Mortgage Professional America 8.03 by Key Media

BRANCH DEVELOPMENT HOW TOP NETWORKS HELP THEIR BRANCHES REACH THE NEXT LEVEL KATHERINE LE AFTER ESCAPING COMMUNIST VIETNAM, THIS MORTGAGE ICON WORKED HER WAY TO THE TOP OF THE INDUSTRY

W O E M T I

JOSH MOFFITT ON SMART GROWTH AND FINDING THE RIGHT PEOPLE TO MAKE YOUR BUSINESS THRIVE

MPAMAG.COM ISSUE 8.3

A RTG

50 WOMEN WHO’VE MADE THEIR MARK ON THE INDUSTRY

FICO REDUCED TO

550 FHA,VA & USDA PROGRAMS

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*Carrington will process any qualifying loan from the time a loan file is submitted to underwriting to the time it funds within 15 business days of appraisal receipt or the company will apply a closing cost credit of $500 to the loan once the loan closes. In order to receive the closing cost credit, any delay that causes the loan to close more than 15 days after appraisal receipt must be due to Carrington’s independent processes. If the delay is due to the broker, borrower’s or third party’s action or inaction or any other circumstances outside of Carrington’s control, the closing cost offer will be void. This offer excludes some loan programs, such as VA loans, USDA loans, 203K Loans Short Sales, New Construction loans, loans requiring property repairs, inspection, or re-inspection prior to closing, loans requiring condo approvals and flips. Offer is subject to revision or cancellation at any time. The appraisal received date is recorded in Pipeline Manager for all qualifying loans. Some loans may require additional information and be returned. Exclusions apply; contact your Account Executive for details. © Copyright 2007-2014 Carrington Mortgage Services, LLC headquartered at 1610 E. Saint Andrew Place, Suite B150, Santa Ana, CA 92705. Toll Free (800)561-4567. NMLS ID 2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.org. AZ: Mortgage Banker BK-0910745; 2159 McCulloch Blvd 4, Lake Havasu City, AZ 86403. CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, File No. 413 0904. CO: Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. GA: Georgia Residential Mortgage Licensee 22721. IL: Illinois Residential Mortgage Licensee. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law. MO: Residential Mortgage Broker License 09-1746-S. NH: Licensed by the New Hampshire Banking Department. NJ: Licensed by the N.J. Department of Banking and Insurance. NY: Licensed Mortgage Banker—NYS Department of Financial Services. New York Mortgage Banker License B500980/107664. OH: Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850208.000 (FHA DE & VA Automatic loans only) OR: Mortgage Lender License ML-4886. PA: Licensed by the Department of Banking. RI: Rhode Island Licensed Lender, Lender License 20112809LL. VA: Licensed by the Virginia State Corporation Commission MC-5382. WA: Consumer Loan License CL-2600. Also licensed in AL, AR, CT, DE, DC, FL, ID, IN, ME, MD, MI, NM, NC, OK, SC, TN, TX, WV and WI. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions, and programs are subject to change without notice. This information is for mortgage professionals only and is not intended for distribution to consumers. Carrington Mortgage Services is not acting on behalf of or at the direction of HUD/FHA or any office of the federal government. All rights reserved.

CONTENTS

FEATURES

TOP BRANCHES A new branch creates new challenges—and new opportunities. Here’s how some industry leaders push their branches to excel

E LI

O M W E E

MORTG

COVER STORY

Elite Women in Mortgage MPA spotlights 50 women who’re making their mark on the industry

NEWS

MORTGAGE INSIDERS

6 | The data Must-read statistics for mortgage professionals

14 | Head to head Growth simply for the sake of growth can end up hurting a business more than helping it. The key to growth, says Silverton Mortgage Specialists president Josh Moffitt, is to grow smart

10 | News analysis Key trends affecting originators

FEATURES 42 | Commercial lending After taking a big hit during the recession, this market is bouncing back in a big way

BUSINESS STRATEGY 58 | Eight ways to mediocre marketing ‘Mediocre’ isn’t exactly what brokers like to hear, but if you’re doing these ‘don’ts,’ you may be writing that all over your 2014 61 | Motivating yourself when a deal falls through Seven inspirational ideas to help you cope when a major deal goes south

2 | JUNE 2014

38 | Katherine Le The making of an industry icon

PROFESSIONAL RESOURCES 32 | Branch networks MPA’s all-inclusive directory of branch networks 46 | Commercial lenders Looking for a commercial lender? Check out our comprehensive guide

BUSINESS STRATEGY

ADAPT AND THRIVE How can coaching assist us in adapting to change? A neuroscientist outlines our evolving understanding of brain function

MISSING SOMETHING?

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Let Academy’s strength bring you stability. To find out how, contact James MacPherson, Executive Vice President, at (801) 568-4716 or visit www.academymortgage.com. Corp NMLS #3113

EDITOR’S LETTER / 8.3

MPAMAG.COM

HONORING THE ELITE Welcome to MPA’s inaugural Elite Women in Mortgage issue. A few months ago, we asked you to nominate women you felt were blazing new trails in the industry, and the responses came pouring in. Narrowing the list down wasn’t easy, but we finally decided on 50 women we think are making their mark on the business. From top originators to CEOs to company founders, these women are taking the industry by storm. Elsewhere in the issue, we chat with industry icon Katherine Le about her escape as a teenager from communist Vietnam, her arrival in America, and the path that led her to become the president of one of the nation’s top lenders. We also talk to Silverton Mortgage Services president Josh Moffitt about the pitfalls of rapid expansion and strategies for smart growth. We speak to industry leaders about strategies to take branches to the next level. And if you’re thinking about joining a branch network, check out our comprehensive directory. We also chat about the resurgence of the commercial market—and if you’re searching for a commercial lender, we’ve got a comprehensive directory for that, too.

Ryan Smith, editor, MPA

COPY & FEATURES EDITOR Ryan Smith PRODUCTION EDITORS Roslyn Meredith, Moira Daniels

ART & PRODUCTION SENIOR GRAPHIC DESIGNER Red Redrico DESIGN MANAGER Daniel Williams

SALES & MARKETING VICE PRESIDENT Cathy Masek NATIONAL SALES MANAGER Jack Burk COMMUNICATIONS MANAGER Lisa Narroway MARKETING EXECUTIVE Alex Carr

CORPORATE

CONNECT

Contact the editor: ryan.smith@ keymedia.com

CHIEF EXECUTIVE OFFICER Mike Shipley CHIEF OPERATING OFFICER George Walmsley MANAGING DIRECTOR Justin Kennedy CHIEF INFORMATION OFFICER Colin Chan HUMAN RESOURCES MANAGER Julia Bookallil Editorial inquiries Ryan Smith ryan.smith@keymedia.com Advertising inquiries Cathy Masek Cathy.Masek@keymedia.com Jack Burk jack.burk@keymedia.com Subscriptions subscriptions@keymedia.com Key Media 7807 E Peakview Ave Suite 115 Centennial CO 80111 United States of America tel: +1 720 316 0151 Offices in Sydney, Auckland, Toronto, Manila mpamag.com Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as MPA magazine can accept no responsibility for loss

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4 | JUNE 2014

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NEWS ANALYSIS / THE DATA

TOP RESIDENTIAL LENDERS Wells Fargo continues to hold its spot as the nation’s largest residential lender, although it saw a huge fall-off between the fourth quarter of 2012 and the fourth quarter of 2014. Wells saw 60% of its volume disappear year-over-year, and it wasn’t the only one.

In fact, almost all of the top 10 residential lenders saw significant volume reductions year-over-year. Wells and US Bank Home Mortgage both lost 60% of their total volume, while JPMorgan Chase, Flagstar and Quicken Loans all lost 50% or more.

$9,448

US BANK HOME MORTGAGE

$9,239

FLAGSTAR

$6,436

PENNYMAC

$5,984 $60,000

CITIMORTGAGE

$55,000

$9,506

$50,000

PHH MORTGAGE

$45,000

$12,559

$40,000

QUICKEN LOANS INC.

$35,000

$13,539

$30,000

BANK OF AMERICA

$25,000

$15,928

$20,000

WALTER INVESTMENT MANAGEMENT CORP

$15,000

$25,998

$10,000

CHASE

$5,000

$50,793

WELLS FARGO

$ 1 40,000 $ 1 20,000 $ 1 00,000

Q4 2012 (DOLLARS IN MILLIONS Q4 2013 (DOLLARS IN MILLIONS)

$ 80,000 $ 60,000 $ 40,000 $ 20,000 $0 Source: Mortgagestats.com

6 | JUNE 2014

WELLS FARGO

JPMORGAN CHASE

QUICKEN LOANS

US BANK HOME MORTGAGE

FLAGSTAR

$65,000

Q4 2013 VOLUME (IN MILLIONS)

MPAMAG.COM

CONSUMER ATTITUDES Americans’ outlook on the housing market continued its upswing in April, according to Fannie Mae’s monthly housing survey. The share of survey respondents who believe now is a good time to sell was up for the third straight month, hitting an all-time high of 42%. Those who say it’s a good time to buy held steady at 69%. Encouragingly, fewer consumers were worried about losing their jobs, though consumers remain split regarding their ability to get a mortgage. “Our April survey results suggest that consumer confidence is moving in a positive direction,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Consumer attitudes about the current home selling environment have improved and now are at the most favorable level we’ve seen in the survey’s four-year history. Consistent with Friday’s upbeat jobs report, concern about job loss among employed consumers also has hit a record survey low. These results are in line with our expectations for increased housing activity and gradual strengthening of the housing market going into the spring and summer selling season.” More consumers also expected home prices to go up in the next 12 months, while only 5% of those surveyed—an all-time low—expected prices to fall. The share of consumers who expect mortgage rates to rise in the next year decreased to 52%. It wasn’t all good news, however. Only 35% of those surveyed believed the economy was on the right track, and the share of consumers who expected their personal financial situation to improve in the next year dropped four percentage points to 41%.

Source: Fannie Mae

50%

Home prices to rise

69%

Good time to buy

52%

Mortgage rates to rise

52%

Home rental prices to rise

41%

Personal financial situation to get better

JUNE 2014 | 7

NEWS ANALYSIS / THE DATA

TOP RESIDENTIAL SERVICERS With many of the big banks starting to step back from servicing, it’s been a productive time for nonbank servicers. Wells Fargo and JPMorgan Chase still lead the pack as far as servicing, but they’ve both stepped back since last year, with Wells Fargo’s total servicing down 2% from the fourth quarter of 2012 and JPMorgan’s seeing an 8% reduction. Bank of America is really scaling back its servicing, scaling back its portfolio 39% between the fourth quarter of 2012 and the fourth quarter of 2013. Nonbank servicers, meanwhile, are seeing their business expand dramatically. Nationstar Mortgage saw an 88% volume increase between Q4 of 2012 and Q4 of 2013, and Ocwen Financial saw an astonishing 1,452% jump in the same period, thanks in large part to purchasing servicing portfolios from banks looking to scale back their servicing responsibilities.

8 | JUNE 2014

JPMORGAN CHASE $1,017,167

RESIDENTIAL SERVICING VOLUME (IN MILLIONS)

BANK OF AMERICA $810,532

CITIMORTGAGE $395,363

WELLS FARGO $1,829,450

OCWEN FINANCIAL $276,899

NATIONSTAR MORTGAGE $390,707

Q4 2012

Q4 2013

Change

Wells Fargo

$1,872,791

$1,829,450

-2%

JPMorgan Chase

$1,101,905

$1,017,167

-8%

Bank of America

$1,332,380

$810,532

-39%

Nationstar Mortgage

$207,814

$390,707

+88%

Ocwen Financial

$17,842

$276,899

+1452%

MPAMAG.COM

DELINQUENCY HITS 5-YEAR LOW The delinquency rate on mortgages for one- to fourunit residential properties hit its lowest level since 2007 in the first quarter, according to the Mortgage Bankers Association. The delinquency rate fell to a seasonally adjusted rate of 6.11% in the first quarter, a 28-basis point drop from the previous quarter and a 114-basis point drop from 12 months prior. The percentage of loans in the foreclosure process at the end of the first quarter was 2.65%, down 21 basis points from the previous quarter and 90 basis points lower than a year prior, marking the lowest foreclosure inventory rate since the first quarter of 2008.

DELINQUENCIES AND FORECLOSURES

Source: Mortgage Bankers Association

DELINQUENCIES

LOANS IN THE FORECLOSURE PROCESS

7.00% 6 .00%

6.39%

6.11%

5 .00% 4.00% 3 .00%

2.86%

2 .00%

2.65%

1.00% 0%

Q4 2013

Q1 2014

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JUNE 2014 | 9

NEWS / ANALYSIS

DELINQUENCY

METRO AREAS WITH THE HIGHEST NEGATIVE EQUITY RATES

AFFORDABLE HOMES MORE LIKELY TO BE UNDERWATER THAN EXPENSIVE HOMES Affordable homes favored by first-time home buyers are in short supply nationally in large part because those homes are almost three times as likely to be underwater than more expensive homes. That’s according to Zillow’s latest Negative Equity Report. While the national negative equity rate fell to 18.8% in the first quarter, that still leaves almost 10 million homeowners owing more than their houses are worth. And more than a third of homeowners are “effectively underwater,” unable to sell their homes at enough of a profit to meet expenses related to the sale and make a down payment on a new home. And the negative equity falls disproportionately upon those with cheaper homes. Almost one in three homes at the bottom third of the price spectrum was underwater in the first quarter, according to Zillow. Meanwhile, 18.1% of homes in the middle range were underwater while only 10.1% of homes at the top price tier had negative equity. “The unfortunate reality is that housing markets look to be swimming with underwater borrowers for years to come,” said Zillow chief economist Dr. Stan Humphries. “It’s hard to overstate just how much of a drag on the housing market negative equity really is, especially at the lower end of the market, which represents those homes typically most affordable for first-time buyers. Negative equity constrains inventory, which helps drive home values higher, which in turn makes those homes that are available that much less affordable.”

Seattle, WA

TOTAL UNDERWATER

20.9%

UNDERWATER IN BOTTOM PRICE TIER

35.7%

UNDERWATER IN TOP PRICE TIER

7.2%

Riverside, CA

Las Vegas, NV

Phoenix, AZ

22.9%

33.9%

22.7%

UNDERWATER IN BOTTOM PRICE TIER

TOTAL UNDERWATER

33%

48.2%

34.1%

UNDERWATER IN TOP PRICE TIER

14.2%

23%

Source: Zillow

PERCENTAGE OF HOMES WITH NEGATIVE EQUITY 35% 3 0% 25 %

30.2%

20%

18.1%

15 % 10%

10.7%

5% 0% Source: Zillow

10 | JUNE 2014

Bottom price tier

TOTAL UNDERWATER

Middle price tier

Top price tier

13.7%

MPAMAG.COM

Chicago, IL

Detroit, MI

Columbus, OH

Baltimore, MD

28.1%

26.5%

21%

22.7%

UNDERWATER IN BOTTOM PRICE TIER

TOTAL UNDERWATER

44.8%

54.2%

40.7%

37.3%

UNDERWATER IN TOP PRICE TIER

12.9%

10%

8.6%

10.8%

Cincinnati, OH

TOTAL UNDERWATER

21.1%

Charlotte, NC

TOTAL UNDERWATER

UNDERWATER IN BOTTOM PRICE TIER

21.3%

37.2%

UNDERWATER IN BOTTOM PRICE TIER

UNDERWATER IN TOP PRICE TIER

34.5%

11%

UNDERWATER IN TOP PRICE TIER

St. Louis, MO

11.4%

TOTAL UNDERWATER

22.9%

UNDERWATER IN BOTTOM PRICE TIER

41.5%

Atlanta, GA

UNDERWATER IN TOP PRICE TIER

33.6%

11%

TOTAL UNDERWATER UNDERWATER IN BOTTOM PRICE TIER

Orlando, FL

27.1%

60.3%

28.7%

UNDERWATER IN BOTTOM PRICE TIER

UNDERWATER IN TOP PRICE TIER

UNDERWATER IN BOTTOM PRICE TIER

Tampa, FL

TOTAL UNDERWATER

45.7%

UNDERWATER IN TOP PRICE TIER

13.1%

14%

TOTAL UNDERWATER

44.3%

UNDERWATER IN TOP PRICE TIER

16.5%

Miami-Fort Lauderdale, FL

TOTAL UNDERWATER

24.9%

UNDERWATER IN BOTTOM PRICE TIER

42.5%

UNDERWATER IN TOP PRICE TIER

10.2%

JUNE 2014 | 11

NEWS / ANALYSIS

BUY VS. RENT

WHAT $769 BUYS YOU IN SQUARE FOOTAGE

THE RENT IS TOO DARN HIGH

Metro

Source: Apartment Guide

12 | JUNE 2014

Springfield, MO

1,059.34

Columbus, GA

966.45

Kansas City, MO-KS

804.9

St. Louis, MO

784.4

Portland-Vancouver-Hillsboro, OR-WA

617.5

Miami-Fort LauderdalePompano Beach, FL

552

Seattle-Tacoma-Bellvue, WA

499

Washington, DC-ArlingtonAlexandria, VA

405.97

New York-Newark-Jersey City, NY-NJ

374.64

San Jose-Sunnyvale-Santa Clara, CA

267.08

Sometimes it’s definitely better to buy than rent. Apartment Guide recently calculated the average national rent at $769 per month, then broke down how much square footage that would get you in the nation’s most expensive metro areas. Let’s just say the results were a claustrophobe’s nightmare. In the New York City area, that price will only get you about 374 square feet, while in some parts of sunny California, it’ll get you less than 270. The best place to rent if you’re looking for the biggest square-footage bang for your buck? Springfield, Mo.—there, $769 per month will rent a 1,060-square-foot apartment. Meanwhile, it’s definitely cheaper to buy than rent in many of the more expensive cities on Apartment Guide’s list, according to a report from Trulia. In New York City, where the median rent is $2,850 a month and the median home price is $520,000, buyers are saving an average of 22% over renters. In Boston, where the median home price is $435,000 and the median rent is $2,550, buyers save around 30% over renters. MORTGAGE FRAUD

MBS TASK FORCE CONDUCTING MORE THAN A DOZEN PROBES The government task force charged with probing the sale of mortgage-backed securities during the lead-up to the financial crisis is discovering that improper actions occurred “not just occasionally, but with almost every” transaction scrutinized, an official said. Speaking at a recent Mortgage Bankers Association conference, Federal Housing Finance Agency Acting Inspector General Michael P. Stephens said investigators have discovered evidence that lenders and bond issuers stepped up their concealment of risk as the economy began to tumble in order to limit their own losses. “They were more concerned about their bonuses than what was going into these pools,” Stephens said. “At the core of it was greed.” Stephens is a member of the government’s Residential Mortgage-Backed Securities Working Group, which also includes state attorneys general and Justice Department personnel. The group coordinated the historic $13 billion settlement between the government and JPMorgan Chase last year, and is still conducting more than a dozen ongoing investigations.

MPAMAG.COM

CITIES WHERE BUYING IS CHEAPER THAN RENTING

CITY

MEDIAN HOME PRICE

MEDIAN RENT

AVERAGE SAVED BY BUYING

New York

$520,000

$2,850

22%

Los Angeles

$420,000

$2,100

24%

Boston

$435,000

$2,550

30%

Washington, D.C.

$330,000

$2,100

34%

Miami

$300,000

$2,250

38%

Dallas

$190,000

$1,650

41%

Houston

$200,000

$1,800

45%

Philadelphia

$175,000

$1,600

46%

Chicago

$170,000

$1,700

47%

Atlanta

$130,000

$1,350

52%

Source: Trulia

JUNE 2014 | 13

HEAD TO HEAD / JOSH MOFFITT

14 | JUNE 2014

MPAMAG.COM

INTELLIGENCE

BY DESIGN Growth simply for the sake of growth can end up hurting a business more than helping it. The key to growth, says Silverton Mortgage Specialists president Josh Moffitt, is to grow smart

At the helm of one of the country’s fastest-growing private companies, Josh Moffitt obviously doesn’t fear expansion. But growth for growth’s sake, he says, can be a recipe for disaster. Moffitt is the president of Silverton Mortgage Specialists, an Atlanta-based direct lender servicing the Southeast and Illinois. Founded in 1998, Silverton is booming; between 2011 and 2013, the company grew by 527%. It’s also been named one of the top 100 financial services companies three years running, and Moffitt himself has been recognized as one of Georgia’s top residential loan officers and entrepreneurs. “I don’t know if there’s a secret sauce. It’s the mortgage business—it’s been around for a hundred plus years,” Moffitt says of his success. “But I think

“I think in business in general, growth can mean more than just the size of your company or topline revenues. You always want to be growing, and revenues are a part of it, but you’ve got to be growing in your processes, your operations, the benefits you offer your employees, everything you do”

JUNE 2014 | 15

HEAD TO HEAD / JOSH MOFFITT

our greatest strength is our people—knowing who you are and hiring the right people along the way.” Bringing the right people on board, Moffitt says, helps his company grow with an eye to the future rather than by simply focusing on the next branch. “That’s one of the biggest challenges: knowing how to grow smart instead of just growth,” he says. “… I think in business in general, growth can mean more than just the size of your company or topline revenues. You always want to be growing, and revenues are a part of it, but you’ve got to be growing in your processes, your operations, the benefits you offer your employees, everything you do. Growth to me doesn’t always mean we’re just shooting to get bigger and drive more revenue. In business, that’s the end result that you hope comes with it, but you can’t forget everything that growth entails.”

“One of the sayings that kind of defines us is that we’re a communication company first, and we just happen to do mortgages really well. … Sure, we’ve got to have great rates, we’ve got to have great products, all that kind of stuff. But to me that’s just permission to be in the game these days. If you don’t have that, then you shouldn’t be doing this” And one of the major requirements for smart growth, Moffitt says, is considering how expansion is going to affect the people you’ve already brought on board. “If you’re an employee sitting three states away from the corporate location and you’re constantly hearing, ‘Growth, growth, growth, more people, more people,’ you’re going to be thinking, ‘What’s that do to me? What’s that do to my people?’ ” he says. “If you know that, you can help yourself grow smart. If I’m growing, there are people helping me grow. Let’s make sure whatever we do is going to help them grow 16 | JUNE 2014

MPAMAG.COM

their business as well. If we’re bringing on new loan officers or new sales teams, that could be great for the company. But if I’m a branch manager in Myrtle Beach, I’m thinking, ‘Oh boy, more folks. Does that mean my business is going to slow down?’ So you have to be mindful of what your growth does to the rest of your business, and you have to make sure it’s a good fit for that.” With that in mind, Moffitt says, he wants to make sure he’s got the right people in place before opening a branch—not just people who can close loans but people who are a good fit for the company. “If you know who you are and where you came from and where you want to go, you find the right people to get you there,” he says. “I feel like one of my daily roles is to foster that – give the folks the tools so they can succeed and then get out of their way, and attribute any accolades or success we have rightfully to them. … With the business today, everyone has basically the same products. There’s not a magic bullet, so how do you separate yourself from the pack? It’s your people, the health of your organization. “One of the sayings that kind of defines us is that we’re a communication company first, and we just happen to do mortgages really well,” he adds. “We survey all of our clients when we’re done with our closings, and 99.9% of the time both realtors and clients talk about communication. Sure, we’ve got to have great rates, we’ve got to have great products, all that kind of stuff. But to me that’s just permission to be in the game these days. If you don’t have that, then you shouldn’t be doing this. The people that understand that tend to be very good fits for us. The production will be a result of that.” Ultimately, Moffitt says, smart growth is about realistically assessing your current market position, and using missteps as paths to opportunity. “We know our place in the world: we’re a small or medium-sized regional company. We’re not sitting at the mountaintop looking down by any means,” he says. “And as much as you have success, you’re going to screw up along the way too. Sometimes you do chase volume and it’s not the right fit. And to bring on somebody who’s not a good fit, you expend three times the energy just realizing that. It takes away from your overall focus tremendously. You’ve got to learn from those mistakes and learn from them. As long as those mistakes don’t become patterns of mistakes, then you’re learning and growing. If you constantly do it over and over again, then that’s a problem. Maybe you’re not ready to grow.”

SPECIAL REPORT / ELITE WOMEN IN MORTGAGE

ELI

O M W E E

MORTG

Meet 50 women who are blazing new trails in the mortgage industry

elcome to MPA’s inaugural Elite Women in Mortgage report. A few months ago, we asked you to nominate women who’d broken new ground in the industry. Your response was overwhelming. After a lot of consideration, we’ve narrowed the list down to 50 women who are rising stars in the industry. From marketing geniuses to CEOs, these women represent the mortgage world’s best and brightest. 18 | JUNE 2014

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Loan officer, W.J. Bradley Mortgage Capital Amber Young is still relatively new to the industry, but she’s already outperforming many mortgage veterans. After just two years in the industry, Young had posted a total sales volume of more than $66.5m. “Amber’s willingness to lead by example in all duties she performs at the branch level makes her a true asset to our organization,” says W.J. Bradley branch production manager Nick Dexter. “She handles her business and daily activities with uncompromised integrity in both words and actions.”

Amber Young

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Heidi Frigano

Monica Bohn

EVP of marketing and business development, United Northern Mortgage Bankers Heidi Frigano has been a leader in the mortgage industry for more than a decade. As United Northern’s senior vice president of marketing, Frigano has developed innovative strategies that have revitalized the company’s branding strategy and led it to become one of the nation’s top HECM lenders.

CEO, Century Mortgage Company Monica Bohn never expected to be running a mortgage company. Her husband, Matthew, founded Century Mortgage out of a bedroom in 1996. By 2010 the company was a roaring success, adding a mortgage bank, Century Lending, and a home furnishings company. That year, however, Matthew Bohn was diagnosed with a rare illness and passed away. Before he died, Matthew trained Monica to take the reins of the business. “I had to listen carefully to the conversations, learn the language of the industry and pass along Matthew’s wishes,” she says. Since taking over for her late husband, Monica Bohn has overseen Century’s meteoric rise to the top in the Kentucky mortgage market. She’s guided the company to record profits, opening remote branches in 16 states. Many CEOs talk in theoretical terms about coping with adversity. Monica Bohn has done it—and thrived.

Lydia Harris Mortgage originator, Gateway Funding Lydia Harris is quickly becoming a force to be reckoned with in the Pennsylvania mortgage market. One of the top producers at Gateway Funding’s top branch, Harris’s commitment to customer service has helped her develop fantastic relationships with local real estate agents and other referral partners. That commitment to building relationships helped Harris pull in more than $18.5m in sales volume last year.

Laura Lawson SVP of marketing, United Wholesale Mortgage Since she joined United Wholesale Mortgage in 2011, Laura Lawson’s marketing efforts have been instrumental in the company’s meteoric rise to become one of the largest wholesale lenders in the nation. A veteran of the creative marketing and production industry, Lawson also served as an associate producer at FOX Television and is a four-time Daytime Emmy winner for her work on the Ellen DeGeneres Show.

Barbara Williams Sisk Owner and CEO, Basis Funding A veteran broker with a database exceeding 1,000 clients, Barbara Williams Sisk brings a personal touch to the business that keeps business coming back. She’s also extremely active in pursuing the best interests of the industry. Sisk advises the Dallas-Fort Worth Mortgage Brokers Association on industry issues and challenges and is the vice president of government affairs at the National Association of Mortgage Brokers (NAMB). Sisk represented NAMB in one of the organization’s first presentations to the Department of Housing and Urban Development and has lobbied Congress concerning the development of mortgage lending and origination throughout the country.

Allyson Kreycik Senior loan officer, Guaranteed Rate Allyson Kreycik is one of the top originators in the country, but she got there by sticking to old-fashioned customer service, sending postcards and handwritten notes. Kreycik—who told MPA she “learned the business by being thrown in the fire”—is a specialist in new construction loans. She is a member of Guaranteed Rate’s President’s Club for top producers and was the top-producing woman in the company for 2013, responsible for $106m in total volume.

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Geri Farr SVP and regional manager, NOVA Home Loans As NOVA Home Loans’ senior vice president and regional manager for Maricopa County, Ariz., Geri Farr manages seven branches, more than 150 employees, and $640m in annual production. Farr has led her branches in the Phoenix area to the top of the rankings and has driven unparalleled regional growth. Under her leadership, NOVA Home Loans was named 2014’s fastest-growing company by the Arizona Corporate Excellence Awards, and has been named one of the Phoenix Business Journal’s “best places to work” for four years running.

Karen O’Brien

Jodie Tanga

VP and chief credit officer, Carrington Mortgage Services One of Carrington Mortgage Services’ power players, Karen O’Brien has 24 years of experience in banking operations. But when she graduated from the University of Southern California, the mortgage business wasn’t necessarily on O’Brien’s mind. “I knew I loved finance. I wasn’t really sure what I wanted to do when I graduated … but I knew I wanted to pursue something in finance,” she says. “My first job was in consumer finance, and then I got an opportunity to become a retail processor for a large home builder. It just sounded so interesting to me, and once I started processing there was no going back.” As O’Brien moved through the industry, she picked up knowledge that would make her an expert on almost every aspect of it. “When I had the large builder accounts, I got tired waiting for the doc drawers, so I learned to draw docs,” she says. “After that, I got tired of waiting for funding, so I learned to fund. I was pretty much a one-stop shop—although it’s kind of hard to do that with regulations now. “The mortgage industry is always changing. … It’s very high-paced, very stressful,” O’Brien says. “But it’s also a very rewarding job to help people get into homes or refinance.”

Mortgage consultant and director of business development, Pacific Rim Mortgage Jodie Tanga was just 22 when she set up her own branch of a friend’s mortgage company in 2005. Since then she’s seen her business grow by leaps and bounds. In 2012, Pacific Rim did $120m in production, and Tanga herself originated $60m. Tanga is also a two-time president of the Hawaii Association of Mortgage Professionals and chairs the legislative and education committees.

Cathy Blaszyk VP of sales strategy and support, ClosingCorp With more than two decades of industry experience, Cathy Blaszyk works directly with lenders, title companies and business partners to ensure the efficient use of ClosingCorp products. She’s also made herself an expert in the changing regulatory environment, becoming a go-to source for information on ‘Know Before You Owe’ disclosures and a RESPA amendment that resulted in changes to the good-faith estimate.

Ediema Delgado Vice president and co-founder, Applied Business Software Ediema Delgado and her business partner, Jerry Delgado, started Applied Business Software out of a one-room office in 1978. In the early days of the company, Delgado handled the tech calls, advertising, sales and billing while Jerry did the programming. For eight years, Delgado didn’t take a paycheck while she and her partner worked to get ABS off the ground. Today, ABS is the largest provider of software to the private lending industry, with its signature software, The Mortgage Office, used by 83% of hard money lenders. Delgado also spearheaded the effort to bring The Mortgage Office into compliance with new servicing regulations. Not only did she accomplish the task ahead of schedule, but she simultaneously developed and launched a new product—The Loan Office—aimed at smaller lenders. 20 | JUNE 2014

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Ellysa Cummings Cindy Laffey Amy Tierce Regional VP, Fairway Independent Mortgage Amy Tierce, described by her colleagues as a “rock-star mortgage guru,” has more than 20 years’ experience in the industry. For the last seven of those years, she’s been leading one of the top branches at Fairway Independent Mortgage. Tierce’s Newton, Mass., branch is home to five of the company’s top 10 producers nationwide. Although she’s a sought-after speaker at industry events, Tierce also finds time to keep her branch active in local philanthropy, lending support to organizations that help the homeless and victims of domestic violence. In the wake of the 2012 Boston Marathon bombings, Tierce and her staff hosted a day of shopping on Boston’s Boylston Street, raising $50,000 for One Fund, a charity formed to assist victims and families affected by the bombings.

Patti White Kathleen Vaughan EVP of third-party production, Stearns Lending As the leader of Stearns Lending’s third-party production platform—which includes wholesale and correspondent lending channels— Kathleen Vaughan has a lot on her plate. With 25 years of industry experience, however, Vaughan is up to the challenge. Prior to joining Stearns, Vaughan led Wells Fargo Home Mortgage’s wholesale channel to a No. 1 market share. Vaughan is also a founding member of the Fortune/US State Department International Mentorship Program, and has been recognized by the Fortune Most Powerful Women Summit since 2006.

VP of correspondent lending, Norcom Mortgage and Insurance When she joined Norcom in 2008, Patti White was asked to build the company’s wholesale channel from the ground up. After making Norcom’s wholesale channel a force to be reckoned with, White was asked to do the same for the company’s correspondent channel. Now Norcom’s vice president for correspondent lending, White leads the correspondent team and works on company-wide projects to bridge all mortgage channels at the company. White’s innovation and attention to detail have been instrumental in the rapid growth Norcom has experienced over the last few years.

Branch partner, Inlanta Mortgage One of Kansas City’s top mortgage professionals, Cindy Laffey recently topped $1bn in career loan volume. Laffey is ranked in the top 1% of mortgage professionals nationally and is regularly Inlanta’s top-performing lender. Named as one of the Kansas City Business Journal’s “Women Who Mean Business,” Laffey is also an alumna of MPA’s inaugural Hot 100. Active in local charity, Laffey also helped organize an annual golf tournament that’s raised hundreds of thousands of dollars for deserving causes.

President, Gradient Home Mortgage In 2009, Ellysa Cummings joined Gradient Financial Group to develop Gradient Home Mortgage. The company started with Cummings and one loan officer, mortgage consultant Karen Tutch. Today it’s a multimillion-dollar operation licensed in 13 states. “[Cummings] has dedicated the last five years of her life to making this venture succeed, in spite of the fact that the mortgage climate was at an all-time low when she began this huge task,” says Tutch. “Not many would have had the stamina to stick with it—it was not an easy road.”

Jody Collup VP of marketing, Global DMS Jody Collup has been an integral player in building the Global DMS brand into a highly recognizable valuation management technology provider. Collup’s marketing strategy helped put the company on the map, leading to awards, accolades and rapid growth.

Whittney Curran Loan officer, Academy Mortgage Corporation With more than nine years of experience under her belt, Whittney Curran is not only a heck of a salesperson in her own right; she’s a mentor and trainer to other loan officers. In the last two years, Curran has pulled in more than $25m in sales volume. JUNE 2014 | 21

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Michelle Bobart SVP of mortgage lending, Guaranteed Rate One of the nation’s foremost experts on condo financing, Michelle Bobart is also among the top 1% of originators in the nation. Responsible for $64m in production volume last year alone, Bobart is a member of Guaranteed Rate’s President’s Club for top producers. Even when she’s not at work, Bobart likes to challenge herself; a dedicated athlete, she enjoys scuba diving, mountain climbing and participating in triathlons.

Leslie Struthers

Erika Macias-White

VP of mortgage lending, Guaranteed Rate Leslie Struthers is one of the nation’s top originators, generating $68m in production volume last year. Named one of Chicago Agent Magazine’s “Who’s Who in Chicago” for three years running, Struthers is also a member of Guaranteed Rate’s President’s Club for top producers. An animal lover, Struthers volunteers with PAWS Chicago, the city’s largest no-kill humane organization.

Co-founder and SVP of operations, HighTechLending Erika Macias-White was, in a very real sense, born to work in the mortgage industry. With two parents in real estate, Macias-White was in the business early. “That’s kind of how I got my foot in the door—working in their office, making connections with their clients, making connections with their loan officers,” she says. In 2006, Macias-White and Don Currie co-founded HighTechLending, bringing paperless loan processing and simultaneous automated underwriting to the loan process to accelerate the closing process.

Debra Shultz

Karen Flores

Teresa Blake

Senior VP of mortgage lending, Guaranteed Rate One of the nation’s top originators, Debra Shultz is responsible for $71m in loan volume for last year alone. An expert in the jumbo loan market, Shultz is adept at finding sophisticated loan products for nontraditional borrowers. Shultz is also a member of Guaranteed Rate’s President’s Club for top producers.

Mortgage loan specialist, Cornerstone Community Bank With Cornerstone Community Bank since its founding in 1996, Karen Flores is able to leverage her knowledge and depth of experience to get her customers into a mortgage. A 26-year industry veteran, Flores also serves on the board of the Chattanooga Mortgage Bankers Association and has been twice named the Chattanooga Women’s Council of Realtors Affiliate of the Year.

Practice director of lending solutions team, Wipro Gallagher Solutions, Inc. With a deep background in the mortgage industry, Teresa Blake has become a trailblazer in the mortgage technology space. Blake has led numerous teams in developing gamechanging technology for the industry. Teresa’s guidance has brought point-of-sale technology to new heights,” says colleague Brad Durrer.

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Karen Aguayo Bates President, VAPro Network; founder, Military Home Loans In 1994, Karen Bates had a less-than-stellar experience applying for a VA mortgage. “The agent and lender working on my VA deal and impacting my financial future simply did not know enough about VA to properly advise me,” Bates says. Today, the condo she didn’t buy is worth $120,000 more than its 1994 value. After eight years as a naval air traffic controller, Karen Bates became a certified public accountant. In 2004, she combined her military experience and her financial expertise to found Military Home Loans with the goal of making sure veterans got their chance at home ownership. In 2014, Bates and her husband, Ken, founded the VAPro Network, which offers an extensive VA sales training course to mortgage lenders. Bates’ efforts led to her being named California’s 2013 Mortgage Professional of the Year.

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Founder and president, Private Money Utah As a young woman, Corey Curwick Dutton worked in the hospitality industry as a waitress. That experience taught her to go the extra mile for customers—a lesson she brought with her when she founded Private Money Utah. A private lender, Dutton sees tough loans as a challenge. “Corey has proven adept at securing funding for every type of real estate situation, including distressed properties and undeveloped land,” says Greg Miller, a CPA who routinely refers his clients to Dutton. “Moreover, Corey always reflects well on me through the exemplary customer service she provides for my clients. Top to bottom and start to finish, she and her staff respond immediately and intimately to the questions, needs and concerns of whomever I entrust to her.”

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Grace Bozick SVP of mortgage lending, Guaranteed Rate One of the nation’s top originators, Grace Bozick has closed more than $1bn in loans over the course of her career and was responsible for $64m in production last year alone. A member of Guaranteed Rate’s President’s Club for top producers, Bozick takes her clients’ financial wellbeing seriously—a stance that has led to repeat business and a solid referral base.

Melissa L. Walker

Melinda Wilner SVP of underwriting, United Wholesale Mortgage Melinda Wilner brings a very clear philosophy to underwriting: that communication and understanding are the keys to the client experience. Leading more than 200 underwriters, Wilner aims for nothing less than to set a new standard for underwriting excellence. She also strives to create as seamless a process as possible for the client, translating mortgage guidelines into plain English and ensuring that her team delivers an unparalleled experience with every transaction.

Training manager, TruHome Solutions Melissa L. Walker has more than 25 years of experience in the mortgage industry. After owning her own brokerage for more than a decade, Walker went on to work on the wholesale side of the industry with large companies like Bank of America and GMAC. Often sought out for her industry expertise, she’s testified as an expert witness and is a frequent speaker at industry compliance and training events. She’s also served on the Advisory Council for Fannie Mae’s Partnership Office and Task Force for Unscrupulous Lending, and been recognized as one of the nation’s most influential mortgage professionals. Walker recently published a book, 101 Fast Fixes to Boost Your Credit Score.

JoAnn Theriault-Fazio SVP of mortgage lending and branch manager, Guaranteed Rate Licensed in 16 states, JoAnn Theriault-Fazio is one of the country’s top originators. Last year alone, Theriault-Fazio generated $57m in production volume, and has been a member of Guaranteed Rate’s President’s Club every year since 2008. She also founded “Making Strides Against Breast Cancer,” a charity event benefiting the American Cancer Society.

Rosella Campion Branch manager and senior loan officer, Mortgage Master, Inc. When Rosella Campion joined Mortgage Master in 2007, she brought more than 20 years of residential lending experience with her. Since joining the company, Campion has closed more than 1,800 loans for a total volume of more than $560m, while simultaneously managing a full staff. Recognized in 2013 as one of the country’s top originators, Campion is also active in a number of local charities. JUNE 2014 | 23

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Angel Bell VP of marketing, American Financial Resources With nearly two decades in the industry, Angel Bell is routinely sought out as an industry expert in everything from marketing to philanthropy. With her determination to successfully challenge marketing norms, Bell saw companies under her marketing guidance flourish even during the mortgage crisis. “With an arsenal of personal resources and a ‘get it done’ personality, Angel synthesizes large volumes of content across many disciplines while distilling complex issues into simplified information,” says Tracy Kaye of Proforma Corporate Systems. “Organizations she has marketed witnessed their business model transition into multibillion-dollar institutions with multiple customercentric global business channels.” 24 | JUNE 2014

Lisa Lund

Kelli Himebaugh

President, Lund Mortgage Team, Inc. Lisa Lund has owned Lund Mortgage Team for about nine years. In that time, she’s made the small Arizona mortgage company into a regional powerhouse. “There are only nine people in the office and only four of us are licensed originators; the rest of us are clerical staff—and we’re writing about 40 loans a month,” says mortgage consultant Matt Oliver. “Basically, she’s the head person in here. She goes out to do open houses with the realtors and brings in the business. She really does everything. She’s basically the face of the company.” Lund’s hard work pays off; in the last two years Lund Mortgage Team has done about $275m in sales volume.

Corporate vice president, Mortgage Builder Software, Inc. A staunch advocate for better technology in mortgage lending, Kelli Himebaugh is a frequent speaker at industry events. She’s also part of the senior management team at Mortgage Builder, directly overseeing sales, marketing and client development. Working closely with both new clients and established users, Himebaugh is one of the key reasons Mortgage Builder has so many raving fans among its clients.

Cathi Davidson Chief operating officer, Gold Star Mortgage Financial Group Since joining Gold Star Mortgage Financial Group, Cathi Davidson has built a reputation as an innovator in the application of compliance standards. She developed a compliance platform light years ahead of industry standards and improved the company’s internal and external auditing protocols. The operations infrastructure Davidson created has been instrumental in Gold Star’s lightning-fast national expansion and in the company’s ability to attract and retain top industry leaders.

Katherine Le President, Stearns Lending As a child, Katherine Le was captured with her family as they tried to escape the communist regime in Vietnam. Eventually relocating to Southern California, Le earned a bachelor’s degree in business administration. When she took the reins at Stearns Lending, the company had an employee base of 30. Under her leadership, the company has grown to 1,500 employees and become the nation’s top wholesale lender by volume.

Linda Davidson VP and branch manager, Service First Mortgage After growing up in government housing, Linda Davidson has a passion for helping families achieve home ownership. Davidson is one of the country’s top loan officers for government funding and a contributing faculty member for two national mortgage training groups. Known as the ‘go-to’ person for FHA, VA and USDA loans, Davidson is not only a top producer in the company, but also leads the top-producing branch.

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Senior loan officer, Mortgage Master, Inc. Since joining Mortgage Master in 2004, Alison Freed has been a consistent top producer. Long recognized as one of the country’s top originators, in 2013 Freed was named a top originator in three different categories: top dollar volume, most loans closed and top refinance volume. Since 2008, Freed has closed more than 2,500 loans for a total volume of more than $875m.

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Diane Creasy

Deb Aydelotte President, Altisource Fulfillment Operations With more than 20 years’ experience in risk management, Deb Aydelotte is the perfect person to lead mortgage services firm Altisource Fulfillment Operations. Aydelotte is responsible for integrating the operational and strategic development of Altisource’s origination service platforms and is a much-sought-after expert on industry topics such as margin compression and layered risk. Aydelotte also frequently leads industry panel discussions on those and other topics.

VP of marketing, Open Mortgage Diane Creasy’s marketing acumen has been a “game-changer” for Open Mortgage. That’s according to president and CEO Scott Gordon. “We already had a brand, but Diane helped us renew and strengthen it,” Gordon says. “… As markets have changed, Diane saw that we needed to change loan officer behavior, so she created an annual calendar of specials that get loan officers out meeting people and growing their networks. I truly believe we offer more marketing support for our loan originators than any other mortgage company I have seen.”

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Diana MacFarlane

Anny Havland

VP of mortgage lending, Guaranteed Rate One of the top mortgage originators in the country, Diana MacFarlane was responsible for $77m in production volume last year, and has funded more than $1bn during her career. One of the top 200 originators in the country and among the top 50 in the state of California, MacFarlane has achieved her success by building real relationships with her clients. When helping clients find a home, MacFarlane looks for a loan that matches their exact life circumstances, not just their financial situation. MacFarlane is a chairperson of the Red Circle for the American Heart Association and is active in numerous other charities, including the Dream Foundation and the 100 Committee for Girls, Inc.

Co-founder, Neighborhood Mortgage Anny Havland and her business partner, Bill, have grown Neighborhood Mortgage from a kitchen-table operation to a multimillion-dollar business. But Havland is better known in the Bellingham, Wash., area as the creator and host of Talk It Up TV, a popular internet television show that spreads positive news and brings attention to worthy causes. The success of the show has also given her a unique insight into the mortgage industry. “I’ve been able to help a lot of my peers in the industry get into video marketing, and I’ve gone all over the US to speak on it,” she says. “I actually won the media award through the Washington Association of Mortgage Professionals because of Talk It Up TV.” Havland has been recognized as one of Bellingham’s most fascinating people and one of Washington State’s women of the year, coming in ahead of Melinda Gates.

Suzanne Greene Loan originator, Village Mortgage A 20-year industry veteran, Suzanne Greene closed more than 100 transactions in each of the last two years. Well known for her attention to customers’ needs, Greene gets the majority of her business through referrals from past customers, repeat clients and business associates. “Suzanne’s knowledge, training and experience have allowed her to persevere through all of the ups and downs within the industry,” says colleague Carl MacMath. “Regardless of new guidelines or regulations, increases in interest rates or hits to the housing market, Suzanne has been able to continue doing business at a high volume, and it is when conditions are the most adverse that a woman like Suzanne will excel the most.”

Melissa L. Cohn Executive vice president and regional manager, Guaranteed Rate With nearly three decades in the industry, Melissa L. Cohn is one of Guaranteed Rate’s top executives. She’s also one of the nation’s leading mortgage originators, responsible for $58m in production volume last year. Prior to joining Guaranteed Rate, Cohn founded the Manhattan Mortgage Company and grew it into a $3bn business. In addition to overseeing more than 50 loan professionals, Cohn serves as governor of the Real Estate Board of New York and works with Habitat for Humanity.

Teresa Breaux Mortgage market president—Louisiana, IberiaBank Teresa Breaux started at IberiaBank in 2006, managing eight employees. Within six months she had been named the company’s mortgage manager for southeastern Louisiana. In 2007, she was named president of IberiaBank’s Louisiana mortgage market. That year, the company produced about $250m in loans statewide. By 2012, Breaux had nearly tripled that. “Since Teresa has been president of the Louisiana Market, Louisiana has annually been the top-producing market in IberiaBank Mortgage’s 12-state region,” says Matthew Rink, vice president of mortgage loans. 26 | JUNE 2014

Laura Brandao Chief operations officer, American Financial Resources With more than two decades of experience in the mortgage industry, Laura Brandao brought an innovative mindset with her when she joined AFR in 2007. She set a benchmark for client operations advocacy that is now the standard companywide. In 2009, Brandao accepted a company partnership, and now plays a key role in the development and growth of AFR’s wholesale channel. She also spends a significant amount of time mentoring AFR staff and building a strong corporate culture. “Laura can only be described as the hardest-working person I have ever met in my life,” says AFR president Corey Dubnoff. “She reminds us every day that behind every loan resides a family. She puts that personal perspective into the referencing of each transaction.”

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Patty Raymo Vice president and chief operating officer, Mortgage Master, Inc. Patty Raymo joined Mortgage Master in 1991. By 1993, she had been appointed vice president and COO. Overseeing more than 200 employees in more than 35 locations nationwide, Raymo has used her position to reinforce Mortgage Master’s dedication to strict principles of quality. Those principles allowed the company to thrive when other companies were failing during the 2008 mortgage crisis. In 2013, Raymo was recognized as one of the most influential mortgage executives in the nation.

Natalee Davenport

Jean Badciong

Branch manager, Service First Mortgage Natalee Davenport first entered the real estate business as a real estate broker. Her husband, father and brothers all joined her in the business, and the whole family became realtors in the Dallas area. The experience let her hit the ground running when she joined Service First Mortgage. In less than two years, Davenport had doubled her business to more than $42m. A top producer, Davenport was named to Service First’s Presidents Club in 2011, 2012 and 2013. In 2013 she was named one of the top FHA loan originators in the country. Davenport also gives back to her community, serving as a Sunday school teacher and hospice volunteer.

Chief compliance officer, Inlanta Mortgage Jean Badciong joined Inlanta in 2004 and took responsibility for managing the company’s compliance and quality control programs. In 2005, she began work with secondary and operations, growing support for the transition from 43% to almost 100% of loans closed and funded by Inlanta. In April of this year, Badciong was named Inlanta’s chief compliance officer. “Jean Badciong is the exact, right person to fill the vital role of chief compliance officer,” says Inlanta CEO John Knowlton. “Badciong’s encyclopedic knowledge of the mortgage business and process is common knowledge at Inlanta and we will all rest easier knowing that a person of her caliber is leading compliance initiatives.”

Believe in Better.

Paul Buege Chief Operating Officer Business Development | National Sales 262-754-6407 paulbuege@inlanta.com Joe Ramis VP Business Development 262-439-4260 joeramis@inlanta.com Peter Salamone National Business Development 262-439-4242 petersalamone@inlanta.com

Start a conversation with any of our branch managers - ask them how Inlanta helps them succeed! www.inlantapartners.com/locations

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Inlanta Mortgage, Inc. an Illinois Residential Mortgage Licensee #MB.0006190, Kansas Licensed Mortgage Company # MC. 0025045, New Hampshire License # 17396-MB, Licensed by the New Hampshire Banking Department, WI Mortgage Banker #43262. Corporate NMLS# 1016. Approved to do business in: CO, FL, IA, IL, IN, KS, KY, MA, ME, MI, MN, MO, NH, RI, VT and WI. Equal Housing Lender.

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FEATURE / TOP BRANCHES

STRIVING FOR

EXCELLENCE

A new branch creates new challenges —and new opportunities. Here’s how some industry leaders push their branches to excel It’s obvious that a strong branch network will have many high-performing branches. But how do topperforming companies help individual branches excel? That’s a question with more than one answer, but all those answers can be boiled down to a single word: support. “Especially if a new branch is coming on, we feel like our role is not to just bring them aboard and take on their volume,” says Silverton Mortgage Services president Josh Moffitt. “It’s ‘how can we grow your volume?’ ” “While we’re busy taking care of our daily business, we also realize that a strong company—a good company—is always looking to make its branches better,” says Paul Buege, COO of Inlanta Mortgage. “We’re very, very active on proactively working with our management teams in the field so they can develop new production sources not just for today but for the next quarter or the next six months.” That support can take the form of marketing assistance, education, technology—or preferably a combination of all of the above—but it should be consistent and never stop evolving. Whether it’s coaching branch managers in old-fashioned, feet-onthe-street marketing or setting up collaboration between branches, support is a continuous process.

PLAN FOR THE NEXT YEAR, NOT THE NEXT LOAN One way to push branches to shoot for excellence, says Buege, is to help branch managers take a longterm view rather than just focusing on the next loan. “Regardless of what’s happening transactionally in the company, we’ve always got that forward lean 28 | JUNE 2014

toward the future, which we think is going to reward our employees and our company very well,” he says. “If you talk to a lot of companies a few months ago, they were kind of licking their wounds and saying, ‘We’re hurting, refis are gone.’ … They’re just transactional institutions—they’re just focused on finishing the next transactions and not planning for how they’re going to have a really good 2015 or 2016. “At the high level, what’s great about this industry is that it’s really pretty darn simple,” Buege adds. “The companies that will be successful are the ones that are sales forward. And the ones that won’t be successful are the ones that get bogged down in transactions.”

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IN THEIR OWN WORDS TAILOR THE APPROACH TO THE BRANCH Branch development isn’t necessarily a one-size-fitsall affair, Moffitt says. “We try to look at the branch’s needs,” he says. “For instance, our largest branch—we started a radio show for them. That was a neat way to help them grow their purchase business. What’s really kind of neat about it is not just having a show and providing the consumer information, but deepening the relationships with realtors. “We also have a full-time PR company that we work with that reaches out to the branches about positioning them as experts in their local market,” he says. “We ask things like, ‘Can we get a column in their local paper?’ Really use PR to position them in the local market.”

COMBINE THE OLD AND THE NEW Scott Gordon, founder and president of Open Mortgage, is an enthusiastic proponent of social media marketing to boost branches’ profiles, but only in combination with good old-fashioned pavementpounding. “My view is that there’s a hybrid of using social media and old-school networking,” Gordon says. “Social media is great, but you have to combine it with being out and meeting with real humans. The balance that we try to strike is we provide loan officers their own personal web pages—blogs with syndicated content, the kind of thing that Google likes. So when somebody in your town searches for mortgages, they’re likely to find you. But then they need to get out and meet with realtors and builders. When they get back home, it’s time to tie it back into the social media network. So the tools that you have online connect back with the humans you’ve met on the street.” Diane Creasy, vice president of marketing for Open Mortgage, also recommends training loan officers to focus their marketing. “We have some marketing specials where we go out and change behaviors for the branches,” Creasy says. “We teach them to go after certain groups of people. We have a marketing special for first time home buyers, for instance.” Open Mortgage has recently introduced a feature that allows clients to post reviews about their experiences with the branches—another tactic that increases a branch’s exposure and drives more business, Creasy says. “We’re really teaching [branch managers] to go out into the community. It’s all about problem-solving, networking, and then being able to prove through

Open Mortgage Branch location: Wichita, Kansas Originators on team: 2 2013 production: $15.3m Branch manager: Michael Gonzales “A home purchase may be the single most important investment our clients will ever make. With so many options available, financing a mortgage loan can be a confusing and stressful experience. Our small team has over 40 years of expertise to lead our clients though and simplify the complicated and ever-changing mortgage lending process. Each individual we work with is not only getting competitive mortgage rates and unmatched service, they are working with recognized experts, from originator to processor, in the mortgage industry. “Our team’s philosophy is to focus on what we believe are the two most important aspects of the loan process: 1. Stay in contact with the borrower, and 2. Close the loan in a timely manner. “We pride ourselves in the number of referrals sent to us by satisfied borrowers, and we are committed to earning the respect and confidence of every single client by sticking to our team philosophy.”

client reviews that they really did solve problems for their clients,” she says. “Google loves when clients talk about them rather than them just talking about themselves.”

EDUCATION, EDUCATION, EDUCATION It seems obvious, but it bears spelling out: no matter what you can offer to make your branches successful, it’s worthless if the folks at those branches don’t know about it. Gordon, for instance, makes weekly training videos for his branch personnel. He’s also written a book, Social Media for Loan Officers, which spells out effective social media marketing strategy. “We encourage them to understand these tools,” Creasy says. “We go through how this affects their business model. We do a lot of coaching.” Education includes sharing ideas that are making business take off at other branches, Moffitt says. “We talk about what’s working at a particular location. … The branches themselves are all sharing ideas amongst each other about what’s working and growing,” he says. “There’s a lot of openness among the branches. We don’t want them to feel like they’re out on islands. They’ve got an independent, entrepreneurial spirit, but with the backing of not only us but each other.” JUNE 2014 | 29

FEATURE / TOP BRANCHES

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IN THEIR OWN WORDS

“Social media is great, but you have to combine it with being out and meeting with real humans. … When they get back home, it’s time to tie it back into the social media network. So the tools that you have online connect back with the humans you’ve met on the street” Scott Gordon, founder and president, Open Mortgage

Mortgage Master Branch location: South End, Boston, Mass. Originators on team: 7 2013 production: $427,341,710 Branch managers: Rosella Campion and John Hanifin “It begins with great local leadership. Rosella Campion and John Hanifin, co-branch managers of the South End, Mass., branch, both have been fixtures in the Boston and Greater Boston market for over 20 years. Being part of the community, and having experienced and talented loan officers and staff working with borrowers on their dream of sustainable home ownership, are two other important factors for this successful branch. In 2013, seven loan officers produced approximately $427m in mortgage volume. Every member of the South End branch is 100% focused on delivering exceptional one-on-one customer service throughout the mortgage process. This customer-centric model, which supports the company’s goal of finding the right product and program at the lowest cost for borrowers, continues to drive business and produce a high volume of repeat and referral business.”

And that collaboration can come from both inside and outside the company, says Buege. “The thing we do which I think is unique is that the development work and coaching comes from multiple directions,” he says. “Yes, the senior management is working with our teams in the field, but we also have an advisory board with the top tiers in our industry. The advisory board works with our management team, always making sure we place our focus on what’s going to help our people in the field grow their business. We created this advisory board many years ago to make sure we’re bringing the best in class of our company into that management room. … It’s a very collaborative, open environment. We’re always looking for a better path to make more sales in a more efficient, more compliant way. We’ll also go outside of the company and pick partners we think can add value in coaching or training, bringing in a third-party perspective on how to do business in a more effective way.”

THE RIGHT PEOPLE Ultimately, however, the way to make sure branches 30 | JUNE 2014

are doing great work is to do your homework before even bringing them into the fold, says Mortgage Master president Paul Anastos. “Realistically, the best way to get branches to excel is to hire a good manager in the first place,” Anastos says. “Half your battle is honestly done up front if you bring good people into a good platform. Then make sure you keep them competitive in the marketplace they’re in.” Moffitt agrees. “Generally if we’re talking to them, they’re already a successful production engine, so they’re doing something right,” he says. “So let’s keep what’s been working, and let’s add what’s been missing. “I think we have a really good model, but at the end of the day the model attracts good people, both from a customer perspective and an employment perspective,” Anastos says. “And those good people make us better. … I always say that the product and the price bring people in the door, but what keeps them coming back is the service, both from a sales and operational side. That’s what’s kept us growing over the last 25 years.”

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32 | JUNE 2014

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Chad Jampedro

www.gogsfbranch.com

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800-283-8823

Stuart Scull

www.hightechlending.net

866-714-2040

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Hometown Lenders

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Integrity First Financial Group

Alex Barnett

www.joiniffg.com

866-606-4334

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" X" Integrity Mortgage Group

William Wolfe

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Rick Trew

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Peter Pescatore

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Sean Stafholm

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34 | JUNE 2014

Todd Sheinin

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FEATURE / BRANCH DIRECTORY

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Norcom Mortgage

Tyler Rhea

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Open Mortgage

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Semper Home Loans

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Stearns Lending

Jeremy DeRosa

www.stearnsretail.com

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Supreme Lending

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36 | JUNE 2014

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INDUSTRY ICONS / KATHERINE LE

UNSTOP As a teenager, she escaped from communist Vietnam and learned to make her way in a new country. As an adult, she helped build one of the nation’s top lenders from the ground up. All her life, Katherine Le has made a habit of doing the impossible

In the second quarter of 2007, Stearns Lending was faced with a challenging decision about its stance on the Alt-A product. At the time, the Santa Ana-based mortgage lender was losing business to its competitors who were still accepting the popular Alt-A product. Stearns’ volume was at an all-time low. Founder and chairman Glenn Stearns and company president Katherine Le made the difficult decision to dump Alt-A, before other lenders and the industry felt the burn and followed suit. This game-changing decision was rooted in Katherine’s experience and expertise in pioneering pre-funding QC to gauge loan risk. Stearns Lending’s foresight and formula would soon prove to be its saving grace and launch pad for remarkable boom growth when lenders across America were going bust. The decision to shift the product mix to only government agency loans did not come easy. With Alt-A volume lost to other lenders, Stearns Lending was faced with grave risk. But Glenn and Katherine were not giving up. With confidence the sunset of Alt-A was on the horizon, it was a matter of holding on and buckling down. As company president during an industry crisis, Katherine was familiar with the fear of taking risks and facing seemingly insurmountable odds. After all, that was her path to America. Katherine was born in Vietnam to a family of survivors. In 1978, her mother’s courageous attempt to sneak Katherine out of the communist country was put a stop to by Vietnamese authorities. As 38 | JUNE 2014

punishment for trying to escape, Katherine, at just 15 years old, was sentenced to one month in a prison camp. Katherine’s mother, never one to fail her children, became even more determined to find a better life for her family. She defied the warnings, tried again, and succeeded. With high hopes for their freedom and future, she sent Katherine and her siblings out to sea. After two harrowing days on a crowded wooden boat in the open ocean, the young refugees were rescued by a Taiwanese fishing vessel. From there, Katherine bravely continued to make her way to the United States. “What you’ve been through leads you to be the person you are,” Katherine shares. “When I first came here in 1980 as a ‘boat person,’ I was 17 years old and came with younger siblings, with a language barrier and no money—we left without our parents. I became head of the household.” Katherine knew she had a deep responsibility to honor her family’s sacrifices and dreams. She was determined to make the most of her new freedoms and didn’t waste a minute getting to work, despite overwhelming culture shock. “I didn’t give myself any chance to feel sorry for myself,” Katherine reveals. “I needed to adapt and adapt quickly. For the first six months, I wouldn’t leave the house without a dictionary in my hand. You do what you have to do and you adapt. There was no job too low for me. I worked my way through college, working in a recycling center while going to school full-time. Hard work makes you the person you are.”

MPAMAG.COM

PABLE “What you’ve been through leads to the person you are. When I first came here in 1980 as a ‘boat person,’ I was 17 years old and came with younger siblings, with a language barrier and no money. … I didn’t give myself any chance to feel sorry for myself. I needed to adapt and adapt quickly”

Katherine was the first in her family to graduate from high school and college, and she did so with honors. After receiving a degree in business administration from Cal State Fullerton, she began her career as an underwriter. In the meantime, Glenn Stearns was dreaming of founding his own lending company. It was 1989 when Stearns Lending opened its doors. Glenn was on the search for a detail-minded, driven person to lead his executive team and carry out his vision. He wanted one person and that was underwriter Katherine Le. He spent two years recruiting her. Katherine recalls, “He was honest, charming, and JUNE 2014 | 39

INDUSTRY ICONS / KATHERINE LE

enthusiastic. But details were not his strength. He needed me.” Katherine was eventually swayed by Glenn’s persistence and joined Stearns Lending in 1995 as chief of operations. Ultimately, the opportunity to be hands-on in building a new customer-focused lending institution was a career dream she couldn’t pass up. “When I first came to Stearns there were 30 employees,” she says. “There was a focus on talent. You had to dig in and get your hands dirty. There were not a lot of capital resources.” Katherine quickly built the infrastructure and practices that would eventually make Stearns one of the nation’s top lenders. One of her first innovations, in 1997, was creating a revolutionizing system for rapid and, most importantly, accurate pre-funding quality control. “I cut my teeth in underwriting, so analyzing risk is my expertise. If you don’t focus on quality, it can take a company down very quickly,” Katherine says. “I pioneered the pre-funding QC process back in 1997, when no one else in the industry had that process yet.” Pre-funding QC was a novel process that stemmed from Katherine’s knowledge of risk and efforts. The process allows for a preliminary set of control points to identify any issues, or prevent issues before they occur. The goal was to implement a system that would not affect normal production turn times, and one that was seamless on the back end, so as not to alter the customer service levels for borrowers. It wasn’t until 10 years later, post the mortgage meltdown of 2007, that this was adopted readily and anxiously by the rest of the industry. In 2000, Katherine became the president of Stearns Lending, which under her leadership grew by hundreds of employees to take advantage of the mortgage boom. Stearns Lending paid a short-term price for discontinuing Alt-A loans. Glenn estimates that by September 2007 the company had lost 85% of its revenue and was down to 70 employees. But their call based on integrity, Katherine’s foresight and formula, came around to be their key to survival and even greater success. “None of the warehouse lenders lost a dime with Stearns,” Katherine says. “Stearns was in a much better position because of the foundation we built over the years. Buy-back and

40 | JUNE 2014

MPAMAG.COM

“Do the right thing. If it’s the right position for you to give someone a loan, make it happen. If you’re not doing the borrower a favor by giving them a loan, don’t give the loan”

repurchase represented a very small number of loans. We focused on quality of loans. That’s how we managed to stay in the game. We thrived as a company: 2008, 2009, and 2010 were record years for Stearns. The others were folding.” While other lenders were running from the fire, Stearns Lending recognized a unique opportunity to expand its talent pool. “There were outstanding mortgage teams that worked together for 10 to 20 years that unfortunately no longer had a home,” Katherine says. “It was the perfect time for us and for them. People thought we were crazy hiring during a major downturn. But we felt it was an investment to hire the talent suddenly available. Some were only out of work one or two days before joining our team.” “Glenn has the vision, and I have the talent to execute,” Katherine says. In September of 2007, Stearns Lending became one of the top lenders in the nation. In 2013, with more than 1,500 employees and $13.1bn in loan volume, Stearns Lending was the number one wholesale lender in America. Katherine says her four-point business philosophy is her key to success. “Number one is integrity,” she says. “It is how I start my relationships, from when I was an underwriter to today. Do the right thing. If it’s the right position for you to give someone a loan, make it happen. You’re not doing the borrower a favor by giving them a loan if they’re not qualified. “Number two is treat people with respect. Number three is teamwork. I am where I am today because of the team. Number four is leading by example. I would not expect anyone to do something I wouldn’t do myself. This has served me well as a leader.” And after all the years of overcoming obstacles and coming out on top, Katherine also shares this advice to those just entering the mortgage industry: “You must love what you do. In this industry, if you don’t love what you do, you should get out, or it will get really tough for you. It is a complex but fantastic industry. I learn more and more every day.” With the addition of Brian Hale, as CEO of Stearns Lending, and his team of experienced executives, Katherine has found herself with a leading team to face the new world of complexity which focuses on quality control and risk management. Katherine has never felt more confident in her role as president and her ability to make a difference in today’s ever-changing mortgage landscape.

FEATURE / COMMERCIAL LENDING

THE COMMERCIAL

COMEBACK After tumbling in the wake of the financial crisis, commercial lending is coming back in a big way, with some projecting a record year. In the second installment of a two-part series, MPA explores the resurgence of the commercial market

Commercial originations got off to a slow start in the first quarter, especially compared to the fourth quarter of 2013. After hitting their highest volume since 2007 in 2013, originations dropped by 45% quarter-over-quarter in Q1. But even with the slow start, commercial is booming. Jamie Woodwell, Mortgage Bankers Association’s (MBA’s) vice president of commercial real estate research, said the first-quarter drop-off shouldn’t be taken as a sign of things to come. “Commercial and multifamily borrowing typically starts the year slowly, with less than one-fifth of the annual volume usually done in the first quarter,” Woodwell wrote in an MBA report. “This year is looking to continue the trend. Lending by banks and life companies increased compared to last year’s first quarter, but first quarter originations for Fannie Mae and Freddie Mac and for inclusion in commercial mortgage-backed securities (CMBS) were lower than during the same period last year. Taken together, commercial and multifamily mortgage originations started 2014 at the same pace they started 2013.” 42 | JUNE 2014

MPAMAG.COM

“Interest rates will go up. Folks who are advertising on rate—not service and product—will be challenged. The industry is expanding and going through a period of regrowth. If the rates increase, it demonstrates a successful market and a stronger economy. It will impact some negatively, but overall it’s positive. We can’t sustain low rates” Pouyan Broukhim, Owner, PB Financial Group Indeed, the MBA projects that outstanding commercial and multifamily debt will hit nearly $2.6trn by the end of this year and approach $2.7trn by the end of 2016. So what does that mean for mortgage professionals? Opportunity, says Pouyan Broukhim, owner of PB Financial Group. “It’s a great way to supplement the residential business,” Broukhim says. “There is a lot of growth—a lot of the high-end buyers likely have commercial property. They’re looking for a broker to help them with this. It’s a great time for a broker to partner with a lender and supplement the business. As residential rates rise, they need to look for an opportunity to replace lost commissions.”

for retail properties and a 24% decrease for industrial properties from Q4 of 2013, according to the MBA. But Broukhim says retail and industrial space has potential as the economy improves, especially in areas hard hit by the recession that are now starting to come back.

COMMERCIAL/MULTIFAMILY ORIGINATIONS INDEX 25 0

(Avg. 2001 quarter = 100)

20 0

MULTIFAMILY IS HOT Multifamily has been a big driver in the commercial resurgence, spiking 44% between the third and fourth quarters of 2013. And although that spike has fallen off over the course of the first quarter, multifamily is still the top performer in the commercial sector, according to the National Association of Realtors. And rising home prices mean multifamily will continue to be big business, Broukhim says. “Currently multi-unit properties are hot because of housing,” he says. “It’s only taking two to three weeks for properties to rent. Income-producing properties are providing the best return, and people are chasing those yields. There’s a security that the buyer will be able to pay back the loan by the income of the property. It’s lower risk.”

150

100

20 11

20 12

20 13

RETAIL AND INDUSTRIAL The first quarter saw a 53% decrease in originations

Source: Mortgage Bankers Association

JUNE 2014 | 43

HEAD TO HEAD / FRANK KURI

MPAMAG.COM

ORIGINATIONS BY PROPERTY TYPE 25 0 Multifamily Office Retail Industrial

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Hotel

Healthcare

200 (Avg. 2001 quarter = 100)

150

10 0

0 Q1 2009

Q1 2010

Q1 2011

Q1 2012

Source: Mortgage Bankers Association

“We’re getting a lot of movement from people who are buying vacant space and turning it around,” Broukhim says. “There’s a lot of opportunity in the bankrupt towns. This can be the time to buy; the cost to purchase these properties is much less. The initial taxes may be high, but there’s long-term potential. 2009 and 2010 were hot. As the economy improves, you will see commercial and industrial increase.”

SERVICE, SERVICE, SERVICE So how do commercial lenders take advantage of the resurgence in the market? The keys to success, Broukhim says, are simple: strong partnerships with brokers and a commitment to customer service. “Interest rates will go up. Folks who are advertising on rate—not service and product—will be challenged,” he says. “The industry is expanding and going through a period of regrowth. If the rates increase, it demonstrates a successful market and a stronger economy. It will impact some negatively, but overall it’s positive. We can’t sustain low rates. “So how do you get noticed? Service, service, service—and knowledge of the market. We can provide what best fits the clients’ needs. We have an array of programs that we can provide a buyer or broker to meet those needs. For instance, we can provide a second-position loan for people to expand their business—residential or commercial. It’s a time where folks are looking to invest in business, so we look to say ‘yes’ on deals.”

Q1 2013

Q1 2014

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• Loan terms: 1 year, 3 year, 5 year, 7 year and 10 year, fi xed IO or fully amortized

• Term 1 to 5 years, fi xed or amortized

• We have second position loan available for our commercial products up to 60% CLTV

Land loan (max ltv 35% refinance, 50% purchase) call for details

• 5-7 day closing available • No appraisal programs available

• 2nds up to 60% CLTV anywhere in CA • 5-7 day closing available

PB Financial Group Corp 877-700-3703 Office 866-318-4471 Direct Fax

www.pbfinancialgrp.com •info@pbfinancialgrp.com PB Financial Group Corp NMLS #357614 / PB Financial Group Corp BRE # 01522495 Disclosures: **Per FDIC Regulations Section 6500, Part 226, Subpart C, 226.24. The amount of each payment that will apply over the term of the loan is based on simple annual interest applied to the unpaid balance. Loans range from 1 day to 60 months, are interest only and include a balloon payment due at term. Finance charges apply. Payments do not include amounts for property taxes or insurance premiums. This is not a commitment to lend. Rates and points are subject to change without notice.

FEATURE / COMMERCIAL DIRECTORY

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to commercial lenders LOAN LOAN MINIMUM MAXIMUM

NAME

WEBSITE

PHONE

LOAN TYPE

PROPERTY TYPE

1st Coastal Commercial Capital

www.1stcoastal.com

888-316-1787

$250,000

$50m

All

17-36

1st Commercial Lending

www.1stcommerciallending.com

800-341-6199

$500,000

$15m

17, 18

27, 20, 28, 21, 34, 33

ALB Commercial Capital

www.albcommercialcapital.com

800-510-2214

$500,000

$25m

11, 12, 13, 3, 5, 19, 15

27, 26, 28, 21, 33, 25

A.S.K. Investments Inc.

www.askinvestments.com

800-834-6544

None

1, 3, 9-14, 16

All

www.advantagecap.com

314-725-0800

$1m

$10m

1, 3, 4, 5, 8, 9, 11, 15

18, 20, 21, 24, 30, 34, 36

www.agriculturalfinance.net

714-299-6209

$400,000

$20m

1, 4, 5, 11-14, 16

17, 21, 22. 24, 27-30, 32-36

Aileron Capital Management

www.aileroncap.com

813-341-3654

$500,000

$12m

1, 3, 5, 8, 11-15

20, 21, 22, 25, 28, 29, 30, 33, 34, 35

Alexander Realty Capital, Inc.

www.comm-loans.com

305-293-9222

$1m

$300m

21, 22, 20, 8, 3

27, 33, 28, 20, 37, 24, 38, 18, 39

www.alliedcommercialfunding.com

800-247-8212

$100, 000

None

1, 3, 9, 11, 12, 13, 15

18, 21, 24, 25, 27-31, 33, 34, 35

Alpine Commercial Capital

wwww.alpinecc.com

877-772-5746

$500,000

$200m

3, 20

25, 27, 20, 33, 18, 28, 29, 21, 35, 23, 40

Apartment Lending Corporation

www.aptlending.com

805-832-5599

$100,000

None

11, 12, 13, 14, 3, 5, 8, 19

25, 26, 18, 20, 35, 30, 32, 19, 41, 42, 28, 29, 37, 43, 21, 33, 31

www.apexmtg.com

877-603-5496

$25,000

$500,000

4, 12, 13, 14

18, 20, 23-31, 33-36

www.bankwithargent.com

800-722-5720

$150,000

$5m

4, 5, 11-15

18, 20, 21, 23, 24, 25, 28, 29, 30, 32, 33, 35, 36

www.ariescapital.com

312-640-7421

$2m

$100m

23, 3, 5, 8, 7

27, 20, 28, 29, 21, 33

www.artemisrealtycapitalllc.com

602-381-0238

$1m

$50m

3, 8, 19

All

www.abl1.net

201-942-9090

$75,000

$1m

3, 12

27, 25

www.avanacapital.com

877-850-5130

$500,000

$25m

1, 3, 5, 10-16

17, 18, 20, 21, 24, 25, 27-30, 32, 33, 35, 36

www.avatarfinancial.com

888-896-0082

$1m

$20m

27, 20, 28, 29, 33, 21, 24, 39, 25

Advantage Capital Partners

Agricultural Finance

Allied Commercial Funding Corp.

APEX Mortgage Corp.

Argent Bank

Aries Capital, LLC

Artemis Realty Capital

Asset Based Lending, LLC

Avana Capital

Avatar Financial Group, LLC

LOAN TYPE: 1 Acquisition and developmen t 2 Bond 3 Bridge loans 4 Business loans 5 Construction 6 Forward commitment 7 Joint ventures 8 Mezzanine 9 Nonrecourse 10 Notes purchased 11 Purchase 12 Refinance: Cash-out 13 Refinance: Rate and terms 14 Remodel/renovation 15 SBA loans 16 Second mortgages 17 SBA 18 NNN 19 Equity 20 Hard money 21 Sale leaseback 22 Cost segregation 23 Permanent 24 Lines/letters of credit 25 Debt repurchase 26 CMBS 27 Debt restructuring 28 Repositioning 29 Lease-up 30 USDA 31 Lease-to-own

46 | JUNE 2014

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with our fully searchable database available at mpamag.com AL AK AZ AR CA CO CT DE DC FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY

PROPERTY TYPE: 17 Agricultural (ranches & farms) 18 Automotive (gas stations, carwashes, etc.) 19 Churches 20 Hospitality (motels & hotels) 21 Industrial 22 Land 29 Office condos 30 Owner-occupied businesses 31 Parking lot sites 32 Rehabilitation facilities 33 Retail (shopping centers/strip malls 34 Self-storage 35 Single-tenant buildings 36 Special-/Single-purpose buildings 37 Restaurants 38 Distribution 39 Manufacturing/construction 40 Vacant property 41 Care facilities 42 Schools 43 Grocery/convenience stores 44 Investor 45 Triple MET (Walgreens, Starbucks, etc.) 46 Parking garage 47 Storage (mini, etc.) 48 Equipment 49 Non-profit 50 Salons and other stores 51 Net lease

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FEATURE / COMMERCIAL DIRECTORY

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to commercial lenders NAME

LOAN LOAN MINIMUM MAXIMUM

WEBSITE

PHONE

LOAN TYPE

PROPERTY TYPE

Berkadia

www.berkadia.com

888-334-4622

None

1, 12, 13, 5, 14

27, 33, 28, 29, 22, 21

BizCapital

www.biz-capital.com

314-725-0800

$500,000

$10m

1, 3, 4, 5, 8, 11, 15

18, 20, 21, 24, 30, 34, 36

www.bluecrownfunding.com

888-900-0035

$3m

$100m

19, 3, 8, 7, 1, 5, 11, 12, 13, 16, 20

21, 22, 27, 28, 29, 33, 25, 23, 20, 34, 26

www.bmccapital.com

214-526-7178

$500,000

None

1, 3, 12, 13, 17

28, 33, 21, 30, 20, 24, 39, 27, 25, 5, 26

www.bbt.com

800-226-5228

None

1, 11, 12, 13

17, 21, 32

www.bronxcapital.com

888-243-1586

$2m

$30m+

All

27, 33, 25, 28, 29, 24, 21, 20, 46, 34

Business Loan Capital

www.businessloancapital.com

877-774-4240

$500,000

$5.5m

17, 18, 20, 21, 24, 25, 28, 29, 30, 33-36, 47

CalComm Capital Inc.

www.calcommcapital.com

800-724-9152

$100,000

$2m

3, 9, 11-14, 16

18, 20, 21, 25-31, 33-36

None

$100m

48, 24, 23, 27

Blue Crown Funding

BMC Capital, LP

Branch Banking and Trust Company Bronx Capital LLC (Private Banking: Structure Commercial Finance)

CapitalSource

www.capitalsource.com

CapitalQuest Group

www.capitalquest.net

305-361-1201

$500,000

$250m

5, 3, 8, 6, 19

All

www.cclgic.com

951-273-5200

$250,000

$250m

1-13, 15, 16

All

www.certusbank.com

877-893-7823 x1110

$500,000

$10m

4, 5, 11-15

18, 20, 21, 23, 24, 25, 29, 30, 32, 34-36

www.chase.com

866-862-9232

$1m

$10m

9, 11, 12, 13

21, 25, 28, 33

Cherrywood Commercial

www.cherrywood.com

800-819-4199

$200,000

$3m

1, 3, 5, 11-14

18, 21, 25-30, 33-35

Church Loans & Investments Trust

www.churchloans.com

800-692-1111

$3m

None

1, 5

19, 42, 49

www.csgfirst.com

727-233-0572

$500,000

None

1, 3, 5-9, 13, 14

18-21, 23-30, 32-36

www.cndfinancial.com

830-438-5751

None

5, 1, 12, 13

www.cohenfinancial.com

312-346-5680

None

All

Capstone Commercial Lending Group & Inv. Inc.

CertusBank N.A.

Chase Commercial Term Lending

Churchill Stateside Group

CND Financial LTD

Cohen Financial

48 | JUNE 2014

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JUNE 2014 | 49â&#x20AC;&#x201A;â&#x20AC;&#x201A;

FEATURE / COMMERCIAL DIRECTORY

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to commercial lenders NAME

LOAN LOAN MINIMUM MAXIMUM

WEBSITE

PHONE

LOAN TYPE

PROPERTY TYPE

www.cohardmoney.com

303-459-6061

$40,000

$1.5m

20, 12

21, 22, 27, 28, 29

Columbia Pacific Advisors

www.columbiapacific.com

206-576-0092

$2m

$20m

All

CommercialBanc

www.commercialbanc.com

866-706-2262

$500,000

$25m

All

28, 29, 33,27, 21, 34,47, 25, 24

www.commerciallendingpros.com

813-833-31320

$500,000

$15m

3, 17

All

Commercial Capital Resource Group, Inc.

www.commercialmortgage-usa.com

877-290-2500

$2m

None

3, 5, 8, 23

27, 28, 29, 33, 21, 20, 23, 34, 26, 22, 24, 17, 36

Commercial Loan Center LLC

www.clcllc.net

610-990-6050

$100,000

$5m

18-21, 23-31, 33-36; 27, 25, 28, 29, 33, 21, 26, 34, 18, 20, 41

Commercial Partners of Texas (C.P.T.)

www.amerimort.com

832-607-1113

$50,000

$500m

1, 3, 4, 5, 9, 11-15.

18-22, 24, 25, 27-31, 33-36

Commercial Real Estate Finance

www.cre-finance.com

855-515-5585

$2m

$300m

3, 8, 26

27, 28, 29, 33, 20, 21, 34, 26, 25, 37

www.cressida.co.nz

213-784-2784 x1001

$300,000

$100m

All

www.crureg.com

714-760-9880

$1m

$50m

3, 12, 13, 17

20, 18, 27, 28, 29

www.dcpcapital.com

646-402-6686

$3m

None

8, 7, 19

33, 27, 28, 29, 20, 21, 31, 26, 46

www.dfgusa.net

480-556-8148

$1m

$30m

1, 5, 23

28, 29, 21, 27, 26

EH National Bank

www.ehnbank.com

888-392-5265

$250,000

$5m

4, 5, 11, 12, 13, 15

21, 24, 25, 27-30, 32, 33, 35, 36

Essex Financial Group

www.essexfg.com

303-796-9006

None

5, 8, 16, 7, 3, 1, 23

21, 20, 28, 29, 34, 30, 35, 33, 27, 26

www.failla.com

917-294-1506

$1m

$50m

1, 3, 4, 5, 8, 11-15

18, 20, 21, 23-25, 27-30, 33, 35

Fairview Commercial Lending

www.fairviewlending.com

866-634-1270

$75,000

$1.5m

20, 12

21, 27, 28, 29, 33, 22,35

Fidelity Commercial Funding

www.fidelitycf.com

714-908-5105

$250,000

$50m

1, 3, 4, 9, 11-13, 15, 16

18, 20, 21, 24-31, 33-36

Fidelity Mortgage Lenders Inc.

www.fidelityca.com

800-752-9533

$50,000

$10m

3, 9, 11-13

18-21, 23-36

Colorado Hard Money

Florida Real Estate & Commercial Loans, Inc. (Commercial Lending Pros)

Cressida Capital

CRU Lending

DCP Capital, LLC

Diversified Funding Group, LLC

Failla Funding

50 | JUNE 2014

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x PROPERTY TYPE: 17 Agricultural (ranches & farms) 18 Automotive (gas stations, carwashes, etc.) 19 Churches 20 Hospitality (motels & hotels) 21 Industrial 22 Land 29 Office condos 30 Owner-occupied businesses 31 Parking lot sites 32 Rehabilitation facilities 33 Retail (shopping centers/strip malls 34 Self-storage 35 Single-tenant buildings 36 Special-/Single-purpose buildings 37 Restaurants 38 Distribution 39 Manufacturing/construction 40 Vacant property 41 Care facilities 42 Schools 43 Grocery/convenience stores 44 Investor 45 Triple MET (Walgreens, Starbucks, etc.) 46 Parking garage 47 Storage (mini, etc.) 48 Equipment 49 Non-profit 50 Salons and other stores 51 Net lease

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JUNE 2014 | 51â&#x20AC;&#x201A;â&#x20AC;&#x201A;

FEATURE / COMMERCIAL DIRECTORY

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to commercial lenders NAME

LOAN LOAN MINIMUM MAXIMUM

WEBSITE

PHONE

LOAN TYPE

PROPERTY TYPE

www.firstchatham.com/

912-424-2557

$250,000

$5m

1, 4, 5, 11-15, 17

18, 20, 21, 22-25, 28-30, 32, 33-36, 37, 41

www.fundmortgagecapital.com/

888-297-4440

$100,000

$35m

1-5, 7-16

All

www.formancap.com

561-578-8634

$2m

$50m

3, 8, 19

All

Franklin James Capital

www.franklinjamescapital.com

855-825-1200

$150,000

$2m

3, 5, 15, 27,1

19, 24, 48

Freedom Capital, LLC

www.freedomcapital.biz

480-656-2688

$250,000

$9m

1, 5, 6, 11-15

18, 20, 21, 24, 25, 27-30, 32-36, 37, 41, 50

www.thefundingedge.com

830-331-4030

$100,000

$22m

11-14

17, 22

GE Capital Real Estate

www.gecapitalrealestate.com

203-750-2900

$3m

None

1, 3-5, 7-9, 11-15

17, 20-25, 27-30, 33-36

Gold Quest Group, LLC

www.goldquestgroup.com

713-621-6466

$60,000

None

All

None

23, 5, 3, 7, 16, 8, 19, 21, 2

27, 33, 21, 28, 29, 20, 24, 34, 26, 25, 30

17, 20

All but 22

First Chatham Bank

FMC Lending

Forman Capital

FundingEdge

Grandbridge Real Estate Capital

www.grandbridge.com

Griffin Private Capital Group LLC

www.statedcommercialloans.com

540-736-7347

www.harlowcapital.com

303-504-9408

None

1, 12, 13, 5, 3, 29, 23

33, 21, 28, 29, 27, 36

www.heartlandcapitalgroup.com

972-739-2100

$2m

$50m

1-4, 6-14, 16

17, 18, 20-36

www.hudsonvalleybank.com

914-768-6984

None

$22m

3, 5, 16

21, 25, 27, 28, 29, 33, 39

www.jhancockreig.com

770-399-1918

$10m

$200m+

All

26,28, 29, 21, 33, 27, 24, 46

www.kcinvestorfunding.com

816-916-4593

$75,000

$10m

All

Kennedy Funding Financial LLC

www.kennedyfunding.com

800-342-8500

$1m

$100m

1, 3-14

17, 18, 20-36

Kilpatrick and Hart

www.kilpatrickandhart.com

609-585-4226

$500,000

None

All

www.ksicapital.com

609-585-4226

$1m

$100m

1-11, 13-15

17-36

Harlow Capital Corporation

Heartland Capital Group

Hudson Valley Bank

John Hancock Real Estate Finance Group

Kansas City Investor Funding LLC

KSI Capital, Inc.

$50,000 to none $200,000 to (nonprofit) $14m (for profit)

52 | JUNE 2014

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JUNE 2014 | 53â&#x20AC;&#x201A;â&#x20AC;&#x201A;

FEATURE / COMMERCIAL DIRECTORY

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to commercial lenders NAME

LOAN LOAN MINIMUM MAXIMUM

LOAN TYPE

PROPERTY TYPE

None

25,19, 8, 20

27, 33, 21, 28, 29, 20, 30, 36, 22

$1.5m

$50m

All

615-417-4710

$500,000

None

3, 20, 17, 30

All

www.loneoakfund.com

310-826-2888 x16

$250,000

$18m

18, 20, 21, 22, 24, 25, 27, 28, 29, 30, 33-36, 40

www.meecorp.com

201-944-9330

$5m

$500m

3, 8, 19

All

www.megafunding.com

201-944-9330

None

All

www.apartmentlenders.com

952-920-9201

$1m

None

5, 8, 3, 6, 14, 10

27, 25, 28, 29, 33, 20, 21, 24, 34, 22,

www.midwestbusinesscapital.com

877-751-4622

None

1,12 13, 11, 5, 15

24, 41

www.missionfed.com

800-500-6328 x2189

$300,000

$3m

11-14

21, 24, 25, 27-30, 33-35

www.navesinkrivercapital.com

858-546-2189

$500,000

$4m

11-14, 3,7

21, 27-30, 33

NCS Commercial Funding

www.ncscommercial.com

855-778-1000

$500,000

$2m

1, 3-6, 10-14

17, 18, 20, 21, 23-36

Ocean Capital

www.ocean-capital.com

877-337-3757

$250,000

$5m

1, 4, 11-15

17, 18, 21, 24, 25, 28-30, 33-36

www.pacificenterprisebank.com

949-623-7585

$250,000

$6m

1, 3-5, 9-16

All

www.ppbi.com

559-221-2507

$300,000

$12m

1, 4, 11-15

18, 20, 21, 23-26, 28-30, 32-36

www.paducahbank.com

270-575-5700

$1,000

None

All

www.plgcapitalllc.com

877-552-4869

$25,000

$250m

1, 3-5, 8, 9, 11-14

18-36

www.popularcommercial.com

888-950-9339

$1m

$500m

1, 3, 7, 9-14

17-21, 24-31, 33, 35, 36

www.providentnj.com

866-781-1142

$500,000

$6m

5, 11-15

21, 24, 27-30, 34-36

Knight Commercial Group LLC

Lender Capital Group

Liberty Funding

Lone Oak Fund LLC

Meecorp Capital Markets

Mega Funding International, Corp

Meridian Mortgage, Inc.

Midwest Business Capital

Mission Federal Credit Union

Navesink River Capital

Pacific Enterprise Bank

Pacific Premier Bank

Paducah Bank

PLG Capital Funding Group LLC

Popular Commercial Lending Group

Provident Bank

WEBSITE

PHONE

www.knightcommercialgroup.com

855-524-8632

$500,000

www.lendercapitalgroup.com

425-429-2328

www.libertynationwide.com

54 | JUNE 2014

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xx x

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JUNE 2014 | 55â&#x20AC;&#x201A;â&#x20AC;&#x201A;

FEATURE / COMMERCIAL DIRECTORY

The mortgage industry’s most comprehensive guide to commercial lenders NAME

LOAN LOAN MINIMUM MAXIMUM

WEBSITE

PHONE

LOAN TYPE

PROPERTY TYPE

www.readycapcommercial.com

888-354-0822

$500,000

$10m

26, 3, 11, 12, 13

20, 21, 25, 27, 28, 29, 33, 34, 35

Redwood Mortgage

www.redwoodmortgage.com

800-659-6593

$100,000

$3m

1, 3, 10-14

none

Regal Bank & Trust

www.regalbank.com

443-334-4774

$200,000

$8m

4-6, 10-15

18, 20, 21, 24-30, 32-36

Rehab Cash Now

www.rcncapital.com

860-533-4049

$50,000

$2m

1, 3, 5, 11-14

25-30, 33, 25, 36

www.reverecapital.com

203-424-0888

$1m

$25m

All

Seattle Funding Group Ltd.

www.sfgfunds.com

888-734-3863

$100,000

$6m

3, 5, 6, 11, 12

19-21, 24-31, 33-35

Security National Commercial Capital

www.sncloans.com

512-808-4697

$350,000

$8m

5, 11-13, 15

24, 25, 28-30, 34-36

Southpoint Capital Management

www.southpoint1.com

954-892-5840

$500,000

$5m

8, 19

All

SouthWind Capital Partners LLC

www.swcpllc.com

512-267-1167

$1m

None

1-9, 11-16

19-28, 30, 32-36

Specialty Lending Group

www.speclendgroup.com

240-965-2060

$100,000

$7.5m

1, 3, 4, 5, 6, 7, 10, 11, 12, 13, 14, 19, 20

All

TriForce Global Funding

www.triforceglobalfunding.com

303-257-1103

$300,000

None

1, 4-5, 7, 11-16

All

$12,000

$500,000

ReadyCap Commercial LLC

Revere Capital LLC

TruckLenders USA

www.trucklendersusa.com

Trust Mortgage Company

www.trustlender.com

800-536-3371

None

5, 12, 13, 14, 1

27, 24

U.S. Bank – SBA Division

www.usbank.com

888-722-3948

$250,000

$5m

1, 4, 5, 11, 13-15

18, 20, 21, 24, 28-30, 33, 35

Union Bank

www.unionbank.com

925-947-2439

None

$5m

5, 3, 23, 17, 2, 24, 8, 12, 13

20, 21, 24, 26, 27, 28, 29, 30, 33, 35

Wilshire Finance Partners, Inc.

www.wilshirefp.com

866-575-5070 310-736-1370

$100,000

$3m

21, 25, 27, 28, 29, 33

Wolfe Financial LLC

www.wolfefinancial.net

303-758-5515

$2m

None

3, 5, 6, 11, 12, 13, 23

27, 25, 33, 28, 29, 20, 21, 34, 49

Zilker Capital

www.zilkercapital.com

512-495-1500

None

All

28, 29, 21, 33, 27, 31, 35, 37

56 | JUNE 2014

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JUNE 2014 | 57â&#x20AC;&#x201A;â&#x20AC;&#x201A;

BUSINESS STRATEGY / MARKETING

8MEDIOCRE MARKETING WAYS TO

‘Mediocre’—that’s not exactly what brokers like to hear, but if you’re doing these ‘don’ts,’ writes coach Doren Aldana, you may be writing that all over your 2014

Little things make a big difference. That’s true in marriage, parenting, and in marketing yourself as a mortgage professional. In the little time we have together, I want to remind you of—or, indeed, surprise you with—eight deadly marketing sins that mortgage professionals commit and that threaten business growth in any market, especially today’s challenging one.

SIN #1—WORKING ‘IN’ YOUR BUSINESS INSTEAD OF ‘ON’ YOUR BUSINESS I was working with a consulting client recently who was in a sales slump. I decided to perform a very simple diagnostic. I simply asked him to email me a detailed list of all of his activities for the next three days, and then give me a call back. After reviewing his activities it was clear that he was in the ‘putting out fires’ business because that’s where most of his time was spent. Rather than working ‘on’ his business, he was working ‘in’ his business. This industry professional (and you) should be spending as much time as possible working ‘on’ your business, doing things like planning and developing ‘marketing assets’ that work while you’re not working. These are what I call ‘High Leverage Activities’ because they allow you to leverage your time so you can reap a higher long-term payoff. In his popular book, 7 Habits for Highly Effective People, Stephen Covey hammers this point home using his famous Time Management Matrix. 58 | JUNE 2014

Dr Covey emphasizes that too many business owners spend their time doing “urgent but not important” activities when they should be spending their time on “non-urgent but important” activities. Non-urgent but important activities such as planning and marketing generate continued and sustainable longterm growth.

SIN #2—FAILING TO CREATE AND USE A MARKETING PLAN Last year, I was speaking at a national conference and had about 100 professionals in the room. I asked the crowd to hold up their hands if they had a current marketing plan that they used and referred to on a consistent basis. Only three hands went up! Studies have shown that small businesses that create and consistently use marketing plans experience an average of 30% higher sales than their competitors. How would you like to increase your sales by 30% or more? Proactive marketing is the key! Here are a few tips to help you create your marketing plan: Tip #1 Create a plan for mining the gold from your existing database of prospects, clients and referral partners. If done right, this will allow you to maximize your repeat and referral business. Think of ways to add value and cultivate the relationship with little meaningful touches over time.

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Tip #2 Create a plan to attract more referral partners and motivate them to send you more referrals more often. The key to success is to develop a compelling, unique value proposition that positions you as an irreplaceable, indispensable asset on their team. Tip #3 Create a plan for generating qualified leads independent of your clients or referral partners. I call this ‘Consumer-Direct Marketing.’ Tip #4 Block schedule at least 30 minutes every day to implement your marketing plan in each of the above three areas. Plan your work and then work your plan!

SIN #3—FAILING TO IMPLEMENT SYSTEMS A system is a business process that generates predictable, consistent and reliable results day after day. If you want to see a good example of a system, simply visit a fast-food franchise like McDonald’s or Wendy’s. Notice how they do the same things, the same way, every single time. Unfortunately, most mortgage professionals never take the time to ‘systematize’ their business, which results in waste, chaos and, ultimately, lost sales. Sin #1 is partly to blame for not getting around to creating and implementing systems.

SIN #4—NOT MARKETING TO YOUR CLIENT DATABASE Many mortgage professionals believe that once you ‘close the deal’ and the happy client walks out the door, then the deed is done and you need to quickly move on to the next prospect. While that’s true, your next prospect (in the form of repeat or referral business) might have just walked out the door. Top producers, on the other hand, implement effective database marketing systems and, as a result, often get 60% to 70% of their business from their past clients through referrals and repeat business. That’s working smart, not hard. In your marketing plan you should be including customer appreciation events, monthly or quarterly newsletters, annual policy reviews, birthday campaigns, renewal campaigns, weekly email tips and relevant greeting cards, all of which are designed to stimulate repeat and referral business.

SIN #5—NOT TESTING AND TRACKING YOUR MARKETING EFFORTS John Wanamaker’s famous 1886 quote sums it up very well: “I know that 50% of my advertising is wasted... I just don’t know which half!” There’s nothing worse than spending money on a marketing campaign and not knowing whether it worked. It’s even worse when you continue to spend money on a marketing campaign that you think is working but really isn’t. Most mortgage pros use the SWAG method for tracking their marketing— Scientific Wild Ass Guess! The only way to invest in your marketing efforts with confidence is to test a campaign, track it and measure your results. That’s why I recommend always offering something of high perceived value and low risk to motivate prospects to respond. For example, you could offer a special report, seminar or audio CD to get people to respond immediately via the phone or your website so that you could track your response. This strategy also allows you to capture your prospects’ contact information so that you can continue to follow up with them. Remember, the fortune is in the follow-up!

This industry professional (and you) should be spending as much time as possible working ‘on’ your business, doing things like planning and developing ‘marketing assets’

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BUSINESS STRATEGY / MARKETING

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SIN #6—NOT FOLLOWING UP WITH YOUR PROSPECTS Studies have shown that 81% of all sales happen on or after the fifth contact. If you’re a mortgage professional and you’re only doing one or two followups, imagine all the business you’re losing. Not following up with your prospects and customers is the same as filling up your bathtub without first putting the stopper in the drain! Here are four keys to developing a successful follow-up system:

1 2 3 4

Create a lead capture system that is accurate and reliable. Develop compelling follow-up marketing campaigns that will drive traffic to your website or generate phone calls (ie weekly email tips, monthly client newsletter, etc.)

Systematize the process so that it happens day in and day out, the same way every time. Automate the system as much as possible using Client Relationship Management (CRM) software and/or an outside mailing house to do your mailings.

SIN #7—‘SPRAYING AND PRAYING’ Doren Aldana is considered by many to be Canada’s leading mortgage marketing coach and has won the Best Industry Service Provider award two years in a row at the 2012 and 2013 Canadian Mortgage Awards. Since 2005, he has been dedicated to helping mortgage professionals attract more clients with less effort, regardless of market conditions. For a free copy of Doren’s new CD titled 21 Secrets of Superstar Mortgage Brokers, visit www. SuperstarMortgageBroker.com

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Believe it or not, not everyone is a good prospect for your services. If that’s the case, why would you spend your precious marketing dollars trying to reach them? It doesn’t make sense. If everyone is your prospect, no one will be your customer. If you want to maximize your marketing magnetism, you’ve got to shift from being a vague generality to being a meaningful specific. Unfortunately, too many industry professionals blast their general marketing message using general marketing media such as radio, bus stop ads, newspaper ads, mass mailouts, etc. I call this ‘spraying and praying.’ This approach is based on the premise that if you just throw enough yogurt at the fan, something’s bound to stick. The problem is, unless you’re a big dumb company with a multimillion-dollar ad budget and no requirement for a positive ROI, you can’t afford to waste a single penny on useless ads. Instead of spraying and praying, narrow your focus onto a specific niche market that actually has a need, and then market to people just like them. Your

response rate will go up and your cost of acquisition per client will go down when you begin to target your market. Go narrow, deep and rich in your niche!

SIN #8—NOT DIFFERENTIATING YOURSELF Did you know that your prospect receives, on average, over 3,000 marketing impressions a day? With all that clutter you have to compete with, how do you make your mortgage business stand out? How do you differentiate your business in a way that separates you from the competition? Obviously, it’s not going to happen by following the herd and touting the usual ‘best rates,’ ‘best service’ and ‘unbiased advice.’ It’s like marketing incest out there—everyone else is doing the same thing with ever-decreasing results! You need to differentiate your business in a way that makes you stand out from the clutter and get noticed. A simple way to do that is to keep a close eye on the marketing that really captures your attention, and make a note of it. Then borrow and modify those strategies and ideas to create your own unique and compelling message. When in doubt, notice what everyone else is doing, and do the opposite.

The only way to invest in your marketing efforts with confidence is to test a campaign, track it, and measure your results CONCLUSION Let’s face it, most mortgage pros are committing one or more of the above marketing sins. If you fall into that category, there is hope: you can repent and improve. My challenge to you is to take just one or two sins that are costing you the most in terms of profits and productivity, and focus on improving them first. Once you have them handled, move on to the next, and so on. Extraordinary business success is often the result of small incremental improvements over time.

BUSINESS STRATEGY / MARKETING

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MOTIVATING YOURSELF

WHEN A DEAL FALLS THROUGH

Seven inspirational ideas for your bottom drawer to help you cope with that rare occasion when a major deal falls through

TAKE HEART

First of all, take heart. Oprah was told she wasn’t fit for television. Steve Jobs was fired from the company he founded. Michael Jordan was cut from his high-school basketball team. Walt Disney lost his job because of a lack of original ideas. Failing now can make you greater later. Failing now says nothing about how successful you may be in the future—quite the opposite.

REMEMBER IT’S NOT PERSONAL

Cricket player Donald Bradman had a 99.94 batting average. Graeme Pollock comes second with 60.97. Even if you are the Donald Bradman of mortgage broking, you will get one deal in 200 wrong. It’s the law of averages. If you are the second greatest batsman in the world, you will get it wrong three times in 10. Deals don’t fall through because of you as a person. You are loved and lovable, and you don’t deserve to fail. Stuff just happens, and things going wrong is the price you pay for having the guts to be out in the world.

LIST THE THINGS THAT WENT RIGHT

WHAT WOULD YOU NEVER DO AGAIN?

When Edison invented the light bulb, he failed more than 1,000 times. The story is that he considered none of this as failure, only as feedback. He said each failure was a success, because he had found one more way to not make a light bulb. In every deal, even the bad ones, there are things that go right. Take a leaf out of the positive psychology book and go ask yourself what worked.

As a child I loved ketchup. One night when I was about five years old my auntie Nette told me I wouldn’t like it on ice cream. I tried it. I would never do that again. Make a list of what you will never do again after this deal. Perhaps it’s about how you

finance deals. Maybe it’s to do with a particular individual or style of customer; maybe a product or agent. Write it down and share it with the team.

LOOK FOR PATTERNS

My experience with the ketchup and ice cream taught me something else. My aunt Nette had previously suggested a few other outlandish things: wearing pajamas all day; eating dinner hanging upside down from the swing set in the backyard. When I looked at the patterns, I learnt never to take my aunt’s suggestions seriously. Take a look at other deals that have failed across your career and your practice. Look for patterns. Perhaps a certain type of customer demographic just doesn’t work for you. Examine whether timeframes make a difference. Look for what characterized the failures and how they compared to the successes. Learn from the patterns and share what you learn with your team.

Cindy Tonkin is the Consultants’ Consultant. She is the author of the AIM bestseller The Australian Consultant’s Guide: Setting Up Your Consultancy Business Profitably and Painlessly. Find out more at politicalacumen.com.au

SALVAGE WHAT YOU CAN

The Post-it note was a failed invention. 3M engineers developed a glue that would not stick. One of them used this ‘failed’ glue to stick page holders in his choir notes. That was the beginning of the Post-it note. Now it’s hard to imagine an office without them. In the spirit of the Post-it note, list what you can salvage from this deal. Remember relationships or contacts you made. Perhaps they would be useful in other contexts. Work out if the marketing collateral is reusable, recyclable or can be developed as a new template. It’s not a total failure if you can learn something or salvage something.

DO YOURSELF A FAVOR

So the deal went south. Use this failed deal to supercharge your next successful deal; snatch victory from the jaws of defeat. Do yourself a favor: let yourself off the hook. As Scarlett O’Hara said in Gone With The Wind, “Tomorrow is another day.” JUNE 2014 | 61

ADAPT& THRIVE

BUSINESS STRATEGY / MANAGEMENT

How can coaching assist us in adapting to change? Dr Hilary Armstrong provides best practice insights, and outlines how neuroscience has shifted our understanding of brain function “If you’re in a bad situation, don’t worry, it’ll change. If you’re in a good situation, don’t worry, it’ll change” — John A Simone, Sr. Change is constant and inevitable, or so we are told. Yet we resist it, especially when the change happens to us, like at work. So in the uncertain climate of organizations today, it becomes more vital that we understand how to assist people and prevent change fatigue from setting in. As a coach working increasingly with moving roles and restructured landscapes, cognitive and social neuroscience research has enhanced my (and my

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coachees’) understanding of responses to change. Although our brain is built to relentlessly scan our environments for what has changed and then assess this in terms of the danger or delight—will it eat me, or will I eat it?—our brain is more likely to register danger. In other words, we are genetically programmed to avoid change. Research into brain plasticity over the past 10 years has, however, emphasized its capacity for change. In fact, our brains are designed to continually learn, change and adapt. Scientists once believed the brain was ‘hard-wired’ early in life. We now know that the 80-year-old brain has the same ability to make new connections as the

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eight-year-old brain. Unfortunately, most people stop challenging themselves to learn new things around the age of 30, and when we don’t use it, we lose it! Working with and adapting to change is one effect of plasticity and how we grow. Working with change responses from a coaching approach that models understandings from neuroscience assists change managers and change participants in many ways. Here are just three:

DEACTIVATE FEAR CIRCUITRY Coaches can explore with coachees their view of the change. Talking through an individual’s responses to change reduces the activation of their brain’s fear circuitry. This is important because arousing the fear circuitry overloads our prefrontal cortex, reducing function and decision-making. Even mild levels of uncertainty, like gossip or rumors with no evidence, can stimulate fear. We expect the worst, and unless these expectations are understood, underperformance and decreased productivity will set in. It is the uncertainty itself—not the potential outcome—that generates change in neurotransmitter levels that inhibit thinking. Coaching assists by encouraging expression of concerns and uncertainty. It is a space to acknowledge the coachee’s viewpoint without forcing the change agenda, and it is the process of the coaching conversation itself that reduces the physiological effects of stress, and when this occurs people often move themselves forward. An effective coach sees this nonverbally often before it is spoken, and can gently guide the person towards acceptance.

GROW MINDFULNESS What is missing from many organizational change processes is quantity and quality time to focus on the development of new skills and behaviors as well as people’s ability to do this. Studies on neuroplasticity show that with focused attention new (physical) neural connections are made and stabilized so that people experience the change as ‘normal or automatic.’ Mindfulness is the key to this. Unless we can mindfully focus our attention, stabilization of new neural connections cannot occur and people revert to old behaviors. This is amplified by research about our set point in terms of reactions to change as being tipped more toward negative emotions (irritability, frustration, etc). The good news is that this set point can be moved toward more constructive emotions by coaching for mindfulness.

Although our brain is built to relentlessly scan our environments for what has changed and then assess this in terms of the danger or delight—will it eat me, or will I eat it?—our brain is more likely to register danger BUILD A ‘POSSIBILITY FOCUS’ What we focus on grows. A focus on problems grows problems. A focus on strengths and possibilities grows neural connections of possibility and strength. A coach is a champion of both the coachee and neural plasticity. In addition, while our brains chatter along with thousands of unconscious thoughts every day, we do have a small window (seconds) to make conscious choices between automatic reaction and conscious response. The more the focus is on possibility, the more likely we are to make choices that fit these possibilities and strengths. This brings ownership of the change. So get a coach, or include a coaching approach in your change processes. Then whether you are in a good or bad situation, the change won’t matter.

Dr Hilary Armstrong is director of education for the Institute of Executive Coaching and Leadership. For further information, visit iecoaching.com

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