specialists to migrate more than 70 mortgage lenders from QuestSoft/ Ncontracts to the Advanced Data platform to handle all their mortgage verification needs. As a result of her hard work, Advanced Data has built a reputation of excellence. Noonan was integral in developing operational procedures and compliance that provided the company with the opportunity to become an authorized report supplier of Verification of Employment, Verification of Income, Verification of Assets and 4506-C Income Tax reports for the validation service.

SEPTEMBER 2021

Monica Ottenbacher

Amanda Overton

Mortgage Cadence

First Guaranty Mortgage Corporation

EVP, Client Delivery

VP, Compliance

Monica Ottenbacher, executive vice president of client delivery at Mortgage Cadence, has been helping implement the Mortgage Cadence LOS for more than eight years and leads a team that provides comprehensive support to clients. Ottenbacher started at Mortgage Cadence in the professional services team before she began the work of remaking the customer success team. She moved the team out of sales and merged them with technical client managers to create a group that could be true advocates for the company’s clients. She then grew the customer success team to include professional services and support to provide a single, cooperative team focused on solving client challenges. Ottenbacher and her team help customers to take full advantage of the power built into the LOS, resulting in better ROI for their technology investment, high adoption rates and users. Additionally, Ottenbacher volunteers as the Canadian Communications lead for Accenture’s inclusion and diversity outreach efforts.

At FGMC Amanda Overton, vice president of compliance, is one of the secret weapons to conquering the firm’s goals and embarking on new projects. Her people-first approach to compliance and risk allows FGMC to rise in the marketplace. She is a certified regulatory compliance manager and an expert at her craft. Overton manages regulatory exams, licensing, regulatory changes and reporting, marketing reviews and compliance policies and procedures. She consistently delivers outstanding results for her firm even in the midst of COVID-19 and large-scale initiatives, and her leadership style has enabled her to build an effective and dedicated team to support FGMC’s ventures. During her time at FGMC, Overton has been involved with launching the Wholesale channel and expanding the Retail channel, executing numerous marketing partnerships and campaigns and expanding the firm’s proprietary non-agency product line Maverick Solutions. Her input was essential to these major projects and provided FGMC with direction to adhere to regulatory guidelines.

Teri Pansing

Michael Potter

Fairway Independent Mortgage Corporation

Finance of America Mortgage

Director of Underwriting

Teri Pansing has been a veteran of the mortgage industry for over 20 years. Currently, Pansing serves as vice president corporate closings at Fairway Independent Mortgage Corporation, where she oversees the E-Close Digital Team. In her tenure, she has made Fairway a leader in the remote online notary space by closing in 25 countries around the world. Pansing has led the transformational charge related to digital eClosings, eNotes and use of RONs within Fairway. In the past 12 months, she has not just grown a digital closing team from two to more than 15 people, she has also internally and externally grown the positive perception related to Fairway’s digital eClosings across the country and abroad. Because of Pansing’s effort, Fairway now has some branches with over 80% of their business done via eClose monthly. Pansing’s approach, dedication and drive to being the leader in the digital eClosing and eNote space has netted additional benefits at Fairway that include improved performance and profitability throughout multiple departments.

Michael Potter is a driven leader who has spent the entirety of his more than 30 years in the mortgage industry devoted to ensuring quality and adherence in the loan application process. In his seven years at Finance of America Mortgage, Potter has grown from serving as a regional underwriting manager for the east coast to overseeing all of FAM’s underwriting operations. As director of underwriting, Potter manages a department of over 300 team members located across the U.S. His leadership has been pivotal to FAM’s ability to provide customers with a wide range of mortgage products. Over the past year, Potter motivated his team to achieve ambitious goals, including overseeing more than $29 billion in loan volume in 2020, an 88% increase year over year. More than just a strong problem-solver and people-oriented communicator, Potter also shares FAM’s vision for industry innovation and has been integral to the company’s ability to introduce new proprietary products.

SEPTEMBER 2021

55 ❱ HOUSINGWIRE

VP, Corporate Closing

Jennifer Priestley

Sean Pyle

AmeriHome Mortgage

Valutrust Solutions, a Williston Financial Group company

SVP, Consumer Direct Credit Operations

President

Jennifer Priestley, SVP, Consumer Direct Credit Operations, has been in the mortgage industry for 31 years and has spent the past four years with AmeriHome Mortgage, where her industry experience has brought an integral level of excellence to the variety of positions she has held. She has been a critical part of AmeriHome’s year-over-year production growth of 125% in the consumer direct division and this past year has been critical in helping AmeriHome successfully meet all the new regulations and guidelines brought about by the pandemic. While integrating these new changes for COVID-19, she single-handedly reviewed nearly 1,000 loans prior to the agencies coming up with specific guidance to make sure income continuity was met. Priestley has also made a huge impact on AmeriHome’s production levels which have doubled in the last year. She has helped achieve that by constantly communicating, requesting and addressing feedback on what was and wasn’t working for them while making sure that they kept in contact with people frequently.

As co-founder and president, Sean Pyle manages all aspects of Valutrust Solutions. He drives the development of new initiatives while setting an overall tone of collaboration with staff and clients. As the business transitions to a post-pandemic environment, Pyle has brought to the forefront new products for the company. Under Pyle’s guidance, these new products were developed to offer an alternative to traditional appraiser products and are specifically designed to allow Valutrust entry into new segments of the market that move beyond the focus of mortgage origination. Pyle also led the development of an integrated user interface for WFG’s Enterprise Solutions Title and Closing group. Through this proprietary platform, clients can access real-time, guaranteed pricing and all of WFG title services in conjunction with the company’s national appraisal management and property valuation services. As a direct result of the programs and measures Pyle has put into place, Valutrust is consistently ranked as a top-performing provider of services by its clients.

56 ❱ HOUSINGWIRE

Amaly Quiroz

Bill Rice

VP, Transaction Processing

VP, Data Acquisition and Fulfillment

eXp Realty

First American Data & Analytics

With more than 17 years of experience in real estate compliance and operations, Amaly Quiroz is an expert in running a brokerage with an emphasis on agent transactional flow. Since joining eXp Realty as vice president of transaction processing in 2019, she has transformed the department so that agents and staff have the support they need to scale and grow the worldwide brokerage. Quiroz has grown her department from about 100 people in 2019 to 300 in 2021 — through the pandemic — to help support eXp’s unprecedented growth from about 22,000 agents to more than 56,000 agents in 14 countries. She has added additional layers of support for both staff and agents. She also has raised the agent payment net promoter score by 50 points, which her company relies on to measure agent and staff experience and satisfaction and promote organic growth and retention. At eXp, Quiroz and her 300 member team are responsible for processing all agent transactions across the nation. She has more than doubled transaction counts, processing more than 25,000 files each month.

For more than 25 years, Bill Rice has been a pioneer in modern real estate and mortgage industry database management. In his role as vice president of data acquisition and fulfillment for First American Data & Analytics, Rice is responsible for the day-to-day management of First American’s bulk data distribution platform. Through Rice’s leadership, he has been able to build First American’s data assets into the premier source of data available in the industry, expanding the company’s data coverage from 700 counties to now more than 3100 counties. Over the past 12 months, Rice has been focused on managing the growth and enhancements to the company’s data distribution platforms and its data as a service (DaaS) initiative. This initiative will reduce the time, cost and overall effort of data acquisition and enable clients to consume and work with the data where they work: in the cloud. Under Rice’s direction and contributions, the company has now created a data-loaded distribution system that is second to none in the marketplace.

SEPTEMBER 2021

Dan Riley

De Ann Rogers

Howard Hanna

Sandler Law Group

EVP, Administration

Process Improvement Liaison

Dan Riley has been involved in all aspects of managing a real estate brokerage and affiliated services. With 25 years of experience starting as president of medium-sized brokerage, to part owner of one of the largest affiliated title companies, Riley has worked his way up to a central figure in all major operational decisions for Howard Hanna. Riley brings together the fundamentals to operate a large brokerage: academics, experience, affiliated services, sales and understanding of the role technology plays in advancing his company’s initiatives. Riley splits his time across diverse operational areas of Howard Hanna. In one of these areas, he manages the commercial leasing and acquisitions of more than 350 Howard Hanna real estate offices. Riley also takes lead on the due diligence, negotiations, integration and implementation of Howard Hanna’s unparalleled prop-tech. He works with all departments and partners, including Howard Hanna’s own call center and agent platform to assure their strategies are met, including the success of their agents and an ROI for the company.

Based on her successful track record, De Ann Rogers is trusted with the most challenging assignments with Sandler Law Group’s most important clients. Serving as process improvement liaison, Rogers knows how to deliver results in a timely and careful manner that immediately builds trust with her lender clients. Even as the mortgage loan closing volume hit record highs last year and the world struggled to navigate COVID-19, Rogers doubled down to train new clients and SLG employees. Rogers was vital to SLG’s success in bringing on several large clients and helping build their relationships together. Rogers trains closers in the SLG lending department and helps manage the closing pipeline. Even after implementation and training a new client, Rogers continues to make herself available for any ongoing needs. Rogers works closely with both lender clients and internal management to think outside the box to create new roles and positions to address her client and staff needs. Rogers passionately believes in and acts according to the tenets of servant leadership.

Scot Rose

Jenna Rozenblat

Class Valuation

Orchard

Head of Real Estate Operations

As chief innovation officer for Class Valuation, Scot Rose has been a key driver for innovation initiatives helping to position Class at the forefront of the valuation industry. Having spent two decades in the valuation industry, Rose is very familiar with the issues the industry is facing and the perspectives of stakeholders on each side of the table. When Rose looks at the problems facing the valuation industry, rather than finding the quickest solution, he searches for the most comprehensive solution. In response to the prolonged appraisal turn times, Rose has been heard discussing the ambition of a 24-hour appraisal—but more important than the improved timeline is the critical need for accurate, objective, unbiased, comprehensive data which can be shared transparently to all stakeholders in a transaction. Under his leadership, the innovation team at Class has formed critical partnerships across the industry and developed revolutionary software and digital tools to modernize the appraisal industry. Rose continues to win the trust of industry stakeholders inside and outside of Class.

At Orchard, Jenna Rozenblat serves as head of real estate operations where she oversees Orchard’s desktop, contract, transaction and scheduling operations. In early 2021, Orchard announced that it would bring its industry-leading Move First program, which lets homeowners buy their next home before selling their current one, to four new markets — nearly doubling its footprint. Without hesitation, Rozenblat rolled up her sleeves and set up many systems and processes for their expansion. Before Rozenblat, Orchard didn’t have the capability to launch multiple markets at once, but with her keen eye for details, the company was able to smoothly launch into multiple markets within a matter of weeks with no stone left unturned and no corners cut. Due to COVID-19, Rozenblat was unable to travel to the new markets, but she created a virtual onboarding program that ensured that her new team members understood Orchard’s core focus on the customer experience. Orchard was able to nearly double its markets and expand to three new states within a matter of months.

SEPTEMBER 2021

57 ❱ HOUSINGWIRE

Chief Innovation Officer

Mona Samaha

Susan Schmidt

Homepoint

Mason-McDuffie Mortgage Corporation

Senior Managing Director, Business Transformation

SVP, Operations

Mona Samaha has been in the mortgage industry for over 20 years, and with her background, she possesses a wide breadth of knowledge in how the business operates. In a way, Samaha is a jack-of-all-trades when it comes to her expertise in various segments and channels of the business, and her ability to bring it all together to effectively support Homepoint’s business growth. She has been a key driver behind Homepoint’s transformation into low-code automation technology, which has resulted in more efficient loan processes. She also helped lead the development of a flexible and highly componentized technology infrastructure, which allows Homepoint to provide a best-inclass experience for their mortgage broker partners and customers. Through process re-engineering and improved technology, Samaha successfully improved Homepoint’s operational leverage which has increased the efficiency of their processes anywhere from 30% to 300% and reduced the processing time of up-front processes from an average of four days to under 24 hours.

As senior vice president of operations, Susan Schmidt is involved in nearly every aspect of Mason-McDuffie, and has overseen various aspects of operations in the company growing. Schmidt knows MasonMcDuffie’s operations platform top to bottom, and has hands-on experience working across nearly every operations role in the company. Starting with the company as a doc drawer in 2013, Schmidt has grown through various departments, over the years managing underwriting, closing and appraisal desk, among other duties, before moving into an SVP role leading key operational initiatives that have helped Mason-McDuffie scale in volume and expand into new markets. Schmidt has been vital to Mason-McDuffie’s successful transition to a digital customer experience and ongoing implementation of new technology to make the mortgage process more efficient for team members and customers. As someone who has been integral in the behind-the-scenes operation, Schmidt has been key in helping MasonMcDuffie grow into a mid-sized mortgage lender.

Lisa Schwartz

David Sheeler

General Counsel

President of Residential Servicing and Correspondent Lending

58 ❱ HOUSINGWIRE

Greystone

Freedom Mortgage

Lisa Schwartz’s tenure as general counsel for Greystone, a private national commercial real estate finance firm, spans more than 20 years. As a long-standing member of Greystone’s senior executive team, Schwartz has played an integral role in leading Greystone to its current success as the #1 HUD commercial lender and a Top 10 Fannie Mae and Freddie Mac lender. Schwartz is critical to determining the company’s growth and strategic direction for the future, as well as managing a team of legal advisors across finance, asset management, servicing, property management and institutional finance matters. During her 20 years at Greystone, she has led many milestones for the growth of the company, including numerous acquisitions and business launches, contributing to the firm’s leadership position in multifamily and healthcare finance. In December 2020, Schwartz led, oversaw due diligence and closed Greystone’s acquisition of C-III Asset Management, which expanded Greystone’s asset management capabilities into special servicing.

With more than 25 years of experience in the financial services industry, David Sheeler serves as President of Residential Servicing and Correspondent Lending at Freedom Mortgage, overseeing nearly 4,000 employees. Since Sheeler joined the company in 2014 to lead correspondent lending, the division has grown its whole loan and flow MSR acquisitions groups by over 400%. Due to the pandemic, many customers suddenly found themselves in an unknown situation. Sheeler quickly communicated to his team the importance of making customers comfortable throughout the process and assuring customers that solutions are available during this difficult time. Also throughout last year, Sheeler’s team reviewed and eventually onboarded new systems, improved processes and created a loss recovery team to further reduce risks and losses for the company. Since last March, Sheeler’s team provided assistance through home retention options to more than 30,000 customers previously on forbearance.

SEPTEMBER 2021

Maloch Spivey

Agnes Standowicz

MAXEX

United Wholesale Mortgage

Managing Director, Loan Operations and Transaction Management

VP, Underwriting Leader

With 17 years of experience in the mortgage operations space under his belt, Maloch Spivey combines his experience, leadership style and in-depth knowledge of the inner workings of the mortgage business to guide MAXEX through its growth. Spivey’s analytical nature allows him to calmly assess friction points and develop practical solutions. By creating an accountable culture with SMART objectives, Spivey allows the operations team to better measure the impact of their contribution as the model accelerates growth for MAXEX. Spivey’s intricate end-to-end knowledge of the mortgage business allows him to have a unique understanding of what needs to be achieved in order to further accelerate adoption of the exchange model. From increasing loan volume with faster speed and efficiency, to offering more varied programs and products, to enhancing the user experience for buyers and sellers alike, Spivey’s work allows MAXEX to take leaps forward. In 2021, Spivey helped MAXEX achieve organizational records in funding dollars and units.

As the vice president of underwriting, Agnes Standowicz is at the heart of United Wholesale Mortgage’s operational efficiency and client experience. Her passion for speed and quality has impacted UWM’s ability to close loans more efficiently for consumers. Since joining UWM in 2013, Standowicz has held various leadership positions within underwriting, working her way up to the Vice President of Underwriting. Under her leadership, the underwriting team has been able to continue to break records with the number of loans underwritten and closed within the last 12 months. The unbeatable performance of UWM’s underwriting team is a direct reflection of Standowicz’s ability to successfully lead and support a team of over 3,000 underwriters. Standowicz’s impressive knowledge of underwriting guidelines and lending policies makes her a force to be reckoned with within the industry. This knowledge allows her to regularly be involved in working with UWM’s training teams in developing new and up-to-date training materials.

Davida Stanley

Kimberly Starnes

LoanLogics

Aslan Home Lending

Partner & COO

As director of document operations for LoanLogics, Davida Stanley is responsible for monitoring and ensuring that every loan file submitted by clients is processed in a timely fashion. Specifically, she oversees the human component behind the company’s highly innovative LoanLogics IDEA. In this role, she manages as many as 1,450 offshore operators and a team of six onshore associates. When the pandemic struck, Stanley oversaw the transition of LoanLogics’ offshore operators to working remotely. For reasons out of anyone’s control, however, many operators couldn’t work from home. This caused the number of Stanley’s offshore operators to fall more than 30%, just when LoanLogics’ volume skyrocketed as U.S. lenders were maxing out their capacity to handle significant interest rate-driven market demand. Knowing she had to do more, Stanley worked closely with the LoanLogics IT and product development teams and senior company leaders to implement new workflows within IDEA so that fewer operators could process loans even faster.

During her time in the industry, Kimberly Starnes has acquired over 30 years in commercial, consumer, student and mortgage lending. She excels at problem-solving, using her vast experience to produce the solutions needed for every situation and scenario imaginable. Her understanding of the nuances embedded into every loan helps guide her team clear of surprises, building trust and earning repeat business from families as they move through different stages of life. As partner and chief operating officer at Aslan Home Lending, Starnes uses her experience and expertise to embrace Aslan’s guiding principles. In her role, Starnes wants to ensure that every family gets to say yes to the loan that unlocks the joy of homeownership. She assists all of Aslan’s loan officers and team in any way that she can, so they can get that yes with a lending solution that meets every client’s unique needs and wants. To show persistence, Starnes trains her staff in lending guidelines, pushing them to constantly think outside the box.

SEPTEMBER 2021

59 ❱ HOUSINGWIRE

Director of Document Operations

Wes Stayton

Mark Stier

Senior Associate, Asset Management

SVP, Head Of Consumer Platforms

Amherst Holdings

Sagent

Since joining Amherst Holdings, Wes Stayton has used his creative and innovative application of analytics to transform the way Amherst serves its residents. Stayton’s quantitative insights drive Amherst’s most critical business initiatives, including its acquisition strategy across more than 30 markets and its high-touch resident services capabilities. Additionally, Stayton’s extensive knowledge has propelled him to become Amherst’s resident insights expert. Stayton sought to better understand residents’ needs and behaviors to provide an unparalleled, equity-focused residential experience; led him to establish a baseline of understanding that informed internal policy stakeholders to craft targeted programs to keep residents current on their payments while also educating investors on Amherst’s data-driven strategies to address the anticipated downturn. Stayton’s analyses bolstered initiatives across the company, and his data will continue to shape Amherst’s long-term resident support strategy.

As the head of consumer platforms at Sagent, Mark Stier is at the center of the firm’s consumer-first servicing modernization vision for the industry. A true fintech insider, Stier previously led scale modernization of the originations business at loanDepot and POS software maker Cloudvirga, bringing a push-button, mobile-first experience to millions of mortgage consumers. Stier leads the last mile of mortgage modernization by bringing that same consumer experience to servicing, where lifetime customer relationships are managed and grown — and where $12 trillion of loans are subject to the most complex consumer and regulatory demands. In the past year, Stier’s teams restructured Sagent’s consumer loan servicing platform CARE to link a bank-on-your-phone experience for borrowers with seamless human care from servicers. This platform alone is an industry-changing feat led by Stier’s insider mortgage servicing knowledge. But the real power he unleashed this past year is real-time data sharing between CARE and Sagent’s servicing and default systems of record.

Rachael Strenz

Nick Taylor

GO Mortgage

Modus Title

60 ❱ HOUSINGWIRE

Loan Processing Manager

SVP, Sales/Growth

Serving as loan processing manager at GO Mortgage, Rachael Strenz is an innovator in processing workflow. By creating an experience using old and new school thinking, she has changed the way the GO Mortgage processing team engages with their clients and sales staff. Strenz joined Go Mortgage right before the pandemic, and to meet the needs of the company she tackled the job of reorganizing and retooling her department during a period of record-high volume. The process of creating new workflows, job descriptions and SOW definitions allowed her company to triple loan volume with less than a 25% increase in staff. As a leader she not only focuses on every team member’s individual well-being but also focuses on creating a holistic work environment built on accountability, skill development and personalized client experience aspects. The processing team under Strenz is achieving a greater level of efficiency than ever before. At the same time, department turnover has decreased, and job satisfaction numbers continue to increase.

As senior vice president of sales/growth, Nick Taylor is an integral part of the Modus sales organization, a small but nimble team operating in three U.S. regions. As one of the first employees hired at Modus, Taylor’s growth and leadership efforts have helped the company’s total headcount increase from 15 to 110+ employees in under three years. He has helped navigate the company through uncertainty, hitting record revenue every month in 2020. Last year, COVID-19 settled in for the long haul and turned business operations upside down. As the Modus sales organization went fully remote and adjusted to virtually no in-person meetings, Taylor was there to rally the troops and continue pushing expansion efforts further into new and existing markets. As a result of Taylor’s ability to pivot and adapt, Modus had a record-breaking year in an industry that is usually dependent on face-to-face interactions. Additionally, Taylor has a razor-sharp ability to cut through the clutter and focus on what’s important to forge a path forward.

SEPTEMBER 2021

Vinod Thomas

Andrew Thompson

Lima One Capital

First American Mortgage Solutions

Senior Director of Servicing

VP, Division Operations

Vinod Thomas joined Lima One Capital in 2020 and since then has used his vast experience in mortgage servicing to improve both the customer experience and the efficiency of Lima One’s in-house servicing department. By leading key initiatives to integrate new technology, select elite third-party vendors, and improve the talent of the servicing team through enhanced hiring practices and mentoring efforts, Thomas has driven measurable improvement in Lima One’s loan servicing capability. Since joining Lima One, Thomas has focused on organizing the servicing team for the success of Lima One’s real estate investor customers. In 2021, Thomas was promoted to managing director, providing leadership across the organization. He continues to leverage relationships across the mortgage industry to help Lima One offer customers better service and new opportunities to invest. Thomas is committed to leading a team that delivers a loan servicing experience that befits the nation’s premier lender for real estate investors.

Andrew Thompson, vice president, division operations for First American Mortgage Solutions, is a versatile industry veteran and a resident expert in nationwide real estate information. Thompson consistently transforms business operations through technology-led process improvements, using AI, robotic process automation, workflow automation and data extraction services to improve customer, employee and partner experiences. In the past year, Thompson has led several initiatives to enhance his company’s use of workflow automation technology and increase throughput. Thanks to his work reengineering processes, the organization has been able to capitalize on increased capacity and provide much-needed flexibility to their clients. While the COVID-19 pandemic impacted other solutions providers, Thompson’s leadership allowed First American Mortgage Solutions to continue to operationalize these improvements and dramatically increase output to meet market demand and maintain industry-required service levels.

Arthi Vijayaraghavan

Nick Volpe

OJO Labs

ACES Quality Management

EVP, Key Accounts

As senior director of product for Movoto by OJO, Arthi Vijayaraghavan has been an integral part of the company’s evolutionary innovation and growth since OJO Labs acquisition of Movoto in June 2020. With 15 years of experience spanning engineering and product management, Vijayaraghavan joined Movoto in 2014 as a product engineering manager before quickly rising through the ranks to become senior director of product. Since joining, she has led multiple critical product initiatives. When OJO Labs acquired Movoto last year, Vijayaraghavan played a key role in providing the data to ensure the value of the acquisition. This acquisition enabled OJO to scale rapidly and bring its deeply personalized technology to millions of homebuyers and sellers. In addition to her role integrating Movoto into the OJO platform, Vijayaraghavan’s leadership was instrumental in the launch of OJO Home Canada. Her work has been the backbone of OJO Labs’ expansion to the Canadian market, allowing OJO Home to help guide consumers throughout the buying journey.

As executive vice president of Key Accounts at ACES Quality Management, Nick Volpe is a key contributor to the organization’s success. He directly impacts future product development and introduces technology initiatives to the market — all while retaining a 46+ net promoter score and serving as ACES’ internal subject matter expert. Since joining ACES, Volpe has hit the ground running, managing the ACES account services team, identifying customer needs while delivering white-glove service and authoring the quarterly ACES Mortgage QC Trends Report. Volpe’s adept understanding of the industry has made the ACES quarterly report a handbook for lenders nationwide, capturing 5,298 unique views for the reports released in 2020. Through Volpe’s insider knowledge of client needs, in the last year ACES was able to finetune and implement additional services to better cater to customer needs. With Volpe’s guidance, ACES analyzed approximately 300,000 total loans for four quarterly Mortgage QC Industry Trends Reports issued in 2020.

SEPTEMBER 2021

61 ❱ HOUSINGWIRE

Senior Director of Product, Movoto by OJO

Emily Vondrak

Jithender Vulupala

Paramount Residential Mortgage Group

Common Securitization Solutions

Director of Strategic Operations

Director, Application Support

Almost five years into her tenure at Paramount Residential Mortgage Group, Emily Vondrak currently serves as director of strategic operations. In her role, she is highly instrumental in the implementation and execution of company directives related to the entirety of strategic operations and management of collateral and has a seat at the table as a senior level executive. After graduating from the University of Arizona, Vondrak immediately started working in the banking industry at First Magnus Financial followed by a career at Strategic Executive Search Group. Then in March of 2017, Vondrak found her way to PRMG and used all of her expertise to become a brilliant executive. Over the last 12 months, Vondrak has successfully demonstrated her prowess in helping PRMG create and achieve operational efficiencies in alignment with their ‘path to pivot’ to more consumer-facing activities and modern lending technology. She is an integral part of PRMG’s senior management brain trust and is culturally aligned with her company’s vision.

Jithender Vulupala leads the team that operates, supports and monitors the Common Securitization Platform, the largest and most advanced mortgage securitization service in the world. Vulupala built the application operations team to monitor and trouble-shoot the platform 24/7/365, ensuring that mortgage-backed securities are issued and funds continue to flow through the country’s housing finance system. Known at CSS as an “operational warrior,” Vulupala and the application operations team he leads, have supported the CSP without any major interruption since the launch of the platform. For much of the past year, Vulupala’s focus has been on automation. Under his leadership, 100% of the monitoring of the CSP has been automated, not only making the company more efficient and saving significant operations costs, but also making the U.S. housing finance system safer and more reliable. Vulupala leads one of the most trusted and empowered teams at CSS thanks to his leadership style to empower his people and his trust in them to do their jobs expertly.

Jessica Werner

Caleb Wuethrich

Canopy Financial Technology Partners

FormFree

62 ❱ HOUSINGWIRE

Chief Operating Officer

Director of Product

Jessica Werner, as employee number three of Canopy, oversaw the design, development and implementation of their proprietary configuration and build of a third-party technology. Werner has not only led Canopy’s first three rated Securitization transactions, but also, in less than 90 days, she had Canopy ready to commence conducting RMBS Third Party Reviews. Prior to joining Canopy, Werner obtained experience leading client service and transactions management at industry leading due diligence/third party review organizations, such as Clayton and Opus CMC. Her experience and marketplace expertise in credit, collateral and compliance she’s obtained over the past 10 years has helped Canopy to be viewed as an industry leader in just its first six months of existence. Werner not only reflects the core values of Canopy in all aspects of her life, personally and professionally, but she leads by example and sets the bar of excellence for the entire organization. As an early stage company, Werner’s leadership is one of the keys to the early success Canopy has found.

Caleb Wuethrich has worn several hats since joining fintech FormFree in 2018, each vitally important to the success of the company. As director of product, he charts the product roadmaps for FormFree’s widely-used verification products as leader of a team that spans five departments and accounts for a third of the firm’s total personnel. In his role, Wuethrich oversees the company’s core products, including its flagship AccountChek asset verification service and AccountChek 3n1. Wuethrich is instrumental in every new product from collecting customer input to building and testing out platforms with his development team. He helps turn every concept into a reality but doesn’t just stop there. Once products launch Wuethrich builds sophisticated data analytics to understand the performance of each feature, keep tabs on data quality and monitor the customer experience. Despite the pandemic this past year, Wuethrich has been able to have a big impact on the future of Account Chek 3n1 by spearheading the integration of it into the ICE Mortgage Technology Platform.

SEPTEMBER 2021

Paul Yarbrough

Bobby Zitting

Mortgage Capital Trading

MonitorBase

Director of Client Success Group

With 13 years of experience operating in the secondary marketing divisions, Paul Yarbrough is the epitome of client success. He started out as just a client for Mortgage Capital Trading and has now worked his way up to being named MCT’s director of client success. Yarbrough has been able to grow MCT’s dedicated client success team from the ground up by seeking out those who also have experience as an MCT client. He pushes his team forward through mentorship and training, which he then carries over to MCT’s clients and investors. This puts him in the unique position of being able to listen to different angles of feedback from clients, traders and investors. His love for educating, training and assisting clients and investors has helped him push forward MCT’s value of client-first. Further, Yarbrough has detailed knowledge concerning how to leverage secondary marketing technology to proficiently run capital markets functions. Aside from his diligent work at MCT for client success, he serves as the co-chair for Texas TMBA Southern Secondary 2022.

COO

Bobby Zitting has helped build MonitorBase from the ground up since joining the company straight out of high school nine years ago. As the company’s second employee, he raised it from the ground up while earning a degree in operations management. As chief operating officer, Zitting manages the internal operations team, as well as the company’s communications, sales, technology, customer training and support teams. Zitting has overseen internal operations as the company experienced a 61% increase in revenue during one of the most challenging years the housing industry has ever seen. As MonitorBase grew, however, it faced the challenge of establishing a company culture that would allow its team members to excel. As a result, Zitting, developed the MonitorBase “Culture Code” — a series of values and principles designed to ensure every major strategic decision the company makes is based on whether it improves the lives of its employees and customers. The code helped MonitorBase mature into an organization with a crafted blueprint for growth.

A podcast focused on female financial empowerment featuring HousingWire's Sarah Wheeler and Brena Nath. Listen here: housingwire.com/podcast

How to get more operational all stars in the mortgage space Tips and advice from HousingWire 2021 Insiders By Brena Nath

This year’s list of HousingWire Insiders radiate influence well beyond the walls of their individual companies, providing the infrastructure that upholds the whole industry. HousingWire decided to dive deeper into a few of our award winners to get a peek behind the curtain on what defines an Insider. Even though it’s rare that housing finance is listed on someone’s career aspirations when leaving high school, it doesn’t mean that the people who are in this space are any less passionate about what they do. This can be seen in these Q&As with three HousingWire Insiders as they share how they got into the housing industry, how to get more people into the space and the key to retaining employees. Humble, driven and innovative, the following Q&As feature Sandra Madigan, digital product director, enterprise product strategy, servicing technologies at Black Knight; Dave Sheeler, president of residential servicing and correspondent lending at Freedom Mortgage; and Agnes Standowicz, vice president, underwriting leader at United Wholesale Mortgage. SANDRA MADIGAN, DIGITAL PRODUCT DIRECTOR, ENTER PR ISE PRODUCT STR ATEGY, SERVICING TECHNOLOGIES AT BLACK KNIGHT Brena Nath: First off, congrats on being named a 2021 Insider. If you were standing on a stage giving an acceptance speech, who would you want to thank for helping you get where you are today? SM: Delivering products in the software industry, truly, it’s a magical thing and it’s a combination between product and engineering. I have been blessed in having a fabulous engineering partner who allows me to dream big for these products and architects them and helps me lead an engineering team in a way that we can deliver on that vision. Again, I have a wonderful boss that supports me not just professionally, but personally and it goes without saying that without the team of developers and product people that we have who actually are the ones who are the boots on the ground, that get the code laid to get these products out, we would have nothing. They are a magnificent group of people that share in the vision and the passion that we have for what we do at Black Knight. They help

us get through the finish line and put beautiful stuff out there. BN: Rarely do people choose to get into the mortgage industry. What has your journey been like getting into the industry? SM: Interestingly enough, my degree is in psychology, and I’ve always had an interest in people. People and their emotions and what drives them and all of that. I came into the mortgage industry more on the banking side at Merrill Lynch, working with home equity accounts. The behind-the-scenes software really fascinated me because you can change so much of the process and make things so much better, not just to that person that works with the software, but the end consumer at the end of the day, if you just do tweaks and look at software differently. I came over to Black Knight over 10 years ago now, and it’s fascinating to me to work in software that really goes to the heart of emotions and people. If you think about it, nobody in our mortgage industry grows up and says, “You know what, when I’m 20, I want to have a mortgage.” Nobody says that, right? But what we all do want is we want to have a home, and a mortgage is such a key part of homeowner-

“Delivering products in the

software industry, truly,

it’s a magical thing and it’s a combination between

64 ❱ HOUSINGWIRE

product and engineerin.” - Sandra Madigan

SEPTEMBER 2021

65 ❱ HOUSINGWIRE

in this younger generation to come in and truly help us revolutionize what we do? BN: For the other side of that story, what are three things that you think are the key to retaining employees?

ship in our country. Of that American dream, I can’t think of a higher emotion, something that would drive people’s emotions higher than a mortgage.

66 ❱ HOUSINGWIRE

BN: What do you think it would take to get more people in the industry? SM: I think as leaders, we have to talk with more passion about our industry and kind of make that tight correlation to them. Mortgage is part of the American dream. You think about a generation of kids who are now entering the workforce, and they’re definitely more portable mindsets. They want to change the world; they always are seeking higher meaning. It’s not so much about the paycheck anymore, it really goes down to the why, “Why are we in this industry?” If you think about it, our industry, like if you look at a bank’s balance sheet, mortgages fall into a combined line that’s called loans, notes and mortgages, those that stay on the balance sheet of a bank if they’re not securitized out. This one little line on the balance sheet, these mortgage-backed securities, they seem like tiny pieces of our economy, and yet back in the crisis, we almost brought the entire economy down to its knees. We should take pride in the fact that our tiny, little industry is really pivotal in this whole cogwheel of not just the American dream, but our economy and everything else. And then if I put my female Hispanic hat on, homeownership is pivotal to wealth growing in this country. How could we not be proud of being in it and instill that pride

SM: In any industry really, because retention is not necessarily in my mind industry-driven, when you work in a company in any industry, there’s key things that kind of keep you in place. You have to feel that you’re fairly compensated. I do think our industry shines there, we do compensate people fair for the work that we request them to do. You have to be part of a great team. I think this crisis that we had with COVID launched us all into a new wave of technology, where we all had to figure out how to keep that team bonded and everything going while we’re all working away and joining calls through Zoom or Teams or anything like that. Then, they have to love the work that they do. And if we share again the passion for what we do, that’s easier to instill. I can tell you, I’ve had the biggest success in my team and keeping people engaged when I’m willing to roll up my sleeves and get dirty, if you may, in the detail. Not from providing them direction and saying, “You need to code this this way,” or, “This needs to look exactly this way and you have to do this,” but it’s almost that type of leader that they know that they can come to and will be there in the trenches with them.

“We should take pride in the fact that our tiny, little industry is really pivotal in this whole cogwheel of not just the American dream, but our economy and everything else.” - Sandra Madigan

SEPTEMBER 2021

BN: If you were sitting in a room with the top leaders in the housing industry, what would you want them to know? SM: What I would love to tell them is that you guys need to start using more technology. We need to keep up with the changes in technology, keep up with the time to serve customers better. It shouldn’t have taken a pandemic for us to figure out in the mortgage industry how to process a loan modification automatically from a cell phone for a borrower or to originate a loan or a refinance and be able to do remote notary. But it really did take that to kind of force our hand to adopt some of these technologies. The technology is there and available, and there’s a lot of vendors that are coming up with a lot of really cool things in our industry, but it seems that we’re our own worst enemy. We hide at times behind, “Oh, well, there’s too much regulation in the mortgage industry.” Rather than figuring out how to use technology to our advantage, we wait and wait and wait like sitting ducks and then we have all these other areas of the economy that are thriving by leveraging new and better technology. I would really love for them to just take a pause and see how much transformation we’ve been able to bring to the industry in this past year, and then kind of pledge that it won’t take an elongated crisis for us to evaluate technology, but we’ll start pushing forward without having to by necessity.

“How do we not just prepare for what we need to do today, but how do we prepare for what we need to do in the future?” - Dave Sheeler

BN: To wrap, what’s one piece of advice you would give people in this industry?

BN: Is there anything else you would like to add? SM: The only other thing that I would say that in our industry would be great to see is for us to leverage user experience better. We’re seeing a lot more of it in products that are coming out, in products that are being designed and everything else. And user experience, again, not just from a technology perspective. if we could focus on the overall end user experience, I think we would delight customers a lot more than we do today. DAVE SHEELER, PR ESIDENT OF R ESIDENTIAL SERVICING AND CORRESPONDENT LENDING AT FREEDOM MORTGAGE

BN: First off, congrats on being named a 2021 Insider. If you were standing on a stage giving an acceptance speech, who would you want to thank for helping you get where you are today? DS: I would have to start with Stan Middleman, who I’ve worked for the last eight years. I’ve learned a lot of different things from a lot of people, but Stan has a knack for being able to look around corners. I remember one of the first conversations we had, where we were talking about what’s going to happen in 5 to 10 years. It’s a very different way of thinking than a lot of leaders, and it really kind of re-trained me not only to look at what problem is right in front of me, but what are the problems or what are the challenges we’re going to have in you know, 5 years, 10 years down the road? And how do we not just prepare for what we need to do today, but how do we prepare for what we need to do in the future? Outside of that, I would have to thank my wife, first and foremost. She puts up with a lot of travel, a lot of late nights, and really just supports me and supports my children and really allows me to succeed in my current role. There are countless other people throughout my career who I could also think of that have been real mentors. BN: Rarely do people choose to get into the mortgage industry.

SEPTEMBER 2021

67 ❱ HOUSINGWIRE

SM: The industry is so vast and there’s so many players that at times if you are entering into the mortgage business, whether you are a young loan officer, that customer service rep that takes those calls or you’re the person that like scans and copies documents behind the scenes, at times our jobs may seem tiny, but it is going above and beyond and doing that job the best that you can that makes our overall industry grow. It’s again, tying it to that meaning. Everything we do is about that home. It’s more than just the loan. The loan just happens to be a byproduct that we’re really good at managing and helping them through, but it’s really about the home.

“One thing I’ve done in my career, particularly as I’ve gotten into the mortgage business, is focus on learning everything.” - Dave Sheeler

to recruit people earlier in their careers. The mortgage business has historically been one where we recruit, and then people ultimately come into the industry. We don’t do enough conscious recruiting at the college level or the high school level. People earlier in their careers are particularly knowledgeable about what mortgage banking is. There’s no degree for mortgage banking. There’s a degree for finance, and quite frankly, I look at the housing industry and mortgage industry as one of the most important things that anybody could do for the community. Think about how impactful mortgages are and homeownership is to the entire country, and I think that gets lost. The complexity of the mortgage industry gets lost on individuals earlier in their career and all the different things you can do in this industry. When you think about marketing and push versus pull type marketing activities, we do more of the push. We put out that we have jobs, and we wait for people to come fill those jobs. We need to change the dynamic and change the way individuals looking for jobs and individuals looking for career progression think about this business because there’s a lot of opportunity in the mortgage space. BN: For the other side of that story, what are four things that you think are the key to retaining employees?

What has your journey been like getting into the industry?

68 ❱ HOUSINGWIRE

DS: Back in 2002, I was actually working over in Europe. I was working in Paris doing strategic development for a bank over there, and we hit a big recession back in 2002. The company decided to step back and stop doing acquisitions, and that was really time for me to look for new opportunities. I really got into the mortgage business because that was the industry that was thriving. I have a financial background by nature, so I went to Countrywide and worked in the financial department. I’m not by nature an accountant or finance person, but it was a fantastic entry into the organization. One thing I’ve done in my career, particularly as I’ve gotten into the mortgage business, is focus on learning everything. It’s important as you continue to expand your career to really focus on being well rounded, and I always try and surround myself with people that have diverse backgrounds. And a lot of times I put them in roles that may be different than what they’re historically used to. Because now as they work with others in the group, everybody has a different perspective on what somebody else is facing or challenged with. It creates for cohesive groups when you have people that move from one area to another. BN: What do you think it would take to get more people in the industry? DS: I think there’s a couple things there. One, we have

SEPTEMBER 2021

“At the end of the day, every company, it all comes down to culture and how you drive opportunity through that culture.” - Dave Sheeler

al. Wherever you are in the value chain, ultimately what you’re doing is you’re helping somebody get into a home and stay in that home. The other big thing for me is empowerment. I like to make sure that I’m giving my leaders, and I expect my leaders to give their leaders, the ability to make decisions. They may not always be the decision I’m going to make but having capable people around you and giving them the room to make decisions really creates a sense of community and a sense of a vested interest in the outcome of the company. BN: If you were sitting in a room with the top leaders in the housing industry, what would you want them to know? DS: I would really want to talk about the digitalization of the industry. We have a lot of opportunity to continue to make progress in terms of creating a more seamless end-to-end process through the whole industry. In the mortgage business, we have a large number of companies that do different things. And we’re not always as efficient as we need to be in terms of how information transfers from one organization to another, how documents transfer from one organization to another, how we move customer loans through the process, from origination all the way to the capital markets. How do we think about that? And how do we come together as an industry to create a more seamless process and make the entire end-toend experience, the front experience for the customer, more seamless? As well as the end experience all the way through to the securitization. How do we make that more seamless and more transparent from a data perspective as well as a document perspective? I think we have a lot of opportunity there to eliminate redundancies and create efficiencies within the industry. BN: To wrap, what’s one piece of advice you would give people in this industry? DS: I’ve talked a fair amount about the customer, but we face a lot of challenges in this industry. It’s not always easy. It’s particularly hard right now, as we’re facing — and we have been for the last year and a half — record call volumes. We’re facing that shifting landscape. We’re facing changing government regulations and changes to the different home retention solutions. We’re having situations where customers are struggling. But I always believe in one thing, if we remember that there’s a customer at the end of everything that we do, then it makes all these different challenges easier. At the end of the day, there is somebody who is in their home, and they need our help to understand their escrow, their payments, what’s available to them, their protections and how states can assist if they’re struggling. If we just remember, these are not loans, these are people, it makes everything you’re struggling with and every challenge you have a little bit easier.

SEPTEMBER 2021

69 ❱ HOUSINGWIRE

DS: At the end of the day, every company, it all comes down to culture and how you drive opportunity through that culture. When I think about retention, within my own organization, I really think about transparency. How do I create an environment where all my employees have transparency into our goals as a company and into the meaning of what we’re doing? And quite frankly, their own goals, so people can feel rewarded and enriched by achieving the goals and by the overall company being able to achieve its goals. I think one of the other things that’s important is making sure every employee understands how important their role is. When you think about what we do every day, you can boil it down to anything you want. You could say, “I’m a capital markets guy and I securitize mortgages into loans.” You could say, “I’m a credit guy, and I make sure that we’re giving loans to individuals that are prepared for homeownership.” But at the end of the day, what we’re really doing is helping people. Another one of the big things for me there is making sure that everybody in the organization understands that mission and gets to see how they’re helping people. We’ve had a significant number of customers who have been on forbearance over the last year and a half. What I try and focus on, is think about all the people you helped that were stressed, were financially challenged, had health issues or had family with health issues. What we did for them and what the individuals who work within the organization did for them is so meaningful to that individu-

cessing. Once I got into the mortgage business and got a taste of it, I set really high goals for myself. I stayed there for a little bit, and I wanted to become an underwriter. I left that place to go to GMAC mortgage, which was a much, much bigger institution to learn how to be an underwriter and went on from there. It’s kind of typical journey of people in a mortgage business. Some places were smaller; some places were bigger. I was growing as an underwriter, and I became a government underwriter after a couple of years. And finally, about eight years ago, I found a home here at UWM that’s hopefully my permanent home for the rest of my career. BN: What do you think it would take to get more people in the industry? AS: Looking back, the industry has changed a lot over years. Right now, it’s much easier to get into it. I think here at UWM, we have a unique model that lets more people into it in a sense of really investing in training

AGNES STANDOWICZ VICE PRESIDENT, UNDERWRITING LEADER AT UNITED WHOLESALE MORTGAGE BN: First off, congrats on being named a 2021 Insider. If you were standing on a stage giving an acceptance speech, who would you want to thank for helping you get where you are today? AS: The first people I would thank is Mat Ishbia, Melinda Wilner, and Katie Foster. Mat for giving me a chance about eight years ago by bringing me on to the team and really giving me a place to grow. Melinda for believing in me, seeing potential in me, and challenging me in all the right ways. I’m very grateful to her for giving me confidence that I didn’t even know I had in me. She makes me a better person professionally and personally every single day. And finally, Katie Foster, my former leader and a lifetime friend for being there through it all for me.

70 ❱ HOUSINGWIRE

BN: Rarely do people choose to get into the mortgage industry. What has your journey been like getting into the industry? AS: It was a unique journey for me. I came to the United States in my early 20s to finish college, and probably like most of us, when we first enter the workforce, I did not have a goal of getting into the mortgage industry. My first mortgage job was a summer job my last year of college, and I was an intern and a receptionist at a small mortgage shop. From there, I stayed on and learned mortgage pro-

“Our model is to take people who are entering the workforce and who typically just graduated college and really don’t know much about mortgage, and teach them everything mortgage related from scratch.” - Agnes Standowicz

SEPTEMBER 2021

“Push yourself to function and be okay outside of your comfort zone” - Agnes Standowicz

going up the chain. It’s also about being open to that feedback and asking a lot of questions, like what can we be doing better? What are a couple things that we could improve on? So, asking for feedback, taking that feedback, implementing some of that feedback is really big. And, asking people what their goals are. Not only asking them but helping them realize what their goals are and really taking the time to help them get there, holding them accountable. Very often the trick to it is to even realize what you want, and maybe verbalize it and setting timelines for yourself. From an employer standpoint, it’s important to know your people, invest in them and help them get there, no matter what these goals are. BN: If you were sitting in a room with the top leaders in the housing industry, what would you want them to know? AS: I would go back to the people aspect of the industry. I’ve learned over the years that as long as you really focus and put effort into people, and that goes for big picture stuff but also for a microenvironment. So, whoever that end person is, borrower, real estate agent, team member, whoever that end person is, if you really invest in people, the success will come. BN: To wrap, what’s one piece of advice you would give people in this industry?

BN: For the other side of that story, what are some things that you think are the key to retaining employees? AS: First, give culture, give opportunity and give that path for growth. I think everyone wants to be a part of something big and exciting. We spend so much time at work, and I think that’s across a lot of professions. We spend so much time together here creating an environment of being one big family. Also, ask for feedback. I truly believe that feedback is a gift that allows us to grow, starting from leaders but also

AS: Push yourself to function and be okay outside of your comfort zone. Do the right things every single day and success will come. Rewards will come. I’m big on putting your head down and grinding and not necessarily expecting those immediate rewards. Also embrace the change. Change is often not easy, and we often fight the change. But a lot of growth from a professional and personal standpoint in life, I believe that comes from being uncomfortable, and embracing a change even when that end goal isn’t that obvious at the beginning. BN: Is there anything else you would like to add? AS: I have to take a moment to thank my team. My leadership team, people who are in my very close circle that I work with every single day, but also the entire underwriting team, which has grown over the last eight years with me being here in a tremendous way. Six years ago, we were a couple 100 underwriters and now there’s almost 4,000. I’m very lucky to work with a truly amazing group of people and have them by my side. We set big goals for ourselves, and somehow at the end, we always make things work. So, I’m grateful for that. It definitely takes teamwork every single day.

SEPTEMBER 2021

71 ❱ HOUSINGWIRE

and technology. Our model is to take people who are entering the workforce and who typically just graduated college and really don’t know much about mortgage and teach them everything mortgage-related from scratch, which is fantastic. It gives that ability and opportunity to people to enter the industry that they probably didn’t even know much about. I think that’s one of the things that’s helpful: giving people the opportunity to dip their toes in it and learn it. From there, something else is promoting lateral and vertical growth. We really are big on putting people in the right roles, the roles that they’re going to be the best in. We really encourage that growth in between teams. Maybe underwriting isn’t the best fit for you, but you are a fantastic fit culturally and you are a great team member, we will encourage you and set goals for you have to kind of shift around the company and find the best path that fits you the best from a career standpoint.

- SPECIAL REPORT -

Sponsored Content

Fintech Product Showcase Technology is important in digitizing the mortgage process, but what’s more important is effective coordination between all parties. Lenders need to be able to connect with borrowers, as well as other housing professionals, with ease. The problem with technology is that many people work across different systems, which can create a fragmented mortgage ecosystem. To avoid this issue, housing professionals need access to systems that offer seamless integration and feature modern capabilities and extreme flexibility. From automating the identification process to using AI to convert data, lenders need advanced technologies to help them connect and close loans quickly. The 17 companies featured in this section offer platforms that help lenders digitize closings, cut costs and enhance

72 ❱ HOUSINGWIRE

the borrower experience.

SEPTEMBER 2021

Sponsored Content

B lack K night . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 C o r e L o g i c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75 D o c M a g i c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 6 FIC S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77 First American Data & Analytics........78 Global

DMS.....................79

homegenius..................................80 HPA , a Cognizant company...............81 Nomis Solutions......................................82 Nationwide

Title

Clearing............83

R e f i n i t i v. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 4 Reggora......................................85 Sagent......................................86 Sof tWorks AI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Stav v y. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 WFG......................................90 SEPTEMBER 2021

73 ❱ HOUSINGWIRE

Snapdoc s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87

- SPECIAL REPORT -

Sponsored Content

BLACK KNIGHT BlackKnightInc.com

BLACK KNIGHT PRODUCT: Ӻ Digital Solutions to Support the Customer’s Homeownership Journey

oday, homeowners expect instant access to information. They desire the ability to start the mortgage application process and then manage their loan when and where it’s most convenient for them. Black Knight delivers several digital solutions to support the full life cycle of the customer’s homeownership journey. Black Knight’s integrated, end-to-end digital technologies deliver a seamless customer experience from start to finish. From loan pre-qualification and approval to processing, closing, servicing and beyond, these powerful solutions enhance the customer experience by enabling the ability to start the mortgage process anytime, from any device. Black Knight’s digital solutions are integrated to form a comprehensive mortgage ecosystem. Customers can begin their home buying journey from any device by using the Borrower Digital solution to quickly prequalify for a mortgage. During the prequalification and loan approval process, loan officers can use Loan Officer Digital from their mobile devices to interact with borrowers and perform tasks on the go. Loan officers can also use Black Knight’s Optimal Blue PPE to provide the best price to their borrowers based on a variety of financing options. Once prequalif ied and connected with a real estate agent on the Paragon Collaboration Center portal, customers can access robust, user-friendly content related to properties actively listed on the market. The Paragon Collaboration Center portal enhances communication between agents, buyers and sellers on any mobile device, and offers the ability to engage with loan officers who are part of an agent’s affiliate team. After loan approval, customers can view their loan status and any fee changes, review their closing package and electron-

74 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ Black Knight ’s digital solutions enable consumers to conveniently start the mortgage process and manage their loans – anytime, anywhere.

Black Knight’s integrated digital solutions deliver a seamless customer experience from start to finish

SEPTEMBER 2021

ically sign important documents online using Expedite Close. The easy-to-use, secure portal enables all participants involved in the transaction to collaborate and monitor the status of the closing. After the loan has closed, customers can use Black Knight’s Servicing Digital solution to review loan balances, make payments, see neighborhood comps and explore various payment or refinance options. Finally, Black Knight’s Customer Service solution provides customer service representatives with a holistic view of a customer’s information, past interactions, conversation threads and loan-level detail – all on a single system. This solution includes a web-based view of the screens that the borrower sees within Servicing Digital, further helping representatives deliver superior support and resulting in improved customer satisfaction and retention. Black Knight’s clients appreciate how user-friendly and configurable these digital solutions are, which enables them to leverage the tools within their own digital platforms. The company’s technology also helps clients to enhance their customers’ satisfaction by delivering a seamless, consistent experience. Due to Black Knight’s strong market share and wide range of clients, the company understands the challenges and opportunities faced by lenders of all sizes. Through collaborative business relationships, active industry involvement and decades of experience, Black Knight provides the knowledge and product excellence necessary to help clients optimize performance. These operational efficiencies – paired with end-to-end digital capabilities that span the homeownership journey – enable clients to focus on the customer experience so they can recapture and retain more consumers.

Sponsored Content

CoreLogic’s Complete Collateral includes data-enabled, exception-based underwriting workflow technology Leveraging the data allows lenders to increase automation and reduce costs while increasing consistency and quality. By applying intelligent automated workflow rules, Complete Collateral brings structure to what has traditionally been an unstructured process. Complete Collateral simplifies the mortgage experience with data-enabled, exception-based underwriting workflow technology. By driving efficiency, this solution ensures housing professionals have more time to focus on other tasks, allowing a quicker turnaround in appraisal reviews and sign-offs. It also helps underwriters identify and fast-track their verification of low-risk properties, enabling them to focus their resources more efficiently, leading to accelerated workflows and reduced costs. While most underwriters can get through one or two loan files per day, after implementing Complete Collateral, clients have reported that their productivity has doubled so that their underwriters can complete three to four loans in a single day. Additionally, Complete Collateral alerts lenders to higher-risk properties and potential red flags earlier in the appraisal process, which helps simplify origination workflows, reduce costs to close and improve overall loan quality. Complete Collateral delivers the data and analytics lending clients need to validate property ownership, value, condition and hazards all on one platform. It not only saves them time but increases transparency at every touchpoint in the loan origination process, helping them build trust with the borrower. With this solution, housing professionals can centralize all collateral-related data needed to automate the decision-making process.

CORELOGIC PRODUCT: Ӻ Complete Collateral SNAPSHOT: Ӻ Complete Collateral provides lenders with the tools to deliver critical decisioning information for underwriters, creating faster decisions and greater confidence in outcomes.

75 ❱ HOUSINGWIRE

he mortgage experience can be complex and time-consuming, and the smallest of errors could drastically impede the process. This clear need for a comprehensive suite of solutions that address collateral needs and streamline efficiency prompted CoreLogic to create Complete Collateral. Complete Collateral, part of CoreLogic’s suite of Digital Mortgage Solutions, represents the realization that over the last few years the industry is moving at a pace that far exceeds minor improvements, or even significant improvements. It requires major improvements, reconsidering everything about the appraisal, title and hazard that goes into collateral underwriting, and that’s where Complete Collateral comes in. Complete Collateral serves as a single point of access for crucial property underwriting data. The solution allows users to only work on items that need a human to review and use data to automate everything that doesn’t. This single underwriting system is built on automation and analytics and powered by the industry’s most reliable and current collateral data and insights. Complete Collateral contains everything needed to make a collateral underwriting decision, with property profiles that turn complex valuation reviews into more focused tasks, powering more efficient underwriting reviews. Lenders need the ability to identify issues that can create risk and impact closing earlier in the process for a property, such as “red flag” title matters, valuation concerns or even real-time natural hazard issues. By flagging potential issues on the front end, lenders can reduce last-minute surprises and decrease the time to close.

CORELOGIC www.corelogic.com/buy/digital-mortgage-collateral-solutions

SEPTEMBER 2021

- SPECIAL REPORT -

Sponsored Content

DOCMAGIC www.docmagic.com/evault

DOCMAGIC PRODUCT: Ӻ eVault Technology

he core of any effective eStrategy must include a durable, secure repository to retain all electronic artifacts. The system must be capable of receiving input from all aspects of a client’s workflow and must be integrated into the process to ensure all assets are managed in a consistent, verifiable manner. DocMagic’s eVault reduces cycle times, increases process efficiencies and ensures data and document integrity as well as full compliance for all electronically signed documents throughout the mortgage process. DocMagic’s eVault technology offers real-time control of electronic loan files and provides a proactive solution for lenders to securely access, manage and store electronic records on a short- or long-term basis. The eVault maintains an audit trail of electronic events, retains DocMagic’s proprietary Loan Detail Report of automated compliance audits performed on the loan transaction, and retains data and any documentation that customers wish to store electronically. Lenders that want to offer eNotes or eClosings are going to need an eVault. DocMagic’s eVault was built to handle all facets of the eNote lifecycle. It validates the integrity of transferable electronic records, protects them with a tamper-evident seal, categorizes documents according to MISMO Document Classification standards and seamlessly eDelivers category one SMART Doc eNotes, documents and data via direct integration with the MERS eRegistry. In addition to storing and delivering eNotes, DocMagic’s eVault has been architected to accept virtually any digital asset including eChattel (electronic promissory notes, auto notes, commercial leases, etc.), any type of electronic file including

76 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ DocMagic’s eVault is a secure repository where lenders can access, manage and store electronic records on a short or long-term basis.

DocMagic’s eVault Technology enables flexible, modern and streamlined eClosing strategies

SEPTEMBER 2021

authoritative copies, all data formats — TIFF, Word, Excel, PDF, Cat 1 SmartDoc, even audio files. Now more than ever, lenders are looking for mortgage technology that can help streamline the overall loan process. What they need, however, is flexibility in how to deploy their solutions. The flexibility of DocMagic’s eVault technology and its service model allows lenders to plug in only what they need. Like all DocMagic’s solutions, the eVault technology application has been designed API-first, meaning that any functionality released is built as an application interface to be deployed as part of the solution and the client is free to decide whether to leverage it. This tool also allows organizations that are either looking to build or are already building an eClosing platform to engage DocMagic to rapidly integrate electronic components into their solution. These organizations will immediately have the ability to register eNotes with MERS through DocMagic’s eVault technology. The additional power of the solution is that DocMagic offers a fully cloud-based service layer specific to eClosing. Unlike other technology providers that may offer prebuilt functionality designed for a specific environment, DocMagic’s eVault has flexible out-of-the-box capabilities that make it adaptable to any and all eClosing options. DocMagic has been providing eVault technology for more than 20 years and its entire suite of solutions has been designed to seamlessly interact with the eVault. DocMagic has built a huge toolbox that’s ready and available for any modern lender to put together a workflow in the digital mortgage transaction space, especially those looking to offer eClosing options now and in the future.

Sponsored Content

FICS’ Mortgage Servicer automates servicing operations to increase efficiency and manage compliance

User friendly: According to one user, “It’s not complicated, there aren’t eight screens for one action. It’s the ease of use for both managerial and the end user.” Comprehensive investor reporting: Mortgage Servicer supports agency investor reporting — including Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan Bank — and other industry-standard and private reporting methods. FICS has nearly four decades of experience with investor reporting to the GSEs. Flexible forbearance functionality: Mortgage Servicer provides servicers flexibility with forbearance, deferment and post-forbearance plans as well as the ability to report the necessary information to investors. It also includes loss mitigation, modifications, short sales, and repayment tracking functionality. Workflow management: A customizable dashboard tailored to each user’s job responsibilities helps users manage their workload. My Dashboard features interactive dashboards, data visualizations and charts that are easy to create and personalize. My Work List allows further custom-

ization within My Dashboard, providing an efficient option for users to complete each day’s to-do list. Exceptional system support: When users call FICS, a receptionist directs them to the appropriate support person. They won’t lose valuable production time waiting for someone to return calls or answer emails. Open database: Mortgage Servicer provides the freedom to extract all data for any reason. Ex t ra o rd i n a r y va lue: Mor tgage Servicer is a full servicing system, from loan boarding to payoff and secondary marketing. The license fee for Mortgage Servicer isn’t volume-based. Customers don’t pay per loan or by asset size, so organizations can grow without the fear that their growth may come at a high cost. The functionality and value of the system remain at a stable cost as they grow. Time-saving API: Used in conjunction with any third-party scheduling tool, the Mortgage Servicer API lets servicers schedule and automate virtually every program, report and interface in the system, such as end-of-day and end-of-month reports, investor reporting and monthly loan statements. The API saves staff time and resources, eliminates after-hours and weekend work, and reduces mistakes caused by human error. One satisfied customer said, “By using the Mortgage Servicer API to process the end-of-day, it’s cut down from a process that usually took 1-1.5 hours to running in about 15-20 minutes.” Security: Security levels can be controlled and customized by providing access rights as responsibilities dictate, and users can easily monitor access to the system via built-in security reports. Cloud hosting: Mortgage Servicer provides the flexibility to choose an in-house or cloud-hosting solution. Either option is an open database with access to extract all the data.

SEPTEMBER 2021

FICS PRODUCT: Ӻ Mortgage Servicer SNAPSHOT: Ӻ FICS’ Mortgage Servicer software automates servicing operations, including payment processing, escrow administration, investor reporting, custodial accounting, imaging, report writing, workflow and more. Mortgage Servicer customers can also offer their borrowers and investors consumer-facing web applications, allowing online access to loan information and documents.

77 ❱ HOUSINGWIRE

hese days, mortgage lenders are looking for ways to automate servicing operations to cut costs, maintain profitability and effectively manage their compliance. FICS’ Mortgage Servicer provides clients with the software to accomplish these goals while simultaneously improving the borrower experience. FICS’ Mortgage Servicer improves the user experience by building in more automation to increase efficiency and help servicers adopt a going-green effort appreciated by many consumers and users. While some of the automation is driven by regulatory changes to help servicers, FICS’ primary objective is to facilitate dayto-day operations and workflow. Mortgage Servicer stands out for several reasons:

FICS www.fics.com

- SPECIAL REPORT -

Sponsored Content

FIRST AMERICAN DATA & ANALYTICS dna.firstam.com/ FIRST AMERICAN DATA & ANALYTICS PRODUCT: Ӻ AppIntelligence Score

or larger lenders, driving down cost, effort and time-to-close is crucial. When an underwriting team spends extra time clearing alerts, it slows down workflows and creates inefficiencies. Uncovering the highest fraud risk exposure using a state-of-the-art blended, predictive analytics approach provides lenders with the opportunity to gauge which loan applications require further due diligence. The First American Data & Analytics AppIntelligence Score is an enterprise-level mortgage risk management solution that uses pattern recognition and advanced decisioning technologies, such as AI and machine learning, to deliver a highly accurate score and a precise picture of fraud and early payment default risk. AppIntelligence Score was developed in response to large lenders’ needs for a predictive solution that would enable them to review a smaller sample of loans without increasing their risk exposure. AppIntelligence Score streamlines the loan approval and purchase processes by quickly identifying and scoring loans with the highest and lowest risk. For example, loans with the highest fraud score, usually about 10% of total application volume, typically account for 50% or more of total fraud risk. This targeting enables lenders to pinpoint and focus their reviews on the most at-risk loans, expediting decision-making and reducing operational costs. By targeting the scores in the top risk level, high-volume lenders can reduce reviews to as low as 5-10% of application volume. While these proven, traditional systems work for most lenders, they are less efficient for high-volume lenders. AppIntelligence

78 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ The First American Data & Analytics AppIntelligence Score combines pattern recognition and artificial intelligence to quickly identify and score loans with the highest and lowest risk.

AppIntelligence Score from First American Data & Analytics delivers a precise picture of fraud risk

SEPTEMBER 2021

Score provides significant improvements in efficiency to enable the underwriting function to operate at a higher capacity, while targeting risk that can lead to losses or buyback requests. The solution incorporates millions of data points in the First American fraud index and has been trained to identify patterns associated with different types of fraud schemes, including synthetic identity fraud. Insights from decades of manual underwriter reviews and alert clearances have been fed into the model, so the solution can recognize which alerts were the most predictive of true risk. AppIntelligence Score has multiple sub-models to measure identity, employment, income and other types of fraud. Lenders who use AppIntelligence Score will appreciate the operational efficiencies the solution delivers. Some lenders are also integrating the new AppIntelligence Score with traditional fraud alert models, like the First American FraudGuard® model. With both, lenders get the advantages the AppIntelligence Score workflow solution offers and the insight into the score that FraudGuard can provide for auditing, alert-clearing and research. When integrated with FraudGuard, users can use AppIntelligence Score to prioritize the kinds of alerts that they want to receive. Lenders can also override the score and review certain alerts and/or certain types of loans, regardless of their score. The First American Data & Analytics solution provides lenders with significant improvements in efficiency, enabling the underwriting function to operate at a higher capacity, while targeting risk that can lead to losses or buyback requests.

Sponsored Content

EVO appraisal management software from Global DMS lowers collateral risk by instantly reviewing reports appraisal process (from initial assignment through final delivery) from one centralized platform. EVO not only allows users to seamlessly manage both lines of business, but its configurability also puts them in direct control of their appraisal management software. Powered by artificial intelligence and advanced cascading decision technology, EVO lowers collateral risk by instantly reviewing appraisal reports as they are delivered by appraisers. This prevents costly and time-prohibitive back and forth revisions. It provides complete visibility via builtin and custom reports, which can be run ad hoc or automatically during any point of the process. EVO also offers sound appraisal compliance via reliable automation – all backed by the industry’s only Compliance Guarantee Program. EVO also boasts the most user-friendly navigation possible that, combined with cutting-edge, intuitive design practices, gets users up and running in days and keeps them running with minimal business interruptions when updates are needed due to process or industry changes. Those who use EVO love that they are able to instantly provide essential information to their teams and other parties as needed, while also being able to track both their vendors and the statuses of their various appraisal orders from one centralized dashboard. They also appreciate its simplicity, as the software is easy to navigate and configure as needed. Global DMS utilized its 22 years of experience working with various mortgage lenders, AMCs, credit unions and appraisal firms of all sizes to produce EVO – a software that yields true results by providing the functionality needed to meet today’s challenges and beyond.

GLOBAL DMS PRODUCT: Ӻ EVO SNAPSHOT: Ӻ EVO is an innovative appraisal management software that ensures compliance adherence, reduces costs and expedites the entire real estate appraisal process.

79 ❱ HOUSINGWIRE

n today’s mortgage industry, many organizations have a unique real estate appraisal process that fits their exact business model. Unfortunately, most valuation management technologies follow a one-size-fits-all approach, making it difficult for mortgage lenders, credit unions, AMCs and appraisal firms to work together. Global DMS has solved this problem by creating EVO, an all-encompassing appraisal management platform that allows the user to be self-reliant, so they can easily customize the software to their exact needs in real-time. EVO is an innovative appraisal management software with cutting-edge features and intelligent automation capabilities that ensure compliance adherence, reduce costs and expedite the entire real estate appraisal process – significantly reducing valuation turn-times. The platform’s role-based design, combined with its unprecedented user configurability, delivers the most optimal appraisal process imaginable. What makes EVO so unique is its configurability feature which allows users to create and/or update fields within the system as needed without having to rely on time-consuming and expensive custom development work by third parties – or annoying workarounds. EVO’s configurability also extends to other crucial areas of the platform, including its workflow automation, user permissions, dashboards, communications, forms, reports and more. Additionally, EVO is the only platform available that can fully handle both commercial and residential real estate appraisals. Though many other platforms claim this capability, EVO is the only software that can facilitate and automate the entire commercial appraisal process (from initial bidding to final delivery) and residential

GLOBAL DMS www.globaldms.com/

SEPTEMBER 2021

- SPECIAL REPORT -

Sponsored Content

HOMEGENIUS homegenius.com

homegenius’ real estate software geneuity provides one single, powerful workflow to help agents and brokers

PRODUCT: Ӻ geneuity

SNAPSHOT: Ӻ geneuity is a real estate software platform enabling brokers and their agents to work through transactions in a faster, smarter way so they can manage their relationship with buyers and sellers, rather than managing their software.

Sophisticated, yet simple software

Products to solve current and future challenges

Designed to remove the barriers that prevent agents from adopting new software, geneuity allows everything to work in a state of flow. A sophisticated yet simple platform, geneuity combines artificial intelligence and machine learning technologies with the tools agents need to do their jobs, into a single, powerful workflow system that is intended to deliver on the promise to make them “the smartest agent in the room.” It’s intuitive so agents can focus on working through transactions in a faster, smarter way so they can manage their relationship with their buyers and sellers, rather than managing their software. Users are voicing their appreciation for the time savings and increased productivity, as well as the easy-to-use interface. With workflows, communications, document storage and e-signatures seamlessly integrated and stored in one place, time isn’t wasted. The platform also includes access to available property data for effortless use of comps via its intelligent au-

In addition to geneuity, there are several digital products and services available through homegenius – all of which are engineered to solve not only the challenges customers and agents face today but also to anticipate and solve for ones they may face in the future. homegenius’ parent company, Radian, ensures the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate and title services. Radian has been in the real estate and mortgage insurance business for several years, quietly working with thousands of real estate professionals and financial institutions creating a foundation of trust and mutual success. Radian and homegenius see the real estate professional as a partner, working to strengthen the brokers and agent’s business with an ongoing commitment to assist those who help people realize the dream of homeownership.

eal estate transactions can be complex – but real estate software doesn’t have to be. Agents and brokers are constantly looking for a platform that helps them run their business better, and as effortlessly as possible. homegenius solves this problem with its real estate software, geneuity. With contacts, documents and tasks that flow together seamlessly in addition to their local MLS’ property data that is accessed through the system, its beauty lies in what you don’t see, don’t have to do and don’t need to waste time on.

80 ❱ HOUSINGWIRE

HOMEGENIUS

SEPTEMBER 2021

tomated pricing technology, geniusprice. This information used in the geniusprice is sourced from the user’s local MLS, reducing the need to switch between platforms to capture necessary data and assisting the user in estimating the price of a home. This simple software feels more intuitive to the user, not like usual real estate software that can be confusing and may have a steep learning curve to master all its functions. geneuity is ideal for those who want to work through transactions in a more efficient way.

Sponsored Content

HPA’s RPA-as-a-Service enables lenders to reduce risk and automate 85% of the loan cycle process HPA is able to help lenders reduce risk and realize the maximum value Robotic Process Automation has to offer. Whether automating initial disclosures, loan setup, service ordering, lock desk, investor stipulations or countless other steps, HPA’s unique approach comprises an integrated suite of intelligent automation solutions designed to deliver secure, scalable services throughout the mortgage lifecycle, including: • HPA Capture, which records process documentation and creates an output file that structures the process for quick verification. • HPA Core, which operates within the client environment to execute all automation work. A powerful automation Robotic Command Center seamlessly orchestrates all components and robots. • HPA robots, powered by extensible Application Robotic Interfaces (ARIs) to centralize application-specific robotic logic. • HPA’s Intelligent Infrastructure, which optimizes robot infrastructure consumption by dynamically adjusting computing resources to the volume of work. • HPA’s client-facing Service Portal, which gives clients greater control and visibility into their automation initiative, offering a robot marketplace, price quote functionality, online ticketing and a robot analytics dashboard.

HPA, A COGNIZANT COMPANY PRODUCT: Ӻ HPA RPA-as-a-Service SNAPSHOT: Ӻ With over 12 year s o f R o b o t i c Pr o c e s s Automation experience, HPA, A Cognizant Company (HPA), supports an integrated suite of intelligent automation solutions to deliver secure programs that accelerate ROI.

HPA is the leading RPA-as-a-Service provider for mortgage lenders seeking secure, reliable intelligent automation solutions. For more information, please visit hpa. services.

81 ❱ HOUSINGWIRE

oan origination is wrought with manual processes that require human touch to move loans forward, which increases the risk of error. Additionally, the typical mortgage origination process can take anywhere between 30 to 60 days or more as each loan passes through several different processes, professionals and functional areas. With the increasingly competitive landscape and evolving borrower expectations, lenders are shifting to digital loan experiences that reduce the need for manual intervention to drive greater accuracy and faster lending decisions. HPA helps clients reduce risk and streamline the mortgage process. Bringing over 12 years of deep automation experience into its comprehensive suite of solutions and methodologies, along with decades of mortgage operations expertise, HPA’s programs scale and deliver value back to lenders. With HPA, lenders can automate 85% of the loan cycle process, saving time and money, to focus more on customers, loan officer retention and scaling their business. They can also keep operating costs at 33% below the industry average, reduce average loan closing time by 20 days and provide on-time closing guarantees to borrowers. One mid-sized lender saved over 525,000 hours of stall time across the loan application operation in one year – now, their overall time from application to close consistently beats the industry average by 30%. HPA has pre-built integrations with leading loan origination, risk management, loan pricing, servicing, analytics and informatics providers, as well as document custody, optical character recognition, and third-party portals. With this ecosystem,

HPA, A COGNIZANT COMPANY hpa.services

SEPTEMBER 2021

- SPECIAL REPORT -

Sponsored Content

NOMIS SOLUTIONS nomissolutions.com

NOMIS SOLUTIONS PRODUCT: Ӻ Nomis Mortgage

ccess to analytics and other pricing data can play an integral part in securing a borrower, but traditional data sources are often too sparse or stale to provide any real competitive edge. Nomis Mortgage was created to solve that need. A complement to an existing PPE or LOS in a lender’s mortgage technology stack, the secure, cloud-native application should be used in tandem to identify areas of price sensitivity, optimize internal operations, and refine competitive strategies. Nomis Mortgage can be implemented in just one day, allowing users to quickly get started translating granular insights into competitive action. Nomis Mortgage analyzes over 40 million records every day from 350+ competitive lenders nationwide. Paired with Nomis’ robust repository of mortgage market data, the solution facilitates more advanced pricing strategies and enables leading lenders to operate more efficient and far more profitable mortgage businesses. Through advanced artificial intelligence (AI) and machine learning (ML) capabilities, Nomis Mortgage pinpoints areas of price sensitivity to enable users to set and confidently execute organizational strategies with intra-daily tracking, as well as understand ongoing market trends and pricing analytics to compete more profitably. Users gain access to historical margin data, more than 35 million daily pricing data points, aggregated metrics, APR distribution and more. Those that subscribe to the Daily Data Snapshot also receive a comprehensive dataset that can be used to model price sensitivity and identify which segments may have the flexibility

82 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ Nomis Mortgage is a holistic competitive intelligence tool that combines granular market- and lender-specific data with real-time rates, pricing analytics and actionable recommendations that enable users to quickly identify and act on market opportunities, optimize operations and ultimately, maximize profitability.

Nomis Mortgage delivers a cross section of competitive pricing, market share and transactional data

SEPTEMBER 2021

to increase margins. Though many fintech solutions offer a selection of this necessary data, Nomis is the only one that delivers a unique cross section of competitive pricing, market share and transactional data, resulting in the most holistic dataset. This level of hyper-transparency can then power a superior, truly aggressive pricing strategy that prioritizes margins and a competitive edge from the very beginning. Nomis Solutions is a global, industry-leading provider with a longstanding history of delivering the most advanced and innovative technologies to financial market participants. Since its inception in 2002, Nomis Solutions has continued to evolve and remains at the forefront of AI/ ML technology with its profitability management and competitive mortgage intelligence solutions. At the end of the day, the right data has the power to level the competitive playing field—at the loan level, at the market level, and among mortgage lenders large and small. There is no denying the mortgage industry is evolving. And while the market remains strong, there is even more competition between housing professionals. In today’s competitive market, lenders need to know they have access to the most accurate and meaningful data. They need to be able to confidently detect areas of price sensitivity to raise margin in those areas and be able to identify where they are losing volume to key competitors. Nomis Mortgage delivers the real-time data and actionable analytics that professionals need to remain nimble, act faster, and scale.

Sponsored Content

utsourcing or hiring in-house compliance experts are no longer the only options for servicers who need help handling lien releases and assignment of mortgage documents. With PerfectDocs technology, virtually anyone can prepare, validate, execute, notarize and even record these documents with ease without sacrificing accuracy and expertise. PerfectDocs by Nationwide Title Clearing Inc. (NTC) gives users 100% flexibility and control, which ultimately saves them time and money. The PerfectDocs platform leverages NTC’s eRecord coverage, resulting in a nearly paperless process, with 85% of the volume being electronically recorded. This saves time and money and provides a fast, precise turn time on recorded documents, confirming completion of the process. PerfectDocs provides several impressive features, including: • • • • • • • • • • • • •

Highest eRecording percentage Paperless processing for eRecords Access to attorney network Quality controlled data entry Access to curative services C ount y A nd M E R S complia nt templates Regular county updates Signature and sign-off control POA library establishment Queue-based processing Statute compliance monitoring 99% County fee accuracy County rejects below 1%

PerfectDocs takes the guesswork out of processing lien releases and assignments. The platform tracks exceptions or special handling needs and is supported by NTC’s research services. PerfectDocs is configurable to meet client and state standards for document execution, including signing authorization, assignment of signing teams and notarization logs. Document templates and recording fee calculations are managed by the

same legal, compliance, MERS and state and county teams that support NTC’s overall success. PerfectDocs combines many complex processes into a single, streamlined workflow platform that anyone can use. Among the processes included are thousands of variations of county requirements, recording fees, agency and GSE guidelines, MERS requirements and compliant forms. Even users with minimal training or knowledge of lien releases and mortgage documents can produce compliant documents with PerfectDocs. The system drives the work, asking for information required in each jurisdiction and never requesting more information than is necessary to get the document recorded. Users respond to on-screen prompts, as the PerfectDocs system will not allow users to move forward to the next step without providing the information required to complete the document. The platform drives efficiency through its intuitive data entry options based on state and county requirements, managing keystrokes to only what is required. Automatic and accurate calculation of recording fees for every recording jurisdiction nationwide based on the entered data and document content facilitates seamless entry. These calculations help reduce the potential for country rejects due to inaccurate or incomplete data or incorrect recording fees, which reduces risk and potential legal expenses downstream. In addition, PerfectDocs allows managers to control workflow with “share the work” capabilities. Users can choose which tasks are completed in-house and assign additional tasks to NTC for full-service document processing, an added benefit to disaster recovery and business continuity plans. NTC’s forms stand up under scrutiny, giving users confidence that their documents will be sufficient once recorded and serve their intended purpose. By effectively managing a complex and risk-conscious service, PerfectDocs makes compliance simpler.

SEPTEMBER 2021

NTC nationwidetitleclearing.com/ perfectdocs/ NATIONWIDE TITLE CLEARING INC. (NTC) PRODUCT: Ӻ PerfectDocs SNAPSHOT: Ӻ PerfectDocs, created by Nationwide Title Clearing, is a web-based solution that enables the creation and tracking necessary to complete all assignments of mortgage or lien release documents.

83 ❱ HOUSINGWIRE

PerfectDocs by Nationwide Title Clearing enables the creation and tracking of mortgage and lien release docs

- SPECIAL REPORT -

Sponsored Content

REFINITIV www.refinitiv.com/en/products/ advanced-mortgage-analytics REFINITIV PRODUCT: Ӻ Refinitiv Advanced Mortgage Analytics

ousing professionals are turning to advanced analytics to better understand risk, increase performance and flexibility. The problem is that mortgage data can be difficult to analyze due to its complexity. Refinitiv Advanced Mortgage Analytics (AMA) simplifies the complex data transformation process by emphasizing the ability to manipulate and extract data. This high-performance, ultra-dynamic, big data agency mortgage loan analytics platform gives mortgage servicers a competitive edge. With an interface designed to enable flexibility, AMA users are given access to an extensive amount of data. They can build and save reports, share reports amongst users in a firm and perform quick data exports for upload into in-house or third-party analytical tools. AMA allows users to examine their issuance and servicing to either identify and address counterparty concerns or conversely highlight the more saleable aspects of their production. The data-set can be filtered and grouped by over 150 loan characteristics. This enables clients to gain new insights by running multiple nuanced queries instantaneously without coding complex queries. With this platform, new queries can be defined with ease; no programming experience or knowledge of SQL is required. AMA features unique ways to present prepayments, including chronological prepayment ramps based on loan seasoning, pool seasoning and seasoning post servicing transfer. Users can quickly find prepay stories that are being monetized by other issuers or find new prepay stories in their own issuance. New content and analyses are also added on a regular basis based

84 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ R e f i n i t i v A d v a n c e d Mortgage Analytics simplifies a complex data transformation process and immediately offers effortless access to trusted big data analytics.

Refinitiv Advanced Mortgage Analytics simplifies data processes to give servicers a competitive edge

SEPTEMBER 2021

on regulatory and policy changes, such as non-primary residence percentages and multiple risk factor analyses. Servicing buyers and correspondent buyers use AMA to grow and build their servicing portfolio by analyzing servicing seller strategies, market share and potential adverse selection of MSRs within their own acquisitions. Users appreciate the speed of analytics and ease of customization with AMA. The platform comes with pre-defined template “starting points,” which serve as gateways into different data analytics, including servicing transfers, prepayment ramps, channel analysis, MBS pooling strategy, serving and seller rankings. The ability to monitor prepayment performance allows users to understand how servicing buyers, regulators and GSEs view their CPRs. These reports help to validate and guide longer-term retention, recapture and origination/servicing strategies. AMA also helps provide context around the FHFA/Treasury PSPA caps for compliance and comparisons to other agency sellers. Specific analytics address the non-primary residence caps, cash window caps and risk factor caps. When AMA was first launched, Refinitiv already had a community of over 400 independent mortgage bankers, bank pipeline hedgers and mortgage servicers on the Tradeweb platform. This community accounted for over 75% of U.S. agency MBS issuance. It became apparent that mortgage bankers needed greater transparency in agency issuance and prepay performance, which is what guided the decision to build AMA. Today, this mortgage loan analytics solution offers unparalleled speed, performance and flexibility.

Sponsored Content

Reggora connects mortgage lenders with their appraisal vendors to simplify the real estate appraisal process key stakeholders at each lender customer, including the appraisal desk, loan processors, underwriters, loan officers, the executive team and more. With Reggora’s automation capabilities, users have reported saving up to 20 minutes per loan file and take advantage of ultimate configurability to match the unique needs of various roles, teams and branches. Loan officers benefit from increased visibility with automatic status notifications and borrowers get a modern experience with things like easy payment processing. In addition, Reggora offers advanced data reporting capabilities through its GoodData partnership, allowing lenders to become more strategic in managing their appraisal operations. Reggora is able to partner with any AMCs that lender customers work with. But the Reggora platform also includes functionality such as pipeline management, order allocation, automated notifications, and more, making it ideal for lenders managing their own panel of appraisal vendors. Prior to founding Reggora, Brian Zitin and Will Denslow launched a successful real estate brokerage firm, which was their first introduction into the industry. During that experience, they were exposed to the challenges and shortcomings of the appraisal and valuation process and set out on a mission to transform it. As a true technology company, Reggora is building a modern platform that’s paving the way for the future of appraisal and valuation. Reggora has a vision for the future and thrives in hyper-growth to be able to respond to the changing needs of customers based on the ever-changing market.

REGGORA PRODUCT: Ӻ Reggora SNAPSHOT: Ӻ Reggora is a modern appraisal technology company that provides two-sided software to streamline the appraisal process between mortgage lenders and real estate appraisers.

85 ❱ HOUSINGWIRE

o handle today’s high demand, housing professionals need access to the best technology. But unfortunately, many are still using legacy systems that were developed years ago. Discovering the modern capabilities, user-friendly interface and extreme flexibility of Reggora’s software can be a total game changer for both lenders and appraisers. Reggora is a SaaS platform that seamlessly connects mortgage lenders with their appraisal vendors. Lenders of all sizes benefit from Reggora, whether they manage their own panel of appraisers, work through an AMC or use a combination of both. Appraisers on the Reggora platform gain access to free tools that eliminate the time spent on tedious tasks. They’ll receive orders from both current and new lenders, easily manage their business through free company management features, and improve overall transparency and organization. For lenders, Reggora helps speed up and simplify all appraisal logistics, contributing to increased capacity and faster close times. Leveraging smart automation, configurable workflows, loan origination system (LOS) and mortgage point-of-sale (POS) integrations, Reggora helps users allocate orders efficiently, create flexible appraisal processes and prepare businesses for the future of valuation. Reggora even offers a modern mobile app that allows housing professionals to stay plugged in regardless of where they are. Reggora connects technology systems and streamlines the flow of information and data. By integrating with major LOS and POS, the SaaS serves a number of

REGGORA Reggora.com

SEPTEMBER 2021

- SPECIAL REPORT -

Sponsored Content

SAGENT sagent.com

SAGENT PRODUCT: Ӻ CARE SNAPSHOT: Ӻ CARE is Sagent’s consumer platform that links a modern, bank-on-yourphone experience for borrowers with seamless human care from servicers. Borrowers can manage payments and escrows, plus monitor home equity, new offers and tax matters. They can also act fast and resolve hardships.

Sagent’s CARE platform sets the tone for consumer-first servicing modernization

onsumer-F irst Ser v icing Modernization: Servicing comprises the vast majority of a customer’s borrowing lifecycle, and Sagent CARE brings the same modern experience borrowers get in the origination space to servicing, where lifetime customer relationships are managed and grown. Borrowers can manage loans and get immediate hardship help from any device. And servicer teams can help anytime using the same interface as consumers. This will help servicers improve retention rates which the MBA’s June 2021 Servicing Operations Study reports at just 21%. Sagent’s CARE platform is comprised of four components: 1. CARE Loan Servicing - Powers customer self-serve on performing loans anytime, anywhere. Borrowers can manage payments and escrows, find savings and remain engaged with servicers. 2. CARE Loss Mitigation - Powers customers to self-serve on non-performing loans anytime, anywhere. Borrowers can manage all types of hardship cycles from request to resolution, from any device. 3. CARE Customer Service - Powers servicers to support borrowers using the same UI/UX borrowers are using, take over when they need help and resolve customer needs fast with real-time secure messaging and doc/data sharing. 4. CARE API Marketplace - API platform that lets servicers match their CARE servicing tools with the rest of their consumer experience.

86 ❱ HOUSINGWIRE

Sagent CARE sets the tone for consumer-first servicing modernization for three reasons: 1. Retain strong borrowers looking

SEPTEMBER 2021

for savings, new homes, new loans, debt consolidation and other advice. Stabilize struggling borrowers who need immediate hardship care from inquiry to resolution. 2. Seamlessly link servicers’ teams to the customer experience, so customers can get immediate human help with fast, relevant outcomes. 3. Real-time, two-way data sharing so consumer experience and enterprise servicing systems are always linked. CARE features borrowers love include: Modern experience from any device, making payments in seconds, easily making complex and multi-source payments, fast forbearance and loan mod requests with pre-populated forms, consumer-friendly decisioning results for clear hardship resolution and real-time access to human help. CARE features servicers love include: Easily configurable to custom policies, procedures, customer experience; ability to brand CARE as their own; mobile-first, omni-channel design; real-time data sharing with servicing and default systems of record; supports complex mortgage and non-mortgage loans; powers centralized CSR teams or distributed branches and sub-servicers with same UX as (and co-piloting for) consumers. Real-time configure for real-time compliance: Sagent CARE, as well as Sagent’s servicing and default systems of record, LoanServ and Tempo, are fully configurable at the most granular level, ensuring servicers maintain real-time compliance with real-time market and regulatory changes. This is especially critical — and battle tested — in today’s COVID recovery era where regulator, GSE and Wall Street rules and regulations change in real-time.

Sponsored Content

ortgage closings require tight coordination between many parties in a fragmented ecosystem, all of whom have their own systems and processes. To enhance communication throughout the mortgage process, Snapdocs enables lenders to connect with all parties and technologies involved in a mortgage transaction to complete the entire closing process online. Though the components required for digital closings have existed for decades, it previously took lenders months or years to string them together to orchestrate an online closing process – and none of these ad hoc solutions allowed lenders to scale. With Snapdocs, lenders can implement digital closings at scale in as little as one month and quickly start handling higher loan volumes with the same amount of people. Snapdocs’ technology platform is built on a multi-party workflow engine that coordinates the activities of all stakeholders in a mortgage closing, bringing clarity and transparency to every step of the process. This capability plugs into any loan origination system (LOS) or document prep provider, allowing all users to stay in their systems of choice while Snapdocs improves the experience in the background. Snapdocs then employs artificial intelligence to assure accuracy in every document and closing package, eliminating errors and the cost associated with rework. Snapdocs’ powerful AI automatically sorts documents into wet-sign and eSign packages based on the lender or investor’s preference, then annotates the documents for eSigning — a process that’s completed in just a few minutes. Lenders no longer have to manually tag or QC documents after eSignature templates have been applied. Instead, they can completely automate the work that’s needed to prepare documents for hybrid closings or eClosings. With Snapdocs managing the entirety

of the closing process in the background and pushing data and documents to key systems like LOS and POS, lenders now have the freedom to select and change the rest of their tech stack without disrupting their closing process, all while ensuring they’re able to process more loan volume with dramatically fewer errors and no additional human effort. Lenders who use Snapdocs see real ROI from day one because Snapdocs removes manual tasks – like downloading and printing documents or sending emails – across all closings, which saves lenders valuable time. Lenders are able to implement Snapdocs in just a few weeks and digitize 99% of their loan volume in an average of four months. By doing digital closings at scale, lenders can shorten the closing process by two days on average. Lenders appreciate how easy Snapdocs is to implement and use, along with how easy and intuitive it is for settlement agents and borrowers. Last year, when it was not unusual for lenders to grow volume 50% or more, it was also not unusual for Snapdocs customers to handle this surge in volume with zero additional headcount in closings. Snapdocs is a single platform for all closings that uses automated workflows, which allows lenders to maximize operational efficiency and increase loan volume with the same amount of people. And not by coincidence, the very same factors that allow Snapdocs customers to achieve greater efficiency are those that contribute most to a positive borrower experience – error free documents, clear and updated views on status of the closing and ultimately a closing that goes as expected with no last-minute surprises. Snapdocs is a true partner to lenders. Rather than trying to disrupt the mortgage industry, Snapdocs works to gain a deep understanding of how things are done best to help users improve existing processes.

SEPTEMBER 2021

SNAPDOCS snapdocs.com

SNAPDOCS PRODUCT: Ӻ Snapdocs SNAPSHOT: Ӻ Snapdocs is the digital infrastructure that connects the mortgage closing ecosystem in order to orchestrate perfect digital closings at scale.

87 ❱ HOUSINGWIRE

Snapdocs helps lenders perform digital closings at scale, shortening closings by two days on average

- SPECIAL REPORT -

Sponsored Content

SOFTWORKS AI softworksai.com

SOFTWORKS AI PRODUCT: Ӻ Trapeze for Mortgage Automation

or an automation solution to deliver what it promises, it needs to be built with domain expertise – not just in AI but also in the processes that it’s automating. SoftWorks AI’s Trapeze for Mortgage Automation is where mortgage and AI expertise meet. Trapeze is a purpose-built solution designed to streamline different aspects of the mortgage lifecycle, from origination to post-close review, by converting documents to data with extreme accuracy and speed. The solution leverages advanced computer vision and machine learning to achieve the highest accuracy rates in the industry. Trapeze uses advanced technologies to automate the identification, classification, prioritization and assembly of loan packets and their data. It extracts and validates critical data from input documents with exceptional accuracy, helping teams approve or deny loan applications faster and with less effort. No matter the file type, structure or data field locations, the solution can reliably extract the critical information needed to make loan decisions with both exceptional speed and accuracy. Trapeze also ensures that the extracted data tells a consistent lending story by cross-validating information across the loan packet. Unlike off-the-shelf or generic solutions, Trapeze is purpose-built for mortgage. With over 680 distinct documents and 6,300 data fields available “out of the box,” organizations can leverage Trapeze’s highly accurate automation capabilities literally in minutes. And that built-in library is ever-expanding. Whereas many solutions are static, SoftWorks constantly innovates and improves Trapeze based on industry and client news and feedback. Subscribed clients receive continuous updates, such as additional forms and data fields, improved accuracy and new capabilities to help further automate their business. Generating reliable data that clients

88 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ Trapeze for Mortgage Automation leverages deep expertise in AI to optimize the processes throughout the mortgage lifecycle by converting documents to data with extreme accuracy and speed.

Trapeze for Mortgage Automation from SoftWorks AI converts documents to data with accuracy and speed

SEPTEMBER 2021

can trust allows users to move valuable resources away from “stare and compare” activities and towards more productive tasks. Workers can process more loans more accurately and in less time. By substantially reducing the need for humans to “double-check” the data, clients can process more information without an increase in labor costs and time. Furthermore, clients are seeing improvements in customer experience because the solution provides borrowers with real-time feedback and confirmation at document submission. T he s e cl ient s a r e e x p er ienc i ng straight-through-processing of over 90% with pass-through accuracy of 99.5%+ and are seeing up to a 90% reduction in document processing time. With SoftWorks’ secure cloud-enabled processing, clients can dynamically scale lending capacity up or down to meet market demand. This has provided them with a truly competitive advantage, in that they can easily handle dynamic loan volumes and dramatically shorten cycle times, all while maintaining the extremely high accuracy rates that are so crucial in the mortgage industry. The speed, accuracy and high levels of automation that Trapeze delivers translates into boosted revenues and clear ROI for their clients, including some of the biggest lenders in the nation. The company is in the process of releasing enhanced underwriting capabilities such as Verification of Income and Verification of Assets, cash flow analysis, document versioning (deciding final/most recent version), expanded document and field coverage, cross-validation for data consistency and tighter integrations with popular LOS platforms. SoftWorks AI’s focus to drive towards 100% straight-through processing translates into a solution that is always improving and getting ever-closer to truly touchless automation.

Sponsored Content

t Stavvy, they believe the promise of a fully digital mortgage has not yet been realized. Fragmentation, inefficiency and outmoded regulations still plague the consumer mortgage experience. Requirements such as in-person meetings, physical files and documents and pen-and-paper signatures — which have been the norm for as long as anyone can remember — are no longer just inconvenient, but are now impractical for consumers and lenders alike in a post-COVID world. As state and federal regulations are poised to (slowly) move the industry forward in the coming years, Stavvy has built a suite of tools to solve these problems today. While technology has improved processes for many industries, the way a home loan is transacted still hasn’t changed much over the years. In some cases, it has become even more complicated as disparate pieces of the process have been digitized in a silo without considering the bigger picture. In most loan origination or modification situations today, consumers are talking to multiple parties: their lender, their realtor, a notary, a title company and others. These parties don’t have streamlined communication which leaves the heavy lifting to the consumer to navigate the disparate processes. Often, there’s no central file depository for vital documents and files are not sent securely via email or through a hybrid mix of Fed Ex boxes and customer portals. This is not only a security risk (potential for fraud and exposure of sensitive data), it can also bring the mortgage process to a grinding halt if a file is stuck in someone’s email inbox. Stavvy’s solution securely digitizes every aspect of the process, not just replacing pen and paper with electronic documents and signatures but rethinking the entire workflow, enabling collaboration, validation and transparency. The end result is a best-in-class consumer experience and the creation of a truly digital asset that meets the needs of both up and downstream stakeholders. Consumers today are used to digital

experiences that are designed with them in mind. Most of the digital tools that are involved in the mortgage process include a consumer-facing interface that was designed as an afterthought. While there are “digital file sharing” or “electronic notary” services that are built with a consumer-first mindset, none of these tools were purpose-built for real estate transactions by veteran banking, security and legal professionals and often they don’t play well with the tools that lenders are already using. Stavvy aims to solve this with its all-inone platform that is built for all parties, including both consumers and lenders. Stavvy has all the tools that mortgage banking professionals need, consolidated and integrated into one single platform that is easy to use and fits into their existing workflows. This includes remote notary capabilities, video conferencing tools, electronic document review and signing features, secure storage for video conferences, data, documents, and integration with industry-standard platforms. Stavvy meets all relevant compliance standards with automatic video recording plus secure retention of documents and video — a higher level of security than the traditional paper process. By removing the biggest headaches and roadblocks lenders traditionally face, Stavvy enables them to delight their own clients with a streamlined process that takes up less of their time. Consumers appreciate using a platform that is built with a “human-first” philosophy, and that removes the need to interact with multiple “portals” or juggle a number of disparate accounts and logins. Stavvy allows consumers to conduct transactions like mortgage origination or loan modifications from wherever they prefer, at a time that is convenient for them, and with confidence that they understand and have ownership over the entire process. Stavvy is here to transform how business is conducted remotely by making complex legal and financial transactions easier, safer and more accessible to all.

SEPTEMBER 2021

STAVVY www.stavvy.com

STAVVY PRODUCT: Ӻ Stavvy SNAPSHOT: Ӻ Stavvy is enabling digital transformation by helping organizations navigate complex financial and legal transactions easily and safely, enabling critical tools such as remote notarization, video conferencing, eSignature, secure document storage — putting customer experience at the forefront.

89 ❱ HOUSINGWIRE

Stavvy’s all-in-one platform makes legal and financial transactions easier, safer and more accessible

- SPECIAL REPORT -

Sponsored Content

WFG wfgls.com/products-and-services/ myhome-exchange/

WFG’s MyHome solution brings borrowers on board early on in the real estate process, improving their experience

WFG ENTERPRISE SOLUTIONS PRODUCT: Ӻ WFG’s MyHome Ӻ

90 ❱ HOUSINGWIRE

SNAPSHOT: Ӻ WFG’s MyHome automates manual processӺ es to enable proactive communication, data and document collection and sharing, resulting in an improved experience for consumers and other real estate transaction participants.

ince its founding in 2010, WFG National Title Insurance Company has worked to advance the real estate, mortgage lending and title industries, adding greater efficiency and accuracy to processes and a vastly improved experience for consumers. In a recent industr y sur vey, WFG Enterprise Solutions identified that key concerns throughout this multifaceted industry include: • Process inefficiencies • Communication, signing and closing issues • Data quality Addressing these key issues is at the heart of WFG’s MyHome design, and continues to be the driving force behind each enhancement. WFG Enterprise Solutions launched MyHome Exchange as a way to bring borrowers on board early on in the real estate process. It significantly improves the consumer experience by providing a convenient, secure and intuitive self-service ecosystem that increases operational capacity by reducing application-to-close turn-times, eliminating operational redundancies and improving lender throughput, resulting in more closed loans. As a complete, end-to-end solution, WFG’s MyHome supports the entire transaction continuum, from data collection to closing. It allows for early and clear communication and greater transparency throughout resale and refinance transactions. MyHome also streamlines the settlement process and increases throughput by eliminating duplicate touchpoints, enabling proactive communication, and facilitating data and document collection, storage and sharing. By connecting transaction participants and significantly improving the consumer experience with greater convenience, security, transparency and intuitive self-ser-

SEPTEMBER 2021

vice, WFG’s MyHome provides borrowers and buyers with an unparalleled experience. This solution includes personalized communications with direct text, email and dashboard notifications. MyHome even alerts participants of important milestones throughout their transaction, so they’re always up-to-date. Focusing on products and technology solutions that improve the customer experience is a differentiator for MyHome, as well as the Williston Financial Group family of companies in general. Much of MyHome’s uniqueness stems from the process by which the company’s technology subsidiary WEST, a Williston Financial Group company, develops enterprise solutions and technology products. WEST’s product development process drives how WFG Enterprise Solutions and the rest of the WFG family of companies engage with their customers and consumers. WFG’s MyHome is sophisticated, but its information wizard and dashboard are both elegant and simple to use. This is key to engagement in combination with multiple LOS integrations, as it vastly improves transactional efficiency. The secure online collaboration space that MyHome creates for transaction participants helps ensure the full exchange of data upfront from the consumer. In fact, when the company sends WFG’s MyHome links to consumers to initiate the process, engagement and turnaround times improve significantly, with data and document uploading and subsequent follow up taking place the same day or the next day in most cases. This is a vast improvement over the prior process of repeatedly requesting this information via phone and email, which could take weeks or more to complete. In the future, WFG’s MyHome will play a broader and more central role in the digital closing evolution.

Recognizing the most impactful and innovative technology leaders serving the housingwire.com/techtrendhousing economy. setters

Nominations close September, 24 2021 housingwire.com/techtrendsetters

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.

AIME......................................93 ALTA......................................93 MBA ......................................94 NAHB ....................................94

92 ❱ HOUSINGWIRE

NAR.......................................95

SEPTEMBER 2021

TRADE DESK

Marc Summers

President Association of Independent Mortgage Experts

AIME members, AIME is excited to once again host the largest nationwide gathering of independent mortgage professionals from across the country at this year’s AIME Fuse National Conference in Las Vegas at the Bellagio Hotel & Casino on September 24th and 25th of this month as we celebrate the success of both the present and the future of the wholesale channel. The power of the broker community will be on full display as independent mortgage brokers grow their businesses through innovative workshops on industry best practices, breakout sessions highlighting industry experts and exclusive access to AIME’s elite vendor and lender partners. AIME is also pleased to announce that bestselling authors and entrepreneurs Simon Sinek and Molly Bloom will be joining five-time NBA champion, Naismith Memorial Hall of Famer and inspirational philanthropist Earvin “Magic” Johnson as keynote speakers at Fuse. Each speaker is poised to share their experience as an enterprising businessperson, who has in-

spired communities and overcome countless obstacles in the process. As always, the conference will feature top-name exhibitors who provide AIME members with the tools, resources and support necessary to successfully advise consumers with their residential mortgage needs. As the wholesale channel continues to move forward into the second half of 2021, AIME is proud to champion the hard work and determination of the broker channel at AIME Fuse 2021 while continuing to give brokers the tools needed to continue growing broker market share to 25% and beyond. The broker channel is growing consistently because it offers mortgage professionals the most flexibility as business owners and provides unrivaled optionality for their clients, especially in the most competitive of lending markets. Due to this nimble framework, brokers are uniquely positioned to lead the way toward homeownership in their own communities and AIME looks forward to sharing our community’s story each and every day.

Association of Independent Mortgage Experts

And it’s your chance to reconnect with your peers and ignite your passion for what lies ahead. We are ready for in-person events, but will also provide a virtual option, so you’ll have the opportunity to see your friends and colleagues Oct. 12-15 in New Orleans. Whether you’re there in person or watching from the comfort of your office, ALTA ONE offers networking options, CE and CLE credits, amazing inspirational speakers, education on the hottest industry topics and much, much more. Join us for the event that unites us all, right when we need it the most. Check out the schedule and register at alta.org/one. I hope to see you there!

American Land Title Association SEPTEMBER 2021

Diane Tomb

CEO American Land Title Association

93 ❱ HOUSINGWIRE

ALTA members, The events of 2020 added more than one layer of complexity to our business. Combining a global pandemic with the fast-paced real estate industry was like introducing a hurricane to a tornado. As we look to the future, now is the perfect time to focus on honing our skills and positioning our companies for continued success. The title insurance industry is ready to go ALL IN at ALTA ONE: All in for our businesses. All in for our customers. All in for our teams. All in for our future. The past two years have ushered in a historic level of transactions for the industry. And most of us are still firing on all cylinders to provide customers with the highest-quality services. Now, ALTA ONE is your chance to take a step back and review where you are and where you are headed. It’s your chance to dive into trends and policies shaping the real estate industry.

Robert Broeksmit

94 ❱ HOUSINGWIRE

President & CEO Mortgage Bankers Association

Mortgage Bankers Association

TRADE DESK

MBA members, When the COVID -19 pandemic began last spring, none of us knew just how much it would impact the mortgage industry — from where we work to how we communicate and deliver for consumers. For me, one of the parts of the job that I missed most was networking and learning from the creative and diverse people who are passionate about pushing the industry forward. While MBA’s virtual conference programming was highly successful in bringing people together over the past year and a half, I think it is safe to say that we all missed the in-person interactions and networking at MBA’s conferences. Nothing replaces in person. That is why I am looking forward to seeing you again at MBA’s Annual Convention & Expo in sunny and beautiful San Diego on October 17-20, 2021. We have a lot to catch up on and an exciting list of over 50 guest

NAHB members, The home building industry’s most anticipated event of the year — the National Association of Home Builders’ International Builders’ Show — is an opportunity to connect with other professionals in our industry. We’re excited to again be live and in person, Feb. 8-10, 2022, in Orlando. IBS is the residential construction industry’s most comprehensive, business-strengthening event for builders, remodelers, suppliers, manufacturers, engineers and designers. If your company is just entering the industry or if you’re looking for new opportunities to grow and expand your business, IBS is the best chance to convert conversations into long-term business relationships. The massive exhibit floor is where you’ll meet knowledgeable company representatives showcasing the hottest new trends in products and services from top manufacturers and suppliers from across the country and around the globe. If it goes into constructing a home, you will find it on the show floor. And IBS offers a lot more, including educational offerings from a “who’s who” of the industry and brand visibility from hundreds of media outlets in attendance. You also get networking opportunities and

speakers lined up, including FHFA Acting Director Sandra Thompson; New York Times best-selling authors Malcolm Gladwell and Brad Meltzer; Academy Award-winning Actress Rita Moreno; Freddie Mac CEO Michael DeVito; Fannie Mae CEO Hugh Frater; and Federal Home Loan Bank of San Francisco President and CEO Teresa Bryce Bazemore. Being back together under one roof is exciting, and probably a little nerve-wracking after more than a year of self-isolation and no crowds. MBA will adhere to recommended guidance to ensure the health and safety of our attendees, staff, host employees, and vendors. After a record-breaking year of mortgage originations amidst all of the uncertainty, our industry is stronger than ever. I look forward to seeing you face-to-face in San Diego to reconnect, recharge and focus on an even brighter future.

niche-specific communities, including NAHB’s Young Professionals and Professional Women in Building, as well as “IBS Centrals” for 55+ Housing, Custom Building, Design, Multifamily, Remodeling and Sale. Experience our industry as a whole, including the latest technologies, new product launches, design trends and best practices in construction and business management. It’s your best opportunity to learn what your business needs to thrive in 2022 and beyond. Need a bonus reason to attend? Your IBS registration includes access to the Kitchen & Bath Industry Show exhibit floor as part of Design & Construction Week. NAHB members can register for a free expo pass during the month of September and new NAHB members are eligible for discounted all-access deals. Make sure to sign up for updates about the show and register at BuildersShow.com.I look forward to seeing Chairman you in Orlando.

National Association of Home Builders SEPTEMBER 2021

Chuck Fowke

National Association of Home Builders

TRADE DESK

NAR members, As a Realtor for more than 40 years, I know firsthand the time-consuming hours and late nights required to succeed in this profession. In addition, many Realtors often work alone and regularly in unfamiliar locations or properties. These aspects are a part of working in real estate, but under the wrong circumstances and without the proper precautions in place, these situations can be dangerous. Let’s review several safety best practices. First, Realtors should always meet new clients at their office or in a neutral location, such as a nearby coffee shop. Share your schedules and agendas with coworkers or family members so that someone knows where you intend to be. Then check-in with that person once the meeting concludes. It is also essential to communicate any safety concerns at a given showing, including poor cell phone reception, bad lighting or a note that a property is isolated or “off the beaten path.” If there are major concerns, bring a

colleague or assistant with you. If no one is available, apologize to the client and reschedule for a time when someone is available to accompany you. Typically, you should not host open houses alone. We want to reduce the number of safety incidents that take place within our field. The ultimate goal is to have every Realtor make it home safely every day. We can accomplish this by improving real estate’s safety culture. Collectively, we must discuss safety, create a safety plan and follow the established plan. Remind and encourage your fellow Realtors to do the same. A number of other safety suggestions and resources can be found at nar.realtor/safety.

National Association of Realtors

Charlie Opper President National Association of Realtors

HousingWire stories delivered to your inbox every day. Find the right fit for you.

GET ON THE LIST:

95 ❱ HOUSINGWIRE

www.housingwire.com/newsletter

SEPTEMBER 2021

104 ❱ HOUSINGWIRE

POLITICS & MONEY

SEPTEMBER 2021

POLITICS & MONEY

Is NAR ready to rumble with DOJ? A “BLINDSIDED” NAR HAS YET TO PUNCH BACK

isa Dunn was on her way to the American Automobile A s s o c i a t i o n headquarters in M i s s i o n V i e j o , California when her phone started blowing up. It was July 1, and the U.S. Department of Justice had just fired off a press release saying it withdrew from an antitrust settlement hammered out last November with the National Association of Realtors. NAR represents the vast majority of U.S. real estate agents and spends more annually on lobbying the federal government than any organization in the country. “The Department is taking this action to permit a broader investigation of NAR’s rules and conduct to proceed without restriction,” the release declared. The DOJ also repeatedly mentioned commission

"The Department is taking this action to permit a broader investigation of NAR’s rules and conduct to proceed without restriction." - the DOJ

SEPTEMBER 2021

costs, noting Americans “paid over $85 billion in residential real estate commissions last year.” The founder of Laurel Real Estate and a veteran Orange County agent, Dunn is also part of NAR’s board of directors. “People thought, ‘Oh, Lisa will know what to do,’” Dunn recalled. But Dunn didn’t know, not even after an hourand-a-half chat on Clubhouse later that night with concerned agents. She couldn’t advise other agents because NAR was not advising her. “They were relatively tight-lipped,” Dunn said of the trade group. Maybe understandably. The DOJ’s actions constitute a “Declaration of war with the NAR,” said Ken Johnson, a real estate economist at Florida Atlantic University. It’s a war that could be fought under the glare of public courtrooms, instead of negotiated away behind closed doors, Johnson said. At stake are the practical rules agents must follow to do their job – and the essence of how agents earn money.

105 ❱ HOUSINGWIRE

BY MATTHEW BLAKE

POLITICS & MONEY

106 ❱ HOUSINGWIRE

Since its Chicago founding in 1908, NAR is typically prepared. They were on Nov. 19 when the DOJ announced a simultaneous lawsuit and settlement with the trade group. That day, the NAR released guidelines for its members stating that the settlement requirements would not require major adjustments. “The rules changes re-affirm that MLSs and brokerages, as always, must provide consumers all properties that fit their criteria regardless of compensation offered or the name of the listing brokerage,” stated those November guidelines. B u t when the D onal d Trump administration became the Joe Biden administration, NAR found itself in a reactive role. A key part of the Trump administration settlement is that NAR cannot prohibit Multiple Listings Services from disclosing to prospective buyers the amount of commission that the buyer’s agent will earn. Relatedly, the since-withdrawn settlement demanded that agents not misrepresent to homebuyers that their services were free, and that buyer agents must not filter listings based on the commission they stand to earn. Since practically NAR’s founding, a sales commission has typically been split equally between a buyer’s agent and the sales agent. For example, if a home seller agreed to pay their agent a 6% cut of what the home sells for, the buyer’s agent stands to make 3%. A hot topic for discussion among local NAR chapters became whether the Justice Department would soon require commission disclosure. Already,

“NAR was blindsided by and unsure of the rationale behind the DOJ’s decision to withdraw from our negotiated agreement." - NAR

SEPTEMBER 2021

Redfin was posting buy-side agents’ commissions, and Zillow said it would soon as well. But the NAR acknowledged in May that they were simply, “Waiting for feedback from the DOJ on these proposed rules.” The normally unflappable trade group described DOJ’s settlement withdrawal like they were recalling waiting at the bus stop and getting hit by a bus. “NAR was blindsided by and unsure of the rationale behind the DOJ’s decision to withdraw from our negotiated agreement,” NAR asserted in a statement to HousingWire. “We remain confident in the pro-consumer, pro-competitive nature of our rules and the MLS system, all of which benefit home buyers and sellers by providing a fair and level real estate marketplace.” Beyond that, an initial statement calling the settlement withdrawal an “unprecedented breach” and a video where NAR deputy general counsel Lesley Muchow reiterates the initial statement, the trade group has been radio silent, offering none of its usual compliance guidelines. That has left agents and MLS’s confused about what to do on commission disclosures, as well as lockboxes, Dunn said. Part of the withdrawn settlement was that access to lock box codes cannot be limited to local MLS members. The DOJ’s move also left agents angry with the Biden administration. “This is pure government meddling,” said Mike Napolitano, a Keller Williams agent in Burbank, California. “As a company we set our own commission rate, and how much we offer to the buyer’s agent. It’s not set by any regulator. It’s set by the marketplace.” “Given Biden’s relatively thin win,” said J.P. Montalvan, a Compass agent in Washington D.C. “It wouldn’t seem wise to pick a fight with one million-plus realtors before 2024.”

POLITICS & MONEY

“If the DOJ discovered a flaw in the settlement that put competition and consumers at risk, it’s understandable, and perhaps even commendable, that

Four days after the DOJ withdrew from its settlement with NAR, federal judge Andrea Wood issued a ruling in a proposed class action by a group of home sellers that claims NAR and top brokerages wage a “horizontal conspiracy” to fix commission prices. Wood, who earlier denied NAR’s motion to dismiss the lawsuit, this time rejected HomeServices of America’s plea to wipe out class allegations and bring the case to private arbitration. “The matter is best addressed when Plaintiffs move for class certification,” the Chicago-based judge wrote. The potential class includes millions of homebuyers and sellers who used real estate agents at HomeServices, Realogy, Keller Williams and RE/MAX. The Chicago case is the farthest along in a handful of antitrust lawsuits concerning NAR’s commission guidelines. In other words, if the DOJ wanted to jump into an existing litigation, it has options. But the DOJ declined to comment for this article, its aims were not spelled out in the press release, and a federal court records review indicates that the Biden administration has not taken action against NAR. In fact, the Biden administration has yet to even nominate someone to lead the Justice Department’s antitrust division. “The withdrawal is a clear signal that DOJ is looking at taking further action against NAR, but we have no information about what that might look like,” said Laura Alexander, vice president of policy at the American Antitrust Institute. But Alexander said that the Biden administration could have its reasons.

“Once they rescinded an agreed upon settlement, how can the NAR ever trust them again?” - Ken Johnson

it would exercise its written rights to the fullest extent possible,” Alexander said. If the Justice Department has identified a flaw, “There is a good chance that the DOJ will eventually seek additional limitations on the NAR’s conduct,” said Eric Hovenkamp, an antitrust professor at USC. “If its investigations do not dispel those concerns, it may very well decide to bring a new enforcement action and potentially secure a tougher settlement.” But will NAR be willing to talk settlement after the DOJ reneged on the last one? “Once they rescinded an agreed upon settlement, how can the NAR ever trust them again?” said Johnson of Florida Atlantic University. “I think it’s going to be a protracted battle between the two that’s going to end up in court.” Johnson’s hypothesis is as good as anyone’s, as both the federal antitrust enforcer and powerful trade group quietly plan their next move. “As agents we are all just frustrated,” Dunn said. “And we know NAR has their work cut out for them.”

107 ❱ HOUSINGWIRE

SEPTEMBER 2021

100 ❱ HOUSINGWIRE

REVERSE MORTGAGE

SEPTEMBER 2021

REVERSE MORTGAGE

The evolving views of financial planners about reverse mortgages HOW TO NAVIGATE THE RELATIONSHIP

hile demonstrable progress has been made by reverse mortgage professionals in forging stronger bonds with financial planners, the process is still often an ongoing one for a host of reasons. These can include some lingering reputational challenges that the reverse mortgage product faces, misperceptions among planners about the regulations governing what kinds of financial products they can talk about or even simple, personal misgivings an individual planner may have about discussing home equity with one of their clients.

"One of the keys to progressing this relationship may lie in making an effort to understand why financial planners feel the way they do about reverse mortgages"

SEPTEMBER 2021

One of the keys to progressing this relationship may lie in making an effort to understand why financial planners feel the way they do about reverse mortgages and the abundance of sources and perspectives they have access to that informs their thoughts about the product category. The letter of the law may also play a role in determining why some planners are cautious about reverse mortgage business collaborations and understanding this can be key to finding a referral partner. This is according to James Milano, a partner at law firm Weiner Brodsky Kider which serves as outside counsel for the National Reverse Mortgage Lenders Association. While none of the matters spoken of count as anything resembling legal advice, a basic overview of how the relationship has changed over the years may be helpful for reverse mortgage professionals to better understand the dynamics, Milano said.

101 ❱ HOUSINGWIRE

BY CHRIS CLOW

REVERSE MORTGAGE

think it is today, and that was focused on educating financial planners about the use of reverse mortgages in retirement, and that’s what’s being discussed. Minds have opened up about using home equity in retirement.”

102 ❱ HOUSINGWIRE

Many reverse mortgage professionals are far from timid when expressing their frustrations with financial planners, particularly if they have tried to establish a relationship with a planner professional and come up frustratingly short, Milano said. Still, that should not discount the fact that progress has been made with those “on the other side of the aisle,” he adds. “I think that, historically, that’s been the view in the reverse mortgage industry: that the financial planning community has a negative view of reverse mortgages,” Milano said at the NRMLA Virtual Summer Conference this year. “But, things are changing and evolving. Shelley [Giordano] referenced some of the changing literature on the financial planner side, where minds are opening up. I really think the biggest frustration in our industry is that it seems to be taking so long.” That amount of time may prove disconcerting for many reverse mortgage practitioners, but that frustration should not derail the aims of the industry to continue working to get accurate information out to the planner community to continue facilitating as much dialogue about reverse mortgages out to that audience as possible, he said. “[The best thing to do] is to continue to get these ideas out there in the marketplace, and to continue to network and discuss this,” Milano said. “There’s no quick, easy fix. But on that point, I did want to pivot, because there’s been discussion for many years regarding financial planners in the reverse mortgage industry. And probably going back 10 years or more, the discussion really was where I

I “I think that, historically, that’s been the view in the reverse mortgage industry: that the financial planning community has a negative view of reverse mortgages.” -James Milano

SEPTEMBER 2021

In previous years, many discussions within the reverse mortgage industry were more squarely focused on integrating financial planners as influencers of reverse mortgage business through formal arrangements like marketing services agreements or lead sales arrangements. Professionals also often inquire about ways reverse mortgage offerings can be successfully integrated into a financial plan or service, as well as even the hiring of financial planners or long-term care agents as permanent, part-time employees. This is when the complexity increases significantly from a regulatory perspective, Milano said. While the hiring of a financial planner by a reverse mortgage professional is not flatly prohibited, a whole new series of regulations which must be adhered to comes into focus, Milano explained. “When you move from educating to compensating, that triggers all sorts of mortgage regulatory requirements,” Milano said. “[In terms of] marketing services agreements or lead sales arrangements, [if they’re] properly structured under the Federal Real Estate Settlement Procedures Act (RESPA), there is a way that you can do that [which] gives you reasonable and strong arguments that it’s not in violation. But RESPA prohibits impermissible referrals of mortgage business.” Such arrangements may be viable

REVERSE MORTGAGE

under the scope of regulation, but also brings a number of requirements that must be observed under penalty of enforcement action by regulatory bodies like the Consumer Financial Protection Bureau. Such aims haven’t been a major focus of reverse mortgage professionals for some time, Milano added, and in some cases may have seemed like more trouble than they were worth to the planners themselves, he continued. “Part of that may have been making the financial planning community and compliance officers a little bit nervous in the HECM world,” Milano explained.

In terms of the ability for a reverse mortgage professional to actually hire a financial planner as a part-time employee, it is technically possible but requires a lot of specific elements to be in place if that planner is going to have an employment relationship with a reverse mortgage practitioner, Milano said. “[Some reverse mor tgage professionals] wanted to hire financial planners or long-term care agents as permanent part-time employees because those financial planners ... have a whole network of people that would be good candidates for reverse mortgages,” Milano said. “And some of these [clients] may not have been able to obtain longterm care because they were too old, or tragically had long-term care and it either got canceled — which was the case in the 1990s — or the premiums became too expensive, and they really could use a reverse mortgage, to use some of the home equity proceeds to continue their long-term care policy for their long-term planning purposes.” Never theless , Milano said the

“When you move from educating to compensating, that triggers all sorts of mortgage regulatory requirements.” -James Milano

103 ❱ HOUSINGWIRE

approach of having a financial planner as a permanent part-time employee makes him a little apprehensive, particularly because of certain actions taken by regulatory entities in previous years. “On the mortgage side, it’s possible to have [planners as] permanent part-time employees,” he said. “It has to be real, it cannot be a sham. And for me, the crux of this would be [in asking] are they subject to your oversight? Do they have to show up at sales meetings? Do they work out of a licensed office, if working out of a licensed office is required? There’s a lot there.” While this is not an idea that is highly prevalent in the reverse mortgage space today, it is still one worth discussing because of the regulatory framework surrounding it, Milano said.

SEPTEMBER 2021

96 ❱ HOUSINGWIRE

REAL ESTATE

SEPTEMBER 2021

REAL ESTATE

Buying & selling in America’s largest retirement community COMMUNITY SPANS THREE COUNTIES, 33,000 ACRES BY TIM GLAZE

“It has over 120,000 residents — all of whom are at least 55 years of age."

Villages, such as a gun club called the .45 Sidekicks; a club for senior citizens that collect comic books; the Happy Hour Quilters; a glass fusion art club; a scrapbooking club that meets only after 9 p.m.; and dancing clubs dedicated to Polish folk dancing, belly dancing, and the “Carolina Shag.” Home sizes and prices vary in The Villages, with the community offering property sizes starting around 850 square feet and capping out at around 2,550 square feet. The smaller homes, known as the Patio Villas, are priced around $180,000; the largest homes, known as the Designer Series, can go as high as $1 million. Would-be residents can also purchase in-between homes in the $220,000 range, which are the most popular.

Selling and buying in The Villages tends to be a

SEPTEMBER 2021

97 ❱ HOUSINGWIRE

merica’s largest retirement community spans three Florida counties and more than 70 miles. It has ove r 1 2 0 , 0 0 0 residents — all of whom are at least 55 years of age. And if the sheer size of the gated, master-planned complex known as The Villages doesn’t convince you of the uniqueness of the community — which was developed in the 1980s by developer Harold Schwartz and his son H. Gary Morse — consider that the “activities packet” given to new residents consists of 200 pages listing more than 2,400 clubs and groups. Many of those clubs are standard for any retirement home: arts and crafts, board game enthusiasts, painting, exercise and aerobics, etc. Then there are clubs you’ll likely only find in The

REAL ESTATE

of their days with a wide range of other seniors. Buyers are attracted to the sheer number of amenities at The Villages: movie theaters, golf courses, pickleball courts, bars, restaurants, shops, several

98 ❱ HOUSINGWIRE

highly emotional process, according to local real estate agents. The transaction often brings about a festive atmosphere for the buyers, who are looking forward to spending the rest

SEPTEMBER 2021

recreation centers, a 620-acre state park, and even the International Tractor Hall of Fame. But selling a home is usually a direct result of a resident dying — leading to a

REAL ESTATE

several years now. “Its such a versatile place to live,” said Cindy Dunn of Scott and Cindy Dunn Realty Executives in The Village. “It’s big, but not congested. It’s spread out. You can make your world as big or as small as you want in The Villages. You can go to your doctor’s appointment on a golf cart.” Golf is a big draw to many would-be homebuyers, Cindy Dunn said. There are more than 50 golf courses in the community, and Scott Dunn said people have “absolutely” moved to The Villages for the perk of being able to play golf — for free — every day. “Personally, I’m not a golfer, so I wasn’t interested in it when we began selling there, but I’ve grown to love being around it and watching it thanks just to the aesthetic of living around a golf course,” Cindy Dunn said. “A lot of our residents say it makes it a more beautiful place to live.” Prospective buyers can go the standard route and work with an agent. They can also buy directly through The Village’s sales office, Properties of the Villages Inc., which has seen real controversy in recent years.

On Dec. 16, 2019, the two top real estate agents for Properties of the Villages Inc. announced their abrupt departures by email. Upon exiting, the pair, Christopher Day and Jason Kranz, took customer lists and other information and formed their own real estate brokerage, KD Premier Realty, according to Villages-News.com. Properties of the Village sued the former top salesman, and a federal judge this month barred them from working on real estate transactions in the Village for 18 months. They were also ordered to pay

SEPTEMBER 2021

$603,700 in attorneys’ fees. Building homes on purchased land, specifically, has to be done directly through The Villages’ sales offices. “They don’t co-broke with an agent, like myself, if they are building in The Villages,

“It’s not that people aren’t selling, it’s just that a ton of people are buying. People are fleeing the northeast to live here." - Cindy Dunn but if someone calls me and they want to sell their home, I can co-list it,” said Erica Atterbury, a real estate agent with Caldwell Banker Realty. “A lot of people are looking for new builds everywhere, and it’s tough in retirement communities, as well. But the resale market works the same.” As is true in most of America, it is “definitely a seller’s market,” said Cindy Dunn. “So you have to be sharp to help buyers get homes, but it’s actually harder to buy homes in retirement villages, I think,” she said. “It’s not that people aren’t selling, it’s just that a ton of people are buying. People are fleeing the northeast to live here. It’s a great place to live. Our inventory situation is unique. We have an ever-changing population of homeowners — people buying homes [in The Villages] aren’t usually staying for 30-plus years.” Derell Roberson of Central Florida’s OmniRealty Now said the relatively short drive to the entertainment mecca of Orlando is a draw, too. “Central Florida offers it all,” Roberson said. “There’s theme parks, beaches, a diverse culture — it’s a complete melting pot.”

99 ❱ HOUSINGWIRE

much more somber experience on the sell-side, and one usually handled by younger relatives. The Villages has been one of the fastest-growing cities in America for

KUDOS

For I Heart Real Estate, it’s about more than just real estate CEO Christopher Stevens invites employees to volunteer with him By Tim Glaze

kud

When the I Heart Real Estate team isn’t busy with clients, it’s a safe bet that the company is helping someone, somewhere, in a time of need. Founder and CEO Christopher Stevens leads the way. On the I Heart Real Estate blog section of the company website, a post authored by Stevens entitled “Do You Have Heart?” is near the top. An excerpt from the post reads “Confucius said, ‘wherever you go, go with all your heart.’ Hubbard said to ‘do your work with your whole heart, and you will succeed – there’s so little competition.’ Although there are many more idioms, expressions and clichés, here at I Heart Real Estate, having heart truly has an important meaning.” For Stevens, it’s about more than just monetary success. Stevens quit his corporate job to follow his passion for real estate, but even after joining the field, he felt something was missing from the industry. So, he created I Heart Real Estate — a company currently licensed in Ohio and Michigan that flies in the face of what Stevens calls “the big box brands.” “I realized they all conducted business pretty much the same way, made the same promises and that the traditional brokerage model was too expensive,” Stevens said. “That’s why I created I Heart Real Estate — to disrupt the overpriced and outdated real estate brokerage model.”

108 ❱ HOUSINGWIRE

THE MISSION Stevens, now with 20 years in the real estate industry, targeted “go-getters and dreamers” to be a part of the agency, he said, pursuing agents and brokers that he said were tired of paying high commission splits and realized they needed to be supported by their broker — instead of the other way around. “We allow and want all of our agents to become the best version of themselves,” Stevens said. “By creating this environment, we are confident that client experience will be second-to-none.” Stevens and the company partnered with The Crawford Crew, a 501(c)(3) organization focused on ending HPVrelated cancers, and the Lisa Denardo-Pete Polk Memorial Foundation, a group that provides financial support and advocacy for children and families in need. Employees, colleagues and associates are also always allowed to volunteer at any of the charities that I Heart Real Estate is partnering with, Stephens said. “Participating in charity is easy for us,” he said. “The more we give, the happier we feel. Volunteering is very simply the act of doing good things for others and the community, which results in a sense of accomplishment.

Our role as volunteers gives a sense of pride and identity. We want to involve any and everyone that wants to be involved.” While volunteering for the Lisa Denardo-Pete Polk Foundation, Stevens said his four children benefited from the experience just as much as he did. “Their perspective has improved, their gratitude and appreciation for the blessings in their life have been realized and they have even made some new friends along the way,” he said.

THE IMPACT OF COVID-19 For Stevens, the challenges presented by the COVID-19 pandemic only offered more opportunities for I Heart Real Estate to give back, he said. One example, he said, was setting up a virtual 5K charity run instead of an in-person race. “The current COVID environment has only impacted the personal aspect of charitable work, but the mission was the same,” he said. “We found that many charitable activities limited personal interaction. However, we could still provide monetary support and achieve similar results. Many of our traditional initiatives were limited by the pandemic, but we still found creative ways to participate and offer much-needed support.” Like many real estate firms, I Heart Real Estate took a cautious approach during the pandemic, putting its agents, buyers and sellers first. The company handed out a “Buyer Tool Kit,” which included things like disposable shoe-covers, hand sanitizers, disinfecting wipes and facemasks and introduced contactless transactional solutions — including additional access to technology, virtual showings and remote closings. Despite how hot the housing market was last year, Stevens and I Heart Real Estate still found time to do what they felt was most important, and a recent trip to spend time with children at the Methodist Children’s Home underlined the true passion Stevens finds in his day-to-day activities. “Having had the wonderful opportunity to participate in many events, you quickly realize that the families and children are genuinely deserving and so incredibly appreciative of all the charitable work,” he said. “However, the irony is that it is not about what we give to them, but rather what they give to us.”

SEPTEMBER 2021

dos

109 ❱ HOUSINGWIRE

KUDOS

SEPTEMBER 2021

parting shot

Like the housing market, TikTok experienced rapid growth during the COVID-19 pandemic. Stuck at home, millions of people of all ages signed up for the social media platform that, up until 2020, was mostly home to Gen Z. Scott Betley, a loan officer at NFM Lending, was one of the first mortgage professionals on the TikTok scene, and after taking the time to understand the platform and learn the big trends, he is reaping the rewards. Quite possibly putting all the other social platforms to shame, Betley, aka “That Mortgage Guy,” has generated 600-700 mortgage leads off one video. And while some might be nervous to dabble in the fast-growing platform, this behind-the-scenes photo of Betley shows that it doesn’t require much to get started, with most videos simply using a ring light and phone stand.

Photo byline

110 ❱ HOUSINGWIRE

❱ WHAT’S TIKTOK?

SEPTEMBER 2021

The competitive edge you need to stay ahead. HW+ members get exclusive access to: Premium Content Deeper dives into the stories impacting the housing industry and your bottom line

be rs h

ire .c om /m em

Complimentary seat saved at HousingWire’s virtual events and access to on-demand libraries

Virtual Events

Jo i

in us ho ay :

to d

Connect with other industry leaders and HW Editors in an exclusive membersonly experience

HW+ Slack Channel

Leaves are falling and so are monthly payments for your clients. RefiNow™ And Refi PossibleSM Fall means cooler, shorter days and more opportunities for your refi clients! Many of our partners have taken advantage of the great benefits of two refi products: RefiNow and RefiPossible.1 Now you can help clients lower their interest rate and lower their monthly payments by at least $50 a month. You can also pass along up to $500 on appraisal expenses. A new season means new ways to help your clients save. Partner with us and keep your refi business going strong, season after season.

Learn more at RocketProTPO.com.

Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income, and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

Freddie Mac Loan Look-Up Tool (https://loanlookup.freddiemac.com/) or Fannie Mae Mortgage Loan Lookup (https://www.knowyouroptions.com/loanlookup) Rocket Mortgage, LLC; NMLS #3030; www.NMLSConsumerAccess.org. Equal Housing Lender. Licensed in 50 states. AL License No. MC 20979, Control No. 100152352. AR, TX: 1050 Woodward Ave., Detroit, MI 48226-1906, (888) 474-0404; AZ: 1 N. Central Ave., Ste. 2000, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939; CA: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law; CO: Regulated by the Division of Real Estate; GA: Residential Mortgage Licensee #11704; IL: Residential Mortgage Licensee #4127 – Dept. of Financial and Professional Regulation; KS: Licensed Mortgage Company MC.0025309; MA: Mortgage Lender License #ML 3030; ME: Supervised Lender License; MN: Not an offer for a rate lock agreement; MS: Licensed by the MS Dept. of Banking and Consumer Finance; NH: Licensed by the NH Banking Dept., #6743MB; NV: License #626; NJ: New Jersey – Rocket Mortgage, LLC, 1050 Woodward Ave., Detroit, MI 48226, (888) 474-0404, Licensed by the N.J. Department of Banking and Insurance.; NY: Licensed Mortgage Banker – NYS Banking Dept.; OH: MB 850076; OR: License #ML-1387; PA: Licensed by the Dept. of Banking – License #21430; RI: Licensed Lender; WA: Consumer Loan Company License CL-3030. Conditions may apply. ©2000-2021 Rocket Mortgage, LLC. All rights reserved. Lending services provided by Rocket Mortgage, LLC, a subsidiary of Rocket Companies, Inc. (NYSE: RKT). “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Rocket Mortgage, 1050 Woodward Ave., Detroit, MI 48226-1906