Mortgage Professional America issue 7.05 by Mike Shipley

WHOLESALE LENDING YOUR COMPLETE GUIDE TO THE WHOLESALE MARKET

MPAMAG.COM ISSUE 7.05

MULTIFAMILY WHY OPPORTUNITY KNOCKS FOR ORIGINATORS COMPLIANCE HOW TO CUT THROUGH THE RED TAPE

EXCLUSIVE INTERVIEW

BRANSON

ON BUSINESS How to turn your business into an empire the Virgin way

CONTENTS / 7.05

COVER STORY

Branson on Business Sir Richard Branson sets out how to turn a business into an empire

COPY & FEATURES MANAGING EDITOR Robin Christie JOURNALISTS Ryan Smith, Sarah Megginson CONTRIBUTORS Cyril Peupion, Omer Soker PRODUCTION EDITORS Roslyn Meredith, Moira Daniels

ART & PRODUCTION SENIOR DESIGNER Rebecca Downing GRAPHIC DESIGNER Red Redrico

SALES & MARKETING NATIONAL SALES MANAGER Mike Avila MEDIA SALES MANAGER Chris Brezsko COMMUNICATIONS MANAGER Lisa Narroway MARKETING EXECUTIVE Anna Farah

CORPORATE

NEWS

CHIEF EXECUTIVE OFFICER Mike Shipley MANAGING DIRECTOR Claire Preen CHIEF OPERATING OFFICER George Walmsley MANAGING DIRECTOR – BUSINESS MEDIA Justin Kennedy CHIEF INFORMATION OFFICER Colin Chan HUMAN RESOURCES MANAGER Julia Bookallil

6 | Forum forces Comments from the MPA Online forum on the big news stories

8 | News analysis The key trends affecting originators

BUSINESS STRATEGY

TRUST: THE NEW COMPETITIVE ADVANTAGE Why trust is both the financial services sector’s biggest problem and its greatest opportunity

56 | The data Must-read statistics for mortgage professionals

FEATURES 18 | Wholesale As independent players enter the fray, wholesale is on the rebound 32 | Multifamily The opportunities multifamily lending currently offers to originators 42 | Compliance solutions A look at the compliance issues and solutions that originators and lenders face

BUSINESS STRATEGY 48 | Execution: the holy grail of business? How to follow through on your corporate strategy effectively

2 | OCTOBER 2013

DANIEL MILSTEIN From 16-year-old political refugee to the country’s top originator

MORTGAGE INSIDERS 38 | Daniel Milstein The mortgage superstar living the American dream 58 | A day in the life of... Keven Smith, CEO, Mortgage Builder 59 | Favorite things Josh Bopp, founder and CEO, focusIT

Editorial enquiries Ryan Smith ryan.smith@keymedia.com Advertising enquiries Mike Avila mike.avila@keymedia.com Chris Brezsko chris.brezsko@keymedia.com Subscriptions subscriptions@keymedia.com Key Media 7807 E Peakview Ave Suite 115 Centennial CO 80111 United States of America tel: +1 720 452 2600 Offices in Sydney, Auckland, Singapore, Manila, Toronto 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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OCTOBER 2013 | 3

EDITOR’S LETTER / 7.05

TOOLS FOR SUCCESS

Here at MPA we’re positioning ourselves as essential reading for entrepreneurial originators who are thirsty for the thought leadership that will help their businesses to thrive. To that end, we’re proud to present our ground-breaking interview with one of the world’s most recognizable and successful entrepreneurs, Sir Richard Branson. From the importance of having the right people on board as well as the confidence to delegate to them, to branding and how to market the intangible – yet essential – service that mortgage originators provide, Branson offers some eye-opening business strategies. Closer to home, Daniel Milstein tells MPA about his inspirational journey from political refugee from the USSR (with nothing but 17 cents in his pocket) to the country’s top originator. Elsewhere, we take a comprehensive look at the wholesale lending market and the lenders who are making a play for your business through this channel. The multifamily sector, and the opportunities it presents to originators, also comes under the MPA spotlight in this issue. And if you’re suffering from a compliance headache, our look at the solutions available on the market could be just the cure you’re searching for. Robin Christie, managing editor, MPA

4 | OCTOBER 2013

CONNECT

Contact the editor:

robin.christie@ keymedia.com Printed on paper produced from 100% sustainable forestry, grown and managed specifically for the paper pulp industry

JUNE 2013 | 5

NEWS / FORUM FORCES

CFPB

Comments from the MPA Online forum on the news stories that have been making waves in the originator world HARDSHIP

FHA PROMPTS DEBATE Finally some positive changes @ HUD. Now they need to go back and re visit the MIP increases of the past 3 year years that are having a devastating effect on the housing market. – Joe Heisler

MPA Online reader Joe Heisler reacts to FHA movements to reduce the time homebuyers must wait after a bankruptcy, foreclosure or short sale before qualifying for an FHA-backed mortgage, stimulating a vibrant online discussion... This will help a lot of people get back into the market sooner. - Ron Bennett This is silly. Once someone loses a home they should be required to move in with their mother for a few years as penance. – Bayview Mortgage Inc Hey Bayview Mort. All for it as soon as about 25,000 higher up Wall Street bankers go to jail. Then everything would make sense. Your suggestion just makes more nonsense. (Where you been in the last 8 eight years?) – John C Durham This is great news for many people who for the most part kept up with all their other payments and this will spark a good balance in our local real estate market. – Mati Rosa Morphis, Folsom Realtor

Join the debate at mpamag.com/forum

6 | OCTOBER 2013

QM UNDER THE SPOTLIGHT Benefit to the consumer??? If the new regulations increase the cost to the lender and therefore passed to the consumer, how does this benefit the consumer? - Bruce

Bruce kicks off the forum conversation regarding CFPB director Richard Cordray’s comments on the benefits to the consumer posed by new qualified mortgage regulations. Banks are still allowed to hide their YSP from borrowers in their disclosures. Where is the benefit to consumers in this scenario? I fully support new disclosure rules that brokers must adhere to. Time to make the bankers play by the same rules. – Andy Levin Time to be a banker I guess. Too bad I’d rather look you in the eye and tell you how much I’m making on you than hiding it. – David Leahey

FRAUD

SMALL FISH SPARKS COMMENT Here we go again, make an example out of the “small” fish! I am sure the broker got what he deserved, but the “bigger” fish got away with it and will never be held accountable, that’s a shame. – Andrea

TRENDING

• Mortgage fraud • Underwater homes • Mortgage job cuts

Andrea comments on an Oregon judge lamenting that “bigger fish” have yet to be brought to justice for the housing meltdown, while sentencing a mortgage broker to nearly five years in prison. As the years go by it is obvious the real criminals are not being brought to justice and instead home buyers and borrowers are being forced to pay the price with higher costs and fewer choices. – Griff

OCTOBER 2013 | 7

NEWS / ANALYSIS

HIGHEST PERCENTAGE OF DEEPLY UNDERWATER HOMES

HARP

38% 46% Nevada

Michigan

40%

HARP REFINANCES DECLINE

34% 31% Ohio

Rhode Island

Illinois

40%

6.41%

Florida

Source: RealtyTrac, September 2013

EQUITY

UNDERWATER HOTSPOTS REVEALED More than 10 million homeowners are still finding themselves ‘deeply underwater’ on their mortgages, says a leading housing analytics firm that has revealed the states with the highest percentage of underwater loans. According to RealtyTrac’s Home Equity & Underwater Report, 10.7 million US homeowners owe at least 25% or more on their mortgages than their properties are worth, putting them in ‘deeply underwater’ territory. Another 8.3 million are either slightly underwater or just barely above it. Those numbers are improving, however. Deeply underwater homeowners – with a loan-to-value ratio on their properties of at least 125% – represented 23% of US residential properties with a 8 | OCTOBER 2013

mortgage in September, according to RealtyTrac. That number is down from 11.3 million deeply underwater homeowners – about 26% of all residential properties – in May. “Steadily rising home prices are lifting all boats in this housing market and should spill over into more inventory of homes for sale in the coming months,” said Daren Blomquist, vice president at RealtyTrac. “Homeowners who already have ample equity are quickly building on that equity, while the 8.3 million homeowners on the fence with little or no equity are on track to regain enough equity to sell before 2015 if home prices continue to increase at the rate of 1.33% per month that they have since bottoming out in March 2012. “In addition, nearly one

in four homeowners in foreclosure has at least some equity, giving them a better chance to avoid foreclosure without resorting to a short sale – assuming they realize they have equity and don’t miss the opportunity to leverage that equity,” he added. “Even homeowners deeply underwater have reason for hope, with about 150,000 each month rising past the 25% negative equity milestone – although it will certainly take years rather than months before most of those homeowners have enough equity to sell other than via short sale.” States with the highest percentage of deeply underwater homes include Nevada (46%), Illinois (40%), Florida (40%), Michigan (38%), Rhode Island (34%), and Ohio (31%).

The total US mortgage delinquency rate Source: Lender Processing Services, July 2013

Refinancing through the government’s Home Affordable Refinance Program (HARP) has seen a decline, with the number of refinances falling by 4.8% in the second quarter of 2013. According to the Federal Housing Finance Agency’s (FHFA’s) Refinance Report, 279,933 refinances were completed through HARP in the second quarter of 2013. The first quarter figure was 294,305. “This marks the third straight quarter in which HARP refinances have declined, but refinances through the program remain well above average levels prior to program enhancements last year,” the FHFA said. While HARP loans accounted for 22% of refinancing volumes nationwide, states hard hit by the housing crisis continued to see the lion’s share of their refinancing volume through HARP. HARP loans represented 59% of total refinances in Nevada, and 50% of total refinances in Florida. HARP REFINANCES TO DATE

86%

Primary residences

11% Second homes

3% Investment properties

Source: Federal Housing Finance Agency Refinance Report, Second Quarter 2013

MPAMAG.COM

OCTOBER 2013 | 9

NEWS / ANALYSIS

FORECLOSURES

PRODUCTION

OPTION ARM, NON-AGENCY JUMBOS LEAD FORECLOSURE DOWNTURN

PRODUCTIVITY WANES AS COSTS RISE

Foreclosure starts have plunged to their lowest levels in six years, with option ARM and non-agency jumbo prime loans leading the pack. Lender Processing Services’ Mortgage Monitor shows delinquencies dropped to 6.41% in July, down 3.96% from June. Foreclosure presale inventory was also down, falling 3.46% from June. LPS Data & Analytics senior vice president Herb Blecher said the numbers, encouraging as they were, still failed to do justice to the actual improvement in foreclosures and delinquencies. “Overall, the data shows that the strong downward trend in delinquencies and foreclosures continues nationwide, with a decrease in foreclosure starts contributing to this improvement. For the year to date, 2013 has produced the lowest level of foreclosure starts since 2007. Given that nearly 50% of these are repeat foreclosures means that the picture is even more positive than a surface reading of the numbers might suggest,” Blecher said. Distressed sales fell 30% year-over-year, while short sales were down 60%.

Are you struggling to match your loan production figures from last month? You’re not alone. According to the Mortgage Bankers Association (MBA) Quarterly Mortgage Bankers Performance Report, independent mortgage banks and mortgage subsidiaries of chartered banks saw their productivity levels drop from 3.1 loans originated per production employee per month in the first quarter of 2013 to 2.9 in the second quarter. The average profit per loan originated fell to $1,528, down from $1,772 per loan in the first quarter. MBA associate vice president of industry analysis Marina Walsh put the decline down to growing production costs. “Per-loan production costs continue to rise and there are signs of pricing pressure as evidenced by the reduction in secondary marketing income,” Walsh said. Indeed, production costs were up slightly for the quarter. Total production expenses, including commissions, compensation, occupancy, equipment and other production expenses, rose from $5,779 per loan in the first quarter to $5,818 per loan. Walsh also said that, while overall volumes remained flat, there was a shift toward

YEAR-ON-YEAR CHANGE IN FORECLOSURE RATES

Option ARM

-40%

Subprime

-35%

Alt A

-29%

FHA/VA

-16%

Agency prime

-30%

Non-agency jumbo prime

-40%

Non-agency conforming prime

-33%

Total

-31%

Source: LPS Mortgage Monitor August 2013 Mortgage Performance Observations

YEAR-ON-YEAR CHANGE IN DELINQUENCY RATES

Option ARM

-18%

Subprime

+4%

Alt A

+1%

FHA/VA

-7%

Agency prime

-18%

Non-agency jumbo prime

-23%

Non-agency conforming prime

-5%

Total

-9%

Source: LPS Mortgage Monitor August 2013 Mortgage Performance Observations

10 | OCTOBER 2013

12.4% The percentage by which home prices nationwide, including distressed sales, rose on a year-over-year basis Source: CoreLogic, July 2013

QUARTERLY PRODUCTION FIGURES

$439M (down $3m)

Average production volume per company

1,921

loans (down 33)

Average volume by count per company

$5,818

per loan (up $39) Total loan production expenses

$3,808

per loan (up $23) Average personnel expenses

$4,207

per loan (up $25) Net cost to originate

261

(up 10)

Average number of production employees per firm

Source: Quarterly Mortgage Bankers Performance Report, Q2 2013

purchase originations. The purchase share of originations by dollar volume rose to 52% in the second quarter, up from 40% in the first quarter.

MPAMAG.COM

OCTOBER 2013 | 11

COVER STAR / BRANSON ON BUSINESS

VIRGIN TERRITORY

Like him or loathe him, Sir Richard Branson is one of the most successful entrepreneurs in the world. In this exclusive interview, MPA probed the Virgin mastermind about the secrets to his success MPA: Many of our readers run small- to medium-sized businesses. What’s the difference between a business that chugs along at a happy medium and one that develops into a world-leading, global empire? How do you go about building an empire rather than just a business? Sir Richard Branson: Big or small, I believe that all successful and innovative companies need to have an excellent product or service, they need strong management to execute the plan and a good brand to give it the edge over competitors. Often entrepreneurs can create a good product and a brand but lack the management to help expand and create a truly great company – people are the core differentiator between a business that just chugs along and one that grows into an empire. An entrepreneur needs to build up a very strong and capable management team and delegate out the responsibility to run the existing companies to them, so that he or she can focus on new ideas and finding the next business to start up. Just remember that it is impossible to run a business without taking risks. Virgin would not be the company it is today if we had not taken risks. I couldn’t tell you which was the riskiest – there has been quite a few!

12 | OCTOBER 2013

MPA: Both Virgin and Sir Richard Branson are names that are known the world over. How important is a strategic approach to branding – personal and/or corporate? Can they be separated? What are the must-do’s when building a brand? RB: Brands ultimately belong to the consumer. While a business can influence its brand by what it does and how it behaves, it is what the customer thinks at the end of the day that is the only important thing. With this in mind, I think that it is important to try and identify early on what attitude you would like your brand to convey, and then go about building it! Brands need to be constantly nurtured, to be kept fresh and be seen. When I was thinking about setting up my own airline, the late Freddie Laker said to me: “You’ll never have the advertising power to outsell British Airways. You are going to have to get out there and use yourself. Make a fool of yourself. Otherwise you won’t survive”. I’ve been following his advice ever since and used myself to get the Virgin brand in the headlines and become more visible.

MPAMAG.COM

“People are the core differentiator between a business that just chugs along and one that grows into an empire”

OCTOBER 2013 | 13

COVER STAR / BRANSON ON BUSINESS

BRANSON ON… RELAXING MPA: It’s all too easy for an entrepreneur to get stuck dealing with the daily workings of a business. How important is it for an entrepreneur to get out of the office and do other things? What helps you refresh yourself mentally and physically? RB: I do try to keep fit – anytime I’m near a Virgin Active club I make sure I get in there and work out. I love tennis and kite-surfing and pretty much do some sort of exercise every day, without making it too rigid, as that just doesn’t work for me. I enjoy being outside and being active – keeping fit as a result is almost a by-product of doing something I enjoy! I recently completed the Pick n Pay Cape Argus Cycle Tour, a wonderful 109km ride with 36,000 cyclists, and an extraordinary atmosphere with breathtaking views. I have always believed that I needed to find good people to run my businesses and to delegate day-to-day management to others. I did this from a very early age and, importantly, that has allowed me to go and set up new ventures, sometimes in a new sector or country.

MPA: Our readers’ businesses deal with intangible services in the financial sector. What are your tips for effectively marketing and selling intangibles? What have you learnt from ventures such as the Virgin Money companies? RB: Even today, the Virgin brand is not a product like Coca-Cola or McDonald’s; it’s an attitude and a way of life to many. At Virgin Money, we’re building a better kind of bank. A bank that genuinely cares about the customer and provides a better experience and better-value financial products in a straightforward, transparent way. I think that it is important to build up a strong brand when selling an intangible service as it makes your service distinct and different from anyone else’s.

MPA: You’re famous for your ‘Screw it, let’s do it’ approach, which has led to missteps as well as successes. What is your biggest business failure, and why? How do you pick yourself up from mistakes – both personally and financially? RB: Whenever I experience any kind of setbacks, I always pick myself up and try again. I prepare myself to have another stab at things with the knowledge I have gained from the previous failure. My parents always taught me never to look back in regret but to move on to the next thing. The amount of time people waste on failures rather than putting that energy into another project always amazes me. I have fun heading the Virgin group of businesses, so a setback is never a bad experience, just a learning curve.

MPA: Part of the skill of a successful entrepreneur is identifying tomorrow’s growth sectors and opportunities – Virgin Galactic being one of the most high-profile examples of this. How do you discover tomorrow’s opportunities today? RB: There are many different reasons for entering new businesses. It can be as simple as a business sector really interests me or one of our directors at Virgin, and we see areas in that sector where our brand can make a real difference to the consumer. Sometimes it is as simple as the fact that an existing service has frustrated us and we believe we could do it better. Having the will to say ‘screw it, let’s do it’ and make things happen is what sets entrepreneurs apart. It takes bravery to start a business, but 14 | OCTOBER 2013

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OCTOBER 2013 | 15

COVER STAR / BRANSON ON BUSINESS

BRANSON ON… TECHNOLOGY

“The amount of time people waste on failures rather than putting that energy into another project always amazes me”

people with enterprising spirit who seize chances when they come along will be the ones who drive the economy and make a difference in the future.

MPA: Another aspect of business that every entrepreneur understands is getting the right people around you. How do you find the best talent for your businesses – and how do you keep them interested and engaged? RB: We don’t really have a general recruiting process at Virgin – it depends on the type of business and the position we are looking to fill. However, as a rule we tend to pick out employees who are inquisitive about the bigger picture, and have a ‘can do’ attitude, are positive and enthusiastic and, most importantly, have a strong sense of fun! I have found that choosing enthusiastic, talented and positive people has helped to shape a positive character for our businesses.

MPA: Innovation is clearly something that is central to the Virgin ethos. How do you unlock this, both personally and in your business teams? Can you create a culture of innovation and, if so, how? RB: I believe our culture of innovation is a result of our ability to adapt to changes quickly. We run our companies small; there is very little red tape and certainly no bureaucracy – we make decisions quickly and implement them, before our competitors in the market have held their fifth meeting on the same issue. Additionally, Virgin has many, many entrepreneurs within the organization. In business, the picture is constantly moving and changing so I try to employ people who enjoy thinking outside the box and are constantly creative and inspiring. Our people don’t just think about the numbers but think about how a deal will enhance the whole brand.

MPA: You’re a globally recognized philanthropist and supporter of charities. How important is it to devote time and capital to not-for-profit work as a businessperson? Does it matter what size your business is? Is it more important to donate time or capital? RB: I believe that today’s businesses – regardless of their size – must be prepared to do good in 16 | OCTOBER 2013

MPA: From big data to social media, the digital revolution is disrupting industries across the world, with business models being forced to change, whether they want to or not. As an entrepreneur with a history of disrupting established industries, does the potential of digital excite you? What’s your advice on how to make the most of emerging technologies? RB: The mobile revolution has allowed entrepreneurs to better talk to their customers, suppliers and staff in real time to determine exactly how each one is responding to particular situations, and determine exactly what they want and need. An entrepreneur who takes full advantage of this is well on the way to making himself a success, because he knows how to approach his consumers and how to deliver his offer in just the right way. I know it’s a cliché, but knowledge is power. Virgin is a major advocate of social media and the power it can hold for companies. My advice to the businesses of the future would be to improve their social media presence and use it as a way of knowing their customers more intimately. It can act as a wonderful warning system for businesses as well as a cost-effective way to get your message out.

societies around the globe. I am optimistic that we can make the world a far better, safer and more equitable place, but business and enterprise must sit at the heart of this process. We need government, business and the social sector to work together for the benefit of everyone. It should no longer be just about typical ‘corporate social responsibility’ where the ‘responsibility’ bit is usually the realm of a small team buried in a basement office – now it should be about every single person in a business taking responsibility to make a difference in everything they do, at work and in their personal lives. Virgin Unite, the non-profit arm of the Virgin Group, calls this approach ‘Capitalism 24902’ because it’s focused on getting business leaders all over the world — all 24,902 miles of it — to look at how we can do what is right for people and the planet. Virgin Unite also helped incubate a recently launched not-for-profit organization called ‘The B Team’ which is framing a new approach to business where people and planet are priorities alongside profit.

MPAMAG.COM

OCTOBER 2013 | 17

FEATURE / WHOLESALE

WHOLESALE

18 | OCTOBER 2013

MPAMAG.COM

BOUNCING

BACK The financial crisis may have caused a large number of major lenders to retreat from the wholesale space but, as a growing number of independent players enter the fray, this is a market that’s on the rebound

There’s an important trend taking shape in the mortgage industry: the resurgence of wholesale lending. Take Atlanta-based Equity Loans, for example. This summer, Equity Loans entered the wholesaleorigination sector and added staff and new technologies to accommodate the move. “We were two brokers who became bankers when the financial crisis started, because we wanted to have more control,” says Equity Loans president and co-founder Eduardo ‘Eddy’ Perez. “We have gotten licensed in 30 states, we have our Fannie Mae approval, and we are now entering the wholesale market. Having been brokers ourselves, we understand the challenges brokers face.” Equity Loans isn’t alone. Growing numbers of mortgage lenders are entering the wholesale channel or expanding their current operations within it, reversing a trend that began with the financial crisis. In the wake of the crisis, many large commercial banks such as Chase, CitiMortgage, Bank of America, and Wells Fargo retreated from the wholesale market.

Major residential lenders in the wholesale channel today include Provident Funding Associates, Flagstar Bank, Stearns Lending, Fifth Third Bank, NYCB Mortgage, United Wholesale Mortgage, and U.S. Bank Home Mortgage. New entrants as well as second-tier and regional organizations are playing an increasingly important role in the channel. “I think the wholesale market soon is going to be made up of independent players – newcomers and up-and-comers like my company,” says Perez.

GAINING MOMENTUM The comeback is evidenced by steady increases in broker-originated loans. After declining sharply in 2009 and 2010, broker-originated loans sank to a low of $26.8bn in the first quarter of 2011. They then began a slow, steady resurgence. By the third quarter of 2012, brokers were generating $46bn in loan volume, the highest since 2010, albeit less than half the volume they had generated in the strongest quarters of 2007, according to data from mortgagestats.com. OCTOBER 2013 | 19

FEATURE / WHOLESALE

5bn

PROVIDENT FUNDING ASSOCIATES

FLAGSTAR

STEARNS LENDING

FIFTH THIRD BANK

NYCB MORTGAGE

UNITED WHOLESALE MORTGAGE

U.S. BANK HOME MORTGAGE

SIERRA PACIFIC MORTGAGE

3.94%

1.261bn

4.27%

1.442bn

4.61%

1.559bn

5.10%

% 1.723bn

1bn

2.271bn 6.72%

2.361bn 6.99%

7.23%

2.443bn

2bn

7.59%

$ bn

2.566bn

3bn

3.201bn 9.47%

4bn

4.325bn 12.80%

TOP WHOLESALE LENDERS BY MARKET SHARE

COLE TAYLOR UNION BANK MORTGAGE

Source: Mortgagestats.com

One second-tier lender that has benefited from the resurgence of wholesale lending – while also helping to drive the resurgence – is Santa Ana, California-based Carrington Mortgage Services. Carrington is a residential wholesale and retail loan origination subsidiary of Carrington Mortgage Holdings, LLC, and is licensed to originate loans in 41 states, the District of Columbia and Puerto Rico. Wholesale lending accounts for 60% of Carrington’s business today, and the company expects that to reach 70% by the end of this year, says Ray Brousseau, Carrington’s executive vice president. “Both channels [retail and wholesale] are growing, but wholesale is a much bigger piece and it’s a much easier piece to grow,” he says. “It is a critical part of our business and one that we are putting a lot of effort into growing.” This summer, Carrington strengthened its wholesale business by hiring more than a dozen account executives as well as a senior vice president who will lead the channel. It also opened two fulfillment centers – one in Indiana, one in Connecticut – to support increased wholesale lending. “The last two quarters have been record quarters,” says Brousseau. “The trend is a good one. That is true for both channels, but wholesale is more pronounced.” This spring, USA Wholesale Lending, a newly formed unit of Hallmark Home Mortgage, began 20 | OCTOBER 2013

making loans in the wholesale channel. USA Wholesale now works with brokers in 23 states and is on a healthy growth trajectory, says company president Howard Hoyt. “We now have taken the wholesale platform and we are viable,” says Hoyt. “We have all of our technology in place. We have the right people doing the right things. And from here, it’s just been a steady growth curve going forward.” One reason for the growth is that, for lenders,

TOP TIPS FOR ORIGINATORS • Set the expectation. • Whoever your partners and lenders are, do your homework. Ask why they are in the field and what they want to accomplish. • Have options. If you run into challenges on a loan, be prepared to approach a different lender. • Work on your referral partners. Provide solid updates at least three times a week, letting real estate agents and other partners know you are thinking of them and staying on the case. That leads to more referrals. • Study the industry. The periodicals and other publications you read can provide important information and updates on issues and trends that directly affect your business. Source: Eduardo ‘Eddy’ Perez, Equity Loans

FEATURE / WHOLESALE

114% 8%

the wholesale channel tends to be less costly than the retail channel. Another, says Perez, is that “some of the stigma has left” the wholesale channel as the financial crisis has ebbed and the economy continues to recover.

SOME LENDERS REMAIN CAUTIOUS Not everyone is rushing to embrace wholesale. San Diego-based iServe Residential Lending withdrew from that market in 2009 and today remains focused solely on retail lending, says CEO Michael Wilson. “Everyone was under the notion that wholesale is a tough channel to be in,” says Wilson, adding that uncertainty in the market, warehousing constraints and inventory constraints contributed to that perception. In addition, iServe wanted to build its brand within the communities that it serves, and retail lending supported that strategy.

WHAT MAKES A GOOD WHOLESALE LENDER? • Removing obstacles: making it easy for brokers to do business with you • Building relationships: most wholesale models are relationship driven • Sharing information and resources on compliance and regulatory issues • Remembering that communication is paramount • Focusing on service levels Source: Howard Hoyt, USA Wholesale

22 | OCTOBER 2013

Source: Mortgagestats.com

243%

BIGGEST MARKET SHARE INCREASE AMONG TOP WHOLESALE LENDERS

The company operates 30 retail branches and is licensed in 20 states. “We aren’t against wholesale at all,” says Wilson. “Right now, we are very focused on building our retail platform.” iServe hasn’t ruled out the possibility of returning to wholesale lending in the future, he says. Another lender that has shied away from wholesale is Jacksonville, Florida-based EverBank Financial Corp. The company announced in July that it plans to leave the wholesale business and focus on retail, consumer-direct and correspondent channels. Company spokesman Michael Cosgrove told MPA that EverBank’s reasons for shuttering its wholesale broker lending business included rising interest rates and their dampening effect on refinancing activity, and the “evolving regulatory burdens specific to the broker business.”

ISSUES AND OPPORTUNITIES In the aftermath of the financial crisis, regulatory standards for originators have become decidedly more stringent and complex, and regulators have made it clear they are enforcing these new standards. As if to underscore the point, the Consumer Finance and Protection Bureau (CFPB) filed a formal complaint this summer against Castle & Cooke Mortgage, a Utah-based company that allegedly violated the Federal Reserve Board’s 2011 Loan Originator Compensation Rule, which prohibited compensation based on loan terms such as the interest rate. Among other things, the CFPB claimed that Castle & Cooke apparently didn’t

MPAMAG.COM

UWM EXPERIENCES GROWTH SURGE IN FIRST HALF OF 2013 retain compliance records for as long as required by the rule. In January, important new rules are set to be implemented. These include the Ability-to-Repay rule, which specifies that a borrower must have a debt-to-income ratio of 43% or less in order to obtain what the agency calls a Qualified Mortgage (QM). “The big $64,000 question is what is going to be the CFPB’s stance,” USA Wholesale’s Hoyt says, adding that the market is waiting for more information about QM, Ability-to-Repay and proposed caps on payments to brokers. “Public comment closed in July and I’m hoping that we’ll get something from the CFPB that will make it a little less egregious,” he says. Not only do the new rules make the day-to-day work of brokers and lenders increasingly complex, but they also bring an element of uncertainty to the business. “A number of brokers are gravitating toward the correspondent channel and moving away from brokering,” says Brousseau, noting that trepidation about QM is a key reason for the shift. Meeting complex new regulatory standards isn’t the only challenge on the horizon. Rising interest rates have dampened demand for refinancing, a mainstay of the wholesale channel. As refinancing has slowed, the purchase business has accelerated. For brokers who don’t make the shift from refinancing to purchase, that will be a problem, Hoyt said. “I think there will be some further consolidation in the market. I think we are going to lose some guys to attrition.” The shift isn’t an easy one to make. Brokers who focus on refinancing get most of their business from vendors that aggregate and sell leads; in contrast, brokers who focus on purchases get most of their business through relationships with local realtors. “It’s very, very difficult for someone who has not been in the purchase business to just simply go get it,” says Brousseau. Brokers who have developed effective relationships with referral partners stand to do well in the changing market, says Perez. “Anyone last year who was doing referral-based transactions has now doubled in production,” he explains. Meanwhile, the refinancing market is far from dead. Although 55% of US homeowners have refinanced in the past five years, millions of homeowners continue to pay pre-recession interest rates. Many are now beginning to take advantage of Home Affordable Refinance Program (HARP) products designed to help borrowers whose mortgages are

United Wholesale Mortgage (UWM) has become one of the nation’s largest wholesale residential mortgage lenders, but the Troy, Michigan-based company isn’t taking time out to celebrate. UWM is too busy growing. The company roughly tripled its wholesale business during the first half of this year in comparison to the first half of 2012, says company president Mat Ishbia. Loan volume reached $5.45bn, up from nearly $1.8bn in the first half of the prior year. “That’s about loyalty,” says Ishbia. “Our business has always been about how we help our brokers grow their business. If our brokers do more business and we are a good partner, we do more business.” Nearly 95% of UWM’s loans are originated by brokers. To grow the business, UWM has taken steps to build long-term relationships with brokers and to help brokers succeed in the changing market. For example, last fall, as it became increasingly evident that interest rates would rise and refinancings slow, UWM presented a webinar designed to help brokers grow their purchase business. Approximately 800 brokers attended. Brokers have clearly been making the shift toward the purchase business. Historically, 35% to 42% of UWM’s business was purchases. For the month of July, the figure surpassed 60%. To provide additional support, the company introduced a program called UWM Connect. After a mortgage loan has been made, UWM monitors the borrower’s credit pulls. The company then funnels potential leads to brokers who have completed deals with UWM previously. “Everyone says they want their brokers to succeed,” says Ishbia. “UWM Connect is my way of putting my money where my mouth is.” Many brokers who left the business four or five years ago in order to work for large banks are now beginning to return to brokerages, Ishbia says.

“We now have taken the wholesale platform and we are viable” Howard Hoyt, USA Wholesale

underwater and are owned or backed by Fannie Mae or Freddie Mac. In April, the FHA directed Freddie and Fannie to extend the HARP program by two years, through the end of 2015. Another opportunity rests with the introduction, by some banks, of non-traditional products that brokers are ideally positioned to sell, says Wilson. “I think that’s increasingly where the opportunities are for brokers today – in non-traditional products.” Perez is optimistic about the opportunities ahead. This summer, his sales staff began fanning out across the US, meeting with brokers and building relationships. “That started in June and we will start seeing it pick up soon,” Perez says. “And next year, we’ll see substantial growth.” OCTOBER 2013 | 23

WHOLESALE LENDING / LENDER DIRECTORY

www.afrwholesale.com/wd

24 | OCTOBER 2013

MPAMAG.COM

OCTOBER 2013 | 25

WHOLESALE LENDING / LENDER DIRECTORY Lender name

Website

Phone

Products

States

21st Mortgage Corp

21stmortgage.com

(800) 955-0021 Ext. 1770

infomortgagebroker@ 21stmortgage.com

AL, AR, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY

360 Mortgage Group

360mtg.com

(916) 761-1624

achrisanty@360mtg.com

CA10, CA15, CF15, FF15, VA15, CA20, CA25, FC30, FF30 , RF30, VF30, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Virl VA IRRRL

AL, AZ, CA, CO, FL, GA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MT, NC, NM, NV, OH, OK, OR, SC, SD, TN, TX

AAG American Advisors Group

aagwholesale.com

(866) 964-1109

ksmith@aagreverse.com

Rv Reverse

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

ACC Mortgage Inc

weapproveloans.com

(240) 314-0399

robert@accmortgage.com

Low Credit Score, Foreign Nationals, Inherited Properties

DC, DE, FL, MD, VA

Acopia Capital Group

myacopia.com

(615) 859-5537 (888) 859-5537

info@myacopia.com

CA10, RA10, CF10, FF10, CA15, RA15, CF15, FF15, RF15, VA15, CA20, FA20, RA20, VA20, CF20, FF20, RF20, VF20, CA25, FF25, VA25, FC25, FF25, RF25, VF25, FC30, FF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development, Second & Equity Lines, Virl VA IRRRL

AL, AR, CA, CO, FL, GA, IL, IN, KS, KY, LA, MN, MO, MS, NC, NM, OH, OK, SD, TN, TX, WY

Ag-America

ag-america.com

(816) 709-4990

Agricultural, Lot Loans, MH

CA, CO, CT, IA, ID, IL, IN, KS, KY, MD, MI, MO, NE, NJ, NM, OH, OK, RI, TN, TX, WA, WI, WY

AGRIfinancial Services

cgb-afs.com

(502) 721-9446, Ext 21 (877) 548-2622

don.mattern@cgb.com

Agricultural

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY

American Financial Network

afnwholesale.com

(714) 549-9001

afnrep@afnwholesale.com

CF10, FF10, JF10, RF10, VF10, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, RA20, VA20, CF20, JF20, RF20, CA25, 25 Year Adjustable Refi Plus, FC25, FF25, 25-Year Fixed Jumbo, RF25, VF25, FC30, FF30, JF30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Rv Reverse, Virl VA IRRRL

AZ, CA, NV, OR, WA

American Financial Resources

afrwholesale.com

(888) 664-2101

brokerservices@ afrwholesale.com

CF10, FF10, RF10, VF10, CF15, RF15, VA15, CF20, FF20, RF20, VF20, FC25, FF25, RF25, VF25, FC30, FF30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, MH, Rd USDA Rural Development, Virl VA IRRRL

AK, AL, AR, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Amerisave

amerisave.com

(866) 970-7283

cdodds@amerisave.com

CA10, JA10, CF10, JF10, RF10, CA15, JA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, CF20, RF20, FC30, FF30 , JF30, RF30, VF30, Fs Streamline FHA Refi, HB, IO, Rd USDA Rural Development, Virl VA IRRRL

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

Amnet/Bexil American Mortgage

amnetwholesale.com

(877) 255-2266 (858) 529-1919

brokeradmin@ amnetwholesale.com

JA10, CF10, CA15, JA15, CF15, FF15, JF15, VA15, CA20, JA20, CF20, CA25, FC30, FF30, JF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, SJ

AZ, CA, CO, GA, IL, MD, MN, OR, UT, VA, WA, WI

AMX Wholesale Lending

amxloans.com

(800) 398-0865

tom.conklin@amxloans.com

CA10, JA10, CF10, RF10, CA15, JA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF20, RF20, CA25, JA25, FC25, FF25, RF25 , FC30, FF30, JF30, RF30, VF30, FHA HB, HB, Home Path, IO, MH, Rd USDA Rural Development, Super Conforming

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, LA, MD, ME, MI, MN, MS, MT, NC, ND, NE, NH, NM, NV, OH, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WY

Anchor Loans Inc

anchorloans.com

(310) 395-0130

info@anchorloans.com

Commercial

Apex Mortgage Corp

apexmtg.com

(877) 603-5496

kmarkizon@apexmtg.com

Commercial

AK, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA

Asset Based Lending LLC

assetbasedlendingllc. net

(201) 942-9090

info@abl1.net

NOO, 12 Month IO

CT, DC, MD, NJ, NY, PA

Associated Mortgage

associatedtpo.com

(800) 236-0144 920-491-7600

tim.stmartin@ associatedbank.com

CF10, RF10, CA15, JA15, CF15, JF15, RF15, VA15, CA20, JA20, CF20, RF20, CA25, JA25, FC30, JF30, RF30, VF30, MH, Rd USDA Rural Development, SJ

HI, IA, IL, IN, MI, MN, MO, OH, WI

Athas Capital Group

athascapital.com

(877) 877-1477

kevin@athascapital.com

Residential, Commercial

AZ, CA, CO, ID, OR, TX, UT

BAC Florida Bank

bacflorida.com

(305) 789-7000

bacflorida@bacflorida.com

CA20, JA20, CA25, JA25

Bay Equity

bayeq.com

(415) 632-5150

john@bayeq.com

CA10, CF10, FF10, CA15, CF15, FF15, RF15, CA20, FA20, CF20, FF20, RF20, CA25, FF25, FC25, FF25, FC30, FF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, Home Path, LPMI, Virl VA IRRRL

AZ, CA, CO, ID, MT, NM, NV, OR, SD, TX, UT, WA

Bismark Mortgage

bismarkmortgage.com

(425) 283-5005

james@ bismarkmortgage.com

Construction & Rehab

AZ, CA, CO, GA, HI, ID, IL, IN, MA, ME, MI, NC, NV, OR, TX, UT, VA, WA

BofI Federal Bank

bofifederalbank.com

(858) 350-6200

djudis@bofi.com

CA10, JA10, CA15, JA15, JF15, CA20, JA20, JF30, Agricultural, IO, SJ

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

Brookview Financial

brookviewfinancial.com

(877) 734-2211

hr@brookviewfinancial.com

Construction & Rehab

AL, CA, CO, CT, DE, FL, GA, IL, KY, LA, MA, MD, ME, MN, MO, MS, NC, NH, NJ, NM, NY, OH, OK, PA, RI, SC, TN, TX, UT, VA, WA, WI

Caliber Funding

caliberwholesale.com

(888) 426-7026

brokerapprovals@ caliberhomeloans.com

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, JA20, CF20, FF20, CA25, FC25, FF25, FC30, FF30, JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, Rd USDA Rural Development, Virl VA IRRRL

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Carrington Mortgage

carringtonwholesale. com

(866) 453-2400

chris.dauria@ carringtonms.com

CA10, CF10, FF10, RF10, CA15, FA15, JA15, RA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, RA20, VA20, CF20, FF20, RF20, FF25, FC30, FF30, JF30, RF30, VF30, FHA 203K, FHA HB , Fs Streamline FHA Refi, HB, Home Path, IO, LPMI, MH, Rd USDA Rural Development, SJ, Virl VA IRRRL

AZ, CA, CO, CT, FL, GA, ID, IL, IN, MD, MN, MT, NC, NH, NJ, NM, NV, NY, OR, PA, RI, SD, TN, TX, VA, WA, WI, WV

CBC National Bank

cbcnationalbank.com

(404) 409-3379

hhaymes@ cbcnationalbank.com

Conventional, FHA, VA, USDA, Portfolio Jumbo

AK, AL, AZ, CA, CO, CN, DC, DE, FL, GA, HI, ID, IO, KS, KY, LA, MA, MD, ME, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, NH, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Citadel Servicing Corp

citadelservicing.com

(949) 900-6630

lender@citadelservicing.com

JA15, JF30, Agricultural, Non Prime, Second & Equity Lines

AZ, CA, CO, FL, ID, NV, OR, TX, UT, WA

Classic Home Financial

classichomefinancial. com

Ext. 103, (713) 843-7720 or (866) 496-7911

beckyb@ classichomefinancial.com

CF10, CF15, FF15, VA15, CF20, FC25, FC30, FF30, VF30, Fs Streamline FHA Refi, Rd USDA Rural Development, Virl VA IRRRL

Clearvision Funding

clearvisionfunding.com

(800) 470-6309

brokers@clearfundings.com

Residential, Commercial

AZ, CA, CO, CT, DC, GA, MD, NC, NJ, NV, OR, TX, UT, VA, WA

CMG Capital

cmgcapital.com

(305) 455-1800 Ext. 203

zsalem@cmgcapital.com

NOO, IO, Foreign Nationals

CO, FL

CMG Financial

cmgfi.com

(888) 264-4663

tdavis@cmgfi.com

CA10, CF10, CA15, CF15, FF15, OF15, RF15, VA15, CA20, FA20, VA20, CF20, OF20, RF20, FC30, FF30 , OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB , Home Path, IO, LPMI, Super Conforming, Virl VA IRRRL

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MS, MT, NC, ND, NE, NJ, NM, NV, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY

Cole Taylor Mortgage

coletaylormortgage. com

(855) 926-2700

ctmcustomercare@ ctmtg.com

CF10, RF10, CA15, CF15, FF15, JF15, RF15, CA20, JA20, CF20, RF20, FC30, FF30, JF30, RF30, FHA HB, Fs Streamline FHA Refi, HB

AL, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, NH, NJ, NM, NV, NY, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI

Collateral Group Inc.

collateralgroup.com

(888) 906-3555

ekeillor@collateralgroup.com

Residential, Commercial, REO

Construction Capital Source

ccsloans.com

(801) 826-4849

julie@ccsloans.com

Construction & Rehab

ID, UT

Countryplace Mortgage Ltd

countryplacemortgage. com

(800) 228-1828

dstarnes@ countryplacemortgage.com

Residential, Commercial, Manufactured, Town Homes, 1-4 Family

AK, AL, AR, AZ, CA, CO, FL, GA, IA, ID, IL, LA, IN, MI, MN, MS, NC, ND, NJ, OH, OR, PA, TN, TX, UT, VA, WA

Crawford Real Estate Services Inc.

crawford4funds.com

(800) 624-0399

raustin@ crawfordinvestmentco.com

Residential, Commercial, Construction, Land

26 | OCTOBER 2013

MPAMAG.COM Lender name

Website

Phone

Products

States

Crescent Mortgage

crescentexpress.net

(800) 851-0263

jrexroad@ crescentmortgage.net

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, CF20, FF20, VF20, FC25, FF25, VF25, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB, Home Path, LPMI, Rd USDA Rural Development, Super Conforming, Virl VA IRRRL

AL, AR, CA, CO, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, MS, MT, NC, NE, NH, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV

CU Factory Built Lending

cufactorybuiltlending. com

(866) 310-2143

cufbl.customerservice@ sacu.com

MH, Second & Equity Lines

AL, AR, AZ, CA, CO, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MD, MN, MO, MS, MT, NC, ND, NE, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY

Direct Mortgage

directmortgage wholesale.com

(800) 924-3884

brokersupport@ directcorp.com

CA10, CF10, CA15, CF15, FF15, OF15, VA15, CA20, FA20, CF20, FF20, OF20, VF20, CA25, FC25, FF25, VF25, FC30, FF30, OA30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Super Conforming, Virl VA IRRRL

AL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, LA, MI, MS, MT, NC, NM, NV, OH, OK, OR, RI, SC, SD, TN, TX, UT, VA, WA, WY

Emigrant Mortgage

emigrantmortgage.com

(888) 364-4726

emigrantmortgage@ emigrant.com

CF15, OF15, RF15, CA20, JA20, CA25, JA25, FC30, OA30, RF30, HB, IO, SJ

CT, DE, FL, MA, NH, NJ, NY, PA

Equity Wave Lending

equitywavelending.com

(949) 252-0025

info@equitywavelending.com

Residential, Commercial, Foreign Nationals

Equitymax

equitymax.com

(954) 267-9103

brademmer@equitymax.com

Residential, Construction, Rehab

Essex Wholesale

essexwholesale.com

(714) 919-8000

shirley@essexmortgage.com

JA10, CA15, JA15, CF15, FF15, JF15, RF15, CA20, FA20, JA20, CF20, CA25, FF25, FC30, FF30, JF30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, Home Path, SJ, Virl VA IRRRL

CA, CO, NV, OR, UT

EverBank Wholesale Lending

everbankwholesale. com

(800) 598-5626

lendermanagement@ everbank.com

CA10, JA10, CF10, JF10, RF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, CF20, FF20, OF20, RF20, VF20, CA25, FC25, RF25, FC30, FF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB , Home Path, IO, LPMI, Super Conforming, SJ, Virl VA IRRRL

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

Fairway Wholesale Lending

fairwaywholesale lending.com

(877) 743-6798

ask@ fairwaywholesalelending.com

CF10, CA15, CF15, FF15, RF15, VA15, CA20, FA20, VA20, CF20, RF20, FF25,VA25, FF25, VF25, FC30, FF30 , RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, Rd USDA Rural Development, Virl VA IRRRL

AL, AR, CA, CO, CT, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WY

Fifth Third Mortgage

53.com

(800) 972-3030

john.pater@53.com

CA10, JA10, OA10, RA10, CF10, JF10, RF10, CA15, JA15, OA15, RA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, OA20, RA20, CF20, JF20, OF20, RF20, CA25, FF25, JA25, FC30, FF30, JF30, OA30, RF30, VF30, Fs Streamline FHA Refi, HB, IO, Super C

AL, AR, CA, CO, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, MI, MN, MO, MS, MT, NC, NE, NJ, NM, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY

First Century Bank

myfcbwholesale. secure-onlineorigination. com

(916) 287-9700

wholesalesupport@ myfirstcenturybank.com

CA10, JA10, CF10, CA15, JA15, CF15, JF15, OF15, RF15, CA20, JA20, CF20, OF20, RF20, CA25, FC30, JF30, OA30, RF30, HB, Home Path, Super Conforming, SJ

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

First Guaranty Mortgage Corp

fgmcwholesale.com

(888) 295-7899

tpo@fgmc.com

CA10, 10-Year Adjustable FHA, RA10, CF10, FF10, RF10, VF10, CA15, FA15, RA15, CF15, FF15, RF15, VA15, CA20, FA20, RA20, CF20, FF20, RF20, VF20, CA25, FF25, 25-Year Adjustable Refi Plus, FC25, FF25, RF25, VF25, FC30, FF30, RF30, VF30, Construction & Rehab, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Home Path, MH, Rd USDA Rural

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY

First Mortgage Corp

fmcbrokersupport.com

(866) 584-9222

sfritz@firstmortgage.com

CF15, FF15, VA15, FA20, FC30, FF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, MH, Virl VA IRRRL

AZ, CA, CO, ID, NM, OR, TX, UT, WA

First National Bank of America

fnba.com/ mortgagebrokers

Conforming, FHA, Mobile Home, Rural

FL,KY, MI, MN, TN,WI,

Flagstar Wholesale Lending

wholesale.flagstar.com

(866) 945-9872

wlsc@flagstar.com

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, CA25, FF25,VA25, FC25, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, LPMI, MH, Rd USDA Rural Development, Super Conforming, SJ, Virl VA IRRRL

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

Florida Capital Bank Mortgage

flcbmtg.com

(866) 295-0014

regionals@flcbmortgage.com

CF10, CA15, JA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, CF20, FF20, CA25, FC30, FF30, JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, IO, LPMI, Rd USDA Rural Development

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Franklin American Wholesale

franklinamerican.com

(866) 326-2677 Ext 1185

acaldwell@ franklinamerican.com

CF10, CA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, CF20, FF20, VF20, CA25, FC25, FF25, VF25, FC30, FF30, JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Virl VA IRRRL

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

Freedom Mortgage

freedomwholesale.com

(317) 537-3005 (800) 388-1537

CA10, CF10, CA15, CF15, FF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF20, RF20, VF20, CA25, FF25,VA25, FC25, FF25, VF25, FC30, FF30 , JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, Rd USDA Rural Development, SJ, Virl VA IRRRL

AZ, CA, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MN, MS, MT, ND, NE, NH, NJ, NY, OH, OR, PA, RI, SD, TX, VA, VT, WI, WY

Fremont Bank

fremontbank.com

(925) 791-4000

tammi.fuller@ fremontbank.com

CA10, CA15, CF15, FF15, JF15, CA20, JA20, CF20, CA25, FC30, FF30, JF30, FHA HB, HB, Super Conforming, SJ

Generation Mortgage

generationmortgage. com

(866) 733-6090

info@ generationmortgage.com

Rv Reverse

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Genworth/Liberty Reverse

reversepartner. genworth.com

(866) 871-1353

lendersupport@ libertyhomeequity.com

Rv Reverse

AK, AL, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV, WY

Green Tree

gtcorrespondent.com

(877) 700 4622

CA10, JA10, CF10, JF10, RF10, CA15, JA15, RA15, CF15, JF15, RF15, CA20, JA20, RA20, CF20, RF20, FC30, JF30, RF30, HB, Home Path, SJ

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WY

Greenlight Mortgage Partners

greenlightwholesale. com

(949) 294-5444

hsantoro@ greenlightloans.com

CA10, CF10, CA15, CF15, FF15, OF15, RF15, CA20, FA20, CF20, OF20, RF20, FF25, FC30, FF30, OA30, RF30, FHA HB, Fs Streamline FHA Refi, HB, IO

AZ, CA, CO, CT, ID, MA, MD, NJ, OR, PA, SD, TN, TX, WA

GSF Funding

gogsf.com

(800) 444-7283 (262) 373-0790

contactus@gogsf.com

FF10, CF15, FF15, FF20, FF25, FC30, FF30, VF30, FHA 203K, Fs Streamline FHA Refi, Rd USDA Rural Development

DE, IL, MA, MD, MT, NC, ND, PA, SD, TX, VA, WI

OCTOBER 2013 | 27

WHOLESALE LENDING / LENDER DIRECTORY Lender name

Website

Phone

Products

States

Guaranty Trust Wholesale

gtwb2b.com

(615) 907-2605

gregg@hargett@guarantytrust.com

CF10, CA15, CF15, FF15, RF15, VA15, CA20, CF20, RF20, FC25, FF25, VF25, FC30, FF30 , RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Virl VA IRRRL

AL, CA, CO, DE, FL, GA, HI, IA, IN, KS, KY, LA, MD, MI, MN, MO, MS, MT, NC, OH, PA, RI, SC, SD, TN, TX, VA, WI, WV

Guild Mortgage Wholesale

guildmortgagewhole sale.com

(858) 790-0660

JA10, CF10, CA15, JA15, CF15, FF15, RF15, VA15, CA20, JA20, CF20, RF20, CA25, JA25, FC30, FF30, JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, MH, Rd USDA Rural Development, SJ, Virl VA IRRRL

AZ, CA, CO, HI, ID, MT, NM, NV, OR, TX, UT, WA, WY

High Tech Lending

hightechlending.net

(866) 714-2040

act@hightechlending.com

CA10, JA10, CF10, CA15, JA15, RA15, CF15, FF15, JF15, RF15, CA20, FA20, JA20, RA20, CF20, RF20, CA25, FC30, FF30, JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, IO, Rv Reverse, SJ, Virl VA IRRRL

AZ, CA, FL, HI, ID, OR, WA

Home Mortgage of America

homemai.com

(205) 986-3098

ahecklinski@hmoai.com

CA10, CA15, CF15, FF15, OF15, RF15, VA15, CA20, FA20, VA20, CF20, OF20, RF20, CA25, FF25,VA25, FC25, 25-Year Fixed Open Access, RF25, 30-Year Adjustable Conforming, FC30, FF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, Home Path, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AL, FL, GA, LA, MS, MT, NC, SD, TN, TX

Homebridge

homebridgewholesale. com

(855) 442-7434

CF10, CF15, FF15, RF15, VA15, FA20, VA20, CF20, FF20, RF20, VF20, FC25, FF25, RF25 , VF25, FC30, FF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Virl VA IRRRL

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Homeward Funding

homewardfunding.com

(866) 211-5969

brokersupport@ homewardfunding.com

CF10, RF10, CF15, FF15, OF15, RF15, CF20, FF20, OF20, RF20, FC25, 25-Year Fixed Open Access, FC30, FF30, OA30, RF30, FHA HB, HB

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

Iapprove Lending

iapprovelending.com

(714) 775-5353 Ext. 146

LeonTrinh@ iapprovelending.com

Jumbo, FHA

Impac Mortgage

impacwholesale.com

(855) 464-6722

client.administrator@ impaccompanies.com

CA10, CF10, CA15, CF15, OF15, RF15, VA15, CA20, CF20, OF20, RF20, FC30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, MH, Rd USDA Rural Development , Super Conforming, Virl VA IRRRL

AK, AL, AR, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, IN, KY, LA, MD, MI, MN, MS, MT, NC, ND, NE, NV, OR, SC, SD, TN, TX, VA, WA, WI

Interbank Wholesale

interbankwholesale. com

(855) 263-0894 (847) 239-7272

support@ interbankmortgagecompany. zendesk.com

CF10, RF10, CA15, RA15, CF15, FF15, RF15, CA20, RA20, CF20, RF20, FC25, RF25 , FC30, FF30 , RF30, HB

CA, IL, MD, MI, MN, NM, OH, OR, TX, WI, WY

Intercap Lending

iclwholesale.com

(949) 274-8744

jmcconner@ intercaplending.com

CA10, JA10, RA10, CF10, OA10, CA15, JA15, RA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, RA20, CF20, OF20, RF20, CA25, FF25, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, IO, Virl VA IRRRL

CA, CO, CT, FL, IN, KS, MT, NC, NM, OR, TX, UT, WA

JMAC Lending

jmaclending.com

(949) 390-2688

info@jmaclending.com

CA20, JA20, FC30, FF30, JF30, Fs Streamline FHA Refi, HB, Home Path, SJ

AZ, CA, ID, NV, OR, VA, WA

Kinecta Federal Credit Union

kinectaxchange.org

(800) 854-9846

wholesale@kinecta.org

CA10, JA10, CF10, RF10, CA15, JA15, CF15, FF15, JF15, RF15, CA20, JA20, CF20, RF20, CA25, JA25, FC25, RF25, FC30, FF30, JF30, RF30, FHA HB, HB, Home Path, IO, Second & Equity Lines, Super Conforming, SJ

AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NY, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV

M&T Bank

mtbwholesale.com

(800) 755-5851 Ext. 3646

jmastro@mtb.com

CA10, JA10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, OA20, RA20, VA20, CF20, OF20, RF20, FC30, FF30, JF30, OA30, RF30, VF30, Construction & Rehab, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, SJ

CT, DE, IN, KY, LA, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WI, WV

Maverick Funding

maverickwholesale. com

(888) 616-6866

CA10, RA10, CF10, CA15, RA15, CF15, FF15, RF15, CA20, FA20, RA20, CF20, RF20, CA25, FF25, FC30, FF30 , RF30, FHA HB, Fs Streamline FHA Refi, HB, IO, Rd USDA Rural Development, Virl VA IRRRL

AL, CA, CO, CT, DE, FL, GA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MT, NC, NH, NJ, OH, OR, PA, RI, SD, TN, TX, VA, VT, WA, WI, WV

McCue Mortgage

wholesale.mccuemort gage.com

(800) 382-0017

wholesale@ mccuemortgage.com

CF10, CF15, FF15, VA15, CF20, FC25, FC30, FF30 , VF30, FHA HB , Fs Streamline FHA Refi, Rd USDA Rural Development, Virl VA IRRRL

Merrimack Mortgage

mmcitpo.com

(603) 606-3288

gkorn@ merrimackmortgage.com

CF10, RF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, CA20, JA20, CF20, OF20, RF20, CA25, FF25, JA25,VA25, FC30, FF30, JF30, OA30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development, Virl VA IRRRL

CT, MA, ME, MI, NC, NH, NJ, PA, RI, SC, VT

MFG Banking

mfgbanking.com

(619) 298-3803

ae@mfgbanking.com

CA10, JA10, CF10, JF10, RF10, CA15, JA15, RA15, 15 Year Adjustable VA, CF15, FF15, JF15, RF15, CA20, FA20, JA20, RA20, VA20, CF20, JF20, RF20, RF25 , FC30, FF30, JF30, RF30, VF30, FHA HB, HB, Home Path, IO, Super Conforming, SJ

CA, CO, ID, MT, NC, NM, OR, UT, WA, WY

Michigan Mutual

home.michiganmutual. com

(248) 203-1340

CF10, CA15, CF15, FF15, RF15, VA15, CA20, FA20, VA20, CF20, FF20, RF20, VF20, FC25, FF25, VF25, FC30, FF30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Home Path, LPMI, Rd USDA Rural Development

AL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MT, NC, NH, NJ, NM, NV, OH, OR, PA, RI, SC, SD, TN, TX, VA, VT, WA, WI, WV, WY

Mid-Island Mortgage

mimbroker.com

(888) 814-8191

CF10, RF10, CA15, RA15, CF15, FF15, RF15, CA20, FA20, RA20, CF20, RF20, CA25, FC30, FF30 , RF30, FHA HB , HB

CT, DE, FL, IL, MA, MD, ME, MN, NH, NJ, NY, PA, RI, SC, VA

Money House

moneyhouseus.com

(855) 240-5626

Rv Reverse

FL, OR, TX

Acopia Capital Group

myacopia.com

(615) 859-5537 (888) 859-5537

info@myacopia.com

RF20

Mortgage Services III

msiloans.biz

(309) 664-9100

khilton@msiloans.biz

CA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, RF20, CA25, FF25, JA25, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, LPMI, Rd USDA Rural Development, SJ, Virl VA IRRRL

AL, AR, AZ, CA, CO, CT, DE, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WV, WY

Mortgage Solutions Financial

msofco.com

(877) 899-3614

salessupport@msfhome.com

JA10, CF10, RF10, JA15, RA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, RA20, VA20, CF20, RF20, CA25, FF25, JA25, 25 Year Adjustable Refi Plus,VA25, FC30, FF30, JF30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, IO, MH, Rd USDA Rural Development, Super Conforming, SJ, Virl VA IRRRL

AL, AR, AZ, CA, CO, CT, ID, IL, IN, KS, KY, LA, MD, MN, MO, NE, NJ, NM, OH, OK, OR, RI, SD, TN, TX, UT, WA, WY

Mountainside Financial Broker Referral Program

mountainsidefinancial. com

(877) 475-6852

Nationstar Mortgage

nationstarbroker.com

(877) 698-7300

CA10, OA10, RA10, CF10, RF10, CA15, JA15, OA15, RA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, OA20, RA20, VA20, CF20, FF20, OF20, RF20, CA25, FF25,VA25, FC25, RF25, FC30, FF30, JF30, OA30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, High B

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Nationwide Equities

nwecorp.com

(201) 529-1401

Rv Reverse

AL, AR, CA, CO, CT, DE, FL, IN, MD, ME, MI, NJ, NM, NY, OH, OK, PA, TN, TX, UT, WV, WY

New Penn Financial

gonewpenn.com

(877) 930-7366

CA10, JA10, RA10, 10 Year Adjustable VA, CF10, FF10, JF10, RF10, CA15, JA15, RA15, 15 Year Adjustable VA, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, RA20, VA20, CF20, FF20, JF20, OF20, RF20, VF20, CA25, FF25,VA25, FC25, FF25, 25 Year Fixed Jumbo, 25 Year Fixed Open Access, RF25, VF25, FC30, FF30, JF30

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, WA, WI, WV, WY

Norcom Mortgage

norcompartners.com

(800) 932-4120

OA10, CF10, OA10, CA15, OA15, CF15, FF15, JF15, OF15, CA20, FA20, OA20, VA20, CF20, OF20, CA25, FC25, 25 Year Fixed Open Access, FC30, FF30, JF30, OA30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, LPMI, MH, Rd USDA Rural Development, Virl VA IRRRL

AL, CT, FL, GA, MA, ME, MT, NC, NH, PA, RI, SC, SD, TN, VA, VT, WA

Normandy

normandy.com

(800) 390-7536

info@normandy.com

Construction & Rehab

AK, AL, AR, CA, CO, CT, DE, FL, GA, IA, ID, IN, KS, KY, MA, MD, ME, MI, MO, MS, MT, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WV, WY

NXT Loan

nxtloan.com

800-NXT-LOAN (617) 232-9000

info@nxtloan.com

FF15, FF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, MH

AL, AR, CA, CT, FL, GA, IL, IN, KS, LA, MA, ME, MI, MN, MS, NH, NY, OH, PA, RI, TN, TX, UT, VA

NYCB Mortgage Company

nycbmortgage.com

(888) 321-6446

answers@mynycb.com

CA10, JA10, RA10, CF10, RF10, CA15, JA15, RA15, CF15, JF15, RF15, CA20, JA20, RA20, CF20, RF20, FC25, RF25, FC30, JF30, RF30, HB, LPMI, SJ

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

28 | OCTOBER 2013

WHOLESALE LENDING / LENDER DIRECTORY Lender name

Website

Phone

OGI Wholesale

ogiwholesale.com

(888) 365-1522

Owner Builder Loans

ownerbuilderloans.com

(800) 543-5600

Pacific Bay Lending

pacbaylending.com

Pacific Union Financial

Products

States

CA10, JA10, CA15, JA15, CF15, FF15, JF15, CA20, FA20, JA20, CF20, FC30, FF30 , JF30, FHA HB, Fs Streamline FHA Refi, HB

CA, OR, TX, WA

loan@ownerbuilderloan.com

Construction & Rehab

AL, AR, CO, CT, HI, ID, IN, MA, MI, MN, NY, RI, TX, UT, VA

(714) 727-0151

info@pacbaylending.com

CF10, CA15, JA15, CF15, FF15, JF15, RF15, CA20, JA20, CF20, FC30, FF30, JF30, RF30, FHA HB, Fs Streamline FHA Refi, HB, IO, Super Conforming, SJ

CA, GA, VA

pacuniondirect.com

(888) 375-3357

customerrelations@ loanpacific.com

CA10, CA15, CF15, FF15, VA15, CA20, FA20, VA20, CA25, FF25, VA25, FC30, FF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, Virl VA IRRRL

AL, AR, AZ, CA, CO, CT, FL, GA, ID, IL, LA, MA, MD, MI, MN, NJ, NM, NY, OH, OK, OR, PA, RI, SD, TN, TX, UT, VA, WA, WI

Parkside Lending

parksidelending.com

(415) 771-3700

CA10, CF10, CA15, JA15, CF15, JF15, RF15, CA20, JA20, CF20, CA25, FC25, FC30, JF30, RF30, HB, IO, Super Conforming, SJ

CA, CO, OR, UT, WA

Performance Home Loans

phlwholesale.com

(877) 999-0799

wholesale@phlwholesale.com

CF10, RF10, CA15, CF15, FF15, RF15, CA20, FA20, VA20, CF20, FF20, RF20, CA25, RF25, FC30, FF30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, Home Path, LPMI, Virl VA IRRRL

AZ, CA, CO, GA, IL, MD, MN, MT, NC, NV, OR, SD, TN, TX, UT, VA, WA, WI

Pinnacle Capital

pcmwholesale.com

(925) 808-7208

coninfo@pcmloan.com

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF25, VA25, FC25, FC30, FF30, JF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AZ, CA, CO, ID, NM, NV, OR, UT, WA

Platinum Mortgage Inc

platinumeasy.com

(770) 833-4570

mtackett@platinumez.com

CF10, RF10, CF15, FF15, RF15, VA15, CA20, FA20, VA20, CF20, RF20, CA25, FF25,VA25, FC25, FF25, RF25, VF25, FC30, FF30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AL, AR, CA, CO, FL, GA, IN, KY, LA, MD, MS, MT, NC, OH, OK, RI, SC, SD, TN, TX, UT, VA

Plaza Home Mortgage

plazahomemortgage. com

(858) 346-1208

CA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF20, OF20, RF20, VF20, CA25, FF25, JA25,VA25, FC25, FF25, 25-Year Fixed Open Access, RF25, VF25, 30-Year Adjustable FHA, FC30, FF30, JF30, OA30, RF30, VF30, Construction & Rehab, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Intere

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WY

PMAC Wholesale

pmacwholesale.com

800-710-PMAC (7622)

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, CA20, FA20, JA20, CF20, OF20, RF20, CA25, FC30, FF30, JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AZ, CA, CO, CT, DE, FL, GA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MT, NC, NH, NJ, NM, NV, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI

Premier Home Mortgage

premierhomenet.com

(800) 864-3560

CF10, CF15, FF15, VA15, CF20, FC30, FF30, VF30, FHA 203K, MH, Rd USDA Rural Development, Virl VA IRRRL

AL, AZ, CA, CO, FL, HI, IA, IL, IN, KS, KY, LA, MD, MI, MN, MS, MT, ND, NE, NM, OH, OK, OR, PA, SD, TN, TX, WA, WI, WV

PRMG Paramount Residential Lending Group

prmg.net

(951) 278-0000

JA10, CF10, JF10, JA15, CF15, FF15, JF15, RF15, CA20, FA20, JA20, VA20, CF20, CA25, FF25, JA25, FC25, 25 Year Fixed Jumbo, FC30, FF30, JF30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Home Path, IO, LPMI, MH, Rd USDA Rural Development, Super Conforming , Virl VA IRRRL

AZ, CA, CO, CT, FL, GA, ID, MA, MD, ME, MI, MT, NC, NH, NM, NV, OR, PA, RI, SC, SD, TN, TX, VA, WA

Provident Bank Mortgage

pbmwholesale.com

(951) 686-6060

CA10, JA10, RA10, CF10, OA10, RF10, CA15, JA15, RA15, CF15, FF15, JF15, OF15, RF15, CA20, FA20, JA20, RA20, CF20, OF20, RF20, CA25, FC25, 25-Year Fixed Open Access, 30-Year Adjustable FHA, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, Home Path, IO, Rd USDA Rural Development, Second & Equity Line

Quicken Loans

qlmortgageservices. com

(866) 650-6970

CA10, OA10, RA10, CF10, OA10, RF10, CA15, OA15, RA15, CF15, FF15, OF15, RF15, VA15, CA20, FA20, OA20, RA20, VA20, CF20, FF20, OF20, RF20, VF20, FC25, FF25, 25-Year Fixed Open Access, RF25, VF25, FC30, FF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Home Path, LPMI

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WY

Reliant Funding Group

reliantfundinggroup. com

(412) 942-1010 Ext 26

Rd USDA Rural Development

FL, MD, PA, SC, VA, WV

REMN Wholesale

remnwholesale.com

(866) 933-6342

CF10, CF15, FF15, RF15, VA15, FA20, VA20, CF20, RF20, FC25, FC30, FF30 , RF30, VF30, FHA 203K, FHA HB , Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV

Reverse Mortgage Solutions

rmsnav.com

(888) 918-1100

Rv Reverse

AK, AL, AR, CA, CO, FL, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NV, OH, OK, OR, SC, TN, TX, UT, VT, WI, WV, WY

Reverse Mortgage USA

wholesalermusa.com

(800) 748-1184

Reverse Mortgages

Right Start Mortgage

rsmwholesale.com

(800) 520-5626 (626) 739-5300

CF10, CA15, CF15, FF15, CA20, CF20, CA25, FC25, FC30, FF30, FHA HB, Fs Streamline FHA Refi, HB, IO

AZ, CA, CO, NM, OR, TX, WA

Rushmore Home Loans

rushmorehl.com

(888) 202-0878

CF10, CA15, CF15, FF15, RF15, VA15, CA20, RA20, CF20, FF20, RF20, VF20, CA25, FC25, FF25, RF25 , VF25, FC30, FF30 , RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, Virl VA IRRRL

AL, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Security 1 Lending

s1l.com

(800) 659-7971

Rv Reverse

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY

Sierra Pacific Mortgage

spmwholesale. sierrapacificmortgage. com

(800) 447-3386

info@SPM1.com.

CA10, JA10, RA10, CF10, CA15, JA15, RA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, RA20, CF20, RF20, CA25, FC30, FF30, JF30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, Home Path, LPMI, Rd USDA Rural Development, SJ

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MT, NC, ND, NE, NH, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

St Cloud Mortgage

stcloudmtg.com

(877) 653-3278

fred@stcloudmtg.com

Agricultural

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Stearns Wholesale

stearnswholesale.com

(800) 350-5363 (714) 513-7777

CA10, JA10, RA10, CF10, RF10, CA15, JA15, RA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, RA20, CF20, RF20, CA25, FF25, JA25, 25 Year Adjustable Refi Plus, FC25, FF25, RF25 , VF25, FC30, FF30, JF30, OA30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, Home Path

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Stonegate Mortgage

stonegatemtg.com

(847) 226-0179

CA10, CF10, RF10, CA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF20, RF20, VF20, CA25, FF25, JA25,VA25, FC25, FF25, RF25, VF25, FC30, FF30 , JF30, RF30, VF30, Construction & Rehab, FHA 203K, Fs Streamline FHA Refi, HB, Rd USDA Rural Development, SJ, Virl VA IRRRL

AL, AR, CA, CO, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, TX, VA, WI, WV, WY

SunTrust Mortgage

suntrustmortgage.com

(800) 634-7928

CA10, JA10, OA10, RA10, CF10, OA10, RF10, CA15, FA15, JA15, OA15, RA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, OA20, RA20, VA20, CF20, OF20, RF20, CA25, FC30, FF30, JF30, OA30, RF30, VF30, FHA HB, Fs Streamline FHA Refi, HB, IO Speciali

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

SunWest Mortgage

swmc.com

(562) 924-7884

inquiry@swmc.com

CF10, CA15, CF15, FF15, OF15, RF15, CA20, FA20, VA20, CF20, FF20, OF20, RF20, FF25, FC30, FF30, OA30, RF30, VF30, FHA 203K, FHA HB , Fs Streamline FHA Refi , HB , LPMI, MH , Rd USDA Rural Development, Rv Reverse, Virl VA IRRRL

AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MS, MT, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

TCF Bank

tcfbrokerloans.com

(800) 823-5363

rlucentral@tcfbrokerloans. com

Second & Equity Lines

AR, AZ, CA, CO, CT, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, ND, NE, NH, NJ, NM, OH, OR, PA, SC, SD, TN, UT, VA, VT, WA, WI, WY

360 Mortgage Group

360mtg.com

(866) 418-2997

RF20

Terrace Mortgage

terracemortgage.com

Atlanta office: (770) 698-8641 Tampa office: (813) 870-1400

CF10, RF10, CA15, CF15, FF15, RF15, CA20, CF20, RF20, FC30, FF30, RF30, FHA HB, Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development

AL, CO, CT, FL, GA, IL, MA, MD, MI, MN, MT, NC, NH, PA, SC, SD, TN, TX, VA, WA

TMS Funding

tmsfunding.com

(888) 371-2989 Ext 103

CA10, JA10, CF10, CA15, JA15, CF15, FF15, RF15, CA20, FA20, JA20, CF20, RF20, FF25, FC30, FF30, JF30, RF30, FHA HB, Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development

CA, CO, CT, DE, FL, GA, IL, MA, MD, MI, MS, MT, NC, NH, NJ, NY, OK, PA, RI, SC, SD, TN, TX, VA, VT, WI, WV

Towne Mortgage

townemortgage.com

(888) 778-9700

CF10, RF10, CA15, CF15, FF15, RF15, VA15, CA20, FA20, VA20, CF20, FF20, RF20, VF20, CA25, FF25,VA25, FC25, FF25, RF25, VF25, FC30, FF30, RF30, VF30, FHA 203K, Fs Streamline FHA Refi, Rd USDA Rural Development, Virl VA IRRRL

AL, FL, GA, HI, IA, IL, IN, KY, LA, MI, MN, MT, NC, ND, OH, PA, RI, SC, SD, TN, WI

30 | OCTOBER 2013

qmlsfeedback@quickenloans. com

pwyner@stonegatemtg.com

rbuttner@tmsfunding.com

MPAMAG.COM Lender name

Website

Phone

United Mortgage Corp (NY)

unitedmortgage.com

(800) 462-4862

United Wholesale Mortgage

uwm.com

(800) 981-8898

Urban Financial Group

reverseit.com

US Bank Home Mortgage

Products

States

CF10, CA15, CF15, FF15, OF15, RF15, CA20, FA20, CF20, OF20, RF20, FC30, FF30 , OA30, RF30, FHA HB, HB, MH, Super Conforming

CA, CO, CT, DE, FL, IN, MD, ME, MI, MT, NC, NH, NJ, NM, NY, PA, SC, SD, TN, TX

JA10, CF10, FF10, RF10, VF10, CA15, CF15, FF15, JF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, FF20, RF20, VF20, FC25, FF25, RF25 , VF25, FC30, FF30 , JF30, RF30, VF30, FHA HB , HB , MH , Rd USDA Rural Development

AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

(888) 777-3311

Rv Reverse

AL, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY

usbank.com

(800) 365-7772

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, JF20, CA25, FF25, JA25,VA25, FC25, 30 Year Adjustable Conforming, 30 Year Adjustable Jumbo, FC30, FF30 , JF30, OA30, RF30, VF30, FHA 203K, FHA HB, Fs Streamline FHA Refi, HB, IO, LPMI, MH, Rd USDA Rural Development, Second & Equity Li

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

USA Direct Funding

usadirectfunding.com

(888) 697-3860

Conforming, Jumbo, FHA,VA,USDA

CA,ID,OR,WA

USA Wholesale Lending

usawholesalelending. com

(855) 733-2323

CF10, RF10, CA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, CF20, RF20, FF25, VF25, FC30, FF30 , JF30, OA30, RF30, VF30, FHA HB , Fs Streamline FHA Refi, HB, LPMI, Rd USDA Rural Development, Virl VA IRRRL

AL, AR, CA, CO, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MI, MN, OH, OK, OR, SD, TX, UT, WA, WI

Venta Wholesale

ventawholesale.com

(702) 765-4692

CF15, FF15, RF15, VA15, CA20, FA20, VA20, FC30, FF30 , RF30, VF30, FHA 203K , FHA HB , Fs Streamline FHA Refi, HB, MH

AL, AZ, CA, CO, FL, OR, TX, UT, WA

WCS Lending Wholesale

wcswholesale.com

(888) 335-8063

CA10, CA15, CF15, FF15, VA15, CA20, CF20, FC25, FC30, FF30, VF30, FHA HB , Fs Streamline FHA Refi, Rd USDA Rural Development, Virl VA IRRRL

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

WesLend Financial

weslendwholesale.com

(877) 945-4105

CA10, JA10, CF10, CA15, JA15, CF15, FF15, JF15, OF15, RF15, VA15, CA20, FA20, JA20, VA20, CF20, JF20, OF20, RF20, CA25, FC30, FF30 , JF30, OA30, RF30, VF30, HB, IO, LPMI, Rd USDA Rural Development, SJ, Virl VA IRRRL

AK, AL, AZ, CA, CO, CT, DE, FL, GA, ID, IL, IN, KS, LA, MA, MD, ME, MI, MN, MO, MT, NC, NE, NH, NJ, NM, NV, OH, OR, PA, RI, SC, SD, TN, TX, UT, VA, WA, WI, WY

Western Bancorp

westernbanc.com

(408) 578-8700

CA10, CA15, CF15, FF15, RF15, CA20, JA20, RF20, CA25, JA25, 30 Year Adjustable Jumbo, FC30, FF30 , JF30, RF30, FHA HB, Fs Streamline FHA Refi, HB, MH, SJ

Zinc Financial

zincfinancial.net

(559) 326-2509

Construction & Rehab

AZ, CA

signup@uwm.com

brokerapproval@ usadirectfunding.com

ABBREVIATIONS CA = Adjustable Conforming (eg CA10 = 10-year Adjustable Conforming) CF = Fixed Conforming (eg CF10 = 10-year Fixed Conforming) FA = Adjustable FHA FC = Fixed Conforming FF = Fixed FHA

HB = High Balance IO = Interest Only JA = Adjustable Jumbo (eg JA15 = 15-year Adjustable Conforming) JF = Fixed Jumbo MH = Manufactured & Mobile Home NOO = Non Owner Occupied

OA = Adjustable Open Access OF = Fixed Open Access RA = Adjustable Refi Plus RF = Fixed Refi Plus SJ = Super Jumbo VA = Veterans Affairs VF = Fixed FHA

OCTOBER 2013 | 31

FEATURE / MULTIFAMILY

OPPORTUNITY

KNOCKS The commercial lending market may have faced a tough time during the recession, but the multifamily sector has proved to be its savior. MPA gets the lowdown on the opportunities multifamily lending currently offers to originators

32 | OCTOBER 2013

MPAMAG.COM

FREDDIE MAC MULTIFAMILY INVESTMENT INDEX FOR THE NATIONAL MARKET

THE REAR-VIEW MIRROR That is consistent with what researchers at Freddie Mac apparently are seeing: a multifamily peak in the rear-view mirror. In its recently published multifamily mid-year outlook for 2013, Freddie noted a decline in the multifamily investment index, which measures the relative attractiveness of investment in multifamily properties. “The peak was reached in the third quarter of 2012,” the report stated. “Since then, the index has experienced a slight drop, but clearly the investment environment has not turned negative as the index is well above average.” How long the multifamily investment environment will remain attractive is uncertain, as interest rates are rising and taking capitalization rates with them. Higher cap rates indicate higher risk. Meanwhile, completions of new multifamily units have reached a post-recession high, potentially driving up vacancy rates and exerting downward pressure on rents, at least in some regions. Meanwhile, apartment prices have soared. Yet nobody seems to be forecasting immediate and serious problems for the multifamily market.

BELLE OF THE BALL There is no question that growth in the multifamily market through the first half of this year was strong. Commercial and multifamily mortgage-origination

10.0%

140

9.0% 8.0% 7.0%

6.0%

5.0%

4.0%

3.0%

2.0% 00

Q3 01 Q 20 1 01 Q 20 3 02 Q 20 1 02 Q 20 3 03 Q 20 1 03 Q 20 3 04 Q 20 1 04 Q 20 3 05 Q 20 1 05 Q 20 3 06 Q 20 1 06 Q 20 3 07 Q 20 1 07 Q 20 3 08 Q 20 1 08 Q 20 3 09 Q 20 1 09 Q 20 3 10 Q 20 1 10 Q 20 3 11 Q 20 1 11 Q 20 3 12 Q 20 1 12 Q 20 3 13 Q 1

120 100

Mortgage Rate

160

Index

NATIONAL MARKET INDEX (BASE=2000Q1)

The recession proved to be a tough time for the commercial lending sector. According to Scot Cunningham of BofI Federal Bank in San Diego, the market “virtually collapsed,” but three market sectors kept the industry alive – and they all had one thing in common. “One was the life companies doing multifamily; two was the GSEs doing multifamily; and three was the banks doing multifamily,” says Cunningham, national sales manager of BofI’s multifamily lending group. “If we didn’t have multifamily, I don’t know how the industry would have recovered from the last recession.” After three years of stellar growth, loan demand in the multifamily market appears to be at or near a peak. “I don’t see how the market for multifamily originations is going to grow, because so much of the business has been refinancing at lower rates over the last three years. Rates are starting to creep up, and loan demand has leveled off,” Cunningham says.

Investment Index

Average Investment Index

Value Index

Rent Index

Mortgage Rate (RHS)

The Freddie Mac Multifamily Investment Index reflects the current attractiveness of the multifamily market, which bottomed out in 2007. Since the recession, property prices and effective income have grown at roughly the same pace but have had divergent effects on the index. As mortgage rates declined to historic lows, however, the investment environment became very attractive, reaching a peak in the third quarter of 2012. Since then, the index has undergone a slight drop but remains well above the average. Source: Freddie Mac, Reis, RCA, NCREIF, and ACLI. From Freddie Mac’s Multifamily Midyear Outlook 2013.

volumes in the second quarter of 2013 were 7% higher than in the same period of 2012, and 36% higher than the first quarter of 2013, according to the Mortgage Bankers Association (MBA). “The apartment market continues to be the belle of the ball, with multifamily mortgage originations running 31% ahead of last year’s first-half total,” Jamie Woodwell, the MBA’s vice president of commercial real estate research, said in a statement. In its forecast for 2013, the MBA predicted 11% growth this year in commercial/multifamily originations, which are expected to reach $254bn, and continue to rise to $289bn in 2015. “Investors have been enjoying the hot rental market,” says Pouyan Broukhim, owner of PB Financial Group, a private investor group based in Los Angeles. “With investors having fewer resources in the traditional bond and stock markets, they prefer something that does provide cash flow and appreciation.”

“EVERYBODY LOVES MULTIFAMILY” Despite the MBA’s bold predictions for growth in the multifamily market this year, Cunningham notes that this level of activity isn’t being observed on the ground. “If we are growing at 11% [the

“Investors have been enjoying the hot rental market” Pouyan Broukhim, PB Financial Group

OCTOBER 2013 | 33

FEATURE / MULTIFAMILY

“Everybody loves multifamily. You have really got to be on your game regarding rate and loan to value” Scot Cunningham, BofI

MBA’s projected growth rate for 2013], it doesn’t feel like it to us,” he says. Although BofI has plans for substantial growth in the multifamily market this year and beyond, he notes that competition is hot in the sector. “The spreads are extremely tight, and there are a lot of options,” he says. “You have conduits coming back. Life companies want this product. CMBS wants it. And you have the banks – the big banks love this product. Everybody loves multifamily. You have really got to be on your game regarding rate and loan to value.” One of the major challenges is that, as big lenders grab the deals that are obvious winners, other lenders are left to make “gray-area loans,” Cunningham says. “You have to figure out what your risk tolerance is going to be in the gray areas, and where you want to play in that gray-area space, and what your pricing is going to be.”

OPPORTUNITIES FOR ORIGINATORS When it comes to opportunities for originators, there are some encouraging signs. Investors are still buying multifamily properties, as interest rates remain relatively attractive. In some regions, prices of multifamily units also remain attractive. In addition, nationally, rents grew 2.6% in the first half of 2013 over their levels in the first half of 2012, according to researchers at Reis. The vacancy rate was 4.3% throughout the first half, down 54 basis points from the first half of 2012. At mid-year,

the rate was below the 20-year average of 5.4%, Reis reported. “The [apartment] outlook for the remainder of 2013 remains healthy,” said Victor Calanog, vice president of research and economics at Reis, in a Reis report on second-quarter apartment activity. Even with new completions ramping up, demand will continue to outpace new construction for the rest of the year, Calanog said. “This is still a great time for investors to purchase cash-flowing properties at a reasonable price,” says Ken Markizon, vice president of underwriting at APEX Mortgage, based in Fort Washington, Pennsylvania. “This means there are great opportunities for originators to finance these purchases.” APEX specializes in providing commercial and multifamily loans to small investors and business owners unable to find traditional financing. “We handle the small-balance multifamily loans,” Markizon says, noting that APEX approves loans of up to $500,000 for small-property investors. Demand has been particularly strong among “self-employed borrowers who continue to diversify their investments into multifamily properties,” he says. Austin-based Open Mortgage also provides small multifamily loans. Demand for loans for duplexes and fourplexes has been on the rise, CEO Scott Gordon says, but homeowners – those who want to buy a multifamily property, live in one unit and rent the rest – are having difficulty competing with bigger investors, some of whom can pay cash.

COMMERCIAL/MULTIFAMILY MORTGAGE BANKERS ORIGINATION INDEX 400 350 300 250 200 150 100 50 0

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2001 QUARTERLY AVERAGE = 100 Source: MBA Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations

34 | OCTOBER 2013

FEATURE / MULTIFAMILY

TIPS FOR MULTIFAMILY ORIGINATORS

“A lot of borrowers … are getting into the multifamily market for the first time – and now is an ideal time to do that” Greg Block, Open Mortgage

36 | OCTOBER 2013

Lenders also face challenges in the two-to-four segment. One challenge involves the need to educate borrowers. “A lot of borrowers who are getting into the multifamily market for the first time – and now is an ideal time to do that – might not fully understand how to get into that market or even whether they have the ability to get into that market,” says Greg Block, vice president of lending at Open Mortgage. Such borrowers need to understand cash flow and the risks associated with rental properties.

SUPPLY WAVE Meanwhile, the supply of new multifamily units coming on to the market has been growing steadily. “This may be the front end of the relatively large wave of new supply that is estimated to come online over the next few years,” Calanog noted. He has reported that, in 2013, more than 100,000 units are expected to reach the market, with most expected to come online in the second half. Property & Portfolio Research (PPR), CoStar Realty Information’s analytics and economic forecasting company, puts the number even higher, predicting that 170,000 units will be delivered this year in the top 54 markets that PPR analyzes. That would be more than double the number of units delivered in 2012. PPR estimates that those markets will gain an additional 350,000 units by 2015. Multifamily prices are also on the up. According to PPR, the national average price per apartment unit reached $147,257 in the first quarter of this year, up from $89,403 in the first quarter of 2012 and $81,262 in the first quarter of 2011. Rising capitalization rates also are of concern. At mid-year, the national cap rate for apartments was approximately 6.4%, according to Freddie Mac. Generally, the interest rate and the cap rate, which is defined as the ratio of stabilized net operating income to property value, are positively correlated. Lower cap rates indicate lower risk associated with investments. “Expectations are that cap rates will increase with treasury rates, but at a slower pace,” according to Freddie’s mid-year report. One reason cap rates are likely to grow more slowly is that continued economic recovery and rising employment will partially offset the effects of higher interest rates. The combination of rising cap rates and rising

Stay in close touch with the commercial realtors in your area. Many local banks are turning down good deals because of credit and cash flow from two years ago. These deals are great opportunities for originators to fund loans with non-traditional bank lenders. Don’t forget the refinance opportunities. There are over $200bn of commercial mortgages coming due in the near future. Talk to your local bank about what multifamily properties are currently coming due. Talk to accountants. CPAs have lots of customers that have completed Schedule E’s on their returns. Many of these investment property owners need financing and could use a strong multifamily originator to place their loan. Promote yourself as the expert in multifamily lending in your area. This target market remains underserved. Source: Ken Markizon, APEX Mortgage

prices, in the context of a growing supply of new units, does appear to be taking a toll on multifamily loan originations, but it doesn’t seem to be leading to the formation of a perfect storm. The rental market is likely to remain healthy over the near term, according to Freddie, because many Americans who lost their homes during the financial crisis will remain in rental housing; the economic recovery hasn’t driven dramatic new demand for single-family homes; and people in the 25–34 age cohort are steadily moving from owneroccupied housing to renter-occupied housing. Broukhim isn’t looking for the multifamily market to cool down. PB Financial makes loans for duplexes and fourplexes, and has seen steady growth in demand, he says. “No, I wouldn’t say it will cool down,” he explains. “But I would say that in nine to 18 months we will see it begin to stabilize. That is what all markets need – less volatility and more stability. And that will hold the ground for our future. We can better determine where we are going after we have had six to nine months of stability. The market should be focused on getting to that point.” Meanwhile, lenders in the multifamily market will need to establish their own credit niche, decide what their risk tolerance is, and become accustomed to operating in the gray areas, says Cunningham.

PROFILE / DANIEL MILSTEIN

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FROM POLITICAL REFUGEE TO

MORTGAGE SUPERSTAR After arriving in the US as a political refugee aged 16, Dan Milstein overcame incredible odds to not only succeed in the mortgage industry but also become the country’s number one loan officer. He shares the secrets behind his phenomenal success and reveals the strategies that drive his winning ‘ABC’ formula: Always Be Closing. Sarah Megginson reports

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PROFILE / DANIEL MILSTEIN

DANIEL MILSTEIN’S 3 GOLDEN RULES FOR SUCCESS

“We left Soviet Union on the last day of its formal existence – by the time our plane landed in Detroit in 1991, the USSR ceased to exist”

Milstein was only a teenager when he fled the former USSR with his family, taking with him just one suitcase and 17 cents in change. Arriving in the US was similar to the experience that Tom Hanks’ character encounters in The Terminal, Milstein explains, as upon touching down his place of departure simply didn’t exist on paper anymore. “We left Soviet Union on the last day of its formal existence – by the time our plane landed in Detroit in 1991, the USSR ceased to exist,” he says. “I didn’t speak any English and I really didn’t know what to expect.” Before long he had enrolled in high school and, while most of his 16-year-old peers were fretting about gaining their driver’s license and dating girls, Milstein was diligently focusing on perfecting his English and doing well at school. He also began working part-time at McDonald’s. “I worked 5am to 8am then went to school, and when I finished for the day I went back and worked some more,” Milstein explains. “To this day, I’m still grateful to McDonald’s because they gave me a chance and gave me my first job.” It’s clear that from a young age Milstein had a strong work ethic, a trait that has served him well throughout his career. It didn’t take him long to become enchanted with the concept of living ‘the American dream,’ so he began looking for opportunities to get ahead. “Whenever I took the bus downtown in Ann Arbor where I lived, I saw this big, beautiful building with people going in and out wearing beautiful suits. I knew right away that’s where I wanted to work,” he says. “So one day I had enough courage to go in and ask for a job application. That’s how I got my first role in the industry, although to this day I’ll never know why they gave me a job! “Obviously I didn’t have a suit, so I went to the Salvation Army and got my first suit – and suddenly I was a banker.”

“I WAS A SPONGE” Today, Milstein has a reputation for being among the top mortgage originators in the nation, but in those early days he had a lot to learn. He was attending Cleary University at the time, and his job was assistant consumer lending manager at TCF Bank.

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1. Never miss an opportunity “I’ll always take calls, even if I’m in a meeting. I often joke with people that even if Jesus Christ was sitting next to me, I would take a sales call, unless Jesus was applying for a loan himself.” 2. Keep looking forward “The moment I acknowledge I’m successful is the time I hang up my skates. Up until then, I’m only as good as my next client or next deal. And the reality is, if you don’t take care of your clients, someone else will.” 3. Always be closing “My book is called ABC of Sales: Lessons from a Superstar, which stands for ‘Always Be Closing.’ It’s a motto I live by and is one of the reasons I’ve been successful – I never turn off my selling mindset and I’m always ready to engage a friend, colleague or stranger in conversations that will lead to a sale.”

“I was like a sponge – I’ve never learnt so many terms or numbers as I did in those first 60 days. But something clicked and I was very good at what I did,” he says. Milstein went on to rise through the ranks at several banks and served as the youngest general manager at Comerica Bank, but he admits he actually failed twice to become a loan officer due to his inexperience in the mortgage industry. He wound up at InterFirst, a division of ABN AMRO Mortgage Group, and that’s where he “learned the business inside and out.” “At the time, it was ranked one of the top five or 10 banks in the world. I was hired as an underwriter, to underwrite loans all over the US for smaller banks and brokers,” Milstein explains. “It was during this job that finally I worked out the reason I had failed those other times. I knew I was a great salesman and I could sell sand in the desert, but I was lacking knowledge of the operational side of things.” This time around things would be different. Milstein was determined to succeed and he knew that in order to get ahead he needed to find a niche. He’d already been helping Russian immigrants to buy cars by translating and explaining loan documents, so it seemed only natural to tap into emerging markets with foreign nationals when building his loan book. His strategy worked, with Milstein ranked in the top 25 in his first year with ABN AMRO out of 550,000 loan officers in the country.

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“I didn’t have a suit, so I went to the Salvation Army and got my first suit – and suddenly I was a banker”

“I closed 449 transactions that year,” he says, “and I’ve never looked back.”

THE $3BN CLOSER In 2000, Milstein decided to branch out on his own and established Gold Star Mortgage Financial Group. The business has gone from strength to strength, with Milstein personally closing over $3bn in loans and the business closing more than $1bn annually. Even though he oversees a staff of 500 and growing, Milstein remains hands on in the day-today running of his business. He confesses to having separation anxiety when away from work – on a recent vacation to Europe he got twitchy at around 4pm each day, which was 8am back home – and while he doesn’t routinely work with clients faceto-face, he does get involved in sales, planning and marketing strategy with his staff across all 43 offices. “On Fridays, I don’t come to the office; it’s my Skype day. Anyone within the company from any of our offices around the country can call me and talk about any issues they’re having or discuss specific clients and sales,” he says. “I’m very much available; I have an open-door policy, and I like to share my strategies. I’ve had

some staff increase their business sevenfold within 12 months.” Milstein, who has authored two bestselling books (2011’s The ABC of Sales: Lessons from a Superstar and 2013’s 17 Cents and a Dream), with another on the way, also carefully monitors the market to ensure his business is heading in the right direction. While foreign nationals proved to be a profitable market early on, they make up “less than 2%” of his current business, and right now he sees a strong purchase market emerging. “It’s no secret that mortgage interest rates are going up, and it’s a wake-up call to people who are concentrating on the refinance business,” Milstein says. “We’re seeing a much stronger purchase market, and those people who lost their homes two, three, four years ago will be able to qualify for finance in the next one to three years. Even if they have bad credit we can educate them on what they can do to be in the best position to get into a home in the future.” Overall, he expects mortgage volumes to go down as refinances decline and purchases improve. “At this point in my career,” he adds, “my aim is to help others to achieve their dream.”

“At this point in my career, my aim is to help others to achieve their dream”

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FEATURE / COMPLIANCE SOLUTIONS

Cutting through the

red tape New technologies, combined with changing regulatory standards, are transforming the mortgage origination arena. What are lenders and their loan origination staff doing to keep their offerings compliant, and what compliance solutions are available to originators? MPA investigates There have been some dramatic changes in the mortgage lending space over the past few years. Take Mortgage Network, for example. Since operations director Christine Terranova was hired six years ago, new regulatory standards coupled with new technology solutions that support compliance have transformed the organization. “It is definitely not the same company,” says Terranova. In 2007, the mortgage lender operated multiple disparate IT systems that supported key business processes as well as regulatory compliance. 42 | OCTOBER 2013

“There were so many pieces that were external and that required manual input. The biggest difference today is integration. With everything residing in one platform, we now have full control over everything we do,” says Terranova, adding that compliance has made that essential. Based in Danvers, Massachusetts, Mortgage Network is one of the largest independently owned mortgage companies in the northeast, and has offices from Maine to Florida. As Mortgage Network and other lenders seek greater

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control over business processes in order to meet compliance requirements, many are becoming more technologically driven and more efficient. This reflects a cultural shift taking place in the industry, says Paul Zoukis, CEO of Vantage Production, whose IT solutions help lenders meet state and federal regulations regarding sales and marketing. Historically, brokers and loan officers were primarily responsible for complying with regulations governing originations. Recent regulations are also seeing lenders take the heat. Without advanced technology solutions that support compliance, lenders will not only find it difficult to meet the new rules and regulations but will also find themselves at a competitive disadvantage, says Zoukis. “Those that arm themselves with technology will absolutely pulverize those that don’t,” he says.

SYSTEMS INTEGRATION The key to achieving compliance and efficiency is integration, says Terranova. At the heart of lenders’ IT systems is a loan origination system. Mortgage Network built its own because it couldn’t find a commercially available solution that met the organization’s unique needs. Mortgage Network then integrated the origination system with other solutions that support specific business processes and compliance requirements; for example, it implemented a compliance-review solution and a complianceauditing solution. The company also implemented a fair-lending solution that “can pull all the data from our system and run all the different models to identify areas of improvement, concern, etc., so that we can drill down and ensure we actually don’t have any disparate treatment,” says Terranova. Integration of the various solutions with the origination system not only facilitates compliance but also limits the need for manual data entry. That increases accuracy, speed and efficiency. “We are constantly moving more pieces into integration,” says Terranova. “Some of our outside vendors are slowly but surely moving into integration. And we are moving some of the manual steps in different departments into integration with our system. There is always a big, long list of IT improvements throughout the organization.” Meanwhile, the IT staff are reprogramming the origination system and other solutions with

SPOTLIGHT ON COMPLIANCE SOLUTIONS IT VENDORS ARE WORKING CLOSELY WITH THE MORTGAGE INDUSTRY TO SUPPORT COMPLIANCE. MPA SPOTLIGHTS SOME OF THESE SOFTWARE SOLUTIONS PROVIDERS

AllRegs If you need information on compliance, AllRegs is a smart place to start. The AllRegs reference library, introduced in 1989, includes all federal statutes and regulations regarding mortgage lending and regarding national banks, as well as analyses and commentary regarding state statutes and regulations. All of that is available in electronic format. “If you go onto our system, you can see what a specific regulation looks like today and what it will look like in the future, so you can see how you will have to do business in the future,” says Richard Triplett, vice president and director of compliance at AllRegs. AllRegs also publishes underwriting and loan-product guidelines for Fannie Mae, Freddie Mac, the Federal Home Loan Bank of Chicago, Wells Fargo Home Mortgage, JPMorgan Chase, Citigroup, U.S. Bank Home Mortgage, Flagstar Bank and others. The company also offers training programs; a database of more than 3,000 loan products; a custom publishing and hosting division; and professional services. One of AllRegs’ hottest products is the Compliance Management System, which does the following through a combination of technology and professional services: • Audits all policies and ensures that lenders have the correct policies in place • Delivers training on policies • Archives and tracks what policies were live at any time • Assesses and tests staff on the policies after they read them • Provides one system of record for all reports

“The reason this is so critical is that it changes some fundamental documents that are in the loan origination process and have been for quite some time” Andrew Higginbotham, Lender Processing Services

an eye to January, when a vast new wave of federal rules will take effect.

ABILITY TO REPAY One of the key compliance issues that will take effect in January is the Ability-to-Repay rule, which requires that residential mortgage lenders make a reasonable and good-faith determination that the consumer has a reasonable ability to repay the loan. Also taking effect in January are limits on points and fees, as well as new rules regarding high-cost OCTOBER 2013 | 43

FEATURE / COMPLIANCE SOLUTIONS

“Mortgage originators have compliance concerns at literally every junction of the valuation process” David Rasmussen, Veros Real Estate Solutions

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loans, defined as loans with an APR exceeding the average prime offer rate by 6.5 percentage points. Christina Jenkins, a partner and director of customer service at MRG, a technology vendor, says the high-cost rule provides a good example of what the industry is facing. The rule affects “laws in each state, and the threshold of what lenders can charge for a particular loan,” she says. “That has long been established in the regulatory field but it is changing on Jan 10. The sheer volume of state-specific programming rules that we have is significant enough to have the lawyers and the programmers at our company in the room together for over a year.” Although loan origination systems and other applications will undergo major programming changes to accommodate these and other regulatory changes taking effect in January, a “big problem, from an operational perspective, is that lenders just do not have the data they need in order to ensure that they are meeting the standards” for some of the new rules, notably Ability-to-Repay, says Becky Walzak, president and chief executive officer of rjbWalzak Consulting. “It is a problem of putting together not only the programming, but also understanding exactly what kind of data lenders need in order to make sure they are doing this correctly,” says Walzak. One of the more dramatic changes the industry faces involves revisions to the rules that implement the Real Estate Settlement Procedures Act and the Truth in Lending Act, as these relate to the disclosures given to consumers. The Integrated Mortgage Disclosure ruling was published in July 2012, but the Consumer Financial Protection Bureau (CFPB) hasn’t announced when it will take effect. “The reason this is so critical is that it changes some fundamental documents that are in the loan origination process and have been for quite some time,” says Andrew Higginbotham, executive vice president of Lender Processing Services (LPS), one of the mortgage industry’s largest technology and services vendors. A new document called the Loan Estimate will replace the current Good Faith Estimate and the Truth in Lending form. A second document, the Closing Disclosure, will replace the HUD-1 form and the final Truth in Lending form. “That has implication for all loan origination systems and document vendors,” says Higginbotham.

SPOTLIGHT ON COMPLIANCE SOLUTIONS Lender Processing Services Lender Processing Services, which provides mortgage and consumer loan processing services, mortgage settlement services, default solutions and loan performance analytics, is working on solutions that will help lenders meet many of the key challenges associated with new regulatory standards, says Andrew Higginbotham, executive vice president. “Our focus right now is on helping to automate the loan origination process, with a very strong bent toward the loan quality issues that exist from a compliance standpoint and with regard to the loan quality requirements that are coming down from investors, agencies and groups like the Consumer Finance and Protection Bureau,” he says. “Our role is to develop some tools that can help lenders address those kinds of issues and to also incorporate those tools into our loan origination systems.” The company’s loan origination solutions include: • Empower: a loan origination system that includes product and pricing capabilities and integrates with electronic-document providers. Available on a software-as-a-service (SaaS) basis or a lender-hosted basis • LendingSpace: a technology platform that helps lenders manage correspondent lending and move loans to the secondary market • PCLender: a loan origination system designed for rapid implementation and offered only on an SaaS basis

“It has the potential to be extremely disruptive in the industry, probably more than anything we have seen in quite some time,” he says, adding that the rule probably won’t take effect for 12 to 18 months. “The reason this is so important to lenders is that the penalties associated with noncompliance are much more onerous than they have been previously.” LPS is working with one of the nation’s largest lenders to develop a utility that will automate the process. Meanwhile, the CFPB is updating rules associated with the Home Mortgage Disclosure Act and the Equal Credit Opportunity Act, which are intended to help prevent discriminatory lending. “Part of the issue [with fair lending] is that lenders need to be able to look at themselves in comparison with other lenders,” says Walzak. “But

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it’s difficult to get that kind of information in an easy-to-read document. Some lenders don’t understand or know what to do when they are two standard deviations above or below the norm. What number of loans should they be doing in these areas? And they have a question: How do they reconcile this with their Qualified Mortgage (Ability-to-Repay) requirements?”

ORIGINATORS FEEL THE HEAT Another new rule is the Loan Originator Compensation and Qualification rule, which states that lenders and brokerages won’t generally be allowed to pay originators more for persuading a consumer to choose a loan that carries a higher interest rate or that includes higher up-front points or fees. When consumers pay brokers to help them obtain mortgage loans, the brokers generally can’t also be paid by lenders for the loans. The compensation rule will require not only programming changes but also increased tracking and monitoring of data and transactions.

COMPLIANCE MANAGEMENT “The amount of tracking and monitoring and examination and self-examination required of the compliance operation has been magnified tremendously,” says Richard Triplett, vice president and director of compliance for AllRegs, which has developed a content library focused on the mortgage industry. In August, Triplett attended the annual conference of the American Association of Residential Mortgage Regulators, where a major topic of discussion was compliance management

SPOTLIGHT ON COMPLIANCE SOLUTIONS MRG Document Technologies MRG Document Technologies, which provides technology solutions as well as services that support compliance, is a practice group within Middleberg Riddle & Gianna, a mortgage banking law firm based in Dallas. “Our clients are able to rest assured we have the tools in place to help them on the technology side, but also with proactive legal advice on what to do if, for example, they get the call or the letter saying they need to buy this loan back,” says Christina Jenkins, partner and director of customer service. The company’s technology offerings include a range of document preparation and delivery solutions, which help mortgage lenders meet regulatory requirements established by the CFPB. “We are finding that requirements from the CFPB cannot all be handed with technology,” says Jenkins. “Technology can tell you about quantifiable data points, and there are quite a bit of them, but there is also the compliance management aspect and the audit aspect, which are being done by human beings who gather reports from the technology and then they are going to compare that to how the company is operating.”

“The sheer volume of state-specific programming rules that we have is significant enough to have the lawyers and the programmers at our company in the room together for over a year” Christina Jenkins, MRG

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FEATURE / COMPLIANCE SOLUTIONS

“If you go onto our system, you can see what a specific regulation looks like today and what it will look like in the future” Richard Triplett, AllRegs

46 | OCTOBER 2013

systems, which help lenders ensure that the policies and practices they implement are compliant. Although the CFPB currently requires that lenders maintain compliance management systems, lenders are still trying to understand exactly what the requirements are. “The CFPB didn’t do rulemaking on compliance management systems,” Triplett said. “They just said you have to maintain a management system for all your compliance responsibilities … to demonstrate that you are on top of and are maintaining these. That’s a concern, because that’s a lot to document.” Uncertainty also surrounds current rules regarding appraiser independence. The uncertainty has led some lenders to outsource the appraisal management process, while others have created separate business units that handle it. “It is not clear what will happen with that,” says Walzak. “Will regulators say it’s all right as long as you disclose it? Or will they say it falls outside the intent of the regulation and cut it off?”

TECHNOLOGY VS EXPERTS As mortgage lenders meet the onslaught of regulations, they face a choice between becoming technology-driven organizations and hiring large contingents of compliance experts, says Walzak. “You have to decide what kind of a lender you want to be,” she says, adding that most lenders will become technology driven, but some, particularly the more conservative banks, will continue to rely chiefly on people. David Rasmussen, senior vice president of Veros Real Estate Solutions, warns that technology won’t resolve all the challenges. “Technology should never be considered to ‘ensure’ compliance,” he says. “When properly implemented and leveraged within the originator’s departments, technology should absolutely help to identify and mitigate compliance concerns. We see our clients lean on the reporting and audit trails to verify compliance and utilize the system’s ability to adjust system rules as guidelines change, so the technology is clearly addressing compliance issues, but no tool is a cure-all.” Mortgage Network is steering a middle course. “The technology is fantastic,” says Terranova. “However, you run the risk of your staff’s losing

SPOTLIGHT ON COMPLIANCE SOLUTIONS Vantage Production Vantage Production’s flagship product, Vantage Integrated Production, is a customer relationship management solution that enables mortgage lenders to control every aspect of the marketing and sales process, says CEO Paul Zoukis. “It took us a couple of years to build, probably about $4m for total construction, and we released it back in the April timeframe. We have now brought up about a dozen clients who are committed to production,” he says. Vantage Integrated Production takes “all the data from the organization, everything in your loan origination system, such as all the borrower loan information, all the CRM information, which is all the contact-prospect information, all the sales process information, all the information from the pricing engine ... and we marry that with all the loan officer profile information and all the information they have on their referral partners,” says Zoukis. “That gives us a huge database in which we can transact everything from the production of very targeted marketing capabilities to consumerspecific proposals and presentations that are tied directly to the prospect sitting in front of you, instead of being provided on a mass basis, where everybody gets the same product or, alternatively, your loan officer is out making it up on the fly. “Every activity in the system, every piece of content that is created, every piece of content that is edited, published, every sales presentation, every website deployment, every keystroke anywhere in the system is recorded, related by time, by loan officer, and by who it was presented to.”

the core competency … because they are relying on technology. They might think, ‘Well, I don’t need to know what a higher-priced loan is because the system will spit out what it is.’ “So we have mandatory compliance classes every month. We encourage employees to take additional training classes. “We have our own training department. We capture all the training classes offered by our business partners. We really want employees to be lending experts, not IT experts.”

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SPOTLIGHT ON COMPLIANCE SOLUTIONS Veros Real Estate Solutions “Mortgage originators have compliance concerns at literally every junction of the valuation process,” says David Rasmussen, senior vice president of Veros Real Estate Solutions. “The good news is that there are technology solutions that can help address each one.” Veros specializes in residential real estate collateral valuation tools and systems; specifically, analytical tools such as automated valuation models (AVMs), market forecasting, Home Price Indexes and risk assessment tools. The company also offers valuation management systems, which manage workflows related to appraisal, broker price opinion (BPO) and AVM order and review. The company’s tools have “always been geared toward helping mortgage stakeholders identify the risk their mortgage transactions may be exposing

them to, allowing the stakeholder to make the most informed business decision,” says Rasmussen. “With the rise in compliance expectations, we’ve focused a lot of compliance-driven tools into Sapphire, our second-generation valuation management platform.” Sapphire is a Web-based platform that manages the entire valuation life cycle for appraisals, BPOs, AVMs and other valuation tools. “There are a number of advantages that come with proper implementation of good technology,” says Rasmussen. “A few we’re already seeing with Sapphire clients include increases in operational efficiencies ... where automated processes are reducing errors from manual data entry and allowing FTEs to be better utilized; and cost-efficiencies, where the system is detecting potential duplicate orders before they are placed and fulfilled.”

“Every keystroke anywhere in the system is recorded, related by time, by loan officer, and by who it was presented to” Paul Zoukis, Vantage Production

OCTOBER 2013 | 47

BUSINESS STRATEGY / EXECUTION

48 | OCTOBER 2013

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EXECUTION: THE HOLY GRAIL OF BUSINESS? It’s all well and good spending hours, days or months on putting a business plan into place, but if you fail when it comes to putting it into action then you’re back to square one. Cyril Peupion explains how to follow through on your strategy A real issue for many businesses today is the lack of execution. According to recent studies, two thirds of corporate strategy is never executed. Companies spend a lot of time and resources on thinking ahead, deciding their long-term vision and strategy. They engage consulting firms and their top leaders to do so. They involve many people and resources in producing a lovely Word document and numerous PowerPoint slides to display their plan and strategy, only to see that two thirds of it will never be executed. The issue is rarely the quality of the strategy and action plan decided. One of the biggest challenges for companies today is execution. They might be clear on their strategy, on where they want to head. But if you look at what people are doing on a dayto-day basis, what they spend their time on hour after hour, you realize there is often a big gap between what they are doing and the company’s strategies and divisional goals, and the KPIs they are supposed to be working towards.

WHY DOES SUCH A GAP EXIST? In working with many businesses from all different

industries, we have observed that this gap is created by both organizational ineffectiveness and personal ineffectiveness. Here are a few simple examples of organizational ineffectiveness. Ask 10 people in the same business three simple questions: • What are the goals of your organization? • What are the goals of your team and how do they align with the goals of your organization? • What are your KPIs and how do they align with the goals of your organization? These are simple questions, but when we have asked them we have found a few interesting things: • The majority of people do not know their organization’s goals. • The majority of people have no idea what their team, or they, should do for their organization to reach its goals.

PERSONAL INEFFECTIVENESS Personal ineffectiveness is different but has a huge impact as well. It all starts from a simple observation: most of us have never been taught how to work. OCTOBER 2013 | 49

BUSINESS STRATEGY / EXECUTION

Guess what? Last-minute crises will always happen. If you wait for a perfect time, you might wait a long time

them extremely well over the next three months, would have a significant long-term impact on the team/division/company’s performance?” Stick to two or three per person, no more. Yes, it’s hard. We always want to do too much.

2 What a bold statement. However, in our view this is one of the most important reasons for lack of execution and lower-than-expected performance. Most people are committed to their role and want to do a good job. They are neither lazy nor unwilling. But they are not working efficiently – they work hard but not always smart. They have never been taught how to work. Over the years people develop work habits that are not the most efficient or effective. We are not born naturally effective. We have to learn the principles and practice them until they become habits.

HOW EACH PERSON CAN CREATE A DISCIPLINE OF EXECUTION Execution is a discipline and needs to become a habit. As Aristotle so rightly wrote, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” Leaders and their teams need to create a discipline of execution. Here are the bases of the discipline of execution we implement with our clients: Cyril Peupion and his team at Primary Asset Consulting’s main focus is to align people with the strategy of their organization by changing work habits. Cyril is the author of Work Smarter: Live Better, which featured in the top 100 Amazon worldwide.

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THINK QUARTERLY

The first characteristic of highly successful people is that they are very clear on the goals they want to achieve and what they need to do to achieve them. To do this, you need to decide not only what to focus on, but also what you will not do. As the leadership expert Peter Drucker put it, “the key of strategy is omission.” That is, deciding what you will not do is as important as deciding what you want to do. Too many people take too much on and struggle to do anything well. Once a quarter, block off an hour with your team and ask each person to answer a simple question: “What are the two or three things that, if you did

PLAN WEEKLY

Once a week, each person needs to review their three high-impact activities for the quarter and organize their coming week. These activities have to become a must, a priority. Book meetings with yourself in your diary to advance your three activities. Organize your calendar so that 60–80% of your time is spent on them. This is easy to understand but harder to do. Very often the people we coach argue that they have a lot of urgent issues to attend to before having the time for these high-impact activities. Guess what? Last-minute crises will always happen. If you wait for a perfect time, you might wait a long time.

ACT DAILY – FOCUS

Be disciplined on a daily basis. If you have booked a meeting with yourself to spend two hours on one of your core high-impact activities, be 100% focused on this topic – no distractions, no interruptions; no starting late, having a break or checking a few emails midstream. Ask yourself a simple question: why would you have less respect or be less prepared for a meeting with yourself than with a very important client? When you have a meeting with yourself to progress one of your high-impact activities, start on time, focus 100%, and don’t allow interruptions and distractions.

A FEW LAST WORDS All of the above is simple but it is rarely applied, and, as a result, many companies struggle to achieve what was agreed in their strategic plan. Bain Consulting did an interesting study on strategy execution. They surveyed nearly 2,000 large companies and found that seven out of eight failed to achieve profitable growth, even though more than 90% had detailed strategic plans. This is because the strategic plan is only the tip of the iceberg. Execution is what lies beneath and what will enable businesses to perform.

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OCTOBER 2013 | 51

BUSINESS STRATEGY / TRUST

TRUST: THE NEW COMPETITIVE ADVANTAGE The powerful legacy of the financial crisis continues to haunt all financial services firms. One word sums up the sector’s biggest problem and its greatest opportunity. That word is ‘trust,’ argues Omer Soker

52 | OCTOBER 2013

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It is the financial services industry that has taken the biggest hit in terms of trust at UBS and, of course, the infamous ‘Muppet Manifesto’ at Goldman Sachs. Is it any wonder they distrust whether the industry has learned any lessons? Not only has reputation suffered but so too have perceived performance and perceived behaviors.

THE EFFECT ON BROKERS

Capitalism runs on trust, and it was a lack of trust that brought the system to its knees during the financial crisis in 2008. Ironically, it was a lack of trust that permeated between the very financial institutions – both government and private sector – whose role it was, and still is, to serve as our fiduciaries. As the crisis unraveled, trust was further eroded: in the infallibility of markets, the sustainability of iconic institutions, the quality of executive leadership and the wider purpose of business itself. But it is the financial services industry that has taken the biggest hit in terms of trust. Part of this is logically due to the role it played in the crisis, which still bears its ‘financial’ name. Secondly, the fiduciary nature of the industry’s relationship with a customer’s money adds considerable weight to the responsibility it has to act in a trustworthy manner, which raises both expectations of behavior and condemnation for breaches. Added to this, customers have witnessed incessant financial scandals throughout 2012, including allegations of mortgage fraud at Deutsche Bank, money laundering at HSBC, Libor manipulation at Citi and Barclays, rogue traders

What does this mean for mortgage professionals? How can they drive demand in the sector, meet the expectations of savvy customers, or add value by educating key clients on wealth creation? Trust is measured not only in terms of reputation, performance and behavior but also in the specifics of transparent, fair and objective customer engagement. It provides an exceptional opportunity to not just restore lost trust in the greater system but also to use the creation of trust through responsible recommendations as a new competitive advantage. The enormity of the crisis has, perhaps unfairly, tainted all financial services firms, and this is the reality they must now work to change. The 2013 Edelman Trust Barometer reinforces the crisis of confidence in leaders themselves, with trust in business 32 points higher than trust in its leaders to tell the truth. This means the lack of trust ignited by the crisis has grown personal, with the onus now on leaders themselves to start restoring it. Michael E. Porter, a leading authority on company strategy and the competitiveness of nations, says that the legitimacy of business has fallen to levels not seen in recent history. One of the dangers he cites is that this diminished trust may lead governments to set policies that further undermine competitiveness and sap economic growth. Trust needs to be restored by the financial services firms themselves, not only to avert the intervention of more government regulation but also to keep in line with customer expectations. Ethical Consumer’s research shows that between 5% and 10% of buyers are always ethical, while 60% to 75% are sometimes ethical and influenced by OCTOBER 2013 | 53

BUSINESS STRATEGY / TRUST

The majority of buyers ... favor companies demonstrating trustworthy behavior availability and choice. In other words, the majority of buyers are influenced by ethics, and favor companies demonstrating trustworthy behavior.

ACCOUNTABILITY

Omer Soker is a corporate speaker, trainer and the founder of the Ethics of Success Corporation. This article is an edited extract from his new book on business ethics, trust and engagement, The Trust Future.

54 | OCTOBER 2013

Another fundamental point of difference today, from the past, is the ready availability of information and ‘mass connectivity’. The restoration of trust and growth now takes place in an environment of transparency and accountability. There are no shortcuts. This time, the world is watching. Armed with knowledge and social media, consumers are holding financial services firms accountable to act with ethics. As consumers fully realize their newfound power, they are increasingly wielding it to change the way business is conducted. The crisis has also strained the trust between companies and their employees, which can be measured by the amount of gossiping, venting and complaining that goes on under the surface. Most leaders are too weak to address this because they are scared of conflict and don’t know how to build the trust that resolves it, in turn creating a vicious cycle. Organizational ethics will restore trust because ethical leadership demands that issues such as a lack of resources, inappropriate pressure, mixed messages, lack of oversight, wasted productivity and internal politicking are addressed. Talented employees are quickly realizing they don’t have to be compromised by this kind of conduct and are selectively targeting the best-practice employers they want to work for. Financial services firms must earn and maintain the trust of their employees by acting with integrity to get to the truth of what’s causing a problem, and then fixing it. Once this is done, the onus can shift to employees to deliver. In the 1500s Niccolò Machiavelli argued in his book The Prince that cruelty restored order and obedience. During the Industrial Revolution in the 1800s, businessmen were able to ignore social

justice to increase profits. In the 1980s, ‘greed was good’ on Wall Street. In 2013, companies no longer have such control over markets, customers or employees, and need new tools of engagement. Our global system, too, is now so interdependent that our interests are becoming aligned. Financial services firms need to serve customers and communities better in order to serve their own interests. UQ Business School engaged Dr Graham Dietz and Dr Nicole Gillespie for a study on building and restoring organizational trust, and found three characteristics leaders need to build trust: Competence: the knowledge, skills and experience to do the job Benevolence: people want to feel their leaders have their best interests at heart Integrity: the adherence to a set of clear principles such as honesty and fairness

Ultimately, trust can only be created by behaving in a trustworthy manner on a consistent basis and delivering on integrity, competence and benevolence. Trust arises through respect, transparency, knowledge and diversity of ideas and influence. These are not new concepts. They are fundamental aspects of our true nature. To access them, we need to ‘unlearn’ many of the stereotypes we have been taught about business. In particular, we need to unlearn that control and command systems are effective, that secrecy and deceit enhance value, and that benevolence and integrity are actions that business often associates with weakness or naivety. For mortgage professionals, it starts with better questioning at the customer interface to understand fully and act on their needs and concerns. Recommend not just property-related options when asked for bigger-picture guidance, and you will find, in the long run, your trust will be rewarded. To restore trust in modern-day commerce, financial services firms need to change customer perceptions around ruthless, manipulative or hard-talking advisers being good for business. We need to unlearn many of the outdated, often unchallenged concepts we link with success, and open our minds to an evidence-based, pragmatic review of how integrity, benevolence and competence will drive commercial success in the financial services future.

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OCTOBER 2013 | 55

THE DATA

HOUSING MARKET PRESSURES A country’s cost of living can have a major impact on its property market. As goods and services get more expensive, potential house hunters begin to think about holding off on that property purchase and avoiding taking on mortgage debt. The good news, however, is that – while consumer prices are expected to rise on average by 2.1% in the US next year, according to IMF estimates – things could be a lot worse. Belarus, for example, suffered a staggering average consumer price increase of 59.2% last year, making its predicted figure of 20.5% for 2013 something of a respite. Troubled neighboring states Sudan (35.5%) and South Sudan (45.1%) also saw consumer prices skyrocket last year, while Iran (30.6%), Ethiopia (22.8%) and Malawi (21.3%) also saw worryingly large average consumer price increases.

CANADA 2012: 1.5% 2013*: 1.5%

2012: 2.8% 2013*: 2.7%

FRANCE 2012: 2% 2013*: 1.6%

2012: 2.1% 2013*: 1.8%

SPAIN

2012: 2012: 2.4% 2.4% 2013: 2013*:1.9%* 1.9%

PORTUGAL 2012: 2.8% 2013*: 0.7%

SWITZERLAND VENEZUELA 2012: 21.1% 2013*: 27.3%

ARGENTINA 2012: 10% 2013*: 9.8%

*predicted

56 | OCTOBER 2013

2012: -0.7% 2013*:-0.2%

ITALY

2012: 3.3% 2013*: 2%

BRAZIL

2012: 5.4% 2013*: 6.1%

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Source: IMF World Economic Outlook

RUSSIA

2012: 5.1% 2013*: 6.9%

GERMANY 2012: 2.1% 2013*: 1.6%

BELARUS

CHINA

GREECE

JAPAN

2012: 59.2% 2013*: 20.5%

2012: 2.6% 2013*: 3.0%

2012: 1% 2013*: 0.8%

2012: 0% 2013*: 0.1%

IRAN

2012: 30.6% 2013*: 27.2%

ETHIOPIA 2012: 22.8% 2013*: 8.3%

HONG KONG 2012: 4.1% 2013*: 3.5%

INDIA

2012: 9.3% 2013*: 10.8%

SUDAN

2012: 35.5% 2013*: 28.4%

SOUTH SUDAN

SINGAPORE 2012: 4.6% 2013*: 4%

2012: 45.1% 2013*: 15.5%

MALAWI 2012: 21.3% 2013*: 8.1%

AUSTRALIA 2012: 1.8% 2013*: 2.5%

OCTOBER 2013 | 57

LIFESTYLE / DAY IN THE LIFE

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Day in the life of... Keven Smith, CEO, Mortgage Builder “I meet with senior personnel ... that’s where a lot of the thinking outside the box and staying ahead of the competition happens”

6:30am: I have an iPad by the bed. I like to check the email in the morning to see what’s come in. It’s my way of waking up. It gets my brain thinking. I get up, do daddy time with the wife and kids.

8:00am: The first thing I do is deal with emails and any fires. That’s usually when somebody’s waiting at my door to go over either an opportunity that’s out there or any issues with staff.

9:00–11:00am: This is usually when I have my department meeting, and they’re different every day. It’s not just a status meeting – it’s more of a brainstorming session. We talk about what’s transpired since the last meeting and make the plans for the next week. Mid-level managers manage all the departments within the company. There’ll be usually one or two a day that I’ll meet with. There’s not usually a set schedule. It might be once a week; it might be twice a week – whatever’s necessary.

11:00am: I don’t eat breakfast in the morning, so I take an early lunch, and I try to take somebody to lunch with me every day. To me lunchtime is a time to get out of the office and relax, but I find it’s really helpful to take someone along. Sometimes it’s a department head; sometimes it’s an individual employee. We relax and talk about our lives, but we also talk business. To me it’s a good way to spend more time with an individual, because it’s hard to get that time in the office.

12:30–1:30pm: Strategy meeting. I meet with senior personnel – sometimes an individual and sometimes all of the senior personnel. That’s where a lot of the thinking outside the box and staying ahead of the competition happens. That’s where the magic happens for the core of Mortgage Builder.

Keven Smith

4:00–5:00pm: That’s my time to return all the emails I may not have done throughout the day. I try to keep it open for wrapping everything up that’s important. People who left me a message during the day – they want to hear back. So I always try to make sure to return their calls or at least shoot them an email. 5:30pm: I enjoy driving, and on the way home is usually when I talk to my wife. We talk at home, of course, but when you’ve got three boys who are 10, 12 and 14 it’s hard to get time to yourselves. So speakerphone is when we usually go over our days and find out how the other is doing.

6:00pm: Dinner and time with my family and time 1:30–4:00pm: That area we fill in with all kinds of things. That’s where I’m generally catching up on email, but a salesperson might need me to call a contact, a customer might need some special attention. I do press during that time, or marketing; whatever needs doing. 58 | OCTOBER 2013

for my hobbies. A good chunk of my life is spent working very hard, but my wife and kids are very important to me, and I spend quality time with them. I also try to make time for my hobbies, whether its golf or racing cars. I make sure I go out and have fun, and mix that in with the kids and the family.

LIFESTYLE / FAVORITES

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Favorite things Josh Bopp, founder and CEO, focusIT Josh Bopp founded focusIT in 2002, and by 2005 the company had found its niche as a mortgage-specific technology vendor. Bopp focuses on hosting and creating software that keeps the mortgage industry running smoothly and efficiently Music: I find myself

Vacation spot: We go up to Breckenridge, Colorado, in the summer. Josh Bopp

I like to golf; we like to hike. It’s a pretty amazing place. That’s for sure my favorite spot.

listening to a lot of Ryan Adams and Lyle Lovett. I always seem to have that on in the background at work. If I turn on a country music station and listen for three minutes, that’s a long time. But stick up Ryan Adams on Pandora, I can listen all day.

Sport: Golf... for sure, golf. When I’m playing, it just sort of hits all my high points. It gets me out of the office; it gets me to stop thinking about work for a while. It just has a lot of pieces moving for me that most other sports don’t.

Celebrity: I like Jim Furyk, the golfer, a lot. He’s a

Food: I suppose whenever I’m out looking for

little older and he’s hanging in there. These guys that are half his age are still having a hard time beating him. Guys his age are not supposed to be playing like he’s playing.

a good time, I always seem to go back to a good steak – rib eye or fillet, whatever. Everything else they put on the plate is kind of secondary. Vegan I am not.

Book: I always liked The Grapes of Wrath by Steinbeck. It’s not exactly a new book by any means, but I always think it’s an interesting read.

Drink: My new favorite drink is Movie: I think my favorite movie – which is kind of goofy, I guess – is Die Hard. The original, original Die Hard. That’s my closet movie that I always go to – and now the whole world knows. They kind of got off the rails with the sequels, but [the original] is sort of a genre-breaker.

Tito’s and soda. Tito’s vodka is from a little micro distillery. It’s good stuff.

Working in the mortgage industry: In the mortgage tech space, everyone is always excited for change. They want to be more efficient; they want to drive their costs down. Some people are afraid of change, but when our customers come to us, they’re asking us to implement change. It’s a unique experience for sure. OCTOBER 2013 | 59

CLASSIFIEDS

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JV Real Estate Partners, Inc. NEW

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DocMagic 800-649-1362 The largest dedicated loan document production company in the country, delivers a fusion of solutions guaranteed to meet today’s complex loan document challenges.

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SERVICE PROVIDER CLASSIFIEDS MortgageCurrentcy.com

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ADVERTISER DIRECTORY

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OCTOBER 2013 | 63

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