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At Carrington Mortgage Services, we are committed to meeting the financing needs of those who are underserved throughout America. We have loan programs specifically tailored to credit-challenged borrowers, so there’s no need to turn away those borrowers with low FICO scores. We are your government lender of choice with loan programs, service, technology and national support to grow your business today, tomorrow and beyond. OUR COMMITMENT TO OUR BROKERS IS UNSURPASSED. WE OFFER:

On-Time Closing Promise for FHA loans –15 Day Clear to Close on qualifying purchase or refinance loans, or your borrower receives a $500 closing cost credit.* Plus, get a prequalification letter and enjoy our early disclosure service. Submit with no AUS. Restrictions apply. FICO minimums to 550 on government programs and expanded FHA guidelines that include manufactured housing and use of non-traditional credit. Expanded Operations Support. Multiple operations centers offering support across all time zones provides outstanding service and fast turn times.

*Carrington will process any qualifying loan from the time a loan file is submitted to underwriting to the time it funds within 15 business days of appraisal receipt or the company will apply a closing cost credit of $500 to the loan once the loan closes. In order to receive the closing cost credit, any delay that causes the loan to close more than 15 days after appraisal receipt must be due to Carrington’s independent processes. If the delay is due to the broker, borrower’s or third party’s action or inaction or any other circumstances outside of Carrington’s control, the closing cost offer will be void. This offer excludes some loan programs, such as VA loans, USDA loans, 203K Loans Short Sales, New Construction loans, loans requiring property repairs, inspection, or re-inspection prior to closing, loans requiring condo approvals and flips. Offer is subject to revision or cancellation at any time. The appraisal received date is recorded in Pipeline Manager for all qualifying loans. Some loans may require additional information and be returned. Exclusions apply; contact your Account Executive for details. © Copyright 2007-2014 Carrington Mortgage Services, LLC headquartered at 1610 E. Saint Andrew Place, Suite B150, Santa Ana, CA 92705. Toll Free (800)561-4567. NMLS ID 2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.org. AZ: Mortgage Banker BK-0910745; 2159 McCulloch Blvd 4, Lake Havasu City, AZ 86403. CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, File No. 413 0904. CO: Check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. GA: Georgia Residential Mortgage Licensee 22721. IL: Illinois Residential Mortgage Licensee. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law. MO: Residential Mortgage Broker License 09-1746-S. NH: Licensed by the New Hampshire Banking Department. NJ: Licensed by the N.J. Department of Banking and Insurance. NY: Licensed Mortgage Banker—NYS Department of Financial Services. New York Mortgage Banker License B500980/107664. OH: Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850208.000 (FHA DE & VA Automatic loans only) OR: Mortgage Lender License ML-4886. PA: Licensed by the Department of Banking. RI: Rhode Island Licensed Lender, Lender License 20112809LL. VA: Licensed by the Virginia State Corporation Commission MC-5382. WA: Consumer Loan License CL-2600. Also licensed in AL, AR, CT, DE, DC, FL, ID, IN, ME, MD, MI, NM, NC, OK, SC, TN, TX, WV and WI. NOTICE: All loans are subject to credit, underwriting, and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions, and programs are subject to change without notice. This information is for mortgage professionals only and is not intended for distribution to consumers. Carrington Mortgage Services is not acting on behalf of or at the direction of HUD/FHA or any office of the federal government. All rights reserved.


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Plaza Home Mortgage, Inc. is an Equal Housing Opportunity Lender. This is not a commitment to lend. Information is intended for mortgage professionals only and not intended for public use or distribution. Terms and conditions of programs are subject to change at any time. Refer to Plaza’s underwriting and program guidelines for loan specific details and all eligibility requirements. © 2014 Plaza Home Mortgage, Inc. All rights reserved. Company NMLS #2113. 6/2014.


MORTGAGEBROKERNEWS.CA

CONTENTS

18 COVER STORY

HOW DO YOUR LENDERS STACK UP? We asked you to let us know what you thought your lenders were doing right – and what they were doing wrong. Find out how your lenders stacked up – and which ones earned five-star ratings

44

FEATURE

MBA Annual The Mortgage Bankers Association is gearing up for its annual convention and expo in Las Vegas. Here’s your comprehensive guide to the MBA Annual: who’s coming, what’s happening and what the hot issues will be

NEWS 6 | Forum forces Originators sound off on the news shaping the industry 8 | The data Housing affordability continues to shrink as prices march upward. Get the lowdown on this & other must-read statistics 10 | Industry update Niche products like VA and 203K loans are having a minirenaissance. Here’s why

MORTGAGE INSIDERS 14 | Head to head: Sandi Sicilia Gateway Funding’s Sandi Sicilia talks about the need for consistency and clarity in the current regulatory environment 40 | Industry icon: Shaun Hamman AFR’s Shaun Hamman reveals his journey from the Marine Corps to the top of the mortgage industry

BUSINESS STRATEGY 60 | Hourly rate identity crisis Are you working too much and earning too little? Check out these strategies from expert Stefan Kazakis

PROFESSIONAL RESOURCES 26 | Wholesale lenders directory Looking for a wholesale lender? Check out MPA’s comprehensive guide 50 | Branch network directory MPA’s all-inclusive directory of branch networks 2 | OCTOBER 2014


79.8%

OF SUPREME LENDING CLIENTS COMPLETED A SATISFACTION SURVEY BASED ON 2013 SURVEY DATA

95.6% SURVEYED SAID THEY WERE SATISFIED OR HIGHLY SATISFIED WITH THEIR EXPERIENCE

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Stability – 15 years of success in mortgage lending Direct Lender/Servicer with Fannie & Freddie Over 100 branches with over 1000 employees Great benefits inclusive of medical, dental, vision & 401k Human Resources & Marketing Support Company recognition – presidents’ club, trips & awards

214-888-7057 / branchrecruiting@supremelending.com / www.supremebranch.com Supreme Lending 14801 Quorum Drive, Ste. 300 Dallas, TX 75254

EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING (NMLS ID #2129) at 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. Copyright © 2014. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states. Other restrictions and limitations may apply. Supreme Lending is not affiliated with any government agency. Supreme Lending is required to disclose the following license information: Arizona Mortgage Bankers License #BK 0925918, Arizona Principal Office: 25030 S 190th Street, Queen Creek, AZ 85142; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act-License 4130655; Colorado Mortgage Company Registration - Regulated by the Division of Real Estate; Georgia Mortgage Lender License 22114 – Georgia Residential Mortgage Licensee; Illinois Residential Mortgage License - Other Trade Name #1 MB.6760323 – Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company, License # MC.0001578; Mississippi Mortgage Lender License 2129 – Licensed by the Mississippi Department of Banking and Consumer Finance; NV Division of Mortgage Lending Mortgage Banker #4063; New Hampshire Mortgage Banker License 18191-MB – Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance – Residential Mortgage Lender License; Ohio Mortgage Broker Act MB-804158.000 & Ohio Mortgage Loan Act SM.501888.000; Oregon Mortgage Lending License ML-4265; Pennsylvania – Licensed Mortgage Banker by the PA Department of Banking # 45048; Rhode Island Licensed Lender 20142998LL; Texas-SML Mortgage Banker Registration – Residential Mortgage Loan Originator. The corporate office is licensed and examined by the Office of the Consumer Credit Commissioner of the State of Texas, Regulated Lender License #43044; VA: NMLS ID# 2129 (www. nmlsconsumeraccess.org); Washington Consumer Loan Company License CL-2129. For all other licenses, visit http://www.nmlsconsumeraccess.org/


MPAMAG.COM

EDITOR’S LETTER / 8.5

DOES YOUR LENDER STACK UP? In the last issue, we asked you what you were looking for in a lender. Most of you said you wanted a good product mix at a good price, dependable compliance support, fast turn times – the usual things. But how well were your lenders meeting your expectations? We wanted to know, so in this issue we asked you to rate your lenders’ performance. More than 1,180 of you responded, rating lenders on everything from their product mix to their technology. So how did lenders fare? Overall, pretty well. You rated more than 200 lenders, and most of them are doing a good job in areas like product, pricing and compliance support. But that doesn’t mean there isn’t room for improvement. You rated lenders on a 1-10 scale in each of five categories, and in no category did lenders average more than 8.24 as a group. If our survey were a report card, most lenders would be pulling a B-C average. And only 42 lenders made top marks in one or more of the categories in which you rated them. These five-star lenders were the cream of the crop, and we didn’t award them high marks lightly; to be awarded five stars in any category, a lender had to receive consistently excellent ratings from you, the originators. In one category, training and education, only seven lenders got your nod for a fivestar rating. Your participation in this survey was important. By letting lenders know what you think of their service, you’re cutting through the marketing jargon and letting them know how they’re performing where the rubber meets the road. In doing so, you’re giving them an important tool to help them fix what’s broken and make what’s already good even better. And that means more business for everyone.

Ryan Smith, editor, MPA

COPY & FEATURES EDITOR Ryan Smith WRITERS Brent Harrison, Rachel Norvell, Justin Darose PRODUCTION EDITORS Moira Daniels, Clare Alexander RESEARCHER Kendall Greenwood

ART & PRODUCTION SENIOR GRAPHIC DESIGNER Red Redrico DESIGN MANAGER Daniel Williams

SALES & MARKETING VICE PRESIDENT Cathy Masek COMMUNICATIONS MANAGER Lisa Narroway MARKETING EXECUTIVE Alex Carr

CORPORATE

CONNECT

Contact the editor: ryan.smith@ keymedia.com

CHIEF EXECUTIVE OFFICER Mike Shipley CHIEF OPERATING OFFICER George Walmsley MANAGING DIRECTOR Justin Kennedy CHIEF INFORMATION OFFICER Colin Chan HUMAN RESOURCES MANAGER Julia Bookallil Editorial inquiries Ryan Smith ryan.smith@keymedia.com Advertising inquiries Cathy Masek cathy.masek@keymedia.com Subscriptions subscriptions@keymedia.com Key Media 7807 E. Peakview Ave. Suite 115 Centennial, CO 80111 United States of America tel: +1 720 316 0151 Offices in Sydney, Auckland, Toronto, Manila mpamag.com Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as MPA magazine can accept no responsibility for loss

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4 | OCTOBER 2014


MPAMAG.COM

NEWS / FORUM FORCES

From a controversial proposal to expand mortgage access to the firestorm ignited by a banker’s off-the-cuff comment, it’s been an interesting few weeks in the mortgage industry. And whatever the topic, MPA readers had an opinion. Below, participants in MPA’s online forum sound off on some of the issues affecting the industry BROKER VS. BANKER

REGULATION FATIGUE

BANKER’S COMMENTS IGNITE FIRESTORM

RULES CAUSE BANKS TO CUT BACK ON LENDING

I am a mortgage broker and retired former banker with 20 years-plus lending and compliance experience. I can tell you the problem with the bank’s mentality is much like a spoiled teenage child that thinks they deserve something just because they exist – despite the level and of service and commitment. Banks, in general, are horrible when it comes to successfully operating a fixed-rate mortgage department because they don’t want to pay for top-notch management – in short, they don’t really see this as a vital part of their operations until their customer goes somewhere else to get the level of service and counseling they deserve. - Mortgage Man MPA online reader Mortgage Man sounds off on comments made by Florida Bankers Association President and CEO Alex Sanchez, who claimed on Fox News that mortgage brokers were part of a poorly regulated “shadow banking industry.” He knows we are better at originating mortgages than they are, and he’s trying to prey on consumer fears in a sad attempt to scare people away from brokers. We are very regulated, licensed, and audited to make sure that we are following all of the same rules and regulations the banking industry has to, including AML/SAR. It was bankers and Congress who caused the mortgage “crisis,” but he’s beating the same old tired drum about how “scary” brokers are. What we are is educated, regulated, serious originators of quality mortgage products... and proud of it! - Michael Mr. Sanchez is either ignorant, incompetent or purposely attempting to mislead with his comments. If he has any character whatsoever, he should either correct his remarks and apologize or resign from his position. - Corey Sounds like someone can’t compete in the marketplace. When all else fails, start talking trash about your competition. This guy doesn’t know the first thing about mortgage brokers, except he gets it handed to him every time a better deal from a broker hits his desk. - Matt O.

6 | OCTOBER 2014

When enough contributors to re-election campaign committees complain, Congress will hold hearings, collect horror stories, propose legislation, publish for comment, pass legislation and hand it to regulators. They will study the matter for a year or two and then publish a “new” set of guidelines first. After a year of seeing how the guidelines work, new rules will be written, published for comment and finalized by bureaucrats who announce the new rules by saying, “These changes will help all consumers understand and obtain mortgages that have been denied by lenders.” This takes approximately three to five years. - Gordon Schlicke

Gordon summarizes the endless cycle of regulation. He and other readers were frustrated by the news that a significant number of banks had seen their mortgage approval rates drop significantly as a result of CFPB regulations. Who would have thought that 2,700 pages of regulations written by a bunch of lawyers (politicians) in DC would slow down mortgage origination? TRENDING - Wayne Not to mention an unconstitutionally appointed director. Congress has singledigit approval ratings and nearly 100% re-election results. I wonder if the • Brokers system is rigged? • Regulation - Viva la Revolucion

Join the debate at mpamag.com/forum

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NEWS ANALYSIS / DATA

AFFORDABILITY SHRINKING Although there’s been a slow increase in overall housing inventory this year, homes that most buyers can afford are getting scarcer. In July 2011, there were 829,000 homes available in the middle price range – between $130,000 and $375,000. In July of this year, only 688,000 homes were available in that

Source: Redfin

price range – a 17% drop. The number of available homes for sale under $130,000 has dropped by 50%. Meanwhile, the number of available homes in the most expensive price tier has gone up. In July of this year, there were 16.4% more homes for sale in the top price tier than in 2011.

1,000,000

800,000

HOMES AVAILABLE IN 2011 HOMES AVAILABLE IN 2014

600,000

400,000

200,000

0

$130,000 AND LOWER

$130,000-$375,000

$375,000 AND UP

MEDIAN HOME PRICE ON THE RISE The price of homes in the middle range has seen a staggering spike since 2011. Nationally, the middle range for home prices in 2014 is between $155,000 and $429,000 – an increase of 36% from 2011’s middle range of $130,000 to $375,000, according to

Source: Redfin

Redfin. According to the Bureau of Labor Statistics, the average home price for the middle tier of the market has shot up at three times the rate of inflation since 2011.

25

20

Consumer Price Index

Mid-priced home cost

15

10

5

0

8 | OCTOBER 2014

JAN. 2011

JUN. 2011

JAN. 2012

JUN. 2012

JAN. 2013

JUN. 2013

JAN. 2014

JUN. 2014


MPAMAG.COM

BIG LENDERS STILL LOSING BUSINESS

Source: mortgagestats.com

The nation’s biggest lenders are still seeing their mortgage business drop. Wells Fargo, the nation’s biggest residential lender, saw its mortgage volume plummet by nearly two thirds between the first quarter of 2013 and the first quarter of 2014. JPMorgan saw its volume cut by more than half during the same period, as did most of the other big lenders. Of the top 10 residential lenders, only Nationstar, which purchased servicing rights for thousands of mortgages from other lenders, saw its volume increase.

$ 1, 200,000

$ 1, 000,000

$ 800,000

$ 600,000

Q1 2013 Q1 2014

$ 400,000

$ 200,000

$0 *Dollars in millions

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OCTOBER 2014 | 9  


NEWS ANALYSIS / INDUSTRY UPDATE RENOVATION LOANS

RENOVATION LOANS ON THE RISE Renovation loans may be the next big thing. With an aging housing inventory and new home prices continuing to rise, borrowers can save money and build instant equity by purchasing a fixer-upper with a 203K, HomeStyle or HomePath mortgage. And borrowers are starting to figure that out, says Carl Markman, director of national sales for REMN Wholesale. “It’s interesting. From time to time I call our broker customers, and I just spoke one in Minnesota who just sent a renovation loan to us,” Markman says. “He’s been doing renovation and 203K loans for decades now, and all of a sudden there’s a greater need for these loans, and that’s the same story across the country.... We’ve never had so many people interested in this type of loan. Last month it represented 7½% of all my submissions. In a very short time, this piece of the market is significantly increasing.” Markman attributes the sudden spike in renovation business to the inventory disparity between old and new homes. “Realtors are telling brokers and bankers that the inventory is either dated or not up to the specs of today’s borrowers. The good (homes) are flying off the shelves, so to speak, but the others – which are about 90% of the inventory out there – are dated.... These programs allow realtors to show, say, a 1960s ranch and say, ‘Imagine opening up this wall and making a nice living room dining room.’ It’s allowing this product to spiral into the everyday realtor pitch.” That tight inventory is even opening up markets for renovation loans in unexpected places.

RENOVATION LOANS: WHAT’S COVERED • 203K Decks, patios, bathrooms, kitchen remodels, additions to the home such as a second story, and other structural repairs. Luxury additions, like adding a swimming pool, aren’t covered. An FHA loan, the 203K is only available for a property that will be the borrower’s primary residence. • HomeStyle A HomeStyle loan will cover most of the same repairs as a 203K. However, HomeStyle loans operate under slightly stricter Fannie Mae guidelines. This is the loan to get for borrowers looking to renovate a vacation or investment property. • HomePath This loan is for borrowers wishing to buy Fannie Mae-owned properties. These properties, usually acquired by Fannie through foreclosure or forfeiture, may require repairs. A HomePath mortgage helps borrowers make those repairs by rolling renovation costs into the loan.

10 | OCTOBER 2014

“We thought initially that it would be a regionalized product in places like Florida and California because of storms and earthquakes,” Markman says. “But I’m finding reps and executives across the country who say there’s a significant demand for this product. Even my Hawaiian rep is having significant questions about this product. I think it’s going to be around for a long time, because we have an aging infrastructure and aging homes.” Renovation loans represent the definition of “win-win.” They bring extra business to originators, and they allow borrowers to save money by buying an older house and renovating it. And borrowers could very easily come out ahead at the end of the renovation. “If you can find a home for $250,000 that needs work in a nice neighborhood and you can put in $75,000 to renovate it, when you’re done, that might be a $375,000 home,” Markman says. “So you’ve built in equity immediately – and you didn’t have to come up with the $75,000 yourself.” But for a product with such potential, the renovation loan is surprisingly little-known, Markman says. That’s something REMN is doing its best to remedy. “Many of our broker partners and realtors aren’t aware of these programs – the 203Ks, the HomePath renovation and the HomeStyle. That’s why we’re doing webinars,” he says. “We’re being asked as a lender, because of our reputation, to help our broker partners sell this to the realtor community. Most don’t know it’s available. There are people who’ve been selling homes for two or three decades who aren’t aware of these programs.” And with consumers’ attitudes toward the housing market softening, renovation loans can pick up the slack left by shrinking refi and purchase business. “I think it’s an alternative because the overall business is down nationally. And it’s down because of the lack of inventory – there are plenty of buyers out there,” Markman says. “I talk to our broker partners all the time, and they say they have plenty of customers – they just can’t find a house. So they’re using this as an opportunity to increase their business. In the past they didn’t have to because purchases were strong and refis were strong.” Now that purchases and refis are weaker, Markman is glad renovation loans are there to help fill the void. “Change is good. We preach that. We’re celebrating our 25th year, and being in the business that long, you realize everything changes,” he says. “We know we have to change with the times, and this was a good example, taking the renovation loans and building an infrastructure for them to give our brokers that opportunity. We take the partnership with our brokers seriously.”


MPAMAG.COM

VA LOANS

COMMERCIAL LENDING

VA LOAN PROGRAM A BOON TO UNDERSERVED BORROWERS

COMMERCIAL LENDING STILL GOING STRONG

If your customers are eligible, VA loans can be an attractive product. Especially for customers with lessthan-perfect credit or first-time homebuyers, the VA loan can be a godsend. Raymond Brousseau, executive vice president of Carrington’s mortgage lending division, says his company’s production of VA loans is on the rise. “It’s a fast-growing piece of our business. I just updated the numbers, and I was a bit surprised to realize it was almost 27% of our production for the month of August,” Brousseau says. “More than one out of every four of our loans were VA loans, and that’s probably triple what it was a year ago.” The VA loan program fits well with Carrington’s business philosophy and its charitable work, Brousseau says. The company specifically targets underserved borrowers, and many of those who are eligible for VA loans fit comfortably in that wheelhouse. The program also dovetails nicely with the philanthropic efforts of the Carrington Charitable Foundation, which focuses heavily on veterans, and has even partnered with the Gary Sinise Foundation to build homes for vets. “Carrington is heavily involved in philanthropy, and almost all our efforts focus on veterans,” Brousseau says. “It does position us to be in front of veterans on a fairly regular basis. Veterans have a very special place in the hearts of our employees, so we really go after them. Our marketing efforts aren’t always a mailer or internet lead. Sometimes it’s just the recognition we get as a result of our charitable activities.” But pursuing VA loans means investing in some specialized knowledge. “Unlike other parts of our business, it takes time to do VA business,” Brousseau says. “You’ve got to have specifically credentialed VA underwriters, and they’re hard to come by. So we’ve started to grow our own inhouse. Today, the number of VA underwriters we have in our company is probably tenfold what it was 24 months ago. Because we’ve been fairly successful in attracting good talent and developing it internally, it allows us to pursue that business. But we had to have that expertise. Otherwise, being able to capture the VA business – no matter how brilliant our marketing strategy – just wouldn’t have worked.”

COMMERCIAL ON THE RISE

After a drastic drop-off in 2009, the commercial lending space is seeing a renaissance 500 450 400

Multifamily

Office

Retail

Industrial

Hotel

Healthcare

350 300 25 0 20 0 150 100 50 0

(Average quarter = 100)

2008

2009

2010

2011

2012

2013

Source: Mortgage Bankers Association

COMMERCIAL ORIGINATIONS 500 400 300

Q1 2014 Q2 2014 (Average quarter = 100)

20 0 100 0

MULTIFAMILY

OFFICE

RETAIL

INDUSTRIAL

HOTEL

HEALTHCARE

Source: Mortgage Bankers Association

The bottom fell out of commercial lending in 2009, but it’s been making a steady comeback ever since. Right now the commercial market is performing on pace with last year, when commercial originations shot up. Commercial originations in the second quarter were 2% lower than Q2 of last year, but 34% higher than in Q1 of 2014, according to data from the Mortgage Bankers Association. “Year-to-date borrowing by commercial and multifamily real estate owners is running at the same pace as last year,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “Low interest rates and improving property fundamentals are prompting borrowers to act, but the relatively low volume of loans hitting maturity is checking overall demand.” The big winner in the second quarter was hotel property; originations for hotel properties spiked 91% between the first and second quarters. Meanwhile, there was a 78% increase in originations for health care properties, a 64% increase for retail properties, a 32% jump for multifamily and a 13% increase for industrial properties.

OCTOBER 2014 | 11  


MPAMAG.COM

NEWS ANALYSIS / INDUSTRY UPDATE

REVERSE MORTGAGE

THE NEW REVERSE MORTGAGE: WHAT YOU NEED TO KNOW Reverse mortgages have historically been viewed negatively or as an option of last resort. However, over the past year, changes have been instituted to include new safeguards and protections for these loans. In support of these changes, reverse mortgage lenders have joined together to educate today’s seniors on the benefits of this type of loan. The combination of new legislation and increased education reinforces the message that a reverse mortgage can be a savvy retirement planning tool for many. With only 2% to 3% market penetration, there is a sizable untapped opportunity available for today’s lenders marketing reverse mortgages to seniors – and for forward lenders seeking new opportunities. For more and more of those forward brokers and originators, a measure of additional education can enable them to add this now even more viable product to their portfolio of loans.

One thing that stands out as I talk with bankers or mortgage brokers interested in getting into this space is they perceive that a reverse mortgage differs greatly from a forward loan … The good news is if you’re licensed to originate forward loans in your state, you’re able to originate reverse mortgages as well “We spend a lot of time educating consumers and brokers about the benefits of reverse mortgages,” says Kimberly Smith, senior vice president of wholesale lending for American Advisors Group (AAG). “We are proud of our membership in the National Reverse Mortgage Lender’s Association, which has spearheaded the educational campaign to promote ‘the new reverse mortgage’ on a regional and national basis.”

12 | OCTOBER 2014

Smith expects one recent regulatory change will help ease perceived fears about reverse mortgages. “The most relevant update is the strengthening of the nonborrowing spouse guidelines,” she says. “The topic of the non-borrowing spouse has garnered negative press over the last five or 10 years in the reverse world. NBS issues have arisen in situations where the borrowing spouse passed away and the loan is made due and payable. It became a subject we heard about quite a bit in the media.” FHA has recently revamped loan guidelines so that non-borrowing spouses no longer have to worry about leaving the home when the borrower dies, as long as they assume the loan obligations. New lending tables include calculations for scenarios where the non-borrowing spouse is under the age of 62. “They’re not on the loan, but there’s a deferment,” Smith says. “If the borrowing spouse passes away, the nonborrowing spouse may stay in the home as long as they continue to pay the taxes and insurance, maintain the residence in good repair, and otherwise comply with the loan terms. They may remain in the home until they sell, move, pass away or do not comply with the loan terms. This newly added layer of protection and benefit for the non-borrowing spouse also helps shift perceptions about the product.” Even mortgage professionals, Smith finds, have misconceptions about the product. “One thing that stands out as I talk with bankers or mortgage brokers interested in getting into this space is they perceive that a reverse mortgage differs greatly from a forward loan. And those impressions might be intimidating to some,” she says. “Others believe they’ll need an additional license. The good news is if you’re licensed to originate forward loans in your state, you’re able to originate reverse mortgages as well. The product is not handled much differently from an operational perspective. And by linking with a wholesale reverse mortgage partner like AAG, you don’t have to do the work alone — you’ll be guided with support and resources every step of the way.” The biggest attraction for forward brokers? Reverse mortgages are not guided by the qualifying mortgage 3% cap rule, so including a reverse loan in their product offering may be lucrative. “That’s another thing that brokers and financial partners may not understand about reverse mortgages,” Smith says. “The product isn’t that different, but the differences that do exist may add significant value to their bottom line.”


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HEAD TO HEAD / SANDI SICILIA

KEEPING PACE

WITH THE CHANGES 14 | OCTOBER 2014


MPAMAG.COM

Not all regulation is bad, says Gateway Funding’s Sandi Sicilia. The problem with the current regulatory environment is that it lacks clarity and consistency – and too much regulation has led to deserving borrowers being turned away With more than 30 years in the mortgage business, Sandi Sicilia is one of the industry’s top experts in capital markets and the regulatory environment. But for her, the mortgage business was supposed to be a temporary stop. “I was going to school for accounting, and I had an accounting job. The company was going out of business, so I needed another accounting job,” she says. “So I got a job in the mortgage business on the accounting side. It wasn’t something I thought I’d stay in for more than a couple of years. I remember coming home and saying to my dad, ‘Hey, I got this job.’ He said, ‘What do you do with that?’ And I said, ‘Oh, I don’t know, something with servicing loans. But you know, this is only a job until I get the accounting job I want.’ So my dad would laugh at me and say, ‘You get that job yet?’ Because here I still am 30 years later.“ And she’s made quite a career. Sicilia, now the chief operating officer for Gateway Funding, played an integral part in growing the company from $350 million to more than $4 billion annually. Sicilia keeps her fingers on the pulse of the mortgage market. Right now, she sees a secondary market that’s making a comeback, but a regulatory environment that needs clarity and consistency.

REGULATORY OVERKILL Sicilia’s a realist; she doesn’t think the new regulatory environment is a universal negative. But she feels the Consumer Financial Protection Bureau’s throw-everything-at-the-wall approach has resulted in unnecessary difficulties. “The cost and the time to originate a loan have gone up substantially – that’s the bottom line,” Sicilia says. “I’m not going to say that all regulations are bad, but some of them are too much. There were probably some people who needed the regulations, but it’s gotten a little bit crazy. It’s definitely affected productivity for the number of loans an employee

There are a lot of new players coming into the market, which has brought more competition. That’s a good thing for us, because we have more outlets for the loans. I think the true secondary market – the securities market – seems to be functioning well can get through the system. That hurts us, obviously.” But over-regulation isn’t just a hardship for mortgage pros. “There are some borrowers it has restricted, quite frankly, just because they want to do a stated-income loan. If it’s the right borrower and the right LTV, they should be able to get them,” she says. “I think there are some regulations that protect the borrower, like the Ability to Repay, to make sure a borrower who really shouldn’t be put in a mortgage isn’t. There’s a little on both sides.”

KEEPING COMPLIANT As onerous as the current regulatory environment can be, Sicilia thinks there’s even more regulation down the road. OCTOBER 2014 | 15  


MPAMAG.COM

HEAD TO HEAD / SANDI SICILIA “I think there’s still some coming. I don’t think it’s because mortgage bankers aren’t doing anything right, as much as it is that regulators have to show that they’re regulating,” she says.

The cost and the time to originate a loan have gone up substantially – that’s the bottom line. I’m not going to say that all regulations are bad, but some of them are too much Which means, of course, that mortgage pros have to be prepared for new regulatory requirements. And even for a large company like Gateway, that can be a full-time job. “We definitely try to outsource the true compliance part of it, as far as new regulations coming down the pike and the need to be prepared for them,” Sicilia says. “As far as actually implementing them, we have some systems that are automatically getting updates and others where we have to go in and manually update them. We just put some new software in throughout the system that sets up a lot of checks and balances for QM and other regulatory issues that have come up. “One thing about new regulations coming out is that some software systems are literally not being updated until the regulation comes out – because we’ve seen in the past where they say they’re going to do it, and then they don’t,” she adds. “So we’ve gone through all of that programming for nothing. So there are some cases, as much as we don’t like it, where it doesn’t go up until the very last minute so we can make sure we’re implementing the right thing.” And mortgage pros aren’t helped by the fact that many existing regulations are vague to the point of impenetrability. “A lot of it is interpretation,” Sicilia says. “Your

16 | OCTOBER 2014

interpretation may differ from how someone from our company interprets it. You just have to do your best. Even within regulators we see that. You might have a state auditor come in who’s auditing something for the CFPB, and you see a difference between regulators. All you can do is hope that you interpreted the rule the best way you can, and if nothing else, you followed your own internal policies and procedures.” In an ever-changing regulatory environment, Sicilia says, the best you can do is develop solid internal compliance policies and keep your staff as informed as you can about changing guidelines. “It’s very important, not just from an operations perspective, but from a sales perspective,” she says. “You’ve got to keep salespeople aware of what’s coming down the pike. You’ve got to keep them informed as much as you possibly can, because when they’re out talking to realtors or wherever else they’re getting their business from, the last thing you want is for your loan officers to say, ‘Oh, I didn’t even know that was happening.’ So operationally, it’s important that communication comes down about what the company’s perspective is and how you’re going to implement it.”

SECONDARY MARKET COMEBACK While the future of the regulatory environment is anyone’s guess, the future of the secondary market is a bit clearer – despite some murkiness about the future of Fannie Mae and Freddie Mac. Some lawmakers seem determined to kill the agencies – which Sicilia thinks would be a mistake. “I think we still need some type of agency. I don’t think it needs to be two separate agencies like we currently have, but we need something to set the standard,” she says. “I think it shouldn’t be as high a percentage as it has for the last few years. I think if they’re at a reasonable percentage of the business, it’s a good agency to have.” But for the time being, the secondary market has nicely recovered from the setbacks of the financial crisis, she says. “There are a lot of new players coming into the market, which has brought more competition. That’s a good thing for us, because we have more outlets for the loans. I think the true secondary market – the securities market – seems to be functioning well. We’ll see what happens with Fannie and Freddie, but for now it’s functioning well. There are a lot of new players, and that’s good for competition.”


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FEATURE / ORIGINATORS ON LENDERS

ORIGINATORS

ON LENDERS We asked you to tell us how your lenders were performing, and you responded. Boy, did you ever. Here’s what you think your lenders are doing right, what they’re doing wrong – and a list of the best lenders out there

18 | OCTOBER 2014


MPAMAG.COM

Lenders love to brag about their huge product mix, their great pricing, their rapid turn times. But how well are they really doing? MPA asked you to rate your lenders in each of five areas – products and pricing, turnaround times, compliance support, technology, and education – and let us know how they stacked up.

Underwriting and understanding what they want is very confusing More than 1,180 of you responded to the survey, sharing your thoughts about more than 200 lenders. Those thoughts ranged from the complimentary – “The creativity behind their product offering sets them apart in the industry” – to … well … the not-socomplimentary: “They suck!” The upshot is that all lenders could make some adjustments in one area or another. Most lenders did very well in certain categories, while other categories showed definite room for improvement. And out of more than 200 lenders rated in the survey, just 42 got top ratings in one or more of the categories under consideration. Those 42 five-star lenders were the cream of the crop, according to you. So how does the average lender stack up?

WHAT DO ORIGINATORS WANT IN A LENDER? We surveyed originators on what considerations they valued most highly when looking for a lending partner. Here’s what they had to say:

HOW DID LENDERS STACK UP? We asked originators to rate their lenders’ performance in each category, using a 1-10 scale. More than 1,180 of you responded, giving us your take on the performance of more than 200 lenders. Here’s how they stacked up: • PRODUCT AND PRICING – 8.24 Product and pricing were the most important considerations to the originators we surveyed. So, unsurprisingly, that was the category most lenders paid special attention to. Overall, lenders got the highest marks on product and pricing – an average of 8.24 out of 10. More lenders earned five-star ratings in this category than any other. • TURNAROUND TIME – 7.87 This was your second biggest concern when choosing a lender, but most of you didn’t think lenders were quite making the grade when it came to underwriting and turnaround time. • COMPLIANCE SUPPORT – 8.01 With the ever-shifting regulatory environment, good compliance support is more important than ever. You felt that most lenders did pretty well in that regard, awarding an average of 8.01 out of 10. • TECHNOLOGY – 7.82 Technology was a big concern for many of you, and lenders didn’t fare badly in that regard. But according to you, there’s room for improvement. • TRAINING AND EDUCATION – 7.37 This is where you felt many lenders weren’t quite making the grade. On average, lenders received their lowest scores in training and education – and only a handful received five-star ratings in that category.

97% Product

79%

94%

Compliance support

Turnaround time

and pricing

89.9% Technology

73%

Training and education

OCTOBER 2014 | 19  


FEATURE / ORIGINATORS ON LENDERS

PRODUCT AND PRICING You considered product and pricing the most important element when searching for a lender. Unsurprisingly, most lenders you rated did pretty well on this score. Lenders averaged 8.24 out of a possible 10 in this category, and 29 lenders received five-star ratings for their product line and pricing – more than any other category. Originators were blunt in their assessment if they felt their lenders weren’t meeting expectations in this category – but they weren’t stingy with their praise if they felt they were being treated fairly. “The creativity behind their product offerings sets them apart in the industry, and their Elite pricing in AMAZING!!” wrote one originator of five-star lender United Wholesale Mortgage.

FIVE-STAR LENDER: CARRINGTON MORTGAGE SERVICES

20 | OCTOBER 2014

Our survey looked at more than 200 lenders. Out of those, just 42 received top scores in one or more categories. Here are MPA’s five-star lenders – those who received top marks – for products and pricing • American Financial Resources • American Southwest • Angel Oak Funding (non-traditional loans) • BofI • Caliber Funding • Carrington Mortgage Services • Chase • CMG Financial • Cole Taylor Mortgage • Flagstar Bank • Franklin American • Freedom Mortgage • Fremont Bank (regional) • GMFS • Interbank • Liberty Home Equity • Maverick Funding • Mortgage Solutions Financial • Platinum Mortgage • Plaza Home Mortgage • PRMG • Provident Funding

FIVE STAR PA M

• Quicken Loans • REMN • Stearns Wholesale • Stonegate Mortgage • SunTrust • SunWest Mortgage • United Northern • United Wholesale Mortgage

ER 2014 ND LE

Carrington Mortgage Services is one of the country’s top lenders, and it’s easy to see why; you awarded the company five-star ratings in Products & Pricing, Compliance Support and Technology. And the company works hard to deserve those ratings, according to Raymond Brousseau, executive vice president in charge of mortgage lending. “The reality is, the originations pie is half what it was three years ago. So for those like Carrington that are committed to the space, it becomes incumbent on you to do two things: Separate yourself from everyone else, and make sure you’re delivering the product better than everyone else,” Brousseau says. “You’ve got to deliver in a way that keeps you relevant and keeps you competing. “For us, the separation came from raising our hand and identifying ourselves as the lender for the underserved borrower,” Brousseau adds. “When I think about being recognized for product and pricing, to me that’s our underserved strategy. “From a compliance and technology perspective, those are the things that keep us delivering excellent customer service,” Brousseau continues. ”We’re in a heavily regulated industry. Anybody can take an application, but if you find out at the 11th hour that it’s not compliant, that’s not a good thing. The technology and compliance go hand-in-hand.”

FIVE-STAR LENDERS: PRODUCTS AND PRICING


MPAMAG.COM

Not all lenders fared so well. One lender’s product line, said an originator, was “horrible, but sometimes I need the price.” Other lenders fell somewhere in the middle of those extremes. “Pricing is great. Products are average,” said one survey respondent of his lender. “Pricing is great; products could use some expansion,” said another. And one originator gave his lender his own grade: “Pricing, B+. Products and overlays, C-.”

lenders, only 17 received five-star ratings for their turn times.

TURNAROUND TIME

“A lot of overlays,” one originator complained, adding that the lender’s guides were “very limited and hard to navigate.” “I prepare my clients in advance for a slow process,” said another. Which is not to say everyone’s experience was bad. “You can talk with an underwriter for any questions,” one survey respondent said. “(They have) a one-day turn time.”

Processing and turnaround times were a big deal to originators – 94% of you rated turnaround time as an extremely important factor to consider when choosing a lender. So how are lenders doing when it comes to turn times? Well, on average, not so great – but not terrible. Lenders scored an average of 7.87 out of 10 in this category; in other words, a C+. And out of 200

FIVE-STAR LENDER: UNITED WHOLESALE MORTGAGE

FIVE-STAR LENDERS: TURNAROUND TIME • American Financial Resources • Bay Equity • Caliber Home Funding • Cole Taylor Mortgage • Endeavor America • Franklin American • Impac • Kinecta Federal Credit Union • Liberty Home Equity (reverse) • Maverick Funding • Platinum Mortgage • PMAC • Sierra Pacific • Stearns Wholesale • SunWest Mortgage • United Wholesale Mortgage

FIVE STAR PA M

ER 2014 ND LE

• Plaza Home Mortgage

(They) have their own rules and change things without advising us

United Wholesale Mortgage has had a meteoric rise in the last few years, becoming one of the nation’s top wholesale lenders. And according to our survey, you have a pretty high opinion of UWM; the company was awarded five-star ratings in product and pricing, turnaround time and compliance support. The secret to UWM’s success, according to CEO Mat Ishbia, is assembling a stellar team and leading it with a clear sense of purpose. “I believe that the team with the best players is going to win at the end of the day – as long as the vision is set by the leader,” Ishbia says. “So if I set a great vision and get the best people, we’re going to win. If I have a great vision and don’t have the best people, it doesn’t really matter what I think. If I have great people but no vision, it doesn’t work because all those people will leave. They won’t want to be part of it.” Ishbia says UWM’s success story is far from over. “We’re going to do great things, and we want our brokers and banks and correspondents to do great things,” he says. “We’re going to grow, and we’re going to help them grow.”

OCTOBER 2014 | 21  


FEATURE / ORIGINATORS ON LENDERS

“Amazing speed and service,” another said of his lender’s turnaround times. In all, however, originators seem to think that turnaround time is an area where most lenders could stand some improvement.

COMPLIANCE SUPPORT

• Bay Equity • Caliber Home Funding

To say that compliance support is important would be an understatement. In today’s regulatory environment, good compliance support is an absolute necessity if you want to stay in business. And fortunately, most lenders did pretty well in this category, getting an average of 8.01 out of 10. The compliance support category also had the secondhighest number of five-star ratings, with 21 lenders selected for recognition.

• Carrington Mortgage Services

The best training and education in the business. … They come to your office and continue to follow up to make sure everything is going well. I still follow up with my training person and talk about our families. She still remembers how many children I have

• Guild Mortgage Wholesale

• CMG Financial • Cole Taylor Mortgage • Endeavor America • Flagstar Bank • Fremont Bank (regional) • Gateway Funding

FIVE STAR PA M

ER 2014 ND LE

For the most part, you had good things to say about your lenders’ compliance departments. “Errs on the side of caution, which keeps me out of hot water,” said one originator. “Immediate feedback on any questions,” said another. “This may be one of the best compliance supports I have ever seen,” another respondent glowed about

22 | OCTOBER 2014

FIVE-STAR LENDERS: COMPLIANCE SUPPORT

• GMFS • Homebridge • Impac • Maverick Funding • Mortgage Solutions Financial • Plaza Home Mortgage • PRMG • REMN • Rushmore Home Loans • United Wholesale Mortgage • Wells Fargo

his lender. “They don’t hesitate to call, e-mail, send letters, etc., to help in any way possible. You feel like you can ask any questions – easy or hard.” But there were a few originators who weren’t happy with their lenders’ compliance departments – and the trouble often seemed to stem from poor communication. “(They) have their own rules and change things without advising us,” one respondent complained. “They need more staff training,” said another. “(The) right sometimes doesn’t know what the left is supposed to do.” Another respondent was even more blunt in his assessment: “Garbage service. Terrible.”


MPAMAG.COM

TECHNOLOGY

• Bay Equity • Carrington Mortgage Services • CMG Financial • Flagstar Bank • Franklin American • Gateway Funding • HighTechLending (regional) • Homebridge • Quicken Loans • Stearns Wholesale • SunTrust

FIVE STAR PA M

ER 2014 ND LE

Technology wasn’t as important to most of you as product mix or turn time, but nearly 90% of you said it was still a vital consideration when searching for a lender. So how did you feel lenders stacked up in this area? Well, for most lenders the answer seems to be, “Okay, but not great.” Lenders scored an average of 7.82 out of 10 for their technology – not a horrible score, but definitely one with room for improvement. And only 12 lenders earned five-star ratings in this category. There were exceptions, of course. Five-star lender Stonegate Mortgage’s technology is “ahead of everybody else,” according to one respondent. And five-star lender Bay Equity “has an amazing help desk.”

FIVE-STAR LENDERS: TECHNOLOGY

• SunWest Mortgage

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or visit http://j.mp/PartnerMBA Liberty Home Equity Solutions, Inc. NMLS # 3313 (www.nmlsconsumeraccess.org). For a complete list of licenses, visit www.libertyhomeequity.com/licensesnmls

OCTOBER 2014 | 23  


MPAMAG.COM

FEATURE / ORIGINATORS ON LENDERS

TRAINING AND EDUCATION

FIVE-STAR LENDERS: TRAINING AND EDUCATION • Angel Oak (non-traditional loans) • BofI • Endeavor America • HighTechLending (regional) • Homebridge • Liberty Home Equity (reverse)

ER 2014 ND LE

• Gateway Funding

FIVE STAR PA M

About 73% of you felt training and education were important, but lenders received their lowest marks in these areas But the overall feeling toward lenders’ technology seems to be that it’s adequate, but nothing to jump up and cheer about. “Easy website,” one originator said of his lender. “However, their pricing engine leaves a lot to be desired.” “Getting better,” said another. “Just got online locking ability within the last year.” “Their online portal is very spotty,” complained one respondent. “Slow progress with their system,” said another. And by far the most frequent comment on lender technology: “It’s okay.” Hardly a ringing endorsement.

24 | OCTOBER 2014

About 73% of you felt that lenders’ commitment to training and education was an important factor to consider when choosing a wholesaler. This is an area, however, where lenders can do some work. Of all the categories we asked you to rate, this is the one in which lenders scored the lowest. Their overall score was 7.37 out of 10, and only seven lenders received five-star ratings for their training and education. In many cases, training and education was simply “not there,” as one originator complained. “It’s up to me and me only,” another said. In other cases, respondents complained of desultory, by-the-numbers training that either wasn’t engaging or wasn’t relevant enough to be worth the time. “Webinars,” one originator said. “Not my favorite format.” “Reasonable training,” another said. “Little or no education.” “They don’t provide training, and their weekly newsletter contains last week’s news, not current affairs and economic insight.”

THE BOTTOM LINE So how did lenders do? Overall, fairly well. Most of you seem to think they’re doing a good job on things like products, pricing and compliance support. And while technology, turn time and education could use some improvement, most lenders are doing at least a decent job in these areas. The bottom line: Most lenders seem to have their acts together. While isolated issues may pop up here and there, most of the lenders around today are doing things right.

HOW DO YOU PICK A LENDER? What qualities do you look for in a great lending partner? Log on to mpamag.com and check out our forum. You can talk to colleagues about which lenders make the grade – and which to avoid.


DIRECTORY/ WHOLESALE LENDERS

WHOLESALE LENDERS

360 Mortgage Group

CONTACT

WEBSITE

PHONE

East: Gino Berchock, West: Shane O'Dell

www.360mtg.com

866-418-2997

x x x x x x x x x x x x x x x x x x x x x x x

www.myacopia.com

615-859-5537

x x x

Ken Turner

alliedmg.com

610-668-2745

x x x x x x x x x x x x

Kimberly Smith

www.aagwholesale.com

866-964-1109

www.afnwholesale.com

303-532-4252

x x x x x

www.afrwholesale.com

877-522-0485

www.amerisavetpo.com

Acopia Capital Group

Allied Mortgage Group

American Advisors Group

American Financial Network American Financial Resources

Jim Melchior

Amerisave Amnet / Bexil American Mortgage

Christine Ryans

Anchor Loans Inc.

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

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x

x x x

x

x

x

x x x x x x x x x x

x

x

x x x

866-970-7283

x x x x x

x x x x

x

www.amnetwholesale.com

877-255-2266

x x x x

x

x

www.anchorloans.com

310-395-0010

x x x

x

Associated Mortgage

Tim St.Martin

www.associatedtpo.com

800-236-0144

x

x x x

www.bacflorida.com

305-789-7000

www.bayeq.com

415-632-5150

www.bofifederalbank.com

888-833-0555

26 | OCTOBER 2014 | Search this database online at www.mpamag.com

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x x x

x

x x

x

x

x x x

x x x x x

x

x x x

877-603-5496

BofI Federal

x

x

www.apexmtg.com

John Curtin

x

x

Ken Markizon

Bay Equity

x

x

Apex Mortgage Corp

BAC Florida Bank

x

x

x

x x

x

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x x

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x x x

x


MPAMAG.COM

Originators know what they want when they’re looking for a new wholesale lender. But what lenders are out there, and how do you choose? Here’s a comprehensive guide to more than 130 wholesale lenders, complete with contact numbers, licensing information and product offerings

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 27  


DIRECTORY/ WHOLESALE LENDERS

CONTACT

WEBSITE

PHONE

www.broadviewmortgage.com/wholesale

714-939-0100

x x x

Caliber Funding

www.caliberwholesale.com

888-426-7026

x x x x x x x

Carolina Bank

wholesale.carolinabank.com

336-288-1898

x x x x

x x

Brenda Heigher

www.carringtonwholesale.com

866-453-2400

x x x

x x x

Heather Haymes & Keith Miller

www.cbconnex.com

404-409-3379

x x x x x

x x x x

www.clearvisionfunding.com

800-470-6309

x x x x

www.cmgfi.com

925-983-3116

x x x

Cole Taylor Mortgage

www.coletaylormortgage.com

855-926-2700

x x x x

x x x x

Commerce Mortgage

www.commercemtgwholesale.com

855-375-8626

x

x

Broadview Mortgage

Carrington Mortgage

CBC National Bank

Clearvision Funding

CMG Financial

Dave Herbst

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

x x x

x

x x

x x

x

x

x x x x

x

x

x

x x

x x x

x

x

x x x

x x x x x x

x

x x x

x x x x

x

x

x

x x

Community Banc Mortgage Corp.

Staci McDaniel

www.bancmac.com

888-821-7729

x x x x x x x x x x x x

Community Bankers Mortgage Group

Chuck Newell

www.cmortgroup.com

901-316-3321

x x x x x x

Crescent Mortgage Company

Alex Williams

www.crescentmortgage.com

770-846-8545

x x x x x x x x x x

x x x

www.directmortgagewholesale.com

800-924-3884

x x x

x x x x x

x x x

Jack Coll

www.emigrantmortgage.com

914-785-1245

x

x x x

Christopher Weedon

www.essexwholesale.com

714-919-8000

x x x x x x x x x x x x x x x x x x x x

www.everbankwholesale.com

866-737-2430

x x x x x x x x x x

x x x x

Lonnie Dixon

www.fairwaywholesalelending.com

469-252-6676

x x x

x x x x x

x x

Steve Cokeland

www.lionbankdirect.com

888-248-5466

x x

x x

FirstCal

www.firstcal.net/dealworks

877-224-3262

x x x x

First Century Bank

www.myfcbwholesale.com

916-287-9700

x

Direct Mortgage

Emigrant Mortgage

Essex Mortgage

Everbank Wholesale Lending

Fairway Wholesale Lending

Fidelity Bank

28 | OCTOBER 2014 | Search this database online at www.mpamag.com

x x x

x

x

x x

x

x

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x x x x

x

x

x x


MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 29  


DIRECTORY/ WHOLESALE LENDERS

First Community Mortgage

First Guaranty Mortgage Corp

First Mortgage Corp

CONTACT

WEBSITE

PHONE

Kele Cuddy

www.fcmpartners.com

888-636-3688

x x x x

Jeffrey Gibson

www.fgmc.com

888-295-7899

x x x

Sheri Fritz

www.fmcbrokersupport.com

866-584-9222

x x x

www.fnba.com

800-968-3626

x x

www.wholesale.flagstar.com

866-945-9872

x x x x x x x x x x

www.flcbmtg.com

866-295-0014

x x x x x

x x

www.franklinamerican.com

866-326-2677

x x x x x

www.freedomwholesale.com

317-537-3005

www.fremontbank.com

925-315-3999

www.generationmortgage.com

866-733-6085

First National Bank Of America

Flagstar Wholesale Lending

Florida Capital Bank Mortgage

Franklin American Wholesale

Amber Caldwell

Freedom Mortgage

Fremont Bank

Cynthia Rietdorf

Generation Mortgage

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

x x x x

x

x x x

x

x x

x x

x x x x

x x x x

x

x x x

x x x x x

x x x x

x

x x

x

x

x

x

x x

x x

x

x

Greenlight Loans

Heather Santoro

www.greenlightloans.com

949-294-5444

x x x x x x x x x x

Gregg Hargett

www.gtwb2b.com

615-907-2605

x x x x x

www.guildmortgagewholesale.com

858-790-0660

x x

x x

x

x x

x

x

x

x

x

x x x x x

x

x x x

x x

High Tech Lending

Brad Byrnes

www.hightechlending.net

949-468-2648

x x x x x

Home Mortgage of America

Al Hecklinski

www.homemai.com

205-986-3098

x x x

x x x x x

Daren Lawrence

www.homebridgewholesale.com

855-442-7434

x x x

x

Laura Hatem

www.homewardfunding.com

508-368-7925

x x x

x x

Iapprove Lending

Leon Trinh

www.iapprovelending.com

714-775-5353 x146

x

Impac Mortgage Corp.

Frank Curry

www.impacwholesale.com

855-464-6722

30 | OCTOBER 2014 | Search this database online at www.mpamag.com

x

x x x

800-444-7283

Homeward Funding

x

x

x

www.gogsf.com

Homebridge

x x x

x

x

x

Rich Obermeier

Guild Mortgage Wholesale

x

x

x x

Go GSF

Guaranty Trust Wholesale

x

x x

x x x x

x

x x x x x x x

x

x x

x x

x x x x

x

x x x x

x

x x

x x

x x

x

x x x

x x

x

x

x x

x x


MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 31  


DIRECTORY/ WHOLESALE LENDERS

CONTACT

WEBSITE

PHONE

www.interbankwholesale.com

847-239-7272

x x

www.iclwholesale.com

949-274-8744

x x x x x x x x x x x x x

Anne Nguyen

www.jmaclending.com

949-390-2670

x x x x

x x x x

x

x

Paul Perez

www.kinecta.org

800-854-9846

x x

x

x x x

x

x

Mark Sheridan

www.amxloans.com

800-398-0865

x x x x

x x x x

x x

x

www.ldwholesale.com

844-400-6953

x x x x

x x x x

www.libertyreversemortgage.com

866-751-6105

x

www.livewellfinancial.com/partners

866-444-9354

x

Chris CarMichael

www.luxurymortgagewholesale.com

888-458-6267

Jeffrey Mastro

www.mtbwholesale.com

800-378-7212

x x x x x x x x x x x x x

www.mfgbanking.com

619-298-3803

x x

Interbank Mortgage Company

Intercap Lending

JMAC Lending

Kinecta Federal Credit Union Land Home Financial Services Wholesale Lending Division LD Wholesale Liberty Home Equity Solutions Live Well Financial

Luxury Mortgage

M&T Bank

Manhattan Financial Group Inc.

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

x

x x

x

x

x

x

x

x

x

x

x x

x x

x x

x x

x x

x

x

x x

x

x

x

x x x

x

x x x

Maverick Funding

Reno Heine

www.maverickwholesale.com

888-616-6866

x x x

x

McCue Mortgage

Lou Bolella

www.mccuewholesale.com

860-989-7946

x x x x x x x

x x

Gregory Korn

www.mmcitpo.com

603-606-3288

x x x x x

x x x x

www.michiganmutual.com

248-203-1340

x x x x x

x x x x x

x

x x x x x

www.midcountrybank.com

651-766-7079

x x x

x x

x

x

www.mimbroker.com

888-814-8191

x x x x x x x x x x x x

Chad Farmer

www.mmcmortgageservices.com

866-365-1154

x x x

Angel Vazquez

www.moneyhouseus.com

855-240-5626

Kevin Green

www.MAIbroker.com

770-238-1565

Merrimack Mortgage

Michigan Mutual

MidCountry Bank

Angie Joyce

Mid-Island Mortgage

Midland Mortgage Corporation

Money House

Mortgage Assurance INC.

32 | OCTOBER 2014 | Search this database online at www.mpamag.com

x

x x x

x x

x x

x

x

x x x

x x x

x

x x

x

x

x

x x

x

x


MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 33  


DIRECTORY/ WHOLESALE LENDERS

CONTACT

WEBSITE

PHONE

Andrew Pettola

www.msiloans.biz

860-372-2569

x x x x x x x x x x

x

www.msfhome.com

877-899-3614

x x x x x

x x x x x

x x x x

www.motivelending.com/wholesale

866-440-9304

x x x

x x x

Shanon Kufman

www.mwfinc.com

909-793-1500 X242

x x x x x x x x x x x x

Terry Alessi

www.myfirstcenturybank.com

916-287-9700

x x x x x x x x x x x x x x x

www.myndm.com/wholesale

866-270-3940

www.nwecorp.com

201-529-1401

wholesale.newamericanfunding.com

877-999-0799

x x x x

www.newleafwholesale.com

858-926-7400

x x x x x x x x

Tony Hale

www.gonewpenn.com

877-930-7366

x x x x x x x x x x x

NexBank

Jeff

www.nexbank.com/mortgages-jumbo

800-827-4818

Norcom Mortgage

Tom

www.norcompartners.com

800-932-4120

x x x x x x x x x

Mark Burton

www.northeasthome.com

603-256-8515 X3540

x

www.northwestsavingsbank.com

877-672-5678

x

www.nxtloan.com

617-232-9000

x

NYCB Mortgage Company

www.nycbmortgage.com

888-321-6446

x x

x x

x

x x

x

x

OGI Mortgage Bankers

www.ogiwholesale.com

888-365-1522

x x

x

x x

x

x

x

Pacific Bay Lending Group

www.pacbaylending.com

714-727-0151

x x

x x

x x

x x

x x x

x

www.pacificunionfinancial.com

888-375-3357

x x x

www.parksidelending.com

415-771-3700

x

Mortgage Services III LLC

Mortgage Solutions Financial

Motive Lending

Mountain West Financial Inc.

My First Century Bank

Nations Direct Mortgage

Nationwide Equities

New American Funding

New Leaf Wholesale

New Penn Financial

Northeast Home Loan

Northwest Savings Bank

NXT Loan

Shawn Nguyen

Pacific Union Financial

Parkside Lending LLC

Clint Rosenthal

34 | OCTOBER 2014 | Search this database online at www.mpamag.com

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

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MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 35  


DIRECTORY/ WHOLESALE LENDERS

CONTACT

Pinnacle Capital Mortgage Corporation Platinum Mortgage Inc.

Mark Tackett

Plaza Home Mortgage

PMAC Wholesale

Poli Mortgage Group Inc.

Sarah Zagaglia

Premier Home Mortgage PRMG Paramount Residential Lending Group Provident Bank Mortgage

Jodi Crocker

Provident Funding Associates LP QR Lending

Jody Zersen

Quicken Loans

WEBSITE

PHONE

www.pcmwholesale.com

925-808-7208

x x x x x

x x x x

x

x x x x

www.platinumez.com

770-833-4570

x x x

x x x

x

x x x x

www.plazahomemortgage.com

858-346-1208

x x x x x x x x x x

www.pmacwholesale.com

800-710-7622

x x x x x x x x

www.wholesale.polimortgage.com

781-719-4275

www.premierhomemortgage.com

800-864-3560

x x x

www.prmg.net

951-278-0000

x x x x x

www.pbmwholesale.com

951-686-6060

x x x x x x x x

x x x x

www.pfloans.provident.com

650-652-1300

x

x

www.qrlending.com

888-766-4734

x

www.qlmortgageservices.com

866-650-6970

x x x

x x x x x x

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

x

x

x

x

x

x x x x

x x x x x

866-933-6342

Reverse Mortgage Solutions

Scott

www.rmsnav.com

888-918-1110

www.rsmwholesale.com

800-520-5626

x

www.rushmorehl.com

888-202-0878

x x x

www.sierrapacificmortgage.com

800-447-3386

x x x x

Rebecca Colesen

www.stearnswholesale.com

714-513-7777

Sterne Agee Mortgage

Mitch Gover

www.sterneageemortgage.com

407-215-0860

x x

x x

Stonegate Mortgage

Paul Wyner

www.stonegatemtg.com

847-226-0179

x x

x x

SunTrust Mortgage

Diane

www.stmpartners.com

804-291-0740

Sierra Pacific Mortgage

Stearns Lending INC

36 | OCTOBER 2014 | Search this database online at www.mpamag.com

x

x

x x

x x

x x x x x

x x

x

x

x

www.remnwholesale.com

Marcus Rodriguez

x

x x x x

x

x x

x x x

x

Linda

Rushmore Home Loans

x x x x x

x x

x

REMN Wholesale

Right Start Mortgage

x x

x

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x x

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x

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x

x


MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 37  


DIRECTORY/ WHOLESALE LENDERS

CONTACT

SunWest Mortgage

Total Mortgage Wholesale

Robin Buttner

Towne Mortgage

Union Bank Mortgage

Al Blank

United Mortgage Corp (NY)

United Wholesale Mortgage

Universal Lending Corporation

Kelly Morgan

Urban Financial Group

US Bank Home Mortgage

Jana Brown

Usa Direct Funding

WEBSITE

PHONE

www.swmc.com

562-924-7884

www.totalmortgagewholesale.com

888-371-2989 X103

x x

www.townemortgage.com

888-778-9700

x x x x x x x x x x x x x x x x x x x x

www.uhwholesale.com

440-238-2525

x

www.unitedmortgage.com

800-462-4862

x x x

www.uwm.com

800-981-8898

x x x x x x x x

www.ulc.com

800-758-4063

www.ufawholesale.com

888-777-3311

www.usbank.com

651-466-3000

x x x x x x x x x x

www.usadirectfunding.com

888-697-3860

x

FIXED: CONFORM FIXED: FHA

NAME

FIXED: VA FIXED: JUMBO FIXED: REFI PLUS FIXED: OPEN ACCESS ADJUSTABLE RATE: CONFORM ADJUSTABLE RATE: FHA ADJUSTABLE RATE: VA ADJUSTABLE RATE: JUMBO ADJUSTABLE RATE: REFI PLUS ADJUSTABLE RATE: OPEN ACCESS HIGH BALANCE SUPER CONFORMING SUPER JUMBO 203K HOME PATH FHA STREAMLINE REFI VA-IRRRL USDA LP OPEN ACCESS DU REFI PLUS REVERSE

The mortgage industry’s most comprehensive guide to wholesale lenders

x x

x x

x x

x x

x

x

x x

x

x

x

x

x

x

x

x

x x x

x

x x

x

x

x x

x

x x

x

702-765-4278

x x x

Victorian Finance

Dennis Waldinger

www.reliantfundinggroup.com

412-942-1010

x

WesLend Financial

www.weslendwholesale.com

877-945-4105

x x x x x x x x x x

Western Bancorp

www.westernbanc.com

408-578-8700

x x

Allen Ilano

www.wilsonmuirbank.com

502-454-5400

Venta Wholesale

Donna Martin

www.ventawholesale.com

702-765-4278

x x x

Victorian Finance

Dennis Waldinger

www.reliantfundinggroup.com

412-942-1010

x

WesLend Financial

www.weslendwholesale.com

877-945-4105

x x x x x x x x x x

Western Bancorp

www.westernbanc.com

408-578-8700

x x

www.wilsonmuirbank.com

502-454-5400

38 | OCTOBER 2014 | Search this database online at www.mpamag.com

x

x

www.ventawholesale.com

Allen Ilano

x

x

x

Donna Martin

Wilson & Muir Bank

x x

x

Venta Wholesale

Wilson & Muir Bank

x

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x

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MPAMAG.COM

with our fully searchable database available at mpamag.com

AK AL AZ AR CA CO CT DE DC FL GA GU HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA PR RI SC SD TN TX VI UT VT VA WA WV WI WY

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 39  


INDUSTRY ICON / SHAUN HAMMAN

There’s something to be said for not only the discipline, but just the overall life experience that you get within the military. I think it makes you an overall betterrounded individual

40 | OCTOBER 2014


MPAMAG.COM

ROAD TO THE TOP These days, Shaun Hamman is a partner at one of the nation’s top mortgage lenders. But he started out in a very different kind of job – one that required a uniform

Shaun Hamman took a roundabout route to the mortgage industry. Today he’s the senior vice president of American Financial Resources/ eLEND’s residential mortgage division and a partner in the company. But after graduating high school, Hamman did a very different kind of job – one that required a uniform. “I was in the Marine Corps prior to getting into the finance industry,” Hamman says. “I was in military intelligence for four years. I made the decision to serve my country after getting out of high school. I did it to kind of ground myself and get a little direction. It’s one of the things, I think, that makes me who I am today. “There’s something to be said for not only the discipline, but just the overall life experience that you get within the military,” he adds. “I think it makes you an overall better-rounded individual.” While Hamman’s military experience wasn’t finance-related, he says his time in the Marines prepared him to succeed in the business world. “There wasn’t that direct correlation with the military. But the discipline – being self-directed and being able to stay on task – works will within the finance industry,” he says. “Taking the path to the mortgage industry was just what I happened to do. But I think being a self-motivated person with an

entrepreneurial spirit was instilled by the military. It helps you reach your goals and continue to strive to be better.”

JOINING THE INDUSTRY After his military experience, Hamman joined the mortgage industry as a loan officer. “I worked initially for Champion Mortgage, which was a local lender here in northern New Jersey. I migrated through two or three small companies, then ultimately made the decision to make a career with American Financial Resources,” he says. “Ultimately I started a division, became a partner in the company and continued to grow that division. That led me to where I am today.” As someone who’s always been fascinated with finance, Hamman found the mortgage industry to be the perfect fit. And in AFR, he discovered a company he could grow with. “Initially when I started at the company, American Financial was much smaller,” he says. “One of my partners, who I still work with today, followed a similar path. He and I both started a small retail division with a few loan officers under us, then continued to build out that model. Ultimately, to protect my interest in the growth of the company, I looked to become a partner. The great partners that OCTOBER 2014 | 41  


MPAMAG.COM

INDUSTRY ICON / SHAUN HAMMAN

we have in the company continue to build it into what it is today – but it didn’t happen overnight. It was a slow progression of just continuing to do the right thing every time.”

DO THE RIGHT THING And it’s that simple philosophy – do the right thing – that Hamman says has turned AFR/eLEND into one of the country’s top lenders.

I think that’s part of the culture of who we are – understanding that the entire company is built around sales. Without sales, it doesn’t matter how great your processing staff is … The entire company understands that we’re only as good as our last loan, and it’s really just a matter of continuing to keep that high standard “One of the things that I really correlate to American Financial Resources/eLEND in our growth story is that we continued to do the right thing all the time, through the ups and downs in the industry,” he says. “We’ve seen some great days in the industry, and we’ve seen some really difficult times, but as the market has changed, we’ve continued to march forward on the right path. Ultimately, if you continue to do the right thing, you’re going to have your tough days, and you’re going to have your really great days – but you’re

42 | OCTOBER 2014

always going in the right direction. That’s really our company’s story, if you look at it – we’ve just slowly built on a good foundation, and it’s allowed us to have the right model.” And “do the right thing” also means having satisfied employees and a united vision, Hamman says. “I think we attempt to have a fun working environment, and an environment where people feel they have the opportunity to move and grow within the company. We hire from within a very, very large percentage of the time,” he says. “On the sales side, all of my middle management continues to originate or was an originator at one point. Even myself, coming up as a loan officer – I’ve taken 1003s, and I’ve worked with clients. I think that’s part of the culture of who we are – understanding that the entire company is built around sales. Without sales, it doesn’t matter how great your processing staff is. And the processors understand that their jobs reflect on sales too. The entire company understands that we’re only as good as our last loan, and it’s really just a matter of continuing to keep that high standard.”

EMBRACING TECHNOLOGY So for a military veteran who’s been there for the growth of one of the country’s top mortgage companies, what’s left to be excited about? For Hamman, it’s the growing acceptance of technology within the industry. “We’ve just started to turn that corner in the last few years,” he says. “Consumers are continuing to get more and more comfortable dealing with large financial transactions through an iPad app or something along those lines. And the idea that you can really revolutionize that experience for the consumer is exciting. The idea that we can continue to do more of the process in a timely fashion, and much more efficiently, by leveraging technology – and ultimately creating a better experience for the client – is what’s exciting right now. And that’s really the essence of eLEND. One of the reasons why we rebranded is that we wanted to encapsulate the idea that we want to leverage technology to simplify things for the customer. “The finance industry is difficult and cumbersome,” he adds. “If we can make that process smoother and simpler for them, we consider that a win.”


RATE ALERT Stated Business Purpose Loans on Resident Properties (SFR, condo, PUD, 1-4 units)

Apartments and units (5+ residential units)

• Stated and no doc available

• Loan limits $50K to $5 million

• Refi nances up to 65% LTV, $50K to $5 million • Purchases up to 70%, min loan amount $50k to $5 million • Loan terms from 6 months to 10 years, fixed or amortized • Rates from 8.50% and up • We have second position loans available for n/o/o and investment properties up to 55%-60% CLTV

• Up to 70% on refinance and purchases

We Califo are Prem rnia’s Priva ier Direct te M Lend oney er

Commercial (industrial, retail, warehouse, mix-use, gas station, auto related, manufacturing and etc) • Up to 55% on refi nances

• Stated but verifi ed rental income

• Up to 60%-65% on purchases

• Loan terms: 1 year, 3 year, 5 year, 7 year and 10 year, fi xed IO or fully amortized

• Term 1 to 5 years, fi xed or amortized

• We have second position loan available for our commercial products up to 60% CLTV

Land loan (max ltv 35% refinance, 50% purchase) call for details

• 5-7 day closing available • No appraisal programs available

• 2nds up to 60% CLTV anywhere in CA • 5-7 day closing available

PB Financial Group Corp 877-700-3703 Office 866-318-4471 Direct Fax

www.pbfinancialgrp.com •info@pbfinancialgrp.com PB Financial Group Corp NMLS #357614 / PB Financial Group Corp BRE # 01522495 Disclosures: **Per FDIC Regulations Section 6500, Part 226, Subpart C, 226.24. The amount of each payment that will apply over the term of the loan is based on simple annual interest applied to the unpaid balance. Loans range from 1 day to 60 months, are interest only and include a balloon payment due at term. Finance charges apply. Payments do not include amounts for property taxes or insurance premiums. This is not a commitment to lend. Rates and points are subject to change without notice.


SPECIAL REPORT / MBA ANNUAL

MBA Annual The Mortgage Bankers Association is gearing up for its annual convention and expo in Las Vegas. Thousands of mortgage pros will flock to the city for one of the industry’s biggest events of the year – and they’ll be joined by everyone from top government officials to movie stars. Here’s your comprehensive guide to the MBA Annual: who’s coming, what’s happening and what the hot issues will be

44 | OCTOBER 2014


MPAMAG.COM

2014 MBA ANNUAL

CONVENTION AND EXPO

SCHEDULE

SATURDAY, OCT. 18 1-5 p.m.: Exhibitor registration SUNDAY, OCT. 19 7:30 a.m.-7:30 p.m.: Registration 8:30-10 a.m.: MBA state legislative and regulatory meeting

9:15-10:45 a.m.: Diversity and Inclusion Com-

2-3:15 p.m.: Residential Loan Production Committee meeting (open to MBA members, closed to media)

2-3:30 p.m.: Residential Technology Forum (open to MBA members, closed to media)

4-5:15 p.m.: SPECIAL SESSION – The Intersec-

11:45 a.m.-1:15 p.m.: Legal Issues, Quality As-

tion of Politics and Policy: How the Elections Will Impact the Industry’s Policy Priorities More than ever before, Washington’s mortgage finance policy is influencing how the industry is run. In this session, a panel of experts will discuss the intersection of politics and policy on the eve of the midterm elections.

surance and Regulatory Compliance Committee Meeting (open to MBA members, closed to media)

5:15-6 p.m.: MBA Annual Business Meeting

mittee meeting (committee members only)

10:15-11:15 a.m.: CMB Society meeting (committee members only)

Noon-4 p.m.: Residential Future Leaders 12:30-2 p.m.: Secondary & Capital Markets Com-

Swearing-in ceremony for 2015 MBA officers, graduation ceremonies for CMBs and Future Leaders, and recognition of MBA State Ambassadors

mittee meeting (open to MBA members, closed to media)

6-7 p.m.: CMB and Future Leaders reception

2-3:30 p.m.: Residential Loan Administration

6-7:30 p.m.: Expo 2014 opening reception: “Vin-

Committee meeting (committee members only)

tage Vegas”

(by invitation only)

OCTOBER 2014 | 45  


SPECIAL REPORT / MBA ANNUAL

WHAT’S HOT • GSE REFORM With the continuing argument over the fate of Fannie and Freddie – and with the heads of both GSEs in attendance – expect this to be a big topic. FHFA Director Mel Watt also will be there to talk about the future of the GSEs. • THE MIDTERM ELECTIONS The industry is influenced by Washington policy now more than ever before. MBA will hold a special session to discuss the intersection of politics and policy on the eve of the midterm elections. • THE FUTURE OF GOVERNMENT HOUSING FINANCE The future of the government’s role in housing finance is murky right now. But leaders from Ginnie Mae, FHA, VA and USDA will be on hand to talk about both current programs and future changes. • PURCHASE MARKET OPPORTUNITIES With the decline of the refinance market, purchase business is more important than ever. Experts will be on hand for a discussion of the latest offerings targeted at the purchase market, including non-QM lending.

MONDAY, OCT. 20 7:30 a.m.-5:30 p.m.: Registration, information desk open

8 a.m.-5 p.m.: MORPAC Hospitality Room open 8-8:30 a.m.: Continental breakfast 8:30-9:30 a.m.: Industry welcome At the opening general session, you’ll hear from MBA leadership and FHFA director Melvin Watt, who will speak about his vision for the future of the industry and Fannie Mae and Freddie Mac.

(open to MBA members, closed to media)

1:30-2:15 p.m.: GSE Reform: Where Do We Go From Here? In this session, Fannie Mae president and CEO Timothy J. Mayopoulos and Freddie Mac CEO Donald H. Layton will discuss the transition from conservatorship, improvements that can be made to Fannie and Freddie now, and what’s needed to achieve a sustainable housing finance system.

2:30-3:30 p.m.: Single-Family Rental: Much Ado

You’ve seen him on House of Cards. Now he’s visiting MBA’s house. At this session, you’ll hear from Academy Award-winning actor Kevin Spacey. Sponsored by Freedom Mortgage.

About Something As we come out of the recession, single-family rental has been getting more attention – and a new batch of loan products. In this session, we’ll address the current single-family rental landscape and its potential for growth.

10 a.m.-5:30 p.m.: Expo 2014 (exhibit hall event)

2:30-3:30 p.m.: Private-Label MBS Execution

9:30-10:30 a.m.: Conversation with Kevin Spacey

10:30-10:45 a.m.: Refreshment break Noon-1 p.m.: New member luncheon (invitation only)

Noon-2 p.m.: Lunch in Expo 2014

46 | OCTOBER 2014

1-2:30 p.m.: Community Lender Network meeting

Today and Tomorrow Even six years after the financial meltdown, the private-label MBS market is dormant, while Fannie and Freddie continue to be lenders’ primary execution channel. But economic and regulatory changes are now creating incentives for banks to hold whole loans on their balance sheets. Learn about non-agency execution options currently available to lenders and alternatives that may be on the horizon.


MPAMAG.COM

WHO’S COMING

• KEVIN SPACEY

2:30-3:30 p.m.: Regulatory – RESPA/TILA Integration Find out about the regulatory and business challenges of RESPA/TILA integration and get practical advice on how to address them.

3:15-3:30 p.m.: Refreshment break 3:45-4:45 p.m.: The Future of Government Housing Finance The future of the government’s role in housing finance remains unclear. In this session, leaders from Ginnie Mae, FHA, VA and USDA/Rural Housing will talk about current programs and give you a heads-up on future changes that could affect your business.

4:30-5:30 p.m.: Networking Reception in Expo 2014

5:30-7 p.m.: MORPAC/MAA Reception (current active MAA/MORPAC members only)

TUESDAY, OCT. 21 7:30 a.m.-4:30 p.m.: Registration, information desk open

7:30-8:30 a.m.: RIHA Board meeting

An actor, director and producer, Kevin Spacey is the star of the Netflix hit House of Cards. Spacey has won Academy Awards for his performances in The Usual Suspects and American Beauty. In addition to his film work, Spacey is a critically acclaimed stage actor.

• MICHAEL LEWIS

Michael Lewis is the author of The Blind Side and Moneyball, both of which were adapted into Academy Award-nominated films. Lewis also finds high drama in the world of finance; his recent works include Boomerang and The Big Short, two books set during the financial meltdown, and Flash Boys.

• MELVIN WATT

Mel Watt took over as the director of the Federal Housing Finance Agency in January. The holder of a juris doctorate from Yale University Law School, Watt was elected to the U.S. House of Representatives in 1992.

• JULIAN CASTRO

Julian Castro was sworn in as director of the Department of Housing and Urban Development in July. As the director of HUD, Castro has one goal: giving every person, regardless of station in life, the opportunity to thrive. Prior to his service at HUD, Castro served as the mayor of San Antonio, where he became known as a national leader in urban development.

• DONALD H. LAYTON

Donald Layton became the CEO of Freddie Mac in 2012. Prior to joining Freddie Mac, Layton worked for nearly 30 years at JPMorgan Chase, starting as a trader and rising to vice chairman. From 2007 to 2009, Layton served as the chairman of E*TRADE Financial, successfully shepherding the company through the financial crisis.

• TIMOTHY J. MAYOPOULOS

8 a.m.-5 p.m.: MORPAC Hospitality Room open 8-8:30 a.m.: Continental breakfast 8:30-9:30 a.m.: A Morning with Michael Lewis Best-selling author of Moneyball Michael Lewis stops by to chat. Other works by Lewis include The Blind Side, as well as The Big Short and Boomerang, books set during the global financial crisis. Lewis again mines drama from the world of high finance in his latest book, Flash Boys.

9:30-10:30 a.m.: Hall of Honor MBA’s Hall of Honor program is dedicated to recognizing the real estate finance industry’s commitment to veterans and active-duty troops. This special recognition program will honor industry participants.

As president and CEO of Fannie Mae, Timothy Mayopoulos has played an integral role in the company’s successful recovery from the financial crisis. Under Mayopoulos’s leadership, the company has continued to play a major role in providing mortgage credit and assisting troubled homeowners.

• THEODORE W. TOZER

President of Ginnie Mae since 2010, Theodore Tozer has more than 30 years of experience in the mortgage, banking and securities industries. Prior to his service at Ginnie Mae, Tozer served as senior vice president of capital markets at National City Bank.

• DAVID H. STEVENS

MBA President and CEO David H. Stevens has more than 30 years of experience in mortgage finance. He’s held several executive positions in sales, acquisition, investment, risk management and regulatory oversight, including positions at Wells Fargo, Freddie Mac and World Savings. Prior to assuming the MBA presidency, Stevens served as assistant secretary for housing and federal housing commissioner at HUD.

OCTOBER 2014 | 47  


MPAMAG.COM

SPECIAL REPORT / MBA ANNUAL

10 a.m.-4 p.m.: Expo 2014 (exhibit hall event) 10:30-10:45 a.m.: Refreshment break 10:30-noon: The Economic and Mortgage Market Outlook for 2015 MBA’s analysis of current economic, housing and mortgage market trends and the latest forecast for the industry.

Noon-3 p.m.: RESBOG meeting (committee members only)

Noon-2 p.m.: Lunch in Expo 2014 Noon-5 p.m.: COMBOG lunch and meeting (committee members only)

1-2 p.m.: Commercial/Multifamily Future Leaders 1-2 p.m.: Opportunities in the Purchase Market With the refi market in decline, purchases are more important than ever. Learn about the latest offerings targeted at the purchase market, including non-QM lending – how much is out there, who’s doing it, and what are the investor outlets?

Mobile technology is one of the primary channels for consumers in today’s connected world. In this session, a panel of experts will discuss the mobile marketplace and how to leverage tools like social media to meet demand while remaining compliant.

3:15-3:30 p.m.: Refreshment break 3:30-4:30 p.m.: Margining Your Future A discussion about the background of the Treasury Market Practices Group (TMPG) and their recommendation to margin TBAs. Learn about future TMPG initiatives and FINRA’s proposed rule on TBA margining.

3:30-4:30 p.m.: How to Recruit and Maintain a Diverse Workforce Want to diversify your workforce but don’t know where to start? In this session, recruiting and industry experts will discuss the benefits of building a diverse and inclusive organization and give practical advice on how to do it.

3:30-4:30 p.m.: Best Practices for Managing Your Servicing

1-2 p.m.: Private Capital Opportunities in Today’s

6-7:30 p.m.: Concert MBA presents Daryl Hall &

Market While it’s traditionally been dominated by Fannie and Freddie, mortgage credit risk has attracted significant attention from private capital since the financial crisis. Hear from a panel of industry voices representing REITs, banks, Wall Street firms and more on ways private capital is entering the market – and how your company can gain a competitive edge.

John Oates

1-2 p.m.: Vendor Management 2:15-3:15 p.m.: Survival Strategies for Declining Margins and Volumes Experts in production will discuss how to cut fixed and variable expenses, how channels perform in various market conditions and the impact of product strategy on market share.

2:15-3:15 p.m.: Emerging Trends in Servicing Ownership and Execution

48 | OCTOBER 2014

2:15-3:15 p.m.: Mobile Borrowers

WEDNESDAY, OCT. 22 8-11 a.m.: Registration 8:30-9 a.m.: Continental breakfast 9-10:30 a.m.: Creating a Successful and Compliant Customer Feedback Loop In this session, experts will discuss how to create successful customer surveys and use the data to grow your business through referrals and repeat business opportunities.

9-10:30 a.m.: Next Generation Loan Originators: Planning for the Industry’s Future Workforce Today’s average loan originator is over 50. In this session, a panel of experts will discuss how to bring in the “fresh blood” of the next generation.


A New Way to Originate • Higher Compensation

• More Loan Options with 75+ Investors

• Fast Pay with Weekly Payroll

• Lower Rates & Fees to your Clients

(2.00%-2.75% Comp Plans Available)

Vision

Geneva Financial, LLC is unlike our big banking platform competitors; nor do we wish to ever become them. Our clients are our employees, and we are accommodating almost to a fault. We are growing the Company with our employees; not on top of them. Not a fan of the corporate culture. We do everything we can to help you become more successful with your business. We provide the platform, the compliance, and all the tools necessary to be competitive and successful. We let you run your origination business how you want to run it. Our model is complex, with all of the programs / products and investors, and is not for everyone. If you are dynamic, driven, and have integrity, we may be a great fit.

Who We Are

Loan Programs

States: AZ, CA, CO, FL, ID, MT, NM, NV, OR, UT, TX, WA (GA NC, NE, SD, IL Pending)

Limited Overlays / 95% LTV with 5% Gift (HARP No overlays / Unlimited LTV / All Occupancy Types) HomePath and HomePath Renovation Non Owner: 10 Properties Manufactured Homes

Licensed Mortgage Banker

75+ Approved Wholesale and Correspondent Lenders In-House Underwriting

Conventional

Government

Down to 560 credit score - FHA (not fun but we do them) Up to 56.9% DTI 100% LTV - VA with 550 score Back to Work / Flips / Manufactured Homes

In-House Processing or Self Processing Allowed Unbeatable Pricing Loan Originator Support Branch Opportunities Lead Generation Options Marketing Support

Niche

Stated Income Jumbo to 90% LTV 10+ Non Owner Occupied Properties Foreign Nationals / Non Warrantable Condos / Reverse Mortgages Chattel Loans / Commercial / Hard Money

Calyx / Point LOS Company Intranet Work from Home or Office

OUR GOVERNMENT PRICING IS 1.5%-2.0% BETTER THAN YOURS!

Call for a live pricing quote to find out just how much you are giving away to your current employer. • • • •

Higher “compliant” compensation per closed loan Lower rates and fees to your clients ($0 - $995 total lender fees) More loan options / Fewer overlays Fast turn times (< 24 Hours In-House Approvals & Conditions)

• • • •

Same compensation on banked or brokered loans Get paid every week Be known by your name and not a number Ability to lock and order appraisal prior to approval

NOW HIRING BRANCH MANAGERS

2.00%-2.75% Compensation Plans / Bank Pricing Adjustments Allowed For more information and live pricing scenarios go to WWW.GENEVAOPPORTUNITIES.COM Corporate Office: 1018 E. Guadalupe Rd Tempe, AZ 85283 NMLS: 42056 / BK# 0910215 / Equal Housing Lender


DIRECTORY/ BRANCH NETWORKS

BRANCH NETWORK PHONE

COMPLIANCE

LICENSING

MARKETING

ACCOUNTING

IN-HOUSE UNDERWRITING

HR

IT

LEAD GEN

CRM

IN-HOUSE PRICING ENGINE

FHA

USDA

VA

JUMBO

REVERSE

203K

Luke McCann

www.advisorsmortgage.com

877-507-1800

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All Western Mortgage

Karl Holt

www.awmnow.com

888-296-0300

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Alpine Mortgage Planning

Jeff Stode

www.alpinemc.com

503-718-9850

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Brandon Armstrong

www.joinamcap.com

800-590-4314

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Kimberly Smith

aagwholesale.com

866-964-1109

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Rick Koenig

www.amerifirst.com

800-466-5626 x2001

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Rich Johnson

www.axiahomeloans.com

208-333-0010

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www.bayeq.com

800-229-3703

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www.carringtonhomeloans.com

949-517-6064

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www.catalystlending.net

602-770-6080

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www.coletaylormortgage.com

248-889-6504

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www.continentalhomeloans.com

800-965-0437

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www.envoymortgage.com

877-232-2461

www.bestbranchopportunity.com

855-750-3374

www.firstmortgage.com

909-391-1739

Advisors Mortgage Group

AmCap Mortgage

American Advisors Group

AmeriFirst Home Mortgage

Axia Home Loans

Bay Equity

Carrington Mortgage Services

Tom Shaw

Catalyst Lending

Cole Taylor Mortgage

Mark Janssen

Continental Home Loans

Envoy Mortgage

First Financial Services

First Mortgage Corp

TL Huynh

50 | OCTOBER 2014 | Search this database online at www.mpamag.com

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MPAMAG.COM

Going it alone in the mortgage world can be tough, especially with new regulatory hurdles coming your way every day. The corporate support that comes with joining a branch can really take your business to the next level. If you’re thinking of joining a branch, use this comprehensive branch network directory to find your perfect match

AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY

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X

Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 51  


DIRECTORY/BRANCH NETWORKS

HR

IT

LEAD GEN

CRM

X

X

X

X

X

X

X

X

X

FMC Funding

David Goldberg

www.fmcfund.com

888-297-4440

X

X

X

X

X

X

X

X

X

X

X

Kevin Reich

www.joingatewaynow.com

877-317-2045

X

X

X

X

X

X

X

X

X

X

X

X

Gateway Mortgage Group

Dane Basham

www.gatewayloan.com

888-317-1974

X

X

X

X

X

X

X

X

X

X

X

Geneva Financial

Pete Crenshaw

www.genevaopportunities.com

702-326-2543

X

X

X

X

X

X

X

X

X

X

X

Shawn Sirko

www.goldstarbranch.com

866-249-2190

X

X

X

X

X

X

X

X

X

X

Joe Ewens

www.gembranchinfo.com

800-320-1758

X

X

X

X

X

X

X

X

Chad Jampedro

www.gogsfbranch.com

262-901-1444

X

X

X

X

X

X

X

X

www.guildmortgage.com

800-283-8823

X

Stuart Scull

www.hightechlending.net

866-714-2040

X

X

X

X

X

Kevin Krueger

www.homebridge.com

732-546-8882

X

X

X

X

X

Hometown Lenders

Eric Tishaw

www.hometownbranch.com

888-606-8066

X

X

X

X

X

Integrity First Financial Group

Alex Barnett

www.joiniffg.com

866-606-4334

X

X

X

X

X

Gateway Funding

Gold Star Mortgage Financial Group

Golden Empire Mortgage

GSF Mortgage Corp

Guild Mortgage Company

High Tech Lending

HomeBridge Financial Services

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

COMMERCIAL

IN-HOUSE UNDERWRITING

X

MANUFACTURED

ACCOUNTING

877-569-3328

REVERSE

MARKETING

www.branchleader.com

203K

LICENSING

Mark Ballantyne

JUMBO

COMPLIANCE

Flagship Financial Group

VA

PHONE

FHA

WEBSITE

NAME

USDA

CONTACT

BENEFITS

IN-HOUSE PRICING ENGINE

The mortgage industry’s most comprehensive guide to branch lenders with

X

X

X

X

X

X

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X

BUILDING YOUR BRANCH TEAM? ASK ABOUT OUR AND RECRUIT BRANCH PACKAGES

REACH 88,000 MORTGAGE PROFESSIONALS

THROUGH

TOP TALENT MORTGAGE PROFESSIONAL AMERICA

MPAm_BranchPackages_QP_ads.indd 1

52 | OCTOBER 2014 | Search this database online at www.mpamag.com

CATHY MASEK 720-316-0151 cathy.masek@keymedia.com

4/09/2014 8:51:41 AM


MPAMAG.COM

our fully searchable database available at mpamag.com

AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY

X

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X

Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 53  


DIRECTORY/BRANCH NETWORKS

COMPLIANCE

LICENSING

MARKETING

ACCOUNTING

IN-HOUSE UNDERWRITING

HR

IT

CRM

IN-HOUSE PRICING ENGINE

FHA

USDA

VA

JUMBO

REVERSE

203K

Integrity Mortgage Group

William Wolfe

www.integritymtgs.com

877-772-3350

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

iServe Residential Lending

Rick Trew

www.joiniserve.com

615-869-0408

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Jet Direct Mortgage

Peter Pescatore

www.jetdirectmortgage.com

855-553-4732

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Land Home Financial Services

Sean Stafholm

www.lhfinancial.com

888-415-2000

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.libertyhomeequity.com

866-751-6112

Liberty Home Equity Solutions

Jason Dozois

www.joinloansimple.com

303-565-2603

X

X

X

X

X

X

X

X

The Money Store

Paul Funesti

www.themoneystore.com

973-805-2005

X

X

X

X

X

X

X

X

www.mortgagemaster.com

888-263-1435

X

www.msfhome.com

877-899-3614

Michael Delehanty

www.mwfinc.com

888-793-6470

X

X

X

X

X

X

X

X

X

X

Jeremy Sopko

www.nlcmortgageloans.com

866-447-0266

X

X

X

X

X

X

X

X

X

X

www.nanationwidemortgage.com

866-654-9300

Mortgage Solutions Financial

Mountain West Financial

Nations Lending Corp

Nationwide Mortgage

WANT TOP TALENT? MARKET YOUR BRANCH NETWORK THROUGH

Contact: CATHY MASEK 720-316-0151 • cathy.masek@keymedia.com

MORTGAGE PROFESSIONAL AMERICA

MPAm_BranchPackages_QP_ads.indd 2

54 | OCTOBER 2014 | Search this database online at www.mpamag.com

X

X

Loan Simple

Mortgage Master

COMMERCIAL

PHONE

MANUFACTURED

WEBSITE

NAME

LEAD GEN

CONTACT

BENEFITS

The mortgage industry’s most comprehensive guide to branch lenders with

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

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X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

PACKAGES INCLUDE: •

Featured Branch Opportunity in E-newsletter

Premium listings in MPA branch network guide - both in print and online.

Ads in MPA Magazine, anchoring the guide

4/09/2014 8:51:42 AM


MPAMAG.COM

our fully searchable database available at mpamag.com

AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY

X

X

X

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X

X

Join a groWing team

Carrington Mortgage Services is adding retail branches today.

It’s time to make your move.

X

X

X

X

X

X

X

X

X

X

X

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X

Loan oFFiCeRs, BRanCH ManaGeRs & teaMs:

X

X

X

X

X

X

X

X

X

X

X

X

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X

X

X

We are expanding nationwide and seeking experienced managers and teams. We offer:

• Great compensation and benefits • Focus on quality and speed of closing • Marketing support and lead generation

• Licensing and compliance support • agent co-marketing programs • Government loan programs from FiCo of 550

Contact John Cervantes | ReCRuiteR John.Cervantes@CarringtonMH.com

Join our career webinars, posted on Facebook at: www.facebook.com/CarringtonHomeLoans

Find out more about Carrington and make the move to expand your business and career.

949-517-7127

www.CarringtonHomeLoans.com/CareerWebinar © Copyright 2007-2014 Carrington Mortgage Services, LLC NMLS 2600

Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 55  


DIRECTORY/BRANCH NETWORKS

X

X

www.newpennfinancial.com

888-852-4151

X

New Penn Financial

X

X

X

X

COMMERCIAL

X

MANUFACTURED

X

X

X

X

X

X

X

X

X

X

REVERSE

X

203K

X

JUMBO

IT

X

VA

HR

X

FHA

IN-HOUSE UNDERWRITING

301-956-2902

USDA

ACCOUNTING

www.newamericafinancial.com

IN-HOUSE PRICING ENGINE

MARKETING

Todd Sheinin

CRM

PHONE

LEAD GEN

WEBSITE

LICENSING

New American Financial Group

CONTACT

COMPLIANCE

NAME

BENEFITS

The mortgage industryâ&#x20AC;&#x2122;s most comprehensive guide to branch lenders with

X

X

X

X

X

X

X

X

X

Norcom Mortgage

Tyler Rhea

www.norcombranch.com

860-839-8589

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

NOVA Home Loans

Lance Dickson

www.novahomeloans.com

520-202-5231

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Open Mortgage

Brian McKinney

www.openmortgage.com

888-602-6626

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.prmg.net

866-776-4937

X

www.parksidelending.com

415-771-3700

John Perez

www.goperl.com

949-292-5507

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Steve Channen

www.pmac.com

866-433-6886

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.pncmortgage.com

800-822-5626

X

X

Robert Nitz

www.primelending.com

360-620-1077

X

X

X

X

X

X

X

X

Charles Edington

www.branchpartner.com

888-678-5493

X

X

X

X

X

X

X

X

www.psmwwyh.com

405-753-1900

Paramount Residential Mortgage Group Parkside Lending

PERL Mortgage

PMAC Lending Services

PNC Mortgage

PrimeLending

Primary Residential Mortgage

PrimeSource Mortgage

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Residential Home Funding Corp

Frank Kuri

www.rhfbranch.com

866-319-4442

X

X

X

X

X

Reverse Mortgage USA

Mike Suits

www.wholesalermusa.com

800-748-1184

X

X

X

X

X

www.semperbranch.com

401-519-2387

X

Semper Home Loans

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Sierra Pacific Mortgage

Sean Browning

www.sierrapacificmortgage.com

800-447-3386

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Stearns Lending

Jeremy DeRosa

www.stearnsretail.com

877-850-8292

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Bill Harp

www.supremebranch.com

214-888-7057

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.unitednorthern.com

800-800-2023

X

X

X

X

X

X

X

www.bestbranchcompany.com

888-482-6395

X

X

X

X

X

X

X

Supreme Lending

United Northern Mortgage Bankers

VanDyk Mortgage Corp

Joe Dishinger

56 | OCTOBER 2014 | Search this database online at www.mpamag.com

X

X

x

x

x

X

X

X

X

X

X

X

X

X

X

X


MPAMAG.COM

our fully searchable database available at mpamag.com

AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY

X

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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | OCTOBER 2014 | 57  


ADVERTISING FEATURE / UNITED NORTHERN

OPPORTUNITIES

IN A CONSTANTLY CHANGING

MORTGAGE ENVIRONMENT

Thriving in the ‘new normal’ while looking to the future John F. Kennedy once said “Change is the law of life. And those who look only to the past or present are certain to miss the future.” If you’re reading this article, you know that nobody knows this to be truer than those of us who have been in the mortgage industry for any significant period of time. RESPA, Dodd-Frank, supply, demand, Yellen, Castro – the list goes on and on as to who can bring the biggest unpleasant surprise to your day. While there is no shortage of obstacles, industry leaders put those obstacles to work for them and forge ahead. People have to live somewhere, and as long as they do, opportunities are going to exist … it’s up to you to recognize and seize them. In response to the massive financial crisis of 2008, the Housing and Economic Recovery Act was signed into law on July 30, 2008. The law was designed to assist with the recovery and revitalization of Am-erica’s residential housing market – from modern-ization of FHA to foreclosure prevention to en-hancing consumer protections. The SAFE Act is designed to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for loan originators. One of the most visible changes in our industry is the stringent licensing requirements today’s loan originators are held to. While sometimes grueling, these requirements and battery of tests have given birth to a quality generation of mortgage pro-

ADVERTISEMENT

58 | OCTOBER 2014

fessionals like never before. “The unprecedented wave of educated, learned professionals is something welcomed by United Northern Mortgage Bankers,” states Heidi Frigano, executive vice president of United Northern Mortgage Bankers. “Sponsoring and cultivating up-and-coming candidates is something that brings us a lot of excitement.” For companies with an eye for raw talent that are willing to make the commitment, the benefits of sponsoring candidates through the NMLS process is worth the investment. Building a relationship and equipping a future industry star with the tools for his or her coming career is not only satisfying in terms of retention and loyalty, but it’s extremely rewarding as well. It also dramatically cuts down on having to devote time and resources to “unlearn” bad habits loan officers may have picked up over the years. It boils down to investment in your team, and the new higher standards have been producing loan originators who are of a higher caliber, cut fewer corners and are willing to make sacrifices like never before. Also, the industry veterans left standing are the ones who have shown their resiliency and ability to stand the test of time, leaving little question of their ability or pedigree. So, while the past few years in the industry haven’t been without their challenges, they’ve brought substantial benefits as well. Lenders such as United Northern Mortgage Bankers, who have been built on a solid foundation, stand to become stronger moving forward and see a bright future ahead!


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United Northern Mortgage Bankers Limited, DBAs: Senior Security Home Advantage, Senior Security Advisors, 3601 Hempstead Turnpike, Suite 300, Levittown, NY 11756

**FOR PROFESSIONAL USE ONLY** This document is not an advertisement as defined in 12 CFR 226.2(a)(2). This is a business to business communication and is intended for LICENSED MORTGAGE PROFESSIONALS ONLY and is NOT INTENDED TO BE DISTRIBUTED TO THE CONSUMER OR THE GENERAL PUBLIC.  All programs are subject to approval by United Northern Mortgage Bankers, Ltd a Direct Endorsed FHA Lender NMLS #7230.  All Rights Reserved. Equal Housing Lender. 

United Northern Mortgage Bankers Limited, DBAs: Senior Security Home Advantage, Senior Security Advisors, 3601 Hempstead Turnpike, Suite 300, Levittown, NY 11756 Licensed Mortgage Banker NYS Department of Financial Services License #B500040 • NMLS # 7230 • AL Consumer Credit license #21761 • CO Mortgage Company Registration • CA DBO Finance Lenders Law license # 603K800 • CT Dept of Banking Mortgage Lender license #20372 • FL Dept of Financial Institutions Mortgage Lender license #MLD273 • GA Dept of Banking and Finance Mortgage Lenders license #39919 • MD Mortgage Lender license • MA Div of Banks and Loan Agencies Mortgage Lender & Mortgage Broker license #MC7230 • NJ Dept of Banking and Insurance Mortgage Lender license #L0046623 • NC Commissioner of Banks Mortgage Lender license #L140365 • PA Dept of Banking Mortgage Lender license #20887 • SC State Board of Financial Institutions • TN Mortgage Lender license #MLS7230 • TN Mortgage license #115610 • TX - SML Mortgage Banker Registration • WA Consumer Loan Company license #CL-7230 Direct Endorsed FHA Lender


BUSINESS STRATEGY

Hourly rate

identity crisis If you’re a sole operator or business owner who’s working every hour available to you but still have your back up against the wall, this excerpt from the book From Deadwood to Diamonds by Stefan Kazakis is for you

Have you thought about the investment you are putting into your business? Are you working for nothing? Or are you satisfied with the return on your personal exertion investment? I find that about 75% of small business owners have a disconnect here. The issue of maximizing the return on each hour you work can be a tricky one, and it can be another thing that is holding you back. I call this the Hourly Rate Identity Crisis. To see whether you’ve hit this crisis, answer the questions below: Q. How much do you charge for your time per hour? Q. How many hours on average do you work a week? Q. How much did you pay yourself last month? Q. Is there a disconnect?

Chances are you have worked out what an hour of your time is worth, based on your skills and experience and the industry you are in. This isn’t where the problem usually lies. The issue is, how many hours a week do you actually earn that rate? Time is a finite resource, so it’s crucial that you put it to good use. If you have an identity crisis here, it can spell trouble. 60 | OCTOBER 2014


MPAMAG.COM

What activities should you be doing to give your business the best outcomes for each hour you work? Be clear about who you are, what you do and why. Think about your #1 Big Outcome. The best opportunity for your business is to build one reputation for doing one thing, then add to it. Ask yourself, what’s my one thing? What am I actually worth an hour? Why? What are the activities that I do daily, weekly and monthly that help me ensure I achieve that rate? The next question is, how many hours a week do you work on average? Now you can calculate the following equation: What you’re worth per hour × how many hours you work, on average, per week. Consider the answer carefully. Now, here’s the kicker: When was the last time you took home a weekly paycheck close to that amount? Sadly, for some business owners, the answer is never. If this is you, this is a huge wasted opportunity for your business. So if you’re not taking home close to that amount each week, or even some weeks, or even occasionally, what’s the problem? If you’re not skiving off and going to the beach, then clearly you’re spending time at the office doing tasks you shouldn’t be doing. Yes, that’s right, you shouldn’t be doing! I’m not saying those tasks don’t need to be done, just that they don’t need to be done by you. What about if you are achieving this every week? Does that mean everything is peachy? Not at all. If you are reaching this target every week, your hourly rate is too low! Nobody can work at their maximum achievable hourly rate every single hour for a whole week, let alone week after week, so if you think you are doing this, you need to increase your hourly rate. There is clearly room for you to do so, and you are currently missing out on this opportunity.

FOCUSING ON YOUR STRENGTHS Once you start asking some brutal questions and facing up to reality, you will realize that a lot of time you spend in your business is wasted opportunity. Too many small business owners spend time on things that earn a low hourly rate for their skill set. It’s a very common problem. Many entrepreneurs start out alone with little cash, and so they get into the habit of doing everything themselves and trying to cut costs while they do so. This can be okay – and is often necessary – in the very early days of getting the business off the ground, but once you are past that stage, having a Lone Ranger complex will be a massive hindrance to the growth of your business.

DELEGATION IS A WONDERFUL THING Have a look at what you are doing each day. For each activity you do that is not at your maximum hourly rate, you have four options. Delegating: You need a great team around you. Not good, great. And what’s the point of a great team if you don’t delegate to them? Outsourcing: You can outsource just about anything these days without too much expense, and you can trust that the job will be done right. Some small business owners see this as a cost they can’t afford, but your maximum hourly rate will be more than the hourly rate you pay for outsourcing, so you come out in front, and you can be spending your time more productively. Terminating: Sometimes you’ll find that a task can simply be done away with altogether. Plenty of businesses have old habits and systems that they could get rid of, but nobody has stopped to look at them closely. Or maybe there’s something you do five times a week that really only needs your attention twice a week. Systematizing/automating: Can you set up processes that reduce or eliminate time spent on a task? For example, can you set up your website so that orders go directly to your suppliers and you don’t have to send products out? Delegating and outsourcing are essential to the growth of your business, but these are two areas people often struggle with. Let’s have a look at some common challenges to outsourcing and delegating.

1

I don’t know what I don’t know Sometimes we just become so caught up in the day-to-day craziness that we don’t even stop to consider other options. Make the time to stop, look and listen; find out what the issues are in your business and how you can address them. You can’t solve a problem you don’t know about.

2

I don’t trust anyone else to get things done This is a common problem for entrepreneurs. They are so used to being experts in their field and doing everything themselves that they are reluctant to hand responsibility to others. If you want something done properly, you have to do it yourself, right? Wrong! The tasks for which you earn your highest hourly rate are best done by you, but let me tell you something: For most other tasks in your business, there are people out there who are better at them than you – and that’s fantastic! OCTOBER 2014 | 61  


BUSINESS STRATEGY

MPAMAG.COM

Chances are you are not an expert bookkeeper, or warehouse manager, or marketing manager, or customer liaison, but too many small business owners try to wear too many hats and don’t perform any of these tasks as well as they could be done. You need to trust your staff and service providers. You don’t need to be afraid of outsourcing to Bangladesh or maybe even Russia.

3

I’m too busy As a business coach, this response drives me nuts! The reason you think you are too busy today is that you didn’t stop and make changes yesterday. You must make the time to improve things today; that’s the only way you’ll be less busy tomorrow. Got it? Put things in a format people can follow: Because small business owners get used to doing everything themselves, they often develop their own unique methods, and this becomes an impediment to delegation. But this is an easy problem to overcome – you just need to spend some time developing processes that you can easily pass on. It may take a bit of extra effort now, but I guarantee it will save you time in the long run.

4 Stefan Kazakis is a business strategist, sought-after presenter and speaker, and author of the new book From Deadwood to Diamonds (Major Street Publishing, $29.95). He is a futurist and an inspiring communicator with the voice of experience. For more information, please visit www. stefankazakis.com or e-mail info@ stefankazakis.com.

62 | OCTOBER 2014

We can’t afford it Let me dismiss this one for you here and now – if you want to grow your business, you can’t afford not to delegate and outsource. Even if you are outstanding at what you do, if you don’t let go of managing the day-to-day issues in your business, you are putting a ceiling on how much you can grow, and that ceiling is how many hours you can work in a week. If you think you can’t afford it, can you afford not to? If you are this close to the edge, something has to change. If any of these issues are holding you back, you have to address them – now. You need clarity about where your best work is done and what is getting in the way of growth. It might be you. The sooner you do this, the faster you will build a business that gives you the outcomes you deserve.

HOW TO BEST SPEND YOUR TIME? To work out what you should be doing with your time, just figure out the three to five activities that are your strengths. It can’t be more than this, or you’ll just start getting bogged down again. Most of my clients have about five activities that they are really good at

within their skill set and are their highest hourly rate activities. For most small business owners, these activities will be related to the skills that got them into the business in the first place. If you’re a graphic designer, you didn’t go into business to spend time doing the accounts, chasing new clients or firefighting problems as they arise. There are other people who will be better at these things than you, so let them do it; then you can spend your time doing what you do best. Even if you are on your own, you can still find somebody to help keep you accountable. I’ve been getting coached for 22 years. I still get coached today. I still write a check for somebody to help me improve my business. Once you’ve identified these activities, answer this question: What percentage of your time each week is invested in these specific tasks? The difference between how much time you could be spending on these tasks and how much you are spending on these tasks is your gap to creating a business that at some point will give you freedom of time and freedom of money. Your long-term goal is to spend 80% of your time on your highest-rate activities. No matter how well you do, you won’t get to 100%. As the leader and key decision-maker in your business, you will always be required to spend some time on more mundane decisions and tasks. The most successful business people I know are at 80%, and that’s great. Even if you are on your own, this is achievable. There are all sorts of excellent outsourcing services that cater to small businesses. Trust yourself to find the right people and guide them well, and then trust them to do the job for you. Give them good systems, wind them up and let them go. The world has become a smaller village, and the days of dodgy overseas outsourcing are long gone. Once you start to address these harsh truths about how you’re spending your time and you start walking the walk, you will quickly learn that you shouldn’t be making the coffee, going to the post office and chasing unpaid bills. It’s about having a strategic mindset. How will your next hour best be used to grow your business? You have to hold yourself accountable, and this can be tough because it can mean facing the fact that you haven’t been working as well as you could have been. I see it all the time: People think the solution to a struggling business is to work harder, but it’s not. It’s to work better.


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MPA MAG .COM ISSU E 8.4

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FOR MORE INFORMATION, VISIT WWW.MPAMAG.COM


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SOCIAL / CAUGHT ON CAMERA

Mortgage professionals from across the country turned out for the NAMB National conference and trade show, and MPA was there NAMB board member Rick Bettencourt speaks during the conference, held Sept. 13-15 at the Luxor Hotel and Casino in Las Vegas.

Dennis Black, president of Dennis Black and Associates (left), put in some face time with James Cutri, executive vice president of national production for Plaza Home Mortgage.

NAMB Broker of the Year Fred Kreger, branch manager with American Family Funding, was another conference speaker.

Plaza Home Mortgage sales manager Robin Ylitalo, left, and Greg Chaffin, director of sales and marketing for First Funding, Inc., attended the trade expo.

REMN impressed with a circus theme, including stilt-walkers. 64 | OCTOBER 2014

Michael Wilson and Kristina Bennett, both of United Wholesale Mortgage, mingled with other industry pros.


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Lender NMLS 2826. AFR Wholesale is a division of American Financial Resources, Inc. - AFR is a nationwide wholesale and correspondent lender and an approved lending institution. This information is provided to assist business professionals only and is not an advertisement extended to the consumer as defined by Section 226.2 Regulation Z. - EHL/EOE - 9 Sylvan Way, Parsippany, NJ 07054 - www.afrwholesale.com AB092014


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Mortgage Professional America issue 8.05  

The magazine for mortgage professionals in America.

Mortgage Professional America issue 8.05  

The magazine for mortgage professionals in America.

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