August 2017 Issue

HOUSINGWIRE MAGAZINE ❱ AUGUST 2017

HOUSINGWIRE MAGAZINE ❱ AUGUST 2017

HOUSINGWIRE AUGUST 2017 EDITORIAL EDITOR-IN-CHIEF Jacob Gaffney MAGAZINE EDITOR Sarah Wheeler ASSOCIATE EDITOR Caroline Basile SENIOR FINANCIAL REPORTER Ben Lane DIGITAL REPORTER Brena Swanson REPORTER Kelsey Ramirez CONTRIBUTORS Deborah Huso, Joseph Murin, Jeff Tennyson

CREATIVE CREATIVE ASSOCIATE Chantae Arrington COVER PHOTOGRAPHY Steven Visneau

SALES AND MARKETING NATIONAL SALES DIRECTOR Jennifer Watson Laws jlaws@HousingWire.com MARKETING DIRECTOR C. Scott Smith DIGITAL MARKETING SPECIALIST Caren Karris

HOT TOPIC ONE OF THE BEST PARTS of working at HousingWire is the opportunity to meet some of the incredible people transforming the mortgage finance industry. Sometimes that’s through email or at conferences, and sometimes it happens through our award programs, which give us a window into the accomplishments of those in our space who are truly making a difference.

Our Women of Influence award program, now in its seventh year, is always gratifying, giving us reason to celebrate women leading out in lending, servicing, investing and real estate. It was even more fun to meet some of them in person, as we did with our four cover subjects for this August issue.

Convening at a photo studio in Dallas in mid-July, Leslie Appleton-Young, chief economist for the California Association of Realtors, Debora Aydelotte, COO of Altavera, Nida Haji, director of consumer lending at Tavant Technologies, and Michele McGovern, CEO of Alight, posed like pros as they defied the scorching heat outside.

The resulting pictures reflect both the gravitas of the work they do and the approachable style that characterizes their leadership — within their companies and in the larger industry.

SALES DIRECTORS Christi Lingard clingard@HousingWire.com Mark Adams madams@HousingWire.com Tyson Bennett tbennett@HousingWire.com SALES COORDINATOR Lydia Bellows

CORPORATE Clayton Collins

Sarah Wheeler Editor

OFFICE ADMINISTRATOR

@swheelerHW

PRESIDENT AND CEO

Stephanny Morales

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The information contained within should not be construed as a recommendation for any course of action regarding legal, financial or accounting matters. All written materials are disseminated with the understanding that the publisher is not engaged in rendering legal advice or other professional services. HW Media does not guarantee the accuracy of information provided, and is not liable for any damages, losses or other detriment that may result from the use of these materials. © 2017 by HW Media, LLC • All rights reserved

TWEETS FROM THE STREET Skyrocketing Costs Threaten Dallas #Housing Market Advantage - Dallas Builders Association

by Land Gorilla @LandGorilla HOUSINGWIRE ❱ AUGUST 2017 9

AUGUST ’17 34 POLE POSITION Despite higher numbers of women graduating from college and entering the workforce, women continue to be underrepresented in the C-suite. What are mortgage finance companies doing to change that?

By Sarah Wheeler

40 WOMEN OF INFLUENCE

68 SECOND-TIER SIZZLE

ABOVE: From left to right, Nida Haji, Leslie Appleton-Young, Michele McGovern, Debora Aydelotte.

Medium-sized cities are attracting homebuyers with affordable options and attractive big-city amenities.

By Caroline Basile

By Deborah Huso

HousingWire celebrates 50 women leading in every area of the mortgage finance industry, including 11 leading from the C-suite.

HOUSINGWIRE â?ą AUGUST 2017 11

CONTENTS 16 THE LINEUP 16 PEOPLE MOVERS ARMCO promoted Phil McCall to president and hired Ben Mahan as Chief Technology Officer.

18 EVENT CALENDAR The Western States Loan Servicing Conference gets underway in San Diego on August 6.

19 ON THE SHELF

18 VIEWPOINTS 28 PRIVATE-LABEL Jeff Tennyson asks if the industry is ready for a more normal production model.

28

30 AMERICA’S HOUSING AT A CROSSROADS Joseph Murin asks experts about the principles underlying GSE reform.

The number of poor people in suburbs has doubled over the last 25 years.

20 SOUNDING BOARD Will the nation’s housing shortage turn into an emergency?

The industry sounds off.

22 HOT OR NOT RealtyTrac is a victim of automated social media posting with NSFW tweets.

24 DISPATCH 1 Freddie Mac’s Loan Advisor Suite automates lending to drive efficiency.

26 DISPATCH 2 Veros explores how AVMs are making a comeback with speed and accuracy.

TWEETS FROM THE STREET New Jersey museum holds stash of 221-year old Madeira wine

by NPR @NPR

HOUSINGWIRE ❱ AUGUST 2017 13

CONTENTS

80 BACK DEPARTMENTS 74 INSIDE BASEBALL How Canadian lumber tariffs impact U.S. housing supply. Will they help or hurt?

74 TWEETS FROM THE STREET David M. Solomon is the co-president of Goldman Sachs. He’s also an EDM DJ by the name of D-Sol.

by The New York Times @nytimes

78 KUDOS Guaranteed Rate is now closing mortgages five to 10 days faster, thanks to FormFree.

80 INDUSTRY PULSE Small lenders offer a point and counterpoint on GSE reform proposals.

84 KNOWLEDGE CENTER Chronos Solutions offers ways to cut origination costs, and National General Lender Services talks flood insurance tools.

88 CFPB WATCH

#

The CFPB finalizes its updates to TRID with a 560-page tome, prompting cautious optimism in the industry.

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88

92 COMPANIES/ PEOPLE INDEX 93 AD INDEX 94 PARTING SHOT HOUSINGWIRE ❱ AUGUST 2017 15

Phil McCall ACES Risk Management Co.

16 HOUSINGWIRE ❱ AUGUST 2017

GUTIERREZ

HARO SMITH

FLANAGAN MAHAN

M

ortgage services company LRES has brought on Jill Haro as its vice president of corporate administration, where she will oversee compliance and corporate-wide strategic projects. Haro has more than 15 years of mortgage services experience in areas such as operations, client relations and corporate project management. Before joining LRES, Haro previously worked with RealEC Technologies, a part of Black Knight Financial Services, Xome Settlement Services and Lender Processing Services (known now as BKFS).

Modern data analytics company HouseCanary hired Alex Villacorta as its executive vice president of analytics.

Villacorta, who holds a Ph.D in statistics, comes to HouseCanary from Clear Capital, where he created and led the research and housing analytics team.

Scot t Houp joined Homeward Residential as its vice president of sales, serving its Western division. Houp has more than 30 years of experience in mortgage banking and residential lending, spending the last 22 years focused on B2B third-party origination.

OWENS

CURRIER HOUP

ARMCO has promoted Phil McCall to president. McCall, who joined ARMCO as chief operating officer in 2014, will now oversee all operations for the technology and data company, including the expansion of the ACES Audit Technology platform.

J. Mark McWatters has been named chairman of the National Credit Union Administration Board. McWatters is the 10th chairman of the association.

Since January 23, McWatters has been serving as the acting NCUA Board chairman. McWatters has also served on the governing board of the Texas Department of Housing and Community Affairs and on the advisory committee of the Texas Emerging Technology Fund.

Walker & Dunlop announced the addition of Heather McClure as vice president of its capital markets group. Based out of Walker & Dunlop's Dallas office, McClure will oversee the capital markets platform in Texas and manage arranging debt for all types of commercial real estate properties across the country. McClure has 17 years of experience in the commercial real estate industry. Before joining Walker & Dunlop, she was senior vice president on the capital markets team at Behringer, structuring and sourcing $1.9 billion in financing for multifamily, hotel, office, mixed use and data center properties.

ACES Risk Management hired Ben

Mahan as its chief technology officer.

Mahan, who has more than 20 years of executive-level technology experience, will lead AR MCO’s IT organization.

Previously, Mahan was CTO for Sentry Data Systems, a SaaS healthcare analytics provider. loanDepot appointed Eric Gutierrez and Pat Flanagan to two newly created executive roles. Gutierrez will serve as executive vice president of marketing and Flanagan will serve as executive vice president of Next Generation Lending.

Gutierrez, who has nearly 20 years of experience marketing top national digital and home finance brands, will partner closely with the nonbank lender’s product, business development, technology and capital markets leadership teams to drive cross-platform innovation.

Flanagan has more than 25 years of leadership experience and will lead the development of a broad suite of proprietary lending products within both RESPA and non-RESPA consumer lending for the company.

New American Funding named Joe Smith as its new regional sales manager to oversee the state of Arizona. Smith will be responsible for expanding the company’s brand statewide. Smith is a 15-year mortgage industry veteran and has previously worked with Caliber Home Loans, South Pacific Financial Corp. and Prospect Mortgage.

Wo r k f l o w s o l u t i o n s p r o v i d e r OrangeGrid has added Barry Owens as its vice president of business development.

Owens, who has almost 30 years of industry experience, previously worked with USRES, WFG National Title Insurance Company, SingleSource and DIMONT.

EVENT CALENDAR

SAN DIEGO

22ND ANNUAL WESTERN STATES LOAN SERVICING CONFERENCE AUG. 6-8, 2017 Host: California Mortgage Bankers Association Location: Westin San Diego Gaslamp Quarter, San Diego, California Cost: $375-$695 On the agenda: This year’s convention gives attendees the opportunity to connect with other professionals through a golf tournament, networking receptions, exhibit halls, lunches, and more. Sessions touch on topics such as consumer portals and apps, utilizing technology in mortgage servicing, and how generations like the Baby Boomers, Gen Xers and Millennials are using technology.

The conference also boasts discussion panels covering hot-button topics such as compliance, economics, cybersecurity and information privacy.

18 HOUSINGWIRE ❱ AUGUST 2017

Home to more than 17 museums, multiple performance spaces, shopping, dining, and weekly concerts on the world’s largest outdoor pipe organ, Balboa Park has something to engage and entertain everyone. Visitors can check out the San Diego Museum of Man, which features a variety of unique and interactive exhibits covering a vast range of human history and culture. Balboa Park is also home to the San Diego Model Railroad Museum, whose mission is to preserve the heritage of railroading. At 28,000 square feet, it is the world’s largest operating model railroad museum.

Would you rather be outdoors? Check out one of the many gardens inside the park’s 1,200 acres. The Botanical Building and Lily Pond is considered a must-see destination and one of the most photographed areas inside the park. The Botanical Building, which was built for the 1915-16 Exposition, houses more than 2,100 permanent plants, including collections of cycads, ferns, orchids, tropical plants, and palms. Admission to the Botanical Building is free to the public on Friday through Wednesday, from 10 a.m. to 4 p.m. and they are closed Thursdays and holidays. www.balboapark.org.

ON THE SHELF Places in Need: The Changing Geography of Poverty SCOTT W. ALLARD RUSSELL SAGE FOUNDATION

Social policy expert Scott Allard tracks how the number of poor people living in suburbs has more than doubled over the last 25 years, with little attention from either academia or policymakers. Allard uses census data, administrative data and interviews in the Chicago, Los Angeles, and Washington, D.C. metro areas to show that poor suburban households resemble their urban counterparts in terms of labor force participation, family structure and educational attainment. Places in Need illustrates why there should be a focus on the shared fate of both poor urban and suburban communities.

The One Device: The Secret History of the iPhone BRIAN MERCHANT LITTLE, BROWN AND COMPANY

Steve Jobs called it “the one device,” before we knew it as the iPhone. Apple’s iPhone has an almost inescapable presence now but it wasn’t always that way for cell phones (remember when they only made calls?). In The One Device, veteran tech journalist Brian Merchant paints the inside picture of the tech giant using exclusive interviews with the engineers, inventors and developers who guided every stage of the iPhone's creation. Merchant explores how the iPhone changed the world and turned Apple into one of the most valuable companies ever.

HOUSINGWIRE ❱ AUGUST 2017 19

Where experts and pundits sound off on a key industry issue

THE CFPB’S UPDATES TO THE

KNOW BEFORE YOU OWE RULE “Consumers depend on their real estate agent to help guide them from pre-approval to closing, but that job is significantly harder when an agent is denied access to the closing disclosure. The CFPB has again made clear that lenders may share disclosures with third parties, including real estate agents. This was common practice for years in advance of Know Before You Owe, and Realtors are eager to see that cooperative atmosphere take hold once again.”

— National Association of Realtors President William Brown “MBA appreciates the CFPB’s efforts in amending the Know Before You Owe rule to address several significant questions that have been raised for some time by our industry. This is an extensive rule and we intend to review it closely with our members. MBA looks forward to continuing to work with the CFPB on rules and guidance to provide greater clarity to better protect consumers.”

“A mortgage is one of the largest financial decisions a consumer will ever make, and CFPB’s rules help ensure consumers have the easy-to-understand information they need before making a decision that will significantly impact their financial lives. Our updates will clarify parts of our mortgage disclosure rule to make for a smoother implementation process for lenders and consumers.”

— David Stevens, Mortgage Bankers Association president and CEO

— Richard Cordray, CFPB director

“As the only financial services trade to oppose any CFPB authority over credit unions, NAFCU has long pressed the bureau to improve the TRID rule and related guidance.

NAFCU will continue to push for more clarity and transparency wherever possible in the CFPB's approach to TRID compliance.”

—Brandy Bruyere, NAFCU vice president of regulatory compliance

RISING HOME PRICES AND DEMAND “We will need to watch carefully if this is a one-time anomaly or a multi-month trend. The industry is already facing an inventory shortage, which is driving up prices, so these results indicate the demand-supply gap could get worse and further impact affordability for certain segments and markets.”

— Scott Volling, PricewaterhouseCoopers U.S. engineering and construction advisory director “Housing shortages look to intensify and may well turn into a housing emergency if the discrepancy between housing demand and housing supply widens further.”

—Lawrence Yun, National Association of Realtors chief economist

20 HOUSINGWIRE ❱ AUGUST 2017

“As we get later into the spring and summer selling season there are less and less homes available for sale, driving prices higher. What’s clear is that the demand for housing is strong in much of the country.”

— Bill Banfield, Quicken Loans executive vice president of capital markets

“The market remained robust with home sales and prices continuing to increase steadily in May. While the market is consistently generating home price growth, sales activity is being hindered by a lack of inventory across many markets.”

— Frank Nothaft, CoreLogic chief economist

Hot SIZZLE? Not FIZZLE? 1 1 WHY THE

WHY THE

FICO SCORES



Americans are seeing higher credit scores than ever before as the average national FICO score reached an all-time high, hitting 700 for the first time in July.

Average credit scores bottomed out at 686 during the housing crisis after a sharp increase in foreclosures, FICO vice president for scores and analytics Ethan Dornhelm explained. A score of 700 is considered very good credit, and “Consumers will likely qualify for the credit they want at favorable terms,” he said. However, credit card balances and delinquencies are also climbing steadily higher.



2



3

NSFW TWEETS





2

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3

SELLING YOUR HOME The number of Americans who say now is a good time to sell hit a new record high for the second consecutive month in June, increasing seven percentage points to 39%, according to the Fannie Mae Home Purchase Sentiment index. This outpaced the three percentage-point increase of those who said it was a good time to buy, which increased to 30%. The gap between those saying now is a good time to sell and those saying it is a good time to buy widened as the housing scene continues to shift to a seller’s market.

FINAL TRID UPDATES The Consumer Financial Protection Bureau officially released the finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILA-RESPA Integrated Disclosure rule, after industry calls asked for greater clarity and certainty.

The CFPB released the proposed updates in July and gave the industry three months to submit comments on the proposal. The bureau explained that the new amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty.

(See CFPB Watch on page 88 for more details.)

22 HOUSINGWIRE ❱ AUGUST 2017

Usually, RealtyTrac's morning tweet includes a link to the latest RealtyTrac Daily, but on July 10, the company's tweet featured a wildly not safe for work image and link to an equally NSFW adult entertainment website. The apparently inadvertant post highlights the complexities mortgage finance companies face while navigating social media — and using automation to help. The tweet remained posted on RealtyTrac’s feed for a few hours before RealtyTrac deleted it. The company said future tweets will be reviewed by real people.

APPRAISERS IN REFIS Freddie Mac is lowering the demand for appraisers by cutting them out of the picture for some mortgages. The company’s Automated Collateral Evaluation became available on June 19, and allows borrowers to get a conventional loan without an appraisal. United Wholesale Mortgage CEO Mat Ishbia explained this option will be available for borrowers who meet certain criteria, such as those doing refinances, who have at least 80% loan-to-value ratio, primary residences and one-unit properties.

HUD CUTS Tenants, homeowners and activists gathered in more than 15 cities across the U.S. on July 7 to protest the proposed budget cuts to the U.S. Department of Housing and Urban Development. Some protesters gathered at rallies at local HUD offices as others delivered letters and petitions to their members of Congress, demanding they vote against President Donald Trump’s proposed cuts. Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., spoke at one rally, saying it was time to “sound the alarm.”

FREDDIE MAC | SPONSORED CONTENT

Freddie Mac Loan Advisor Suite automates lending to drive efficiency and certainty Simplifies loan process, even for borrowers without credit score

J

ust a few weeks since being named a 2017 HousingWire Tech100 winner, Freddie Mac is showcasing why it’s among the most innovative technology companies in housing. It’s leveraging big data and advanced analytics to build game-changing solutions into Loan Advisor Suite, with new capabilities in Loan Product Advisor its next-generation, automated, underwriting solution.

For Freddie Mac, the future of automated underwriting is now.

“We’re constantly innovating and improving to better meet the needs of our customers,” said Andy Higginbotham, Freddie Mac senior vice president, single-family strategic delivery. “With Loan Product Advisor, the anchor tool of our award-winning Loan Advisor Suite, we’ve done just that. By building powerful new capabilities, we’ve made our trusted underwriting tool, smarter, simpler and better.”

BETTER TOOL. BETTER LOANS The new Loan Product Advisor Feedback Certificate helps lenders quickly identify and understand key results. Feedback messages are logically grouped by category (e.g., employment and income), and simple navigation and data visualization make finding specific results fast and easy.

In addition, Loan Product Advisor has a new Asset Information section to help determine a borrower’s closing costs and whether they have sufficient eligible assets. New cash-to-close feedback messages provide more detail about the values provided in this section, and actionable feedback messages provide more loan-specific underwriting direction. By automating the process, Loan Product Advisor can help lenders serve more potential homebuyers more efficiently and with greater certainty.

Soon, Freddie Mac will offer automated collateral evaluation which will waive the need for an appraisal for certain mortgages, and automated borrower income and asset validation services through Loan Product Advisor.

GET CLOSING CONFIDENCE As lenders gear up to meet the Uniform Closing Dataset (UCD) mandate beginning Sept. 25, 2017, Freddie Mac has a solution within its award-winning Suite to help lenders prepare for, meet and maintain alignment with the mandate's requirements.

But it’s more than just a collection solution.

“Loan Closing Advisor helps drive efficiency by providing actionable feedback on the quality of the lenders’ UCD data files, so errors can be identified and corrections made prior to closing, 24 HOUSINGWIRE ❱ AUGUST 2017

thereby reducing any likelihood of loan remediation and delivery delays,” Higginbotham said.

Loan Closing Advisor is also available to correspondents so they can validate the UCD XML file structure and data before delivering the loan. Once the loan is delivered, aggregators will be able to see the XML data, correspondents’ validation results and the Closing Disclosure PDF prior to purchase so they can be sure the loans meet the UCD standards.

“Freddie Mac has been working for over a year on integration partnerships with loan origination system vendors, doc prep providers and settlement agents to provide an integrated technology solution to handle the heavy lifting of the XML file creation and automated submission for validation,” Higginbotham said.

“The way we built Loan Closing Advisor and the enhancements we are making to Loan Product Advisor highlight how we designed Loan Advisor Suite through a lender’s lens.” Higginbotham said.

“We are constantly thinking about how we can enhance the Suite to best meet the needs of our customers and provide them with the best experience. It wasn’t designed as a one-and-done, but as a continuously improving set of tools.”

AVMs make a comeback Lenders and investors embrace automated valuation models for accuracy and speed

D

etermining the true value of a property is essential to the mortgage loan process. Generally, appraisers perform physical property inspections and match house characteristics against comparable properties sold nearby to calculate an accurate value.

In addition to these physical appraisals, originators often leverage automated valuation models (AVMs) as part of their quality control measures.

AVMs have been used for refinances, loan modifications, portfolio and valuation risk monitoring, home equity lines of credit, marketing purposes, loan pre-qualifications and largely as a tool for appraisal or evaluation reviews. In each of these applications, AVMs have the unique advantage of being completely isolated from all parties involved in the transaction.

26 HOUSINGWIRE â?ą AUGUST 2017

An AVM will produce the exact same result regardless of who enters the required input data. Therefore, the use of AVMs in validation provide a time- and cost-efficient value-add to the mortgage workflow, or in some cases as a reasonable source of the value estimate itself.

However, in the run-up to the financial crisis, the traditional appraisal process was often subverted, with home values manipulated to fit parameters set by lenders and little attention was paid to correcting inflated appraisal values based on other objective opinions on value, such as an AVM. When those subverted loans were later bundled into securities, the inflated values were eventually discovered, but not until the damage was already done. Inaccurate property values put the whole loan ecosystem at risk.

VEROS | SPONSORED CONTENT

How did home valuations get so off track?

In the years preceding the 2008 market crash, some loan originators veered away from the careful evaluation of information that was critical to the loan process, including borrower assets and income, credit history and validating the true value of a property. In many cases, the industry saw appraisals completed by individuals without appropriate geographic competency, or overinflated appraisals that were influenced by lender or broker bias to meet a certain loan amount.

Ultimately, in either scenario, the supportable value estimate was going unchecked and contributing to the instability of the mortgage market.

The Center for Public Integrity documented appraisal inflation in a 2009 article, where they interviewed a number of appraisers, including Florida appraiser Mike Tipton. “Tipton is among dozens of appraisers who have told the Center for Public Integrity that for years lenders across the United States have pushed them into inflating the value of homes to justify higher mortgages.”

The fallout was only realized after homeowners began to default on their loans in large numbers. By that time, the asset had been sold to investors, who based their purchase on the appraised value, only to find that it was unsubstantiated.

In the aftermath of the crisis, determining true property value became a high priority for mortgage stakeholders at all levels. Post-crisis, multiple regulatory bodies jointly updated the Interagency Appraisal and Evaluation Guidelines in 2010 to address supervisory matters relating to the values and valuation methods underlying financial transactions.

At the same time, Fannie Mae and Freddie Mac (GSEs), initiated the Uniform Mortgage Data Program (UMDP) under which appraisal and loan data would be standardized and the data collected for stronger appraisal quality and risk management capabilities.

In a white paper from 2011, Veros concluded that, “The updated Guidelines continue to recognize AVMs and evaluations as valid tools. In fact, there are several circumstances, such as portfolio analysis, abundance of caution liens, real estate secured business loans, and loan workouts, where an AVM is the preferred way of documenting collateral value.” Further, the efforts being made by the GSEs began to lay the groundwork for a more data-driven mortgage market.

However, lenders were under pressure from federal regulators on every aspect of their loan operations. Federal regulators warned financial institutions to reform their appraisal processes in light of the new 2010 standards and started reviewing appraisals as part of their examinations to determine, as the FDIC put it, “whether the methods, assumptions, and value conclusions are reasonable.”

Unfortunately, lenders were uncertain how to use the interagency guidelines regarding appraisal valuation tools and stay in compliance, so many lenders stopped using AVMs in certain lending channels out of an over-abundance of caution.

Fortunately, the market and technology have evolved significantly since then. Even during the market retraction, AVM developers continued to enhance their models, seeking out new data sources and expanding benchmark testing for the performance and accuracy of their value estimates.

Today, AVM innovation has coalesced into a valuation product category with impressive and measurable accuracy rates. The accuracy of AVMs has now been tested and sustained over multiple years and diverse geography and property conditions.

In addition, AVM methodology is more transparent than ever, with well-documented due diligence literature available on data sources, modeling techniques, testing procedures and safety measures. These resources ensure the soundness and reliability of AVMs. Utilizing collateral valuation tools is part of the larger effort by the GSEs to expand their use of data and analytics tools to serve the mortgage market. In October 2016, Fannie Mae announced its Day 1 Certainty program, which shields lenders from buyback risk under certain conditions. As part of the program, Fannie Mae provides property inspection waivers on about 20% of limited cash-out refinances, giving lenders freedom from reps and warranties on property value, condition and marketability.

Using big data to make informed property valuation decisions is key to this initiative, and proof that the efforts to standardize and collect appraisal data through the UMDP are paying off.

“Advancements in technology have enabled these capabilities — we couldn’t have done this several years ago,” Andrew Bon Salle, executive vice president of single-family business at Fannie Mae, said at the time of the announcement.

Freddie Mac is set to roll out an appraisal-free mortgage loan to some consumers this spring. “Instead of using professional appraisers, Freddie plans to tap into what it says is a vast trove of data it has assembled on millions of existing houses nationwide, supplement that with additional, unspecified information related to valuation, and use the results in its assessments of applications,” The Chicago Tribune reported in October 2016.

Freddie Mac has utilized AVMs for more than 20 years internally, and offers its AVM tool, Home Value Explorer (HVE), to the industry.

“AVMs have become an integral part of today's mortgage market, and AVM technology has advanced the world of automated valuation services from novelty to necessity. Today, AVMs are efficient, effective and essential tools in loan manufacturing. AVMs help expedite processes, lower costs and minimize risk,” Freddie Mac notes on its website.

As the GSEs utilize data and analytics tools, including AVMs, with more confidence, lenders are sure to incorporate them more frequently as well. This evolution is well-timed in the midst of rising interest rates and an appraisal community already challenged with extensive turn-times and excessive upcharges.

With all these advantages, isn't it time to start bringing these tools back?

HOUSINGWIRE ❱ AUGUST 2017 27

VIEWPOINTS

By Jeff Tennyson

Private label securitization seems poised for a comeback But are we ready?

After a decade of grappling with the question — when will the market be ready to again embrace private label securitization? — our industry is now facing a new one: Are we ready to move from bespoke, one-off deals into a more normal production mode, if as some observers believe, former headwinds to securitization become tailwinds?

Currently, a growing number of lenders and aggregators are actively considering entry into the PLS market or at least weighing their options. Some firms assessing a PLS strategy participated in the market before the mortgage meltdown, whereas others are new to securitization all together.

Regardless of prior PLS experience level, as securitization strategies are formed, there needs be a clear understanding of what constitutes securitization-ready as28 HOUSINGWIRE ❱ AUGUST 2017

sets today, and what new monitoring and reporting requirements need to be factored into securitization decisions.

MAKING THE TURN TOWARD VOLUME There are a number of market indicators that suggest PLS may finally be ready to make the turn in terms of industry activity and fundamentals. These include interest rates, home price appreciation and movement in the lending community towards

new product exploration.

These developments are creating a more bullish sentiment among market observers. Consider some of the points rating agency DBRS made in its annual review and forecast this past January.

“DBRS anticipates an increased demand for PLS issuance, driven by rising rates and the steepening yield curve,” the report said. DBRS was particularly encouraged by the potential for non-QM originations and deals.

“The year 2016 marked the first time that three DBRS-rated securitizations backed by non-QM and QM rebuttable presumption mortgages were issued…DBRS anticipates that more non-QM issuers will come to the market in 2017, driven by significant pricing benefits.”

Jeff Tennyson is President of Clayton Holdings, a wholly owned subsidiary of Radian Group Inc.

Recently, Inside Mortgage Finance looked at rated deals from two major issuers: Deephaven Mortgage and Lone Star Funds. The latest Deephaven deal pooled $250 million of mortgages: 82% of which were non-QM, primarily because of income documentation reasons, not reduced credit standards. The success of the deal demonstrates that new loan products can be originated and priced in the third-party non-agency market.

The $402-million, nonprime Lone Star deal had larger loan sizes, but also featured bank-statement loans and other alternative income loans.

And most recently, Wells Fargo announced their re-entrance into the private mortgage-backed securities market for the first time since the financial crisis, providing a clear well-respected money center bank exploring non-agency alternatives.

There are also signs that investors are ready to embrace non-agency securities again. Writing in a recent issue of Barron’s, two leading Pacific Investment Management Company portfolio analysts noted: “Mortgage-related investments can provide an attractive complement to other assets in investor portfolios… Going forward, we expect non-agency mortgage-backed securities to be the most attractive sector from a risk-adjusted return perspective. We see prospects for returns in the area of 5-6%, given our base case forecast that U.S. housing prices will increase about 3% per year over the next two years.”

WHAT DOES READINESS MEAN? As the stars — or at least interest rates, investor appetite and the post-election regulatory climate — align, a growing number of aggregators and portfolio lenders are now considering securitization as they expand their product mix and look for new liquidity options. Clayton has been actively involved in helping these lenders and aggregators navigate the new world of securitization, circa 2017.

One of the first questions that firms contemplating a securitization strategy need to ask is: Are our assets ready to be securitized? The rating agencies all have explic-

it criteria for the due diligence and loan review scope and process. This can mean that the due diligence performed for the purpose of a whole loan portfolio acquisition may not meet the standards required for a securitization.

For instance, it is fairly common for an aggregator to determine the scope of a non-securitization portfolio loan review.

This can include deciding how the sampling should be done, and how grading and reporting will be determined.

Typically, a securitization will require much more independence from the third-party reviewers. The rating agencies also have minimum requirements for years of experience for various roles (including underwriters, quality control, and deal managers) that TPRs must adhere to for staffing purposes. In addition, there are specific loan sampling strategies and other industry requirements that must be followed.

Any combination of the factors above may mean that certain loans or portfolios may have to be reviewed or re-reviewed to supplement reviews that may have already been completed for non-securitization purposes. This is not because the diligence wasn’t done correctly in the first place, but rather because it was done with a scope and process designed for different purposes.

Compliance is another issue that must be taken into account. While some issuers will be comfortable enough to go straight to non-prime deals, others will want to leverage the Qualified Residential Mortgage risk retention exemption provided under Dodd-Frank.

To do this, however, they must be able to show that the loans being securitized are Qualified Mortgages.

If, down the road, the loans are determined to not meet the QM criteria (usually it is a problem with Regulation Z’s Appendix Q), the issuer could lose the risk retention exemption. So it may be prudent to run compliance reviews on the loans that tend to fall within the gray areas of the QM rule.

The bottom line: An aggregator consid-

ering securitization six months down the road, for example, might want to consult with its due diligence provider to make sure that the scripts and review process that are being followed will produce securitization-ready assets.

ONGOING DEAL MONITORING Issuers that are new to the private label space or that are just coming back to the market need to be aware of specific reporting and monitoring requirements set by regulators and the marketplace.

Many of the recent private label deals now feature some form of a representation and warranty reviewer. In general, the role of the representation and warranty reviewer is to provide an independent review of certain loans based on triggers defined within the transaction documents.

Within this broad framework, the role of the representation and warranty reviewer can have different formats from deal to deal. While most of the new issuances are private 144(a) deals, when public deals do return, issuers will need to reconcile the market trends in representation and warranty reviewer design with the role of asset representation reviewer, which is now required by Reg AB. Clayton was the first company to receive a representation and warranty reviewer rating. As the reviewer on a number of nonprime deals and numerous asset classes, Clayton is often asked for advice on calibrating the scope of the reviews with the risk of the assets being securitized.

IS IT TIME? ARE YOU READY? Economist Paul Samuelson famously said that “Wall Street indexes predicted nine out of the last five recessions.” Since the mortgage meltdown, predictions of a return to a thriving PLS market have been as frequent as they have been inaccurate.

Whenever the market does return, and there are new and encouraging signals that a return is not far off, lenders and aggregators looking to take advantage will need to ready themselves for the new and different landscape they will enter for private label securitization.

HOUSINGWIRE ❱ AUGUST 2017 29

VIEWPOINTS

By Joseph Murin

Experts weigh in: Is American housing policy at a historic crossroads?

It’s time to revisit some key assumptions

Is America’s housing policy at a crossroads? Now may be the perfect time to ask such a question. After spending the better part of a decade reacting to historic levels of market turmoil and regulatory overhaul, our industry seems to have reached a bit of a plateau. Perhaps it’s time to revisit fundamental tenets of a housing policy that has gone unquestioned for decades.

Is it the government’s job to make Americans into homeowners or, at least, make credit more available to them? Is it the government’s job to provide some protection to the key institutions at the core of the financial services industry when their risks go bad? Where is the line 30 HOUSINGWIRE ❱ AUGUST 2017

between free markets and government interference?

And, depending on your answer to those questions, what role should the GSEs and federally chartered entities play in achieving those policy goals? I’d suggest that the answers to those questions could

take our industry and even our economy in multiple, highly-disparate directions.

But I thought I’d ask a few friends for their thoughts as well.

YES, WE’RE AT A CROSSROADS, BUT… David Kittle, vice chairman and president of The Mortgage Collaborative, has been in the mortgage and housing industry more than 40 years, including a stint as the chairman of the Mortgage Bankers Association (2009). He had some thought-provoking observations about how we got to this point, and where we’re likely to go next.

Joseph Murin is the chairman of JJAM Financial Services.

First and foremost, Kittle is not a fan of the regulatory climate of the past few years. “It didn’t always take us 45 days or longer to close a loan,” he said. “So why can’t we close a loan as quickly as we did in, say, 1978?”

Kittle and I would agree that the answer is the avalanche of additional regulatory and legislative requirements, that have been bolted on to closing requirements.

In fact, Kittle argues that the more we legislate and regulate the housing industry, the more we restrain it. “The environment of the past eight years has been nothing short of punitive in the case of the housing industry. We didn’t have a true, comprehensive housing policy…which has been detrimental to growth.”

When it comes to revisiting the foundations of federal housing policy, Kittle started with the basics.

“Is home ownership for everyone? No. It should be an individual choice. Some people are better served by renting. Nor is it the government’s job to promote housing…but it should have some role.”

So, is America at a crossroads in terms of housing policy? Not exactly in Kittle’s opinion. “But we are at a crossroads from an industry perspective.”

Kittle presented several major trends that have impacted the housing and mortgage industry in recent years such as the disappearance of massive refinancing numbers; the substantial increase of production costs which is driving the industry toward improved automation and a major shift to marketing to Millennials.

In fact, Kittle believes there are several questions that will determine the direction of the housing industry in the coming months and years.

1. Does the political appetite to reform the GSEs really exist? “The environment is right for reform. I’m hoping that it happens and that we get it right.”

2. How do we reconcile the desire to make housing available to more people when access to credit has been tightened by risk aversion and regulatory pressure?

3. How “free” should our housing markets be? “They’re not free now. We should

allow interest rates to settle naturally where they belong.”

NOT A HISTORICAL CROSSROADS, BUT… I also spoke with another friend, Michael Bright, the director of the Center for Financial Markets Housing Finance, Regulation for the Milken Institute. I asked him: Are we at a crossroads for housing policy? “I think the American Dream is alive and entrenched in D.C.” “We’ve learned that exotic loan terms are not the way to improve home ownership, so the real question is ‘how do we make credit more readily available with better economic guardrails?’”

Bright said he believes there should be some kind of significant GSE reform, perhaps along the lines of the Ginnie Mae model. But he doesn’t believe we’ll see this for quite some time. “Personally, I see material flaws with chartered enterprises trying to make profit and fulfill housing policy. There’s a real need to clearly define the GSEs’ role as a backstop as well as the terms of liquidity.”

“It’s intellectually inconsistent to argue that credit is tight and also resist GSE reform. If the market is not serving enough Americans, we should be open to new ideas and reform models.”

THE FINAL WORD As for me, I believe that we are at a crossroads for housing policy. I further believe that free market advocates and active government supporters will have to compromise. I believe that a near-total removal of the federal government from housing is untenable, and comes with far too many catastrophic risks.

I also believe that we need a less aggressive enforcement posture. The current climate has facilitated tighter credit and constrained free markets. Regardless of the direction we take, the changes could be seismic.

This doesn’t mean that there are only two viable approaches or a choice between two camps into which the industry’s future belongs. But I believe it does mean that we need a few more “bright lines” delineating

where the federal government should, and should not, go. I base this on a few fundamental beliefs: 1. The seesaw battle between affordable housing and risk mitigation needs to be addressed.

2. The current state of the GSEs was never intended to be permanent, and the crisis that created it has abated.

3. The current enforcement climate in the industry is nothing short of hostile.

Thus, although GSE reform may only be a part of the larger public policy on housing, I believe it’s a lynchpin. It must be addressed as soon as possible.

I’ve laid out my suggestions for a new super-GSE in the past. Like Kittle and Bright, I believe that it’s not incumbent upon the federal government to determine who should be homeowners. It is, however, within government’s role to ensure that credit is reasonably available.

Moreover, such an approach would bolster the mortgage-backed securities market. For me, placing the role currently played by the GSEs and Ginnie Mae onto private investors would logically only raise the price of liquidity. The GSEs are uniquely able to take on far more risk than any private investor would be willing to take. Thus, liquidity remains reasonably priced to stimulate market activity.

Additionally, I am a believer in some kind of catastrophic insurance for bond holders.

In sum, I strongly believe we should allow the markets to behave with a reasonable amount of freedom. But let’s be sure we have a backstop in place that will allow investors and the marketplace in general to act with confidence.

The role of the GSEs is at the heart of a larger decision. The pause we’re experiencing as refinance abates and aggressive regulatory enforcement slows may be just the right time for our industry, and our nation, to revisit the American Dream of homeownership. If nothing else, let’s reaffirm what the dream of homeownership should look like and, more importantly, what’s expected from our government to help people attain it.

HOUSINGWIRE ❱ AUGUST 2017 31

Pole Position What companies in mortgage finance can do to promote more women to the C-suite

By Sarah Wheeler

34 HOUSINGWIRE â?ą AUGUST 2017

W

hen my mother got engaged in 1948, she knew it was just a matter of time before she would have to quit working at the bank in her small Vermont hometown.

She liked her job, but once she got married the expectation of her employer — as well as her parents and husband-to-be — was that she would stop working and focus on homemaking.

Decades later, she went to college as a 40-something mother of six and got her nursing degree. By that time, a social revolution had given women a wider world to operate in, and women were taking advantage of it.

Looking back that far, the trajectory of women in business is astounding. Women’s participation in the labor force was 32.7% in 1948; in 2016 it was 56.8%.

In 1970, only 11% of women in the work force had college degrees. In 2016 that number was 40%, and women outearn men in bachelors degrees, master’s degrees and doctoral degrees.

These are serious gains in the number of women attending and graduating college and then entering the work force. But that pipeline of educated, experienced women starts to erode when you look at the number of women assuming leadership roles in business. Or at least, big business. Consider: • In 2017, the number of women running Fortune 500 companies is higher than ever before. Great news, except this record number of women CEOs is a whopping 32.

That’s a 2% increase in one year, but still

only gets the overall percentage to 6.2%.

And of those 32 companies, only four are in financial services.

• The 2017 S&P 500 list mirrors the Fortune 500 numbers, with women holding 28 CEO positions, or 5.6%.

In financial services, a survey by the Financial Times of the 50 biggest banks, insurers, asset managers and professional services firms worldwide revealed that women made up just 25.5% of senior roles in 2016.

That’s an increase from 23.7% in 2014, but it still means that only one in four executive positions are filled by women. The number of women in mid-level jobs stayed flat at 39% for the same period.

Women in leadership are better represented in smaller companies. According to

HOUSINGWIRE ❱ AUGUST 2017 35

CEOS 2.1% EXECUTIVE/SENIOR-LEVEL OFFICIALS AND MANAGERS 28.6% FIRST/MID-LEVEL OFFICIALS AND MANAGERS 45.7% TOTAL INDUSTRY EMPLOYEES 53.7%

Women in S&P 500 Finance Source: Catalyst, July 1, 2016

Fortune, women now own 30% of all businesses in the U.S., accounting for some 9.4 million firms.

But smaller business size can mean a smaller paycheck, which may be one factor in the gender disparity in pay between men and women, which the Harvard Business Review pegs at 20%.

As HBR states: “The magnitude and growth of the gender earnings gap look quite distinct from one sector to the next.

By the apex of a person’s career, the largest gender gaps for the college educated can be found in the health, legal, and financial sectors (including insurance and real estate).”

36 HOUSINGWIRE ❱ AUGUST 2017

The Institute for Women’s Policy Research reported that in 2016, “Women’s median earnings are lower than men’s in nearly all occupations, whether they work in occupations predominantly done by women, occupations predominantly done by men, or occupations with a more even mix of men and women.”

The occupation with the largest gender wage gap? Personal financial advisor, where men out-earned women by 44.4%.

And the numbers are worse for women of color — much worse. CNN Money noted in 2017 that “Hispanic women made 54 cents for every dollar a white, non-Hispanic man earned, which means they will lose more

than a million dollars over a 40-year career based on today’s wage gap, according to the NWLC. “Black women earn 63 cents for every dollar a white, non-Hispanic man earns, meaning they will typically lose more than $840,000 over a 40-year career.” The only minority segment narrowing the gap in a significant way is Asian female workers, who make 85 cents for every dollar a white, non-Hispanic man makes.

The pay gap, while narrowing for younger women aged 25-34, is still persistent across most job titles.

The reason for the pay gap, as HBR noted, is difficult to determine, and it’s

Companies Setting a High Bar

even harder to find a remedy. “There is far less agreement on why this happens and how the gap can be closed. Is the gender pay gap due to more valuable (but hard to measure) labor market skills that men have or is it due to different ‘choices’ regarding career-versus-family tradeoffs?

And what about labor market discriminaThere are a myriad of companies in the mortgage finance tion against women?” space that are doing a great job recruiting and retaining Unfortunately, the term financial women. Here are just a few of the ones setting a high bar in services itself is such a broad descriptor that it’s hard to get a meaningcultivating women for senior roles. ful metric on the progress women have made in taking on more w Altavera Mortgage Services, a Computershare company: More leadership roles.

What counts as a financial than 70% of its workforce is female and four out of five of its execservices company? If you utives are women (including Woman of Influence Debora Aydelotte, include insurance compaCOO, profiled on page 45). nies, the number of women in leadership goes way up. w Ballard Spahr: The firm is ranked by the National Law Journal’s If you focus more on Wall Street, specifically investWomen in Law Rankings as one of the top law firms for female attorneys ing, or venture capital in the nation. And in 2015 and 2016, the firm was named one of the top 100 firms, the numbers are law firms for female attorneys by Law360. much worse.

Drilling f urther into what we would define as w Fannie Mae: Women make up 36% of the company’s board. the mortgage finance industry — an entire ecosysw First American Financial: Women make up 68% of the company tem of lenders, servicers, investors, real estate agents and fill 55% of executive or manager positions. and the myriad third-party service providers that attend w National MI: Women make up 59% of the company and 47% of to them — the picture gets even executive or manager positions. more complicated.

Just taking the real estate portion, for example, about 62% of w Navy Federal Credit Union: Women make up 68% of their real estate agents are female, acworkforce and 62% of executive or manager positions. cording to the National Association of Realtors, but women make up only 25% of appraisers. And when determinw Mountain America Credit Union: Women make up ing what defines leadership, should you 60% of their workforce and 67% of executive or manlook at who owns real estate brokerages or ager positions. who’s earning the most commission?

In truth, determining the progress of women in mortgage finance is tricky. Averages are less than w PrimeLending: 52% of executive or helpful in such a diversified industry and comparing manager positions filled by women apples to apples is almost impossible. Still, it’s safe to say that women are underrepresented in the C-suite of most comSources: MBA Diversity and Inclusion panies in the financial space.

Initiative, Fortune HOUSINGWIRE ❱ AUGUST 2017 37

DOING IT RIGHT Working Mother Magazine publishes a list of the Top 60 Companies for Executive Women to highlight companies that prioritize the retention and promotion of female employees at all levels of the organization. In 2017, a number of companies

38 HOUSINGWIRE ❱ AUGUST 2017

AMERICAN EXPRESS

CAPITAL ONE

PRINCIPAL FINANCIAL GROUP

PNC

PRUDENTIAL FINANCIAL

BANK OF AMERICA

ZURICH NORTH AMERICA

CITI FIRST HORIZON NATIONAL CORP.

NEW YORK LIFE

FREDDIE MAC METLIFE

MASS MUTUAL FINANCIAL GROUP

in financial services made the list:

Marcia Davies, chief operating officer for the Mortgage Bankers Association, spoke at the MBA’s Women in Real Estate Finance Lunch and Networking Event in 2016. “I have spent the majority of my career in mortgage finance, and to this day it is not rare to be the only woman in the room,” she said.

And at this moment in history, that puts companies at a serious disadvantage.

BEATING THE COMPETITION In 2015, Credit Suisse released a bombshell study that analyzed 3,000 companies and found that female leadership in boardrooms and senior management improved the financial performance of those companies by a measurable amount. The Credit Suisse Gender 3000 report in 2016 reaffirmed those findings.

“Our proprietary analysis continues to demonstrate that the higher the percentage of women in top management, the greater the excess returns for shareholders,” Credit Suisse stated in a press release.

“Hard metrics of financial performance have also justified this superior stock market performance according to the data.

“From YE13 to mid-2016, the outperformance of companies with 25% senior women is a Compound Annual Growth Rate of 2.8%, 4.7% for 33% and 10.3% for those over 50% compared with a 1% annual decline for the MSCI ACWI over the same period.”

The study also found that these companies saw increased sales growth and outperformed in EPS growth, return on assets and return on equity.

The Credit Suisse study makes it clear that finding ways to improve the numbers of women in leadership can give companies a clear competitive advantage. And it’s not hard to see why, as women control more wealth than ever, according to MarketWatch.

“In 2015, women passed the halfway mark for controlled personal wealth in the U.S., according to the Bank of Montreal’s

Wealth Institute, and by 2020, they’re expected to hold $22 trillion,” Alessandra Malito reported in May 2017. That means that in the next three years women could control up to two-thirds of personal wealth.

Increasingly, women are flexing that financial muscle by buying homes, where single women make up 17% of homebuyers, compared to 7% of single men, according to NAR. Engaging with potential female homebuyers, specifically Millennial female homebuyers, is one reason mortgage bankers are actively seeking to hire and promote women throughout their organizations.

As PricewaterhouseCoopers states in a comprehensive report on inclusive recruitment, “gender parity in the workplace has clearly become both a social cause and a business imperative.”

But that imperative comes with a downside, since PwC noted that 78% of large organizations are actively seeking to hire more women, which increases the competition for the most talented female candidates. How can companies attract the best and brightest? PwC identified three company traits that employees are looking for: 1. Opportunities for career progression 2. Competitive wages 3. A culture of flexibility and work-life balance PwC stresses that these are the traits both male and female employees are looking for, and companies should be careful not to assume that what women want is fundamentally different from what men want.

“Employers simply must recognize that traditional gender stereotypes that over-associate career ambition with men and flexibility and work-life balance with women life stage are well and truly out of date.”

That insight has informed PwC’s own diversity strategy, which had assumed that women fell out of its pipeline when they

wanted to start families. However, when the company looked at actual data, women were only leaving at junior levels — at all other levels more men left than women.

So how do you make sure your company is providing a clear career path? One very effective method is mentoring. Mentoring is a broad category that is defined in different ways by different companies.

In addition to meeting regularly to share skills, knowledge and expertise, Franchise Growth Partners advises that the best mentoring includes constructive feedback and a personal interest in the mentee.

Indeed, the support element of mentoring is perhaps the most important, as it means that someone in a senior position knows the mentee and is actively working to help them get better at their job.

“In male dominated professions, where women often face even greater challenges building networks and embracing feminine leadership strengths, mentoring has proven even more paramount,” author Margie Warrell explained in a Forbes column.

Perhaps that’s why so many of the women recognized by HousingWire in our Women of Influence feature (see page 40) make mentoring a priority. Providing mentorship demonstrates a company’s willingness to invest in an employee, and pays it forward in a way that benefits the company too.

“Passing along a useful resource, referring a potential client, putting someone’s name forward for a role that will elevate their visibility or even connecting them to someone else who could be a great mentor – women who go out of their way to support other women set off a ripple effect that leaves everyone better off,” Warrell explained.

Women in business have come a long way since 1948, and the smartest companies are creating more paths to the C-suite as the next logical step in business evolution.

HOUSINGWIRE ❱ AUGUST 2017 39

43

WOMEN OF INFLUENCE

MIN A L E X A ND ER

TABLE OF CONTENTS

L E SLIE A PPL E TO N -YO UN G

44

45

46

47

SHAYNA HUTCHINS ARRINGTON

D EB O R A AY D ELOT T E

PIPER B E V ERID G E

M O L LY B O E SEL

PAT T Y A RVIELO

N A D INE BAT E S

K A REN B L A KE SL EE

L AUR A B OWL E S

48

49

50

51

A L I CIA B R A NS T E T T ER

T RIX Y C A S T R O

L AUREL DAVIS

ZO E D E VA NE Y

T ERE SA C A MPB EL L

D O NN A CO RL E Y

M A RY PAT D ENNE Y

SA R A H EL L I OT T

52

53

54

55

L INDA ERKKIL A

J U L IA N G RE Y

NIDA H A JI

ALI HARALSON

SHERRI G O O D M A N

J O DY GU ND ERS O N

T W Y L A H A NKINS

T R AC E Y HIR T

56

57

58

59

B LY T HE HU G HE S

K A R A L A MPHERE

DAWN L E WA L L EN

MI C HEL E M CG OV ERN

NEEN U S O HI K AIN T H

K A REN L A NNIN G

JA NE T T E M A H

SHERRI ME A D OWS

60

61

62

63

SA R A MIL L A RD

SUZ A NNE ZINN MUEL L ER

ADRIANNE COURT PETRUSKA

D O RIS R AIMUND I

JAC KIE M O HR

WENDY PEEL

N A N C Y PR AT T

KRIS T EN SIEFFER T

64

65

66

67

TA R A SMIT H

H O L LY TAC H OVSK Y

C H A RLOT T E T YS O N

BIL LI WE S T

MI C HEL L E S T EINME T ZER

D IA NE TO MB

C A R O LINE WAT T EEU W

K EL LI YA RB R O U G H

H

OUSINGWIRE BEGAN recognizing Women of Influence in the mortgage finance industry in 2010, with an eye toward encouraging and celebrating female leadership in what had been a male-dominated field. Seven

years later, our list of 50 winners is full of women achieving in every sector of the housing economy, including 11 leading from the C-suite.

These are women like Nadine Bates, senior vice president and treasurer at Fannie Mae, who in the past year has led more than 40 people on six teams to increase mortgage liquidity for more than 350 small- and medium-sized lenders in the secondary MBS market through transacting in over $400 billion of mortgage backed securities.

Or Altavera Mortgage Services COO Debora Aydelotte (pictured on our cover), who has overseen the company’s growth as it tripled its customer base, grew its origination licensing footprint by 30%, and increased its staff by 70%, while still continuing gender pay equity and flexible work arrangements for employees.

The Women of Influence award is distinct from our other awards because it recognizes leadership within individual companies but also in the larger finance ecosystem. Each of these winners sports an impressive resume attesting to their hard work and innovation in various fields, but they have also invested in their coworkers and communities.

In fact, one of the most striking things about reading through the nominations for this program is the number of women involved in mentoring and training.

Holly Tachovsky, CEO of BuildFax, mentors on a monthly basis through Tech Ranch Austin and provides one-on-one guidance for entrepreneurs throughout the country. Karen Lanning, vice president of human resources at First American, organized and helped build the company’s Women in Leadership program, which is designed to cultivate women leaders and provide a forum for their professional development.

Many of these leaders serve on the boards of nonprofits, and contribute time, money and expertise to make their communities a better place. Sherri Meadows, the broker/owner of three Keller Williams offices in Florida, has campaigned tirelessly to prevent and end homelessness in her state, rallying fellow real estate agents and lobbying elected leaders for real change.

We are proud to recognize these women leading out in so many areas. We invite you to learn more about them and celebrate their successes, which benefit the whole housing finance industry.

42 HOUSINGWIRE â?ą AUGUST 2017

MIN ALEXANDER

LESLIE APPLETON-YOUNG

SVP, REAL ESTATE SERVICES

SVP, CHIEF ECONOMIST

Altisource

California Association of Realtors

A

S SENIOR vice president of real estate services for Altisource, Min Alexander manages a $6 billion residential real estate portfolio of more than 50,000 assets annually and plays a core role in Altisource’s growth plans.

Alexander leads over 500 employees across business units in the U.S., Europe and Asia and oversaw the expansion of the Altisource national brokerage from 34 states in 2012 to 49 states plus Washington, D.C. in 2016.

As a critical member of the executive leadership team, Alexander helps to drive consumer and client experiences on Hubzu, Owners.com, Investability and Equator platforms.

She has also spearheaded a number of Altisource’s innovation programs. She developed and launched Altisource’s institutional short sale program for bank and servicer clients to increase non-foreclosure resolutions, improving outcomes for both borrowers and investors. The program has delivered impressive numbers; it increases the final sale price over an initial offer for 56% of all enrolled sales, resulting in an average increase of $20,000 in sales proceeds for the borrower and investor.

Alexander oversaw the development and launch of Altisource’s Asset Renovation Program for banks and servicer clients. She created a proprietary investment and returns model to optimize returns while decreasing costs with defined renovation levels, specific for the asset level condition and local market.

Lastly, she developed foreclosure auction and CWCOT second chance auction services on the Hubzu platform. These services assist servicers to decrease holding costs and financial risk by offering distressed properties through auction prior to REO status.

Alexander created a proprietary investment and returns model to optimize returns while decreasing costs with defined renovation levels, specific for the asset level condition and local market.

L

ESLIE APPLETON-YOUNG directs the strategic thinking for the California Association of Realtors, guiding the research and economics team as they collect primary data through survey research, multiple listing services, and other sources to analyze and interpret trends, and foster understanding of the economic and housing market landscape.

She also oversees industry relations for the organization, which is designed to increase the impact of programs, products, and services through strategic relationships with key stakeholders.

Through her work with local state associations, Appleton-Young has conducted strategic planning for associations that represent nearly 22,000 Realtors over the last year.

Appleton-Young was highly involved in the creation of the Housing Affordability Fund, CAR’s philanthropic arm, working with CAR’s political advocacy efforts promoting homeownership for first-time homebuyers and low-to-moderate-income buyers.

Additionally, she and her team are dedicated to engaging women in the leadership of brokerage firms and the industry. Based on CAR’s research, women make up the majority of its membership at 57% and yet are dramatically underrepresented in executive levels of management in the brokerage community. Appleton-Young and her team created the Women’s Initiative to address that gap and create a supportive community for all members.

Appleton-Young also plays a key role in programs such as the 2017 Diversity Inclusion initiative designed to increase Latino homeownership, as well as build relationships with cultural groups in the state while promoting equitable access to homeownership.

Through her work with local state associations, AppletonYoung has conducted strategic planning for associations that represent nearly 22,000 Realtors over the last year.

HOUSINGWIRE ❱ AUGUST 2017 43

SHAYNA HUTCHINS ARRINGTON

PATTY ARVIELO

CHIEF COMPLIANCE OFFICER

PRESIDENT AND CO-FOUNDER

The Money Source

New American Funding

HAYNA HUTCHINS ARRINGTON believes communication is the key to a company’s success in being compliant with all rules and regulations affecting the mortgage industry.

In January, when Arrington joined The Money Source, a national mortgage lender and servicer, she was insistent that compliance could be a value-add if executed correctly.

To that end, she was instrumental in securing and participating in a series of meetings with the U.S. Department of Housing and Urban Development and Ginnie Mae, two agencies with which The Money Source does business. Her guidance has moved the company into a proactive compliance stance as it builds relationships with key agency personnel to open up dialogue.

Prior to The Money Source, Arrington was a senior compliance attorney with a law group where she advised clients on compliance-related matters within the mortgage banking industry. She’s also held past positions with the federal government that have given her a well-rounded private and public view into regulatory, legal and compliance issues affecting the housing industry.

At The Money Source, Arrington is responsible for overseeing the company’s quality control, licensing, vendor management and client management departments. She oversees regulatory compliance in multiple service lines, including retail, correspondent and wholesale lending, and loan servicing. As the company builds out its technology, Arrington will assure the technology meets the highest levels of compliance while being user friendly.

Arrington has an uncanny ability to distill a company’s immediate needs, provide actionable direction and energize the team to move together to meet its goals.

S PRESIDENT and co-founder of New American Funding, Patty Arvielo leads more than 2,300 individuals operating 130 branches across the nation and funding more than $1 billion in home loans each month.

As an activist for women and minorities, Arvielo is on MBA’s Diversity and Inclusion committee and frequently visits Washington, D.C. to rally on behalf of homeowners. In 2013, she launched New American Funding’s Latino Focus committee with the goal of educating the housing community about how to better serve the Latino community during the home-buying process.

In September 2016, at Arvielo’s direction, New American Funding launched Your Path, a loan program that makes affordable homeownership opportunities available by considering the changing demographics of U.S. borrowers.

Utilizing Freddie Mac’s low down payment Home Possible mortgages as its foundation, this pilot program features greater flexibility for qualifying borrowers nationwide by taking into consideration a wider range of factors than traditional underwriting methods, including needs of self-employed borrowers, seasonal employees, and multi-generational households.

New American Funding’s inclusive corporate environment was recognized by Hispanic Lifestyle and Mortgage Women Magazine as being an outstanding workplace for women.

Arvielo is a member of the National Association of Hispanic Real Estate Professionals and resides on its Corporate Board of Governors. She is active on affordable lending panels for Fannie Mae, Freddie Mac and HUD, and serves on the Executive Board for Big Brothers Big Sisters Orange County.

Arrington was instrumental in securing and participating in a series of meetings with the U.S. Department of Housing and Urban Development and Ginnie Mae.

At Arvielo’s direction, New American Funding launched the Your Path program in 2016 to create affordable homeownership opportunities by considering the changing demographics of U.S. borrowers.

S

44 HOUSINGWIRE ❱ AUGUST 2017

A

DEBORA AYDELOTTE

NADINE BATES

CHIEF OPERATING OFFICER

SVP AND TREASURER

Altavera Mortgage Services

Fannie Mae

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INCE JOINING Altavera Mortgage Services in 2016, Debora Aydelotte has led the four-year-old company’s transformation from an up-and-comer to a national provider of third-party residential mortgage origination services.

Under Aydelotte’s leadership, Altavera has tripled its overall customer base, grown its origination licensing footprint by 30%, including expanding to 11 states in Q1 2017, and increased its staff by 70% while continuing gender pay equity and flexible work arrangements for employees. As of 2016, Altavera’s executive leadership team and staff is 80% female. The company has also succeeded in closing the wage gap, with average compensation among women staff members that is greater than or equal to that of the male staff.

The Denver-based provider of consultative residential mortgage fulfillment and due diligence services also expanded its leadership team and earned recognition from Standard & Poor’s Global Ratings as an approved third-party due diligence provider for U.S. residential mortgage-backed securities, a designation currently held by only 12 companies.

Aydelotte is both a seasoned mortgage executive and a passionate student of economics, specializing in interpreting mortgage industry dynamics and identifying strategic growth opportunities that maintain a strong risk position for her clients.

She is a recognized thought leader in executive diversity and inclusion practices, helping to shape D&I programs for national and global firms. She regularly shares recommendations and best practices for developing such programs in the mortgage industry through editorial contributions and speaking engagements.

Under Aydelotte’s leadership, Altavera has tripled its overall customer base, grown its origination licensing footprint by 30% and increased staff by 70%.

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ADINE BATES plays an integral role at Fannie Mae, leading more than 40 people across six teams to support the mortgage-backed securities market. Bates’ legacy at Fannie Mae includes helping to develop its benchmark debt issuance program, which serves as an industry model.

In the past year, her leadership enabled her teams to: • I ncrease mortgage liquidity for more than 350 small- and medium-sized lenders in the secondary MBS market through transacting in over $400 billion of mortgage-backed securities • Successfully fund the company’s $325 billion balance sheet • Hedge the company’s interest rate risk via a $332 billion derivatives book • Manage the company’s $88 billion liquidity portfolio Bates has also supported her partners to effectively market capital markets programs, including Fannie Mae’s credit risk sharing securities, non-performing loan sales, RPL securitizations, guaranteed multifamily structures and the single security initiative.

Outside of her day-to-day role as the company’s treasurer, Bates serves on eight enterprise-level risk committees as well as the Benefits Plan Committee, the Diversity Advisory Council and the Women’s Employee Resource Group.

“Nadine was an industry leader as firms navigated the requirements of Dodd-Frank, changing the way interest rate hedging is executed, and she was an early adopter of exchange-traded interest rate swaps,” her nominator wrote. “Nadine’s vision was integral in changing the entire market structure for how Fannie Mae hedged and funded its operations through programmatic bullet issuance, known as the Fannie Mae Benchmark Note program.”

In the past year, Bates’ leadership enabled her teams to increase mortgage liquidity for more than 350 small and medium-sized lenders in the secondary MBS market.

HOUSINGWIRE ❱ AUGUST 2017 45

PIPER BEVERIDGE

KAREN BLAKESLEE

VP, GOVERNMENT AND STRATEGIC RELATIONS

EVP, EASTERN DIVISION MANAGER

Ellie Mae

PrimeLending

S VICE PRESIDENT of government and strategic relations at Ellie Mae, Piper Beveridge is focused on growing and managing the relationships with Fannie Mae, Freddie Mac, government agencies and other regulatory bodies that have an interest in benefiting the mortgage industry.

Beveridge has managed a number of strategic initiatives to further improve transparency and predictability through the loan process. She has played a key role in coordinating government and industry activities and initiatives with Ellie Mae strategies and products.

Beveridge designed and launched automated workflows for Fannie Mae solutions to drive efficiency and cut loan manufacturing cycle time and has developed and designed key correspondent workflows to drive efficiencies between correspondents and investors.

Before joining Ellie Mae, Beveridge spent 13 years at Fannie Mae, where she led multiple strategic initiatives. As director of strategic initiatives, her duties included leadership of several Uniform Mortgage Data Program initiatives, including spearheading the Uniform Collateral Data Portal Uniform Appraisal Dataset initiative, which standardized electronic appraisal data for all loans sold to Fannie Mae and Freddie Mac. Previously, Beveridge served in senior strategy consulting roles including senior vice president and practice leader at Operon Partners and as an associate at Mercer Management Consulting.

She currently serves as a trustee on the board of the Z. Smith Reynolds Foundation, which supports nonprofit organizations in North Carolina.

S PRIMELENDING’S regional manager for the Southeast Region, Karen Blakeslee is responsible for production in eight states and during the last year, she has smashed several records for the company, including funding $2.3 billion in home loans.

Blakeslee’s region led in several areas of performance, including having multiple top ranking branches in units and net income. These accomplishments haven’t gone unnoticed, earning Blakeslee a promotion to executive vice president, divisional manager for the eastern United States.

Blakeslee understands the need to be present and helpful within a community. Last year, she instituted a new quarterly “Be of Service” community service policy for branches in her region, requiring them to participate in a charitable community activity.

For example, the Hendersonville, Tennessee, branch cooked meals, provided clothing and necessities and spent time with guests at Room in the Inn, a local homeless shelter. The Emerald Coast Branch of Destin, Florida, hosted an event to raise money for Healing Paws for Warriors, a local organization that connects injured veterans with certified rescue dogs. Following record storms and flooding in Baton Rouge and parts of Western Louisiana, PrimeLending’s local Louisiana branches led efforts to rally employees from around the country to raise $50,000 to support employees who were impacted and nonprofit organizations assisting with area clean-up and recovery.

Her “Be of Service” policy was such a success, it will be expanded to more regions this year and fits perfectly with the culture at PrimeLending to give back to the communities it serves.

Beveridge designed and launched automated workflows for Fannie Mae solutions to drive efficiency and cut loan manufacturing cycle time.

Blakeslee’s region led in several areas of performance, including having multiple top ranking branches in units and net income.

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MOLLY BOESEL

LAURA BOWLES

PRINCIPAL ECONOMIST

CHIEF FINANCIAL OFFICER

CoreLogic

Movement Mortgage

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OLLY BOESEL is the principal economist in the office of the chief economist for CoreLogic, where she is responsible for analyzing and forecasting housing and mortgage market trends.

Throughout the past year, Boesel has been instrumental in the development of several key company data initiatives, including: the development of the new CoreLogic Loan Performance Insight Report, the research and development of the company’s recent 10year retrospective analysis on the foreclosure crisis, projections of total mortgage volume based on HMDA data, the management and production of 40 original research blogs in 2016, and playing a leading role in client-focused webinars.

Boesel is a frequent speaker at leading industry events and contributor to several industry publications. She is one of the key go-to executives within the company for the media. Her original research blogs for the CoreLogic Insights blog are frequently picked up in national and trade publications and are leveraged as news pieces.

In addition, Boesel is part of an elite group at CoreLogic, the CoreLogic Women in Leadership Forum. The WIL Forum was launched in 2016 with the goal of advancing the development of high performing women into leadership roles of high impact and influence. She is also a mentor to new associates joining the office of the chief economist.

Boesel has more than 20 years of expertise in mortgage market analysis, model development and risk analysis in the housing finance industry, including previous work at both Fannie Mae and Freddie Mac.

Boesel has been instrumental in the development of the new CoreLogic Loan Performance Insight Report and the company’s recent 10-year retrospective analysis on the foreclosure crisis.

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AURA BOWLES has been an integral part of Movement Mortgage’s success over the last year. As CFO, she is instrumental in leading the company’s executive team to look at data from the right angle, which has paved the way for cohesive company goals across all departments, in addition to those that she oversees directly.

During the last 12 months, Bowles has overseen a 100,000 square-foot expansion in Norfolk, including tax incentive negotiations with the state of Virginia, and the growth of the company by 1,000 employees.

In addition, she led a loan volume increase from $7.8 billion in 2015 to $12 billion in 2016, and the launch of a new loan-pricing platform and policies, all while setting new records for revenue and profit over the last year.

Additionally, under Bowles direction, Movement Mortgage’s finance department has grown from just two employees when she was hired to 40, all with the focus of driving profits and efforts in the right direction for continued growth.

“From creating a robust analytics review system to aligning leaders on core company goals, Laura has improved everything she has touched in an extraordinary way,” her nominator wrote.

“During her three years at Movement Mortgage, she has taken the company to the next level through financial planning, accounting, investment activities and strategic planning.”

Her career catalog includes home loans risk management at Bank of America, serving as CFO for several Wachovia business units and most recently, director and head of consumer and small business lending products at Citibank.

During the last 12 months, Bowles has overseen a 100,000 square-foot expansion in Norfolk, including tax incentive negotiations with the state of Virginia, and the growth of the company by 1,000 employees.

HOUSINGWIRE ❱ AUGUST 2017 47

ALICIA BRANSTETTER

TERESE CAMPBELL

VP OF MARKETING

SVP OF OPERATIONAL EXCELLENCE

Pendo

LoanLogics

ESS THAN A YEAR after joining Pendo, mortgage industry newcomer Alicia Branstetter created a brand platform that serves as the company’s primary differentiator in a highly commodity-based segment.

Pendo was created as a way to advance how AMCs conduct business. The company’s modern business model helped it grow, with minimal marketing efforts, for its first seven years. Branstetter was brought on board as vice president of marketing to reinforce Pendo’s growth at its target rate.

In less than 10 months, she created a brand platform that enables the company’s mission and values to be translated into standardized, repeatable actions. She rebuilt the company’s image and market positioning and her framework helps Pendo actualize and protect its primary market differentiators: efficient processes and white glove, personalized customer care.

Branstetter also created a peer-nominated employee recognition program that acknowledges those who illustrate the company’s core values: entrepreneurship, leadership, efficiency, dedication and respect. She also created client/appraiser appreciation programs that empower employees to give thank-you gifts to clients and appraisers.

Now more than just a plaque on the wall, employee recognition programs at Pendo have developed into day-to-day actions and interactions. For Branstetter, the goal of changing the appraisal industry wasn’t limited to making an organization successful. It was a chance to improve the professional lives of the people in that industry — for service providers and the employees who work for Pendo’s client companies.

ERESE CAMPBELL knows how to leverage technology to make the mortgage process work better. Her goal: helping lenders solve some of their biggest challenges, which revolve around being compliant while reducing costs and driving quality.

She’s done that in her role as senior vice president of operational excellence at LoanLogics, where she’s been instrumental in the tremendous growth of its platform-based managed services.

Revenue from the platform more than doubled between 2014 and 2016 — a period when the company was recognized as one of the fastest-growing technology companies in Deloitte’s Fast Technology 500 list with three-year revenue growth of 291%.

Clients like Campbell’s diverse background, which includes more than 20 years at a major financial services corporation where she most recently served as vice president of credit and operational risk, a role in which she tapped technology to make sweeping improvements in originations and operations.

Her abilities to automate and improve loan quality have been invaluable to LoanLogics’ clients, whom she helps to get the highest and best use from LoanLogics’ technology.

A cancer survivor, Campbell also gives back to the community via the Hope Gala Committee of the South Jersey American Cancer Society. She’s also a strong advocate of equal opportunities for women in the workplace and has mentored women seeking to transition from homemaking into the workforce.

Campbell has leveraged her interest in technology and abilities to identify improvements to become a trusted adviser to lenders seeking a safer, more efficient and higher quality loan process.

In less than 10 months, Branstetter created a brand platform that enables the company’s mission and values to be translated into standardized, repeatable actions.

Campbell has been instrumental in the growth of the company’s platform-based management services, which has seen revenue double between 2014 and 2016.

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TRIXY CASTRO

DONNA CORLEY

CHIEF EXECUTIVE OFFICER

SVP AND SINGLE-FAMILY CHIEF RISK OFFICER

Hudson & Marshall

Freddie Mac

RIXY CASTRO, formerly Trixy Weiss, has founded multiple companies focused on financing and real estate solutions for real estate investors.

In 2011, Castro saw an underserved niche for real estate professionals needing access to assets and financing for real estate acquisitions. This led her to found Genesis Auctions, creating the first technology-driven real estate disposition platform for investor buyers, giving them access to purchase distressed properties and providing buyers the capital to do so.

The success of Genesis Auctions led to a merger with Hudson & Marshall in April of 2015. Hudson & Marshall provides real estate disposition services for the largest banks, servicers, investors, and government sponsored entities in the U.S. and is the exclusive auction platform for the FDIC. In the past five years, Hudson & Marshall sold over $10 billion in real estate and more than 150,000 homes.

Castro is also the founder and co-chariman of the board of directors of Genesis Capital, a national originator of private money loans, which is partnered with Oaktree Capital Management.

Under Castro’s leadership, Genesis Capital has become an industry leader, originating over $1 billion in loans to the nation’s top real estate developers, with zero losses and strong investor returns.

Prior to founding Genesis Capital and Genesis Auctions, Castro created and ran a variety of real-estate services firms, including a full-service mortgage brokerage and a settlement services company. Castro worked for Wells Fargo before leaving to start her own companies.

ONNA CORLEY heads a team of 450 employees that is responsible for analyzing and managing the risks that impact Freddie Mac’s single-family business, which included financing of 745,000 single-family home purchases and 937,000 single-family refinances in 2016.

Freddie Mac Loan Advisor Suite launched in July 2016 and its integration with internal risk management systems allows Freddie Mac to automatically assess collateral, and later this year, to automatically validate borrowers’ income and assets. Freddie Mac has put its risk assessment tools in customers’ hands, taking the expertise from its credit risk managers, the results from its models and the data from its systems and married them together, creating efficiencies for lenders and borrowers.

As part of Freddie Mac’s transformation, Corley has been instrumental in creating a culture that fosters innovation in risk management. That includes adopting state-of-the-art tools, leveraging Freddie Mac’s data and expertise in new ways, and updating processes to save money and improve customer experience.

Customers also benefit from Corley’s efforts to modernize the guidance that Freddie Mac gives to the industry around certain credit policies by raising the bar in some areas and retiring outdated practices in other areas.

Freddie Mac’s Single-Family business showcases these changes as funding of mortgages to first-time homebuyers is at a 10-year high, including nearly 34,000 Home Possible mortgages in 2016.

“Corley has a high-energy, positive attitude that inspires people to do their best; that includes her team and the numerous women she has mentored over her 20+ year career,” her nominator wrote.

Under Castro’s leadership, Genesis Capital has originated over $1 billion in loans to the nation’s top real estate developers, with zero losses and strong investor returns.

As part of Freddie Mac’s transformation, Corley has been instrumental in creating a culture that fosters innovation in risk management, including leveraging Freddie Mac’s data and expertise in new ways.

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HOUSINGWIRE ❱ AUGUST 2017 49

LAUREL DAVIS

MARY PAT DENNEY

VP FOR CREDIT RISK TRANSFER, UNDERWRITING, PRICING AND CAPITAL MARKETS

MANAGING DIRECTOR, RISK CONSULTING

Fannie Mae

The Oakleaf Group

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AUREL DAVIS has been instrumental in moving U.S. housing finance forward through her contributions to the development of the newly created credit risk transfer market. She is responsible for bringing the first Connecticut Avenue Securities (CAS) transaction to market, an entirely new market sector which has quickly become one of the largest and most liquid segments of the securitized products market.

Davis applies her deep understanding of the credit markets, CRT programs, and Fannie Mae’s credit risk management approach to effectively communicate with the investment community to drive liquidity and broaden program acceptance. Under her direction, the CRT market continues to expand risk-sharing on over $760 billion in U.S. residential mortgage loans since program inception.

In 2016, Davis and her team received recognition by Risk Magazine with the first-ever Sovereigns, Supranationals, and Agencies (SSA) Deal of the Year Award for the “cleverly evolving” risk transfer CAS program.

Davis leads cross-functional teams that set out to, and succeeded in, building a market for single-family mortgage credit and effectively showcase the tools that underpin Fannie Mae’s manufacturing process. Based on investor feedback, her CRT team created Data Dynamics, a tool that allows users to interact with and analyze the historical loan performance data, deal issuance data, and ongoing disclosure data that Fannie Mae makes available to support its credit risk-sharing programs.

Prior to joining Fannie Mae, Davis served in a variety of securitization, trading and capital markets roles at Merrill Lynch and First Republic Bank.

Under Davis’ direction, the CRT market continues to expand risk-sharing on over $760 billion in U.S. residential mortgage loans since program inception.

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ARY PAT DENNEY joined The Oakleaf Group in 2015, and was charged with refreshing and expanding relationships with the company’s core client base after it diverted critical resources to developing two substantial new service offerings to other client bases.

Denney has established and grown the risk consulting practice area for the company despite the evolving landscape for this client base. She quickly absorbed the complexities of proposed attainable solutions which generated high confidence in Oakleaf’s services. As a result, the client was able to maintain focus on strategic matters while their resources were delivered with a minimum of their own efforts.

Denney has also developed and defined the risk consulting practice area as a collaborative partner in clients’ large initiatives to transform their housing financial models environment.

Her success expanding this service offering resulted in Oakleaf’s strategic decision to devote greater resources to the function and achieve similar success at additional housing finance participants.

Denney started the multifamily credit policy functions at two GSEs and helped to win, develop and execute a large multiyear federal contract with the FDIC involving assessment of risk and portfolio management of at-risk bank portfolios of single family and commercial loans.

In addition, Denney has championed womens’ advancement through individual mentorship and exposure to professional development opportunities such as women-based housing and finance industry groups.

Denney has developed and defined the risk consulting practice area at The Oakleaf Group as a collaborative partner in clients’ large initiatives to transform their housing financial models environment.

ZOE DEVANEY

SARAH ELLIOTT

SVP OF MARKETING AND CUSTOMER EXPERIENCE

HEAD OF COMPLIANCE

Radian Guaranty

Blend

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HE PAST TWO YEARS have been filled with the launch of three new programs that Zoe Devaney has helped develop in her role as senior vice president of marketing and customer experience at Radian Guaranty.

Most recently, Devaney oversaw the launch of a new virtual on-demand training capability called “Foundations on Demand” that delivers a variety of curricula — ranging from mortgage banking fundamentals to complex concepts — filling a need Radian saw for more on-demand solutions that offer shorter, bite-sized learning options. It has also attracted smaller customers priced out of in-person training options. Since its launch this year, the program has reached more than 4,300 customers.

Devaney also oversaw the launch of achievethedream.com, a homebuyer and Realtor-facing website that provides resources on the homebuying and home financing process, and the establishment of MortgageAssure, an innovative program that covers a borrower’s payment in the event they are involuntarily unemployed.

Devaney has been crucial for Radian Guaranty’s overall vision, strategy and leadership in marketing and product development.

She’s built relationships with multiple industry associations as evidenced by Radian’s exclusive MI partner agreement with three well-known, diverse real estate groups, and she promotes women’s empowerment through volunteer service with the HomeFront Women’s Initiative, which mobilizes women to help alleviate homelessness.

Devaney’s broad experience has helped her develop innovative programs and solutions that have enabled the company’s customers to achieve their business objectives.

Devaney oversaw the launch of a new virtual on-demand training capability, Foundations on Demand, that delivers a variety of curricula ranging from mortgage banking fundamentals to complex concepts.

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ARAH ELLIOTT is responsible for all elements of Blend’s compliance infrastructure, including regulatory aspects of product design, consumer protection and privacy.

Since joining Blend in May 2016, Elliott’s expertise has been an important element to the evolution of Blend’s platform.

In her role, she works closely with the company’s customers to ensure that Blend’s platform integrates seamlessly with existing systems and compliance architectures.

One of Elliott’s most significant accomplishments has been her work with Blend’s product and engineering teams to build the mortgage industry’s first online loan application facilitated by multiple user accounts. This feature enables applicants for joint credit to submit a single loan application without exposing their confidential information to co-applicants. This first-of-its-kind feature addresses a commonly requested borrower need and innovates in a space that has been ignored by the industry.

From her work as an attorney at the Office of the Comptroller of the Currency, to her role as an advisor at Promontory Financial Group where she worked with financial institutions to improve their risk management functions, to her tenure at Buckley Sandler where she assisted financial services and fintech companies with consumer protection — Elliott has become a leader in compliance.

After relocating to San Francisco to join Blend, Elliott founded the 94104 Exchange, a professional network of leading fintech lawyers and compliance experts. She is also co-chair of the American Bar Association Banking Law Committee’s Compliance, Examinations, and Audit Subcommittee, and has organized programs on cybersecurity, vendor management and risk culture.

Elliott worked with Blend’s product and engineering teams to build the mortgage industry’s first online loan application facilitated by multiple user accounts.

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LINDA ERKKILA

SHERRI GOODMAN

GENERAL COUNSEL AND EVP OF HUMAN RESOURCES

SVP, CALL CENTER OPERATIONS

Safeguard Properties Management

Ocwen Financial Corp.

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VER THE PAST 12 MONTHS, Linda Erkkila was named executive vice president and added the human resources and training departments to her oversight responsibilities at Safeguard Properties Management.

This transition was a natural fit as she had directed her legal staff to train and coach operations and customer service staff, coordinate with vendor management to assist with vendor conduct oversight, actively participate in current and new client business initiatives and provide critical counsel to Safeguard’s HR team.

In this new role, Erkkila works closely with senior management to assist with implementing important communications and other key human capital and training initiatives to enable Safeguard’s most important assets — its employees — to be at their best. Through this new alignment, Erkkila has enabled Safeguard to create creative and effective ways to continue to make the company a destination workplace.

In addition to her new role, Erkkila retained her position as general counsel for Safeguard. Over the past several years, she has successfully expanded her knowledge of Safeguard’s operations into a more effective and efficient legal department.

Erkkila is on Safeguard’s compliance committee and has met with regulators to educate them about the industry and Safeguard’s focus on improving quality controls. She shares her expertise as a moderator or panelist at industry conferences.

Erkkila’s practice spans more than 15 years and covers a range of corporate matters, including regulatory mandated public disclosure, corporate governance compliance, risk assessment, executive compensation, and merger and acquisition activity.

Erkkila has enabled Safeguard to develop creative and effective ways to continue to make the company a destination workplace.

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HERRI GOODMAN joined Ocwen Financial in 2014 and was initially only responsible for Ocwen’s customer care center. But over the next two years, her scope expanded to encompass all of Ocwen’s call center operations, as well as back office processes for payoffs and written requests.

In 2014, Goodman managed the Ocwen call center operations as call center headcount nearly doubled. In mid-2015, her team faced the opposite challenge when substantial loan volume was transferred to other servicers, and successfully managed this reduction with minimal negative impact to employees or costs.

In 2016, Goodman introduced a customer survey process to determine Ocwen’s Net Promoter Score and developed improvement plans to address the opportunities identified by customers.

By the end of the first quarter of 2017, the NPS scores improved by more than 10%, with a positive trajectory for continued gains.

Goodman has played a key leadership role in strengthening Ocwen’s culture of compliance, and was selected by the CEO to lead the efforts to achieve a sustainable culture of service excellence throughout every facet of the company. She assembled a team of influential leaders from across the company and around the world to develop and drive a management action plan that has delivered visible, measurable culture change at Ocwen.

The service excellence program has been vital in improving customer survey scores, reducing customer complaints, reducing process errors and improving employee engagement. Some specific accomplishments include a 30% decrease in the number of complaints to the CFPB in 2016 and nearly 10,000 employees receiving targeted classroom training about service excellence.

Goodman introduced a customer survey process to determine Ocwen’s Net Promoter Score and developed improvement plans to address those opportunities, improving scores by 10% in a short time.

JULIAN GREY

JODY GUNDERSON

MORTGAGE MARKET LEADER, BLACK KNIGHT DATA & ANALYTICS

SVP, STRATEGIC ACCOUNT MANAGEMENT, GLOBAL HOME

Black Knight Financial Services

Assurant

ULIAN GREY oversees the integration of data solutions into Black Knight’s premier servicing and origination offerings, as well as the development of new and innovative data and analytics products.

In her role at Black Knight, Grey has found new ways to generate revenue for shareholders and improve client experiences by integrating the company’s powerful and extensive datasets. During the past year, she has helped integrate multiple data and analytics assets with Black Knight technologies, including: • A solution that automatically alerts servicers on 10 key lien indicators for loans in their portfolios so action can be taken to help prevent loss; • A dialer optimizer that develops contact strategies to reach borrowers with newly delinquent loans; and • Mortgage scores that identify, prioritize and predict risk of prepay, loss and default over time.

Grey leads the team that develops Black Knight’s analytics solutions, which include automated valuation models, Black Knight’s home price index and prepayment and default models. In 2016, her teams delivered a new reverse mortgage and HELOC model, as well as developed valuation scores and indexes measuring origination, market performance and listing prices.

Over the years, Grey has published numerous thought leadership articles. Most recently, she authored a two-part article series on the importance of mortgage companies to look beyond solely gathering information and to use the right resources and tools to transform massive amounts of information into actionable, decision-quality data.

T ASSURANT, Jody Gunderson is the senior vice president of strategic account management across its Global Home business. She collaborates closely with clients, including leading senior banking executives in the global housing finance industry. In response to the industry’s need to hasten all business practices, Gunderson has been instrumental in executing tight onboarding deadlines for the company’s top Global Home clients while ensuring strong customer relations.

Gunderson’s leadership was crucial in the formation of the Global Home division, a daunting process that required vision to streamline and integrate product lines and the leadership to motivate teams to effectively work together.

Gunderson’s extensive industry experience paired with her desire to understand all aspects of the industry has driven her efforts to make Assurant Global Home a trusted partner among its clients. Within this culture, she challenges the team to provide clients with a unique and customized experience, an important factor in Assurant’s success as a leader in lender-placed insurance.

During the last 12 months, Gunderson has also been vital in introducing areas of opportunity for Assurant Global Home’s clients, creating a single-source provider environment for the company’s clients. Gunderson works daily to ensure that each Global Home client has a personalized, not transactional, experience that is rooted in Assurant’s strong foundation of expertise and compliance. She also serves as the primary leader of Assurant’s Global Home Client Advisory Board, where client influencers and other leaders meet to share ideas and discuss best practices, regulatory and compliance issues impacting the mortgage industry.

In 2016, Grey’s teams delivered a new reverse mortgage and HELOC model, as well as developed valuation scores and indexes measuring origination, market performance and listing prices.

Gunderson’s leadership was crucial in the formation of Assurant’s new Global Home division, which required vision to streamline and integrate product lines and motivate product teams to effectively work together.

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NIDA HAJI

TWYLA HANKINS

DIRECTOR, CONSUMER LENDING

EVP OF OPERATIONS

Tavant Technologies

American Financial Network

S THE DIRECTOR of consumer lending at Tavant Technologies, Nida Haji possesses a deep understanding of the mortgage industry and a vision of the future that is changing the landscape of mortgage technology. Tavant has been growing rapidly and doubled its revenue in the last two years, with plans to add 300 employees across the U.S. this year.

Haji led the design and development of voice interaction for Tavant’s VELOX product suite, which is possibly the first in the industry. The unique Alexa voice-based app was selected to be presented at Mortgage Banker Association conferences as well as FinovateSpring 2017.

Haji is also a champion of Project Cohete, an industry research and intelligence practice within Tavant that tracks the latest trends, forms recommendations, advises leading mortgage companies and feeds market data to product development.

Haji’s wide-ranging accomplishments include spearheading the platform design and development for top mortgage insurance companies in the U.S. and leading Tavant’s expansion in Australia.

In addition, Haji is a founding member of Tavant Mortgage University, a learning and development initiative based on MBA’s School of Mortgage Banking to certify engineers and product teams on mortgage. Her leadership helped Tavant build a team of over 1,000 trained mortgage experts.

As if that wasn’t enough, Haji also established Tavant’s Business Analyst Center of Excellence in New York and currently heads a team of business analysts working with top lenders. This work has led Haji to mentor new business analysts.

WYLA HANKINS has more than three decades of experience in the mortgage lending industry. Within a few short years of beginning as a young loan processor, Hankins was running the loan processing department of a large mortgage company. From there she advanced to underwriter and underwriting manager.

Today, Hankins leads nationwide lender American Financial Network as executive vice president of operations. Under her leadership, AFN has experienced booming growth, going from lending in fewer than 20 states and funding under $1 billion in 2010 to lending in more than 40 states and funding $4.8 billion in 2016.

Since Hankins joined AFN seven years ago, the company has increased its sales force by 500%, volume by 780% and net worth by a staggering 1649%. AFN also succeeded in becoming a Fannie Mae and Freddie Mac seller/servicer and Ginnie Mae issuer, and is also USDA and VA approved.

Hankins was instrumental in implementing Dodd-Frank, including directing the customization of the company’s LOS, building a compliance team, a post-closing team, underwriting teams and operations centers in both corporate and nationwide offices.

Under Hankins’ guidance and supervision, in 2016 AFN added 15 branches for a total of 125 nationwide, 56 loan originators for a total of 543 nationwide and one more state to bring AFN to 44 states total.

In addition, overall customer satisfaction in 2016 exceeded 94%, thanks in part to Hankins’ leadership in operations and focus on excellent internal customer service, which leads to outstanding external customer service.

Haji led the design and development of voice interaction for Tavant’s VELOX product suite, a unique Alexa voicebased app chosen to be presented at conferences including FinovateSpring 2017.

Under Hankins’ supervision, American Financial Network added 15 branches, 56 loan originators and another state, closing almost 17,000 loans totaling almost $4.8 billion.

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ALI HARALSON

TRACEY HIRT

EVP, CLIENT MANAGEMENT

PRESIDENT AND HEAD OF OPERATIONS

Auction.com

RPM Mortgage

LIENTS AT AUCTION.COM have come to rely on Ali Haralson’s creative thinking and problem-solving abilities to help them navigate an evolving mortgage servicing industry.

Her skills come from more than 20 years of experience in the industry, which includes founding a loan servicing company that she grew from four employees to a staff of more than 1,400 with more than $49 billion in assets under management.

Haralson leverages that past experience as an industry veteran at Auction.com where she is responsible for growing market share while retaining current clients for the online real estate transaction platform, which focuses on the sale of bank-owned and foreclosure properties to investors via online auctions and live trustee sales.

Haralson uses her experience to help mortgage servicers mitigate the risks associated with disposing of distressed assets while improving their financial outcomes and reducing neighborhood blight. She taps into her operations and strategic planning background to guide them through the servicing industry over the past decade.

As the industry undergoes a new set of challenges, she is there to help them adjust and prosper under new market dynamics. Her experience as a servicer and as a former Auction.com client gives her a unique perspective to provide thoughtful counsel to those seeking to dispose of distressed assets.

Over the course of two decades, Haralson has established herself as a thought leader and insightful influencer in the mortgage servicing space — one who is well-equipped to address the challenges of an ever-changing servicing landscape.

RACEY HIRT’S signature short reply to most requests — “On it” — has become legendary at RPM Mortgage where she’s taken on several major initiatives all within the past year.

In 2016, she oversaw the integration of three newly acquired mortgage banks, which grew RPM’s funded volume to $6.7 billion for 2016. She also reorganized RPM’s banking operations around the company’s signature Advance Approval program to underwrite purchase loans before clients make offers, enabling them to win bidding wars with cash-like offers.

The changes to Advance Approval also enabled her to implement the company’s Purchase Closing Guarantee, which pays a client’s lender fees if RPM closes late. The bank teams she oversees have closed 99% of companywide purchase loans on time or early since January 2016.

If that wasn’t enough, Hirt also oversaw the rollout of RPM’s digital mortgage under the Home On Time app, which brings clients, loan officers and bank teams together under one single app.

High volume loan production can be full of surprises, yet must deliver a surprise-free experience to clients, and Hirt has been up to the task. Her effort to integrate new acquisitions, teams and processes over the past year has tested the company’s “Can Do, Will Do” culture, yet she has thoroughly embraced the company credo, which has become stronger under her leadership as she fosters respect and collaboration throughout the organization and among all teams.

Hirt commands respect from doc drawers and Wall Street executives alike with her no nonsense, common sense decision-making that fosters good will among all.

Haralson uses her experience to help mortgage servicers mitigate the risks associated with disposing of distressed assets while improving their financial outcomes and reducing neighborhood blight.

In 2016, Hirt oversaw the integration of three newly acquired mortgage banks, which grew RPM’s funded volume to $6.7 billion for 2016.

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BLYTHE HUGHES

NEENU SOHI KAINTH

CHIEF ADMINISTRATIVE OFFICER

SVP, PRODUCT

Stearns Lending

Nationstar

URING THE LAST 12 MONTHS, Chief Administrative Officer Blythe Hughes has continued to build world-class programs and teams within her areas of responsibility, which include the human resources department, talent acquisition and onboarding, training and development.

Hughes implemented talent assessment tools and protocols that help ensure that the entire Stearns organization is selecting, developing and promoting individuals who have a high probability for success in a given role.

Hughes has also reduced employee turnover at Stearns. Her focus on employee reward and recognition programs, enhanced benefits and evolution of the company’s I Can Help You! culture all played a part in reducing turnover.

In addition, this year Hughes oversaw the implementation of company-wide training related to the introduction of two transformative technology platforms.

Throughout her 25+-year career as an accomplished, top-performing executive in the mortgage industry, Hughes has been recognized for her willingness to take on any challenge.

“As a leader, her most impressive achievement is her ability to inspire others to do the same,” her nominator wrote. “Blythe creates dynamic strategies and spurs the teams that she leads to collaboratively achieve goals.”

Known for her ability to manage large staffs that support employee populations in the thousands, Hughes’ success is based on the idea that success requires that you surround yourself with great people. She has built a high-performing team that excels and represents Stearns’ culture in day-to-day activities.

EENU SOHI KAINTH has led the development and deployment of several game-changing innovations at Nationstar as the company continues its journey to become Mr. Cooper. She is dedicated to improving the customer experience at Nationstar through all facets of the business and has individually transformed the way the company thinks about technology and using digital tools to help its customers better understand and manage their home loan.

Most notably, Kainth launched Nationstar’s new website and mobile application as well as implemented a much-improved onboarding experience for transferred customers.

This new digital platform includes unique upgrades such as educational content, interactive data tools and informative mortgage payment modules. The new mobile-responsive website also ensures customers have the option to access accounts on the go.

Kainth also proactively sought to improve the onboarding experience for new customers. She and her team have completely redesigned everything from billing statements to welcome letters to help new customers avoid the confusion so often attached with a mortgage transfer.

Everything from the way she leads daily team meetings, to the work space she employed to facilitate collaboration, to her ability to eliminate silos across the organization has become a blueprint for how other teams at Nationstar now operate.

“Neenu’s accomplishments are remarkable in their own right, but equally important is how she’s influenced Nationstar’s culture by creating a work environment that is open, innovative, collaborative across business functions and fun,” her nominator wrote.

Hughes implemented talent assessment tools and protocols that help ensure that Stearns is selecting, developing and promoting people with a high probability for success in a given role.

Kainth launched Nationstar’s new website and mobile application as well as implemented a much-improved onboarding experience for transferred customers.

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KARA LAMPHERE

KAREN LANNING

DIRECTOR OF CORRESPONDENT LENDING/CHIEF COMPLIANCE OFFICER

VICE PRESIDENT, HUMAN RESOURCES

Mid America Mortgage

First American Financial Corp.

INTECH ADVANCES are changing the way mortgage companies do business, and at Mid America Mortgage, Kara Lamphere has helped the mortgage banker roll out an eMortgage initiative while staying compliant with the industry’s many rules and regulations.

With an eye toward reducing risk and controlling costs, Lamphere provides a unique and innovative perspective that has enabled Mid America to advance the eMortgage and stand out as a leader in digital mortgages. Her work in this area has included helping Mid America successfully execute eClosings and eNotes in its retail and TPO channels.

She’s also led the mortgage banker in its efforts to help brokers make a successful transition to become mortgage bankers through Mid America’s eCorrespondent division. In this role, she’s provided brokers with a cost-effective path into mortgage banking via digital originations.

“Without Kara’s management and oversight of this division, it quite simply would not exist,” her nominator wrote. In her role as correspondent lending director, she’s also helped develop processes to streamline purchases, ensuring a low cost to produce and quick turn times for sellers.

As chief compliance officer, Lamphere provides leadership across broad areas, including risk, marketing, complaints, fair lending and other regulatory guidelines. She has a knack for finding the simplest yet most effective and efficient solutions to complex problems and is willing to share what she knows. She has trained and mentored colleagues within the organization, encouraging growth and advancement.

AREN LANNING plays a vital role in supporting and fostering First American’s “people first” culture through her responsibilities in workforce management, succession planning, employee relations, compensation planning, employee recognition and rewards, performance management and acquisition integration.

After First American acquired Forsythe Appraisals, TD Service Financial and RedVision in 2016, Lanning supported the transition of employees into the larger First American family, which required her to develop unique approaches that highlighted the values the companies shared and First American’s heritage as a family-run company. The impact that people from both companies have had since the acquisitions is a reflection of the skill and creativity Lanning brings to her role.

When Kevin Wall, president of First American Mortgage Solutions, made taking employee engagement a higher priority, he partnered with Lanning and her team to spearhead the initiative.

It was a natural extension of the work Lanning had been doing across the company, as she helped enhance First American’s approach to employee engagement through the implementation and analysis of biannual employee surveys, and her emphasis on consistent and relevant employee communication.

Lanning also helped create First American’s Women in Leadership program, now in its fifth year. Since nearly 70% of First American’s employees are female, the program plays a powerful role in career development and has produced 66 “graduates” that are pioneering new approaches throughout the company.

Lamphere provides leadership across broad areas, including risk, marketing, complaints, fair lending and other regulatory guidelines.

Lanning supports and fosters First American’s ‘people first’ culture through her responsibilities in workforce management, employee relations, performance management and acquisition integration.

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DAWN LEWALLEN

JANETTE MAH

SENIOR UNDERWRITER/COMPLIANCE COUNSEL

EVP/CHIEF MORTGAGE BANKING OFFICER

Stewart Title Guaranty Co.

Bank of Hope

AWN LEWALLEN is a game-changer with the breadth and depth of expertise that enables her to craft solutions for even the most complex title issues. Over the past year, she has led Stewart Title Guaranty Co. toward a fully digital closing process while promoting changes to more efficiently serve homebuyers using its services.

Lewallen doesn’t withhold her knowledge and expertise from others, including potential competitors. She regularly shares her expertise outside of Stewart, lecturing and writing on real estate and title insurance subjects for the State Bar of Georgia, financial institutions, and builder and real estate associations.

Over the past 12 months, she wrote and published a forward-thinking white paper, “From Hybrid to Full eClosing” along with a half dozen thought-leadership articles on behalf of Stewart.

Lewallen has a long history of advising companies on legal and compliance issues and is recognized as a pioneer in leading industry-wide change in the title insurance industry. At Stewart, she spearheaded new training and initiatives to protect the consumer-company relationship at key touch points in the homebuying journey. She’s also helped the company maintain compliance while seeking out new, efficient ways to serve its customers.

One of Lewallen’s key initiatives has been her leadership in the creation of national underwriting guidelines for Stewart’s eClosing initiative. She also pushed for and received executive support in designing a more convenient, consumer-friendly closing experience for homebuyers. Never satisfied with the status quo, she’s constantly working to transform a historically stagnant industry into a forward-thinking one.

ANETTE MAH has played a major role in extending the American dream of homeownership to the underserved Korean-American community during her 30-year career in banking.

She was named executive vice president and chief mortgage banking officer of Bank of Hope, formerly known as BBCN Bank, upon the merger of equals with Wilshire Bank in July 2016. Mah, who had served in the same capacity for Wilshire prior to the merger, is credited with successfully integrating the mortgage platforms of the two banks into the country’s only super-regional Korean-American bank with an estimated $13.2 billion in assets.

After the merger, she expanded Bank of Hope’s retail lending platform coast to coast in geographic markets containing major concentrations of Korean-Americans. She was also instrumental in establishing a warehouse lending platform last year that has become a household name among industry peers. In 2016, Mah set a record with more than $450 million in committed facilities, including several top 50 mortgage originators. She’s now implementing a correspondent channel.

Mah’s success comes from her strong work ethic and commitment to serve the Korean-American community. She mentors her staff and dedicates time to help them achieve their career goals, paving the way for other Korean-American women to climb the career ladder in what is still a male-dominated industry. She’s also humble and credits much of her success to her dedicated team.

Mah has built a successful mortgage platform for three lending channels as part of her commitment to help prospective homebuyers achieve the American dream.

One of Lewallen’s key initiatives has been her leadership in the creation of national underwriting guidelines for Stewart’s eClosing initiative.

Mah is credited with successfully integrating the mortgage platforms of two banks into the country’s only super-regional Korean-American bank with an estimated $13.2 billion in total assets.

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MICHELE MCGOVERN

SHERRI MEADOWS

CHIEF EXECUTIVE OFFICER

REAL ESTATE BROKER

Alight

Keller Williams Cornerstone RE

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ICHELE MCGOVERN is the CEO at Alight, a SaaS-based software company whose flagship product, Alight Mortgage Lending, enables senior executives of independent mortgage banks to forecast the future by comparing multiple scenarios and immediately seeing the financial impact of every decision before it is made.

In 2016, McGovern led Alight through substantial growth — doubling the customer base and staff at Alight, and significantly ramping the firm’s revenues. During the past year, Alight has run over $80 billion in originations through its platform.

In July, Alight announced the closure of a Series A funding round for $11 million that included Caterpillar Venture Capital Inc. The funding is targeted toward driving the rapid scaling of the firm’s mining and mortgage industry verticals and the expansion into new industries, including the addition of two new verticals in 2017.

Prior to joining Alight, McGovern was the CEO and/or the founder of five companies, ranging from buy- and sell-side technology for Wall Street firms to important tech industry consultancies.

A significant focus of McGovern’s leadership has been actively recruiting the best and brightest to Alight. Her efforts include both the recruiting and cultivation of full-time Millennial employees, and also a robust internship program at Alight that has led to a remarkably high conversion rate to full-time employment at the company.

McGovern is also deeply committed to investors and has delivered very strong returns to every group of investors, at each company she has led, both publicly and privately held.

In 2016, McGovern led Alight through substantial growth, doubling the customer base and staff at Alight. During the past year, the company has run over $80 billion in originations through its platform.

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HERRI MEADOWS is the broker/owner of three Keller Williams offices in Florida and has worked as a Realtor for more than 30 years. But she also has a passion for the role Realtors can play in their communities and how Realtors can connect those communities to Capitol Hill.

Meadows has served on the board of directors of the National Association of Realtors since 2007 and in 2016 she became the vice president of NAR’s region 5, which includes Alabama, Georgia, Florida, Mississippi, Puerto Rico and the Virgin Islands.

In 2014, the Florida Association of Realtors elected her president and she chose to tackle homelessness. As a result, the association sought out community leaders and traveled Florida to redefine homelessness and embark upon an awareness campaign to “make them visible.” The campaign was recognized by Ragan Communications for Best Advocacy/Awareness Campaign and Best Community-Nonprofit Partnership and Meadows subsequently published a book about how to help the homeless.

In May 2016, the NAR board of directors took a formal position on homelessness stating that NAR supports cost-effective approaches towards preventing and ending homelessness and affirmed that the individuals and families that are housing insecure can be helped through evidence-based approaches.

Meadows has testified before the House of Representatives’ Veterans Affairs Subcommittee on Economic Opportunity and has encouraged greater dialogue between NAR and the HUD secretary on student debt. In July 2016, she championed innovative thinking in housing by holding a Housing for All symposium in Washington, D.C.

Meadows has testified before the House of Representatives’ Veterans Affairs Subcommittee and has encouraged dialogue between NAR and the HUD secretary on the subject of student debt.

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SARA MILLARD

JACKIE MOHR

GENERAL COUNSEL AND EVP

SVP, ASSOCIATE GENERAL COUNSEL

Arch US Mortgage Services

loanDepot

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S GENERAL COUNSEL and executive vice president at Arch MI, Sara Millard is responsible for all legal, regulatory and compliance functions for the organization. She is a part of the executive management team, heading legal, compliance, vendor management, regulatory relations and legal recovery.

During the last year, most of Millard’s focus has been on United Guaranty’s separation from parent company AIG and integration with Arch MI. Her role at the company has been crucial to the recent changes dealing with various legal facets of the acquisition.

In early 2016, Millard led the initial publishing of UGC’s S-1 with the SEC, which marketed the company’s initiative to go public and ultimately positioned the company to strategic buyers.

During this time, her role shifted from heading the legal activities for the initial IPO to Arch MI’s purchase of the company. She currently leads functions responsible for M&A activities, including negotiating the stock purchase agreement, due diligence, negotiating contracts and obtaining regulatory approvals.

Over the course of her time at UGC and Arch MI, Millard’s expertise and leadership have driven UGC and Arch MI to become leaders in market share of the U.S. private mortgage insurance industry. She has been an instrumental component of growing the company during a financial down cycle, positioning UGC for purchase, and instilling innovation throughout the company’s product offerings.

Millard also makes time to serve on the board and provide pro bono work for Community Housing Solutions in Greensboro, North Carolina, a nonprofit that works with low-income populations to provide housing solutions.

Millard leads functions responsible for M&A activities, including the negotiation of the stock purchase agreement, due diligence, negotiating contracts and obtaining regulatory approvals.

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N HER ROLE AS senior vice president and associate general counsel for loanDepot, Jackie Mohr is responsible for managing legal and compliance for the company’s retail channels.

Over the last year, Mohr, who has more than 15 years of experience in financial services and lending, has been instrumental in successfully guiding the company through a number of different initiatives, such as TRID implementation, the restructure of the branch oversight program, and legal and compliance oversight over the development of mello, loanDepot’s new endto-end digital lending platform.

Mohr guides loanDepot through the complex regulatory environment with an execution-oriented approach she adopted from her prior experiences in leading operations. Mohr has an expertise in the area of distributed retail lending and during the last 12 months she led the legal strategy around retail strategic alliances. She was instrumental in merging the legal and compliance departments of the formerly separate retail channels under the loanDepot brand. Her team has grown rapidly over the last year and she helped cultivate their expertise in mortgage regulatory compliance. Mohr is passionate about developing leaders, taking a special interest in mentoring women, helping them find their unique voice and style in a male-dominated financial industry.

Mohr pairs her legal background with her operational strengths to drive compliant strategic initiatives. She is often viewed as a business leader who just also happens to be an attorney. Whether she is helping the company to navigate the regulatory complexities of RESPA or advising over 150 retail branches, she does so with emphasis on fast, simple and compliant execution.

Mohr was instrumental in merging the legal and compliance departments of the formerly separate retail channels under the loanDepot brand.

SUZANNE ZINN MUELLER

WENDY PEEL

SVP OF INDUSTRY RELATIONS

VICE PRESIDENT, SALES AND MARKETING

Realtor.com

ReverseVision

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UZANNE ZINN MUELLER has been at realtor.com less than two years, but is already making a significant impact by deepening relationships and forging new ones in a business whose success relies on positive people-to-people interactions.

Her restructuring of realtor.com’s industry relations field team along geographic lines has helped the company focus on engagement regionally, and the model more closely resembles how successful realty agencies work by developing a deep understanding of local housing conditions and by forming local relationships.

Last fall, Mueller spearheaded the launch of the Real Ambassador program, which brings together a select group of high-performing real estate professionals and heavy users of realtor.com to contribute insight into enhancing the realtor.com experience. The program connects the ambassadors with realtor.com’s product development and programs teams and arms them with the latest customized content along with information on realtor. com to share with their local real estate industry and consumers.

Mueller also adopted new communication models at the company to deliver real-time news and hyperlocal content faster and more efficiently. The new communication model includes new forums and format enhancements. The goal has been to facilitate the quick and easy sharing of realtor.com information to a broader audience and improve the volume and frequency of direct, personalized outreach from regional representatives.

Mueller brings firsthand insight into the day-to-day needs of real estate agents to realtor.com’s product development and program decisions.

Mueller spearheaded the launch of the Real Ambassador program, which brings together a select group of highperforming real estate professionals to enhance the realtor.com experience.

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OT CONTENT TO SIMPLY LEAD the sales and marketing efforts of ReverseVision, Wendy Peel has made it a priority to right the reputation of the Home Equity Conversion Mortgage product and encourage mortgage lenders of every stripe to add HECMs to their product mix. Peel has redirected the HECM conversation, reminding lenders of why the product was created, how it serves a distinct need and why it makes business sense to embrace it.

After launching the inaugural ReverseVision User Conference in 2016, which brought together industry leaders, lenders and brokers from 67 companies, including four of the nation’s top five reverse lenders, Peel was integral in making UserCon 2017 even more meaningful for a broader swath of attendees. The 2017 conference saw attendance increase by nearly 35% and sold out.

Further, Peel, a seasoned executive, conceived and helped crystallize a strategy of outreach and education to the Amercian Bankers Association, reorienting depository institutions to the generational gap filled by HECM loans for retiring Baby Boomers, an effort bearing fruit by returning banks to serve that market segment.

Today, ReverseVision’s flagship HECM origination system, RV Exchange (RVX), is used by nine of the top 10 HECM lenders. In 2016, Peel’s drive to recast the HECM as a valuable option for lenders resulted in adoption by Alpha Mortgage, NOVA Home Loans, Evolve Bank and Trust, Quantic Bank, Fidelity Bank of West Des Moines and New American Funding.

In addition, RVX direct licensing increased by 125% from 2015 to 2016 and active RVX users now number more than 6,000.

After launching the inaugural ReverseVision User Conference in 2016, Peel was integral in growing the 2017 conference by nearly 35%, selling out.

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ADRIANNE COURT PETRUSKA

NANCY PRATT

EVP, CHIEF HUMAN RESOURCES OFFICER

VP OF PARTNER RELATIONS AND GOVERNMENT AFFAIRS

Caliber Home Loans

Pavaso

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DRIANNE COURT PETRUSKA leverages more than 20 years of human resources and business leadership to head the human resources team at Caliber Home Loans.

Caliber experienced exponential growth in the last few years, now employing nearly 7,000 people. Caliber’s leadership team wanted to ensure that the unique spirit of the company — which includes exceptional customer service — would be celebrated, not diluted. To that end, they looked to Petruska to identify and embed this spirit throughout the company.

Petruska distilled Caliber’s culture into its Ways of Work model, which, rather than a values statement, articulates the ways employees desired to work together to reinforce company culture.

Using feedback from its annual employee engagement survey and working sessions with many teams within the organization, Caliber’s leadership team formally memorialized what employees instinctually knew about how they wanted to work together.

These became known as the Caliber WOWs, and the catalyst for a company-wide integration. They are: collaborating contagiously, caring fiercely, leading thoughtfully and doing the right thing.

To support its WOWs, Caliber launched a recognition program and instilled the concept in the context of talent selection and recruiting. In addition, leadership scorecards tie annual incentive achievement to include a WOWs modifier and the company is measuring the effectiveness of the program through soliciting feedback and then developing actionable results.

“Adrianne has led us with passion and commitment to ensure not only that we embrace these WOWs, but that they are woven within the fabric of who we are,” her nominator wrote.

Petruska distilled Caliber’s culture into its Ways of Work model, which articulates the ways employees desired to work together to reinforce company culture.

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ANCY PRATT’S 32-year career includes more than 12 years of experience specifically in the eMortgage/eClosing space. She helped perform the first complete eMortgage with lenders and conducted the first-ever FHA and VA eClosing.

Most recently, because of Pratt’s extensive work with GSEs and other agencies, Pavaso completed the Fannie Mae and Freddie Mac approval processes, met the technical requirements to provide eMortgage solutions, and is now approved by both Fannie Mae and Freddie Mac as eMortgage service providers.

Pratt also played a pivotal role in accomplishing the first eClosing in the state of North Carolina.

Pratt has gone above and beyond typical job duties to advance digital mortgages. For example, when Pavaso partnered with Mountain America Credit Union throughout the CFPB’s eClosing pilot to help them adopt and execute their eClosing and consumer experience initiatives, Pratt physically drove to 30+ title companies in MACU’s local area to unify these partners in adopting this effort, eventually leading to the pilot’s success.

Pratt is a member of the ALTA Government Affairs, Public Relations, State Regulatory Action and Technology Committee, and recently served as a facilitator at ALTA’s inaugural Springboard Conference.

She is the co-chair of MBA’s MISMO eMortgage Group and was elected to the 2017 MISMO Board of Governance Technology Committee. She is also a member of MBA’s Residential Technology Committee and a member in good standing of PRIA, MBA, MISMO, ESRA, RESPRO, and the National eNotarization Board.

Because of Pratt’s extensive work with GSEs and other agencies, Pavaso completed the Fannie Mae and Freddie Mac approval processes and is now approved by both as eMortgage service providers.

DORIS RAIMUNDI

KRISTEN SIEFFERT

SVP BUSINESS LINE CONTROL

PRESIDENT

U.S. Bank

Finance of America Reverse

S SENIOR VICE PRESIDENT business line control, Doris Raimundi has spent the past year building a strong firstline-of-defense team that was instrumental in strengthening borrower protections and bank practices.

Her leadership in the company’s complaint area led to a 22% year-over-year reduction in mortgage servicing complaints, as well as one of the lowest large mortgage company complaint volumes with the Consumer Financial Protection Bureau.

The bank’s improvement in quality has led to dramatic improvement in servicing scorecard performance with all investors.

Since joining the bank in October 2014, Raimundi has filled a number of executive roles, including her most recent position in managing the overall quality control department for U.S. Bank’s home mortgage servicing business. The improvement in the bank’s quality has led to satisfying regulatory requirements to be exited from consent order and obtain satisfactory audit results from regulators, investors and internal departments.

This improvement in quality has been instrumental in achieving investor scorecard performance that as of this date is at or near the top of rankings for all major investors.

Her passion for serving customers is also demonstrated through her partnership and engagement with the HOPE Now organization as an early partner for their “plain language” initiative.

Raimundi has 20 years of experience in banking, working for JPMorgan Chase, EMC, HSBC, Saxon and Nationstar. Recently, she was appointed to the American Diversity Council as an executive member where she works to champion and foster solutions to promote diversity and inclusion in our industry.

RISTEN SIEFFERT focuses on responsible and ethical lending while nurturing a culture at Finance of America Reverse that empowers team members to do the right thing when originating reverse mortgages.

She has worked to build trust in an industry that at times has been in the crosshairs of consumer-rights groups while providing older Americans with the tools they need to obtain financial independence in retirement.

Sieffert has shown her determination and business acumen by working her way up the career ladder. She began in an entry-level position as a member of a lender support team at another company and quickly progressed into leadership roles through several job moves. Her influence in the industry was recently solidified with an appointment to the board of directors for the National Reverse Mortgage Lenders Association.

Sieffert’s leadership at Finance of America Reverse has helped cement the company as one of the top reverse mortgage lenders.

As president, she has pioneered an innovative program to educate forward mortgage originators on the benefits of reverse mortgages. The program has generated excitement among company advisers and is beginning to positively impact the bottom line.

As the mother of two children, she also promotes a healthy work-life balance, which she believes is an important commitment as more women seek to enter leadership roles in the mortgage industry.

Sieffert uses creativity and an engaging style of leadership to drive sales and excite employees while ethically serving a vulnerable population with care and compassion.

Raimundi’s passion for serving customers is demonstrated through her partnership and engagement with the HOPE Now organization as an early partner for their “plain language” initiative.

As president, Sieffert pioneered an innovative program to educate forward mortgage originators on the benefits of reverse mortgages.

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TARA SMITH

MICHELLE STEINMETZER

SVP-DIRECTOR, AGENCY SERVICES

SVP, OPERATIONS, OUTSOURCED AND ORIGINATION SOLUTIONS

Stewart Title Guaranty Co.

Chronos Solutions

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ARA SMITH leads strategy development and implementation for Stewart Agency operations, and provides guidance to other leaders across the title industry – resulting in improved financial performance in 2017.

During the past year, she spearheaded five new technology integrations that have increased the resources available to independent agents in Stewart’s Trusted Provider network and increased top-line growth – all while expanding the title industry’s position in the technological space.

Smith is also responsible for oversight of three of Stewart’s business units, including Stewart Vacation Ownership, Stewart Financial Services and the funding and escrow services department for large lender-transactions, all of which have seen increased productivity and customer service since she took over in January 2016.

Smith is passionate about building the next generation of leaders in the title insurance industry. She actively mentors those on her team and in the company, enabling them to achieve goals and take a forward-thinking approach.

She also has a strong track record of advising executives and other industry decision-makers on strategy, business development and financial performance issues, and is recognized as a champion in leading industry-wide change related to title, escrow and underwriting. During her time with Stewart, she has been a passionate advocate for leading the company into the digital era and pioneering new initiatives designed to decrease cost and maximize efficiency, both for Stewart and the thousands of independent agents in its network.

Smith is responsible for oversight of three of Stewart’s business units, all of which have seen increased productivity and customer service since she took over in January 2016.

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INCE JULY 2016, when Michelle Steinmetzer joined Chronos Solutions through the acquisition of UPF Services, she has been instrumental in increasing productivity and reducing operational expenses across several divisions within the enterprise.

In her central role under the greatly expanded Chronos Solutions umbrella, Steinmetzer is responsible for the design, implementation and management of policies and procedures used to control the fulfillment platform throughout the company.

Chronos Solutions acquired San Diego-based Cogent Road only months before the UPF Services deal and one of Steinmetzer’s first tasks at Chronos was assuming oversight of the San Diego division’s IT project management from corporate.

Within two quarters she increased daily verification and credit supplement services from 30 to 60 orders per team member and restructured its operational expenses. Now, with projected annual savings in San Diego of more than $300,000 per year, the division has structured pricing more competitively.

At UPF Services, Steinmetzer automated operational systems that allowed the company to scale more efficiently. As a result, the company added 145 products and increased revenue $9.6 million annually.

Earlier in her career, at Mortgage Investment Lending Associates, Steinmetzer implemented and designed process flows in each department. While she improved efficiency, she also implemented a reporting system that supported the company’s long-term goals and increased monthly funded volumes from $12 million to $550 million.

Within two quarters, Steinmetzer increased daily verification and credit supplement services from 30 to 60 orders per team member and restructured operational expenses.

HOLLY TACHOVSKY

DIANE TOMB

CHIEF EXECUTIVE OFFICER

EXECUTIVE DIRECTOR

BuildFax

National Rental Home Council

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OLLY TACHOVSKY is the CEO and co-founder of BuildFax, a data and analytics company with nationwide reach headquartered in downtown Austin, Texas. Founded in 2008, BuildFax provides data and insights to some of the largest insurers and lending firms.

Tachovsky is a hands-on mentor through Tech Ranch Austin, an educational resource and support system that provides oneon-one guidance for entrepreneurs throughout the country.

Tachovsky and the BuildFax team are known for tapping into their own networks to propel other business owners and individuals in the Austin community forward in their professional endeavors.

As a married mother of two boys, Tachovsky is an understanding and seasoned mentor, knowing that growing a multimillion dollar company while maintaining a family and leading a fulfilling life can be challenging. “At BuildFax, we recognize that at some point, everything is not going to fall in line,” Tachovsky said. “Sometimes, your work life needs more from you, and other times, your home life needs more.”

As an active mentor, volunteer and business owner, Tachovsky has a special place in her heart for other women entrepreneurs.

She and her executive team guide mentees on how to develop the skills women need in the business world, working with them on how to secure funding, aggregate talent, or coaching them through the creation of their own business. Tachovsky believes that an “arm’s length mentorship” is not enough for women in business and that mentors need to roll up their sleeves and dig in with mentees because, as Tachovsky’s nominator wrote: “Compassionate coaching is the gateway to breakthroughs.”

Tachovsky and her executive team guide mentees on developing the skills women need in the business world, including how to secure funding, aggregate talent and coaching them through their business creation.

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N THE SHORT TIME DIANE TOMB has been the executive director of the National Rental Home Council, she has built a strong organization consisting of the top companies within the single-family rental space.

Since Tomb joined the NRHC, a non-partisan organization dedicated to advocating on behalf of the single-family rental home industry, its membership has doubled and revenue has increased by 28%. Under Tomb’s leadership, the NRHC has become a vehicle for members of the SFR community to join together to address issues facing the industry.

Tomb has more than 20 years of experience in real estate and housing and is an accomplished executive and entrepreneur who founded the D.C.-based public affairs and business advisory firm Tomb & Associates in 2003. From 2011 to 2013, she served as president and CEO of the National Association of Women Business Owners, the largest organization nationwide representing women business owners. Prior to that, she served as assistant secretary of public affairs at the Department of Housing and Urban Development and in the White House in both the Ronald Reagan and George H.W. Bush administrations.

She also served as senior vice president for communications at the Fannie Mae Foundation.

Tomb recently joined the governing board of directors of the nonprofit MakeRoom Inc., a national organization addressing the rental housing crisis in America. She also currently serves as a commissioner on the Bipartisan Policy Center’s Commission on Political Reform and is a member of the International Women’s Forum of Washington, D.C.

Since Tomb joined the National Rental Home Council, its membership has doubled and revenue has increased by 28%, becoming a vehicle for members of the SFR community to join together.

HOUSINGWIRE ❱ AUGUST 2017 65

CHARLOTTE TYSON

CAROLINE WATTEEUW

DIRECTOR, CUSTOMER CONSULTING

EVP, CHIEF INFORMATION OFFICER

Genworth Financial

Caliber Home Loans

C

HARLOTTE TYSON doesn’t believe the reasons companies struggle to integrate TRID are as obvious to the industry as they are to her.

As the director of customer consulting for Genworth Financial, Tyson tours the country identifying and offering solutions to what she believes is a continual problem: not enough attention is paid to the process work before overlaying new technology into platforms. As she puts it, “the product/loan itself is a commodity, but the operational performance is the differentiator, and technology plays a huge role in that.”

Tyson, who has been with Genworth since 1988, believes the industry is so fearful about being compliant and meeting deadlines that a company will sometimes skip the critical groundwork needed to ensure their processes are compliant, sustainable and efficient in the long run.

In her role for Genworth Mortgage Insurance, Tyson books between six and eight speaking engagements each year on this topic with state-level mortgage banking and lender associations. She also presents five to 10 times each year to executive-level management teams at lenders of all sizes, usually regional banks or mortgage bankers.

Throughout a typical year, Tyson interacts with 75 to 125 individual lenders, visiting their offices and analyzing their process from application through funding. She then provides recommendations and best practices on how to improve process performance. Tyson’s industry leadership stems from the demand for her skill set and the versatility of the professionals she works with, from the C-suite level down to front-line employees.

In a typical year, Tyson interacts with 75 to 125 individual lenders, visiting their offices and analyzing their process from application through funding.

66 HOUSINGWIRE ❱ AUGUST 2017

W

HETHER ITS FLYING TO CALIFORNIA to facilitate key aspects of acquisition or leading the migration of Caliber’s back up data center to a new facility, Caroline Watteeuw’s passion for excellence in technology is evident.

During the last year, Watteeuw joined Caliber Home Loans as its executive vice president and chief information officer and has made her mark on the continued transformation of technology to support Caliber’s aggressive growth plans. As CIO, she has directed her enthusiasm for technological excellence in each new endeavor for the national lender, including the successful launch of Caliber’s Ultimate Home Buying Experience, which features various key components, including eClosing.

Watteeuw’s leadership influence is clear in Caliber’s ability to deliver across a broad spectrum of initiatives. Her successes also include the Servicing Portfolio with enhancements to its Servicing Borrower Portal and Attorney Portal, as well as a number of corporate-wide initiatives such as upgrading to Office 365, network and telecom enhancements and improved reporting.

Watteeuw is a financial services industry veteran, previously serving as IT director at Warburg Pincus and CTO of TradingEdge, where she implemented the first online trading systems for emerging market bond trading and municipal bond trading.

Watteeuw is passionate about supporting the Boy Scouts of America and in 2016, she joined the organization as its Chief Technology Advisor. Watteeuw is volunteering her time and extensive expertise, supporting the BSA in capitalizing on the use of technology.

As CIO, Watteeuw has directed her enthusiasm for technological excellence in each new endeavor, including the successful launch of Caliber’s Ultimate Home Buying Experience, which features eClosing.

BILLI WEST

KELLI YARBROUGH

BRANCH MANAGER, LOAN OFFICER

VICE PRESIDENT

Network Funding

RoundPoint Mortgage Servicing Corp.

ILLI WEST has been a leader at Network Funding in terms of production volume and branch management for the last eight years. In 2015, West did more than $86 million in volume, but beat that in 2016 by more than 65%, originating $143 million. That production volume landed her at the No. 21 spot on the Scotsman Guide for purchase volume.

West manages a team of eight and restructured her branch over the past year to create an improved work-life balance for herself and her team. In addition, West developed a new system to convert more leads into loans. Network Funding is currently reviewing this process to implement the system to share it with all employees.

Network Funding recognizes loan officers for their annual achievements with The President’s Club. Not only has West received Network Funding’s Top Producer of the Year award every year since its inception, the company has actually nicknamed the award, “The Billi Award.”

West talks to many prospects on behalf of the company’s executive vice president and shares her experience with those who are interested in a career with Network Funding.

“Billi is a hands-on hard worker who has molded her branch and employees into the powerhouse it is today. She leads her branch by working hard herself, especially to get those hard loans completed,” her nominator wrote. “While Billi is a natural leader, she is also a team player, always willing to share her knowledge with others.”

West is a leader outside of the office as well, supporting breast cancer awareness and her local high school teams.

ELLI YARBROUGH is responsible for the organic development of RoundPoint Mortgage Servicing Corporation’s originations department, creating more than 100 roles in the process. Building this team from scratch required Yarbrough to design and implement all the policies, procedures, systems, and training programs that were needed to successfully establish this new department. Yarbrough started this endeavor in March 2016, and the originations department took its first lock on August 12, 2016 – an accomplishment in and of itself.

Understanding the need for a team to be both high tech and high touch, she is focused on continuous learning and development.

To support her originations team, she instituted weekly 15-minute training sessions for her sales staff called “Personal Development Moments” designed to improve sales and personal skills.

Additionally, Yarbrough has developed a Personal Accountability Workshop for women within the RoundPoint organization that helps them discover their own “Why” relative to their professional responsibilities and future goals. The workshop inspires women in the workplace to embrace accountability and take control of their own success.

“Kelli has demonstrated her tremendous influence by spearheading the organic creation of a loan origination department and shepherding its evolution through its rapid and successful implementation,” her nominator wrote.

“Her leadership style is grounded in empathy, building on individuals’ strengths and weaknesses, learning from mistakes, and cultivating confidence to inspire her peers and team members to be the very best they can be.”

In 2015, West did more than $86 million in volume, but beat that in 2016 by more than 65%, originating $143 million.

Yarbrough developed a Personal Accountability Workshop for women within the RoundPoint organization that helps them discover their own “why” relative to their professional responsibilities and goals.

B

K

HOUSINGWIRE ❱ AUGUST 2017 67

SECOND-TIER

Medium-sized cities attract homebuyers with affordable options and big-city amenities

By Deborah R. Huso

68 HOUSINGWIRE â?ą AUGUST 2017

With the nation’s hottest job markets bereft of affordable housing, some once unlikely mediumsized cities are experiencing growth spurts. How long will it last? Well, that all depends….

A

ttorney Matthew Driggs grew up in southern California, but when he and his wife were considering where to settle and purchase a home, California wasn’t even a consideration. “Everything in California is more expensive — gas, sales tax, income tax, housing/rent, food, auto insurance,” Driggs said. They knew the stress of having a giant mortgage would decrease their quality of life living in a state with some of the highest housing prices in the country.

The couple considered Dallas, Texas, as well as Raleigh, North Carolina, both with burgeoning job markets and significantly more affordable housing prices. But they ultimately settled on Salt Lake City, Utah. “Housing was definitely the biggest factor,” Driggs explained. “We want to have children one day, and we are fiscally responsible.

A mortgage worth half a million or more dollars is a scary, dangerous proposition we wanted to avoid.”

BURGEONING MARKETS IN SECOND-TIER CITIES Salt Lake City is one of the fastest growing medium-sized cities in the United States right now. An increasing number of professionals are eschewing expensive housing markets like HOUSINGWIRE ❱ AUGUST 2017 69

Median sales price for existing single-family homes in 1Q 2017:

EL PASO

$146,000

GRAND RAPIDS

$164,000

ALBUQUERQUE

$189,000

70 HOUSINGWIRE ❱ AUGUST 2017

those in traditionally hot job spots like Silicon Valley and New York City in favor of smaller cities with more affordable housing options that still have big-city amenities.

“We live in downtown Salt Lake,” Driggs said, “so we get a small city vibe but can easily drive for 20 minutes and be in nature.” He added that his standard of living is also significantly higher than if he had stayed in California. “Our mortgage in our Salt Lake City suburb is equal to what a 20% down payment would have been for a modest home in a non-violent California city.”

Danielle Hale, managing director of housing research for the National Association of Realtors, says many medium-sized cities like Salt Lake are also investing in infrastructure and lifestyle, “building more vibrant downtowns and local amenities similar to what you have in big cities.” Combine that with more affordable housing and strong job markets, and it’s no surprise second-tier cities in many parts of the country are seeing population and housing value growth.

According to recent data from NAR, the median sales price for existing single-family homes in Salt Lake City in the first quarter of 2017 was $284,000, an almost 10% increase in price from the same quarter a year ago. Even with quickly expanding home values, Salt Lake City offers substantially more for the money when compared to Los Angeles, where the median sales price for existing single-family homes is nearly $486,000. In San Francisco, the median price in the first quarter of the year was $815,000, and, interestingly enough, both California cities are seeing only half the price growth of Utah’s capital.

Brandon Boudreau, COO of Detroit-based Metro-West Appraisal, which serves 80 metro markets across the country, says that while markets like New York and San Francisco are still seeing price growth, “they’re becoming increasingly unaffordable.”

However, there’s more to it than that.

Affordability issues may be the buzz concern of the hour in housing in many major metro areas, but the issues with why an increasing number of homeowners and would-be homeowners are eschewing big cities in favor of smaller markets are far more complex.

Robert W. Gilmer, director at the University of Houston’s Institute for Regional Forecasting, C.T. Bauer College of Business, said, “there are many problems on the supply side, some specific to the times, others self-inflicted by localities.”

He pointed out that following the recent financial crisis, it became increasingly hard for land developers to obtain financing, particularly since smaller banks were unable to meet the capital requirements instituted under the Dodd-Frank Act for making large development loans. Even though credit has eased in the last few years, there is still a supply shortage in many cities.

The supply issue, Gilmer said, is exacerbated further when there’s no available land. “Coastal city geography hurts,” he explained. “Others have strict zoning or green space laws, NIMBY attitudes, and other requirements that limit the supply of land and make it very expensive to develop lots.”

He added, “The price of lots is the big difference in cost between cities, much more than the price of home construction.”

Meanwhile, the construction industry has been suffering from increasing shortages in its labor force. “Mexican migration is slowing and has been for some time,” Gilmer said. “Forget Donald Trump. Population growth in Mexico has slowed to levels that barely cover reproducing current population levels for many years.” That means the country’s demographic pressure has lessened, reducing the need for citizens to migrate for employment.

Native-born Americans, however, aren’t picking up the labor slack. “[They] don’t want to work construction,” Gilmer said. “[It’s] hard, manual,

DANIELLE HALE,

managing director of housing research for the National Association of Realtors:

SAN ANTONIO

$202,000

CHARLOTTE

$209,000

DALLAS

$236,500

RALEIGH

$250,000

“If there was another downturn, these cities would have been affected. The trends driving young people to these places are that they’re moving into that age range where they want to have a family.”

HOUSINGWIRE ❱ AUGUST 2017 71

SALT LAKE CITY:

$284,000

unreliable work in all kinds of weather.” While he acknowledges that construction workers receive good compensation, fewer young people aspire to a career in it.

At the end of the day, Gilmer said, many large metro areas have suffered a triple whammy when it comes to housing: “Too few resources available for home construction — capital, land, labor are all in short supply.”

WHERE MID-SIZED MARKETS ARE HOTTEST AUSTIN:

$286,000

PORTLAND:

$359,900

NEW YORK:

$386,000

72 HOUSINGWIRE ❱ AUGUST 2017

Boudreau points to Texas as the consistent boom state, where markets like Austin and Plano (just north of Dallas) represent “shining examples of affordability and growth.” According to NAR, Austin saw a 6.2% increase in home values yearover-year in the first quarter of 2017, while the Dallas metro area has experienced more than twice that at 12.6%.

Despite the oil bust, Dallas continues to thrive, as do other Lone Star cities like Austin and San Antonio. Why? “The Texas growth formula still works, pulling migrants from California and other more expensive states,” Gilmer said.

With fewer regulations, a business-friendly climate, low taxes, and lower housing costs, Texas metro areas continue to draw workers and homebuyers.

Boudreau says the No. 1 reason mid-sized cities are growing, very quickly in some places, is because of affordability. But that affordability also has to come with a solid job market. As an example, he points to Miami — the only top 50 MLS market with a stable supply of housing. “That’s because Miami doesn’t have the job market,” he explained. “Now Orlando has the jobs, and there’s affordability there, too, so it’s growing.”

Likewise, there is a lot of affordability in the Midwest, Boudreau pointed out, “but if the job demand isn’t there, you’re not going to see the growth.”

Plano, on the other hand, has seen a lot of job growth in automotive and manufacturing. “Texas has a favorable business climate,” Boudreau explained, “so a lot of corporations are moving there. While housing starts have dipped nationally, they haven’t in Plano — it’s getting that echo boom from Dallas.”

Hale said that while Millennials may have initially flocked to large cities like San Francisco because of hot job markets, as they age, “they

are looking for places to start families and settle down.” With secondary markets like Austin and Denver gaining an increasing number of high tech companies, they look attractive to young professionals who want more bang for their buck when they purchase a home.

This isn’t to say bigger markets aren’t busy.

“We’re still up to our ears in transactions in L.A., San Francisco, and New York,” Boudreau pointed out. But the same is true of a lot of second-tier markets like Albuquerque, Austin, El Paso, Salt Lake City, and Grand Rapids, Michigan, too.

Hale added Denver, Raleigh, and Charlotte, North Carolina, to that list. In Charlotte, prices were up 13.4% in the first quarter of 2017 compared to a year earlier. “The growth rate in prices is a pretty good indication of what’s happening at the local level,” she said. “If a lot of people are coming in, that tends to push prices up.”

Like Salt Lake, where the Driggs decided to settle, these cities all have great natural settings with proximity to outdoor recreation, something Hale also sees as a growth driver. “A home is a long-term purchase,” she said, pointing out that markets with jobs attract people but stability and amenities play a role, too.

While foreign investment has played a role in growth in many top-tier markets in the U.S., from Miami and New York City to Detroit and L.A., Boudreau says he doesn’t feel foreign buyers have really penetrated secondary markets.

“House flipping has been at an all-time high since the housing crisis,” he said, “but that’s domestic investment.”

WILL THE GROWTH PERSIST? Whether or not medium-sized cities will continue to grow into the coming years remains to be seen.

Boudreau said the pace of growth will likely have a lot to do with it. He said when cities grow too quickly, the infrastructure and job market will eventually struggle to stay apace...which can lead to a housing crash. He believes Portland, Oregon, represents an unstable market right now because population and housing price growth has been so drastic: “I think it’s unsustainable.”

“Cities with more steady growth supported by corporations will see growth continue,” he added. He expects Salt Lake City to continue to grow because it’s been doing so steadily.

Hale is less optimistic. “If there was another downturn, these cities would be affected,” she

DENVER:

$396,000

BOSTON:

$414,000 said. “The trends driving young people to these places are that they’re moving into that age range where they want to have a family.”

That means factors like housing affordability, lifestyle and reduced traffic all play a role in where to settle.

Hale thinks whether or not this current trend of growth in secondary markets will continue not only has to do with whether or not job growth is stable but also with the local building environment. “In Silicon Valley, you have natural barriers that prevent a lot of new construction,” she explained. “If local regulations make it difficult for builders to build, then there’s a limit to growth.” Thus far, she hasn’t observed anything like that in medium-sized metro markets.

GIlmer said he doesn’t think the growth in second-tier markets is ultimately about their size.

He points to how prices in Houston went through the roof with the fracking boom earlier in the decade, but now supply has finally caught up with demand, and that supply is geared toward moderate-income earners, not oil executives.

The real question, Gilmer said, for determining which cities will continue to experience growth in population and housing is “who can deliver reasonably priced lots over a period of years?” Given that development takes time, cities need a steady supply of lots and healthy housing starts.

Places like Boston, San Jose, and L.A. can’t deliver on that front because they have such

restrictive development laws, “they will never catch up.”

According to a 2015 report from California’s L eg i sl at ive A n a ly st ’s O f f ice e nt it le d “California’s High Housing Costs: Causes and Consequences,” high housing costs in coastal cities have not only required families to live farther away from where they work (and hence endure commute times 10% longer on average than the rest of the country), but they have also driven up housing costs farther inland. The result is the Golden State has become “a less attractive place to call home, making it more difficult for companies to hire and retain qualified employees, likely preventing the state’s economy from reaching its full potential.”

And while a strong job market and affordability are good drivers of population and housing growth, they’re not the only ones. “In the warmer climate states, the aging population is moving there, too,” Boudreau said. “We’ve got a good economy. It’s not a great economy, but things are pretty good for the first time in awhile.”

As for the Driggs, they’ve put down long-term roots in Salt Lake City. “Our lower cost of living here allows us to save money toward retirement, pay off our mortgage ahead of schedule, and potentially have one stay-at-home parent when we have children,” Driggs said. He noted that a one-income household in Utah is possible for an above-average income earner. “In California, you need to be rich to raise a family on a single income.”

LOS ANGELES:

$486,000

SAN FRANCISCO:

$815,000

Source: National Association of Realtors HOUSINGWIRE ❱ AUGUST 2017 73

Inside Baseball

74 HOUSINGWIRE ❱ AUGUST 2017

Inside Baseball

How Canadian lumber tariffs impact U.S. housing WILL THEY HELP OR HURT THE CURRENT HOUSING SHORTAGE?

BY BRENA SWANSON

THE CURRENT SHORTAGE OF U.S. HOUSING STOCK has many underlying causes, including a lack of new construction. Developers are hindered by the high cost of land, the difficulty of building under current regulations and even a lack of construction workers.

So when Commerce Department Secretary Wilbur Ross announced a new set of tariffs on Canadian lumber in April, then expanded those tariffs in June, the question became: What kind of impact will these have on an already constrained part of our industry?

The first set of tariffs — averaging 20% — were created to address what the White House sees as the unfair advantage Canadian lumber companies have over American lumber companies. Canadian companies get their timber more cheaply from public lands, while American companies have to get timber from more expensive private land.

These companies lobbied the Obama administration about the imbalance last fall, and Donald Trump’s Commerce Department initiated an antidumping duty (AD) investigation of softwood lumber from Canada this spring, ahead of its renegotiation of the North American Free Trade Agreement this summer.

As a result, the Commerce Department levied those preliminary countervailing duty (CVD) rates on softwood lumber.

Ross followed up with additional tariffs in June, citing the pre-

liminary determination of the AD investigation that exporters from Canada have sold softwood lumber the United States at 7.72% to 4.59% less than fair value, based on factual evidence provided by the interested parties.

To balance this out, Commerce will instruct U.S. Customs and Border Protection to collect cash deposits from importers of softwood lumber from Canada based on these preliminary rates.

When combined, the AD and CVD rates range from 30.88% to 17.41%.

Not surprisingly, the National Association of Home Builders, the trade group that represents more than 140,000 members involved in home building, disagrees strongly with Ross’ decision to levy these tariffs.

NAHB put out a release that denounced the decision, saying it will harm American homebuyers, consumers and businesses while failing to resolve the underlying trade dispute between the two nations.

“NAHB is deeply disappointed in this short-sighted action by the U.S. Department of Commerce that will ultimately do nothing to resolve issues causing the U.S.-Canadian lumber trade dispute but will negatively harm American consumers and housing affordability,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas.

HOUSINGWIRE ❱ AUGUST 2017 75

Inside Baseball

“

NAHB and its members depend on a steady, afforable supply of quality lumber to build homes,” — National Association of Homebuilders

“Adding this new tariff to the proposed 20% countervailing lumber duty that the Trump administration slapped on imports of lumber this spring means that total tariffs would be a whopping 27%.

“Given that lumber is a major component in new-home construction, the combined duties will harm housing affordability and price countless American households out of the housing market,” MacDonald said.

Approximately 33% of the lumber used in the U.S. last year was imported, with the bulk of the imported lumber — more than 95% — coming from Canada.

So what does this do to housing costs?

It takes about 15,000 board feet to build a typical single-family home and the lumber price increase in the first quarter of this year has added almost $3,600 to the price of a new home, NAHB stated.

“If the 20% lumber duty remains in effect throughout 2017, NAHB estimates this will result in the loss of nearly $500 million in wages and salaries for U.S. workers, $350 million in taxes and other revenue for the governments in the U.S. and more than 8,200 full-time U.S. jobs.

“Lumber prices have already jumped 22% since the beginning of the year, largely in anticipation of new tariffs, adding nearly $3,600 to the price of a new single-family home,” MacDonald said.

“This means that imports are essential for the construction of affordable new homes and to make improvements on existing homes.”

The trade agreement that has governed Canadian imports of softwood lumber since 2006 effectively expired at the end of 2016, and NAHB noted that, “Uncertainty surrounding a new trade pact is the primary catalyst for the 22% spike in the Random Lengths Composite Price Index for lumber since the beginning of the year.”

NAHB believes the best way to resolve this trade impasse and avoid these negative economic repercussions is to: • Urge the U.S. and Canada to work cooperatively to achieve a long-term, stable solution in lumber trade that provides for a consistent and fairly priced supply of lumber.

• Increase domestic production by seeking higher targets for timber sales from publicly-owned lands and opening up ad76 HOUSINGWIRE ❱ AUGUST 2017

ditional federal forest lands for logging in an environmentally sustainable manner.

• Reduce U.S. lumber exports.

“Taking these steps to meet our nation’s lumber needs is essential because tariffs needlessly increase the volatility of the lumber markets, resulting in higher prices for U.S. home buyers and other consumers and businesses who use lumber,” MacDonald said.

In a follow-up interview with HousingWire, NAHB stated, “NAHB and its members depend on a steady, affordable supply of quality lumber to build homes.” The best way to accomplish this is a speedy and sustainable softwood lumber agreement, which to NAHB, the new tariffs don’t do.

“Absent that and as another means to address the aforementioned underlying economic problem of US demand regularly outstripping domestic supply, NAHB is advocating on Capitol Hill for policies that would increase our domestic harvest of timber thereby reducing our reliance on foreign sources of timber,” NAHB stated.

The association explained that the major problem with the Department of Commerce solution is that it’s based on a faulty assumption that Canadian lumber is unfairly subsidized.

“The resultant protectionist action then artificially drives up the cost of lumber inputs to a range of consumer products (homes being chief among them). Again, the consumer loses,” stated NAHB. “This belief is rooted in the different systems each country uses to harvest timber. Very basically, the vast majority of timber in Canada comes from federally owned lands. The government charges a stumpage fee to harvest these logs. In many cases this fee is set by the government and U.S. producers contend that this rate is artificially low and constitutes an unfair subsidy,” NAHB stated.

But this is a debatable point. Rather, the association stated that policies in the U.S. are in many cases as supportive, or more supportive, of lumber producers.

“For example, lumber mills using timber from public lands in Canada are responsible for building roads and replanting trees, while on public lands in the U.S. that work is paid for by the government, and ultimately, the taxpayers,” said NAHB. “Additionally, a number of U.S. states provide tax breaks or outright subsidies to lumber producers.”

The problem is that the U.S. is in an extreme deficiency of lumber and depends on lumber from Canada. NAHB crunched the numbers and found that in 2016, the U.S. consumed more than 47 billion board feet (bbf), while it produced slightly more than 32 bbf.

As a result, the U.S. heavily relies on foreign sources of lumber, and Canada makes up for 96% of this domestic shortfall.

“As such, each time we rehash this dispute, the lumber market

Inside Baseball

is thrown into upheaval and the result is volatility in terms of price and supply of lumber. Sadly, the ultimate losers are the consumers of lumber products (predominately homebuilders and homebuyers),” NAHB stated.

The American Alliance of Lumber Consumers, which includes NAHB, the National Retail Federation and the National Lumber & Building Material Dealers Association, also put out statements on the move.

“The American Alliance of Lumber Consumers believes that unilaterally imposing punitive tariffs is counterproductive and could create large and unpredictable swings in the cost and supply of lumber. We urge the U.S. and Canada to work quickly and cooperatively to achieve a long-term solution to resolve this ongoing trade conflict.”

For its part, the Commerce Department defended its decision as a way to protect American workers.

“The United States is committed to free and fair trade, as seen today with the preliminary decision to exclude softwood lumber from the Canadian Atlantic Provinces in the ongoing antidumping and countervailing duty cases,” said Ross. “While I remain

optimistic that we will be able to reach a negotiated solution CVD laws to stand up for American companies and their workers.”

However, the proposed antidumping order isn’t guaranteed to go into effect. The U.S. International Trade Commissions is conducting a parallel investigation to determine if the American producers have been harmed by the softwood lumber imports from Canada.

The Commerce Department noted that if its final determination is affirmative, and the ITC makes an affirmative final injury determination, the Commerce Department will issue an antidumping order.

If the ITC does not find that U.S. producers have been harmed, then the investigation will end, and no duties will be collected.

But NAHB said that although a final determination hasn’t been made, the tariffs are, to a large extent, already in effect. Customs is already required to collect cash deposits as soon as the preliminary rates are announced. Therefore the preliminary ruling has the same price effect as the final ruling, and it is likely that the preliminary AD and CVD rates are already priced into the lumber market.

Knowledge

Center

CUT COSTS As of the third quarter of 2016, the Mortgage Bankers Association’s survey of mortgage bankers showed lenders are still paying nearly $7,000 per loan in origination expenses. Costs are not falling fast enough.

84 HOUSINGWIRE ❱ AUGUST 2017

W H I T E PA PE R: Chronos Solu tions | SP ONSOR E D CON T E N T

Knowledge Center

CUTTING YOUR LOAN ORIGINATION COSTS SAVE TIME AND MONEY BY CUTTING YOUR IRS 4506-T REJECT RATE IN HALF

INTRODUCTION

THE PROCESS MOST LENDER USE TODAY

As the cost to originate a mortgage loan slowly recedes from a high of nearly $8,000 per loan, lenders are actively pursuing any and all avenues to reduce their costs. As of the third quarter of 2016, the Mortgage Bankers Association’s survey of mortgage bankers showed lenders are still paying nearly $7,000 per loan in origination expenses. Costs are not falling fast enough.

To remedy this problem, most banks will look closely at every function within the loan origination process and attempt to reduce the associated out-of-pocket expenses in any way possible.

Since many of these functions are performed by third-party vendors, it makes sense to negotiate with each for better pricing. But this will only take the lender so far.

To maximize cost savings, lenders must not only save money on outsourced processes, but also save time. In fact, our studies have shown that each day the lender spends processing a loan costs a significant amount of money, even if all the lender does is wait for a sub-process to be completed. Reducing time at every stage of the loan origination process is the key to controlling costs in the enterprise.

In this paper, we discuss one process that lenders have spent little time examining, primarily because they have traditionally outsourced this work to third-party vendors. While they have done a good job of negotiating a fair price for this work, they have paid little attention to reducing the time it takes to complete it.

Again, this is likely because they have retained little control of the process once it has been outsourced. But whether they control the process or not, lenders should know what their vendor is doing to reduce the time it takes to complete and optimize each process as much as possible.

We will also describe a new method for reducing the time required to receive an IRS 4506-T tax transcript from the federal government; a requirement for nearly all mortgage loan transactions and a process that, to the surprise of some, could save lenders significant time and money if optimized.

As part of the normal loan underwriting process, lenders reach out for a number of pieces of important information for each prospective borrower. Because the consumer’s earning potential is a critical consideration, past earnings are taken into account. The best source of previous wage information is the Internal Revenue Service, the government agency that makes it its business to know what Americans bring home in their paychecks.

The federal government has provided a process by which consumers can retrieve transcripts of their previous tax returns in a manner that assures lenders that the information is accurate, while at the same time protecting the consumer’s privacy and important financial information. The process is necessarily complex.

To avoid releasing sensitive financial information without the consumer’s approval, the IRS requires certain information on a government request form. While anyone can make a request for a tax transcript, only certain vendors are authorized by the IRS to make bulk requests. Most lenders route their IRS requests through these vendors.

Before any request can be made, the lender must contact the borrower for the information required on the 4506-T transcript request form. Typically, this information is then forwarded to the vendor, who must then run down a 15-to-22 point checklist to confirm that all of the data required has been provided. If the form is complete, the vendor will forward the request to the IRS and wait for a response.

If any of the information the IRS receives on the request form gives the government reason to question the validity of the request or the authorization of the consumer, the request will be rejected.

It generally takes about four days for the IRS to return information to the lender.

To read the entire white paper, visit the Knowledge Center at knowledge.housingwire.com.

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Knowledge

Center

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W H I T E PA P E R : N at ion a l Ge n e r a l L e n de r S e rv ic e s | S P O N S O R E D C O N T E N T

Knowledge Center

Flood insurance tools HOW TO MITIGATE CUSTOMER AND LENDER RISK FROM FLOOD LOSSES

FLOOD events constitute almost 80% of the annual U.S. weather-related catastrophes and lead to losses in the billions to homes, autos and community infrastructure.

Looking at just two recent events, the August 2016 summer storm in Baton Rouge, Louisiana, and Hurricane Matthew, we saw over $3 billion in losses and many damaged homes that were outside of identified high-risk flood zones (special flood hazard areas, also known as “SFHA”).

Beyond storms like these that make the headlines are smaller flood events across the U.S. which further add to the losses and cost to individual homeowners and the American taxpayers.

For lenders/servicers, it’s critical to ensure that their asset portfolio is fully protected and that their customers can weather a storm. Most standard homeowner policies specifically exclude the flood peril, meaning homeowners must obtain stand-alone flood policies to protect their home from flood risk. Servicers are quite familiar with this situation, as they work very diligently to meet the requirement of verifying that adequate flood insurance is in place for federally backed home loans located in an SFHA. While flood insurance is indeed a valuable tool of protection, there are enhancements that would make the overall flood protection program more financially sound while better protecting individual homeowners and taxpayers.

These enhancements include: • More participation and risk-bearing in the flood peril through private flood insurance (carriers writing flood insurance on their own paper, rather than through a “Write-Your-Own” policy backed by the National Flood Insurance Program, or NFIP), and • Insuring properties at replacement cost (the amount required to rebuild the property if it is damaged).

FLOOD LEGISLATIVE HISTORY AND THE PRIVATE FLOOD MARKET Balanced against the catastrophic nature of flood risks, the NFIP has been the primary provider of flood insurance for over 40 years. Modifications to the program through the years have sometimes proven to have unintended consequences: • The Public/Private Sector Partnership (known as the “Write-

Your-Own” or WYO program) was implemented in 1983. Many of the 5 million flood policies in force today are administered by approximately 80 property and casualty insurance companies that write these policies.

• Historically, the NFIP covered claims with insurance premiums collected by the program or by occasionally borrowing and repaying funds from the U.S. Treasury. However, the hurricane activity in 2005 and 2012 presented losses of such magnitude that the program still carries a total debt of $24.6 billion as of January 2017. This occurred as the NFIP was not designed to charge actuarially sound rates for many of the most hazardous flood risks.

• The Biggert-Waters Flood Insurance Reform Act of 2012 drove the NFIP to actuarial rating for all flood policies in force. The removal of premium subsidies and grandfathering provisions created significant affordability issues for insureds. Congress passed additional legislation to roll back some of those actions through the Homeowner Flood Insurance Affordability Act of 2014.

• BW12 also sought to encourage the emergence of a sustainable private flood insurance market in an effort to provide consumer choice, increase the number of properties insured for flood and reduce taxpayer risk. Unfortunately, congressional intent regarding the cultivation of a private flood insurance market did not translate into the statutory language in the legislation.

Instead, it created uncertainty in the lending community regarding how to evaluate a private flood policy under the statutory definition found in the legislation and whether a policy could be accepted if it did not meet that definition.

• This uncertainly and lack of clarification effectively stalled the development of a viable private flood market. Congress recognized this shortcoming of BW12 and has introduced new bipartisan legislation currently pending in Congress that would greatly simplify the statutory definition of private flood insurance and hopefully resolve much of the hesitation in the lending community.

To read the entire white paper, visit the Knowledge Center at knowledge.housingwire.com.

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Kudos GIVING BACK • MOVEMENT MORTGAGE and its philanthropic arm, Movement Foundation, has donated more than 400,000 bottles of water and a $150,000 matching grant to support PHOENIX RESCUE MISSION’s fifth annual Code:Red Summer Heat Relief Campaign.

Movement Mortgage volunteers joined the mission’s street outreach team to deliver the water and other heat-relief items directly to those living on the streets. In addition to the donated funds and bottled water, Movement Mortgage volunteers also assembled nearly 500 “Summer Survival Kits,” which included items such as t-shirts, sunblock, granola bars, hats and other heat-relief items to be handed out to the homeless during the citywide heat-relief campaign.

WINTRUST MORTGAGE is partnering with CHICAGOLAND HABITAT FOR HUMANITY to build more affordable housing

in the Chicago area. Wintrust will provide $40 million in below market rate mortgages for affordable housing. The investment will finance about 250 homes for Habitat for Humanity over the next four years, nearly doubling the projected number of affordable new and rehabbed homes to be made available in the city and suburbs. Wintrust’s $40 million pledge will help the

nonprofit build another 60 homes per year.

Recently, NEW AMERICAN FUNDING’s corporate location in Tustin, California, participated in OC READ’s Annual Family Picnic and Appreciation Celebration. OC READ is an adult literacy service of the Orange County Public Libraries. NAF employees helped organize the picnic to honor its tutors and learners.

PARTNERSHIPS AWARDS • GUARANTEED RATE and FORMFREE announced that Guaranteed Rate is now closing mortgages between five and 10 days faster than its previous average after the company’s adoption of FormFree’s AccountChek automated asset verification system. Through the partnership, Guaranteed Rate clients can securely link to their banking, retirement and investment accounts and share the asset and deposit data needed to qualify for a loan.

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• Four loan officers with PRIMELENDING have been honored with Top 250 Latino Mortgage Originators Awards from the NATIONAL ASSOCIATION OF HISPANIC REAL ESTATE PROFESSIONALS. Ranking first is Alex Varela, branch manager in Bedford, Texas; Oscar Reto, a production manager in Charlotte, North Carolina, ranked 93rd; Sylvia Sanders, a loan originator in San Diego, California, ranked 126th;

and Christina Arias, a senior loan originator in Dallas, Texas, ranked 175th.

Rob Nunziata and Joe Nunziata, co-CEOs of Florida-based lender FBC MORTGAGE, have receive a regional ERNST & YOUNG ENTREPRENEUR OF THE YEAR AWARD in the financial services category. The award recognizes entrepreneurs who are excelling in areas such as innovation, financial performance and personal commitment to their businesses and communities.

Industry

Pulse

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Industry Pulse

Small lenders speak out on GSE reform POINT AND COUNTERPOINT GSE REFORM CONTINUES to be a contentious topic, especially as Congress steps up its efforts to address the issue. Industry groups have jumped into the fray with proposed reforms that take into account their unique persepective and protect their members.

In April, the Mortgage Bankers Association released a 60-page roadmap that outlined their position, and at the end of June small lenders and affordable housing groups issued a joint GSE reform proposal to Congress.

The groups included the Community Home Lenders Association, Community Mortgage Lenders of America, and the National Community Reinvestment Coalition.

Key parts of their reform plan include: • Create a capital buffer: Fannie Mae and Freddie Mac should begin rebuilding a capital buffer now, which could be done through a suspension of the dividend being paid on the preferred stock held by the U.S. Treasury.

• Continue and expand reform: Maintain a strong independent regulator, FHFA, and give full and equal access for all lenders regardless of size, including a prohibition on volume discounts with respect to both guarantee fees and risk-sharing pricing.

• End the GSEs’ conservatorship responsibly: The FHFA, utilizing its authority under the Housing and Economic Recovery Act, should establish capital standards for the GSEs and direct them to draw up plans on how to meet those standards.

Following that proposal, two lenders weighed in on

HousingWire.com with their divergent viewpoints, expressed as a point and counterpoint.

POINT: Bill Cosgrove, former chairman of the Mortgage Bankers Association, is the owner and CEO of Union Home Mortgage, headquartered in Strongsville, Ohio.

There appears to be a concerted, well-funded campaign out there spreading the myth that Congressional GSE reform is bad for small lenders. As a small-to-midsize lender myself, I promise you that getting Fannie Mae and Freddie Mac out of conservatorship and locking in the field-leveling changes that the GSEs have been forced to make by their conservator, is critical to the future of my company.

In fact, I will go so far as to say that the single biggest risk to small lenders like myself is that Congress doesn’t act and the GSEs are allowed to recapitalize and are released from conservatorship without first being reformed.

It’s important to remember that most of the gains that have been made for small lenders – leveling guarantee fees, preventing special deals for specific lenders, the creation of the single security – have been secured administratively by the Federal Housing Finance Agency and its Director Mel Watt and former Director Ed DeMarco in their role as conservator of the GSEs. The problem comes in two forms. First, FHFA has additional powers as conservator that it wouldn’t have if the companies are released from conservatorship and FHFA becomes just the HOUSINGWIRE ❱ AUGUST 2017 81

Industry

Pulse

“

Now some want to follow the Mozilo plan? Even Bank of America pulled out of that concept.”

— Bill Giambrone

regulator. It was this expanded authority that FHFA used to force changes on the GSEs that got us to the point we are today where we have the same access to the GSEs as the larger financial institutions.

Second, there is no guarantee that the next FHFA director will make equal access for small lenders the same priority as Mel Watt has. Director Watt’s term is up in 18 months. Who knows who the next director will be and what his or her goals will be, but they may not be as interested in requiring the GSEs to serve the market in a fair, transparent and nondiscriminatory manner.

I don’t see that going well for me and my company. That is where the big banks will have the opportunity to dominate the market, because many of them have the infrastructure and capability to run their own securitization businesses. Then I will be beholden to them in order to sell my loans into the secondary market.

This is why congressional reform is necessary. Only Congress can lock in statute the positive changes that have occurred over the past five years. Only Congress can create a new, utility-style regulatory compact that mandates that the GSEs’ successor entities give small lenders equal access, and prevents a return to the days of volume-base discounts and credit waivers.

I understand the fear of change, the attitude that things are good now, why upset the applecart. But I have a longer memory.

I remember how the GSEs operated, how they chased market share by giving sweetheart deals to certain lenders, giving those lenders a huge advantage over my company so I couldn’t compete. I fear that unless Congress acts on reform, those days could return.

COUNTERPOINT: Bill Giambrone is the president and CEO of Platinum Home Mortgage, and the president of the Community Home Lenders Association.

It is time to put to rest the straw man argument that groups in Washington that want to recapitalize the government sponsored enterprises or build a capital buffer want to “recap and release” the GSEs without reforms.

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Unfortunately this argument is the approach taken in Bill Cosgrove’s article on why small lenders should support GSE reform. Congress needs facts and a proper and correct reminder of history as they debate allowing too big to fail (TBTF) institutions to become GSEs and whether to have a capital buffer.

First, the broader debate about recapitalizing the GSEs and taking them out of conservatorship should not be confused with the need for the GSEs to have a capital buffer for inevitable market movement.

As the derivatives market moves, the GSEs’ capital will move accordingly. The original Treasury proposal was for the GSEs to maintain $10 billion in capital for such a market movement.

The Obama administration rejected the Treasury’s $10 billion reserve plan and brought capital to zero come Jan. 1, 2018, likely to force Congress to act.

The concern today is the perception of a crisis in housing when a draw is needed.

Second, no plan to date has proposed — and no legitimate plan would propose — simply recapitalizing and releasing the GSEs from conservatorship without retaining a broad range of reforms already put in place. In fact, the only recap and release that has occurred since the financial crisis were the TBTF institutions, which were given billions by the Treasury (or bank charters) during the crisis.

A draw is inevitable if the GSEs have zero capital, which is why groups like the Community Home Lenders Association praised Federal Housing Finance Agency Director Mel Watt on his position at the Senate Banking Committee hearing in May. Third, the main issue for small lenders is not whether Congressional reform will take place, but whether legislation will include critical protections to protect small lenders. These include prohibiting the large Wall Street Banks from having any ownership interest or control of new or existing GSEs (vertical integration) and whether there are rules on risk sharing that prohibit volume discounts and other practices which discriminate against small lenders.

Finally, the decisions Congress must make will determine whether the mortgage market will become more concentrated or whether we simply accelerate the role of TBTF institutions.

On that, I would point to a speech by Federal Deposit Insurance Corporation Vice Chairman Thomas Hoenig from May 12.

A few of his significant points include: • The four largest U.S. banking firms in 1992 held roughly 14% of total industry assets. Today, the four largest banking firms hold 42% of total industry assets. Further, assets of these four largest are now approximately $7 trillion, an amount equal to 38% of U.S. gross domestic product.

• …this represents less concentration in the U.S. banking industry than elsewhere in the world. However, the rest of

Industry Pulse

the world is not the United States, which has thrived on small business and entrepreneurship and which, since its founding, has distrusted concentrated power. • Whether one views these forces of change as positive, negative, or indifferent, it is inarguable that they have transformed banking in the United States, giving us systemically important financial institutions, or SIFIs, that dominate the industry and increasingly dominate our economy.

When the Hoenig facts are coupled with the HerfindalHirschman Index (HHI), it should be clear to Congress that we already have a concentration problem in U.S. banking. The HHI is the index the United States government uses as an objective measure of how competitive a market is.

Hoenig also states: To add further perspective, the 20 largest banks today hold more than 60% of industry assets.

The banking HHI index is well above 1800 (denoting a highly concentrated noncompetitive market) and to open the door for these institutions to become GSEs would further exacerbate the problem. Since the Great Recession there have been less than a handful of de novo bank charters issued, so the problem will

likely get worse before it gets better.

The well-funded entities in this debate are noted by Hoenig.

The TBTF institutions simply cannot get any larger and any plan that allows for that possibility is flawed. There are several plans for housing reform.

The Independent Community Bankers of America, National Association of Federally-Insured Credit Unions and Main Street Coalition (MSC) have submitted plans/criteria. MSC is comprised of several trade groups – CHLA, Community Mortgage Lenders of America, Leadership Conference on Civil and Human Rights Leading Builders of America, National Association for the Advancement of Colored People, and the National Community Reinvestment Coalition.

None of these proposals call for additional GSEs. They do call for level playing fields and specific small lender protections.

Most of us in the debate have long memories. I recall when Angelo Mozilo called for the end of the GSEs so companies like Countrywide could run the business.

Now some want to follow the Mozilo plan? Even Bank of America pulled out of that concept.

CFPB Watch

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CFPB Watch

CFPB finalizes updates to TRID REAFFIRMS THAT LENDERS CAN SHARE DISCLOSURES WITH THIRD PARTIES

BY BRENA SWANSON THE CONSUMER FINANCIAL PROTECTION BUREAU released the finalized updates to the Know Before You Owe mortgage disclosure rule, also known as the TILARESPA Integrated Disclosure rule, in July after industry calls for greater clarity and certainty.

Up until this finalized update, the industry was continuously told that examiners would be squarely focused on whether companies made good faith efforts to come into compliance with the rule.

Finally, last April, nearly half a year after TRID went into effect, the CFPB answered industry concerns and revealed that it would take another look at the controversial rule, writing a letter to eight industry trade groups that it had begun drafting a Notice of Proposed Rulemaking on the Know Before You Owe rule.

The CFPB later released the proposed updates in July 2016 and gave the industry roughly three months to submit comments on the proposal.

The CFPB said these new amendments are intended to formalize guidance in the rule, and provide greater clarity and certainty.

However, the CFPB also released a limited follow-up proposal, addressing when

a creditor may use a Closing Disclosure, instead of a Loan Estimate.

“A mortgage is one of the largest financial decisions a consumer will ever make, and CFPB’s rules help ensure consumers have the easy-to-understand information they need before making a decision that will significantly impact their financial lives,” said CFPB Director Richard Cordray. “Our updates will clarify parts of our mortgage disclosure rule to make for a smoother implementation process for lenders and consumers.”

Here are a several highlights from the 560-page finalized TRID rule.

1. TOLERANCES FOR THE TOTAL OF PAYMENTS: “Before the Know Before You Owe mortgage disclosure rule, the total of payments disclosure was determined using the finance charge as part of the calculation.

The Know Before You Owe mortgage disclosure rule changed the total of payments calculation so that it did not make specific use of the finance charge.

“The Bureau is now finalizing updates to include tolerance provisions for the total of payments that parallel the tolerances for the finance charge and disclosures affected by the finance charge.”

2. HOUSING ASSISTANCE LENDING: “The Know Before You Owe mortgage disclosure rule gave a partial exemption from disclosure requirements to certain housing assistance loans, which are originated primarily by housing finance agencies. The Bureau’s update, as finalized, promotes housing assistance lending by clarifying that recording fees and transfer taxes may be charged in connection with those transactions without losing eligibility for the partial exemption.

“The update also excludes recording fees and transfer taxes from the exemption’s limits on costs. Through the update, more housing assistance loans will qualify for the partial exemption, which should encourage these loans.”

3. COOPERATIVES: “The Bureau is finalizing updates to extend the rule’s coverage to include all cooperative units. Currently, the rule only covers transactions secured by real property, as defined under state law. Cooperatives are sometimes treated as personal property under state law and sometimes as real property. By including all cooperatives in the rule, the Bureau is simplifying compliance and ensuring that more consumers benefit from the rule.”

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CFPB Watch 4. PRIVACY AND SHARING OF INFORMATION: “The Know Before You Owe mortgage disclosure rule requires creditors to provide certain mortgage disclosures to the consumer. The Bureau has received many questions about sharing the disclosures provided to consumers with third parties to the transaction, including the seller and real estate brokers.

“The Bureau understands that it is usual, accepted, and appropriate for creditors and settlement agents to provide a Closing Disclosure to consumers, sellers, and their real estate brokers or other agents. The Bureau is finalizing additional commentary to clarify how a creditor may provide separate disclosure forms to the consumer and the seller.”

The final rule stated that it does not and cannot address every concern that has been raised to the bureau.

“The bureau believes that industry has made substantial implementation progress. The bureau is prioritizing its resources to further facilitate industry’s implementation progress,” the rule stated.

“This final rule does not contain any revisions that implicate fundamental policy choices, such as the disclosure of simultaneous issuance title insurance premiums, made in the TILA-RESPA Final Rule. This final rule also does not include additional cure provisions.”

The final rule is effective 60 days after it is published in the Federal Register.

However, the mandatory compliance date is Oct. 1, 2018.

As for the limited follow-up proposal, the CFPB is looking into when a creditor may use a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith and within tolerance.

Comments on the proposal are due 60 days after its publication in the Federal Register and will be weighed carefully before a final regulation is issued.

Industry reaction to the finalized rule 90 HOUSINGWIRE ❱ AUGUST 2017

was cautiously optimistic, pending full review of the extensive regulation.

“MBA appreciates the CFPB’s efforts in amending the Know Before You Owe rule to address several significant questions that have been raised for some time by our industry. This is an extensive rule and we intend to review it closely with our members,” said David Stevens, president and CEO of the Mortgage Bankers Association.

“MBA looks forward to continuing to work with the CFPB on rules and guidance to provide greater clarity to better protect consumers.”

And as far as the new proposal on the table over the Closing Disclosure form, the MBA stated, “We note that CFPB has proposed a new rule to deal with issues concerning needed revisions to the Closing Disclosure during the mortgage process that we will carefully review and comment on as well.”

Meanwhile, the National Association of Realtors President William E. Brown, gave particular attention to the new proposal since they’ve been focused on the issue. When the bureau first released the proposed changes to TRID, NAR considered the updates on the Closing Disclosure form a significant victory.

Now, on the new proposal, Brown said, “Consumers depend on their real estate agent to help guide them from pre-approval to closing, but that job is significantly harder when an agent is denied access to the closing disclosure.

“The CFPB has again made clear that lenders may share disclosures with third parties, including real estate agents. This was common practice for years in advance of Know Before You Owe, and Realtors are eager to see that cooperative atmosphere take hold once again.”

The National Association of FederallyInsured Credit Unions took a slightly different tone on the new updates to TRID. “As the only financial services trade to oppose any CFPB authority over credit unions, NAFCU has long pressed

CFPB Watch

the bureau to improve the TRID rule and related guidance,” said NAFCU Vice President of Regulatory Compliance Brandy Bruyere. “NAFCU will continue to push for more clarity and transparency wherever possible in the CFPB’s approach to TRID compliance.”

INDUSTRY REACTS TO THE CFPB’S CALL TO REVIEW THE FINAL SERVICING RULE Earlier this year, the Consumer Financial Protection Bureau asked for comments from the real estate finance industry on the effectiveness of its 2013 Mortgage Servicing Rule.

Under Dodd-Frank, the CFPB must “use available evidence and data to assess all of its rules five years after they go into effect to ensure they are meeting the purposes and objectives of Dodd-Frank, and the specific goals of the subject rule,” Pavitra Bacon stated in a blog on the CFPB Monitor.

In July, the MBA submitted its comments. The trade association said that the rule, which amended the Real Estate Settlement Procedures Act, “required mortgage servicers to spend millions of dollars and countless staff hours to come into compliance and it is appropriate to conduct an assessment of the rule, its costs and the resultant market outcomes.”

The final rule clarified and revised the 2013 RESPA Servicing Final Rule and the 2013 TILA Servicing Final Rule. It is set to go into effect on October 19, 2017.

“MBA feels strongly that this review should encompass both facets of the CFPB’s statutory mandate: ensuring access to financial markets and that those markets are fair and transparent,” the MBA wrote in its blog.

“Such an accounting will necessarily involve discussions of the costs required to implement the rule and the effect that such increased costs have had on access to consumer credit.”

“It should also involve an analysis of how CFPB’s enforcement policy interacts with its supervisory role and whether a lack of regulatory clarity in this rule has reduced access to consumer credit,” it concluded.

The MBA said that the CFPB review should focus on evaluating the rule against the following objectives: –Consumers are provided with timely and understandable information to make responsible decisions about financial transactions; –Consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination; –Outdated, unnecessary or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens; –Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition.

The MBA also outlined specific recommendations for modifying, expanding or eliminating the rule: –The rule should be preemptive to prevent duplication and drive alignment towards comprehensive national standards.

–The rule should loosen servicing transfer successor liability to assist with market liquidity and prevent consumers from being “stuck” with a servicer.

–The rule should expand the timeframe for certain notifications to permit more thorough responses and reduce borrower frustration and confusion.

–The CFPB should review the language used in its model notices and allow servicers to make non-substantive modifications while remaining within the safe harbor.

–The CFPB should expand the small servicer definition. Specifically, MBA urged the CFPB to consider expanding to include more community-based mortgage companies, banks and credit unions that operate in local or regional markets.

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INDEX COMPANIES A ACES Risk Management Co. ....................................................16 Alight ..............................................................................................9, 59 Alpha Mortgage .............................................................................61 ALTA .....................................................................................................62 Altavera ..........................................................................9, 37, 42, 45 Altisource ..........................................................................................43 American Alliance of Lumber Consumers ......................77 American Bar Association ........................................................51 American Express ........................................................................38 American Financial Network .................................................54 Assurant ............................................................................................53 Auction.com ....................................................................................55

B Balboa Park ......................................................................................18 Ballard Spahr ...................................................................................37 Bank of America .................................................... 38, 47, 82-83 Bank of Hope ..................................................................................58 Bank of Montreal ..........................................................................39

F Fannie Mae .............22, 27, 37, 42, 44-47, 50, 54, 62, 65, 81 FBC Mortgage ................................................................................78 FDIC .......................................................................................27, 49-50 FHA .......................................................................................................62 FICO ......................................................................................................22 Fidelity Bank of West Des Moines .......................................61 Finance of America Reverse ..................................................63 First American Financial Corp. .............................................. 57 First Horizon National Corp. ...................................................38 First Republic Bank .....................................................................50 Florida Association of Realtors ............................................59 Forbes .................................................................................................39 FormFree ...........................................................................................78 Fortune .......................................................................................35-37 Freddie Mac ......... 22, 24, 27, 38, 44, 46-47, 49, 54, 62, 81

G Genesis Auctions ..........................................................................49 Genesis Capital ..............................................................................49 Genworth Financial ................................................................... 66 Ginnie Mae .........................................................................31, 44, 54 Goldman Sachs ..............................................................................15 Guaranteed Rate ..........................................................................78

Behringer ............................................................................................16 Big Brothers Big Sisters ............................................................ 44 Bipartisan Policy Center ...........................................................65 Black Knight Financial Services .................................... 16, 53 Blend ....................................................................................................51 Boy Scouts of America ............................................................. 66 BuildFax .....................................................................................42, 65

C Caliber Home Loans ....................................................16, 62, 66 California Association of Realtors................................. 9, 43 California Mortgage Bankers Association ......................18

H Harvard Business Review ........................................................36 Homeward Residential.............................................................. 16 HouseCanary ...................................................................................16 HSBC ....................................................................................................63 Hubzu ..................................................................................................43 Hudson & Marshall ......................................................................49

I

Caterpillar Venture Capital .....................................................59 Chicagoland Habitat for Humanity ...................................78 Chronos Solutions................................................................ 64, 85 Citi .........................................................................................................38 Citibank .............................................................................................. 47 Clayton Holdings ..........................................................................29 Clear Capital .....................................................................................16 CNN Money ......................................................................................36 Cogent Road .................................................................................. 64 Community Home Lenders Association ..................81-82 Community Housing Solutions ...........................................60 Community Mortgage Lenders of America ...........81, 83 Consumer Financial Protection Bureau ....22, 63, 89, 91 CoreLogic ...................................................................................20, 47 Countrywide ...................................................................................83 Credit Suisse ....................................................................................39

D DIMONT ...............................................................................................16

E Ellie Mae ............................................................................................ 46 Ernst & Young .................................................................................78 Evolve Bank and Trust ................................................................61

92 HOUSINGWIRE â?ą AUGUST 2017

N National Association for the Advancement of Colored People ..............................................................................83 National Association of Federally-Insured Credit Unions ........................................................................................83, 90 National Association of Hispanic Real Estate Professionals ..........................................................................44, 78 National Association of Home Builders .......................... 75 National Association of Realtors ... 20, 37, 59, 70-71, 73, 90 National Association of Women Business Owners ..65 National Community Reinvestment Coalition ....81, 83 National Credit Union Administration ..............................16 National General Lender Services ......................................87 National MI ........................................................................................37 National Rental Home Council .............................................65 National Retail Federation ......................................................77 National Reverse Mortgage Lenders Association .....63 Nationstar ................................................................................56, 63 Navy Federal Credit Union .......................................................37 Network Funding ..........................................................................67 New American Funding .......................................16, 44, 61, 78 New York Life ..................................................................................38 NOVA Home Loans .......................................................................61

O Oaktree Capital Management .............................................49 Ocwen .................................................................................................52 OrangeGrid ........................................................................................16

P

Keller Williams Cornerstone RE ...........................................59

Pavaso ................................................................................................62 Pendo ................................................................................................. 48 Phoenix Rescue Mission ...........................................................78 Platinum Home Mortgage ......................................................82 PNC .......................................................................................................38 PricewaterhouseCoopers ................................................20, 39 PrimeLending ..................................................................37, 46, 78 Principal Financial Group .........................................................38 Promontory Financial Group ..................................................51 Prospect Mortgage ......................................................................16 Prudential Financial ...................................................................38

L

Q

Leadership Conference on Civil and Human Rights .83 Lender Processing Services .....................................................16 loanDepot .................................................................................16, 60 LoanLogics ...................................................................................... 48 LRES ......................................................................................................16

Quantic Bank ...................................................................................61 Quicken Loans ................................................................................20

Independent Community Bankers of America ...........83 Investability .....................................................................................43

Capital One ......................................................................................38 Catalyst ...............................................................................36, 62, 76

Mountain America Credit Union ...................................37, 62 Movement Mortgage ..........................................................47, 78

J JJAM Financial Services .............................................................31

K

M Main Street Coalition .................................................................83 MakeRoom .......................................................................................65 Mass Mutual Financial ..............................................................38 Mercer Management Consulting ........................................ 46 Merrill Lynch ....................................................................................50 MetLife ...............................................................................................38 Metro-West Appraisal ...............................................................70 Mid America Mortgage ............................................................. 57 Mortgage Bankers Association ..............18, 20, 30, 39, 81, 84-85, 90 Mortgage Investment Lending Associates .................. 64

R Radian Guaranty ............................................................................51 RealEC Technologies ...................................................................16 realtor.com ........................................................................................61 RealtyTrac .........................................................................................22 ReverseVision ..................................................................................61 RoundPoint Mortgage Servicing Corp. ............................67 RPM Mortgage ...............................................................................55

S Safeguard Properties Management .................................52 Saxon ..................................................................................................63 Sentry Data Systems ..................................................................16 SingleSource ....................................................................................16

South Jersey American Cancer Society .......................... 48 South Pacific Financial Corp. ..................................................16 Stearns Lending ............................................................................56 Stewart Title ...........................................................................58, 64

T Tavant Technologies .............................................................9, 54 Texas Department of Housing and Community Affairs ...................................................................................................16 The Chicago Tribune ................................................................... 27 The Money Source ...................................................................... 44 The Mortgage Collaborative .................................................30 The Oakleaf Group ......................................................................50 Tomb & Associates .....................................................................65 TradingEdge ................................................................................... 66 TRI Pointe Group ...........................................................................94

U U.S. Bank ...........................................................................................63 Union Home Mortgage ..............................................................81 United Guaranty ..........................................................................60 United Wholesale Mortgage .................................................22 University of Houston................................................................ 70 UPF Services .................................................................................. 64 USRES ..................................................................................................16

W Wachovia .......................................................................................... 47 Walker & Dunlop ............................................................................16 Warburg Pincus ............................................................................ 66 Wells Fargo ..............................................................................29, 49 WFG National Title Insurance Company......................... 16 Wilshire Bank ..................................................................................58 Wintrust Mortgage ......................................................................78

X Xome Settlement Services .....................................................16

Z Z. Smith Reynolds Foundation ............................................ 46 Zurich North America .................................................................38

PEOPLE A Alexander, Min...........................................................................41, 43 Allard, Scott.......................................................................................19 Appleton-Young, Leslie............................................ 9, 11, 41, 43 Arias, Christina................................................................................78 Arrington, Shayna Hutchins.............................................41, 44 Arvielo, Patty............................................................................41, 44 Aydelotte, Debora..........................................9, 11, 37, 41-42, 45

B Banfield, Bill......................................................................................20 Bates, Nadine....................................................................41-42, 45 Beveridge, Piper......................................................................41, 46 Blakeslee, Karen.....................................................................41, 46 Boesel, Molly..............................................................................41, 47 Boudreau, Brandon......................................................................70 Bowles, Laura............................................................................41, 47

AD INDEX

2017 WOMEN OF INLFUENCE

50 leaders in the housing economy. p40

Branstetter, Alicia....................................................................41, 48 Bright, Michael..................................................................................31 Brown, William............................................................................... 20

Campbell, Terese...........................................................................48 Castro, Trixy................................................................................41, 49 Cordray, Richard.....................................................................20, 89 Cosgrove, Bill..............................................................................81-82

McClure, Heather.............................................................................16 McGovern, Michele.......................................................9, 11, 41, 59 McWatters, J. Mark.........................................................................16 Meadows, Sherri..............................................................41-42, 59 Merchant, Brian................................................................................19 Millard, Sara............................................................................... 41, 60 Mohr, Jackie............................................................................... 41, 60 Mozilo, Angelo..................................................................................83 Mueller, Suzanne Zinn...........................................................41, 61 Murin, Joseph........................................................................9, 30-31

D

N

Davis, Laurel...............................................................................41, 50 DeMarco, Ed........................................................................................81 Denney, Mary Pat....................................................................41, 50 Devaney, Zoe.............................................................................. 41, 51 Dornhelm, Ethan............................................................................22 Driggs, Matthew.............................................................................69

Nothaft, Frank................................................................................. 20 Nunziata, Joe....................................................................................78 Nunziata, Rob...................................................................................78

C

O Owens, Barry......................................................................................16

E Elliott, Sarah............................................................................... 41, 51 ErkKila, Linda............................................................................. 41, 52

F Flanagan, Pat....................................................................................16

G Giambrone, Bill................................................................................82 Goodman, Sherri...................................................................... 41, 52 Grey, Julian................................................................................... 41, 53 Gunderson, Jody...................................................................... 41, 53 Gutierrez, Eric.....................................................................................16

H Haji, Nida............................................................................9, 11, 41, 54 Hale, Danielle..............................................................................70-71 Hankins, Twyla.........................................................................41, 54 Haralson, Ali...............................................................................41, 55 Haro, Jill.................................................................................................16 Higginbotham, Andy....................................................................24 Hirt, Tracey..................................................................................41, 55 Houp, Scott.........................................................................................16 Hughes, Blythe..........................................................................41, 56

I

P Peel, Wendy.................................................................................41, 61 Petruska, Adrianne Court...................................................41, 62

R Raimundi, Doris........................................................................41, 63 Reto, Oscar.........................................................................................78 Ross, Wilbur.......................................................................................75

S Samuelson, Paul........................................................................... 29 Sanders, Sylvia.................................................................................78 Sieffert, Kristen.........................................................................41, 63 Smith, Joe............................................................................................16 Smith, Tara..................................................................................41, 64 Solomon, David M...........................................................................15 Steinmetzer, Michelle...........................................................41, 64 Stevens, David.........................................................................20, 90

A Altisource ................................................................................................................................................21 Arch MI ....................................................................................................................................................23

B Black Knight........................................................................................................................................... 2

C Chronos ....................................................................................................................................................8

E Ellie Mae ...........................................................................................................................................5, 33

F FICS .......................................................................................................................................................... 77 Freddie Mac .......................................................................................................................................... 14

M M&M ..........................................................................................................................................................4 MBA ............................................................................................................................................................7 MCS ..........................................................................................................................................................79

N NFR ......................................................................................................................................................... 83 NHR .........................................................................................................................................................90

T Tachovsky, Holly..............................................................41-42, 65 Tennyson, Jeff......................................................................9, 28-29 Tomb, Diane...............................................................................41, 65 Trump, Donald................................................................... 22, 71, 75 Tyson, Charlotte.......................................................................41, 66

P Pavaso ....................................................................................................................................................10 PHH .......................................................................................................................................................... 91

Ishbia, Mat..........................................................................................22

K Kainth, NeenuSohi..................................................................41, 56 Kittle, David...................................................................................... 30

L Lamphere, Kara........................................................................41, 57 Lanning, Karen...................................................................41-42, 57 Lewallen, Dawn.......................................................................41, 58

M MacDonald, Granger.....................................................................75 Mah, Janette..............................................................................41, 58 Mahan, Ben.........................................................................................16 Malito, Alessandra.........................................................................39 McCall, Phil..........................................................................................16

V Varela, Alex........................................................................................78 Villacorta, Alex..................................................................................16

W Wall, Kevin..........................................................................................57 Warrell, Margie.................................................................................39 Waters, Maxine................................................................................22 Watt, Mel......................................................................................81-82 Watteeuw, Caroline...............................................................41, 66 West, Billi...................................................................................... 41, 67

R Radian ......................................................................................................................................................6

S Safeguard ...................................................................................................................................... 32, 79 Stearns ....................................................................................................................................................12 Stewart Title .........................................................................................................................................17

Y

T

Yarbrough, Kelli........................................................................ 41, 67 Yun, Lawrence................................................................................. 20

Ten-X, LLC ............................................................................................................................................... 3

HOUSINGWIRE â?ą AUGUST 2017 93

PARTING SHOT ❱ MODERN LIVING

Courtesy of TRI Pointe Group

What kind of homes do Millennials want? TRI Pointe Group has the answer. Strada is a new neighborhood in the company’s master-planned community in Henderson, Nevada, and is designed with Millennials in mind. The homes were created based on detailed feedback, design, and architectural elements from a Millennial-targeted concept home, featuring what Millennials value most: maximizing space, affordability and personalization while maintaining a level of community typically found in urban environments.

94 HOUSINGWIRE ❱ AUGUST 2017