Originate Report- March 2018

MARCH 2018

THE OFFICIAL MAGAZINE OF GERACI

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MAY 9-11, 2018

Inside March:

SUCCESS Have You Gone

PAPERLESS?

Spotlight:

Bill Humphrey

Making SMART Goals

Cities to Watch: Austin, Texas

House PASSES

HMDA Bill www.originate.report 1

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ANTHONY GERACI CEO/Editor

CONTRIBUTORS

Letter from the Editor

Max Berger • Steven Davis Edwin Epperson, III Anthony Geraci • Jaspreet Kaur Clay Malcolm • Bryan Redington

edition will uncover tips and tricks to keep your goals in line, how to be

RUBY KEYS Marketing/Editorial Director

JOHN PELACHE Account Executive

ALICIA CARTER Marketing Coordinator

DAVID BASEN • MAX BERGER Marketing Assistants

PAM HUBER Art Director

FOUNDING UNDERWRITERS

We are excited to launch our March 2018 Edition of Originate Report. This

accountable and work your way to the top, and push yourself to be a better you.

We have had many great stories and contributors to Originate Report, and we

hope you find the messages in this edition unforgettable. As we continue to learn from stories and articles from industry leaders, we ask you to think about 2018

so far, and where you want to be at the end of the year. Are your goals SMART? How are you measuring your success while holding yourself accountable? If you

MARK HANF President, Pacific Private Money

have a story you would like to share that covers points for success or how you got to where you are today, we encourage you to share with us.

I would like to personally invite you to Activate 2018, which will target professionals in the non-conventional lending space. This event is a higher level conference that will be heavy on compliance and how to take your business to

DAVID OWEN CEO, A List Partners

ORIGINATE ONLINE www.originate.report

the next level. Activate will take place on May 9-11 at the Sofitel Hotel in Beverly

Hills, CA. If you are interested in attending, please visit www.geracicon.com for more information.

Ruby Keys,

GERACI ONLINE www.geracilawfirm.com Interested in advertising in Originate Report? Please reach out to John Pelache at John@Originate.Report or (949) 379-2600

Enjoy!

Editorial Director

For Advertising Submissions, Article Submissions, and Inquiries contact Submissions@Originate.Report

ORIGINATE MAILING ADDRESS Geraci LLP 90 Discovery, Irvine, CA 92618 PHONE (949) 379-2600

GERACI CONFERENCES www.geracicon.com www.originate.report 3

contents MARCH 2018

Features 6

Six Benefits to a Paperless Loan Process

By Steven Davis, 5 Arch

Stress less while getting more done.

16 The Misperceptions of IRA Investing

Common misperceptions about self-directed IRAs

By Clay Malcom, New Direction IRA

16

18 Houses Passes Bill to Increase HMDA

Reporting Threshold Changes to the Home Mortgage Disclosure Act reporting

requirements

By Jaspreet Kaur & Bryan Redington, Geraci Law Firm

12

Special Features 8 Essay

Success is Learned Behavior

By Edwin D. Epperson, III, Vertical Fund Management Corp.

Goals Aren’t Enough if They Aren’t SMART

How principles learned in the military paved a path

towards private lending

12 Anthony’s Rules for Success

Five steps to reachable goals

By Anthony Geraci, Geraci LLP

14 Industry Spotlight

8

12

Bill Humphrey

Co-Founder, New Direction IRA

22 Cities to Watch

Austin, Texas

By Max Berger, Geraci LLP

24 Upcoming Events 26 Loan Home

4 Originate Report | March 2018

22

www.originate.report 5

FEATURE

Six Benefits to a Paperless Loan Process

By Steven Davis, 5 Arch Better than almost anyone, loan originators know the woes of lost paperwork, sitting around waiting for signatures, and the emotional stress when stacks of paper pile up on your desk. But with the advantages of a paperless loan process, it doesn’t have to be that way anymore.

M

ore than 40 percent of today’s homebuyers are millennials. This generation grew up with smartphones and the internet and is fully accustomed to filling out paperwork online and accomplishing tasks, from hailing an Uber to buying a home.

Consider the benefits of a paperless loan process and the potential to capture more of the millennial market.

1. Paperless loans help reduce operational costs. From

the price of paper to ink, toner cartridges, printers and printer maintenance, paperwork raises a company’s costs for office supplies. Studies show the average corporation spends about $200 per employee on paper and related expenses per year, although the average for some industries is much higher.

2. No paperwork reduces office clutter and stress on lenders and loan originators. It’s not just supplies

that cost money. American workers spend the time equivalent of $70 million per day searching for lost paperwork. From lost productivity to worker frustration and poor morale, paperwork carries many hidden costs that can be reduced or eliminated with paperless loans.

3. Mobile capabilities speed up the process. Consider a fast and efficient loan

process that lets borrowers view forms and provide digital signatures through a computer or any mobile device. Loans won’t be delayed because loan officers are out of the office or borrowers are out of town.

4. Paperless loans reduce your office’s carbon footprint. That’s good for the

environment (and appeals to borrowers). Paper has a huge impact on the carbon footprint, or the amount of carbon gases released into the atmosphere, which has been shown to speed up global warming. Paper production emits carbon dioxide into the atmosphere, and the trees cut down to produce the paper are no longer able to consume that CO2. Additionally, used paper is eventually disposed of, further contributing to its carbon footprint.

In a Nielson Survey, 58 percent of consumers said they would be willing to pay more for a product from a brand that is environmentally friendly and, of those 58 percent, more than half were millennials. A green mortgage process can help you secure the business of this large demographic.

5. Digital loan applications are more secure than paper files. Although

cybersecurity is a key concern of anyone in the financial sector, many identity theft crimes still take place by low-tech means. If paperwork is left on a desk or in an unlocked file cabinet, it is often less secure than encrypted data on a secure network.

And it’s tougher to track the culprit, too.

6. A paperless loan process enables speed and certainty of closing. Perhaps

most importantly, a paperless loan process expedites closing. The faster your customers close, the less chance there is of a deal falling through.

Between the cost savings, the reduced environmental impact, and the increased productivity that emerge from a paperless loan process, you may wonder why anyone processes loans the old-fashioned way.

ABOUT THE AUTHOR: Steven Davis currently serves as the CIO and CFO of 5 Arch. Prior to this, he served

as the CIO of Arch Bay Capital, and the CFO of 3 Arch Financial Services. Mr. Davis has also served as the Vice President of Structured Finance and Analytics for The Irvine Company, and was a Director of Structured Finance at Deutsche Bank, where he oversaw approximately $200 billion in securities. Mr. Davis earned his MBA from Cornell University, and both his BS in Electrical Engineering and MS in Industrial Engineering from the University of Witwatersrand in Johannesburg, South Africa. CONTACT: | sdavis@5arch.com

6 Originate Report | March 2018

www.originate.report 7

ESSAY

Success is Learned Behavior

By Edwin D. Epperson, III President, Vertical Fund Management Corp.

Edwin D. Epperson III has a lot of stories to tell: as a U.S. Army Infantry veteran who served multiple tours of combat, from 2003 with the invasion of Iraq with the 3rd Infantry Division, to tours in Afghanistan with the 101st Pathfinder company with downed aircraft recovery missions, as a fearless Green Beret trained as a combat diver in Afghanistan and South America, and now, as a private lender-turned fund manager in private lending in Florida. The seemingly incongruous path to lending was gradual yet determined — and guided by the principles he learned in the military: communication and extreme ownership.

A

s a Green Beret Combat Diver on U.S. Army Special Forces Operational Detachment Alpha (ODA), Edwin met his share of challenges: grueling training sessions in the North Carolina wilderness, underwater training as a combat diver in the Florida Keys, tours of combat in Afghanistan, and advise and assist missions and foreign internal defense missions in South America. The challenges were physically, mentally and emotionally demanding. In North Carolina, he and other trainees were forged their way through the woods at night in freezing temperatures, chest-high water and no lights, all while avoiding the implied enemy. They endured mock captivity in an immersive environment while going several days without food or sleep. In dive training, recruits remained calm under water while oxygen was yanked from their mouths and their eyes temporarily blinded. They plotted and navigated beach assault landings while staying completely submerged. In Afghanistan, Edwin endured the pain of losing a close friend, fought firefights that lasted days, and helped forge a friendship with their partner Afghan Special Forces.

But Edwin views these experiences less as extremes of torture than simply tests of physical and mental stamina in torturous situations. More than anything, they are tests of character, will, and the desire to achieve. They are a training ground not just to endure the treacher-

8 Originate Report | March 2018

ousness of combat but the challenges of life. They are lessons in preparation, skill and responsibility: How to communicate. How to lead. How to take ownership.

How to be successful. How to fail forward and persevere.

He thrived in the U.S. Army for seven years with successive promotions, and later as a Special Forces Green Beret for six years. But during that time, he searched for a new challenge and was intrigued by residential real estate.

In 2010, he began to research real estate investments.

At a real estate club meeting, he met a broker who proposed this idea: Have you ever thought of becoming the bank? Intrigued, Edwin was introduced to George Antone, who became a mentor and eventually led him into real estate private lending. “From 2011 to 2014, I studied with George and other people,” Edwin says. “Mr. Antone mentored me on how to think like the bank, how to do due diligence, and how to use leverage and arbitrage.” As with everything that Edwin has achieved in his military career, his drive and demand to attain the next level pushed him to file his first Reg. D, 506(c), led

by Kevin Kim of Geraci Law Firm.

In early 2014, Edwin secured his first deal with a friend who had funds for the purchase but not for the rehabilitation. He aggregated several of his fellow Green

Berets’ investment monies — $40,000 — and $10,000 from himself. Together, they made a second-position loan to his fellow Green Beret who had the experience and knowledge. The friend completed the rehabilitation of the single-family residence and sold it. “I realized I could use arbitrage and leverage, but not just leverage of capital; leverage of time, knowledge and experience.

This was critical in making that shift in mindset from real estate investor to lender.” Edwin continues, “Using arbitrage, I was able to give my fellow Green Berets an 8% yield on their $40K, but I charged the borrower 12%. So, I created a 4% arbitrage, or spread on their $40K, and I made 12 percent on my $10K. The investors were happy because they knew their money was secured in real estate, albeit in second position. They got monthly interest payments for a few months and I gained some valuable lessons.”

It was now mid 2014, and Edwin was still serving in the Special Forces, but this time he found himself on his last combat tour to Afghanistan. During this last trip, he had made one more loan. “We were given the mission to clear a valley of several villages that the Taliban forces utilized as a main supply artery for fighters flowing into the country from Pakistan. We made preparations and planned for several hours of operation that turned out to be several days and a fight for our lives. Before our infiltration via helicopter, I sent an email with final approval of loan docs and wiring instructions to my inves-

tors and the broker. As I sat on the mountain preparing for our early morning raid, I had an epiphany: I realized I’m not geographically restricted. It was feasible for me to work from anywhere and make a loan. I could build a team, much like my ODA, by finding licensed professionals in the state I wanted to invest in. By utilizing the concepts of leverage and hypothecation, I realized I don’t have to go out and get all of these certifications or attain hours of education. I could use other people’s time, knowledge and experience as leverage.

“I lost a lot of good buddies on that last trip, and combined with this discovery of the freedom to become a lender, well it was enough for me to turn down my next re-enlistment opportunity. That was tough, because in my career path, the government spent a lot of money training us. I’ve read that to train a Special Forces Green Beret can can cost $500,000. I was offered a re-enlistment bonus of $75,000 for four more years. I had 12 ½ years of service at that time. That would have taken me to 16 ½. The next bonus: $150,000 to max out to 20-plus years. Yet I had a business I knew I could be successful in, and I felt that God was leading me out of the military into this new venture. So, I was determined to apply the same principles to private lending as I did to the military, knowing I would be very successful.”

He gave his notice to the military (any service in a special operations unit in any branch of the military is completely voluntary) and ended his career as a senior communications sergeant on a 12-man Special Forces combat dive team, after 13 ½ years of service. He received his last military paycheck in October 2015, and was honorably discharged. From October 2014 through October 2015 Edwin originated slightly more than 27 loans. In 2016, he originated 35 loans, and in 2017, 48 loans.

Survival and Preparedness

Edwin is adamant about his guiding principles, communication and extreme ownership, and his faith in Jesus, as the bedrock for all he does. In any special operations unit of the military, people live and die based on the preparedness of the unit and its ability to communicate and take extreme ownership. As a senior communications sergeant, Edwin knew this first-hand. “My role was to maintain communication with everyone in our sphere of influence, both vertically in our chain of command and horizontally in all other military units operating within our area of operation. It may seem dramatic, but it was a matter of life and death. If you’re in a multi-day firefight and you drop communication, and you’re not able to call in a medevac, that person will lose their life.

If you can’t call in for resupply and you’ve been fighting for days, you need to have food, ammunition, water and even backup, or literally men’s lives will be lost. There’s no McDonald’s nearby to grab a quick bite; there is no Holiday Inn to grab a nap. The only way you can get life’s necessities is by having communication. So that’s why communication is so critical to me.”

Communication, Edwin believes, is critical to the success or failure of any venture. “When a project starts to go south, investors start asking questions. Why is this taking longer? How come we’re not making progress?

People are averse to conflict especially over money. People want to bury their heads in the sand and hope it will eventually work itself out, and everybody will be made whole again and we can go on. Unfortunately, it does not work that way. So, you must maintain communication even in the worst of situations.

““There are three key factors to being successful: time, knowledge and experience. To gain experience, you must be able to implement the knowledge you have acquired. To be able to gain that knowledge and put it into practice to acquire experience, you must find the time to dedicate to your craft.”

“That communication between you, the investors, and your borrowers helps maintain trust and build an even foundation, regardless of which side of the table you’re on: investor, lender, or borrower. Everyone is working toward one goal, which is completion of the project, with the realization of the investor’s return of capital, and most importantly, the return on capital. This can only happen through consistent and constant communication. The worst circumstances can come about and people will still gather together and be a cohesive unit.

Should communication breakdown, that’s when trouble comes…trust erodes. And trust is the foundation of any relationship.”

In the Special Operations community, extreme ownership is drilled into everyone. “We wake to it, sleep to it, eat to it, live and die to it,” Edwin says. “You can pinpoint the one quality to those who finish and are selected during the three-week assessment and selections process, and endure and pass the two-year qualifications course: extreme ownership. The success or failure is 100% based on their own desire and ability to communicate openly and honestly and demand extreme ownership from themselves and others. Extreme ownership means you own everything in your operational and influential sphere. We even assume the responsibility of the success or failure of others outside our realm of control. If an action fails, we ask, what could I have done differently, how could I have approached this differently? What secondary or tertiary orders of effect could I have had in place to help this succeed? I live by these three mantras in my business: communication, extreme ownership, and my faith, and they comprise the foundational verticals of my business.”

In 2015, Edwin was able to maintain and lean into those foundational verticals despite an investment that

went sour: an unsecured loan that was supposed to be secure against six properties in Georgia. “In early 2015, I was feeling pretty confident. I was finding quality borrowers, and I had made around 10 loans at this point.

I was still in the Army but working behind a desk, so I had free time to build my private lending team, attend conferences, and expand my knowledge base. In April 2015, some family and friends invested with me in a two-week bridge loan. This was the first loan outside what I was comfortable with, yet a broker brought it to me, and I trusted this broker. We needed to close pretty quickly and there were red flags everywhere. I made the conscious decision to stick my head in the sand and believe everything the broker was telling me would work itself out. I abdicated my responsibility of extreme ownership to someone else: the broker.

“The borrower did not even own the properties, so we made an unsecured loan. The title company, which was not licensed to practice law in Georgia, violated my escrow instructions and sent money to the borrower. The borrower was indicted by the FBI a few months later for running a $1.2 million Ponzi scheme. I assumed the responsibility of more than three years of litigation with a cost well over $115,000 for that mistake: for not sticking to my underwriting guidelines, policies and procedures, and by not assuming extreme ownership.”

Not only was the money lost to a scam artist, so was Edwin’s confidence. However, he relied on one of the tenets of his Army training and began immediate communication with his investors. During the next few weeks, he again took up his position of fully owning his responsibility. “I finally took ownership of the entire transaction without casting blame on anyone but myself.

I was at the helm; it was my fault. I restored the confidence of my investors by communicating and taking extreme ownership. I overcame an insurmountable hurdle and I am grateful; of the seven investors with me on that loan, six have continued to invest with me in many following projects.”

George Antone, Edwin’s mentor, taught him to create policies and procedures and never break them. “Which I had done,” he says. To prevent another occurrence, he reviewed his guidelines and today ensures they are front and center in every transaction. “Now, we never violate our underwriting guidelines, policies and procedures. If we come across a new loan opportunity, we conduct an internal review of the opportunity; create a set of guidelines, policies and procedures specific to that loan opportunity; and create our loan products. Even if it’s almost identical to an existing product, we have clear guidelines, policies and procedures to bring that loan from inception all the way to reconveayance.”

Looking Toward the Future

His advice to others just starting out? “There are three key factors to being successful: time, knowledge and exStory continues on page 10

www.originate.report 9

Success is Learned Behavior continued from page 8

perience. To gain experience, you must be able to im-

plement the knowledge you have acquired. To be able to gain that knowledge and put it into practice to acquire experience, you must find the time to dedicate to your craft. As we all know, internally, time is our most precious and valuable asset. I didn’t have any experience or

knowledge in the mortgage industry, much less the real

estate industry. I first had to educate myself. Before that, I had to dedicate time out of my busy day.”

Edwin continues, “Also develop that sixth sense for

this industry and be able to read people. Scam artists abound, and when you are new, you become easily sus-

ceptible to the almighty dollar. Learn to listen to your gut. Be aware of the red flags and examine them. Never rush. If a broker or borrower is pushing you to close,

take extra precaution. As humans, we get complacent, comfortable, we take shortcuts. We begin to trust but

will take on. Investors will have a passive role yet will remain in the loop on all communication.

fund will be offering that no other lender is offering.

There also has been a surge in multi-family housing that I believe will continue to grow. However, there is a bigger movement underfoot right now.”

stop verifying. By not following policies and procedures,

Edwin is keeping his eyes on the national market, even

types of problems. Make it a practice to review each

says, “There is a shift happening right now as the ROI

Millennials, he says — and he emphasizes this is strictly

peaked. There is rate compression — so much capital

arrangements than their parents and their grandparents

you open up yourself to litigation, getting scammed, all deal after it’s complete by going back to the drawing board and asking, Can something be done better, more efficiently? If anything is broken, how can I fix it? Am

I sticking to my guidelines, policies and procedures? If not, why?”

“Also, when financially available, have a board of advisors or a committee, and outsource/hire your under-

writing. It’s hard to do when you’re first getting started, believe me. You are the originator, processor, commit-

tee, review board, CEO, and janitor. Yet at some point, you need to have other eyes on your loans to point out

red flags. This is where you can go back to the basic

function of leverage. Leverage your real estate attorney, your title company, your appraisal company, and others.

Ask them the questions and bring to them the red flags.

Then lean in on their advice and no matter how attractive a potential opportunity, follow their lead.”

For the last three years, Edwin has been on the brok-

ering end of the business in hard money and private money, assembling a team of associates and friends as

investors in various opportunities. Edwin says he feels

though his fund will focus in the southeastern states. He

for single-family residential investments seemingly has that wants to get used in loans and lending, which I have

heard and experienced over and over during the past two years. It’s become extremely competitive. Three

years ago, I originated notes at 3 or 4 points and made

12 percent. Now it’s common to have 1.5 to 2 points with rates at 9 percent or less. Everyone’s competing for the same money. If I want to compete, I have to offer my

capital at or below a competitor’s rates. I believe there is

oversaturation on single-family fix-and-flips due to this competition. I am not in the business of competition but

in the business of domination. To continue to dominate an arena, one must find new opportunities where you become the disruptive factor. This puts you in the pro-

active or aggressive stance. Otherwise you are reacting to the disruptive force, which is strictly reactionary, a defensive stance. So to become disruptive, I am look-

ing at many different avenues to deploy capital: new construction, developments in both the SFR and com-

mercial products, joint ventures, which is something my

his opinion — want something different for their living wanted. “They are much more concerned about com-

munity,” he says, “than single-family residences. Chasing the American dream means something different to the Millennial. A focus on social activism and community living will be a cultural disruptive force, affecting many

aspects of our society, housing being one of them.” He believes that because Millennials are waiting longer to

be married and don’t feel drawn to owning a big house

like their parents did, smaller is better, and efficient, green, simplistic living trumps the extravagant lifestyle their parents sought. “This is the disruptive force my

fund will focus on: finding development ideas and strat-

egies that will align with this cultural disruption. It is a dangerous cocktail for those in the industry who are

not willing to see the change and adapt. For myself and

my investors in the fund, these are exciting times, fertile

with new opportunities and the ability to venture into deep oceans, not just blue oceans.”

ABOUT THE AUTHOR: Edwin would like to thank several influencers who

called and driven to the next level, which is the fund

have helped shape and mold him into who he is today. First and foremost, he

responsibility on my shoulders, which is exactly what I

accomplished and succeeded in is all to His glory, period.” His support and rock

management space. “It’s a unique role; there is more

would not be who he is today without his faith in Jesus Christ. “Everything I have

strive for,” he says. “As a fund manager, I make all the

in times of duress is his wife, Carolina, who has been by his side through it all.

dependent on the investor who is providing the capital,

become a better man, husband and father, which all come before being a good

rules. As a broker/lender, my ability to make a loan is

“She is truly a blessing and a gift from God above. She constantly pushes me to

so I am not making the rules therefore I do not have

business man.” He also attributes everything that he has accomplished in the private lending space to his good

return of their capital at the close of each loan, investors

Willink and Leif Babin, who authored, “Extreme Ownership,” which epitomizes the thought process of those in the

the authority.” Now, instead of his investors receiving a

friend and mentor, George Antone. The last influencers Edwin would like to thank are fellow Navy SEALs, Jocko

can invest in the fund and receive an annual return on

the extreme. CONTACT: edwin@verticalfundmgmt.com

their money, as well as profit from ventures the Fund

10 Originate Report | March 2018

special operations community. He highly recommends this reading for anyone wanting to take their business to

You have knowledge. You have ideas.

Let us showcase your voice.

Currently we’re looking for articles showcasing: Business Development • Fintech/Newest Loan Programs • Automation in Today’s Evolving Society • Upcoming Trends & Changes • Marketing & Outreach Essential Tools & Technologies • New Legal Issues and Regulations.

Another idea? We’d love to hear that, too.

Write for us. Email submissions@Originate.Report for more information.

www.originate.report 11

ANTHONY’S RULES FOR SUCCESS

“If you want to be happy, set a goal that commands your thoughts, liberates your energy and inspires your hopes.” -Andrew Carnegie “Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.” -Pablo Picasso

“The greater danger for most of us isn’t that our aim is too high and miss it, but that it is too low and we reach it.” -Michelangelo

“Give me a stock clerk with a goal and I’ll give you a person who will make history. Give me a person with no goals and I’ll give you a stock clerk.”-JC Penny

Goals Aren’t Enough if They Aren’t SMART

By Anthony Geraci, Geraci LLP

I

have to admit something. I was never a huge fan of Alice in Wonderland. The story was great and all, but the Cheshire Cat… I think someone was high when they wrote the cat in. Even so, it has one of the most impactful quotes to me in my life. It goes a little something like this: “Would you tell me please, which way I ought to go from here?” Alice asked.

“That depends a good deal on where you want to get to,” said the Cat. “I don’t much care where-“ said Alice “Then it doesn’t matter which way you go” “-so long as I get somewhere,” Alice added as an explanation.

I often talk to people and literally the response I get is “I don’t know what I want to (do/go/fill in the blank).” While figuring out where you want to eat could take awhile, what about what you want to do with your life? I can tell you, if you aim at nothing, you are bound to hit it. So what do you want to do with your life? Do you want to be a top athlete?

The best at your career? Whatever it is, the only way to achieve anything in life is to set goals.

How to Set Goals

As silly as this may seem, have you ever thought about how to truly set goals? Have you set them and then wonder how they’re not achieved? Let’s dive in a bit.

Are Your Goals Dumb or Smart?

How do you set your goals? “I want to be thinner” “I want to be promoted.” “I want to be Chewbacca.” While these goals are great, what do you think the chances are that they will be achieved? My guess – likely 0. In order to achieve them, you need to change your goals from dumb, i.e. nonspecific and likely not achievable, to SMART.

12 Originate Report | March 2018

How can you make them smart? Let’s break these down with an example:

not achievable. If not, you should look at your goal and try to change it to fit your reality.

REALISTIC

Is losing 75 pounds realistic? Possibly. We don’t know when you want to accomplish this by, so if it’s a longer period of time, it is realistic. But if you want to lose 75 pounds in a week, that’s not very realistic (tape worms, etc excluded from this analysis!)

TIMELY SPECIFIC

Let’s take that you want to be thinner. Is thinner specific?

Great. Next.

MEASURABLE

How about measurable? How will you know when you’ve reached it? Can you achieve “thinner?” Depends. What does “thinner” look like? Welp, let’s set the goal at 75 pounds, changing the goal from “I want to be thinner” to “I want to lose 75 pounds.” Will you know when you’ve reached it, now? Absolutely.

ACHIEVABLE

Is it in your power to achieve? Sure. You could exercise and eat less, right? You have the ability to lose weight. What if a medical condition prevents you from this? Then likely it’s

When do you want to accomplish your goal by? If you want to lose 75 pounds in a week, then go back to realistic.

If, however, you want to lose 75 pounds in 1 year, then it is definitely realistic and timely.

So, the final goal, would be “I want to lose 75 pounds by 1/5/2019.” Is that SMART? YES! A shortcut to this, then, would be “From X, To Y, By Z” Putting the goal another way, you could say “I want to go from 400 pounds to 325 pounds by 1/5/2019” and it is SMART.

What goals can you set SMARTly? What will you accomplish? 2018 is a brand new year. If you’re searching for that one person that will change your life, take a look in the mirror.

To your success in 2018, Anthony

ABOUT THE AUTHOR: Named a Super Lawyers® Rising Stars in the legal field, Anthony Geraci is the managing shareholder of Geraci in charge of firm strategy and development of Geraci’s team and culture. He is skilled in mortgage lending and securities law and has authored numerous articles on real estate finance and security subjects. Mr. Geraci is a leader in creating national mortgage pools and mortgage funds as well as sophisticated net branching arrangements among several mortgage companies. Mr. Geraci is also an active member and a member of the board of directors of EO (Entrepreneurs Organization).

CONTACT: (949) 379-2600 | a.geraci@geracillp.com | www.geracillp.com

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SPOTLIGHT

Industry Spotlight: Bill Humphrey Co-Founder, New Direction IRA

14 Originate Report | March 2018

A

As a recognized expert in IRS regula-

tions surrounding self-directed IRAs, 401(k)s, and other tax-advantaged ac-

counts, Bill Humphrey has spent years providing

first-class education on alternative retirement

assets to investors, accountants, and real estate professionals. An experienced Certified Public

Accountant, Mr. Humphrey has focused on in-

come tax, auditing, tax-related real estate issues,

and forensic accounting for over 20 years.

In 2003, Mr. Humphrey co-founded New Di-

rection IRA, a provider and administrator of

self-directed retirement accounts that allow

alternative holdings like real estate, precious

metals, and promissory notes. Mr. Humphrey

provides direct oversight of technological

empowers lenders to supplement their personal income with tax-advantaged retirement income, all while utilizing familiar strategies.

OR: What is New Direction doing differently in 2018 than in previous years?

BH: Demand for IRA-owned cryptocurrency seemed to dominate 2017, so we’re working hard to offer straightforward custodial services for investors hoping to allocate their retirement dollars toward Bitcoin and other key assets in that space. In conjunction with this effort, we’re diligently searching for ways to incorporate as much technology as possible into every investment process. Stacks of paperwork and lengthy processing times have led to negative stigmas about self-directed retirement investing, so we’re always striving to transcend those stigmas by providing the most efficient client experience we can.

experience and safeguard sensitive person-

al information. He also promotes a com-

pany-wide knowledge base of the current issues that affect alternative asset markets

and our clients. New Direction IRA pro-

vides administrative services for nearly

17,000 accounts and approximately $1.88 billion in holdings.

Originate Report: How did you get started with New Direction IRA? Bill Humphrey: Before starting the company in 2003, our other co-founder and I were real estate investors. As we continued to achieve personal success in the alternative asset space, we began to ask ourselves, “Why can’t we do this with our retirement plans? Why not yield these same profits while enjoying the tax benefits of an IRA or 401(k)?” We learned that we had been able to invest in that very manner all along, but our advisors and brokers — who drew commissions Bill Humphrey from publicly traded securities — were not overly keen to share this information. Once we knew about the alternative investing options available through retirement plans, we left Wall Street and never OR: What sets New Direction apart from other IRA looked back. We started New Direction IRA to give providers? everyday investors the same opportunity.

BH: New Direction sets itself apart through comprehensive asset administration and competitive fees.

OR: What can New Direction offer loan originators?

Most IRA providers only allow stocks, mutual funds, BH: We love teaching loan originators about putting and other more traditional IRA holdings. Those that their expertise to work for their retirement, just as we permit alternative investments often limit their clients did with real estate. Your IRA funds can collect into a handful of options, while others charge such riterest on loaned money in the same way you do with diculous fees that investors question the viability of personal money, all with the tax advantages provided self-directed investing. by the account. You, through the freedom afforded by

If you’re in business for yourself, SEP IRAs and Solo 401(k)s provide self-employed individuals with higher contribution limits and more flexibility than other retirement savings vehicles. In a nutshell, New Direction

OR: What tools are essential to making New Direction succeed?

BH: The deep knowledge base and common purpose of the staff keep us going everyday. This may seem like a cookie-cutter service business, but it’s really not. Everyone who services our accounts moves in one direction and always works as a team. They understand our processes, why they’re important, and they’re sensitive to the ultimate goal of helping our account holders achieve their retirement goals.

We also strive to provide as much client education as possible. Although we’re unable to advise or recommend an investment strategy, we take great pride in offering free access to blogs, webinars, and other valuable resources to give our clients every possible tool to succeed.

advancements that improve the investor

self-direction, can still manage your lending activities using the practices you’ve already mastered.

OR: How did you get started in this industry?

BH: As a CPA and forensic accountant, I have always been involved in tax issues and have maintained a special interest in the effects of particular tax strategies over time. Also, as I mentioned before, my time as a real estate investor prompted my investigation of the self-directed IRA field.

Our clients have the ability to invest in just about anything allowed by the IRS, from more common strategies like private lending or real estate to more obscure opportunities like livestock, timber and oil. We’re also proud to help preserve your IRA earnings by not charging an arm and a leg for our services.

OR: What are some of the biggest challenges that New Direction IRA faces in the coming months/ years?

BH: We’ve set some very lofty goals for 2018 in terms of growth as a company. The fulfillment of these initiatives will help New Direction expand our services and reach new investors like never before. Specifically, we look forward to further pursuing a presence in the cryptocurrency IRA space, as investor enthusiasm within this arena doesn’t appear to be waning.

OR: What has been the most important factor in your company’s growth?

BH: We remain committed to implementing new technology that promotes streamlined investment processes and secured client information. Such technology has already set New Direction apart within the self-directed retirement industry. Our success is further tied to our dedicated staff, which has consistently grown to meet the needs of our expanding client base.

OR:What are some of your professional goals for 2018?

BH: A seamless integration between investors and their asset vendors will be essential in 2018. We’re especially excited about the continued development of our myDirection®Pro platform, which will allow asset providers and advisors to better collaborate with their clients through secure access to mutually relevant information.

CONTACT Bill Humphrey | bhumphrey@ndira.com www.originate.report 15

effort for origination with personal funds. Key improve-

FEATURE

ments in efficiency can become evident with an online dashboard specifically designed for IRA management.

Through your personalized portal, you’ll be able to se-

curely authorize new investments, manage incoming payments, make contributions, or initiate any other transactions with the push of a button.

The Fees Are Too High

As with any retirement strategy, unreasonable administrative fees can chip away at your profits and stifle your long-term earning potential. A quality self-directed IRA

provider will permit you to choose a fee structure that suits your needs, most often on a per-asset or per-value basis. A per-asset fee schedule should allow you to pay a flat rate for each loan in your portfolio, so a $50,000

note would carry the same fee as a $5,000 note. The $5,000 asset may warrant the per-value fee schedule, as

you’ll typically pay lower fees for lower-valued assets in this model. Proper retirement administrators help their

clients retain more of their earnings by offering choices

The Misperceptions of IRA Investing

By Clay Malcolm, New Direction IRA

A

mong those seeking to hedge against market

from administration fees, which we’ll touch on below)

investing with self-directed IRAs draws at-

may never be used to bolster your IRA holdings unless

volatility, fresh opinions flow as alternative

tention. You’re already well aware of the virtues of orig-

inating private loans, but have you considered imple-

decisions. Below, we’ll discuss three common misperceptions about self-directed IRAs.

The Rules Are Too Strict

The IRS requires distance between an individual and

empowers investors to manage their activities in a vir-

originating loans with IRA funds, you may qualify your prospective borrowers, establish terms and interest

rates, and secure the note with collateral as you see fit.

You can even collect principal and interest payments in

cessing times when following titling guidelines and en-

benefit from your IRA investments. You must also main-

tain a full separation of your personal and retirement funds. Income earned by your IRA assets must flow

back to the account and any inherent expenses (apart

16 Originate Report | March 2018

help you avoid paying out-of-pocket for earnings you won’t enjoy until years down the road.

into your retirement plan can be easier than some circles

self-directed retirement investing are certainly worth considering, and they’re available through the strategies

you’ve already come to master. There’s an abundance of educational materials for anyone looking to get started with alternative assets in their retirement plans, so don’t be afraid to seek the answers you need and put your expertise to work for your future.

ABOUT THE AUTHOR:

account.

cannot “self-deal” with your IRA, nor may disqualified

children, their spouses, your spouse, etc.) derive direct

istrative fees will never be taxed as distributions and can

to your IRA provider and never to your personal bank

The Process Is Inconvenient

persons (direct family members like your parents or

other investment expenses. IRA funds that cover admin-

person as long as the funds are immediately forwarded

his or her retirement assets, but self-direction affords

a greater deal of flexibility than you may think. You

IRA earnings toward fees in the same way you would for

would have you believe. The tax advantages provided by

tually identical manner as a personal investment. When

know your full spectrum of options and make educated

run. Your account provider should allow you to apply

you make a contribution (deposit).

you somewhat deterred by someone who may not have

In the marathon of retirement, we believe you should

by retirement accounts will offset your fees in the long

As you can see, incorporating a private lending strategy

Beyond these circumstances, self-directed retirement

fully understood the nuances of self-directed investing?

Furthermore, you may find the tax advantages offered

must be paid by the IRA. Your personal funds or assets

menting this familiar strategy with your IRA, 401(k),

or health savings account (HSA)? If you haven’t, were

instead of locking in a single set of fees.

Clay Malcolm is Chief

Business Development Officer at New Direction IRA, Inc., a provider of

You may envision stacks of paperwork and endless pro-

self-directed retirement plans that hold alternative investments. With over

suring your ducks are in a nice, legal row. However, advancing technology is helping to remove these bar-

riers and shorten the distance between investors and

20 years of management experience, Clay draws upon his comprehensive processional background to cultivate

their desired assets. From a lending standpoint, loan

an education-based culture and impart knowledge

play but won’t require anything beyond the ordinary

com | www.ndira.com

agreements and security documents will still come into

about self-directed IRAs to clients and partner issuers.

CONTACT: 877-742-1270 (Ext. 113) | cmalcolm@ndira.

www.originate.report 17

FEATURE

House Passes Bill to Increase HMDA Reporting Threshold

By Jaspreet Kaur and Bryan Redington, Geraci Law Firm

O

n January 18, the House moved forward legislation that would exempt many credit unions, community banks, and small lenders from specific Home Mortgage Disclosure Act (HMDA) reporting requirements.

The House passed H.R. 2954 by a 243 – 184 vote. The

unions and community banks, allowing them to expand their product offerings.

“Community banks and credit unions are weighed down

with the same compliance burdens as larger institutions, without the advantages of massive compliance departments,” said Rep. Scott Tipton (R-Colo.).

resolution increases the threshold of mortgage origina-

House Financial Services Chairman Jeb Hensarling (R-

Current law requires that lenders that originate more

lations under Dodd-Frank which are considered bur-

tions that must be reached to trigger HMDA reporting. than 25 loans over the previous two years collect data and report it to the CFPB.

The Home Mortgage Disclosure Adjustment Act would increase the exemption so that lenders originating few-

TX), has long criticized the CFPB for imposing regu-

densome to financial institutions. Hensarling said that the Bureau overstepped its mandate with the HMDA

reporting requirements and that the regulation is hurting consumers by restricting their access to capital.

er than 500 closed-end mortgages or 500 open-ended

In a statement, Hensarling said, “like many things the

exempt from the reporting requirements.

was originally intended by Congress, and effects have

lines of credit in each of the previous two years are The legislation was supported by credit union trade groups and smaller mortgage lenders, as it will ease the

CFPB is involved in, the rule went far, far beyond what far-reaching and negative consequences on community financial institutions and home buyers.”

burden of providing specific mortgage application data

Not all lawmakers supported the move, however, with

Republican lawmakers hailed the legislation, saying it

stating that the data collection is crucial in ensuring

to the CFPB via the online HMDA reporting portal.

helps consumers by reducing the regulations on credit

18 Originate Report | March 2018

Democrat ranking member Maxine Waters (D-CA) equal opportunity guidelines are being followed.

“HMDA data provide information on mortgage lend-

ing patterns and trends that allow regulators, lenders,

researchers, and the public to better understand and address redlining concerns by identifying possible dis-

“Americans want the opportunity to achieve the American dream - to own a home, buy a car, or start a business,” Emmer added.

“I am proud the House passed the Home Mortgage Disclosure Adjustment Act to provide relief for these institutions to help make that happen.”

criminatory lending patterns, and monitoring compliance with and enforcement of statutes, like the Commu-

nity Reinvestment Act; and Federal anti-discrimination laws, like the Equal Credit Opportunity Act and the Fair Housing Act,” she said.

Republicans have signaled that they want to reduce

HMDA requirements further, and have already shown

a reluctance to penalize companies violating aspects of the data collection and reporting rules.

Story continues on page 20

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House Passes Bill to Increase HMDA Reporting Threshold continued from page 18

The bill passed on a strictly partisan vote, with only nine Democrats crossing party lines to vote for the resolu-

introducing this bill, House Speaker Ryan for bringing it

Jim Nussle, President and CEO of the Credit Union

of reducing credit unions’ regulatory burden,” he said.

much-needed regulatory relief for credit unions, partic-

to a vote, and all members who voted today in support

National Association agreed, saying “This bill provides

ularly smaller ones, and we’re pleased to see it pass the House.”

tion, and 183 voting against it. Minnesota Republican

He went on to explain that HMDA’s expanded report-

tently hears from banks and credit unions claiming they

and community credit unions are struggling with the

The bill now heads to the Senate for consideration. With

relief, credit unions will be able to focus on what they

ministration may need to exert some pressure on law-

Rep. Tom Emmer praised its passage, saying he consis-

are having trouble with the cost of compliance related to the law. “Some have significantly reduced the amount of mortgages or loans they originate or even stopped offering mortgages altogether,” he said.

ing requirements have inflated the cost of compliance additional expense. “With this much-needed regulatory do best – providing financial services to Americans who need them most,” he added.

“Americans want the opportunity to achieve the American dream - to own a home, buy a car, or start a busi-

ness,” Emmer added. “I am proud the House passed the

Home Mortgage Disclosure Adjustment Act to provide relief for these institutions to help make that happen.”

Credit union trade groups were also quick to issue praise to lawmakers for getting the legislation thru the house.

In a statement issued shortly after the bill’s passage, National Association of Federally-Insured Credit Unions President and CEO, Dan Berger thanked members of Congress. “NAFCU thanks Representative Emmer for

Republicans holding a one-seat majority, the Trump ad-

makers to ensure the resolution gets passed and reaches his desk for signing.

ABOUT THE AUTHORS:

Jaspreet Kaur is an Associate in the real estate finance section of the Geraci Law Firm. Ms. Kaur leads the firm’s consumer compliance practice and is familiar with the vast array of state and federal consumer regulations, including TILA and RESPA. Ms. Kaur’s experience includes representing lenders and brokers, preparing commercial, residential, and construction loan documents, in addition to drafting assignments, modifications, subordination agreements, and custom agreements. Ms. Kaur graduated magna cum laude from Chapman University School of Law and obtained her Bachelor of Arts degree in Economics from the University of California, Berkeley.

CONTACT: 949-379-2600 | j.kaur@geracillp.com

Bryan Redington is a Transactional Associate in the Banking and Finance section of Geraci Law Firm.

Mr. Redington obtained his Bachelor of Arts degree in American Law History from the University of California, Berkeley with cum laude honors. Mr. Redington graduated from University of Oregon School of Law, where he gained experience clerking for both civil litigation and criminal defense firms. Mr. Redington’s passion for transactional law practice came from a semester of independent study under the guidance of Real Estate Transactions Law Professor Elizabeth Frost. Mr. Redington’s research focused on expanding use of “Not in My Backyard” or (NIMBY) restrictive covenants across the country.

CONTACT: 949-379-2600 | b.redington@geracillp.com

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If you’re a loan originator looking to build your business and gain insight from the nation’s top mortgage brokers, bankers, lenders, and lawyers, Originate Report is for you. Distributed to 35,000 professionals in the private lending industry every month, this is where you come to see and be seen.

To discuss submitting original articles, or for general Originate Report questions, email us at submissions@originate.report.

behind you all the way. find us online at www.originate.report www.originate.report 21

CITIES TO WATCH

Capitol Building: Austin, TX 22 Originate Report | March 2018

Cities to Watch:

Austin, TX

By Max Berger, Geraci LLP

A

s the capital of Texas, the “Live Music Cap-

vital graduate workforce. For the industrious and en-

Dining

“Cities of the Future” list (Forbes), Austin

tunities. As for the famed live-music scene of Austin,

in the United States that has more fully embraced the

ital of the World,” and the no. 1 spot on the

has developed quite a reputation. It has been nicknamed “Silicon Hills” because of the numerous high-profile

tech companies that have established a presence there (such as Amazon, Apple, Google for a start).

Additionally, the University of Texas at Austin is one

of the leading universities in the state and provides a

look no further than South by Southwest; it’s one of

the largest music festivals in the country, and it happens every March. It is no surprise that Millennials have been moving to Austin in droves.

For business, the city provides a huge economic lure: It’s a people magnet. Between 2010 and 2014, the pop-

ulation grew 13.2%, in large part driven by domestic in-migration, according to Forbes magazine. The edu-

Austin, Texas

cated proportion of its population between 25 and 44

Economy:

• Major industries: technology, pharmaceutical, biotechnology • Minimum wage: $7.25 per hour • Cost of Living: 13% above national average

Housing:

• Median Household Income: $68,034 • Median Home Price: $333,900 8.6% increase from last year • Median Rent Price: $1,595

Job Market:

trepreneurial-minded, the city presents limitless oppor-

is 43.7%, well ahead of the national average of 33.6%.

Rising wages, a low cost of living and job growth in technology and other sectors attract growing families.

Must-visit locations

When it comes to dining options, there may be no city food truck trend than Austin. Luckily, some of the best

ones have opened their own full-fledged restaurants.

Visit Veracruz All Natural to get a taste of Austin’s

best taco truck, or try Be More Pacific for the best

Filipino fare. Experience the mouth-watering dishes

from Holy Roller that provide unique takes on typical

American comfort food, or get a taste of quality French dining at Le Politique.

Entertainment

They don’t call Austin the “Live Music Capital of the

World” for nothing. Stroll down the world-famous

Sixth Street on the weekend for an incredible array of live music spots, bars, and restaurants. Don’t miss

Pete’s Dueling Piano Bar for great music and per-

Zilker Metropolitan Park: For a good time with formances, and an incredibly fun atmosphere. Esther’s

the whole family, spend an afternoon exploring one of

• Forbes List: 8 Best Places for Businesses and Careers • Unemployment: 3.5% • Job Growth from 2016: 3.9% • Loan Originator avg salary: $56,762 (meets national average)

Austin’s most beautiful locations. It’s great for outdoor activities like nature walks, sports and swimming, and

it’s also home to excellent art museums, a botanical garden and biking trails. Bring the kids to the Nature and

Science Center, where they can dig for prehistoric fossils in the Dino Pit.

Barton Springs Pool: This be-

loved landmark is contained within Zilker Metropolitan Park,

yet the pool is more well-known

to tourists and locals than the park. Affectionately nicknamed

Follies is the undisputed favorite for great comedy shows, magic, improv, and of course live music.

Nightlife

Depending on how much energy you’re willing to expend, Pubcrawler of Austin is one of the most

enjoyable attractions the city has to offer. Rent one of

these 15-person bikes and take a scenic tour all around the city, stopping at the best bars and pubs along the

way. Visit the legendary Continental Club for great

music and drinks, or give The Broken Spoke a try if

you’re up for dancing the two-step.

“The Soul of Austin,” the Barton

Springs Pool is the perfect place to

cool down on a hot day. The temperature stays consistent around 70 degrees, and Native Americans

Lake Travis: Austin, TX

believed the spring water contained healing properties.

Max Berger is a Marketing Assistant at Geraci LLP and supports all marketing campaigns, projects, and events throughout the corporation and contributes to the execution of the firm’s growth.

CONTACT: (949) 379-2600 m.berger@geracillp.com

www.originate.report 23

UPCOMING EVENTS

All event dates subject to change.

Please visit conference websites for agendas and details.

Upcoming Events

2018

Don’t be left out! Showcase your upcoming event here!

Contact Ruby@originate.report for more information.

MARCH

APRIL

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MAY

Activate 2018 Conference JUNE

May 9-11, 2018, Los Angeles, CA www.geracicon.com

JULY

AUGUST

Captivate 2018 West August 26-28, 2018, Las Vegas, NV www.geracicon.com

SEPTEMBER

OCTOBER

Captivate 2018 East TBD October 2018, Boston, MA www.geracicon.com

NOVEMBER

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24 Originate Report | March 2018

November 4-6, 2018 www.aaplconference.com

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M XI LOA MU N $ Co M mm LO A e N Co rcia $ ns l

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Do you want to find your loan a home?

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www.alistpartners.com scott@alistpartners.com (512) 687-6263

JCAP Financial Group www.jcap.net info@jcap.net (949) 622-6199

100K 50M √

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Direct Lender

250K 5M

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* TX

Direct lender against Texas Real Estate—EB-5 loans and projects in most states.

√

Direct Lender

Olympia Financial Mortgage Inc.

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EB-5

A List Partners Management, LLC

* AZ, CA, CO, CT, DE, FL, GA, IL, MD, NV, NJ, NC, PA, SC, TX, VA, WA

√

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California Properties, 1st & 2nd TD’s

50K 25M √

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ACC Mortgage

MA

MI

NI

LENDER

TYPES OF PROPERTIES WE LEND TO

um e Br idg r e Co rpo ra Ac t ion s qu isi / Tru No tion sts/ L tes s a nd ega De l En Pu ve t rch lop ities as me Re ed nts ha b Bla / Re nk mo de et Se Loa led/ co ns Re nd no M va Jo ted int ort g Ve ag Fo ntu es rei r gn es Na Ot t io he na r ls MA XL o Ch an-to urc -Va he lue s/ (% La Te nd ) m ple / MA (B X s/ Au are tom / Co Syn Term ag m (yr o me o Re tive s rci gues ) tai al/ l (S Lo h En t) ter ops/ tai St r Ga nm ip Ma s S en lls tat t ) ion Le s isu re Ho (Go sp ita lf Co Mi lity ( urse xe d- Hote s/ M ari ls) Re use sid Pro Indu na) en s p Ra tial er t ie trial Inv nc es s h tm Se es a en lf-s nd tor Fa t Pro pe ag rm Re rtie s sta e s ura Of nts f ic e

TYPES OF LOANS

PRIVATE MONEY LOAN HOME

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California Properties, 1st & 2nd TD’s

Pacific Private Money

150K 5M

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26 Originate Report | March 2018

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70/30

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* CA

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1M N/A √

100K 10M √

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√

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√ √ √

√ √ √

√ 80/30 √

75/30 √

√

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Credit Union Lender

√

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2018

*All 50 States

* = states lending in

Helvetica Group um e Br idg r e Co rpo ra Ac t ion s/ T qu is ru No ition sts/ s tes an Leg d D al Pu ev Enti rch elo ti as pm es en Re ed ts ha b Bla / Re nk mo de et Se Loa led/ co ns Re nd no Mo va Jo ted int rt g Ve ag Fo ntu es rei res gn N Ot he at io na r ls MA XL o Ch an-to urc -Va he lue s/ ( La T em %) / nd MA ple (B X s/ Au are tom / Co Syn Term ag m (yr o me o Re tive s rci gues ) tai al/ l (S Lo h En t) ter ops/ tai St rip Ga nm Ma s S en lls tat t ) ion Le s isu re Ho (Go sp ita lf Co Mi lity ( urse xe d- Hote s/ M ari ls) Re use sid Pro Indu na) en s p Ra tial er t ie trial Inv nc s e h stm Se es a en lf-s nd tor Fa t Pro pe rm a Re rtie s sta ge s ura Of nts f ic e

MA

MU M XI LOA MU N $ Co M mm LO A e r N Co c $ ns ial

NI

LENDER

MI

COMMERCIAL LOAN HOME TYPES OF LOANS TYPES OF PROPERTIES WE LEND TO

*All 50 States

√

Look for this Lender’s Ad in this issue of Originate Report

www.originate.report 27

28 Originate Report | March 2018