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Volume 13, Issue 2

Negotiate Your Way To Success

GOING FOR BROKER Why Lenders Are Suddenly Flooding The Wholesale Channel

A Taxing Tale:


4 Ways To Ask For Favors





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




Volume 13, Issue 2

Negotiate Your Way To Success

GOING FOR BROKER Why Lenders Are Suddenly Flooding The Wholesale Channel

A Taxing Tale:


4 Ways To Ask For Favors



ACC Mortgage is a US Treasury Certified Community Development Financial Institution (CDFI) that supports community economic development and provides credit to underserved markets. © 2020 All Credit Considered Mortgage, Inc. d/b/a ACC Mortgage · NMLS ID 176724 · 1801 Research Blvd., Suite 410, Rockville, MD 20850 · (877) 349-0501. Not all loan programs are available in all areas. Program restrictions may apply. All rights reserved. This is not an offer or extension of credit or a commitment to lend. Licenses are held as follows: Arkansas combination Mortgage-Banker-Broker-Servicer license #119499; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act License #41DBO-102821; Connecticut Mortgage Lender License ML-176724; Delaware Lender License #020786 ; Florida Mortgage Lender Servicer #MLD953; Georgia Mortgage Lender License #46424; Idaho Mortgage Broker/Lender License #MBL-2080176724; Illinois Residential Mortgage License MB.6761111; Indiana-DFI Mortgage Lending License #40794; Maryland Mortgage Lender License #6625; Michigan 1st Mortgage Broker/Lender License #FL0022183; Minnesota Residential Mortgage Originator License # MN-MO-176724; Nevada Mortgage Lender License 4619; New Jersey Residential Mortgage License; North Carolina Mortgage Lender License L-164875; Oklahoma Mortgage Lender License #ML012740; Oregon Mortgage Lending License #ML-5825; Pennsylvania Mortgage Lender License 51566; South Carolina-BFI Mortgage Lender/Servicer License MLS-176724; Tennessee Mortgage License #181409; Texas SML Mortgage Company License; Utah-DFI Residential First Mortgage Notification; Virginia Lender Licensed by the Virginia State Corporate Commission as MC-1856; Washington Consumer Loan Company License #CL-176724; Wisconsin Mortgage Banker License #176724BA; District of Columbia Mortgage Dual Authority License #MLB176724. Revised: September 16, 2020.




Volume 13 Number 2



4 Civility, In Action A surprise encounter at a mortgage conference gives us an example of how we can be better with each other.  6 Work It Like A Boss How to tell if your life would be more rewarding if you stepped up to management. 8 How Much Would It Take To Get You To Read This First? Negotiating isn’t just an art, it’s a critical part of your job. Here’s how to get the most out of it. 10 Technology Is Taking Over It’s clear that mortgage origination and processing is being overtaken by tech. Here’s a look at some of the industry’s top contenders. 15 People On The Move See who the movers and shakers are in the mortgage industry.


15 Build-A-Broker: How To Make The Ask Sometimes, you’ve got to lean on your network for a little help. Here’s how to successfully get them to buy in. 16 Leading Indicators What to do in order to improve your game as a leader in your company, and your industry.


18 Time For A Reckoning The best way to get your production up? Get control of how you spend your time. 20 Jumpstart Your Year To make this a successful year, emulate others who are already doing great. 22 Heard by NMP 22 SPECIAL ADVERTISING SECTION TOP NON QM LENDERS

32 COVER STORY Brokers Are Better, Lenders Conclude As brokers grab ever more market share, lenders are paying attention. Big lenders are sharpening their TPO operations, and smaller lenders are suddenly finding a big interest in wholesale.

39 My Best Deal: Landing A Satisfied Client Susan Heren, Ann Arbor, Michigan.

Taxes Tell The Tale

NAMB and AIME go head to head to be seen as the top organization for mortgage brokers. Their tax returns tell some surprising stories.


Brokers are better, lenders conclude

38 NMP DATABANK Find quick economic info to give you insight into what’s happening that’s affecting the market.



41 New To Market JD Power says customer satisfaction surveys show a big problem with broker communications to borrowers. Here’s what needs to be done to fix that.

43 Budget Busting Home Searches This year started with one big trend: a lot more consumers looking for $1 million-plus homes. 44 Consumers Crazed Over Financial Stress While lots of potential borrowers say they think they’re making personal financial progress, a whole lot of them are worried sick over anxiety about economic unknowns. 45 Get More Referrals Seven quick tips for landing referral borrowers. 49 NMP Calendar of Events 50 Facebook Thoughts: AKA, ‘Questioning The Chickens”








Volume 13, Issue 2

Negotiate Your Way To Success

GOING FOR BROKER Why Lenders Are Suddenly Flooding The Wholesale Channel


A Political Appraisal


s reactionary politics continues to spike the nation’s consciousness, I take solace in an incident that happened in the summer of 2019 at a leading mortgage conference. It was the big Originator Connect

tradeshow in Las Vegas, our organization’s flagship event. And with eyes on the upcoming presidential election, we had booked as a keynote speaker Donna Brazile. Ms. Brazile is a political force – for Democrats. She was the first woman to chair a national presidential candidate’s campaign. She is a stalwart of Democrat power brokers. A former chair of the Democratic National Committee, she can also be seen regularly on Fox News – as the counterpoint to Fox’s unflinching conservative coverage. She is also a dynamic and engaging speaker, a don’t-hold-anything-back orator with a smooth, Louisiana accent that hugs an audience. She was there to talk about the coming election. And since a convention of mortgage originators was new to her, and she had arrived at the conference early, she decided to just join the crowds in the exhibit hall, to walk around and take in the chatter. Then she decided to sit at a table to grab a bite. And that’s when she met John Tedesco.

TABLE TALK John is a man of big personality. He’s one of the execs at Appraisal Nation, and his Carolinas drawl is every bit as beguiling as Ms. Brazile’s Cajun inflections. He’s also a

A Taxing Tale:


4 Ways To Ask For Favors



Volume 13, Number 2


man who speaks his mind clearly and stands strongly for his beliefs, which are decidedly conservative. John’s positions are easy to see: he posts them all on his Facebook page. And so, here we were: A conservative spitfire and a liberal lioness. John didn’t simply introduce himself, he thought this would be a great opportunity to ignite conversation. Given today’s frenetic antagonism between liberals and conservatives, it would be easy to assume what happened next was going to end in a verbal fracas, at the least. Instead, John came to me later in the conference to tell me how impressed he was with

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

Ms. Brazile, how much he enjoyed their political banter. He didn’t think he’d moved her to applaud his conservative bent, but she was respectful. And he was too, realizing that she was more moderate than he had given her credit for, more pragmatic. He wasn’t swayed to her ideas, but he was glad of the conversation they had. Polite, respectful, not pushy, not incendiary – a conversation by two smart people, hashing out ideas and beliefs. And each walking away with regard for the other. Perhaps, instead of going to political rallies, more people ought to just go to mortgage conferences. Because that, it seems, is where we’ll find the truly patriotic foundations of what makes this a great country, and always will.

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

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Is The Bottom Line Better As A Boss?

Become a non-producing manager? Grow a team? Or focus on originations? BY DAVE HERSHMAN | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL


ell over ninety percent of the production managers in this industry are what we call “producing managers or owners.” That is—they carry a personal pipeline of production in addition to managing other producers. Why is this so? • Most producers become managers not because of their potential to become great managers, but because of their success at personal production. The personal production makes the producer a target for recruiting and the management slot is a tool for this recruiting. • The personal production of a manager helps support the branch economically. It provides a base of income for the branch that the company can leverage towards profitability. If the branch needs six million in monthly production to be profitable and the manager producers three million monthly, the branch is that much closer to profitability.

• Most companies that hire branch managers provide a compensation plan that encourages personal production. That is, the salary is a lower level and the overrides do not provide major income unless the branch grows very large. Keep in mind that a high producer may be used to earning $100,000 to $500,000 or more annually. A base salary in the $20,000 to $40,000 range is not going to be significant part of their income. Of course, explaining why we have producing managers dominating the industry does not at all help us make a decision as to whether a manager should halt personal production in favor of growing the branch larger. As a matter of fact, for the most part the industry assumes the manager is producing and attempts to reconcile both goals instead of making it an “either/or” decision. However, some managers will face this decision within their careers—either as their branch grows larger and/or they move up to manage more than one branch or even become an owner of their own company. One of the motivations for producers to become managers from a monetary perspective is to make their monthly income less variable. What if they become sick for an extended period of time? There is no protection for a loan officer whose sole source of income is based upon how many loans they close next month. Obviously, a manager’s

income is subject to cycles—but it is not based upon the success of one person. On the other hand, so not to assume that giving up one’s production to build a large production organization is always the safe route. Generally, as a manager “moves-up” to higherlevel positions, the more susceptible they are to loss of job through mergers or acquisitions. When two large companies merge, there may not be a need for every regional manager. When the producing manager gives up their personal production, they lose security in this respect. The bottom line is that the decision to halt production is tied to the long-term career goals of a producing manager. A manager that garners 80% of their income through their own personal production will always be seen more as a producer, rather than a manger. On the other hand, if one builds their own production team to become a super-large producer, that path may bring the largest potential income to the table. The larger that team, the more management skills will be needed.

Dave Hershman, senior vice-president of sales for Weichert Financial Services.

The decision to halt production is tied to the long-term career goals of a producing manager.





Negotiation: The Art Of Letting Someone Else Have Your Way Don’t bargain yourself down before you get to the table. BY ERICA LACENTRA | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL


ith 2021 off to a more predictable start, many businesses in the mortgage industry should have been able to develop a more comprehensive plan for the coming year. With vaccine rollout providing a light at the end of the tunnel, there has been a renewed effort to set company growth initiatives, marketing plans and determine other areas of focus to get things back to a sense of normalcy. While it is often assumed that November, December, and January are slower months for our industry due to the holidays, this actually tends to be one of the busiest times of the year specifically because this is when the majority of planning for the upcoming year takes place. Sure, developing a comprehensive plan of action for a full year is time

consuming. But one of the parts of that process that tends to be the most challenging, at least in my opinion, is actually negotiating all of the intricate details with external partners and vendors. Even after being in a role for nearly a decade where having strong negotiating skills is of the utmost importance, it can still be challenging. I’m sure I’m not the only person who is still a bit hesitant to kick off that process, but I often chalk my reluctance up to that little voice in my head telling me that women should be more agreeable, not trying to make waves or “cause problems”. The problem that is caused, though, is that being agreeable doesn’t often allow you to get ahead or get the outcome you want.

THE KNOWN KNOWNS, ETC. So, pushing that outdated notion aside, negotiation, like any other skill requires practice to become more proficient at it. For those of you, men or women, who are struggling to improve your negotiating techniques, I’d like to offer some tips as to how to make the most out of any negotiation

even if your comfort level isn’t quite there yet. First and foremost, be prepared. This tip sounds like common sense, but I personally know many folks in our industry that take the “I’ll just wing it” approach to negotiating. While I’m sure this technique can work for certain people (having a ton of confidence usually helps), I’m a firm believer that you can accomplish more in a negotiation, and more importantly not get caught off guard or backed into a corner, if you come prepared. Being prepared also helps to build your confidence so that you can go into the process more self-assured that you know what you’re talking about. At a minimum, you should go into a negotiation knowing what your asks are, specifically which are firm, and which can be dropped if necessary. If money is involved, you should know what your ideal spend is but also what is the highest price you are comfortable spending should you need to compromise. And finally, you should be prepared to talk about what you/your company can bring to the table that provides inherent value to who you

Providing an industry partner with greater visibility to your customer base through co-marketing efforts could be a great bargaining chip to reduce traditional sponsorship costs.

are negotiating with that could help reduce monetary spend. For example, providing an industry partner with greater visibility to your customer base through co-marketing efforts could be a great bargaining chip to reduce traditional sponsorship costs. While you don’t have to lay all of your cards on the table to start, you should have all of the pieces in place to be able to clearly articulate what your desired end result is and why you feel your ask is reasonable. It’s important to go into any discussion knowing what the best-case scenario is, while also leaving room to concede so that both parties leave the negotiation feeling like they have come out on top.

STAND UP Next, and this is something I can’t stress enough, lead the negotiation. While this may seem counterintuitive for folks who struggle with negotiations to begin with, it is always better to take the lead whenever you have the opportunity to do so. This allows you to steer the discussion, put your asks up front, and also lead the argument as to why your desired outcome is reasonable and fair. It puts the other party in a defensive role where they must think about what their next counter is and if they should counter at all, which ultimately gives you additional time to think about how you will react to that counter if and when it comes.

Like any situation, you always

save a buck will never pay off in the

want to try to enter having the upper


hand and this is especially true when

Still, keep in mind that your style


may also change slightly depending on who you’re negotiating with


and the working relationship you

Finally, and this is something that

currently have with that individual or

will require additional thought

company. Negotiating with different

and practice before it becomes

people may require you to dial-up or

more natural over time, develop a

dial-down your intensity, lean more

negotiation strategy that plays to your

on your existing working relationship

strengths. Everyone should develop

or play into new opportunities, focus

their own style of negotiating; it is up

on price more or less, etc. It is up to

to you to determine what style best

you to think about nuances like that

fits your personality and also what

while you’re still preparing for the

works the best for you based on your

negotiation itself.

normal interactions with others in the

When it comes down to it,

industry. Developing a negotiating

becoming a great negotiator takes

style that is already in line with your

time and practice. However, you

general behavior in other business

will find yourself in a much better

settings will also give you a greater

position if you prepare and have

level of comfort because you are not

all of the information you need to

forcing yourself to do something you

reach an agreeable outcome before

normally wouldn’t.

working on your technique. After

For example, if you normally make

each negotiation, take stock of how

small talk with certain vendors when you touch base with them throughout

things went and how you can tweak

the year, going into negotiations

your approach to be better in the

swinging and beating them up on

future. Finally, have confidence in

price right off the bat will probably

your ability and your relationships.

not be as successful as if you started

Because when it comes down to it,

out the discussion with your usual

there is a much greater chance of

pleasantries before launching into

people working with you to reach a

your negotiation. Play into your

more desirable outcome than saying

strengths and use your previous

no altogether.

interactions with folks as a baseline to best plan your course of action when you need to negotiate. Damaging your existing business relationships to

Erica LaCentra is director of marketing for RCN Capital.





Tech, Triumphant

Digital is disrupting the traditional mortgage and real estate business model. BY LEW SICHELMAN | CONTRIBUTING WRITER, NATIONAL MORTGAGE PROFESSIONAL


y now, most lenders know the Federal Housing Administration has moved out of the Mortgage Dark Ages and into the 21st Century with its new Catalyst platform that streamlines the process for accepting and processing both insurance coverage and claims. In case you haven’t heard, the technology, years in the making, allows lenders to submit case binders and supplemental claims in the single-family forward mortgage insurance program. Multi-family lenders also can electronically submit insurance applications in a simplified, streamlined and secure manner. This initial phase of Catalyst is said to be the first of many that will support a transformed and fully automated FHA mortgage origination process. In the coming months, plans include a fully automated origination process, third-party verifications, validations for social security numbers and property addresses and the elimination of paper documents and ‘wet” signatures.

Now, the agency has implemented additional functionality to its claims module, achieving full digital submission capabilities for all single-family forward mortgage claims. The switch eliminates laborintensive manual, paper-based submissions for services. Catalyst is FHA’s multi-year technology modernization initiative and is supported by a $40 million appropriation from Congress. Reading the details, it all seems pretty complicated to me. But I am but a humble scribe who early on found that he was good – okay, acceptable – at putting words together that not only form sentences but also make some sense.

NEW DIGITAL WORLD In this space in December, I wrote about the advances being made in technology. But I did so generally. Other than a quick reference to FHA’s announcement, I failed to mention any specific applications. So this month, I am going to remedy that miscarriage with briefs on a handful of technology breakthroughs that seem the most interesting. Some apply directly to lenders. Some you may not like because they infringe on your business. Some apply just to ancillary players in the buying and selling process. But if one or two in the latter group tickle your fancy but don’t fit your MO, perhaps you can suggest them to a favorite real estate agent or broker with whom you work. Or maybe you can figure a way to join in. BRIDGES OVER TROUBLED WATERS – People who need to sell their house before they can buy another or are hesitant to even start looking for a new place

until the old one is sold now have an alternative to a bridge loan from a conventional lender. Knock Home Swap (www.knock.com) allows buyers to make a non-contingent bid on a home without worrying about selling the one they’re in. Offered exclusively through agents, the program allows buyers, armed with financing directly through Knock, to purchase their next house, close and move in before selling the current one. The program includes a fully integrated and competitive mortgage, an interest-free bridge loan to cover the downpayment as well as the mortgage on the new home and up to $25,000 for home prep and repairs on the old house so it can sell for the highest price possible. Similarly, Orchard (https:// orchard.com/), previously known as Perch, has launched a mortgage division to serve folks buying and selling houses at the same time. Under its program, Orchard will give buyers up to 90 percent of their home’s value up front to put toward their next house. Instant equity! When the house sells, the company gets its money back plus a 6 percent commission. If it doesn’t sell within the allotted time frame, the company gets the house and the buyers keeps the advanced equity. Knock provides access to a network of approved contractors and manages their payments. It claims that 90 percent of the homes in its program sell within 90 days or less. But just in case, it also makes a backup offer on the old house if it fails to sell within six months. The platform provides “more certainty and more buying power when selling and buying a home at the same time,” says Mark Stark

of Berkshire Hathaway HomeServices Arizona Properties. Orchard, on the other hand, will make the current house list-ready when the seller/buyer moves out with a complimentary cleaning, taking professional-grade photos and creating a 3D tour. When the house sells, the seller/buyer will receive any additional proceeds above the original equity payment. The company says more than 95 percent of its listing sell with 120 days. LENDER LISTINGS – Bank of America made news last Spring when the giant lender said it would give its borrowers grants of up to 3 percent of the purchase price up to $10,000, whichever is less. They also may be eligible to receive up to $7,500 in grants to cover non-recurring closing costs or buy-down interest rates. Now, BofA is identifying on its website properties that are eligible for the grants. The Bank of America Real Estate Center links to a network of 320 realty brokerages nationwide. Visitors to the site (https://realestatecenter. bankofamerica.com/) can get prequalified for a mortgage and search for properties wherever they like. They can browse through a group of featured listings or, after selecting a state, be taken to a list of brokers in that state. By clicking on a broker in the area in which they are looking, listings will pop up that qualify for BoA’s grants. Participating brokers, more of whom are being added every week, feature their listings as well as those on their local multiple listing services. There are no referral fees either to the brokers or to BofA. For a lender looking for business, that’s quite an advantage, and all through the magic of technology. Participating brokers are recommended by the bank’s local loan officers. “It’s a win for our home buyers to find the right house and a win for Bank of America when they get their mortgage from us,” Mike Toner, senior vice president of consumer lending digital sales, told me. NEW MLS – Gabriels Technology Solution, a developer of property

Pat Kinsel, CEO of Notarize.com, said much of the massive growth from 2019 to 2020 can be attributed to pandemic-induced digitization. search software for individual brokers worldwide, has taken its technology up a notch with a new listing service for New York City. Called Homes.NYC (www.homes.nyc), the site delivers an improved search experience showing, among other novelties, aerial, neighborhood and building videos, photos and virtual tours. The service, which covers all five NYC boroughs, has more listings than

relationship management tool that supports ongoing consumer-agent communications. The company is working on bringing the same technology to nine other “international” U.S. markets, including Los Angeles, Miami and Chicago. Also in its cross-hairs are London and Paris. Mortgage companies and brokers need to find a way to get in on the action.

Because of Covid-19, the world experienced two years of innovation in two months. any other in the region, says Gabriels, which powers real estate and media companies in 76 countries and 47 states. And it ensures that shoppers gain immediate access to listing agents as opposed to advertising sites that redirect consumers to paying agents who probably have never seen the property in question. Devoid of any advertising, Homes. NYC offers 20 different languages and metric conversion. Consumers can search through 9,265 buildings, filtered by cost, neighborhood, bedrooms and baths, and square footage. And it has a specialized client

HELP, HELP ME RONda – Remote online notarizations, aka RON, leaped 547 percent last year, according to an American Land Title Association vendor survey. A big deal, to be sure. But Notarize (www.notarize.com), one of several certified by MISMO, says its volume skyrocketed by 825 percent in 2020 in the title and lender space alone. Obviously, part of the increase can be traced to the pandemic. People closing on their new houses just





don’t want to touch paper, pens or other people unless they absolutely, positively have to. “Much of this massive growth from 2019 to 2020 can be attributed to the pandemic-induced digitization of this traditionally offline process when in-person was no longer an option,” Notarize CEO Pat Kinsel told me in an e-mail. “Microsoft CEO Satya Nadella recently said that the world experienced two years of innovation in two months, and we’ve seen it with our own eyes here at Notarize,” Kinsal said. “We’ve watched the real estate industry move quickly to ensure critical transactions were finally digitized. The digital future has arrived and it’s even better than we imagined - we aren’t going back.” But just as important as consumer demand, if not more so, ALTA now counts 29 states that have passed permanent laws authorizing the use of remote notarizations. It was only a decade ago that Virginia became the first state to enact such a law. But that begs the question, what are the other 31 states waiting for? TO NO AVAIL – Here’s one for your investor clients: A single platform that allows Mom and Pop landlords to scale up to a professional level. Avail (www.avail.co) is an endto-end program that lets landlords advertise their properties for rent, screen would-be tenants and request background, credit and eviction checks. It also creates lease agreements and collects rents, all online. Recently purchased by Move, the Murdoch-owned company which operates realtor.com on behalf of the National Association of Realtors, Avail also permits tenants to submit maintenance requests. Subscriptions are on a tiered basis, with roughly 90 percent of the 177,000 landlords using Avail taking the free option. At $5 per month, the second level allows for, among other things, customization and website creation. A similar platform, Nestegg (www. nestegg.rent), pays the landlord on the first of the month whether or not the tenant has paid or not. And landlords can enroll as many properties as they like, either single-family, multi-


fmaily or a combination of both.

from start to finish. Once a sales contract is signed and uploaded,

IN BETWEEN – After the sales contract has been signed but before the deal goes to settlement, Preclose (www.preclose.go) manages the process to make sure all the necessary documents and inspections come together so everything goes smoothly and there are no last minute glitches. This chat-based support program uploads the contract and asks a series of questions about, among other things, financing, warranties and the status of the required inspections. MA NATURE – Buyers worried about the climate where they’re looking for a new residence can plug in the address of the places they are considering and let ClimateCheck (www.climatecheck. com) do it’s thing. The site will produce an extensive report telling you, among other things, the risk for storms, higher temperatures, drought, flood and fire. It will also give you an overall risk score. According to the 34-page report I received, the overall risk score on my house is just 28. But my place is at a very high risk for storms -- a small EF-1 tornado recently touched down about 500 feet away from me -- and high risk for rising temperatures. The report is free, at least for now. Speaking of floods, buyers of houses in a flood prone places are usually unaware lenders will require flood insurance. So’s its probably an added expense they hadn’t expected. And at the last minute, they will be searching for the necessary coverage. With CartoFront (www.cartofront.com), which is offered only through brokers, agents and multiple listing services, you can instantly obtain flood quotes from private and public insurers. PAINT POINT – A “re-imagined closing experience” is the promise held out by Endpoint (www. endpointclosing.com), a mobile-first title and escrow company. Through its app, buyers and sellers have 24/7 access to all their title and escrow information. The goal is to keep everyone informed through the entire process,


buyers can even send their earnest money through the app to any of a long list of participating lenders. That helps eliminate wire fraud, a problem that doesn’t seem to be going away. And it also eliminates the opportunity for the buyer to have second thoughts when he sits down to write a physical check. REAL ESTATE MD – In what T3 Sixty (www.t3intel.com) calls the ‘WebMD of real estate, T3 Intel allows subscribers digital access to the company’s library or research and reports. Among the categories are the consulting and analytics firm’s quarterly real estate funding reports as well a brokerage rankings, technology vendors and “deep dives” into trends shaping the sector. “The vault of information released at launch includes nearly 3,000 pages of high-quality research, which will grow on a monthly basis as T3 continually adds its latest research and analysis to the platform,” according to Executive Editor Paul Hagey. Finally, let me close with this comment from Zillow CEO Rich Barton on how technology has quickly become an expected part of the consumer real estate experience, “Across every industry, there has been a COVID-catalyzed and dramatic increase and reliance upon and adoption of technology,” Barton said during his company’s third quarter earnings call. “The concrete is setting on new digital habits for life and work, and it is highly unlikely that we go back to the old analog ways.”

Lew Sichelman has been covering the housing and mortgage sectors for 52 years. His syndicated column appears in major newspapers throughout the country. He also has been the real estate editor at two major Washington, D.C., dailies and spent 30 years on the staff of National Mortgage News, formerly National Thrift News.


BUILD-A-BROKER How To Ask Your Network For A Favor How To Bring Your ‘A’ Game As A Leader YOUR FIRST MILLION DOLLARS Why You Need To Invest More Time In Time Management CAREER TICKER: People On The Move


> Fannie

Mae hired Ryan A. Zanin as the company’s executive vice president and chief risk officer, effective on Feb. 1, 2021.

> Nations

Lending hired John Owens as the company’s vice preside of strategic growth. 

> SimpleNexus

hired of Richard Jackman as vice president of marketing.

> Homebridge

Financial Services, Inc. hired John Adams as regional manager for North Carolina.




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Ummm … Hey There …

How to ask someone in your network for a favor BY GREG DELINE | SPECIAL TO NATIONAL MORTGAGE PROFESSIONAL


ust because many of us are now working remotely doesn’t mean staying connected becomes any less valuable. In fact, we all might need a little bit more human connection these days. When you’re alone with yourself (as most of us have been recently), it’s easy to see the value of community and why building a professional network is important. No one can think of everything, and a strong professional network can bring new ideas to the table — along with different perspectives, personal and professional advice, and emotional support. Once mortgage brokers and originators recognize the value of professional networks and learn how to start networking, the next hurdle is often how to ask for a favor professionally. We all know the feeling: a lump grows in your throat, your tongue suddenly ties, and you can just feel the flop sweats coming on. Before you tuck your tail and abandon the request altogether, remember that overcoming that fear is essential to benefiting from your professional connections. It’s important to build mutually beneficial relationships with your network to help one another fuel your successes. Finding the right words to ask for a favor isn’t always easy. Even as an experienced entrepreneur, I still get nervous from time to time and feel my confidence shaken. But through the years, I’ve found that asking for favors professionally really boils down to four simple rules.

BE DIRECT Remember, a lot of people do like to be helpful and appreciate the opportunity to assist others. Instead of assuming your connection won’t want to help you and floundering nervously on small talk to start the conversation, be direct. Just say this: “I was hoping you could help me out.” Framing it directly and positively from the get-go will lower the risk of seeming like you’re just trying to get something out of your connection. What’s more, getting to the point quickly is much more efficient, and your connection will value your respect for their time.

BE COMPLIMENTARY Think about why you are going to this person specifically for a favor. Do you like their ideas? Do they tend to have a unique perspective? Whatever the answer, let your connection know why you’re coming to them. Offering a compliment isn’t just considerate. It’s good etiquette when asking for a favor professionally. Sharing the reasons why this person is essential to whatever it is you’re asking makes it about more than just what they can do for you.

ASK AHEAD OF TIME If you’re asking someone to go out of their way to help you, the last thing you want to do is rush them. Waiting until the very last minute is likely to make you appear unprepared and disorganized. Instead, ask for what you need as

soon as you know you need it. Having months to deliver a favor is a lot less stressful than having mere days or hours, and you want to make your request as easy as possible to fulfill.

SHOW YOUR GRATITUDE You don’t want to develop a reputation as someone who takes but never gives. Asking for a favor should never feel like you’re trying to pick someone’s pocket. You should always be prepared to reciprocate. Even if your connection doesn’t ask for a favor directly in return, be on the lookout for ways you can help out. Can you cover them in a meeting when they have a conflict? Can you take anything off their plate when they’re having a busy day? Even simple actions such as bringing them coffee or treating them to lunch can show your gratitude and willingness to help out in the future. The most successful professional relationships are win-win, and that means both parties benefit from each other. That’s why an essential step in networking is learning how to ask for a favor professionally. Especially for entrepreneurs just starting out, asking your connections for help can pave your path to success. Don’t be afraid to ask for favors from your professional networks — just be sure to demonstrate respect and gratitude when you do.

Greg DeLine is an entrepreneur and philanthropist. He has started and owned more than a dozen successful companies.


> Fairway

Independent Mortgage Corporation hired 33-time Emmy awardwinning film producer and director, Kirby Bradley as its chief content officer.

> Nations

Lending hired Jennifer Verrilli as the company’s senior vice president of underwriting, credit risk and strategic operations.

> Atlantic Home Mortgage hired Greg Mullis as a mortgage loan officer for its Alpharetta, GA branch.

> First

Community Mortgage named Eric Holmes as the company’s assistant vice president.




Stepping Up Becoming an effective leader within, and beyond, the work walls





any mortgage pros are taking time to reflect on the previous year’s goals, how they fared and setting new goals for 2021. Now, let’s talk about the present. Are you satisfied in your current role or roles? Do you need to sharpen your technology skills or your product and program knowledge? Are you a part of an engaged team and connecting with them? How are you doing overall? Additionally, how do you feel you are performing as a leader both inside and outside of your work environment? To get a jumpstart on the year, it’s important to step back and take a look at your trajectory for the next year and how you’re performing as a leader and exhibiting leadership qualities whether you’re in a managerial role, or the head of your household. Let’s discuss what makes a leader and how you can incorporate those qualities into your daily life both at home and at work.

MANAGER VS. LEADER While a manager and a leader may seem synonymous, the qualities and responsibilities between the two are a bit different. Being a manager is more


of a skillset and job requirement. For example, following compliance and regulatory demands, being accountable for a team and being a task manager. As a manager, you are responsible for your own tasks as well as ensuring that your team also is completing their tasks, being diligent and abiding by company and team rules and following policies and procedures. If a ball is dropped or a deadline missed, it’s mostly left to the manager to sort out. When it comes to being a leader, it’s about instilling strong qualities in your teammates. Leaders aspire to inspire and empower. Additionally, they’re responsible for rallying the troops and leading them to victory. For many, leadership is something that requires practice and ultimately takes time to develop. However, there are four specific leadership traits that will help elevate any leader: VISUALIZE – Don’t get too wrapped up in the now, look toward the future, understand what the end goal is and determine how to achieve it. Whether you’re working by yourself or with your team, it’s important to have the ability to see what you’re trying to accomplish and the best way to reach the end goal. Join – Remove obstacles that preclude folks from contributing and build an environment rich in diversity. ENCOURAGE – Empowering others to do what is needed to achieve the end goal is critical and will not only keep morale high, but it also will instill in each team member independence and ownership over their part of the process or project. CAPTIVATE – Enlist others in your vision and goals and inspire them to be engaged and perform their duties.

BECOMING A LEADER EVERYWHERE Being a leader is not limited to the board room or where you sit on the organization chart. Leadership qualities can be exhibited in

the home, PTA meetings, book clubs, your community and more. There is a quote by Napoleon Bonaparte that particularly resonates with me in the current environment, “A leader is a dealer of hope.” We all have the power and position to make a difference. Leadership is about encouraging others and building them up. Additionally, leaders act with integrity, honesty, and respect for others, while bringing the best out of others. Leaders like Brené Brown and Tony Robbins didn’t start at the top with all leadership skills intact. They had to work on it day in and day out, find their heroes and inspirations, and grow from there. The key to effective leadership is best described using the old saying, “Practice makes perfect.” Leaders take the time to work on their skills by reading books, listening to podcasts or TED Talks, and participating in classes and webinars. LinkedIn Learning has become a popular tool among leaders to strengthen their skills. Not everyone wants an office in the “C” suite, but remind yourself that it’s important to invest in yourself throughout the year. Expanding your occupational skill set is always beneficial to you and your organization, but also don’t be afraid to explore a passion, learn a new language or take an online cooking class. While many believe leaders are born, which may be partially true, a good leader sees no bounds to what and where they can lead. As long as they seek to empower and motivate others while continuing their own journey through education, the leadership qualities simply fall into place. One selfless act of kindness can change someone’s life in the moment including yours. Let’s all be leaders in 2021.

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

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 .


SHOW PRODUCER 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.






ow do you explain the relativity of time?” the professor was asked. “Well,” she replied, “if I am rushing to catch a plane, and the check-in clerk is so slow that I miss my flight, the extra two minutes don’t mean much to him but they sure make a difference to me. That’s relativity.” Time is one gift that we are all given equally. Twenty-four hours a day, seven days a week, 52 weeks a year. The only variable is how many years we each have. And that alone is reason enough to make every minute count. Have you ever wondered where all your time goes? The average person spends seven years in the bathroom, six years eating, four years cleaning house, five years waiting in line, two years trying to return phone calls to people who aren’t there, three years preparing meals, one year searching for misplaced items and six months waiting at red lights. That’s nearly 30 years and doesn’t include a lot of what you might need or want to do. That’s why prioritizing your time should be a top priority. Especially if you’re in mortgage originations.

that prevent you from realizing them. Do a quick audit of your day to consider whether you’re working hard or smart. I’m a time management freak, so anything I can do to save time is important to me. That includes returning phone calls at the end of the day, being specific in leaving messages when I’m available to prevent telephone tag, calling ahead to confirm an appointment and even the best place to park to get going quickly. Time is money. I can get more money, but I can’t get more time.

take care of themselves.” One minute doesn’t seem like much; however, never underestimate the cumulative effect of each minute we live.

TIME IS MONEY Let’s suppose, a minute is worth one penny. You see a penny lying on the street but pass it by because it is hardly worth the effort of leaning over to pick it up. But if you double that penny every day for a month, at the end of 31 days you would have 536,870,912 pennies. Translated into dollars, that’s $5,368,709.12. The value we place on each minute of every day will have a cumulative

THE BEST ADVICE, DON’T WASTE TIME. Benjamin Franklin said, “If we take care of the minutes, the years will

TAKING CONTROL This is National Time Management Month, a perfect time to develop a plan to ensure everything you do is moving you in the direction of your goals and limiting the distractions


> First

Community Mortgage hired Greg Janicki to lead a lending team in Johns Creek, based out of its Atlanta branch. 



> CBC Mortgage Agency promoted Miki Adams to president of the company.

> Sagent added former Fannie Mae executive Marianne Sullivan to its Board of Directors.

> Sagent added Digital Risk co-founder Jeffrey Taylor to its Board of Directors. 

impact on the remainder of our lives. Maybe that’s why Franklin also said, “Waste neither time, nor money, but make the best use of both.” Peter Drucker, the late management guru, said, “Time is the scarcest resource, and unless it is managed

Develop a plan to ensure everything you do is moving you in the direction of your goals and limiting the distractions that prevent you from realizing them.

nothing else can be managed.” “Everything requires time,” he

multiplied 75 times 52 and came up

priorities straight. When every minute

added. “It is the only truly universal

with 3,900, which is the number of

is precious, you learn to use them to

condition. All work takes place in

Saturdays that the average person

the fullest. As humorist Bob Murphey

time and uses up time. Yet most

will live. With his age, he figured if he

people take for granted this unique,

lived to age 75, he would have 1,000

said, “The only person to succeed

irreplaceable and necessary resource.”

Saturdays left, so he went to a toy

ALL THE MARBLES My friend Wally “Famous” Amos sent me this story years ago. A man

God to help him get there on time. He

went home and put them in a large

ran, stumbled and breathlessly said,


“God, I asked you to help me, but

Every Saturday after that he took one marble out and threw it away.

realized how he had lost track of his

He found that watching the marbles

life’s priorities, including spending

diminish helped him really focus on

time with his family. He did a little

the important things in life.

person lives about 75 years. He

A little boy, late for school, asked

store and bought 1,000 marbles and

was working on a Saturday when he

arithmetic and figured the average

while horsing around is a bookie.”

don’t push me.” Don’t let your time push you. Take the time to manage your time.

There’s nothing like trying to gauge your time here on earth to get your

Mackay’s Moral: You can save time, but you can’t bank it.




Acra Lending’s Jumbo Prime Program Keith Lind – Executive Chairman & President (KL) Kyle Gunderlock – Chief Executive Officer (KG)

Why did you develop the Jumbo Prime program? KL: This specific program has been developed to meet the needs of customers in today’s environment. We wanted to introduce a program that provides borrowers with the larger loan amounts they need to purchase or refinance a high value property. We have been working non-stop to provide programs through our retail, wholesale, and correspondent channels which have significant demand in the marketplace. KG: The addition of this program demonstrates our commitment in identifying, responding to, and anticipating the needs of borrowers across the market. We have always set high standards and our team works diligently on a daily basis to continue to maintain responsible lending practices as the foundation of our business.

How does this help borrowers?

KL: Rates are at an all-time low, but jumbo mortgages are harder to access for borrowers due to ongoing economic downturn caused by COVID-19. The introduction of this program allows for an added avenue for those borrowers who are looking to purchase or refinance high value properties. The Jumbo Prime program is designed for qualified borrowers who may have larger loan amounts than allowed under conventional loan terms. KG: We continuously work to meet the needs of our customers, whether borrowers and brokers, and aim to excel through providing simplicity, consistency, and an optimal customer experience. Our team always asks the difficult questions when determining whether there is a need for a program and whether a customer can benefit from it. This program ticks all those boxes and allows us to offer another valuable program.

How do you foresee this program being utilized in 2021?

KL: As the mortgage lending space experiences continuous changes, we have worked resourcefully to meet market demands. This is going to be a great program not only in 2021 but for years to come for our mortgage brokers and borrowers. The median home price across the US has steadily increased over the past decade and shows no sign of slowing down. This creates the need for programs like our Jumbo Prime product. The key to a lender being successful is the ability to provide a complete suite of programs that works for everyone; we are doing just that. KG: If this year has taught us anything, it is that nothing it guaranteed. What we can do is prepare to meet a variety of challenges in an ever-changing market. This program, and many others, was developed like our 3-Month Bank Statement program: with our customers’ needs at the forefront of our development process. We are confident that with our experienced management team, we will continue to develop programs like the Jumbo Prime to meet the needs of the mortgage lending space for years to come. Our customers can benefit in knowing that when they partner with Acra Lending, they are doing so with a lender that is focused on bringing a diverse menu of programs and an exceptional customer experience to a marketplace that is often filled with excessive or unnecessary complications.



5 Fast Start Tips


How can mortgage loan originators begin 2021 with substantial momentum? One time-tested strategy is to emulate a successful LO’s daily habits.

MEASURE PROGRESS Do you know how many of your borrowers are firsttime buyers vs. relo customers from outside your region? In the 2016 book The Millionaire Loan Officer, author Scott Hudspeth takes the idea of measuring progress a step further by asking readers, “Do you know what your monthly expenses are so that you know how many loans you need to close?” LOs often see inconsistent results from month to month, according to an industry blog by Empower Funnels, a lead generation system provider. “The only way to reliably break the cycle of ebb and flow … is to track everything you can and develop systems, processes and habits around the activities that consistently yield positive results.”

WORK YOUR SPHERE OF INFLUENCE (SOI) Your friends, neighbors, relatives and other real-life connections are your best source for business and referrals. According to the BNTouch Mortgage Blog, family, friends and close acquaintances often represent the easiest-toclose prospects and those deals usually generate the most productive referrals. In many cases, LOs are uneasy about talking about the expertise they can offer friends. Clearly there’s a balance that needs to be struck between a hardsell approach and simply letting friends know you would love to help them with a mortgage, a refi or simply advice.

FIND YOUR NICHE Become an expert in your market, advises The Mortgage Loan Officer Success Guide. The book states that a loan officer’s niche could be veterans, property investors or first-time homebuyers. “Being a niche lender will help you become an expert in your market. Real estate agents … will think of you first when (that) particular mortgage type is needed,” according to Zuren.

OVER-COMMUNICATE In 10 Habits of Highly Successful Loan Originators (2016, Amazon.com) author Angelo Christian writes, “Communication is the number one thing you must do to make the sale,” and you must “continue to follow up until they move into the new home.” After the sale, The Millionaire Loan Officer suggests calling former customers three or five times a year to stay in touch — and ask for referrals.

CONTINUOUS LEARNING According to the BNTouch blog, “serious mortgage experts are constantly expanding their knowledge and improving their skills. Boost your understanding of the finance world and economy, of taxes, appraisals and alternative lending.” Jim Jumpe is senior vice president and chief marketing officer at ArchMI.



heard by National Mortgage Professional hosts a regular Mortgage Leadership Outlook series live on Facebook and YouTube. The industry’s best share their views. Here are some of their observations from the past few weeks. To see these full interviews and more, just go to www.nmptv.com.

“It is 2021 and I would say that Fintech is radically changing the way we’re doing business. Whether you think it is or it isn’t, it is. You either can skate to where the puck is and get in front of Fintech, or you’re going to get body checked into the boards and your career is over.” —Eric Mitchell, Gold Star Mortgage

“Audio and voice [marketing] is going to play a much bigger role in [the mortgage origination business and in our lives.” —Phil Treadwell Mortgage Marketing Expert Podcast

“If there’s anything that I took out of being a bond trader, it’s understanding risk, liquidity and counterparties. It’s unfortunate but I was able to put it to work right away when we (HPS Investment Partners) bought (Citadel Servicing) in February and COVID hit a month later.” —Keith Lind, Acra Lending

This “is about giving consumers more choice and assuring they know how an independent loan officer in their community can help them. Brokers are now featured on one of the most well-known mortgage websites in the country.” —Austin Niemec Rocket Mortgage Pro TPO



By There is a place where the loan search ends And before your investment strategy begins And there are financing options that delight, And there the terms are just right And there are no hidden fees in sight Don’t delay your deals, we’re ready to lend For investors with real estate dreams to grow Contact RCN Capital and you'll know The place where the loan search ends

Visit RCNCapital.com \ Email Info@RCNCapital.com \ Call 860.432.5858 RCN Capital, LLC is licensed as a California Finance Lender under Department of Business Oversight license number 60DBO-46258. Arizona Mortgage Banker License BK-0932325. Oregon Mortgage Lending License: ML-5571; NMLS Company ID: 1045656.




Angel Oak Mortgage Solutions Atlanta, GA Company Website: http://www.angeloakms.com What Non-QM programs does your company offer? 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.

Arc Home LLC

Carrington Wholesale

Mount Laurel, NJ

Anaheim, CA Company Website: http:// CarringtonWholesale.com

What Non-QM programs does your company offer?

What Non-QM programs does your company offer?

Arc Access - Alternate Income, DSCR, Foreign National , ITIN, Asset Utilization, Clean Slate, Agency Plus

The Carrington Advantage Series is a full suite of NonQM Loan solutions that "Delivers More" for you and your borrowers.

Arc Home has a full product suite of Non-QM available for your borrowers. We offer competitive underwriting, pricing and turn times. With Arc Home Non-QM tools, we can quickly price your loan, calculate your bank statement income or review your borrower’s credit.

Ideal for borrowers, like the self-employed, that don’t fit Agency or Government Qualified Mortgage standards based on credit quality, property type, documentation type, income documentation, or other borrower situations.

DCSR Loans below 100%

• FICOs 550+

ARMS Available

• Primary wage earners FICO

Which states are you licensed in?

All states with the exception of MO, HI and NV

• DTIs up to 50% • Bank Statements (personal or business) accepted • We don’t require disputed tradelines to be removed With the Carrington Investor Advantage (DCR) • DCR down to .75 • First-time investors are ok • Only 36 months seasoning for major credit events • 1x30x12 mortgage history ok Which states are you licensed in? 48 states excluding MA & ND


Irvine, CA

Company Website: https:// business.archomellc.com/

With easy access to pricing and product eligibility, scenario support, and quality tools, www.archomellc. com is a single source for “all things Arc Home LLC.” Visit https://angeloakms.com/ We carefully designed our programs/ for details on our product offering to offer products that can help you valuable programs for you to grow your business. qualify more borrowers. Which states are you Which states are you licensed in? licensed in? NATIONWIDE except: AK HI ID MA MO NY VT

Commerce Home Mortgage-Wholesale


Company Website: http:// www.commercetpo.com What Non-QM programs does your company offer? No Income Verification Loans on Primary and Second Homes (Min 640 Score) 12 Month BK Statement Loans (Only look at 1st Page) 1099 Program Asset Only Program Vesting in LLC Interest Only Option

AZ, CA, CO, District of Columbia, FL, GA, ID, IA, LA, MD, NV, NM, OR, TX, UT, VA, WA

Finance of America Mortgage

First Guaranty Mortgage Corporation

Horsham, PA

Frisco, TX

Company Website: http:// www.foamortgage.com What Non-QM programs does your company offer? Our Two-X Flex suite of mortgage solutions is specifically made with unconventional borrowers in mind. These proprietary loan offerings give borrowers even more purchasing power, allowing them to qualify based on factors outside of standard requirements. Contact Finance of America Mortgage today at customerrelations@ financeofamerica.com for additional information, or visit us at www. FOAmortgage.com Which states are you licensed in? Finance of America Mortgage is licensed nationwide in all 50 states, Washington, D.C., Puerto Rico, and the U.S. Virgin Islands.

Company Website: http:// fgmc.com/mavericksolutions What Non-QM programs does your company offer? Our proprietary Non-QM product suite, Maverick Solutions offers Achiever Expanded Credit, Champion Prime Jumbo, and Visionary Investment products for Wholesale and NonDelegated delivery. Our Non-QM solutions include the opportunity to use Bank Statements, Debt Service Coverage Ratios, NonWarrantable Condos, and qualify with credit scores outside of agency guidelines. FGMC also offers educational resources like webinars, a quick qualification tool that is powered by LoanNEX on our website, and a Non-QM Structure Desk. To send your deals to the Structure Desk and get help with credit grading, bank statement calculation, or DSCR calculation help, email us at nonqm@fgmc.com! Which states are you licensed in? AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY (NonDelegated Only), OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

Impac Mortgage Corp.

Luxury Mortgage Corp

Irvine, CA

Stamford, CT

Company Website: http:// www.impacwholesale.com What Non-QM programs does your company offer? • 12-month bank statement loans that are ideal for selfemployed borrowers • Investor loans designed for borrowers with positive cash-flow properties • Asset Qualification loans for borrowers with high cash liquidity who may not be employed or have a source of income • Agency Plus program for borrowers falling just outside of agency guidelines, a perfect jumbo loan alternative that offers I/O options Which states are you licensed in? All states (including DC) are eligible, except DE, MA, ME, MO, and WY.

Company Website: http://www. luxurymortgagewholesale.com What Non-QM programs does your company offer? 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. Investor Cash Flow Qualification based on income generated by the subject property Bank Statement Qualification based on business or personal bank statements Asset Qualifier Eligibility based on a borrower’s liquid assets Full Doc Excellent pricing for scenarios just outside conventional guidelines 1099 Only Great option for self-employed, independent contractor, or commission only professionals For information on our Correspondent division, visit www. luxurymortgagecorrespondent.com. Which states are you licensed in? 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 Company Website: www. oaktreewholesale.com What Non-QM programs does your company offer? 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. Program Highlights: 12 Month bank statements at 90% LTV Price match guarantee to any NonQM competitor* <75% LTV bank statement rank same as full doc. New streamline submission portal – point, click, submit 4 Or more expert associates dedicated to your file $3.0M up to 80% LTV Full product line at: www. oaktreewholesale.com *Price Match guaranty to include our Non-Agency Advantage and Investor Advantage Products Only. We will match up to 100BPS in price or 50BPS in rate. See your Account Executive for details. Subject to change without notice for any reason.


PCMA Private Client Lending Irvine, CA Company Website: http:// pcma.us.com What Non-QM programs does your company offer? OMEGA Purchase or Refinance Loan Amounts to $3MM 30 Year Amortization 30/40 Year Fixed Duration options 10 Year IO Option–No rate or pricing adjustments 12 Months Bank Statement– Blended Cash Flow Ok Asset Utilization–36/84 Month Options Cash Out to LTV Limitations -No rate or pricing adjustments

Quontic Bank New York, NY Company Website: http:// www.quonticwholesale.com What Non-QM programs does your company offer? Owner Occupied - No Ratio: No Income docs, no DTI. Not a bank statement program, but a true no income verification loan* Owner Occupied - Lite Doc: Qualify based upon borrower prepared P&L only* Investor - No Ratio (DSCR of 1:1) Investor - Lite Doc (Qualify based upon borrower prepared P&L only)

*Quontic is a U.S. Treasury designated Community Development Financial ZENITH Institution (CDFI) which Loan Amounts up to $1.5MM+ specializes in lending to 75%Purchase - 70% Cash Out under-banked people and is 30 Year Fixed exempt from ATR. I.E. We are 10 Year Interest Only uniquely positioned to offer 10+ Properties - LLC true no income verification Ownership - Professional loans on owner-occupied Investors properties. No Limit on Financed Which states are you Properties licensed in? Non-Warrantable Condos Business Purpose Loans–Non We are a federally chartered TRID bank lending in all 50 states. Title can be held in qualified trust/entity INVESTOR-RESIDENTIAL NINA–No Income No Asset DSCR–Qualifies Off the CashFlow of the Subject Property Permanent-Non-Permanent Resident Alien

Which states are you licensed in?

Which states are you licensed in?





Reliant Bank

Sprout Mortgage

Verus Mortgage Capital

Brentwood, TN

East Meadow, NY

Washington, DC

Company Website: https:// reliantcorrespondentlending. com/ What Non-QM programs does your company offer? Full Doc NonQM for higher debt-to-income ratios, Interest Only and/or NonWarrantable Condominiums. Bank Statement Program for self-employed borrowers. Investor Debt Service Ratio (DSCR) program for real estate investors. Full Doc Prime Jumbo to 90% LTV. Purchase on a delegated or non-delegated basis. Which states are you licensed in? Reliant Bank is a federally regulated bank, licensed in all 50 states.

Company Website: http:// www.sproutwholesale.com

Company Website: http:// www.verusmc.com

What Non-QM programs does your company offer?

What Non-QM programs does your company offer?

Sprout Mortgage is a NonQM and QM lender whose innovative products, flexible qualifying criteria, and precision underwriting provide tailored lending solutions for residential real estate investors, selfemployed borrowers, and those with recent credit events. Sprout has created lending solutions engineered for today’s market to help consumers often excluded from traditional home financing options. Lending partners benefit from an array of features, including: Dedicated Account Executives and Account Managers, Bank Statement Review Team, Automated Locking, Condo Project Review Desk, iQualifi Pricing Engine, Free Personalized Marketing Collateral, Virtual Branch Training, Weekly Client Webinars, Access to Short ‘How-To’ Videos and an Exception Desk.

Verus Mortgage Capital is the nation’s largest issuer of securitizations backed by non-QM loans. We’ve purchased over $10 billion in expanded, non-agency and offer correspondents a comprehensive array of expanded non-prime solutions for residential and business purposes.

Which states are you licensed in?

All 50 states

For residential mortgages, we offer flexible loans that meet the needs of applicants who don’t fit into conventional programs. Verus Business Purpose loans meet the needs of real estate investors. Our flexible lending guidelines, underwriting and pre-purchase diligence tools, and training help correspondents confidently move into non-QM. It’s all we do, and we do it extremely well. Which states are you licensed in?






Both the National Association of Mortgage Brokers (NAMB) and the Association of Independent Mortgage Experts (AIME) purport to be the leading organization for mortgage originators. Beyond the public relations spin, we took at a look at the most recent tax filings of both groups.

AIME 990


Just two leaders, neither elected.


AIME has 38 employees, NAMB lists 32 volunteers.

LINE 15:


This is where member dues are reported. AIME has no member revenue. AIME claims 40,000 members, but has no actual “membership” function, so this is largely an unsupported claim.


AIME gets pots of money from its sponsoring companies, a nearly six-fold increase in just one year.



AIME went on a hiring binge in its second operating year.

LINES 17 AND 18:

AIME spends prodigiously on its events.

LINE 19:

Thanks to huge sponsor bucks, AIME’s bottom line is very healthy.

THE UPSHOT: AIME claims lots of “members,” but with no membership function and no membership dollars, it’s hard to prove that’s true. NAMB probably has about 4,000 members. That doesn’t seem to matter to the vendor community, which is clearly supporting AIME over NAMB. AIME is much better funded, and is operating in the black, while NAMB is burning through its cash.

NAMB 990 LINE 9:

Although NAMB had multiple live conferences and events in 2018/2019, its total revenue from those are still some $300,000 less than what AIME collected in its first year, and are a sixth of AIME’s comparable year performance.

LINE 11:

NAMB has an elected board of directors.


NAMB’s membership dues and other income (such as from NAMB+) went up. This does not indicate it gained more members, since NAMB instituted a membership fee hike around this time. But with membershiponly dues of $408,818 reported elsewhere in its tax return, there is evidence that NAMB has about 4,000 actual paid members.

LINE 15:

Although NAMB claims (in Line 5) that it employs no one, it reports more than $380,000 in salaries.

LINES 19 AND 22:

NAMB is spending more than it’s taking in. It managed to slow the red ink flow from -$548,491 the prior year to a loss of $30,900 in this reporting year. But its’ net assets keep shrinking, while AIME’s net assets grew nearly tenfold.





MAY 11

MAY 18 JUNE10-11 JUNE 15






AUG 12

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Mortgage lenders across the cou Step one: Woo the people a



hen the Super Bowl was played this year, millions of viewers more attuned to the ads than the passes were treated to an exhortation from Rocket Mortgage, nee Quicken Loans: Why don’t you use a mortgage broker? It was the latest in a series of efforts by the largest mortgage lender in the country to strengthen its wholesale channel. To beef up its Rocket Pro TPO Services, the company knew it had to show brokers it’s on their side, pushing business their way. Austin Niemec, Rocket’s EVP of wholesale, said the company has more than doubled it’s “partner channel” over the last two years. And Niemec seems intent on making sure it’s clear that they’re sharing the love. “Brokers are now featured on one of the most well-known Austin Niemec, EVP mortgage websites in of wholesale at Rocket the country,” he said. Mortgage, says its broker “Whenever Americans channel has doubled in see the Rocket Mortgage the last two years. brand during an NFL game, on HGTV, or while



watching eSports, it can lead them to their local mortgage professional.”

LOVE THE MONEY It’s no secret that the big players in mortgage wholesale are trying to grab more of the channel. United Wholesale Mortgage, the largest wholesale lender in the U.S., reported eye-popping record volume and profit for 2020. And now brokers, relegated to wallflower status for so many years, are suddenly the belles of the ball. And when you’re the belle, suddenly there are a lot of suitors for your hand. Not just the large lenders, but many smaller companies have recently launched themselves into wholesale lending – or ramped up production after years of focusing on the retail market. Most are seeing it as a means for riding out what is going to be a turbulent market in the years to come, as interest rates increase in volatility, economic basics make another roller-coaster run, and market saturation rears up. With all that likely, the wholesale market is the place to be, since a wholesale operation scales up and down much more quickly than a retail one. From a market share of just 7 percent of total mortgage volume in 2011, to grabbing more than 20% in 2020, brokers are standing on top of piles of money. Mortgage origination volume in 2020 is on track to be over $4 trillion, the largest in history, Stratmor Senior Partner Garth Graham wrote in his October Insights Report. “With a market expected to set records for origination volume and profitability, most lenders are riding high in 2020.” At the same time, large independent mortgage banks are “flush with retained earnings and are seeking to grow via acquisition to compensate

t Broker:


untry are getting into wholesale. actually making the loans.


founder and CEO Glenn Stearns 15 years to accomplish after he previously founded Stearns Lending. Leora Ruzin, senior vice president of wholesale operations at Equity Prime Mortgage, says wholesale is hot because of the “explosion of the broker movement. There is a lot of benefit to having brokers who are the boots on the streets and tapped into their communities.”

Kind Lending, created mid-2020 by Glenn Stearns, hit $1 billion in wholesale funding in just six months.

for expected market volume declines. It’s a robust and indisputable sellers’ market,” says Graham.

THE WHITE-HOT MARKET Nationwide wholesaler Kind Lending, for example, funded $1 billion in wholesale loan volume in just six months, a feat that took

Wholesale is hot, says Leora Ruzin, SVP of wholesale operations at Atlanta-based Equity Prime Mortgage.





Independent brokers make it cheaper for wholesale mortgage companies to spread their money around, she says. “Having an independent mortgage broker allows us to tap in without having expenses of a retail branch. Not only is it more cost effective, it allows larger independent banks to tap into opportunities.” John G. Stevens, chief marketing officer and chief marketing officer for SRE Mortgage Alliance, is an enthusiastic. He proclaims, “Wholesale is where it’s at. It is exciting. Wholesale is surging. It is here to stay.” Industry legend Andrew Taylor, former head of wholesale lending at Franklin American Mortgage Co., and now executive vice president of wholesale lending at LoanSimple, says, “I think overall wholesale lending is a great position as margins taper and profits compress. Brokers have a nimble model. They are better able to adjust. We expect them to continue to grow and thrive.” Something else appealing about the wholesale business is that it’s the brokers, not the lenders, who shoulder the capital costs associated with opening retail locations. “We can capture market share without going the retail route and the expense of brick and mortar,” says Taylor.

WHEN THE MARKET COOLS There’s some disagreement on the mortgage business throughout 2021. Some argue purchases will stay strong and refinancing will eventually cool once a saturation point is hit. How much will the market change? One analyst thinks a lot. Mike Seminari is director of Stratmor’s MortgageSAT Borrower Satisfaction Program. He predicted in October that, “Projected industry loan volume for 2021 is expected to be down roughly 30% from 2020. Oddly, few lenders, and even fewer originators, seem to notice.” “Everyone in the industry knows that at some point, volumes will fall, and/ or margins will diminish. Companies hope to add products, such as cashout refinances, bond programs, reverse mortgage divisions, and home equityrelated products,” says industry analyst Rob Chrisman. He adds, “Larger lenders and banks are indeed in a better position to do


shallow out the dips and prepare for the rises,” he predicts. “The dream of purchasing a home doesn’t go away as heavily. People still purchase at 18% and they purchase at 2%,” Stevens says. “You want to be that lender that is focused on purchase. Not go out after that shiny object of refis. The real gold is the purchase.”


Colorado-based LoanSimple stepped into the wholesale business, bringing on industry veteran Andrew Taylor to lead its strategy.

this than smaller companies, which tend to offer the products, and pricing, that larger companies offer them. But smaller companies are nimbler, and the decision-making ability more rapid, which can give them an advantage should a sudden shift in the market occur.” Andrew Taylor agrees, echoing that when the market cools, bigger isn’t necessarily going to be better. “Size doesn’t determine winners or losers,” he says. “Where size comes into play is when a lender is too big to respond to brokers’ needs and what they value.” Ruzin says Equity’s advantage is its flexibility and diversity. “As a wholesale lender… we don’t serve just one broker. We serve hundreds. We have the flexibility to add niche products if necessary. We can tap into other resources. No matter what retail does we will always be there.” Stevens says it is the purchase market that will flatten the curve for wholesale mortgage companies. “As long as you are focused on purchase, [that] will help


According to research from Stratmor, since January, the mortgage industry has witnessed two of the biggest deals in its history: United Wholesale Mortgage’s $16.1 billion merger with a special acquisition company, and Intercontinental Exchange’s $11 billion acquisition of Ellie Mae. Quicken Loans’ owner Rocket Companies raised about $1.8 billion in an August initial public offering. In early October the company was valued at about $45 billion. More recently, Stratmor says, Guild Holdings Company, an originator and servicer of residential mortgages, closed its IPO of 6,500,000 shares at a price to the public of $15 per share. The company raised roughly $100 million, creating a valuation of $1 billion. “The M&A deals we’re seeing this year are game changers,” Statmor’s Graham says. “They are record-breaking deals that have investors outside the industry putting money into mortgage banks that are generating solid profits.” Yet, Chrisman says, you can’t count out the private companies in this sector. In terms of “going public,” several of these companies are owned by venture capital funds or private equity groups. In effect, they are publicly held companies without the disclosure constraints. They are usually not long-term holders of assets. With these production volumes and margins, it is a great time to sell. The wholesale channel has always been a place to quickly ramp up production, Chrisman says, in a minimum amount of time if a company is comfortable with the risks. “And some can argue that there are underserved markets such as credit unions or small community banks that have ample production but don’t want to retain the servicing,” he added.



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WHAT RISES CAN ALSO FALL SRE’s Stevens likes to make a nautical analogy when explaining why public companies might be playing it too safe when markets turn turbulent. “A ship is safe in the harbor but that’s not what ships were designed for. They were designed to experience the high seas. We are in the deep waters of taking care of our clients. We will have both sunny and stormy days. As long as you’ve set expectations and you’re properly managed and purchase focus, you can come out better than when you entered the storm.” Taylor says the ongoing quarterly search for profits hurts a company. “You’ve got to maximize shareholder value. You can’t have an unprofitable quarter,” he says. “We’re not focused on being the biggest. We’ve turned business away because we want to remain competitive in terms of turn times. We don’t want to implode.

We’re going to be patient and not just chase volume,” Taylor says. It’s also important not to get too big, Taylor adds. “It becomes a manufacturing process. The personal level disappears and the culture disappears. Brokers want a lender they can trust and ultimately that cares. Sometimes they can feel like a number.”

SETTING THEMSELVES APART Not surprisingly, all of the wholesalers interviewed say what sets them apart is their service to brokers. You’ll never hear otherwise in an interview. Yet each has slightly different approaches. Taylor says there is more than enough room for everybody in the current market. “Our focus is not on chasing other wholesale lenders and trying to take their business. Instead, we look for opportunities to expand our presence in the market.

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We believe our boutique approach to brokers will draw more people into wholesale,” he says. “It’s a fairly simple business model, do what’s right for the broker. Every question and or decision comes down to this simple truth…what’s best for the broker is best for us,” Taylor adds. Ruzin says the good wholesale companies are focusing on making brokers content so they can originate more business. “How can we cultivate lifelong relationships with brokers so they can develop multigenerational transactions?” she says. “If we put a process into place we make sure it’s not to the detriment of brokers. We want to make it easier for them to provide to borrowers.” Chasing short-term profits ultimately hurts a company, Stevens posits. One-time specials on rates are an outdated business model.

“I cannot express how grateful I am to have a broker relationship with Ridgewood. Time and time again, you’re the lender I count on for personal attention and unparalleled service.” Mary Ann Scaggs Sr. Mortgage Loan Originator Purchase, NY














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How much was your best deal for?

issue, they were significantly delayed in getting the work done. Their time was almost over when they came to me for financing. However, the work was still not complete so we needed to do a renovation loan to finance the rest of the work that needed to be completed.


What made it your best deal? A couple purchased a home on a land contract 11 months prior to coming to me. They had to pay off the land contract by the end of the 12th month, which was December, or the land contract holder was going to foreclose. They purchased this home with an advance from their credit card and was it was a home they were going to flip.

What else?

They had already spent several thousand dollars and sweat equity on this property. A few months into doing .the work, the wife had open heart surgery so she was unable to help with much for the physical work that needed to be done. This also kept her from her regular job and her YTD pay was decreased. They had intended for all of the work to be done and the house sold in the 12 months they had for the land contract. Since her medical

With a renovation loan they needed a contractor and a bid to close the loan. They had been doing all of the work themselves. They found a contractor, already had all of the materials that were going to be used, and we were off and running. Income and debt ratios were very tight as they had other income properties as well. A trip to their home at 10pm with a white board, their list of income and their list of liabilities to show how they would get it done was required to make it all happen. With the holidays happening and them out of state on vacation, we were able to get this renovation loan closed within the 30 days just before their land contract ended. They closed with a mobile notary while on vacation over the holidays.

Have a great story about your best deal? We’re not talking about your biggest deal. We want to hear about your best deal – the one that resonates with you personally, the one that became the story you’ve told again and again about why you’re in this business. Head over to bit.ly/MyBestDeal and tell us the details. You can win a $100 Amazon gift card if your story is selected for publication.

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ServiceLink’s EXOS Exasspress P technology is now integrated with Cloudvirga’s Digital Mortgage Platform, giving lenders the ability to receive title complexity decisions within seconds for refinance loans. Black Knight, Inc.’s Loansifter Product, Pricing and Eligibility engine for mortgage brokers has been updated with a number of enhancements to create efficiencies. Black Knight states that the updates should help automate associate broker workflows within the pricing engine itself. loanDepot and Brookfield Residential launched BRP Home Mortgage, a new joint venture created to home streamline the mortgage experience for Brookfield Residential homebuyers. Property technology provider Spruce launched SprucePowered, a white-label title and closing services solution that gives proptech companies the ability to form their own title agencies and control the entire transaction experience end-to-end. Black Knight, Inc. launched its new Seller Digital correspondent lending platform. The new platform gives lenders the ability to track commitment pipelines, manage conditions and validate pricing to register and lock Best Efforts loans and allocate Mandatory loans to commitments. DataTrace Information Services LLC launched TitleIQ Enterprise, an expansion of the company’s automation suite. TitleIQ Enterprise is a full title solution that combines a number of search processes, title plant and title production servicers into one product. Covr Financial Technologies, Americo Life, Inc. and SCOR launched the LoanMatch Protector product. This is a first-ofits-kind life insurance policy that is customized to a consumer’s specific loan amortization schedule Equifax Workforce Solutions unveiled its enhanced suite of Mortgage Complete products, specifically for mortgage originations. These products offer verifications and services, including the digital delivery of verification of income, reverifications of income or employment and IRS Tax Transcript Fulfillment. Vanderbilt Mortgage unveiled its new website to provide an improved digital experience for its current and potential customers. The new site features tools and educational resources for visitors applying for a loan, a payment portal for current customers and ways to learn more about Vanderbilt products.



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Top Money On The Move 11% of Redfin.com searches were for $1 millionplus homes in January, up from 8.5% a year earlier


ationwide, 10.8% of saved searches on Redfin.com filtered exclusively for homes priced over $1 million in January, according to a new report from Redfin, a tech-based real estate brokerage. That’s up from 8.5% a year earlier and the highest share since Redfin started tracking this data in the beginning of 2017. At the same time, 36% of home searches in January filtered exclusively for homes priced under $500,000, down from 39.3% a year earlier and the lowest share since September 2017. Low mortgage rates and quickly rising home values—the national median home-sale price rose 13% year over year in December—are two reasons why a record share of homebuyers are looking for homes priced over $1 million. The trend is also partly due to the fact that in today’s economic climate, affluent Americans are the ones who can afford to buy homes. “Wealthy people are reaping the benefits of unequal recovery from the pandemic-driven recession as they earn money from robust stock portfolios and rising real estate values,” said Redfin chief economist Daryl Fairweather. “Not only can they afford to move, they also have big budgets. Unfortunately, many lowerincome people, particularly those in the service industry, are struggling financially and aren’t in the market for homes.” Luxury home sales in the U.S. soared 61% in the three months ending November 30, the biggest jump since at least 2013 and a much bigger increase than sales of mid-priced or affordable homes.

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.

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CALIFORNIA BUDGET BUSTERS In San Jose, 48.5% of searches filtered for homes priced over $1 million in January, the highest share of the metros tracked by Redfin. It’s followed by four other expensive California metros: San Francisco (48%), Oakland (31.8%), Anaheim (25.1%) and Los Angeles (24.9%). That’s the highest share since at least the beginning of 2017 in all five of those metros. Those areas are home to the five most expensive housing markets in the U.S. The median home-sale price is $1.4 million in San Francisco, $1.2 million in San Jose, $817,000 in Oakland, $800,000 in Anaheim and $730,000 in Los Angeles. The median home-sale price is above $500,000 in seven other metros. Six of those seven areas saw record-high shares of searches for homes over $1 million in January: Boston (15.5%), Nassau County, NY (9.7%), New York, NY (12.6%), Oxnard, CA (16.2%), San Diego, CA (20.2%) and Seattle (17.8%). The exception is Honolulu, where 16.8% of searches filtered for homes priced over $1 million, the second-highest share in the last four years (the highest share was 17.9% in September). “With home prices up from last year and escalating even higher with bidding wars, a lot of buyers have no choice but to up their budgets,” said Seattle Redfin agent Bliss Ong. “A home that would have cost $699,000 a year ago would be listed for $750,000 today and it may end up selling for $850,000. Expensive homes are more popular than they used to be, too. In the past, anything over $1.5 million would stay on the market for several weeks, but that’s not the case anymore. Even in the $2 million range, homes are selling within the first week.”


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Financial Anxiety Plaguing Nearly Half Of All Consumers Consumer sentiment shows two distinct realities when it comes to financial security


he economic turbulence caused by the COVID-19 pandemic has resulted in two very different financial experiences among Americans, according to findings from a new survey by BMO Harris Bank. Despite seeing the largest economic decline since WWII in 2020, almost half of Americans (46%) believe they are making financial progress. Yet there is still a significant percentage (11%) who say they are not making progress, with another 43% in the middle. Despite the different realities of how Americans are faring financially, they share some commonalities. Many Americans (57%) are feeling financial anxiety as a result of the pandemic, and there are barriers that are hindering their ability to take steps toward their financial goals or make more progress. Even with that feeling of anxiety, there is hope – 77% of Americans are optimistic about their personal finances as they look at 2021. “There is a clear dichotomy in how Americans have been impacted financially through the pandemic, and it echoes the conversations we’ve had with our customers,” said Paul Dilda, head of consumer strategy for BMO Harris Bank. “While the pandemic has constrained behaviors like overspending and resulted in better financial habits for some, others are struggling to do more than make ends meet. Given Americans’ financial optimism for 2021, we hope this research encourages more dialogue about what it means to get ahead and how to carry forward any positive habits formed during the pandemic.”

TWO DIFFERENT REALITIES Financial progress is defined as the ability to take steps to achieve the financial goals or measures that are


have negatively impacted their financial situation and exacerbated the challenges they face when it comes to making progress. They are more likely to be female (63% vs. 36% male) and: • Only 31% have enough savings to get them through an unexpected emergency • 61% say that the COVID-19 pandemic has worsened their financial situation • 40% say they’re falling behind on basic needs

Paul Dilda, head of consumer strategy for BMO Harris Bank.

important to Americans, and the survey found that two very different realities exist around making financial progress. According to the 46% of Americans who believe they’re making financial progress: • 82% have enough savings to get them through an unexpected emergency • 43% say that the COVID-19 pandemic has improved their financial situation For those not making progress (11%), the effects of the COVID-19 pandemic

When further comparing the two groups side by side, the contrast between the two realities comes sharply into focus considering the actions Americans take, or don’t take, to make progress. • Those not making financial progress are less likely (30%) to say they are saving money on a monthly basis compared to 78% of those who are making progress. • Those not making progress are less likely (21%) to set a yearly budget compared to 52% of those who are making progress • Those not making progress are less likely (46%) to set financial goals for themselves compared to 83% of those who are making progress CONTINUED FROM PAGE 48

Eight in 10 Americans say they know what to do to improve their financial situation. Yet only 40% save money from every paycheck, and less than 30% ask for financial advice at least once per year. Moreover, half of Americans admit they often do things to worsen their financial situation, and often spend more money than they know they should.






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!

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


States Licensed in: All 50 States




We Have Mortgage Jobs.

• 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.




• Those not making progress are less likely (13%) to have an advisor compared to 41% of those who are making progress • Those not making progress are less likely (12%) to have a written financial plan compared to 44% of those who are making progress

THE KNOWING-DOING GAP When looking at Americans holistically, there is a gap between knowing what to do to improve their finances and taking the steps to do those things. Eight in 10 Americans say they know what to do to improve their financial situation and actively take steps to do so (82%, 81%, respectively). Yet only 40% save money from every paycheck, and less than 30% ask their bank for financial advice at least once per year. Moreover, half of Americans (41%) admit they often do things to worsen their financial situation, and 51% often spend more money than they know they should. “For those that feel they are making financial progress, this is the time to double-down on the habits that have moved the needle, and understand how to manage gains effectively so they can carry them forward post-pandemic in ways that help grow their money,” Dilda said. “For those that need assistance, it’s time to reexamine their finances through the 2021 lens. It’s the perfect time to set goals, talk with people they trust and take advantage of the programs and educational resources that banks offer. All of these tactics can help them better understand their current financial situation and make progress toward what they want to achieve.”

SOURCES OF FINANCIAL ANXIETY Whether Americans feel they are making progress or not, the COVID-19 pandemic remains a key source of financial anxiety overall, with 57% of those surveyed saying that the pandemic causes them at least some anxiety. Other sources of financial anxiety include: • the fear of unknown expenses that may come up (49%), • a person’s overall financial situation (42%), • housing costs (36%), • family-related expenses (35%), • keeping up with monthly bills (34%), • medical expenses (34%), • credit card debt (29%), • and student debt (21%), rising to 47% among those under the age of 24.


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 February 1, 2021 and are subject to change.





When Your Mom’s Burt Reynolds, And Your Teacher Is Elmer Fudd


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’m gonna work on being less condescending. (Condescending means to talk down to people.)

Quarantine Lesson #114: There are no Friday mornings some classic Van Halen couldn’t make just a little bit better. Just be careful when trying the classic Diamond Dave mid-air splits. I am going to need some new pants, a new lamp, and possibly a doctor. My mother happens to be a badass superhero. Let me tell you a little story. I was about 11 years old at the time. My mom was out running errands with my little sister and me in tow. We had just pulled into the Kmart parking lot. The parking lot only had two entrances, and both were a fairly steep grade from street level down into the lot. It was summertime and we had the windows rolled down in the car a bit. As we entered the lot and were looking for a parking space, my mom heard a lady screaming. She looked around to find a lady frantically waving her arms and yelling that someone had just stolen her purse. With a quick scan, my mom saw the culprit jumping into a car and starting to drive off to getaway. We were in a bright yellow Dodge Coronet that was built like a tank, and it was about to become a hot pursuit race car. My mom smashed her foot on the gas, and off we went racing across the parking lot. My mom was on a mission to keep the thief from making his exit. My sister and I weren’t scared at all, as we went sliding back and forth across the vinyl-clad bench seat in the rear of the car. After all, this was an amazing adventure for us. Just like that, my mom beat the thief to the exit and blocked his getaway. The thief


spun his car around and headed for the other exit across the parking lot. My mom was having none of that and quickly blocked that exit as well. By this time security was all over the guy, and the incident was over. My mom casually parked the car, and into Kmart we walked in as if nothing had happened at all. Just another day in the life of my badass superhero Mom! Here’s a question for the mind readers out there. I am not ashamed to admit: my knowledge of opera begins and ends with a handful of Bugs Bunny cartoons. Parenting without a sense of humor is like being an accountant who sucks at math. The other night I picked up a couple of lottery tickets for the big drawing. As the time for the drawing approached, my daughter asked me what would be one of the first things I did after I actually received the money. I told her that George Clooney once gathered a small group of friends who had helped him along the way, and gave each of them $1 million dollars in cash tax-free. So, I would like to gather 10 close friends and do the same thing. She started laughing and said, “You have 10 friends?” Then she continued the hysterical chuckling. I’ll give you one guess who is going to be paying for her own college tuition.

Quarantine Lesson #113: If it’s feeling more and more like you are putting on a wetsuit when getting dressed in the morning, you may have put on a few pounds in quarantine. I dream of a better world, where chickens can cross the road without having their motives questioned.

Quarantine Lesson #112: To the local grocery store, it’s your own fault for stacking the cans that high at the end of the aisle and playing Footloose over the sound system. Sorry, not sorry. Cleanup on aisle 7. I am curious. How many deviled eggs can a person eat before they begin hurting themselves? How many deviled eggs can a person eat before they start becoming a problem for everyone else?

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 California Department of Business Oversight, 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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NMP National Mortgage Professional February 2021