Lone Star LO Issue 1 2024

ISSUE ONE 2024 | $20

STAR LIGHT, STAR BRIGHT

TEXAS APPRAISAL TUSSLE Appraisers fight back against claims of valuation bias

A PUBLICATION OF AMERICAN BUSINESS MEDIA

Lone Star housing's bright spots & dark spots

WHAT PROPOSITION 4 MEANS FOR LOs MINGLING BUSINESS & PLEASURE ESCAPING THE LOW INVENTORY DILEMMA Embracing community living as an alternative Elizabeth Korver-Glenn, Sociologist

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STAFF

FROM THE PUBLISHER

Vincent M. Valvo CEO, PUBLISHER, EDITOR-IN-CHIEF

A Bulb Lights Up Lending

Beverly Bolnick ASSOCIATE PUBLISHER Christine Stuart NEWS DIRECTOR Keith Griffin SENIOR EDITOR Katie Jensen, Sarah Wolak, Erica Drzewiecki, Ryan Kingsley STAFF WRITERS Alison Valvo DIRECTOR OF STRATEGIC GROWTH Julie Carmichael PROJECT MANAGER Meghan Hogan DESIGN MANAGER Christopher Wallace, Stacy Murray GRAPHIC DESIGN MANAGERS Navindra Persaud DIRECTOR OF EVENTS William Valvo UX DESIGN DIRECTOR Andrew Berman HEAD OF CUSTOMER OUTREACH AND ENGAGEMENT Matthew Mullins, Krystina Coffey MULTIMEDIA SPECIALISTS Alan Nero MEDIA SPECIALIST Melissa Pianin MARKETING & EVENTS ASSOCIATE Kristie Woods-Lindig ONLINE ENGAGEMENT SPECIALIST Regina Morgan ADVERTISING SALES EXECUTIVE Nicole Coughlin ADVERTISING ASSOCIATE Lydia Griffin MARKETING INTERN

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T

he crocuses are saying hello.

To my wife, there is no surer sign of Spring's impending arrival than the crocus bulbs that have been popping up.

Crocuses are wonderful allegories for mortgage lending.

Generally, they pop to life as the cool winter recedes, although they can also frequently be found poking up even when there is a fresh coating on the ground. Mortgage lending ramps up when Spring arrives, even in warmer weather states. There's just something about knowing Spring's rebirth is here that gets people looking for new spaces. It's the time when originators look for the rebirth of their business, usually after a slow Winter (even though there may be pops of business here and there, just like the curious early crocus arrivals).

For the most beauty, crocuses should be planted in clusters, and in the Fall for their glorious debut in Spring. So, too, should loan originators be working in the Fall to spread the word of their services, to build new relationships, to be thinking of additional strategies, so that when the Spring buying season finally arrives, they are prepared for a glorious surge in originations. In Autumn and Winter, LOs should be going to gatherings, visiting real estate offices, holding home borrower seminars in their local libraries—clustering, one might say.

The beauty of the crocus blossom is dependent on the climate, and of course the success of an LO's origination strategy will depend on whether there is downward movement in interest rates. But so far, the forecast for crocuses looks good, and barring an unexpected about-face by the Fed, the outlook for slipping rates seems a lot sunnier than it did last year.

If you, like my wife, look forward to seeing the annual return of the crocus, you'll be happy to see those red and pink and yellow and purple darlings colorfully announcing a new season. And while there are groups of originators who bloom in any season, most of the community really comes alive when Spring is in full blossom, in every sense of the word.

Well, folks: the crocuses are saying hello. LSLO

VINCENT M. VALVO CEO, Publisher, Editor-in-Chief vvalvo@ambizmedia.com

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INSIDE THIS ISSUE

32 The Appraisal Battle C OV E R STO RY

>

A conflict is shaping up between appraisers and academics over the issue of appraisal bias.

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Lone Star News Roundup

24 A Village Solution

12

A Housing Deep Dive

36 People On The Move

A look at the news that’s important for the mortgage industry across the state of Texas.

Markets are flexible across the Lone Star State, with a mix of winners and losers.

CoHousing Houston is a plan for affordability and building community.

A Roundup of Texans landing new jobs or being awarded promotions.

14 The Facts Behind Prop 4

40 The LO Down

20 Blurring The Lines

42 Events Calendar

There are questions that need answered about the new tax cut initiative.

Life is a welcome mixture of personal and business for this Texas tomboy.

Learn some facts about the leading real estate markets in Texas.

Connect and learn from the very best in the business.

OUTSIDE THIS ISSUE

FEB

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Texas Mortgage Roundup — Austin

JUL

11

Ultimate Mortgage Expo — New Orleans

SEP

Texas Mortgage Roundup — Dallas

05

Tuesday, February 20, 2024 Austin Marriott South

Thursday, July 11, 2024 Hotel Monteleone

Wednesday, September 5, 2024 DoubleTree by Hilton Dallas Galleria

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LONE STAR NE Texas Housing Manufacturers Preparing To Ramp Up Activity In 2024 The state’s housing manufacturers expressed optimism heading into 2024, prompting a stretch of payroll expansions and capital expenditures, according to the November edition of the Texas Manufactured Housing Survey (TMHS).

“Housing manufacturers have increased hiring activity for eight consecutive months,” said Wes Miller, senior research associate at the Texas Real Estate Research Center (TRERC) at Texas A&M University. “Payroll expansions accelerated in November, probably as plant managers attempt to onboard and train new employees before the spring selling season.

There’s also been an uptick in labor supply that has moderated wage growth across the industry.”

Additional manpower is necessary for production to keep pace with steady sales activity.

“Manufacturers have been slowly building up their output of homes, starting from 2014 production levels in January to now running in line with where they were before the COVID-19 pandemic,” said Rob Ripperda, vice president of operations for the Texas Manufactured Housing Association.

“The TMHS indicates that new orders were a little softer in November, but a majority of respondents are expecting increases over the next six months, and retailer inventories are dramatically lower than they were one year ago.”

However, idiosyncratic supply disruptions may limit capacity usage as demand strengthens.

“Housing manufacturers’ supply chain volatility is a bit of a puzzle,” said

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TRERC Research Economist Harold Hunt, Ph.D. “This is the second survey increase in disruptions in the past three months. Diesel fuel prices have dropped 29% from their June 2022 peak. Container shipping rates have decreased even more dramatically from their September 2021 high.”

While the TMHS supply chain disruptions index has fluctuated widely since September, manufacturers reiterated their expectations of stability heading into 2024.

“The major barrier to goods shipments has been a 40 to 50% reduction in ships passing through the Panama Canal,” said Hunt. “It is unknown, however, how much this bottleneck is affecting manufactured housing production.”

$217,461 > The average mortgage debt in the Lone Star State.

Guaranty Bank & Trust Launches CommunityFirst Mortgage And Development Program Guaranty Bank & Trust N.A. and its parent company, Guaranty Bancshares Inc. announced the launch of the "Guaranty CommunityFirst Mortgage and Development Program."

Guaranty says the program will provide $1,000,000 in subsidized mortgage loans for residents in

majority-minority census tracts in South Dallas and throughout the Dallas metro area. An additional $100,000 will be set aside for closing cost assistance and subsidies. The bank also claims it will provide up to $100,000 in financial support for South Dallas community partnerships that support homeownership, financial literacy education, and workforce training.

"At Guaranty Bank & Trust, we understand that homeownership is not only a personal achievement but also a foundation for stronger communities," said Ryan Coaxum, senior vice president and community development officer at Guaranty Bank & Trust.

"The Guaranty CommunityFirst Mortgage and Development Program is our way of giving back and helping individuals and families achieve their homeownership goals while contributing to the strength of our community."

According to Guaranty’s website, the CommunityFirst program involves three pillars: affordable financing with competitive interest rates and flexible terms; closing cost assistance; and local expertise to offer support throughout the homebuying process.

Per a release from Guaranty, the program is “designed to empower individuals and families within our communities to achieve their dream of homeownership while fostering a stronger, more inclusive neighborhood.”

Texas Makes Top-10 List Of States With Residents In The Deepest Debt A new financial report puts Texas on the top 10 list of states whose residents are shouldering the highest debt levels in the country. The report by

EWS ROUNDUP personal finance website CreditDonkey examined each state's average mortgage debt, student debt, automobile debt, and credit card debt. Rankings were determined based on which state had the highest amount of debt.

Texas, which came in at No. 9, was ranked highly due in large part to its rampant amount of auto loan debt — the most out of all 50 states. Over 100 million Texans have loans on their cars, which has racked up more than $1.5 trillion in auto loan debt. The average Texan's auto loan debt stands at $27,739.

Texans' higher-than-average credit card debt was also a major factor, according to the report. The average credit card debt amount adds up to $6,542.

The average mortgage debt in the Lone Star State is $217,461, while the average student debt amounts to $33,354. For a house-rich city like Fort Worth, affording a starter home will cost residents 14.4% more than it did in 2022.

While Texas' level of debt is no laughing matter, residents can find some relief (once again) in the fact that they're not living in California.

Californians have the most debt in America, with the average mortgage debt at nearly $423,000 per household, and an average student loan debt of $37,384. Any Texans considering relocating might want to rethink their choice with that level of debt on the horizon.

CreditDonkey Director of Research Anna Ge explained the "multifaceted story" of why debt in Texas (and overall in the United States) has skyrocketed over the years.

"The causes for the surge in debt are rooted in a confluence of factors – from the pursuit of higher education to

“The ease of access to credit, while providing immediate relief, has contributed to a culture where spending can outpace income...” > Anna Ge CreditDonkey Director of Research

home-ownership aspirations and the challenges of rising costs across the board," she said. "The ease of access to credit, while providing immediate relief, has contributed to a culture where spending can outpace income."

Population growth and consumerism are two other driving factors, according to Ge. "There are also more deep-rooted issues that are causing such drastic increases in debt, from rising costs of essentials such as gas and groceries, to healthcare and living expenses (rent and bills), as costs continue to rise many Americans are being pushed to the edge and require relief that inevitably results in the building up of debt," Ge continued.

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LONESTAR NEWS ROUNDUP “The October spike in mortgage grew slightly while outpacing the Houston-The Woodlandsrates thankfully retreated in November, nation. Sales tax revenue declined but Sugar Land Home Prices remained elevated in October. providing an affordability boost to Up 4.6% Year Over Year In October, Texas existing-home prospective buyers and fueling home First American Data & Analytics, a national provider of property-centric information, risk management, and valuation solutions and a division of First American Financial Corporation, released its November 2023 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real-time at the national, state, and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid, and luxury tiers.

Houston-The Woodlands-Sugar Land HPI In the Houston-The Woodlands-Sugar Land CBSA, home prices increased by 4.6% in November compared with a year ago and increased 0.3% compared with October 2023. See below for pricetier data.

November 2023 National HPI Highlights The First American Data & Analytics’ non-seasonally adjusted (NSA) HPI showed that nationally in November 2023: • Between October 2023 and November 2023 house prices increased 0.3%.

• House prices increased 7.6% between November 2022 and November 2023.

• House prices reached a new peak for the eighth month in a row in November 2023.

• House price growth reported in last month’s HPI for September 2023 to October 2023 was revised down 0.3%age points, from 0.4% to 0.1%.

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sales fell 1.6% month over month amid modest home inventory and high mortgage rates, with 26,000 sales. High mortgage rates persisted, averaging 8.11% in October, and continued to impact housing affordability. The three-month moving average of Texas single-family housing construction permits has increased over the past seven months, and growth in October slowed to 0.5%.

Weekly initial unemployment claims increased in Texas as well as the nation in mid-November. While remaining significantly below Jan. 2021 levels, new Texas unemployment claims trended up to 17,955, the highest Texas Economic level since late June 2023. U.S. initial Indicators unemployment claims likewise trended According to the Dallas Federal Reserve up, at a slower pace, to 233,000, the Bank, the Texas economy expanded at highest level since mid-August 2023. a slower pace in October. Employment The Texas unemployment rate has held grew modestly, while unemployment steady at 4.1% since May, while the U.S. remained flat. The October Texas unemployment rate was 3.9 in October.

Business Outlook Surveys (TBOS) Texas employment expanded reflected slower output growth in 1.2% in October. September growth manufacturing and flat activity in the was revised up to 5.8%. Year to date service sector. Existing home sales fell through October, Texas payrolls amid low inventory and high mortgage grew an annualized 3.4%. Job gains in rates. In September, Texas exports October were mixed, led by growth in information services and oil and gas sectors. Payrolls were flat to down in construction, manufacturing and other services. The Dallas Fed’s Texas Employment Forecast, released Nov. 17, forecasts 3.2% job growth this year, slightly down from the previous estimate of 3.3%. price appreciation. Preliminary November results indicate that home prices increased for the eighth consecutive month,” said Mark Fleming, chief economist at First American. “This holiday season, homeowners are the ‘grinches,’ hoarding housing supply from willing buyers and keeping upward pressure on prices. However, the new year offers hope to discouraged buyers as sellers’ anchor bias to historically low mortgage rates fades, and the potential for slightly lower mortgage rates further improves affordability.”

1.6%%

Month over month, Texas existing-home sales fell amid modest home inventory.

Mr. Cooper Considers Sublease Options In North Texas According to The Real Deal, an online news website, Mr. Cooper is looking to reduce its footprint in the Metroplex.

The mortgage lender is considering

LONESTAR NEWS ROUNDUP offering its nearly 176,000-square-foot headquarters, at 8950 Cypress Waters Boulevard in Coppell, for sublease. The property isn’t currently listed.

The company’s employees have been moving to “a successful home-centric environment,” making office space less of a necessity, Mr. Cooper said through a spokesperson.

Mr. Cooper has mounting legal trouble. On Oct. 31, the company said it experienced a cyber attack in which unauthorized third parties gained access to customers’ names, social security numbers, addresses, phone numbers and dates of birth.

Since the breach, at least four class action lawsuits have been filed against Mr. Cooper, alleging the company did not adequately safeguard the confidential personal information of its approximately 4.3 million customers.

Mr. Cooper laid off about 1,500 employees last year, most of them in Arizona, the Dallas Morning News reported.

Stairs Financial Platform Launches To Help First-Time Homebuyers The number of first time home buyers in the U.S. is shrinking and is at an all-time low. They accounted for just 26% of all home purchases last year, the lowest level in 41 years. Helping these first time home buyers achieve their American Dream, mortgage marketplace Stairs Financial has launched with a $3.5M funding round.

Texas-based Stair Financial was founded by Malcolm-Wiley Floyd and Scott Fritz, who met as roommates at Harvard. The mortgage marketplace helps connect first time buyers with local lenders as well as detailed down payment assistance.

Stairs’ free mortgage comparison product is powered by their database of home buyer programs and mortgage

Stairs Financial provides first time buyers with a growing library of resources and guides to take the uncertainty and unexpected challenges out of buying a home. products. It leverages automation and computer vision technology to track changes to assistance programs, like fluctuating rates, updated eligibility requirements, and new program launches.

Stairs also provides first time buyers with a growing library of resources and guides to take the uncertainty and unexpected challenges out of buying a home. In addition to their Home Buying Guide, which holds first time buyers’ hands through the basics of interest rates, credit and more, Stairs has also built a specific guide to down payment assistance, focused on how it works and how it can help buyers buy homes with less savings than their parents had.

Stairs is now live in Texas with licenses across 40 states. They plan to expand nationwide in 2024. Floyd commented: “High interest rates, low inventory and high prices have combined to make it really hard for young Americans to buy homes. Our generation has had to deal with two recessions and a global pandemic during our peak earning and home buying years. Many young Americans won’t be able to afford to buy a home with a conventional 20% down mortgage.” LSLO

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HOUSING

TEXAS HOUSING INSIGHT:

Sales And Prices Take A Plunge Austin and Dallas show gains while Houston weakens and San Antonio plummets

BY JOSHUA ROBERSON AND KOBY MCMEANS, SPECIAL TO LONE STAR LO

H

igh mortgage rates continue to put downward pressure on the housing market, with Texas home sales decreasing 5.9% year-over-year (YOY) in October. The average price fell alongside sales, with homes costing around $6,000 less than in September. Demand for new construction increased despite the high entry barrier into the housing market. Homes continue to sit on the market longer, increasing by a week since the start of the year.

HOUSING DEMAND REMAINS WEAK High mortgage rates continue to decrease demand for homebuyers, leading to Texas' total home sales falling 3.7% to 26,164 sales in October. The “Big Four" metros were split, with Austin and Dallas experiencing gains while Houston and San

Joshua Roberson

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Koby McMeans

Antonio fell significantly. Austin had the highest monthly elevation with a 2.4% growth rate, while San Antonio plummeted by 6.1%. The gap between Dallas and Houston grew as they moved in opposite directions. High mortgage rates continue to increase the entry barrier for buyers, leaving only the most committed buyers in the market.

The state's average days on market (DOM) enters its sixth month of decreases, falling from 59 days in February to 52 days in October, indicating a shorter listing period. Among the major metros, Houston (44 days) posted the only monthly decrease, while San Antonio (70 days) posted the largest gain. Dallas (44 days) and Austin (68 days) remain unchanged from the previous month.

Housing supplies are stocking up as active listings marked their seventh straight month of increases, climbing 4.1% to 98,875 listings. All four major metros posted monthly gains with Houston (8.5%) adding 1,867 listings, while Austin (0.9%) had a moderate gain of 84 listings. The constant increases since the start of 2023 have put the state's active listings number at October 2019 levels.

The state's new listings fell 1.45% to 42,100 in October. San Antonio contributed heavily to this decline, falling over 17% (790 homes). Amid the rise in active listings, the months of inventory (MOI) grew to 3.8 months, with all four major metros posting marginal gains.

HOUSING

High mortgage rates continue to increase the entry barrier for buyers, leaving only the most committed in the market.

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HOUSING HOUSING TANGO

HIGH MORTGAGE RATES CONTINUE TO IMPAIR AFFORDABILITY

OCTOBER 2023 SUMMARY

The Fed's effort to curb inflation has led to a substantial rise in both treasury and mortgage rates. The 10-year U.S. Treasury Bond yield grew for the sixth consecutive month reaching 4.8%. Likewise, the Federal Home Loan Mortgage Corporation's 30-year fixed rate increased to 7.62%, up 42 basis points. The inflated mortgage rate is expected to further raise the cost of homeownership, decreasing mortgage applications.

SINGLE-FAMILY PERMIT LEVELS REBOUND

DAYS ON MARKET

52 days ACTIVE LISTINGS

4.1% MOM MEDIAN HOME PRICE

1.9% MOM HOME PRICE INDEX

0.1% MOM

Texas' single-family construction permits rose 1.1% month over month (MOM) to 12,619 issuances. All four major metros reported growing demand for permits except for Houston (4,007 units), falling 4.6%.

Among the other three metros, both San Antonio (967 units) and Dallas (3,731 units) saw double-digit monthly percent gains at 31 and 24%, respectively. Austin rebounded from last month's fall, climbing 8.7% to 1,643 units.

Construction starts grew alongside construction permits according to data from Dodge Construction Network. Single-family construction starts increased 1.2% MOM to 11,556 units. Both Dallas and Houston led with over 3,250 houses breaking ground, surpassing the combined total of other metros outside the Big Four. Home project starts in Austin (1,605 starts) and San Antonio (694 starts) surpassed the typical 2:1 ratio.

The state's year-to-date total

single-family starts value climbed to $25.4 billion, up from $22.8 billion in September. Starts values continued the previous month's trend of mirroring the values observed in 2019. Houston and Dallas remain the largest contributors, accounting for more than half of the state's construction activity values. Dallas' market share rose to 30.2%, with Houston trailing at 29.7%.

MEDIAN HOME PRICE FALLS FOR FIRST TIME SINCE FEBRUARY After last month's spike in median home prices, October erased that increase with the housing market easing as the median home price fell 1.9% MOM, falling by over $6,000 from last month. Housing prices remained elevated, but this month they declined as all of the Big Four metros reported monthly decreases with Austin experiencing the greatest decrease at 3%. Dallas and Houston declined by over 1% while San Antonio declined the least at 0.7% (Table 2).

Due to the price rise, half of homes are now priced at $200,000$300,000 or $300,000-$400,000, accounting for 26% and 24% of total home sales, respectively.

The Texas Repeat Sales Home Price Index (Dec 2004=100) moderated at a 0.1% MOM loss but was up 1.5% from the previous year. Austin had the lowest annual appreciation with a 5.7% YOY decrease while Houston showed the highest annual appreciation at 2.5%.

LSLO

EDITOR’S NOTE: this report was compiled by the Texas Real Estate Research Center at Texas A&M University.

More info is available at www.recenter.tamu.edu.

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MATT

RCNCAPITAL.COM

860.432.5858

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OPINION

TEXAS PROPOSITION 4:

A Tax Cut Bonanza Or Burdensome Boon?

Beneath the surface lies layers of complex questions

W

BY GENE GRIFFIN, SPECIAL TO LONE STAR LO MAGAZINE

ith echoes of jingling pockets and soaring real estate values, Texas Proposition 4, the recently approved constitutional amendment promising significant property tax cuts, has injected itself into the state’s social and economic landscape.

But beneath the celebratory veneer lie layers of complex questions: where will the money come from, who will truly benefit, and what does this mean for the long-term financial health of Texas?

The proposition centers around two key components: • Increased homestead exemptions • Tax “compression” Approximately $6.5 billion will be used to increase the Texas homestead exemption. The exemption, which

“While increased affordability might lead to a short-term spike in home sales, the potential for future tax increases could dampen the long-term market stability.”

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shields a portion of a homeowner’s property value from school district taxes, more than doubles from $40,000 to $100,000 ($110,000 for homeowners 65 and older).

Tax compression, meanwhile, involves the state sending billions of dollars to school districts, allowing them to lower their tax rates without compromising revenue.

On the surface, the allure is undeniable. Homeowners rejoice at the prospect of saving an average of $1,200 annually, businesses envision a lighter tax burden spurring growth, and the mortgage industry anticipates a surge in activity fueled by increased affordability.

However, a closer look reveals potential shadows lurking within the sunny picture.

Funding the Feast: The estimated $12.7 billion price tag for Proposition 4 hinges largely on Texas’s current budgetary surplus, fueled by factors like oil and gas price hikes and federal COVID-19 relief. But relying on such temporary windfalls for permanent tax cuts raises concerns about sustainability. What happens when these sources dwindle? Will future generations be left grappling with higher taxes to plug the current budgetary gap?

Mortgage Maze: For the mortgage industry, the initial enthusiasm may be tempered by long-term impacts.

While increased affordability might lead to a short-term spike in home sales, the potential for future tax increases could dampen the long-term market stability. Lenders will need to navigate this uncertainty and ensure responsible lending practices.

Equity Matters: While the proposition promises benefits for homeowners, the distribution of those benefits will likely be uneven. High-value properties will see significantly larger savings compared to lower-cost homes, potentially exacerbating existing inequalities.

Additionally, renters, who constitute a sizeable portion of the state’s population, will see no direct benefit from the property tax cuts.

Shifting Sands: Critics point out that while homeowners enjoy relief, the burden may simply shift to other sectors.

OPINION

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OPINION

Local governments, reliant on property taxes for essential services, could face funding shortfalls, potentially impacting infrastructure, public safety, and education.

Additionally, businesses exempt from the homestead exemption might see their taxes rise to compensate for the lost revenue.

Beyond the Bottom Line: Ultimately, the true impact of Proposition 4 transcends mere dollar figures. It sparks a vital conversation about Texas’s priorities, values, and long-term economic trajectory.

Can short-term tax cuts come at the expense of essential services and future fiscal stability? How can we ensure equitable distribution of resources and opportunities? And how can we foster

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sustainable economic growth without neglecting vital social investments?

Texas Proposition 4 is a complex, multifaceted issue with both enticing promises and potential pitfalls. It is not simply a matter of celebrating lower tax bills but a call for careful consideration, rigorous analysis, and responsible planning. Only by fostering open dialogue and prioritizing long-term well-being can we ensure that this “tax cut bonanza” doesn’t morph into a “burdensome boon” for future generations of Texans. LSLO Gene Griffin is Sr. Mortgage Advisor, Summit Mortgage Solutions

I am more than who I am on paper.

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It’s time to let your skills shine.

Find resources for breaking through barriers like degree screens and stereotypes. It’s time to tear the paper ceiling limiting STARs: workers Skilled Through Alternative Routes rather than a bachelor’s degree.

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LIFESTYLE

Business Is Personal For Texas Tomboy Stacey Maisano

For this networking juggler, balancing career and connections takes center stage

BY RYAN KINGSLEY, STAFF WRITER, LONE STAR LO MAGAZINE

N

ot many people know Stacey Maisano can handle a circular saw (and a battery of other power tools). “Craftsman,” she repeats, pledging her allegiance to the brand.

As for a woodworking hobby inherited from her father and grandfather, so for mortgage finance – relationships are everything. But loyalty for the sake of loyalty isn’t the lesson Maisano’s learned from more than two decades working in the industry.

“It’s more of loyalty from the standpoint of being in a partnership together. Being able to continue to fulfill a customer’s needs and growing as the lender’s growing,” she explains.

It’s what Maisano likes about the industry and what’s kept her in it since the early 1990s when she began her

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career in the home lending world as a closer preparing legal documents at the Houston-based real estate law firm Pierson Patterson. “The friendships, working together, giving back in the form of mentorship, and being involved, even on a personal level. I’m all about home buying and being a homeowner.”

Since 2018, Maisano has been the director of business development at Polunsky Beitel Green, Texas’ oldest law firm exclusively representing residential mortgage lenders. Working at the firm has reinforced her belief that business is personal, and there’s no reason it shouldn’t be.

“Every weekend I go out to Lake Livingston, and I get real tomboy” – another thing, Maisano confides, not many people know about her.

Nestled in the southwest corner of the East Texas Piney Woods, Lake Livingston

is the third-largest lake in Texas and just an 80-minute drive northeast of downtown Houston.

“I invite people from the mortgage industry out there who are friends. I like to share that. I’m just a down-to-earth Texas tomboy.” Maisano cracks an easy smile when asked to describe what a Texas tomboy looks like. “What you see is what you get. Down-to-earth, no makeup, out in nature, just hanging out” with the people she hangs out with on a daily basis, anyway.

NO SEPARATIONS While some people hesitate to mingle business and pleasure, Maisano attributes her personal growth and professional success to her refusal to separate the two.

Using your personal and professional network is paramount to success in the

LIFESTYLE

“I’m not going to have two different lives, a business life and a personal life. I’m just going to have life.”

mortgage industry, she says. If you’re successful in doing so, personal and professional growth become parallel processes.

“At the end of the day, we’re all human beings, and it’s all about connection. I’m not going to have two different lives, a business life, and a personal life. I’m just going to have life. I’m not going to be someone different in business than I’m going to be personally, and I think that’s where we connect as humans, just as being ourselves and being real.”

It’s a lesson Maisano wishes she’d learned earlier in her career. After her start as a residential closer, Maisano moved on to work as an underwriter, loan officer, and title company escrow officer. From there, she served in executive roles including as a regional sales manager, vice president of mortgage production, and originations managing director, before arriving at Polunsky Beitel Green.

Having been on the lender side for many years, Maisano has an extensive understanding of the challenges lenders and originators face. In her executive roles, she focuses on helping people find the courage to connect as human beings by “being real.” Her work isn’t selling, but meeting people’s needs. Because business is personal, collaboration is key, if you believe, like Maisano, more is achieved together.

“When I came to work for Polunsky Beitel Green, Allan Pollunsky really instilled in me to give back to the industry and be in the rooms where decisions get made.

Be able to be a part of that and collaborate where those decisions are being made. So I started doing that when I came on board almost five years ago, and I wish I would’ve done that earlier in my career … I’ve really gotten to make a lot of good friends and connections.”

> Stacey Maisano

Director of Business Development Polunsky Beitel Green

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LIFESTYLE that we can get together soon. In the meantime, please have a cup of coffee on me.’”

Montoya thinks it’s the best – and easiest – way to stay at the forefront of partners’ minds.

“I’d always tried to do that, but when things are busy you don’t have so much time. But, when business is down, that’s when the time is that you need to do things like that.”

LOCAL OPPORTUNITIES

BANISH THE MYTH Presently, Maisano serves as a director of the Texas Mortgage Bankers Association, committee member of the Texas Mortgage Women Bankers, and a captain of the Mortgage Bankers Association State Mortgage Action Alliance. Previously, Maisano served as president of the San Antonio Mortgage Bankers Association, vice president of the Houston Mortgage Bankers Association, and education chair of the Texas Mortgage Bankers Association, among other roles.

To those in the mortgage industry who are not in trade associations, because

and business development officer of warehouse lending at Merchant’s Bank of Indiana, met Stacey five years ago through the Texas Mortgage Bankers Association’s mentorship program. It was late 2021, when the housing market was starting to turn that Maisano’s preachings about making business personal really came into focus for Montoya.

“We were having our best years ever, and then we were coming into some of the hardest years ever,” Montoya remembers. “It was challenging for me in the sense of how do I stay in touch with all of these referral partners I have? How

For Maisano, mentorship and giving back to the industry also mean expanding opportunities for other industry professionals to get involved – particularly women – at the local level.

“There are people in our industry who are just starting and they’re not going to national or state conferences,” Maisano says. “We used to have a local women’s association throughout all the different cities, and that kind of went away.”

To address the lack of opportunities at the local level, Maisano and a few other women recently founded the Women’s Inclusive Mortgage Industry Network (WIMIN). The new Houston-based nonprofit aims to provide avenues for community professionals to connect through peer-to-peer mentoring and community resources, such as the WIMIN podcast, WIMIN magazine, and a member directory. Their inaugural luncheon was in May, in Houston.

The hope of Maisano and her founding

“I never really involved myself in any industry associations because I always thought I didn’t have time for them.” > Stacey Maisano they think they don’t have time, Maisano would like to banish that myth.

“I never really involved myself in any industry associations because I always thought I didn’t have time for them.” She insists the commitment is not as time consuming as it’s made out to be, and the rewards of getting involved in a trade association far exceed the time cost, “not only from a leadership standpoint but a collaboration standpoint.”

Roxie Montoya, vice president

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do I stay in touch with clients I’m trying to court? Prospects, how do I stay on the forefront of their minds … You’re trying to hustle, you’re trying to get business, and not everyone has time to spend an hour on the phone with me every day.

That’s when Stacey gave me the idea.

She’s like, ‘Sometimes I just send a little hand-written ‘Thank You’ card with a $5 Starbucks card,’ and say, ‘Hey, I know we’re both busy, but I wanted to let you know that I’m thinking of you and hoping

members is that chapters will spring up in other cities as more industry professionals experience the value of getting involved in their trade associations.

The mission is personal and reciprocal for Maisano because she’s been the beneficiary of amazing mentorship from both men and women. It begins, though, by “being involved in the rooms where the collaboration goes on and the decisions get made… I really, really would encourage that.” LSLO

RISE ABOVE THE REST Successful women are constantly looking to hone their skills, build relationships and better understand how to use and improve their abilities and talents. They want to be able to share their experiences and questions with colleagues who understand, and do it in an environment that helps build connections that last a lifetime. That’s why there’s the Mortgage Star Conference for women in the mortgage profession, a specially-designed hands-on immersion event centered around superior results.

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TAKES A VILLAGE

It Takes A Village To Buy A House CoHousing Houston seeks to tackle availability and loneliness in one fell swoop

BY SARAH WOLAK, STAFF WRITER, LONE STAR LO MAGAZINE

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T “

here’s not just a housing crisis, there’s an epidemic of loneliness,” Cate Springer says. Springer, a Los Angelesbased architect, has constantly lived in major metro areas: New York City, Boston, and San Francisco. But Springer, who is preparing to be an empty nester, is trading in her city digs for a small, condominium-style housing unit in Houston.

Where Springer’s relocating to isn’t your typical homeowners association with its fees and amenities galore.

She’s moving into a cohousing community. Cohousing, by definition, is an intentional community of private homes clustered around shared space, in which the community spaces are managed and governed by all, but households have private living arrangements. The concept reads uber-progressive and originated in Denmark in the 1960s. And Texas is just a few short months away from achieving its first cohousing community.

Enter CoHousing Houston, a multimillion-dollar project of the exact nature that “will serve as an interactive livable space for neighbors in a sustainable environment.” It’s no affordable housing project by any means – the average cost of a unit is $550,000 – but households are acquiring more than just square footage. Per CoHousing Houston’s leader Lynn Morstead, households are investing in a sense of community and mutual support. A central feature is the 4,200-square-foot

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TAKES A VILLAGE

3An aerial rendering of CoHousing Houston.

“It’s providing Houstonians housing and we want to be associated with that.

And it’s a creative solution to the crises we’re seeing between housing inventory and an overall need for community.” > Alvin Johnson IV

Regional Loan President Texas First Bank

“common house” for shared meals and socializing, complemented by amenities such as an edible garden and an indoor courtyard. Morstead also mentions a sustainability element; the housing development will have a geothermal heating and cooling system and a collective composting setup. “It is a grassroots initiative by private citizens who want to live differently in a more connected and sustainable way,” Morstead said. “We are building our own homes, investing in some ecofriendly more sustainable features, such as geothermal heat and cooling exchange.”

The feasibility of CoHousing Houston hinges on perspective—it could be seen as a daring move or an opportune choice. Houston, the second-fastest-growing and fourthmost-populous metropolitan area in the nation, according to the U.S Census Bureau, is notorious for its sprawling and car-centric nature.

The city resembles a concrete jungle and is seldom lauded for progressive urban planning, all set against the Texan backdrop of wide-open spaces, large homes, and a strong sense of independence.

However, the residents of Houston are known for their openmindedness, cultural diversity, and creative inclinations. “Texas gets a reputation for being an uptight, red state, but I’ve come to find that the people I meet here are openminded,” Springer says.

STRONG INTEREST

S

o far, Morstead confirmed in early December that 25 of the 33 available units are claimed.

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TAKES A VILLAGE

While the cohousing development is still undergoing construction, the units will face a large common green

But amenities aside, CoHousing Houston poses a unique challenge and opportunity for lenders. Springer says that each household can select their own lender but is presented with a list of preferred lenders. Trish Becker-Hafnor, executive director of the Cohousing Association of America, lived in a cohousing development for three years in Denver, Colorado, leaving right before the COVID-19 pandemic. “I found myself in a house in the suburbs and had a kid on the way. I have a supportive partner, but we couldn’t do it alone. So we moved into cohousing, and it was amazing, it was so helpful … because we had people who would help take care of her,” she explained. “But when we [decided] to move, we were able to pick our own lender and sell it like a condo.”

Becker-Hafnor says that although there are over 300 cohousing

establishments either fully-fledged or “Different in development, some lenders she’s worked with have expressed confusion communities when dealing with cohousing households and loans. “A common have different misconception is that cohousing is agreements, so an affordability strategy,” she said. the same cost of buying a unit it’s important that “It’s in a cohousing community as it is building a regular home. And because a lender and a it’s essentially a private home, it’s a private real estate transaction. real estate agent Different communities have different agreements, so it’s important that a are well-versed and a real estate agent are wellin the cohousing lender versed in the cohousing development.”

Becker-Hafnor is a cohousing development.” aficionado. She’s delivered TED

> Trish Becker-Hafnor

Executive Director Cohousing Association of America

Talks on the subject, was a partner for her cohousing development Aria Cohousing Community, and is passionate about a concept called “suburban loneliness,” which she says drives many into cohousing living as a

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TAKES A VILLAGE IN DENIAL 3A rendering of what the common dining space in CoHousing Houston will look like.

new norm. “Interest in cohousing spiked up after the pandemic because so many people were lonely in their homes, and there’s a sharing element and a taking-careof-each-other element that exists in a living situation like cohousing,” she said. “We are resilient in community.”

GREAT EXPECTATIONS

T

he idea for a x started with Morstead more than six years ago when she started gauging interest in the idea of a cohousing development through social media posts, Facebook ads, monthly public meetings, and a formal website. Inclusivity is a big theme on the website, with each member sharing a story about why they’re choosing W. The reasons

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vary: empty-nesting, interest in sustainable living, retirement, loneliness.

Inclusion also has a role in the loan process.

“What we were hoping to do was identify one mortgage broker, not necessarily a lender, that the group can work with because the project isn’t exactly a condo, but it’s filed as one,” Springer explained.

“Some lenders shy away and have limited products; what may work for one individual may not work with another. CoHousing often involves people with nontraditional incomes, so we want a lender who can work with the non-W2 borrower. The challenge is though that cohousing has more space than regular condominiums, which affects appraisal values.”

Springer, who is on the finance, legal, and development committee, says that the committee has a list of Texas-based lenders on its radar.

They’ve been in close contact with Heather Palomo, senior vice president of mortgage lending from Center Bank Houston, about being a preferred lender for the development. “Our commercial division is doing the upfront development and I’m handling the residential mortgages, but everyone in the development still has their right to choose,” Palomo said.

“There haven’t been any closings yet, and we’re approaching it like condo-style loans.”

Alvin Johnson IV, the regional loan president for Texas First Bank, says the bank started partnering with CoHousing Houston in July 2022 as the project’s construction lender in a three-way agreement with Center Bank. “We’re locally owned and based in the Houston area, so as a bank, [we need to] explore different opportunities,” Johnson said. “It’s providing Houstonians housing and we want to be associated with that. And it’s a creative solution to the crises we’re seeing between housing inventory and an overall need for community.” LSLO

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C OVER STO RY

Appraisal Showdown In The Lone Star State

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COVER STORY

Clash of perspectives on appraisal bias sparks debate

BY SARAH WOLAK, STAFF WRITER, LONE STAR LO MAGAZINE

A

battle is shaping up between appraisers and academics over the issue of appraisal bias. Is it real or not?

Researchers are certain that appraisal bias is still prevalent in the Lone Star state, specifically in Texan metros, and allegedly exacerbated by the COVID-19 pandemic. With the rise of political instability and some talking heads referring to the pandemic as a “Chinese virus,” research suggests that Asians in Texas, in particular, are seeing the harsh results of appraisal bias.

But one Texan appraiser is poking holes in researchers’ claims. Kicking those claims to the curb is Steve Kahane, owner of Greater Houston Area Appraisals and president of the Association of Texas Appraisers, which claims a membership of over 500 appraisers hailing from states including Texas, Florida, Idaho, Louisiana, and Mississippi. The heart of the association lies in South Central Texas, home to its largest constituency.

Kahane firmly disagrees with the decree that Texas is under an appraisal bias siege. “From my standpoint as an appraiser, the data isn’t correct,” Kahane said. “As far as bias in general, many of the studies have been done by non-appraisers, which leaves erroneous questions and conclusions, which then equals bad data.”

A report from 2022 titled “Appraised: The Persistent Evaluation of White Neighborhoods as More Valuable Than Communities of Color,” leveraged data from the Uniform Appraisal Dataset (UAD) sourced from Fannie Mae and Freddie Mac. The study, conducted by sociologists Junia Howell and Elizabeth

“The bigger issue is that there’s too much variance in appraiser opinions and values.

There’s no exact value for a home. It’s a market opinion. On any given day depending on how a house is marketed, it can sell for more or less.” > Steve Kahane Owner, Greater Houston Area Appraisals and President, Association of Texas Appraisers

Korver-Glenn, analyzed appraised home values to identify racial disparities in various neighborhoods across the United States.

But when evaluating several Texan metros data for 2021 – Austin, Dallas, El Paso, and Houston – the sociologists’

findings revealed that the pandemic exacerbated an alarming spike in appraisal bias, especially against Asians.

Howell and Korver Glenn’s hypothesis is congruent with all-over data in the state: Dallas saw Latino, Black, and South and East Asian mean appraisal values stay low over time as white values uptick.

And Austin’s mean appraised value was $543,716 for white homes but just $257,049 for minority homes.

Kahane alleges that not a single appraisal bias case – never mind an appraisal bias for an Asian home – has ever been adjudicated in a court setting.

“There’s an assumption that it exists,” he said. “Based on my interpretation of the anecdotal evidence about whitewashing homes, the same things happen to everyone who complains about first low appraisals. The bigger issue is that there’s too much variance in appraiser opinions and values. There’s no exact value for a home. It’s a market opinion.

On any given day, depending on how a house is marketed, it can sell for more or less.”

Historically, the blame for appraisal bias has been deferred to the legacy of segregation and historic redlining practices in the nation overall. But Howell alleges that this systemic issue – which seems to be widening in the Asian community – is still prevalent, specifically in Texas.

But it goes beyond homeownership and appraisals. According to a 2023 STAAUS (Social Tracking of Asian Americans in the U.S.) Index, half of Asian Americans report feeling unsafe in the U.S. due to their race/ethnicity. Only 22% of Asian Americans said they felt a sense of belonging and acceptance in the U.S., which is drastic in comparison to 57% of white respondents.

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COVER STORY

Junia Howell Sociologist

APPRAISAL WRONGDOINGS?

H

owell and AREAA’s concerns dovetail with the looming issue of appraisal bias and inaccuracies. Simply stated, an appraisal is an evaluation of a home’s property market value. Howell says in the report that appraisers are encouraged to evaluate multiple “neighborhood factors,” including education, household income, development, and public services. But Howell and Korver-Glenn both argue that appraisers are taking those outside factors and others, such as the racial makeup of a neighborhood, into consideration and as justification for their reports.

Formerly a Texas resident, Howell said she’s been researching appraisal bias for a decade, particularly in the state. “I noticed a habitual pattern of appraisal bias,” she said. “Homes in black and brown neighborhoods would have multiple offers, and then the appraisal would come back lower than expected, which changes the course of the offers. And that wasn’t happening in white neighborhoods. In fact, homes were also over-appraised in white neighborhoods.”

Howell acknowledges that her and

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Elizabeth Korver-Glenn Sociologist

Korver-Glenn’s multiple reports about racial inequality in appraisals have criticisms and gaps. “Some [appraisal value] inequality can be explained by the house’s characteristics, but at large, most inequalities were clearly driven by the racial composition of the neighborhood,” she said. “So me and [Korver-Glenn] expanded our research to look across the nation’s large metro areas, and we found a similar pattern of bias.”

But in the duo’s 2022 report, a new angle emerged: Asians facing xenophobia

Some [appraisal value] inequality can be explained by the house’s characteristics, but at large, most inequalities were clearly driven by the racial composition of the neighborhood” > Junia Howell

Doug Foster Director of Regulatory Affairs Polunsky, Beitel, and Green

during the pandemic, particularly when it came to their appraisals.

OBJECTIVE VS. SUBJECTIVE

K

ahane also had several reasons for not trusting the study’s data.

“The authors made no distinction between value price and valuation. [They] misunderstood racial composition, which appraisers are instructed not to do,” he said. “They also arranged the neighborhoods by census tract. Appraisers do not do that.”

Kahane pointed toward a different study conducted by Freddie Mac in 2019 and again in 2022 about racial and ethnic valuation gaps in home purchase appraisals.

“The 2019 [study] said that they hadn’t determined the cause of the appraisal gap and statistical anomaly, and it was not attributed to race,” he explained. Kahane said that the updated Freddie Mac study used “minority tracts” and found “that properties in Black and Latino tracts are more likely to receive ‘appraisal value lower than contract price’ than those in White tracts.”

Kahane says that there’s always the possibility of bad actors being in the appraisal space, just like there is in any profession-

COVER STORY al space. “There are no excuses for bad appraisal practice, carelessness, or ignorance. Poor appraisers are just poor appraisers; it’s not deliberately race-based,” he asserted. “I’ve done second appraisals because the first was contested, and I saw things much differently than the first appraiser. It’s not subjective; it’s just experience. But those cases didn’t make the news because race wasn’t involved.”

Kahane also says that even if an appraiser wanted to take race into consideration, it’s time-consuming. “One thing that’s overlooked in the appraisal process is that when we get an order, we only see a name on the page,” he said. “We research comparable sales in the neighborhood, and we don’t know if it’s a neighborhood that’s minority or not. We don’t even know who the seller is; sometimes [the property] is vacant or non-descript. People who research this stuff don’t understand that there’s not a whole lot of margin to come into the appraisal process.”

hane says that appraisers also follow the Uniform Standards of Professional Appraisal Practice (USPAP), which basically tells appraisers how to be unbiased in all of their analyses. Kahane says that USPAP is being rewritten to put a greater emphasis on racial bias. Appraisers also have to follow certain standards set by Fannie Mae and Freddie Mac, but Kahane says that smaller and individual lenders have their own standards, too.

So, what are an appraiser’s exact duties?

Doug Foster, director of regulatory affairs at Polunsky, Beitel, and Green, says that appraisers also have to adhere to the Texas Appraiser Licensing Certification Board (TALCB), which he says is a subsection of the Texas Real Estate Commission. Ka-

land, timberland, or mining land in the state. The bill does not apply to legal residents from those countries, such as green card holders and people with dual citizenship.

The bill has been criticized as being “xenophobic and racist,” and Howell says

AGENDA AT LARGE

A

t the moment, Texas is in a bad light due to a proposed bill called SB 147 that would prohibit the sale of Texas land to citizens and businesses with connections to China, Iran, North Korea, and Russia. After protests and outbursts, the bill has been modified to allow home purchases but still prevents them from buying agricultural land, oil and gas

that pandemic biases pushed this bill forward. Now, Howell and others, such as the Asian Real Estate Association of America (AREAA), are concerned that SB 147 will bleed into the attitudes of those helping homebuyers.

Foster says that the bill – even with the modifications – is problematic. “Even though SB 147 was limited, it still poses potential issues for financial institutions, as well as fair housing and equal credit opportunity concerns,” he said. “It’s hard to say what the motive is. It’s not geographic limitations.”

LIGHT AT THE END OF THE TUNNEL

F

oster says there is a separate, proposed bill to address the slew of concerns about the appraisal community. The bill, called SB 1222, is being adjusted to account for proper licensure and customer complaints, including those about bias, Foster said.

According to the bill’s analysis, the TALCB “has identified several barriers to licensees entering the appraisal industry, including confusion over experience requirements, frustration with submitting a sworn affidavit, and a lack of clarity over whether their experience needs to be in compliance with the USPAP.” The bill also includes TALCB establishing a proper investigative committee with the sole purpose of reviewing and resolving appraisal complaints. According to a TALCB spokesperson, the board is “still working toward understanding the impact and commit to thorough and impartial investigations of these complaints with the Texas Workforce Commission Civil Rights Division (TWCCRD).” The spokesperson added that the TALCB and TWCCRD established a partnership in October to specifically address bias in appraisals. LSLO

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PEOPLE ON THE MOVE Cornerstone Home Lending Welcomes New SVP Of Product Strategy & Development

Neil Merritt

Crystal Stanton

ON THE

Kara Lamphere

Hillary Bryand

Doug Foster

Houston-based Cornerstone Home Lending, a division of Cornerstone Capital Bank, announced that Neil Merritt has been hired as its new senior vice president of product strategy & development. In his role, Merritt will identify and introduce new mortgage loan products and loan investor opportunities.

Merritt has a 21-year career in the mortgage industry, which includes over a decade focused on loan product development and product strategies. Further, he has been responsible for the development and release of hundreds of new loan products, resulting in billions of dollars of additional loan sales volume for the loan originators he previously served.

Adam Laird, CEO of Cornerstone Home Lending, said, “We constantly focus on investing in additional ways to support the growth of our loan originators and the success of our business partners. With his proven track record, Neil will be instrumental in propelling Cornerstone to a marketleading position in sourcing new investors and expanding our large portfolio of loan products.

We look forward to supporting Neil’s success and providing Cornerstone’s sales teams with more opportunities to cater to the diverse needs of our clients.”

Merritt said, “I’m drawn in guiding customers through digital process to Cornerstone for its outstanding culture. Over the transformations to ensure they achieved optimal past 35 years, Cornerstone operational value from their has built a reputation of technology investments. excellence in the market, and it’s exciting to join a “We are absolutely thrilled dynamic, multi-faceted to welcome Crystal to the financial services company Mortgage Machine team,” with so many resources at said Jeff Bode, CEO of its disposal. I look forward Addison-based Mortgage to creating additional Machine Services. “Her investor relationships and considerable experience mortgage loan products and and reputation for customer services, all while supporting success solidifies our the continued success of commitment to delivering Cornerstone’s industrybest-in-class onboarding to leading loan originators.” our customers.”

“Kara is a powerhouse, and we are thrilled to have her back as part of our executive team to help guide our continued growth and success ...”

Kara Lamphere has joined the organization as chief operating officer.

According to his LinkedIn In this new role, Stanton profile, Merritt was head will onboard new Mortgage of product strategy and Machine customers, “Kara is a powerhouse, and development at NewRez leveraging a success-centric we are thrilled to have for 28 months, leaving in approach with a commitment her back as part of our October. He was senior to white glove service to executive team to help vice president of product ensure a smooth experience guide our continued development at Stearns and productive outcome. growth and success,” Lending for almost four years said Click n’ Close “It is a great opportunity to during more than five years Owner and CEO Jeff join Mortgage Machine and with the lender.

Bode. “There is a lot on lead its customer success initiative during this exciting the horizon for us as an period of growth,” said Mortgage Machine Stanton. “I am eager to apply Appoints Crystal my background in customer Stanton To Manage success and within the Customer Success mortgage industry to help Mortgage Machine Services, a Mortgage Machine customers provider of digital origination maximize the value of our technology to residential solutions and reach their mortgage lenders, announced business goals.” its appointment of Crystal Stanton to manage customer success and onboarding.

Click n’ Close Stanton brings more than 20 Appoints Kara Lamphere As COO years of customer success experience to her role, with over a decade dedicated to the mortgage industry. She has held senior customer success positions at several top mortgage providers.

In these roles, Stanton developed deep expertise

organization, and adding Kara to our team of experts is imperative to accelerating Click n’ Close’s growth, especially for our SmartBuy down payment assistance product suite.”

Lamphere’s experience spans more than 20 years.

Prior to joining Click n’ Close, she served as COO at InterLinc Mortgage and has held executive-level roles at Guaranteed Rate, Mid America Mortgage [now known as Click n’ Close], CMG Financial, Prime Lending, First Command Bank and Alaska USA Federal Credit Union.

Click n’ Close, a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels, announced 37

PEOPLE ON THE MOVE “Jeff has always been ahead of the curve in creating and adopting cutting-edge technology,” said Lamphere.

“He was the first to begin digitalizing the mortgage origination process and continues that trend with Artificial Intelligence and SMART Docs. Helping lenders streamline their lines of business and operate efficiently is what I do best.

To do so with a known and trusted team is a bonus.”

Click ‘n’ Close, Inc., formerly known as Mid America Mortgage, is a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and is also the nation’s leading provider of Section 184 home loans for Native Americans. It is based in Addison.

Polunsky Beitel Green Executive Elected Chairman Of Texas Real Estate Research Center The Texas Real Estate Research Center (TRERC) at Texas A&M University will begin the New Year with a new chairman.

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and founder of Polunsky Beitel Green. “We are pleased to see TRERC continue to recognize and benefit from his expertise and congratulate Doug on this tremendous honor.”

Polunsky Beitel Green represents mortgage lenders and Foster specifically, advises clients on the complex regulatory environment for residential mortgage lending, with a comprehensive interpretation of federal rules and statutes.

Foster was first appointed to the TRERC’s Advisory Board in 2021 by Texas Gov. Greg Abbott and will continue to advise the center on matters related to real estate finance.

The nation’s largest publicly funded organization devoted to real estate research, the TRERC’s mission is to resolve real estate issues through applied research.

Texas Bank and Trust Welcomes Two New MLOs

Director of Regulatory Affairs at Polunsky Beitel Green LLP Doug Foster was elected chairman of TRERC after serving as vice chairman since March 2022.

Hillary Bryand has joined the staff of Longview-based Texas Bank and Trust as vice president and mortgage loan originator in the bank’s Tyler Grande location. Kim Borrelli has also joined the staff in a similar role in the bank’s Residential Mortgage Lending Division in its Tyler market.

“For more than 40 years, Doug has shown himself to be one of the most knowledgeable and respected regulatory authorities in Texas, if not the nation,” said Allan Polunsky, managing partner

Bryand most recently served as senior mortgage lender and branch manager for Cardinal Financial.

She has worked in the financial services industry for 20 years, garnering experience in customer

L O N E S TA R L O M A G A Z I N E

service, management, bank operations, and, for the past 10 years, as a successful mortgage lender.

She has received national recognition for multiple years as a “Top Mortgage Originator,” as well as a “Top Women Originator.”

Bryand holds a BBA degree in finance from South University. She is a member of the South Tyler Young Professional Lions Club, a representative for the Women’s Council of Realtors and a Greater Tyler Association of Realtors member. She also serves as an active service volunteer for organizations in her community, including the Salvation Army.

the total number of new hire loan originators to the north and west Texas areas to 33 since June 2023.

PrimeLending’s latest Lone Star Region new hires are: Nikki Thompson, Loan Originator, Midland Donovan Stamps, Loan Originator, National Relocation Branch, Dallas Kimberlee Brewer, Loan Originator, Abilene Shawn Winter, Loan Originator, Abilene Adriana Calderon, Loan Originator, Odessa John Muhammad, Branch Manager, Arlington Mario Boone, Loan Originator, Arlington

Beginning as a mortgage loan assistant, Borrelli has worked in the mortgage lending industry in East Texas for over 26 years, building upon her lending skills while developing strong business relationships. She has also served as a member of the Greater Tyler Association of Realtors as well as the Tyler Area Builders Association.

Dominique Long, Loan Originator, Arlington

Established in 1958, Texas Bank and Trust Co. operates 20 branches throughout East Texas and the Dallas/Fort Worth metroplex.

“A warm welcome to the 12 talented individuals joining PrimeLending’s Lone Star Region,” said Dawn Robinson, Lone Star regional manager at PrimeLending.

“This isn’t just about growing our numbers—it’s about expanding our family.

PrimeLending is not your typical mortgage company; we’re a team of passionate mortgage professionals who genuinely care about helping our customers make their dreams of homeownership come true.” LSLO

PrimeLending Welcomes 12 New Loan Originators National residential mortgage lender PrimeLending, a PlainsCapital Company, announces the addition of 12 loan originators to the Lone Star region, bringing

Hugo Ortiz, Branch Manager, Clearfork Lindsey Masch, Loan Originator, Midland John Farrel, Loan Originator, National Relocation Branch Stacy Cornejo, Loan Originator, Midland

WHERE IDEAS GO HEAD TO HEAD

BERMAN VALVO VS

Whose side are you on?

Choose your player and watch Vincent Valvo and Andrew Berman duke it out about today’s top mortgage topics. Watch it on YouTube, or subscribe to the NMP Daily to get new episodes delivered to your inbox every week. Go to nmplink.com/daily to sign up.

SUBSCRIBE

nmplink.com/daily

E X C L U S I V E LY O N

WATC H N O W @WatchNMP

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THE LO DOWN BEHIND THE NUMBERS The secret to being a successful mortgage originator in difficult times is mining information from as many sources as possible. That's why Lone Star LO publishes easy-to-digest information in each issue in Data Bank. It’s information presented in easyto-understand charts.

At just a glance, one can see that across the state, the median price of housing follows no set pattern in Texas.

It’s up in some parts and down in others. That somewhat bucks the national trend and is good news for those seeking to finance their new homes depending on where they are seeking to live.

One interesting statistic in this issue is the number of days people wait for dropping their asking prices. That’s a sign that sellers are still confident in their offering prices but their properties were still priced too high to begin with.

There’s a lot of good data. Take a few moments to digest it and help your career. LSLO

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The Latest Data Releases For the State of Texas

TABLE 1. Home Sales Volume

TABLE 2. Median Housing Prices

FOR WEEK ENDING 11/24/2023

Data from Texas Real Estate Research Center at Texas A&M University

TEXAS FOR WEEK ENDING 11/24/2023

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2024

events

Connect and learn from the very best in the business.

Upcoming Originator Connect Network events you don't want to miss.

FEBRUARY

FEBRUARY 20, 2024

Texas Mortgage Roundup Austin, TX | www.txmortgageroundup.com

Join your community of mortgage professionals at the Lone Star State’s largest mortgage event, The Texas Mortgage Roundup. Don’t miss out on our lineup of engaging events centered around networking, skill-building, and having a great time with your peers at our early year edition in Austin.

JULY

JULY 11, 2024

Ultimate Mortgage Expo

New Orleans, LA | www.ultimatemortgageexpo.com The mortgage industry is going through a significant change. For mortgage origination professionals, it's a struggle to keep on top of all the changes, and to keep your sales strategies and marketing initiatives at their peak. You need to keep your pipeline filled, and you need the tools and directions to stay profitable, efficient, and effective. We've brought together the best in the business to create a top tier event specifically designed for mortgage origination pros.

AUGUST

AUGUST 15 — AUGUST 18, 2024

Originator Connect

Las Vegas, NV | www.originatorconnect.com OCN modestly presents: The greatest mortgage conference in the known universe.

Originator Connect returns to Las Vegas this August for another fantastic, session-packed event. It's THE event you won't want to miss. Originator Connect is a 3-day weekend event filled with workshops, sessions, product showcases, and plenty of networking opportunities.

Come early for the pre-conference events happening Thursday, August 15, including our long-running Build-A-Broker course, and new staples like the Non-QM Summit, and of course a free in-person NMLS renewal class.

SEPTEMBER

SEPTEMBER 5, 2024

Texas Mortgage Roundup Dallas, TX | www.txmortgageroundup.com

The Lone Star State’s top gathering for mortgage pros. The lineup of engaging events centered around networking, skill-building and having a great time with your peers. The Roundup is so big, we have to do it twice! Join us for the Dallas edition as we gather the best in the business from north Texas.

Go to originatorconnectnetwork.com

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WILL THE MARKETS MOVE UP OR DOWN?

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WATC H I T O N YOUTUBE

NEW EPISODES W E E K LY

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The Gulf Coast’s ultimate gathering for mortgage pros.

JULY

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NEW ORLEANS, LA Hotel Monteleone

Scan here to register for FREE (promo code LSLOFREE) or go to WWW.ULTIMATEMORTGAGEEXPO.COM Complimentary registration available to NMLS-licensed active LOs and their support staff.

Show producers reserve the right to determine final eligibility.