Page 1

APRIL 2021


Volume 13, Issue 4


UWM’s War Declaration Against Rocket & Fairway





Flippers Turn To Cash, See Margins Drop

Trials Of Today’s Homebuyer PLUS: Recruiting Talent Tips



Visit AngelOakMS.com | 877.926.3073 ©Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-tobusiness communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS_A252_1220


APRIL 2021


Volume 13, Issue 4


UWM’s War Declaration Against Rocket & Fairway





Flippers Turn To Cash, See Margins Drop

Trials Of Today’s Homebuyer PLUS: Recruiting Talent Tips




Volume 13 Number 4 APRIL 2021

CONTENTS Cover photo by Jenny Risher nationalmortgageprofessional.com

6 The First Sale Is To The LO Hiring top talent is difficult. That’s why you should be plotting how you reach out and make first contact. 8 Persons In The Mirror Are Better Than They Seem Too many people don’t have enough faith in themselves. Here’s what to do in order to realize that you – not luck – is the driver of your success and accomplishments. 11 People On The Move See who the movers and shakers are in the mortgage industry. 12 Build-A-Broker: A Different Kind Of Demo Reel Even the smallest brokerage should be building up a demographic profile of what their best customer base looks like. 14 My First Million: All In On Success If you want to go above and beyond, you’ve got to commit to the action to make it happen. Plans without implementation are destined to fail.

16 A Little Recognition For Women The mortgage industry is powered these days by women – in sales, in ops, in marketing and in strategy. But women have borne the brunt of the demands of Covid. It’s time to give them the recognition they deserve. 18 HEARD BY NMP


22 MO’ MONEY BLUES A red-hot housing market has forced house hunters to step up their game.. 24 COVER STORY THE GREAT DIVIDER Last month, UWM President Mat Ishbia threw a bomb into the originator community: brokers could write loans with UWM, or with Rocket Mortgage or Fairway, but not with both. Is this to save the broker channel, or to split it into warring factions?



35 MY BEST DEAL: SAILING INTO UNCHARTED WATERS Christopher Picone, PRS Capital, New York.


32 The wait is almost over. Originator Connect, the nation’s premier mortgage event, returns to Las Vegas this August NMP DATABANK 37 with a lineup of events sure to prepare you better than ever for aneconomic ever-evolving industry. want to FLOP? Findbefore quick info You to won’tFLIPS miss these exclusive programs: give you insight into what’s House flipping activity happening that’s affecting picked up in 2020, but Free NMLS Renewal* the Build-A-Broker market. margins for investors dipped down. Your First Million Dollars 33 Most Loved Employers Awards Gala OriginatorTech & so much more!Directory See the full lineup of events and reserve your spot for free using our code NMPOCN at www.originatorconnect.com.


22, 2021 LAS VEGAS, NV

Join us at Planet Hollywood, located at the heart of the Las Vegas Strip!

nationalmortgageprofessional.com NONNQM SPONSOR REVERSE MTG SPONSOR



4 Let’s Make A Deal For mortgage loan originators, satisfaction isn’t just in the commission check. 

39 Non QM Showcase 40 Wholesale Directory 41 NMP Calendar of Events 43 BUYERS WANT DIGITAL HELP Homebuyers are still bashful about buying properties online. But they’d be less so if they had more digital tools at their disposal. 44 New To Market 46 Facebook Thoughts: AKA, ‘My Daughter’s Revenge.”


Safety is our top priority. Learn about the safety precautions we take at each of our events to earn us 100% safety satisfaction from our attendees at originatorconnectnetwork.com/covid19.


*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers resereve the right to determine final eligibility.


APRIL 2021


APRIL 2021

Volume 13, Issue 4


UWM’s War Declaration Against Rocket & Fairway



Flippers Turn To Cash, See Margins Drop



Trials Of Today’s Homebuyer PLUS: Recruiting Talent Tips


Dealing In Joy


hen you ask loan originators what they like best about being in the business, you probably won’t get just one answer. The pay’s pretty good, will be

on just about everyone’s list. Some will say they get energized by figuring out answers to complex situations. But just about every single originator will have this at or near the top of their list: they love knowing they’re helping people make their homeownership dreams come true. Sure, real estate agents say the same thing. But let’s cut to the chase: Realtors help people find homes. But mortgage LOs get people into their homes. Finding a home, and being able to actually pay for the home, are two vastly different things. And the most important one of those is the one that focuses on the money. Plus, mortgage brokers and LOs don’t just help people buy their houses. They also help them afford to stay in them. If there’s one thing this pandemic has made clear, it’s that loan originators have been indispensable in helping families facing financial

Volume 13, Number 4


doesn’t cripple a couple’s dream.




issues lessen those burdens by refinancing their mortgages so that monthly cash flow

All of this is to say that, in editing this magazine, one of our joys is putting together the “My Best Deal” page. This is where originators across the nation tell us about the deal that resonated most with them. That’s not usually the biggest mortgage they ever made. Instead, it’s more often a deal that – if not for their work – would have kept a veteran’s family of four from closing on their dream home, or kept an unwary buyer from losing an investment, or helping a formerly homeless and broken couple knit their life back together by

Submit your news to editorial@ambizmedia.com If you would like additional copies of National Mortgage Professional Call (860) 719-1991 or email info@ambizmedia.com

achieving a real home of their own. Or sometimes, like in this month’s column, it’s not so much about the end of the deal, but about the unusual discoveries along the way. We focus this magazine on the mortgage sales channel, on how to do more, profit more, be better. It’s all about hands-on information, and insider insight. But sometimes, it’s really just about knowing that LOs really do make the world a better place. The best deals aren’t about the commissions, but about the comfort that comes from helping someone in need.

VIN CE N T M. VALVO Publisher, Editor & CEO




© 2021 American Business Media LLC All rights reserved. National Mortgage Professional magazine is a trademark of American Business Media LLC. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: American Business Media LLC 345 North Main St., Suite 313 West Hartford, CT 06117 Phone: (860) 719-1991 info@ambizmedia.com





When Trying To Recruit, Obstacle One Is Getting An Appointment In a hot hiring market, it’s up to you to get in front of the best sales talent. BY DAVE HERSHMAN | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL


ne key objective in the recruitment process is to uncover the prospect’s needs. However, if you never get to meet with the loan officer prospect, you will less likely be in a position to uncover their needs. Therefore, the first step is to get the appointment. Getting an appointment is not so easy, especially since most loan officers have recruiters cold calling them all of the time. Here are a few rules that should help: • Cold calls. Like mortgage prospects, cold calls are harder to convert. Thus, if you can receive an introduction through a mutual source, you are at least starting out on the right foot. As you can tell, I am not enamored with the process of cold calling. • Start with value. Send an article, news update or other

information they will be interested in, instead of information about your company. The more value you give them, the more likely they will reciprocate by agreeing to meet. • Don’t start with the obvious approach – Can we meet so that we can talk about you coming to work for our company? Even if you have built up some value in reserve, this question belongs at the end of the process, not the beginning. Thus, we would suggest you try one of the following approaches instead- or formulate your own approach: I have heard a lot of good things about you through my contacts. I am always networking so that I put myself in position to help others within my sphere. Do you have time to meet so that we can get to know each other better? I am always talking to top loan officers to find out more about how they generate their business and handle challenges. I would love to meet with you and share some of this information and also find out more about your business model. I am a producer as well as a manager. I get a lot of my business from other loan officers, as I always find some deals that they can’t do or prefer not to do, and viceversa for me. I would love to meet

with you to find out what type of business you specialize in and how we might be able to help each other grow our businesses. This last approach is especially important because it provides an important concept -- synergy. Being a producer, many times this production is what keeps you from recruiting. But if you specialized in getting referrals from other loan officers, then you would be able to work both of your priorities at the same time. That is a prime example of synergy. Keep in mind that these approaches, though better than the first approach, are not always going to work. Again, so many recruiters are calling these loan officers that they are going to be on the defensive. You may have to promise them that you will not spend the meeting trying to recruit them. In reality, if they can be recruited in a first meeting with you, they are not likely the quality of candidate you want to recruit. You can let them know that the meeting is about networking. Therefore, if you have contacts to help them, you will be happy to share. And you will encourage them to refer other recruiting prospects to you. This step is all about positioning. You must be in the right position to uncover their real needs.

So many recruiters are calling loan officers that they are going to be on the defensive.

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Face It: The Mirror Of Success Doesn’t Lie Too many people feel like they’ve lucked into success, rather than earned it. That can hold you down from reaching your top potential. BY ERICA LACENTRA | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL

“But who really develops the overall marketing strategy for the company. Is it you or is the CEO behind it all?” As I let that question linger in the air during a recent call with an industry colleague, it took me far longer than it should have to claim ownership of one of my main job functions as Director of Marketing for RCN Capital. After almost eight years in the industry and spending all of that time building RCN’s marketing department up from a team of one (just me) to a now team of ten employees, why did I have such a hard time saying, yes, I was in fact a part of that success and growth? Turns out, I was suffering from something known as imposter syndrome.

FEELING LIKE AN IMPOSTER So, what exactly is imposter syndrome? Imposter syndrome is the idea that someone feels like they don’t actually deserve the accomplishments and recognition they have received, mainly in their professional life. They feel like they have only made it this far by sheer, dumb luck, and not because of their talent or qualifications. I had no idea this feeling had a name until speaking with another colleague recently about an upcoming Women’s Conference, but once I hung up the phone, I wanted to get to the bottom of this phenomenon. After some thorough digging, I realized experiencing this feeling is more common than I initially expected. According to a review article in the International Journal of Behavioral Science, “an estimated 70% of people experience these impostor feelings at some point in their lives.” Also, while these feelings affect both men and women, typically women seem more likely to suffer from imposter syndrome than

their male counterparts. This is especially true for women in male dominated industries and industries where women are underrepresented in senior management positions. Being a female in a director role in the mortgage industry, I checked every box. So, while I may be in good company, it still isn’t pleasant feeling like a fraud in your everyday life.

WHAT’S THE REAL HARM? You may be thinking, how can imposter syndrome really have any lasting negative effects? Just push those thoughts of doubt out of your mind. Unfortunately, it’s not quite that simple and it can seriously impact people that experience it. Since imposter syndrome instills such a heavy sense of self-doubt, its not just a case of someone shunning praise or glossing over major achievements, it can lead to much larger, long-term issues. Sufferers will tend to not seek out opportunities for promotions or push themselves to negotiate for better pay. Also, since they tend

While I may be in good company, it still isn’t pleasant feeling like a fraud in your everyday life.

to feel so insecure in their own competencies, they may not present new ideas or show stronger leadership skills for fear of being “exposed.” Ultimately, it becomes somewhat of a selffulfilling prophecy. You cannot succeed because you believe you don’t have the skills or knowledge to do so. The worst part about this is, the people that typically fall victim to this type of thinking are often the hardest workers and usually have some of the best ideas to improve efficiencies or implement better processes, but they will never speak up out of unwarranted fear. This means that they will not only personally suffer, but also they will never contribute their full potential to their company without a change in thinking.

OVERCOMING THE FEELING OF NOT BEING ENOUGH On a positive note, the initial step of overcoming imposter syndrome is recognizing that it exists in the first place. Personally, just knowing that this is a common feeling and that so many others feel a similar way has already helped significantly. Being able to identify that you are experiencing imposter syndrome will allow you to better separate how you’re feeling from the truth. Just because you feel this way, that does not make it your reality. Realizing this makes it much easier to document your accomplishments, attribute them to the skills you possess, and separate the facts from your feelings. This approach will also allow you to re-write your own personal narrative. Instead of focusing so heavily on how you might fail or fall down, redirect your focus and think about how you’ve been able to succeed. And for instances when you do come up short, don’t dwell on the negatives, but use that as a learning experience. Figure out how you can adapt and do better in the future even if that means asking others for help. Getting out from under the weight of imposter syndrome is a gradual, but completely doable process. It all starts with that first step. At least I know the next time I am questioned about my success, I will without hesitation own my accomplishments and answer with confidence.

Erica LaCentra is director of marketing for RCN Capital.

Photo by Hatham on Unsplash






BUILD-A-BROKER How To Build A Picture Of Your Best Customer YOUR FIRST MILLION DOLLARS How A Dedication To Being Dedicated Will Put You On Top Why Women In The Industry Need To Stop And Take A Bow CAREER TICKER: People On The Move


> First

Community Mortgage named Johnny Smith vice president, Regional Production.

> Realogy

Holdings Corp. appointed Felicia Williams to its Board of Directors. 


Corporation appointed Layna Braze as its director of valuations administration.

> Nations

Lending named Jeff Williams as branch manager for the company’s Raleigh, North Carolina location.




Who Am I, Anyway? Why buyer personas are important for your brokerage. BY MARK QUADROS | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL


o you know who you are selling to? No, I am not talking about a description weighed down with numbers and data that goes like a Government I.D. If I urged you to rack your brain to visualize your ideal customer – how would you go about it? Sounds complicated, right? It doesn’t have to be.

WHAT ARE THE MARKETING PERSONAS? A descriptive and data-driven visualization of your ideal customer is called a buyer persona. When you know who you are ‘selling’ too – – you can appeal to people who are more likely to stay with you for a long time. Furthermore, possessing a richer grasp of your buyer persona(s) drives other marketing components such as product development, content creation, cold emailing, and lead nurturing. It could also reveal an opening in the market to educate customers on why they need your product. Depending on the size and volume of your business, you will have multiple buyer personas. Let me break it down: Composite Sketch – A buyer’s persona is not a static description. Instead, it continually evolves with the nature of your business and the consumer landscape. A reliable persona is a true reflection of the customer

faction it is supposed to represent. Primary Audience Segment – Building upon the idea that a buyer persona is ever-evolving, it represents different segments within your primary audience group. Marketing personas are instrumental in helping you better understand existing and prospective customers. Consequently, it makes it easier to create content and messaging tailored to your target audience’s specific needs and behaviors. While you could create tens of personas, let’s start small and dive into why you should create buyer personas and how they can help boost your small business.

THE IMPORTANCE OF BUYER PERSONAS Personas are created through a careful market research process progressing from data discovery, collection, cleaning, analyzing, and finally – visualization. Most organizations rely on their existing customer data to understand what categories they fit into and the varied behaviors exhibited by them. However, if your business is at a nascent stage or testing markets for a new service, exploring external customer datasets is a route you should take. Let’s demystify the importance of buyer personas before you get started on building them.

#1. Understanding Your Ideal Customer What do you want to learn about your customers beyond the regular, standard information you already have of them on record? Your existing customer data might have a few answers. Looking through it carefully will expose trends about their consumption pattern and buying behavior. How many times do they open your marketing emails? How many times do they purchase a specific product? For instance, Josh has been buying a new pair of shoes with each change of season for the last three years, and he always times his purchase with emails informing about fresh collection launches. A few questions to uncover his background could be about the industry he works in, income range, and personality identifiers like a calm, innovator, etc. Mortgage brokers can extrapolate an approach to identify their buyer personas accurately. This, in turn, will solidify your understanding of your target base and help you meet their needs better. #2. Strengthen Your Offering Maintaining a customer list is an important part of any small business’s operations. Your existing customers will provide actionable insight and are a goldmine of valuable information for you because


> Homepoint

named John Forlines as the company’s new chief risk officer.


> FormFree

elected mortgage banking executive and author James Deitch, CPA, CMB to the company›s board of directors.


> Homepoint

named Jean Weng as its general counsel.

> Nations

Lending hired Darren Hunstad as branch manager for its new branch in Boulder, CO.

they have interacted with your products and services, experienced them for a while, and engaged with your company. As a result, they can provide data and insights that you can then feed into your sales records, grow your marketing collateral, and boost your next campaigns and product/service offerings. #3. Create a Customer-Centric Culture By tapping into customer testimonials and building accurate buyer personas,

> Allied

Mortgage Group appointed Dottie HackettCole to the position of vice president, Affiliated Business Operations for Center City Mortgage & Investments.

a small business doesn’t only boost customer relations with its existing base but also boosts its chances of being discovered by prospects. Embedding this customer-first mindset into a small business culture will go a long way in the future, as your business grows. Customer satisfaction should remain a focus area, no matter the size of your business.

buyer persona(s) will continuously evolve. Understanding the different personas of people who benefit from your products and service offering will help you build your efforts to grow your customer base, retain your customers, and boost your profits overall.


Mark Quadros is a SaaS content marketer who helps brands create and distribute rad content.

A changing landscape of various consumer behaviors means that this

> The Masiello

Group, Ltd. appointed Kristen Diamond as chief marketing officer.

> Allied

Mortgage Group hired Theresa Spillman to the position of assistant vice president, Operations for Center City Mortgage & Investments.

> First

Community Mortgage named Cassidy Spencer as the company’s vice president.




Decide, Commit, Succeed Half-hearted doesn’t win the day. To be the best, you’ve got to give it your all. BY HARVEY MACKAY | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL


resident Dwight Eisenhower was raised on a Kansas farm, and he never forgot its lessons. In response to a difficult question put to him at the National Press Club, Eisenhower said it reminded him of an incident in his boyhood. “An old farmer had a cow that we wanted to buy,” Eisenhower recalled, “so we went to visit him and asked about the cow’s pedigree. “The old farmer didn’t know what the word pedigree meant so we asked him about the cow’s butterfat production. His answer was that he didn’t have the foggiest idea. Finally we asked him if he knew how many pounds of milk the cow produced each year. “The farmer shook his head and said, ‘I don’t know. But she’s an honest cow, and she’ll give you all the milk she has!’ “Well,” Ike concluded, “I’m like that cow. I’ll give you everything I have.”

STAYING TRUE President Eisenhower didn’t just want to get by. He was committed to do his best. You can see when people are committed to a project or cause; they refuse to settle for anything less than their best. They are willing to learn and work hard.

Steel magnate Andrew Carnegie said people fall into three basic categories: those who did not do all their duty, those who only professed to do their duty and those who did their duty plus a little more. If you make a commitment, you need to see it through. No slacking off, no excuses. Commitment must start from the inside out. Commitment means staying loyal to what you said you were going to do, long after the mood you said it in has left you. “Commitment unlocks the doors of imagination, allows vision and gives us the right stuff to turn our dreams into reality,” said James Womack, founder and chairman of the Lean Enterprise Institute. Some might be tempted to back off those dreams when the going gets tough – which it often does. But being truly committed provides the motivation to persevere, another word that is important in seeing projects and dreams through to the finish.

SET THE COURSE Commitment is a prerequisite to success. Commitment is the state

of being bound – emotionally, intellectually, or both – to a course of action. Commitment starts with a choice and is sustained by dedication and perseverance. Actions speak louder than words. “There’s a difference between interest and commitment,” said Ken Blanchard. “When you’re interested in doing something, you do it only when it’s convenient. When you’re committed to something, you accept no excuses, only results.” Lou Holtz, the Hall-of-Fame college football coach, believes there are four things any person or organization needs to be successful. “First,” he says, “you have to make a commitment to excellence. Second is complete attention to detail. The third thing is to have sound fundamentals, and the fourth requirement is discipline.” Lou says: “Have you ever seen a team run on the field yelling, ‘We want to be number two?’ Everyone wants to be number one. Those who actually achieve it are those who are willing to put the blood, sweat and tears into their effort.”

BELIEVE I will add another essential element of commitment: confidence in your ability to succeed. Ask any successful entrepreneur how often they questioned their judgment, their


> Walker &

Dunlop, Inc. hired Dana Wade as the firm’s chief production officer for all Federal Housing Administration-backed loan originations.



> John Keratsis will succeed Matt Nichols as president and CEO of its Deephaven Mortgage platform.

> Planet Home

Lending, LLC promoted Jodi Bailey to senior vice president, Total Rewards.


named Mitchell Johnson as the company’s chief technology officer.

very best. Sure, there are going to be failures, but that’s no excuse for not

Commitment means staying loyal to what you said you were going to do, long after the mood you said it in has left you.

trying your hardest. You can’t hold back because of fear of failure. I firmly believe that all human success is the result of persistent commitment. Not luck, not just being in the right place at the right time. Commitment is a decision that is easier to make than to see through. Commitment is what keeps you forging ahead once the initial glow has faded. We’ll go back to the barnyard for some perspective. A chicken and a pig were talking about commitment. The chicken said, “I’m committed to giving eggs every morning.” The pig said, “Giving eggs isn’t

sanity. I’d wager that any who were

in yourself, even when no one else

truly committed had some moments


of uncertainty. But they believed in

I’m not sure how people can be

commitment, it’s participation. Giving ham is total commitment.” Mackay’s Moral: Motivation is what

their potential. As I’ve preached so

totally satisfied with themselves if

gets you started. Commitment is what

many times, it’s important to believe

they are not committed to doing their

keeps you going.

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Join our team of Account Executives and bridge the gap between what your customers need and what you can provide. Proprietary Product Unbeatable Price Process Perfection


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© 2021 Arc Home LLC | All Rights Reserved | NMLS#: 81386 (www.nmlsconsumeraccess.org) This communication is provided for use by real estate or mortgage professionals only is not intended for distribution to consumers or other third parties. This does not constitute an advertisement as defined by Section 1026.2(a)(2) of Regulation Z. The information contained herein may not be provided, shared or distributed to any consumers whatsoever. Arc Home LLC is a licensed mortgage lender in all States and the District of Columbia except in HI, MO and NV. Arc Home LLC conducts business as Arc Home Loans LLC in AR, FL, IL, MO, TX, WI and, as Arc Home LLC, a limited liability company of Maryland, in OR.





Time To Revolt Against ‘More Work, Less Pay’ Establishing and embracing roles, inside and outside of the workplace. BY MARY KAY SCULLY | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL


oming on the heels of Women’s History Month, let’s continue the celebration of women and acknowledge the superhumans that we are. From leading the home to leading in the office, women take on many roles. Many women with families currently serve as caretakers, taxi drivers, line cooks, housekeepers and, with the onset of the COVID-19 pandemic, teachers, and tutors. In a recent Forbes article, contributor Maggie Germano stated that women are eight times more likely than men to look after sick children or manage their children’s schedules. Additionally, women are heavily involved in their professional work. In fact, despite having already heavy workloads in the office, women also take on more work when asked by supervisors, clients, and colleagues. “Gender Differences in Accepting

and Receiving Requests for Tasks with Low Promotability,” written by Linda Babcock, Maria P. Recalde, Lise Vesterlund and Laurie Weingart, shows that where people worked in groups composed of men and women, women were 48% more likely to volunteer than their male counterparts, thus taking on more work. Furthermore, when it comes to salary, 60% of women surveyed said they have never negotiated their salary, compared to 48% of men surveyed, according to a salary and compensation statistics on the impact of COVID-19 report by Randstad. Simply put, women are taking on more work and responsibilities, getting paid less and accepting it as the ‘norm.’

PATHS AND PRIORITIES For some women, their priorities and what they value may look different compared to others in their office. Home life versus work life may be more of a focus, which could partially explain why only 25% of women are represented in C-suite positions. Possibly, as a result of the COVID-19 pandemic, many are acknowledging that work and life aren’t really in balance

– one usually takes priority over the other. In fact, according to McKinsey & Company’s recent “Women in the Workplace” study, due to the COVID 19 crisis, 1 in 4 women are contemplating downshifting their careers or leaving the workforce. Additionally, it is entirely possible that some women may enjoy the extra time with their family or freedom while not being in a physical office space, leading to greater satisfaction in their current roles and the desire to shy away from promotions or changes in roles as it could potentially take away from that time with their families. Other women may view it through a different lens and see it as an opportunity to put themselves out there for another role, or progress in their career. While there is a difference between roles at home and roles at work, it is important to note that one is not better than the other. It simply depends on the individual and what makes the most sense for them.

HOW TO MAKE YOUR PRIORITIES A REALITY Once you’ve figured out what’s most important to you, where do you start? The first step is to

Determine a cadence of communication that works so you don’t lose touch.

determine your end goal. For example, get comfortable advocating for yourself and making your interests known as opportunities arise. You are your biggest advocate so make sure you’re being clear about your goals and interests. This will serve you well when important conversations or opportunities present themselves, and you are top of mind among those in the room. Also, you’ve heard it before, but seek out a diverse set of mentors from any area of your life. Mentors provide an outlet for discussions of life both inside and outside of the office, and also can advise and assist by recommending concrete steps you can take to help you achieve your goals. Whatever is on your plate personally or professionally, there is likely someone who has already been there, understands your situation and can share valuable advice about navigating life and work. While we’re on the topic of goals, be sure to set goals and develop a roadmap to achieve them. If you’ve set a professional goal for yourself, look into taking relevant classes, pursuing certifications, getting more involved within the company, or seeking leadership or strategic planning opportunities. If there’s a personal goal you’d like to achieve, be mindful of how your work could help or hinder what you’ve set for yourself and make a plan that sets you up for success. No matter which career path you decide to take, approach it with a plan that helps you reach your goals, whatever they may be. Use the mentors, peers, supervisors, and family members within your network to inspire you to reach those goals and set an example for the next generation of women in the workforce.

Mary Kay Scully is the director of customer education at Genworth Mortgage Insurance.


> Planet Home

Lending, LLC promoted Terry Mitchell to senior vice president, Human Resources.

> Atlantic

Home Mortgage hired Taiwon Myrick as a mortgage loan officer for the company’s Alpharetta, Georgia branch.

> Spring

> Quontic EQ, a first hired Craig and second Schimelman mortgage as vice lender, hired president, Saket Nigam national to be its senior wholesale sales vice president, manager. NATIONAL MORTGAGE PROFESSIONAL MAGAZINE | 17 capital markets.

heard by In our daily email newsletter, our weekly NMPTV showcases, or our monthly publication, NMP magazine brings you the strategies and observations of the top executives in the mortgage world. The industry’s best share their views. Here are some of their observations from the past few weeks, as heard by NMP.

“A slight increase in rates may cause some millennials to adjust their price point, but it will not necessarily deter them from home buying. “ —Mark Fleming, Chief Economist First American

“In kind of a NASDAQ fashion, I think we can create a different marketplace that is differentiated, tech-inspired and focused on trying to get to exactly the end that we want, which is what exactly does the consumer want and what do the investors want. “ —John Keratsis, President and CEO Deephaven Mortgage

“Am I a social media expert? Absolutely not. I know enough to be dangerous and I try to stay active enough. But I am not a social media guru by any means. “

“Everyone can stare at rates all day. Just know this, this year the industry will do 4 million refis and 5 million purchases, units. Next year, 5 million purchases and 1.6 million refis. That’s all anyone should care about. I got 5 million purchases this year and next year and that’s my business model. The rest is chatter. “ —Julian Hebron, Founder The Basis Point

“Despite continued strong expectations for purchase mortgage demand moving forward, many lenders are signaling caution about their profitability and market competitiveness. “ —Doug Duncan, SVP & Chief Economist Fannie Mae

—Kathryn Pedersen, Area Sales Manager Fidelity Mortgage

John Keratsis

Kathryn Pedersen Doug Duncan



Julian Hebron

Mark Fleming

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red-hot housing market has forced house hunters to step up their game. Buyers are making bigger down payments, offering above the asking price, waiving more contingencies and going on additional home tours in order to compete during the pandemic. Many homebuyers are finding that they must tour more homes, cut bigger checks and waive more contingencies in order to win, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Remote work and low mortgage rates have prompted scores of Americans to buy homes during the pandemic, and this has resulted in a severe housing shortage that’s fueling record-high prices and cutthroat competition. The median down payment on a home during the last six months was $40,987, up from $32,261 during the same period a year earlier. That’s an increase of 27%, or nearly $9,000. The typical homebuyer made a down payment equal to 15.9% of the sale price, compared with 15.3% a year earlier. Down payments have mostly increased because housing prices have jumped. “The surge in home prices actually hasn’t resulted in higher monthly mortgage payments for most buyers because it has been offset by low mortgage rates, but it has driven up down-payment costs,” said Redfin Chief Economist Daryl Fairweather. “This is likely putting homeownership out of reach for many cash-strapped firsttime buyers who can’t afford to put an additional $9,000 down.”

BIDDING UP In addition to spending more on down payments, homebuyers have been boosting their bids. During the last six months, 1 in 3 buyers (34.4%) paid more than the seller’s original asking price, up from 1 in 5 buyers (21.2%) a year earlier. “It’s extremely competitive out there. One of my buyers recently beat out 25 other bids by offering $120,000 over the $425,000 asking price on a three-bedroom single-family home,” said Portland Redfin real estate agent Mark Peterson. “There was a competing offer for the same amount, but my client won by opting for a shortened inspection period, accepting the home `as-is’ and agreeing to pay up to $20,000 extra in the event that the appraisal came in low.”



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Over the last six months, 17.6% of successful offers submitted by Redfin agents waived the appraisal contingency, up from just 6.1% during the same period a year earlier. The share of successful offers waiving the inspection contingency jumped to 13.2% from 7.3%, and the portion waiving the financing contingency increased to 13.2% from 10.1%. With more than half of home offers encountering bidding wars these days, buyers are finding that they need to sweeten their offers and get creative in order to win. Waiving these contingencies is a strategy buyers use to make their offers more competitive by assuring the seller that the deal will close without unforeseen headaches.

MORE CONVENTIONAL LOANS More than half (53%) of home sales in the last six months were paid for using conventional loans, or loans that are provided by private lenders and not backed by the federal government. That’s up from 49.7% a year earlier. The portion of sales financed with jumbo loans, which are regularly used for purchases of higher-end homes, increased to 6% from 5.5%. Slightly more than a quarter (25.9%) of home purchases were paid for exclusively in cash, little changed from before the pandemic.



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UWM’s Mat Ishbia claims authority to set terms for the brokerage community. But many say the unprecedented move could rob brokers of their unique advantage. BY LEW SICHELMAN | NATIONAL MORTGAGE PROFESSIONAL CONTRIBUTING WRITER


ortgage brokers are a fiercely independent bunch. That’s why they are mortgage brokers; they don’t like anybody telling them what to do. That’s why the proverbial s**t hit the fan in early March when Mat Ishbia, president and CEO at United Wholesale Mortgage, gave his customers an ultimatum – them or us. Or, as he said in a Facebook post, UWM won’t do business with you if you work with either Rocket Mortgage or Fairway Independent Mortgage. The reaction, as you might expect, was swift. “We’re not even sure this is legal. It certainly isn’t ethical. And it doesn’t represent the American way of free enterprise,” National Association of Mortgage Bankers President Kimber White said in a statement. White, a partner in RE Financial Services in Oakland Park, Fla., ruminated further, saying UWM’s edict “runs counter to the spirit and independence” that is the backbone of the brokerage business. “You should be allowed to work with whomever you want and who offers the best product and customer service,“ he posted. “Not a company that dictates your business model to you. At NAMB, we support all lenders and your choice for whomever best supports you, your business, and your borrowers. We’re NAMB for all.” The association leader asked his members what they thought: “If a lender dictated to you what others lenders you could work with, you would...? “ Not surprisingly, 70 percent of the 854 members

who responded quickly said they didn’t like the idea, not at all – 354 said they would disregard such a pronouncement and 245 would report the company to state and local authorities for being anti-competitive. What is surprising, perhaps, is that 255 brokers – nearly one out of every three – said they would comply. I’ll get to what the protagonists in this little drama have to say in a moment. First, though, let’s take a look at some of the thinking out there in the hinterlands.



osting on the NAMB’s website, David Krichmar in Houston, Tex., seemed to accept the inevitable. No, he didn’t like UWM’s line in the sand. “Us brokers have no choice and Ishbia knows that,” the VA loan specialist wrote. “We need oneday turn times more than we need Quicken,” Rocket Mortgage’s former name. Still, the Texas broker was not pleased about having to make a choice. “This is market manipulation,” he said. “Something needs to be done to stop this. It’s a strong-arm tactic and leaves us brokers no choice. We need UWM more than Quicken, even though both are good for our industry. This requires a legal and regulatory response.” On the other side, Michael Rankin of ClearPath Mortgage Solutions in Latham, N.Y., agreed with NAMB’s White’s thinking at first. But “after further CONTINUED ON PAGE 27






or years, United Wholesale Mortgage has claimed the mantle of a missionary, preaching the faith of mortgage brokerage. And in doing so, it’s done a lot of good: it’s built tremendous support systems for brokers, injected a sense of pride in a sector that was decimated after the Great Recession, and worked to bring in new brokers to strengthen the ranks of the originators. But in March, with one personal edict, UWM CEO Mat Ishbia decided to make it clear that the company is not supporting mortgage brokerage. Instead, it’s supporting Pretend Brokerage.

it’s no longer a brokerage. It’s a retail branch where the local entrepreneur is taking all the risk.

DICTATING TERMS When Ishbia announced that UWM would no longer work with any brokerage that did business with Rocket Pro TPO or Fairway Independent Mortgage, he claimed to be acting in the best interest of the broker community. But it’s not supposed to be up to him to make that decision – that’s the province of each individual broker. For a couple of years, Allen Middleman, an EVP at Freedom Mortgage, hit

UWM’s power play binds brokerages as indentured retail branches. Real brokerage is based on freedom of choice – for consumers and brokers. Entrepreneurs, who want to be their own boss and chart their own fate, decide to open a brokerage. They tell consumers they’re a better option than retail operations, because they can offer a wider range of options, from multiple companies. No brokerage offers loans from every wholesaler. But it’s the broker’s choice of which companies’ offerings they’ll represent. Pretend Brokerage, on the other hand, is when the broker isn’t the final arbiter about which companies it wants to do business with. Pretend Brokerage is when one wholesaler tells the broker who they can and can’t do business with. Whether that’s 70 companies or two doesn’t matter. If a broker’s choice is strangled by one company, then


the road with a series of conversations with mortgage brokers. He would always tell them that, if he were a broker, the first thing he would do was sign up with Quicken Mortgage, Rocket’s prior name. Quicken was a prodigious advertiser for its retail products, but brokers could turn that to their advantage. They could show consumers who were entranced by the Quicken marketing magic that they, too, could offer everything that Quicken could, but they could also offer more. And in that way, they could prove to borrowers that they were the best choice. That’s a pretty sharp piece of advice, trashed by UWM’s edict.

AN IRON GRASP Ishbia asserts that UWM is only taking a stand against two companies, and that


brokers still have lots of choice. Putting aside the appropriateness of that action, there is nothing that keeps UWM from continuing to whittle down the list of what it considers to be acceptable competitors. Ishbia has said that UWM doesn’t plan to distance itself from other lenders, but certainly hasn’t made any binding promises. Some brokers don’t believe that UWM will, when it strikes its fancy, act with further malice, or take other action to hurt brokers. But there’s a long game here, and UWM is very good at playing it. Right after Quicken blew up the industry by introducing its Rocket Mortgage app (“Push Button. Get Mortgage” was the catchy slogan), UWM decided to go on a great tech offensive. It was already offering some marketing products to help brokers. Now it unveiled a whole new mortgage application app – called Blink – that any broker signed up with it could use. And, its leaders promised, it could be used by brokers to take an application even if those loans didn’t wind up at UWM. Those leaders said the company just wanted to be good stewards of the brokerage community. They also rolled out much more aggressive marketing support – email newsletters that could be sent out to clients, commercials that could carry their brokerage’s brand, introductory videos and much, much more, including a CRM system the brokers could use for all their originators and products, and all free. When brokers who had access to all this didn’t take the time to sign up for it voluntarily, UWM took the choice away by automatically enrolling them as soon as they were approved to work with UWM. It was a move that telegraphed two years ago that UWM would force brokers to do business its way when it decided what was best. That move presaged its current stance. In one statement last month, Ishbia asserted that he had no interest

in letting brokers have access to his company’s tremendous technology if they were going to also support Rocket and Fairway. For thousands of brokers who now had their entire marketing program and client database in UWM’s hands, it was a situation that was intolerable: either accede to UWM’s terms, or face losing their entire business infrastructure overnight.


At the heart of UWM’s stance is an assertion that the brokerage channel is hurt by having Rocket and Fairway in the game. But neither UWM nor any of the brokers or the single trade group that backed this play have shown one piece of evidence to back up that claim. In fact, all the evidence points the other way. In 2011, mortgage brokers accounted for just seven percent of the market share of U.S. mortgage originations. Last year, brokers had upped that to well over 20 percent. As Rocket, especially, has ratcheted up its outreach to brokers, it has also adjusted its business practices and technology offerings to meet brokers’ market demands. That has pushed Rocket’s share of the wholesale channel to the number two slot, just behind UWM’s lead. But if Rocket was so bad for brokers, or the brokerage community as a whole, the sector’s market share wouldn’t have gained the incredible traction that it has.

deliberation,” he posted, he doesn’t believe the UWM throwdown is a threat to free enterprise. As Rankin sees it, Ishbia has taken a stand against unethical, deceitful practices – “ones I frankly was unaware of...Brokers are mad because Quicken has some great technology and pricing but I’m willing to sacrifice that for the greater good of preserving the broker channel. “ “I’m genuinely proud of what Mat and UWM have done,” agreed Shah Tehrany of Madison Mortgage Services in Lake Success, N.Y. “It stops here. No further. It’s time for Quicken and Fairway to exit a channel they don’t belong in,” he posted on UWM’s facebook page. Richard Miller of Bridgeway Financial in California’s Bay Area is one broker who seems angry, as Rankin suggested. But with Ishbia, not Rocket or Fairway. He said he would call UWM, “state my case and not use them.” But Chris Burleson of Knoxville (Tenn.) Mortgage Brokers took a “so what” position: “Who cares,” he posted. “Get back to work.”




At the end of the day, UWM’s power play isn’t being done in the best interest of the broker community; it undercuts brokers’ free choice and undermines their ability to actually offer the best product to consumers – which is why consumers come to them in the first place. But it does serve to bind brokerages to UWM as indentured retail branches, while stomping a competitive boot heel on the one company big enough to challenge UWM’s market dominance. What’s unbecoming, especially, is that UWM is a massive success story, because it has competed based on superior service, tremendous product and great client support. It has no need, and no right, to try to limit broker choice. But it’s ignoring that, and in doing so is showing that it’s putting its own interests ahead of the brokerage community, regardless of the spin it’s trying to cast. Some brokers may shrug, saying they don’t care because they love doing business with UWM. But that’s today. Tomorrow, or next month or in three years – whenever UWM sees it’s to its advantage – the rules will change again, and the next time brokers won’t be able to be so sanguine about the outcome. Because UWM is their new boss.


shbia cares, that’s who. Or at least he says that’s the reason for his ultimatum. “We are all in for brokers,” the long-time champion of the wholesale channel has said repeatedly. And he’s fed up with the poaching he says Rocket and Fairway are doing to the detriment of the business. “These two lenders are attacking the lifeblood on the wholesale community by soliciting loan officers away from brokers and working directly with real estate agents to cut brokers out of the entire process,” he asserted, without, however, showing proof. The United Wholesale president said he is simply trying to unite the brokers with which his company works “to protect their own long-term business.” And in so doing, he required the 12,000 brokers in the UWM network to sign an acknowledgment that they will not send any loans to the two competitors once they have closed out their pipelines with them. A violation of this pledge is subject to damages ranging from $5,000 to $50,000. By his deadline, UWM reported

Fairway CEO Steve Jacobson reminded brokers that he was one of them before he started his mortgage bank.

Rocket Mortgage “will never take away choice because it’s what moves our business forward,” said EVP Austin Niemec.

Mortgage Bankers Association President Bob Broeksmit said his group “does not condone activities designed to thwart competition in the mortgage market.”




that approximately 10,000 brokers had signed. As you might expect, the UWM rivals didn’t back off from Ishbia’s challenge. In a statement just a few days before Ishbia’s deadline, Fairway CEO Steve Jacobson reminded brokers that he was one of them before the Madison, Wisc.-based company grew into a mortgage banking entity. “We will always support a broker’s decision to work with any lender they(sic) choose and we will continue to work everyday to earn the trust and respect of our origination partners,” Jacobson said. “We are grateful for the mortgage broker community...We can only concentrate on putting our best foot forward to do the right thing for our clients and all our business partners, and we will continue to work to achieve that goal each and every day.”



ustin Niemiec, executive vice president of Rocket Pro TPO, took a more adversarial stance, however, saying Ishbia’s decision “decimates the idea of the free and open market that is so critical to the broker community. We continue to advocate for the right of brokers and consumers to choose how they secure home financing. We do not support restricting consumers’ options – whether it is through economic and social pressure or intimidation tactics.” And in a note to brokers. Niemiec was even more pointed. Claiming his own company’s growth “clearly has UWM very concerned,” he said Rocket “will never take away choice because it’s what moves our business forward...A broker’s power is in their ability to choose the best option for their client. By attempting to manipulate the market..you harm their ability to compete. This move only benefits one company, to the detriment of thousands in their broker community and their clients.”



t the end of the day, however, there is a large question about how effective the UWM initiative has been so far. Once Ishbia’s March 15 deadline to sign its new agreement


had passed, Niemec stated that “the real facts are that we are aware of many brokers who didn’t even receive an addendum…. To believe that 10,000 broker-owners bent the knee to UWM is laughable.” Niemiec also argued that 22 of his company’s 25 largest partners rejected UWM’s ultimatum and will be continuing to work with Rocket. He stated that of those companies, many of them did more business with UWM prior to being forced to choose. “In addition, one of UWM’s largest partners – who, previous to the ultimatum, had barely worked with us – has committed to doing business with Rocket Pro TPO and is refusing to sign UWM’s contract. Also, thousands and thousands of brokers told us they would not agree to UWM’s terms,” said Niemiec. He added that the broker community has responded with a vote of support for Rocket, with daily registrations up 40% since Ishbia’s ultimatum. Recently, Fairway Independent Mortgage Corporation also issued a statement that shares similar sentiments to Niemiec’s response. Fairway CEO Steve Jacobson stated that UWM’s recent announcement gave the company added attention and extra opportunities. Rocket Companies CEO Jay Farner also echoed the sentiment stating that “more than 8,000 independent brokers have rejected becoming a controlled UWM branch.”



ven the Mortgage Bankers Association weighed in on the kerfuffle. President Bob Broeksmit said his group “does not condone activities designed to thwart competition in the mortgage market and limit loan options available to borrowers...Borrowers are best served when they have choices created by a robust, competitive market that offers a multitude of loan prices products and service levels.” According to Ishbia’s count, the them-or-us flap is not as big a deal as it seems. Only 3,000 or so of UWM’s brokers also do business with Rocket and Fairway. And in the 24 hours


after he threw down the gauntlet, he reported, 93 percent of those who had quickly made up their minds had chosen to sign United Wholesale’s contract addendum. “We are not saying you have to use UWM exclusively or even use UWM at all,” the company president wrote on Facebook. “The choice is 100 percent yours to make. There are plenty of options available. You can choose to partner with UWM and 73 other wholesale lenders. Or you can choose Fairway/Rocket and 73 other wholesale lenders. Either way, there is an abundance of choice.” But Rocket’s Niemiec has some figures of his own. His company’s “incredible percent






125 last

year, he claimed – has UWM “very concerned,” he wrote in his brokers’ note. According to one news report, moreover, a Rocket spokesman called Ishbia’s



misleading.” In the week since the UWM president’s ultimatum, he said, broker loan registrations at Rocket were up 40 percent, and the company was on pace to add 600 new brokers to its platform in March alone. If that holds, he added, it would be the best month in terms of broker growth in the company’s history. Meanwhile, some attorneys have questioned the legality of Ishbia’s action. But Ishbia said he consulted his lawyers – both internal and external – before proceeding and they had no concerns. He also said there is no coercion in the dictum. Brokers have a choice, one that’s 100 percent up to them. “We are not saying they have to use UWM exclusively or even use UWM at all.” As the fracas played out, Ishbia said he has no intention of adding any other wholesalers to his Do Not Patronize list. But more than a few brokers have suggested he should, indeed, do just that, in some cases naming names. So stay tuned.


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• Branch Manager • Business Development Manager • Client Relationship Manager • Client Relationship Specialist • Collateral Asset Manager • Commercial Loan Officer • Credit Analyst • Licensing Assistant • Loan Officer • Loan Mitigation • Post Closing QC Expert • Loan Administration Manager • Processor • Regional Vice President • REO Closer • Retail Branch Manager • Reverse Mortgage Specialist • Sales Manager • Underwriter • Wholesale Account Exec • And MORE! Resposes are from highly-qualified candidates. Your ad can also be [osted on Indeed and SimplyHired as a FEATURED JOB, on Craigslist in most cities, Googlebase, Oodle, Juju, CareerMetaSearch, TopUSAJobs, Jobalot and MORE! Pay-per-use RESUME BANK.


Give your customers assurance of your professionalism and integrity. Become a Certified Reverse Mortgage Professional The National Reverse Mortgage Lenders Association developed this rigorous certification for industry professionals who want to give customers the confidence to know they are working with thoroughly knowledgeable and devoted individuals. Earning the CRMP* designation requires validating your experience, continuing your education annually, participating in our ethics workshop and passing an exam.

For for more information, visit nrmlaonline.org *The CRMP designation is available to members and non-members of NRMLA.




“Last year was a banner year for the U.S. housing market, with the apparent exception of the home-flipping business, which saw its fortunes slide a bit more in 2020. Home flippers did still make a nice profit on investments that generally take around six months to turn around – just not as much as they did in the previous few years,” said Todd Teta, chief product officer at ATTOM Data Solutions. “It’s too early to know if that small slide was a sign of weakness in the broader housing market or just a bump in the road. We will know much more as we gauge other key market metrics in the coming months.”

Home flippers made a nice profit on investments – just not as much as they did in the previous few years, said Todd Teta, chief product officer at ATTOM Data Solutions.

LOCAL MARKETS AFFECTED Home flips as a portion of all home sales decreased from 2019 to 2020 in 126 of the 198 metropolitan statistical areas analyzed in the report (63.6 percent). Nine of the 10 biggest decreases in annual flipping rates among MSAs came in the South and West, led by San Antonio, TX (rate down 27.3 percent); Tuscaloosa, AL (down 25.7 percent); Santa Rosa, CA (down 24.8 percent); Brownsville, TX (down 24.1 percent) and Houston, TX (down 22 percent). Metro areas qualified for the report if they had a population of at least 200,000 and at least 100 home flips in 2020. Aside from San Antonio and Houston, the biggest decreases in flipping rates in 2020 across MSAs with a population of 1 million or more were in Indianapolis, IN (rate down 19.3 percent); Las Vegas, NV (down 19 percent) and Austin, TX (down 18.4 percent). Home flipping rates increased from 2019 to 2020 in 72 metro areas with sufficient data to analyze (36.4 percent). The largest annual increases in 2020 in the home flipping rate came in Norwich, CT (up 38.2 percent); Hartford, CT (up 31.1 percent); Boulder, CO (up 29 percent); Albuquerque, NM (up 26.9 percent) and Anchorage, AK (up 26.2 percent). Aside from Hartford, the biggest annual flipping-rate increases in MSAs with a population of 1 million or more were in Providence, RI (rate up 8.6 percent); Tucson, AZ (up 8.4 percent); Memphis, TN (up 7.9 percent) and Jacksonville, FL (up 3.6 percent).

CASH MAKES COMEBACK Nationally, the percentage of flipped homes purchased with financing dipped in 2020 to 41.7 percent, down from 42.3 percent in 2019 and from 41.8 percent two years ago. The annual decrease was the first since 2010. Meanwhile, 58.3 percent of homes flipped in 2020 were bought with all-cash, up from 57.7 percent in 2019 and from 58.2 percent in 2018. Among metropolitan statistical areas with a population of 1 million or more and sufficient data to analyze, those with the highest percentage of flips purchased with financing in 2020 included Tuscaloosa AL (80.4 percent); Lexington, KY (74.8 percent); Charlottesville, VA (72 percent); Syracuse, NY (67 percent) and Duluth, MN (66.7 percent).


FLEXIBLE LENDING PROGRAMS BUILT FOR TODAY’S BORROWER BY AC RA L E NDING Self-Employed, Investor, and Foreign National borrowers can sometimes have very unique and complicated situations when applying for a Home Loan. Qualifying for these loans can often be difficult, especially when a borrower works with a lender that does not have the programs or the capability to meet their unique circumstances. This is an oftenunderserviced group of customers who require a specialist Non-QM lender like Acra Lending to build programs to meet their needs. Acra Lending offers a variety of non-QM programs. Take for example the Debt Service Coverage Ratio (DSCR) program, which entails looking at a borrower’s rental income versus the property’s expenses to ensure that the net money remaining covers their mortgage payment – this would be a great fit for investors. There is also an increasing number of self-employed borrowers who can qualify with a bank statement loan product. Acra Lending offers both 3-Month Bank Statement and 12-Month Bank Statement program options – with much more stringent guidelines on the 3-month version. Why is this good and how does that work? In today’s climate the last three months are often more useful than the last 12, especially in light of potential lost income due to COVID and today’s environment. These bank statement programs could appeal to borrowers and brokers seeking faster times to close on their loans.

Another program of note is Acra Lending’s ATR-in-Full program which may be an ideal option for borrowers with enough liquid assets to pay off their home loan with cash. If you are looking to purchase a house, and – away from the down payment – the applicant has enough liquid assets to own that house, then that is another loan where you are not going through bank statements per se because you are proving that you already have cash available to own the property outright if desired. Acra Lending also offers programs catered specifically to foreign national borrowers, which allows them to qualify using a letter of good standing with current financial institution or international credit report; without having to provide income, job, or credit verification. Market conditions can contribute to the need for non-QM products as well. For example, the need for Jumbo non-QM programs right now is partially driven by the increase in home prices over the last year. This means more loans are falling outside of the agency performing balance and into the jumbo realm, whether that is prime or Non-Prime loan. Today’s borrowers require programs that are built to suit their needs. Acra Lending continues to innovate, invest and provide an optimal customer experience.

NON QM Showcase Angel Oak Mortgage Solutions Atlanta, GA www.angeloakms.com

Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. Our innovative non-QM products include: Bank Statement, Platinum Jumbo, No Income Investor Cash Flow, "Just Missed" Portfolio Select and Asset Qualifier. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business. Visit https://angeloakms.com/ programs/ for details on our products that can help you grow your business. NATIONWIDE except: AK | HI | ID | MA | MO | NY | VT

LoanStream Mortgage Irvine, CA

www.LoanStreamWholesale.com Programs Include: Full Doc / Alt Doc, ITIN, DSCR, Bank Statement, Fixed, ARM, and Interest Only Programs, High LTVs and Lower FICOs, Business Owners, Investors, Licensing - LoanStream (lsmortgage.com)

Luxury Mortgage Corp Stamford, CT

www.luxurymortgagewholesale.com The Simple Access® NonQM suite of products was built around the idea that it doesn’t have to be complicated to finance a home. We have created a diverse selection of borrower friendly programs that are simple, innovative and flexible. For information on our Correspondent division, visit www. luxurymortgagecorrespondent. com. AL | AR | AZ | CA | CO | CT | DC | DE | FL | GA | IL (no IO loans) | MA | MD | ME | MI | NH | NC | NJ | NM | NY (no subprime) | OH | OR | PA | RI | SC | TN, TX | UT | VA | WA | WI Properties

Oaktree Funding Corp. Chandler, AZ

www.oaktreewholesale.com Non-Agency & Investor Advantage

The Non-QM experts Oaktree Funding are proud to offer innovative solutions for diverse borrowers. We offer products and services through our three channels of operation: Wholesale, Correspondent and Retail Lending. Oaktree is not tied to any one investor securitization, which allows us to consistently offer flexible and expanding guidelines to adapt with borrower’s needs. Full product line at: www. oaktreewholesale.com AZ | CA | CO | CT | DC | FL | GA | ID | IL | IN | MD | MA | MI | MN | MO | NJ | NM | NV | NC | OH | OR | PA | SC | TN | TX | UT | VA | WA | WI



Wholesaler Directory

Acra Lending Specialty/ Niche: Non-QM / Jumbo Bio: Acra Lending is the leader in Non-QM Wholesale and Correspondent lending programs. Offering a range of programs and services geared toward helping mortgage professionals and borrowers achieve their purchase and investment goals. We are committed to providing simplicity, consistency and an optimal customer experience. States Licensed in: AL, AZ, AR, CA, CO, CT, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, ME, MD, MI, MN, MT, NE, NV, NH, NJ, NC, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WY

Website: https://acralending.com/

Angel Oak Mortgage Solutions Specialty/ Niche: Non-QM, Non-Agency “Angel Oak Mortgage Solutions is the leader in the non-QM mortgage space. We offer alternative specialized mortgage solutions for brokers throughout the country helping borrowers who don’t fit conventional guidelines. We are pioneering a fresh approach to today’s mortgage lending challenges helping partners to grow their business.” States Licensed in: AL AK AZ AR CA CO CT DE FL GA HI IL IN IA KS KY LA ME MD MI MN MS MT NE NV NH NJ NM NC ND OH OK OR PA RI SC SD TN TX UT VA WA WV WI WY DC

Freedom Mortgage Specialty/ niche: VA and FHA As the #1 VA and FHA lender*, Freedom Mortgage Wholesale is dedicated to serving the needs of brokers, wholesale correspondents, banks and credit unions with a wide variety of products. Our local Account Executives, three Regional Operation Centers, and seasoned underwriters are committed to providing an unparalleled experience *Inside Mortgage Finance, Jan-Jun 2020 States: all 50 states, the District of Columbia, Puerto Rico and the Virgin Islands.


The Money House, INC. Specialty/ niche: DIRECT HECM LENDER - GNMA ISSUER Money House On Demand is the US Division of The Money House, Inc., a Ginnie Mae Forward and Reverse Mortgage Issuer/ Servicer. The US Division combines a complete range of mortgage products with a unique seasoned and professional team of bilingual staff and resources supporting complete Wholesale and Correspondent Partner relationships. States: CA. CO, DC, FL, GA, IL, MD, OR, PR, TN, TX Website: http://WWW.MONEYHOUSEUS.COM


Towne Mortgage Company Specialty/ niche:Manufactured Homes, Renovation Loans

First National bank of America Specialty/ Niche: Non- QM FNBA is a portfolio lender with over 65 years of experience. We understand that in the Non-QM business, service makes all the difference. That’s why we are committed to providing you with the fastest turn times, exceptional service and loan programs that make growing your business easy! States Licensed in: All 50 States




Towne has nearly 40 years of experience in the industry. When you choose to partner with Towne, you join a team of seasoned industry experts and an unmatched client support team. We offer competitive pricing in a rapidly changing marketplace. Visit our website tpo.townemortgage.com or call us at (925) 727-2516 States: AL AR AZ CA CO CT DE DC FL GA IL IN IA KS KY LA MA MD ME MI MN MO MS MT NE NV NH NJ NC ND OH OK OR PA RI SC SD TN TX UT VA VT WA WV WI WY



Calendar of Events

APRIL 2021

JUNE 2021

JULY 2021

Tuesday-Thursday, April 27-29 2021 Mid-Atlantic Regional Conference MBA/MW + MMBBA MGM National Harbor 101 MGM National Ave. Oxon Hill, Maryland MARCMBA.org

Thursday-Friday, June. 10-11 2021 New England Mortgage Expo Mohegan Sun Resort & Casino 1 Mohegan Sun Blvd. Uncasville, Connecticut NEMortgageExpo.com

Tuesday, July 13 2020 Carolinas Connect Mortgage Expo Embassy Suites Hilton Charlotte 4800 South Tryon St. Charlotte, North Carolina CarolinasConnectMortgage.com

Tuesday, June 15, 2021 Great North West Mortgage Expo — Portland Holiday Inn Portland South 25425 SW 95th Ave., Wilsonville, OR 97070 www.greatnorthwestexpo.com

Thursday, July 22 2021 Arizona Mortgage Expo Wild Horse Pass Resort & Casino 5040 Wild Horse Pass Boulevard Chandler, AZ 85226 2021 Arizona Mortgage Expo www.azmortgageexpo.com

Tuesday, June 22 2021 Chicago Mortgage Originators Expo Holiday Inn Chicago SW 6201 Jollet Road Countryside, Illinois ChicagoOriginators.com


Sunday-Thursday, April 11-15 2021 Regional Conference of Mortgage Banker Associations Hard Rock Hotel Casino 1000 Boardwalk Atlantic City, New Jersey mbanj.com

MAY 2021

Tuesday-Thursday, May 4-6 Mortgage Star Conference for Women Sheraton Memphis Downtown 250 N Main St, Memphis, TN 38103 www.mortgage-star.net Wednesday, May 5 Mid-South Mortgage Expo Sheraton Memphis Downtown 250 N Main St, Memphis, TN 38103 www.midsouthmortgageexpo.com

Thursday, June 3 2021 California Mortgage Expo— Irvine Hilton Irvine/Orange County Airport 18800 MacArthur Blvd. Irvine, California CAMortgageExpo.com

Tuesday, July 6 2021 Ultimate Mortgage Expo Hotel Monteleone 214 Royal St New Orleans, LA 70130 www.ultimatemortgageexpo.com

Thursday, August 12 2021 California Mortgage Expo— San Diego Hyatt Regency La Jolla 3777 La Jolla Village Dr. San Diego, California CAMortgageExpo.com

Tuesday, May 11 2021 Motor City Mortgage Expo DoubleTree by Hilton Detroit— Dearborn 5801 Southfield Expressway Dearborn, Michigan MotorCityMortgageExpo.com Tuesday, May 18 Texas Mortgage Roundup – San Antonio Wyndham San Antonio Riverwalk, 111 E Pecan St San Antonio, TX txmortgageroundup.com

See www.mortgageconferences.com for more events. To submit your entry for inclusion in the National Mortgage Professional Calendar of Events, please e-mail the details of your event, along with contact information, to editorial@ambizmedia.com. All events are as of April 1, 2021 and are subject to change. NATIONAL MORTGAGE PROFESSIONAL MAGAZINE |


Get revved up, Detroit! Join us this spring for The Motor City Mortgage Expo! This event includes a lineup of educational sessions, business opportunities and networking events curated specifically for the entrepreneurial men and women of the Michigan mortgage industry. Workshops and sessions will include detailing today’s reverse mortgage opportunities, producing profits with private lenders and much more. Tuesday, May 11th, 2021

Detroit, MI

+ Free NMLS Renewal Class May 12th

www.motorcitymortgageexpo.com Enjoy free registration using our code OCNFREE .





42 MORTGAGE MAGAZINE Safety|is NATIONAL our top priority. Learn aboutPROFESSIONAL the safety precautions we take at each of our events to earn us 100% safety satisfaction from our attendees at originatorconnectnetwork.com/covid19. Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers resereve the right to determine final eligibility.



nly a quarter (23%) of respondents to a recent Zillow survey said they would be comfortable buying a home online. Younger generations were more likely to be comfortable with the idea: 36% of Gen Z and 39% of Millennials say they would be comfortable doing so, much higher than the 19% of Gen X and 7% of Baby Boomers & Silent Generation members that said the same. Most people are reluctant to complete the process of renting, buying and/or selling a home entirely online. But large majorities are comfortable using technology and digital tools to help them with at least some parts of the process. Only about a quarter (23%) of respondents to a recent Zillow survey said they would be comfortable buying a home online. Younger generations were slightly more likely to say they would be comfortable: 36% of Gen Z and 39% of Millennials say they would be comfortable doing so, much higher than the 19% of Gen X and 7% of Baby Boomers & Silent Generation members that said the same. About one in eight Americans (12%) said they would be very or extremely confident making an offer on a home after viewing a virtual tour, but still not seeing the home in person. Those that recently bought a home were more likely than Americans overall to be confident making such a deal online — about a third (32%) of recent homebuyers said they would be very or extremely confident doing so. Americans in general that are not necessarily in the market or have not been in a long while may not make as much of a distinction as recent buyers between making an offer and finalizing a home purchase, which may explain the split.

In today’s mortgage banking industry, you have a choice: you can play “follow the leader” or you can be a leader ...

Lykken on Lending

With a 43-year career in mortgage lending, David Lykken is one of the most respected business leaders in the industry. He created Lykken on Lending in 2009 to offer his mortgage industry professionals an insider’s view of the trends, issues and personalities that impact mortgage banking and the wider economy. Created by a mortgage professional for mortgage professionals, Lykken on veteran Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE and Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT along with other regulars and featured guests. Lykken on Lending brings forth the major players in mortgage banking for provocative and insightful conversation. This is the only mortgage banking indust leaders speak directly without being edited or media outlet where industry filtered by agenda-driven third parties.

Covering Topics from Main Street to Wall Street and Capitol Hill

Listen LIVE Coast to Coast Mondays at 1:00pm Eastern/10:00am Pacific, or dial in and listen at (646) 716-4972 or (877) 666-9318 Download the Podcasts of Previous episodes any time at David Lykken

Your One-Stop Shop For Mortgage Training and Superior Marketing Content Download FREE The 2019 Book of Home Finance at www.originationpro.com 200+ pages packed with the information needed to succeed in this industry.

www.OriginationPro.com l success@hershmangroup.com



New To Market column: E-mail: | editorial@ambizmedia.com


Freddie Mac made automated payroll income verification available to lenders, giving them another option when choosing a payroll provider for verification of a mortgage applicant’s income, through its Loan Product Advisor asset and income modeler.

American Financial Resources, Inc. enhanced its One-Time Close Construction-to-Permanent program by increasing the maximum amount of initial disbursement for land acquisition or payoff to $150,000, double its prior limit.

Indecomm Global Services released DecisionGenius, a mortgage automation solution that assesses income, credit, assets and collateral of a borrower.

United Wholesale Mortgage launched its new Prime Jumbo product that gives brokers the ability to run DU for approved eligibility on loans up to $2 million with an LTV up to 89.99%.


Guaranteed Rate launched Gateless, a new mortgage technology solution that brings Artificial Intelligence (AI) and machine learning to the mortgage industry through a suite of tools called AI Mortgage. AI Mortgage reduces manual tasks by automating key components of the loan process, such as document review and filing.

Deephaven Mortgage launched a portfolio of new Non-QM products including expanded-prime featuring 90% LTVs and FICO Scores to 660 for home purchases, as well as rate-and-term refinancing for primary homes 80% LTVs on a cash-out primary home down to a 680 FICO; non-prime featuring 85% LTVs on a purchase or rate-and-term, down to a 700 FICO 80% LTVs on a purchase or rate-and-term, down to a 640 FICO and Debt Service Coverage Ratios of 80% LTV on a purchase or rate-and-term, down to a 700 FICO and 70% LTV on a purchase or rate-and-term, down to a 660 FICO.

With the qualified mortgage appendix Q gone, Rocket Pro TPO launched its Jumbo Smart product. The product is available for loan amounts up to $2 million, 45 DTI or less and 80% LTV, mirrors DU requirements and can yield instant approvals.


Equifax launched the Equifax Ignite Lost Sales Analysis solution, which uses cloud technology to give mortgage and home equity lenders differentiated data, actionable insights and more transparency as it pertains to prospecting, origination and portfolio retention.

Finicity, launched its one-touch Mortgage Verification Service that allows consumers to permission data, quickly and easily, so lenders can verify assets, income and employment in a single interaction with borrowers that takes seconds or minutes, according to the company.

Lodasoft is now offering single-click submissions of loan data to both Freddie Mac and Fannie Mae’s automated underwriting systems. The single-click submissions identifies the best product for the borrower as early as possible. It can also reduce loan cycle times.

WE’LL BE THERE. YOU CAN BET ON IT. The wait is almost over. Originator Connect, the nation’s premier mortgage event, returns to Las Vegas this August with a lineup of events sure to prepare you better than ever before for an ever-evolving industry. You won’t want to miss these exclusive programs:

Free NMLS Renewal* Build-A-Broker Your First Million Dollars Most Loved Employers Awards Gala & so much more! See the full lineup of events and reserve your spot for free using our code NMPOCN at www.originatorconnect.com.


22, 2021 LAS VEGAS, NV

Join us at Planet Hollywood, located at the heart of the Las Vegas Strip!





Safety is our top priority. Learn about the safety precautions we take at each of our events to earn us 100% safety satisfaction from our attendees at originatorconnectnetwork.com/covid19.


*Complimentary registration available to NMLS-licensed active LOs and their support staff. Show producers resereve the right to determine final eligibility.



Vengeance, Thy Name Is ‘Savannah’


Nick Roberson


Nick Roberson is a long-time mortgage industry veteran and a board member of the California Association of Mortgage Professionals. He’s a forthcoming and giving guy, who shares his … unique … perspective on work and life on his Facebook account. Here are some of Nick’s FB thoughts this month:

I feel really privileged and blessed tonight. It seems the lady next to me for 20 minutes in line at Costco, felt so comfortable with me, that she spent the entire time talking to a friend of hers via speakerphone. At full volume no less. I sure hope her niece leaves that jerk, Richard. She deserves better. I am sure the doctors will find some medication to help my new friend with her IBS. Oh, and don’t even get me started on her friend’s boss. That guy is a dick....

Quarantine Lesson #120: If you are bored and a fan of the TV show Chopped, grab a random person’s shopping cart at the grocery store when they aren’t looking. Then quickly check out and create an amazing meal out of whatever is in the cart. I am not sure how I am going to work the Lysol and cotton balls into the meal, but I will figure something out. My daughter never ceases to entertain. Last night we were watching a movie on TV when a moth about the size of a nickel flew by. Savannah: Dad, there is a moth in the house. Me: I will catch it the next time it flies by. I should probably note Savannah is terrified of any flying bug, butterflies and moths included. Savannah: Dad, the moth, is still flying around. Me: Don’t worry about it. It is harmless. Savannah: I can’t concentrate on the movie with it flying around everywhere. With each pass through by the moth, her anxiety increased, as did the pitch and volume of her voice.

Savannah: (whipping her flip flops off her feet) Forget it, I will do it myself. Now picture, if you will, the Bat scene from the Great Outdoors, combined with the squirrel scene from Christmas Vacation, and you will have something that closely resembles the scene that unfolded in our house. Savannah, with a flip flop in each hand, stands up and begins chasing the moth around the house. She then notices the moth is flying down the hall towards her room and immediately shouts, “Oh no, you’re not going in my room!” and promptly runs down the hall to get the moth. This is soon followed by her running back down the hall, screaming at the top of her lungs with the moth in pursuit. At this point, I am laughing so hard I can hardly breathe, which is just frustrating her even more. She finally gets mad, and about that time, the moth flies directly in front of her. SMACK! She smashes the moth between the flip-flops, and it drops to the floor. She raises her flip-flops above her head and lets out a primal yell in victory. This is soon followed by her jumping straight up about 2 feet in the air and screaming loudly, “Oh my God! It’s still alive!”. She then proceeds to strike the moth no less than 20 times with the flip flop in her right hand. The poor moth is now flat as a pancake and about the size of a quarter. She takes a deep breath and sits back down on the sofa in relief. Me: So, are you just going to leave that smashed moth there on the floor? Savannah: Yes, I am sending a message to any other flying bugs thinking about coming into the house that it will not go well for them. Me: Alrighty then.

Quarantine Lesson #121:

Sometimes when you accidentally say “Love You,” instead of thank you, the guy behind the deli counter says, “Love you, too." One of my friends called me this evening. He was all stressed out. He and his wife were starting to have some issues with their teenage daughter. While cleaning the house his wife discovered a large stash of bondage magazines and such under their daughter’s bed. He was asking for advice on how to deal with the situation, as he and his wife were at a loss for ideas. I said, “I don’t know, but I guess spanking is off the table.”

Savannah: DAD! Are you going to kill the moth or not? Me: I will catch it and throw it outside the next time it flies close by.


To see more by Nick, just go to www.facebook. com/nickroberson.





PRMG has created a ʻPath to Pivotʼ to more consumer facing activities, modern lending technology, and an ever-improving path for Originators to evolve with the market and continue to deliver best in class service!



www.PRMG.net © 2021 Paramount Residential Mortgage Group, Inc. NMLS ID # 75243; 1265 Corona Pointe Court, Corona, CA 92879; All Rights Reserved. Licensed by the Department of Financial Protection and Innovation, Finance Lenders Law License #603D903; the Residential Mortgage Lending Act, License #4131268; California Bureau of Real Estate License #1478294; AZ Mortgage Banker License #910387; Georgia Residential Mortgage Licensee #32087; IL Residential Mortgage License # MB.6760962; KS-Licensed Mortgage Company, #MC.0025196; Massachusetts Mortgage Lender License, #ML75243; MS Department of Bank and Consumer Finance; NV Mortgage Broker License #3693; NH Banking Department 17393-MB; Dept. of Banking in the Common Wealth of PA, #37894; RI Licensed Lender, #20112799LL; and is also approved to lend in the following states: AL, AK, AR, CO, CT, DE, DC, FL, HI, ID, IA, KY, LA, ME, MD, MI, MN, MO, MT, NJ, NM, NC, ND, OH, OK, OR, SC, SD, TN, TX, UT, VT, WA, WV, WI.




Visit AngelOakMS.com | 877.926.3073 ©Angel Oak Mortgage Solutions LLC NMLS #1160240, Corporate office, 980 Hammond Drive, Suite 850, Atlanta, GA, 30328. This communication is sent only by Angel Oak Mortgage Solutions LLC and is not intended to imply that any of our loan products will be offered by or in conjunction with HUD, FHA, VA, the U.S. government or any federal, state or local governmental body. This is a business-tobusiness communication and is intended for licensed mortgage professionals only and is not intended to be distributed to the consumer or the general public. Each application is reviewed independently for approval and not all applicants will qualify for the program. Angel Oak Mortgage Solutions LLC is an Equal Opportunity Lender and does not discriminate against individuals on the basis of race, gender, color, religion, national origin, age, disability, other classifications protected under Fair Housing Act of 1968. MS_A252_1220

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