APRIL 2019 Volume 11 • Number 4
FROM THE
publisher’s desk
Starting with the Point of Sale Some of the most successful Loan Officers in the business will tell you that the prospect enters 1220 Wantagh Avenue • Wantagh, NY 11793-2202 the buy zone long before the loan application is completed. Most people will carefully consider Phone: (516) 409-5555 • Fax: (516) 409-4600 their decision to buy a home or trade up for a new one. Then, the vast majority will begin to do Web site: NationalMortgageProfessional.com online research and even visit with a real estate agent before they are ready to be pre-qualified STAFF Eric C. Peck Joel M. Berman for a new home loan. The best Loan Officers are out there networking with consumers and Editor-in-Chief Publisher - CEO (516) 409-5555, ext. 312 (516) 409-5555, ext. 310 agents long before any of this happens, both online and offline. ericp@mortgagenewsnetwork.com joel@mortgagenewsnetwork.com But for the rest of us, the Loan Origination process doesn’t begin until the borrower Joey Arendt Beverly Bolnick approaches the Point of Sale. In the past, this was a branch office. The real estate agent would Art Director VP-Sales & Marketing (516) 409-5555, ext. 323 (516) 409-5555, ext. 316 provide a name or two to the would be homebuyer and suggest they get pre-qualified and after joeya@mortgagenewsnetwork.com beverlyb@mortgagenewsnetwork.com a phone call or e-mail, the prospect would meet with a Loan Officer in a branch to get the Scott Koondel Phil Hall VP of Operations Managing Editor process started. (516) 409-5555, ext. 324 (516) 409-5555, ext. 312 That still happens today, though not nearly as frequently as it has in the past. Today, a new scottk@mortgagenewsnetwork.com philh@mortgagenewsnetwork.com home loan borrower is just as likely to click a link on a real estate agent’s Web site that takes Richard Zyta Francine Miller Social Media Ambassador Advertising Coordinator them to a digital Point of Sale technology provided by a lender partner. The consumer then (516) 409-5555 (516) 409-5555, ext. 301 richardz@mortgagenewsnetwork.com francinem@mortgagenewsnetwork.com begins the process of keying in their own information and granting the lender access to other Rick Grant Dylan Pollock accounts for asset verification. Special Reports Editor Administrative Assistant Today, a Loan Officer may not know they have a new prospect until the pre-qualification has (570) 497-1026 (direct) (516) 409-5555, ext. 314 (516) 409-555, ext. 311 dylanp@mortgagenewsnetwork.com been sent to the prospect, in some cases by an AI-powered financial services chatbot (or Virtual rickg@mortgagenewsnetwork.com Assistant, as they are now being called). ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact It’s a brave new world. We focus on the Point of Sale in this month’s issue. This part of the VP-Sales & Marketing Beverly Bolnick at (516) 409-5555, ext. 316 or e-mail beverlyb@mortgagebusiness is new, which seems counter intuitive as we’ve always had a Point of Sale, just never newsnetwork.com. one with so many flavors of technology to choose from. As Rick Grant points out in his feature ARTICLE SUBMISSIONS/PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck article on the sector, “Bringing Technology to the Point of Sale,” there are currently dozens of at (516) 409-5555, ext. 312 or e-mail ericp@mortgagenewsnetwork.com. The deadline for submissions POS technologies available in the marketplace and lenders are still working to determine what is the first of the month prior to the target issue. sets them apart. SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail orders@mortgageSince we have not covered this sector in the past, we offer you an introduction and promise newsnetwork.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. to go deeper into this important part of our business in the future. Actually, we’ve already Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the started. In addition to the stories in our special section, you’ll find a special Point of Sale authors alone and do not imply the opinion or endorsement of Mortgage News Network Inc., or the offiComparison Chart in this issue where we’re offering vendors the opportunity to share details on cers or members of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Consumer Reporting Association (NCRA) their offerings. By putting all of this information in one place, we hope to help lenders make and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, ARMCP and/or other state mortgage trade associations better decisions about the tools they use to interact with borrowers at the beginning of the events, activities and/or publications is available on a non-discriminatory basis and does not reflect the process. endorsement of the product and/or services by Mortgage News Network Inc., NAMB, NAPMW, NCRA, and other state mortgage trade associations. In addition, we’ll be launching a new video series shortly via Mortgage News Network that National Mortgage Professional Magazine, NAMB, NAPMW, NCRA, ARMCP and/or other state will go deeper into some of these tools. We’re booking guests for it as you read this. To be mortgage trade associations do not make any misrepresentations or warranties concerning the regulatory and/or compliance aspects of advertisers, products or services and/or the editorial content conready to fully understand what these guests tell you, we offer you the articles in our special tained in Mortgage News Network Inc. publications. National Mortgage Professional Magazine and Mortgage News Network Inc. reserve the right to edit, reject and/or postpone the publication of any artisection. cles, information or data. First, veteran financial services technology writer Rick Grant offers an overview of the POS pace. In his article, he provides information that will help you decide which companies have the strength to survive and thrive in the mortgage marketplace and why you’ll need these tools to meet the new demands of the consumers we serve. Then, check out “Be Selective With Your Point of Sale Options” from Eric Wiley, Co-Founder and Executive Vice President of Pacific Residential Mortgage. Wiley provides a good overview of the considerations you should have in mind as you go to market for POS tech. Then, see “Configuration vs. Customization in Point of Sale Systems” by Deborah Hill, Vice President of Customer Success and Operations at MortgageHippo, for a vendor’s view of the capabilities these new technologies offer. Be sure to also find in this issue some articles we feel certain will make you more successful. First, starting with strategy, we offer you “The Beckwith Blog: Living a Life of Success,” by Christine Beckwith. In this excellent piece, Christine talks about how to find and maintain a proper work/life balance. Then, for the tacticians, we bring you a great piece by Paul Lucido, Chief Marketing Officer for Paramount Residential Mortgage Group Inc. (PRMG). In his article “Living on Video,” Paul talks about the proliferation of video and the power that a 30-second video message can have on your business. This month’s Mortgage Professional of the Month is Eric Tishaw of Direct Path Coaching. Eric was a mortgage professional who transitioned out of loan origination and into coaching for industry professionals. In a unique twist, read about how Eric also runs a Christian ministry that serves congregants in the U.S. and Latin America. You’ll find the trade association news you always expect to find in our pages, with a focus on three major upcoming events. The first, the NAMB Legislative & Regulatory Conference in D.C. is your chance to make your voice heard on Capitol Hill. Find out how you can get involved. Then, find out about more two more events we expect to attract good crowds over the next few weeks. The first is NAMMBA Connect 2019 in Atlanta, and the second is the NAPMW 2019 Annual Education Conference in New Orleans. We hope to see you at some of these upcoming events. We’ve packed a lot into this issue, so if you want to get through it all before the spring homebuying season starts to ramp up ... you’re already late. Check our Web site for news every day. We hope our coverage helps you succeed and reach every goal you set for your business. Best wishes. Sincerely,
Joel M. Berman, Publisher-CEO Mortgage News Network Joel@MortgageNewsNetwork.com
National Mortgage Professional Magazine is published monthly by Mortgage News Network Inc. • Copyright © 2019 Mortgage News Network Inc.