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MORTGAGEBROKERNEWS.CA ISSUE 8.06

Contents 22

December 2014

NEWS 6 | Statistics: Senior housing Why you can’t afford to ignore this huge market

COVER STORY

Hot 100 We’ve rounded up 100 of the year’s biggest movers and shakers in the mortgage industry. Find out who made the list

8 | News analysis The big banks keep slashing mortgage jobs 10 | Technology update Are eClosings the next frontier? Is Facebook entering the loan industry? Get the lowdown on this and other tech news 12 | Commercial lending update How Freddie Mac’s new program is cutting senior housing costs 14 | Branch network update Looking to join a branch network? Find out how to make yourself an attractive prospect 16 | Reverse mortgage update Reverse mortgages can be a boon for seniors and originators. But what’s the secondary market like?

FEATURES 50 | The risks and rewards of mini-corr The mini-correspondent channel can be attractive to brokers. Just make sure you’re prepared before you take the plunge

MORTGAGE INSIDERS

18

FEATURE

USDA loans USDA loans can be a great product for borrowers looking to purchase in a rural area. But how do lenders and originators get the word out?

54 | Industry Icon Mat Ishbia’s journey from the NCAA to the mortgage industry 64 | Head to head Are mortgage brokers an endangered species?

BUSINESS STRATEGY 62 | 5 ways to make your web (re)design easier Tips for designing a website that draws customers

PROFESSIONAL RESOURCES 58 | Branch network directory MPA’s all-inclusive directory of branch networks 2 | DECEMBER 2014


MPAMAG.COM

EDITORIAL

WHO’S HOT? A little while back, we asked you to send us your suggestions for mortgage industry players who were doing great things in the business. The best and the brightest are included here, in our second annual Hot 100. When we asked for your nominations, the response was overwhelming. We had a tough job choosing from so many worthy nominees, but we’ve whittled the list down to 100 people we think are making a difference in the industry. From the CEOs of major companies to innovative local originators, these 100 people are making waves in the mortgage business. Some, like Guaranteed Rate originator Joe Caltabiano, made the list because of their consistent excellence and innovation. Others, like CFPB director Richard Cordray, are there because their controversial policies keep people talking. The one thing all the members of the Hot 100 have in common is that they’re reshaping the mortgage industry. Whether they’ve invented cutting-edge software, become top salespeople or started a business that’s taken the industry by storm, each member of the Hot 100 is a force to be reckoned with.

Ryan Smith, editor, MPA

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

ART & PRODUCTION SENIOR GRAPHIC DESIGNER David Calderon DESIGN MANAGER Daniel Williams

SALES & MARKETING

CONNECT

Contact the editor: ryan.smith@ keymedia.com

VICE PRESIDENT Cathy Masek COMMUNICATIONS MANAGER Lisa Narroway MARKETING EXECUTIVE Alex Carr NATIONAL ACCOUNT MANAGER (PRINT) Vanessa Williams NATIONAL ACCOUNT MANAGER (DIGITAL) Anne LaFlam

CORPORATE 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@keymedia.com Advertising inquiries cathy.masek@keymedia.com Print: vanessa.williams@keymedia.com Digital: anne.laflam@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 Mortgage Professional America is part of an international family of B2B publications and websites for the mortgage industry Mortgage Professional Australia sam.richardson@keymedia.com.au T +61 2 8437 4787 Canadian Mortgage Professional vernon.jones@kmimedia.com T +1 416 644 8740 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

4 | DECEMBER 2014


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STATISTICS

SENIOR STATS

More seniors tend to own their own homes – and they have more equity. Are you in the right place to tap this lucrative market?

GRAY AREAS

These areas have the highest concentrations of senior citizens in the country

20.8% Lake Havasu City, Ariz. 22.6% Prescott, Ariz.

MORE SENIORS OWN HOMES

Although only about 0.05% of eligible seniors got a reverse mortgage last year, the majority of older homeowners are in a good position to tap their homes’ equity using the product. In fact, senior citizens looking to cash in on their homes’ equity are likely in a better position to do so than younger people. For one thing, seniors are more likely to own their homes than the general population. Of the 23.1 million households headed by seniors in 2009, about 80% were owned and 20% were rented, according to a report by the Department of Health and Human Services. By contrast, the homeownership rate of the general population is about 65%. The ownership rate for people under 35 is around 37%, and only about 61% of people between 35 and 44 own their homes, according to the U.S. Census Bureau. And seniors are much likelier to have paid off their mortgage. About 65% of older homeowners own their homes free and clear, according to DHHS. Only about 29% of the general population own their homes free and clear, according to a study by Zillow.

6 | DECEMBER 2014

Source: RetirementHomes.com


MPAMAG.COM

20.9% Ocean City, N.J.

SENIORS HAVE MORE EQUITY

Seniors tend to have more equity in their homes than younger homeowners, according to the U.S. Census Bureau. Homeowners over 65 have an average of between $130,000 and $140,000 in home equity. Average equity across all age groups, meanwhile, is $66,740. Homeowners under 35 years old had the least equity in their homes, with an average of just $20,000. Those between the ages of 55 and 64, meanwhile, had an average of $100,000 in home equity. Those between 70 and 74 years old had the most home equity, an average of $140,000.

20.8% Hot Springs, Ark.

25.5% Naples, Fla.

90k

60k

30k

0

75 and over

22.5% Cape Coral, Fla.

70 to 74

25.5% Vero Beach, Fla.

120k

65 to 69

30.5% Punta Gorda, Fla.

Average home equity

55 to 64

22.1% Port St. Lucy, Fla.

150k

45 to 54

26.5% Bradenton, Fla.

35 to 44

24.2% Palm Coast, Fla.

Under 35

24.2% Ocala, Fla.

Source: U.S. Census Bureau

DECEMBER 2014 | 7  


NEWS ANALYSIS

BIG BANKS CONTINUE TO SLASH MORTGAGE JOBS

When the refi boom stalled, lending giants suddenly found themselves with too many employees Mortgage industry employment continues to shrink, the reduction fueled primarily by job losses at major banks. The losses have come in large part thanks to the strangling of the refi boom when rates rose last spring. With rates near record lows, the industry added more than 14,000 jobs between the first quarter of 2012 and the first quarter of 2013 as refi demand soared. When rumors of an end to the Federal Reserve’s bond-buying program caused rates to spike, that demand withered, and thousands of mortgage employees were made superfluous. Big banks began instituting massive job cuts – almost 59,000 mortgage jobs have been eliminated since the second quarter of 2013. That year alone, there were nearly 32,000 job cuts – more than any year since 2008. That includes nearly 19,000 net jobs lost in the second quarter of 2014 alone. Total industry employment stood at 669,500 as of June 30, according to a MortgageDaily.com analysis. That’s down from 692,700 as of March 31 and 971,000 in June 2013. But almost all of the job losses came from the big banks, while non-bank lenders accounted for most of the hires this quarter. Four out of the five institutions with the biggest job losses were major banks. JPMorgan led the pack, cutting about

NO RESPITE FOR MORTGAGE WORKERS

11,500 mortgage jobs, almost three times the number of cuts made by Bank of America, which clocked the second-highest number of eliminations. Citi and Wells Fargo eliminated 2,200 and 1,197 jobs, respectively. Meanwhile, the top five industry hirers in Q2 were all non-banks – although the gains were modest compared to the job losses at the big banks. Walter Investment Management led the pack, adding 300 jobs. PRMI was a close second with 284, while New American (189), Freedom Mortgage (125) and PennyMac (100) rounded out the top five. But it’s not just the refi boom and bust that’s caused the big lenders to take a scythe to their employment rolls; major banks are also losing market share to non-bank lenders. In the first quarter of 2013, Wells Fargo – the nation’s largest lender – controlled 23.03% of the mortgage market. In the second quarter of this year, Wells was still the country’s biggest lender – but its market share had shrunk to just 18.5%. Meanwhile, non-bank lender PennyMac’s share had grown to 2.85% from just 1.86% in Q1 of 2013. And Freedom Mortgage, which hadn’t even broken the top 10 in market share in Q1 of 2013, had captured 2.1% of the market by the second quarter of this year.

JPMORGAN WIELDS THE BIGGEST AXE

20k JOBS LOST

15k

JPMorgan Chase Bank of America

10k

Citi Wells Fargo

5k

Residential Finance Corporation 0

0 Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014 Source: MortgageDaily

8 | DECEMBER 2014

2000

4000


MPAMAG.COM

The big boys are losing market share in large part because they’re backing away from some parts of the market, says David Margulies, vice president of global sales for American Financial Resources. “A lot of them have exited the wholesale market. That’s a piece of market share they otherwise would have been in control of,” he says. “Another piece of the puzzle is that when you get below a certain score level, the big banks are not a good option. There are mortgage bankers who will do loans under 660 – and regulators say that anything below 660 is considered subprime. Big banks don’t want to do subprime.” And the non-bank lenders haven’t been shy about going after business big banks are abandoning, Margulies says. “I think the great job by mortgage bankers in going after that business and taking it has been a driving force as well. It’s something mortgage bankers have been taking rather than something companies like Wells and Chase are ceding,” he says. “We’re just executing a lot better. These institutions are very large, and a lot of these loans are very handson – more than the big banks are able to do. They do things on more of an automated basis, whereas the mortgage bankers are able to get their hands into a file and take a more direct approach.”

FROM THE FORUM “This kind of news is getting depressingly common...” JoeS “I hate to read this kind of news, but if you live by the refi, you die by the refi. I looked through my records for 2013; I did one and only one refi, the rest were purchases” Nathan Smith “It doesn’t matter if you are a bank, mortgage banker or mortgage broker. No business can afford to have non-producing people on the payroll. No business owes anyone a job. That is not how business works” Michael “Large banks are shortsighted and could care less about their employees” F the large banks “Sad news for the people losing their jobs, may God be with them” Tony

BIG BANKS LOSING MARKET SHARE 30 25

Wells Fargo

20

Quicken Loans

15

JOBS CUT 6000

8000

10000

12000

Source: MortgageDaily

Bank of America

10

JPMorgan

5 0

Citi

Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014

Source: MortgageStats.com

DECEMBER 2014 | 9  


TECHNOLOGY UPDATE

The latest from the world of mortgage technology

TECH BRIEFS development, adding that the integration allows lenders to check compliance, generate document packages and deliver them to borrowers electronically from within their system of record.

>> DOES FACEBOOK ‘LIKE’ MORTGAGE LENDING? Rumors are circulating that Facebook may be getting into the lending business. The social media giant is said to be in talks with peer-to-peer lending services, including Lending Club and Prosper, about finding a way for Facebook users to get loans through the site. It also may be planning a way for users to exchange money using its Messenger app, but it’s still unknown what kind of loans, if any, the social network will offer. Neither Lending Club nor Prosper currently offers home loans, but both offer home improvement loans. >> A LA MODE, DATAMASTER EXPAND INTEGRATION SERVICES Appraisal management software provider a la mode and DataMaster, a provider of MLS-sourced comparable data structured for appraisers, have announced plans to integrate DataMaster’s full range of data with a la mode’s appraisal form-filling systems, which are used by more than half of all appraisers in the United States. DataMaster, which expects to be in 50 MLS markets by year’s end, says its comparables service will mean more certainty for appraisers that they’re in compliance. >> DOCMAGIC PARTNERS WITH LIQUID LOGICS Document preparation and compliance company DocMagic has integrated with Liquid Logics, a cloud-based LOS currently used by many direct lenders. “We’re integrating everything: document packages, compliance, eSign, e-delivery, e-appraisal, BorrowerMobile and, perhaps most important, the delivery of electronic documents to borrowers,” said Steve Ribultan, DocMagic’s director of business

10 | DECEMBER 2014

>> MORTGAGE BUILDER INTRODUCES MOBILE APP Mortgage Builder Software has announced an enhancement to Architect, its flagship LOS. Architect Connect will allow borrowers to interact directly with the system through mobile devices or home computers. Lenders can offer customers services like lead capture, prequalification and interactive Form 1003 loan applications, while borrowers can check the status of their loans directly from their mobile devices. “Architect Connect brings borrowers into the loan experience online from wherever they happen to be, anywhere in the world,” said Mortgage Builder COO John Vella. >> CORELOGIC LAUNCHES PROGRAM FOR CONDO LENDERS CoreLogic has launched a product to help lenders and investors determine whether individual condo projects meet investor eligibility guidelines. ‘CondoSafe’ solicits and retains information from more than 140,000 condominium associations (COAs) and analyzes the data to determine whether a specific project appears to be eligible for Fannie Mae, Freddie Mac and investor lending. CondoSafe will initially provide alerts based on apparent conflicts with investor guidelines. Future iterations of the program will also compare COA-provided data to historical statements and validate that data against other CoreLogic databases.

ECLOSINGS: THE NEXT FRONTIER? The next frontier in mortgage technology may very well be eClosings. The Consumer Financial Protection Bureau has launched a pilot program to explore how bringing more technology to the closing process will affect customer understanding and engagement, and whether it will save time and money for consumers and lenders. The program was announced following a CFPB report on “pain points” borrowers experienced during the closing process. For instance, most borrowers complained that they didn’t have enough time to review closing documents; many said they hadn’t seen the paperwork until they arrived at the closing table. “Consumers reported feeling pressure to rush through the paperwork and sign – even when they did not understand the terms,” the report found. Borrowers also said they faced overwhelming stacks of paperwork during the closing process. Some of those forms were intended to help the consumer understand the costs and risks of getting a mortgage – but others were included by the lenders to cover their own legal risks, and still others fulfilled various state, local and federal requirements. And most of those forms were “full of legalese and technical jargon,” according to the CFPB. Consumers also complained that frequent errors in closing documents led to delays in closing as agents had to redo the entire package. CFPB Director Richard Cordray says he hopes the eClosing program would mitigate some of those headaches. “We believe that eClosings have the potential to create a better process for everyone in-


MPAMAG.COM

volved,” Cordray says. “This eClosing pilot project will provide valuable insight as we work to improve the closing experience for consumers.” Twelve vendors and lenders are participating in the program. If successful, eClosings should greatly simplify the closing process, says Chris Ayoub, COO for pilot program participant DocMagic. “Paperless lending is the future for our industry,” Ayoub says. “We can drive costs out of the equation for lenders and give borrowers the experience they’ve been seeking in the home finance process.” Sharon Matthews, president and CEO of program participant eLynx, says eClosings are another step toward a loan process where all the documentation is created, filled out and stored electronically. “The CFPB’s focus on closings will accelerate the industry’s progress toward eMortgage,” she says. “By objectively evaluating different solutions and collecting performance metrics, the pilot will help identify technologies that improve the customer experience.”

ECLOSING PILOT PROGRAM PARTICIPANTS The CFPB has named 12 companies to participate in the eClosing pilot program. This mix of lenders and technology vendors will test the viability of the eClosing process:

Lenders

>> Blanco National Bank >> Boeing Employees Credit Union >> Franklin First Financial >> Flagstar Bank >> Mountain America Credit Union >> Sierra Pacific Mortgage

Vendors

>> Accenture Mortgage Cadence >> DocMagic >> eLynx >> Pavaso, Inc. >> PiersonPatterson LLP

Q&A: TECHNOLOGY AS A BRIDGE BETWEEN PEOPLE How is technology changing the mortgage industry? We asked Jim Howard, engineering director at Open Mortgage, what he views as the current hot tech topics MPA: Is there an emerging tech trend that loan officers can’t afford to ignore right now?

JIM HOWARD: Paperless is something that people have been talking about and watching. It’s gone past an emerging trend, and it’s now here. If mortgage companies don’t already provide not only a point-of-presence website for each of their LOs, but also a portal where borrowers can log in and satisfy a set of conditions, they need to get it within the next couple of months.

MPA: Paperless is undoubtedly convenient, but what makes it vital? What’s wrong with old-fashioned pen and ink? JH: We have the next generation of borrowers coming in who’ve just graduated from college. They grew up on Google and apps and are used to doing everything on the web. To continue that experience for that next generation of borrowers is going to be increasingly important in the future.

MPA: So with eClosings on the horizon and apps like Zillow Mortgage and ERATE already available, is the industry headed for an LO-free future? JH: One of the things that sometimes gets lost on the technology side is that it can’t be a completely technological experience. The borrower needs to have a back-and-forth with the loan officer – even if it’s not a phone call, even if it’s just an instant message. It’s when you can use technology to enable that relationship that you get the most benefit. The relationship has changed, but I don’t think loan officers are going anywhere. Fundamentally, it’s about building a relationship between the borrowers and the business, and you need loan officers to do that. More than ever, you’ve got to know people in your community, to get out and be personable. There’s no amount of technology that’s going to replace that.

MPA: So the technology just serves as a bridge between originators and their customers?

JH: Yes, exactly. You want to use the technology to enable and build these networks – not just a blank-book email, but building personalized, one-on-one interactions. More and more, the technology enables the lenders to make their businesses more efficient. Lending technology is just like any other business technology. You have to be able to change to meet new regulations, and embrace new things as quickly as possible.

DECEMBER 2014 | 11  


Notable news from the commercial

COMMERCIAL LENDING UPDATE

HOW FREDDIE MAC’S NEW PROGRAM HELPED ONE ORIGINATOR CLOSE A $14 MILLION LOAN

Walker & Dunlop has closed the first deal through Freddie Mac’s new affordable seniors housing initiative, which cut loan processing time in half – and saved the customer almost 40% A new initiative from Freddie Mac, which provides affordable senior housing developers a cheaper financing alternative for renovation projects, has allowed one ori ginator to cut processing time in half and helped a developer realize a cost savings of almost 40%.

COMMERCIAL BRIEFS >> COMMERCIAL ORIGINATIONS UP Third-quarter commercial and multifamily originations were up both year over year and quarter over quarter, according to the Mortgage Bankers Association. Commercial and multifamily originations rose 16% from the third quarter of 2013, and were 18% higher than last quarter. The year-over-year increase was driven primarily by a spike in originations for industrial and multifamily properties, according to the MBA. There was a 41% increase in dollar volume for multifamily originations and a 22% increase for industrial properties. The biggest increase over last quarter, meanwhile, was for office properties, which saw a 43% spike in Q3. >> COMMERCIAL CREDIT EASING While big banks have tightened credit for residential mortgages, they’re starting to ease up on commercial real estate, according to a Federal Reserve survey. Credit criteria for construction and land development loans have eased. The survey reported most banks have eased either standards or terms on CRE loans during the past three months, citing more aggressive competition from other banks or non-bank lenders as an important reason for having done so. Smaller number of banks also attributed their easing to a more favorable or less uncertain economic outlook and increased tolerance for risk.

12 | DECEMBER 2014

>> ASIAN INVESTOR APPETITE FOR MULTIFAMILY GROWS Asian investors are looking at multifamily properties. The group is on track to spend more on U.S. multifamily assets in 2014 than at any other time in history, according to commercial real estate firm CBRE. Asian buyers have invested more than $326 million in San Francisco this year, followed by Los Angeles at $252 million and New York at $175 million, according to the firm Overall, this group has completed $522 million in multifamily transactions from January through August.

>> PREDICTING COMMERCIAL TRENDS A new report from JLL Capital Markets highlights projected trends for the coming months. According to JLL, the multifamily sector may see an uptick in vacancies that will slow rent growth in the near future. The office property market, meanwhile, is expected to grow in many suburban areas, with rents rising and office construction increasing. JLL also predicts growth in the retail sector, particularly in light of emerging concepts such as “clicks to bricks,” where online stores open physical retail space. JLL expects especially strong retail growth in Sunbelt markets like Orlando, Dallas and Las Vegas.

Launched in September, Freddie Mac’s Direct Purchase of Tax-Exempt Loans program aims to keep rental housing affordable for lower-income families and increase cost-effective financing for taxexempt multifamily and senior housing properties. The senior housing sector is an attractive one, says Frank Baldasare, vice president of Maryland-based mortgage firm Walker & Dunlop. The sector is also more stable than multifamily, as its tenants stay longer and generally don’t move again. Baldasare says Walker & Dunlop’s senior housing loan origination volume has increased from last year to 10% of its total volume. He added that he expects it to increase again next year. The firm, which originated $2.4 billion in commercial loans during the second quarter, closed the first loan through the new Direct Purchase of Tax-Exempt Loan program in late September. The firm originated a $14.3 million loan for The Lakewoods, an affordable senior housing community in Dayton, Ohio, for Millennia Housing Development Ltd. Millennia, a Cleveland-based developer that acquires and rehabilitates residential properties across eight states, used the tax-exempt loan to renovate The Lakewoods. The developer used proceeds of the loan to replace all appliances, repaint, renovate the community’s parking lot and update its aging mechanical systems. Freddie Mac’s Direct Purchase of TaxExempt Loan program was introduced after The Lakewoods had been initially underwritten. However, Baldasare recognized that the loan would better benefit the community, especially because Millennia was on a time crunch.


MPAMAG.COM

lending space Nursing care Q2 2014

SENIOR HOUSING GROWTH

Nursing care Q3 2013

With rents growing and construction rising in relation to inventory, senior housing is seeing a boom

2.3%

2.0%

2.8%

2.7%

ANNUAL RENT GROWTH

1.7%

1.5%

0.00%

Senior housing Q2 2014 Senior housing Q3 2013

-0.1%

ANNUAL INVENTORY GROWTH

3.4%

3.5%

0.4%

0.6%

CONSTRUCTION VS. INVENTORY Source: Mortgage Bankers Association

The Lakewoods is one of 12 properties in the country awarded with the HUD’s Senior Preservation Rental Assistance Contract [SPRAC] program, which required that their loan be paid off by September 1. The maturation date put pressure on Baldasare to work quickly to refinance The Lakewoods mortgage. “If they didn’t meet that timeline, they would have lost the senior preservation rental assistance,” Baldasare says. “That would have meant the community would have had to convert to market rate, and many of the residents wouldn’t have been able to stay there. They had to pay the loan, or they would have lost the award.” Baldasare was able to close the loan in 90 days – compared to HUD’s typical timeframe of six to eight months. Millennia signed the loan application on May 28, and they closed on August 27. “We have a great partnership with Freddie Mac,” Baldasare says “They knew we had a tough timeframe, and they worked with us to meet it.” The program eliminated many of the costs associated with traditional tax-exempt bond financing, including fees paid to bond underwriters, their accompanying legal counsel and ratings agencies – savings that equate to about 40% of the cost of issuances, Baldasare said.

HOW IT WORKS Under the program, a Freddie Mac Targeted Affordable Housing servicer originates a direct tax-exempt loan to a government entity such as a city, county or state housing agency that can issue tax-exempt multifamily housing bonds. Simultaneously, using the proceeds of the tax-exempt loan, the issuer makes another loan – the project loan – to the borrower to finance the rehabilitation project. Freddie Mac then buys the tax-exempt loan from the servicer and holds it on its balance sheet before securitizing it and selling it to third-party investors. Baldasare says the new program is a godsend to affordable senior housing developers. “Freddie Mac’s new execution eliminates many of the costs that would normally be associated with bond issuance, making it ideal for affordable housing projects developed with 4% Low-Income Housing Tax Credits,” Baldsare says. Completing the first loan under the new program has been beneficial to Walker & Dunlop – the firm is set to begin work on four multifamily deals under the initiative. Walker & Dunlop is in talks with officials at HUD’s Rental Assistance Demonstration [RAD] about using the program and with Freddie Mac about making the product available for new construction.

FREDDIE’S DIRECT PURCHASE OF TAX-EXEMPT LOANS • Eligible properties Garden, mid-rise or high-rise multifamily properties with 4% low-income housing tax credits (LIHTC) • Maximum loan-tovalue ratio 85% of adjusted value or 90% of market value • Minimum loan term Remaining LIHTC compliance period, as long as there are at least seven years remaining in the benefit period, or 15 years, whichever is less • Maximum loan term 18 years • Maximum amortization 35 years • Pricing Transactions will be priced at a spread to 10-year Treasuries

DECEMBER 2014 | 13  


BRANCH NETWORK UPDATE

News & notes on branch network power players

BRANCH BRIEFS >> PLATINUM HOME MORTGAGE EXPANDS INTO UTAH, NEVADA Platinum Home Mortgage Corporation has announced the hiring of industry veteran Lynette Gilbert as a regional manager. Gilbert will build new sales and operations teams in Utah and Nevada. “Lynnette is a proven leader when it comes to building and managing successful teams,” said William Giambrone, Platinum Home Mortgage chairman and CEO. “Her ability to recruit talented people will enable Platinum to continue to grow and flourish.” The new Utah-Nevada market offers conventional, FHA, VA and USDA mortgages, as well as a variety of renovation programs and an in-house manufactured home financing program. >> CARRINGTON GOLF TOURNEY RAISES $1.4M FOR WOUNDED WARRIORS The Carrington Charitable Foundation’s annual Golf Classic, held in October, raised more than $1.4 million for wounded service members. The event featured a golf tournament, banquet and auction, with more than 450 guests in attendance to hear Iraq and Afghanistan vets and their caregivers describe the reality of living with catastrophic post-combat injuries. Also in attendance was actor and humanitarian Gary Sinise. All proceeds of the event went to benefit the Carrington House Project, the Veterans Airlift Command and the Gary Sinise Foundation.

>> GSF APPROVED AS GINNIE MAE ISSUER GSF Mortgage has been approved as a Ginnie Mae issuer. Ginnie Mae facilitates the securitization of government-insured loan products, guaranteeing that investors receive timely payments on mortgage-backed securities backed by federally insured or guaranteed loans. Ginnie Mae securities are the only mortgage-backed securities backed by the full faith and credit of the U.S. government. GSF’s acceptance as a Ginnie Mae issuer means the company will be able to offer more products, reduce underwriting requirements and lower interest rates for the customer. “We have had our sights set on becoming a Ginnie Mae Issuer for some time,” said GSF president Chad Jampedro. “The ability to issue Ginnie Mae securities will allow GSF to establish its own underwriting criteria within agency guidelines and retain the servicing rights of the borrower’s loans that we are originating. Our goal is to continue to serve our borrowers at the highest level, beginning at origination and continuing as their servicer.” >> LOANSTAR OPENS PHOENIX BRANCH Oregon-based LoanStar Home Lending has opened a new branch in Phoenix, Arizona. The branch will be managed by industry veteran Ron Schlachter, who has nearly 20 years of industry experience. He will be joined by loan officers Alen Rose, Richard Silva, Paul Tenaglia, Nikko Denis, Erik Black and David Uster. Jordyn Crabtree, Travis Melnyk and Brooke Schlachter will handle operations at the branch.

BRANCH NETWORKS: 6 REASONS TO JOIN MPA asked originators to rate six key selling points of branch networks on a scale from one to 10. Here’s what they valued most highly:

Underwriting/ processing support and turnaround time

9.2

Compliance support

8.9

Autonomy with support

8.5

Technology, software and CRM support

8.4

Marketing and brand awareness

7.5

Training and education

7.4 14 | DECEMBER 2014


MPAMAG.COM

GETTING BRANCH FIT

WHAT SHOULD YOU LOOK FOR IN A BRANCH? So you’re looking to join a branch network. There are probably several to choose from in your area – but not all networks are a fit for every originator. Here are some questions to ask before joining a branch network.

Being a lone wolf in the mortgage world is getting increasingly hard, especially with new regulatory hurdles being thrown up every day. That’s why a lot of originators are joining branch networks. Joining a network can ease a lot of headaches. Marketing, the fulfillment of continuing education requirements, compliance – a good branch network can help its originators with all of these and more. But joining a branch network isn’t as easy as calling one up and saying you want in. Not only does the network have to be right for you, you have to be right for it. So how do you make yourself an attractive prospect for a branch network? Steven Reich, senior vice president of production at Gateway Funding, says his company looks at a number of factors when assessing potential branch partners. “The first thing we look for is somebody who understands the business, somebody who’s been in the business for a while,” Reich says. “And somebody who has some loyalty to companies – we don’t like to see job-hoppers.” Reich says you also should be prepared for a branch network to want to know how you run your shop. That means opening up your book of business for network representatives. One of the top things branch networks look at, Reich says, is how much business an originator is doing compared to the expenses the network projects it will take to run the branch. The network is also going to want to know the type of business you’re doing, he says. The network is also going to want to make sure the type of business you’re doing is a good fit, Reich says. “There are

certain brokers or branches that do certain types of business – for instance, co-ops in New York City. Gateway doesn’t do co-ops, so if that’s a significant percentage of their business, it wouldn’t make sense. It’s not a model match.” And don’t be surprised if you’re asked why you want to make the switch to a branch network, Reich says. “We look for how long they’ve been a broker and why they’re getting out of it,” he says. “The thing we like a broker to say is, ‘I want to get to a company where I’m just on the origination side of the world. I’m tired of the compliance; I’m tired of the audits’ – the stuff Gateway takes care of. They want to go out, write a loan, make sure it gets closed, then go out and write another loan. We’re looking for answers like that from them.” And many branch networks will want to assess you personally before making a commitment – so don’t be surprised if a face-to-face meeting is part of the process. Branch network reps aren’t just trying to suss out your personality. Often, they’re also trying to get a feel for whether you’ll be able to adapt to the difference between the wholesale side and the mortgage banking side. “I would say the one concern coming from the broker world is the broker mentality that every loan has a fit somewhere,” Reich says. “Good or bad, you can take a loan and say, ‘Okay, I have 50 different lenders I’m signed up with. I’ll find someone who can take it.’ In the correspondent world and the mortgage banking world, Gateway’s going to be the one writing that loan. We have a huge array of products, but there’s probably going to be

• Does it have the products you need to succeed? • Is the company culture one you’re comfortable with? • What are their overlays? • Who is responsible for what at the branch level? Some companies have branches do a lot more than others. • What’s your source of business, and is that company okay with it? Does the company have any restrictions on marketing policies and procedures? • Has the company been around a long time? You’re probably safer, at least starting out, with an established network. • Does the company have strong leaders that understand what it takes to get through the ups and downs in the business? • Are the company’s pricing philosophies in line with what you want?

something we can’t do. They have to get in their heads that not every loan can be done.” But the tradeoff, he says, is far more control over the loan process. As a branch manager, you’ll have far more access to the underwriting staff than at many wholesalers – and often, far greater precision when quoting turnaround times and closing dates. DECEMBER 2014 | 15  


REVERSE MORTGAGE UPDATE

NEWS IN BRIEF

>> FHA-BACKED HECMS EXEMPT FROM ‘SKIN IN THE GAME’ RULE The government has issued its final Risk Retention rule as required by the DoddFrank Act. The rule should go into effect in October or November 2015. The rule will require issuers of securities backed by financial assets to retain at least 5% of the risk. However, FHA-insured home equity conversion mortgages would be exempt from the rule. Sponsors of securitizations backed by non-FHA-insured reverse mortgages will be subject to the rule – except, generally, those held in portfolio.

What’s new in reverse mortgages

ORIGINATORS STILL HAVE A LOT TO LEARN ABOUT REVERSE

“This market holds a tremendous growth potential”

Kimberly Smith, senior vice president of wholesale lending, American Advisors Group >> CA MANDATES ‘COOLING-OFF’ PERIOD FOR REVERSE MORTGAGES Under a new California law, borrowers wishing to obtain a reverse mortgage will have to wait through a ‘cooling-off’ period after counseling before continuing with the process. The law requires reverse borrowers to wait for seven days following counseling before lenders can accept their applications or assess any fees. The new law should have a “negligible impact” on reverse business, according to Paul Fiore, executive vice president of retail sales for American Advisors Group. Fiore was concerned, however, about the effect of the law on reverse borrowers. “In a rising interest rate economy, the borrower may end up with a higher rate of interest by having to wait seven additional days for his or her application to be accepted,” he said.

16 | DECEMBER 2014

Why get into reverse mortgages? That’s easy, says Kimberly Smith, senior vice president of wholesale lending for American Advisors Group. Reverse mortgages are lucrative, they’re flexible – and a substantial portion of your client base may already be eligible for them. “The reality is that 50% of homeowners are 50 years old or older,” she says. “That means half of your potential market is either qualifying age or getting close to qualifying age for a reverse mortgage. Reverse mortgages are a way to evolve your business and meet the needs of your aging clients.” The problem, Smith says, is that even many mortgage professionals don’t know the ins and outs of the reverse space. For instance, many originators aren’t aware that home equity conversion mortgages can be used to purchase homes. “I was speaking to a mortgage broker in

California who was helping his parents purchase a home, and he had no idea they could use a reverse mortgage to purchase the home,” she says. “They were going to walk away and rent an apartment, and now they’re going to purchase the home they wanted. That’s just one example of people – even in the industry – who don’t know the opportunities. Right now, people are getting loans where a reverse mortgage would be a better option, and they’re just not aware that it’s available.” And that’s too bad – because it’s a market that can be very lucrative for originators. Reverse mortgages are excluded from the 3% cap rule for loan officer compensation. And most HECM loans are put into Ginnie Mae securities – one of the most liquid markets in the world – so the secondary market for reverse is especially strong. “This is a AAA-rated product, because it’s backed by the United States government – so it’s a very good investment,” Smith says. “And it’s not just a liquid market for the Ginnie Mae securitizers. As a bank or broker finding a lender to sell your loan to, there are many options there as well.” So how do you enter the market? That’s simple, Smith says. “First, you make a choice to be part of the future growth of reverse mortgages. You find and work with a lender to design an education plan for your company and educate your associates on the reverse mortgage program. Then you review your marketing plan to see how reverse can be targeted. Then just watch the growth – because this market holds a tremendous growth potential.” Even your marketing strategy doesn’t have to undergo a sea change, she says. “I like to tell people to use their expertise and their existing client base and simply plug in the reverse mortgage product attributes into that existing marketing plan,” she says. “You’re already touching these clients with your existing marketing efforts, and that includes both purchase and refinance business. So it’s just a matter of knowing that what you’re looking for is already out there.”


MPAMAG.COM

Q&A: CAPTURING REFERRAL BUSINESS Referral business is just as important on the reverse side as it is for traditional originators. But those originating reverse mortgages are often going after very different types of referral partners. Financial advisors, estate planners, accountants – these are all professionals who, if properly educated, might recommend a reverse mortgage to their clients as a financial tool. Urban Financial of America has made it a point to recommend these referral partners to its brokers – even holding training webinars and other educational programs to teach originators how to communicate with financial professionals. MPA sat down

with Anneta Pope, UFA’s vice president of business development, to chat about capturing these referral sources. MPA: UFA is very big on getting referral partners on board with reverse mortgages – people like financial advisors and estate-planning lawyers. How do you go about doing that? Anneta Pope: Ultimately, I don’t believe in the approach of selling anything. I believe in educating and informing – getting your partners – financial advisers, lawyers or whomever you’re talking to – to understand the value of that book of business. Now, in this industry, we tiptoe around that a bit – and understandably so. No one wants to seem like, “Oh, this is about money.” It’s supposed to be about helping the borrower – which is true. That’s the end result. But in the interim, everyone in between wants to know how it will positively

impact their business. Why should they offer this product? MPA: So why should financial advisors, attorneys, and other professionals let their clients know about reverse mortgages? AP: I think in the past, it’s been, “You should consider a reverse mortgage for your clients.” What we changed was the following: Most financial advisers are only adding 1.5 people to their book of business annually. So they need liquid assets to continue to invest for their clientele. So what we did was an educational campaign to educate all of our partners as to how you speak to a financial adviser. The primary thing was, “Let’s educate our partners – give them the tools and the lingo to go into a financial adviser’s office and properly educate them.” We’re saying, “This might not be for everyone, but we think you should take a look.”

DECEMBER 2014 | 17  


FEATURE / USDA LOANS

COUNTRY HOME Rural development loans can be great products for saving borrowers money. But who’s eligible? And how do originators find them?

18 | DECEMBER 2014


MPAMAG.COM

USDA LOAN REQUIREMENTS The United States Department of Agriculture’s rural development loan program can be great for borrowers. It can save them money – and it’s one of the last loan programs on the books that can provide 100% financing. But how do originators determine who’s eligible for the program? And how do they market it?

A PROGRAM FOR AVERAGE AMERICANS USDA loans are meant for prospective homeowners who live in what the government defines as “rural” areas. With competitive rates and the possibility of 100% financing, that makes USDA mortgages attractive products for some lenders. With strict maximum income requirements – these vary from region to region – the program is aimed squarely at low- to moderate-income borrowers. Raymond Brousseau, executive vice president of mortgage lending for Carrington Mortgage Services, says that the USDA loan program fits perfectly with his company’s strategy of serving borrowers with less-than-perfect credit. “Our mission is to help average, everyday, middle-income America. The USDA loan falls nicely into that strategy, because it’s designed specifically for average, everyday, middle-income America,” Brousseau says. “By default, the program is limited to middle-income America. It’s not for folks making a hundred grand a year, two hundred grand a year, going out to buy a million-dollar home. It’s for folks of modest means to go out and buy homes that are in more suburban or rural markets, and the property type needs to fit that. It’s basically limited to single-family detached residences – although they can sometimes do condos.” USDA loans can save the right kind of borrower a lot of money, on everything from monthly payments to mortgage insurance. “The guarantee is much cheaper, to the tune of about a third of what the mortgage insurance for an FHA loan would cost,” Brousseau says. “So it can be a great option for the borrower.” And, of course, the prospect of 100% financing can be a big draw. “This [program] is unique in that regard, because it’s truly 100% of the appraised value,” Brousseau says. “It’s truly a very affordable loan – a very easy loan to come into with very little cash out of pocket, if any.”

USDA loans can be a boon for borrowers with less-than-perfect credit, but how do you know whether your clients will qualify? In general, the USDA looks at three big factors when determining whether a borrower is eligible for this loan: • Do the borrowers live in a rural area? This is the biggie. The property must fall within the USDA’s definition of “rural” – but that definition can be fairly liberal. In general, a potential home should be located in “open country” or in an area that has a population of less than 10,000, or 20,000 in areas where mortgage credit is especially tight. But many small towns – and even suburbs of larger metro areas – fall within that definition. If you think your borrower might qualify, it’s best to check with the USDA. • Is the home to be purchased in good repair? That means it needs to be structurally sound, with working electrical and plumbing systems, no pest damage and functional heating and cooling. • Do the borrowers meet the maximum income restrictions? USDA loans are meant to help low- to moderate-income families. That means your borrower will have to fall within certain income restrictions, which vary depending on the area in which the borrower wishes to purchase a home.

GETTING THE WORD OUT So how do you market USDA loans? According to Tom Shaw, Carrington’s vice president of marketing, that’s less of a problem than you might think. Consumers in rural areas tend to be far more familiar with USDA loans than borrowers are of other niche products, he says. “What we find is that about half the borrowers out there know about it if they live in those areas,” Shaw says. “So you really need to let Realtors and customers know that you offer this.” You’ll want to make sure you’re reaching the right audience, too. “It starts with understanding about who it pertains to,” Brousseau says. “You certainly wouldn’t go out to the corner of 5th and Broadway and put up a billboard – that’s not your customer base. There needs to be awareness throughout the industry about these loans and who qualifies for them.” And part of that awareness is knowing the loans aren’t just for borrowers looking to buy a farmhouse somewhere in the empty stretches of the great plains. The USDA’s definition of “rural” is rather liberal – many subdivisions, small towns, and even suburbs of larger metro areas qualify under the program. The USDA maintains maps of eli-

ADVANTAGES OF USDA LOANS • No down payment required. The USDA Guaranteed Loan is one of the few loan programs that doesn’t require a down payment. • Easier qualification. Since USDA Rural Development loans are backed by the USDA, lenders are more likely to approve firsttime buyers. • Competitive interest rates. A government guarantee means lenders can offer competitive rates on 30-year USDA loans.

DECEMBER 2014 | 19  


FEATURE / USDA LOANS

gible areas at its rural development website, www. rurdev.usda.gov. Generally, though, the USDA defines a rural area as one where the population is less than 10,000 – or 20,000 in areas where mortgage credit is especially tight. So what kind of borrowers are you targeting? “It’s going to come down to someone who lives in a particular geography and has certain income requirements,” Brousseau says. “Once you’ve identified those clients, you can use any kind of advertising campaign to let those folks know it’s available – and certainly doing marketing to your Realtor partners who would be out there trying to sell those homes.”

A GROWING TREND USDA loans are a relatively small part of the

overall market. But Brousseau says his company is seeing more and more of them of late. “Up to now, it’s been a relatively small piece of our business, but it’s been growing. When we tilted our strategy toward the underserved market in April, we started seeing more of them,” he says. And the recent introduction of a pilot USDA refinance program, which offers an interest rate a minimum of 100 basis points below the borrower’s current rate, has boosted business even more. “That’s increased our production, because we as a servicer have USDA loans that we’re servicing, so this pilot program allowing USDA refinances has been a big shot in the arm as well,” Brousseau says. “Since we started to focus more on the underserved market, the product has started to become much more popular.”

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**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. 

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MPAMAG.COM 2014

Welcome to the second annual MPA Hot 100. We asked you, the mortgage origination community, to pass on your suggestions for the big names to be considered for inclusion on this list of the industry’s power players. From CEOs and presidents of major lenders to local heroes, the names came flooding in. While this isn’t an exhaustive list of influential players, we’ve whittled it down to the 100 people who we think merit a mention this year – whether it’s for their stellar achievements, or for hitting the news for the wrong reasons.

Bill Ashmore, President, Impac Mortgage Since taking the reins as president at Impac Mortgage in 1995, Bill Ashmore has overseen more than $90 billion in residential and commercial origination. He’s also responsible for managing $30 billion in mortgage assets. Ashmore recently spearheaded the launch of Impac’s non-qualified mortgage product, the Alternative QM (AltQM) program. AltQM is designed to offer brokers and correspondents an alternative to conforming agency products.

Katherine T. Le, President, Stearns Lending As a child, Katherine Le was captured with her family as they tried to escape the communist regime in Vietnam. Eventually relocating to Southern California, Le earned a bachelor’s degree in business management from California State University-Fullerton. Le joined Stearns Lending in 1995, and has been instrumental in the company’s phenomenal growth. When Le took the reins at Stearns, the company had an employee base of 30. Today, Stearns employs nearly 1,500 people and is licensed in 49 states and the District of Columbia. In 2011, Le was recognized by the Orange County Business Journal as one of the country’s most prominent female executives.

INDEX BY NAME PAGE

Anderson, Ben (Guaranteed Rate) Ashmore, Bill (Impac Mortgage) Banosian, Shant (Guaranteed Rate) Bartreau, Raymond (Best Rate Referrals) Bien-Aime, Vladimir (Global DMS) Blatt, Jim (Mortgage Returns) Brannan, Sean (Capital Funding Corporation of America) Braun, Shimmy (Guaranteed Rate) Broukhim, Pouyan (PB Financial) Brousseau, Raymond (Carrington Mortgage Services) Caltabiano, Joe (Guaranteed Rate) Catinella, Dan (Gateway Funding) Chan, Michael (ComplianceEase) Ciardelli, Victor (Guaranteed Rate) Clark, Sean (Advisors Mortgage Group) Collup, Jody (Global DMS) Cordray, Richard (CFPB) Councilman, John (NAMB) Creasy, Diane (Open Mortgage) Currie, Don (HighTechLending) Cutri, James (Plaza Home Mortgage) Dahiwadkar, Sanjeev (IndiSoft) Deery, Michael (Citywide Financial) DelMonte, Donna (StreetLinks Lenders Solutions) DeLory, Kevin (Carrington Mortgage Services) DelTorto, Nicholas (Inlanta Mortgage) Dimon, Jamie (JPMorgan) Dubnoff, Corey (American Financial Resources) Egeberg, Derek (Academy Mortgage) Emerson, William (Quicken Loans) Everett, Scott (Supreme Lending) Farr, Geri (NOVA Home Loans) Franchi, AJ (Gold Star Mortgage Financial Group) Friend, Josh (InSellerate) Frigano, Heidi (United Northern Mortgage Bankers) Gale, Greg (NOVA Home Loans) Gedde, Jon (Alderus Funding) Glass, Justin (United Wholesale Mortgage) Gonzales, Michael (Open Mortgage) Gordon, Scott (Open Mortgage) Guillory, Caleb (TagQuest) Hale, Brian (Stearns Lending) Hensarling, Jeb (House Financial Services Committee) Hipp, Melinda (VanDyk Mortgage) Hsieh, Anthony (loanDepot LLC ) Iannitti, Dominic (DocMagic) Ishbia, Mat (United Wholesale Mortgage) Jahangiri, Reza (American Advisors Group)

44 23 36 36 44 42 48 44 40 31 32 38 40 33 42 33 30 38 24 48 36 36 28 38 33 36 24 44 33 25 24 49 44 38 46 46 42 34 28 35 48 26 32 43 38 45 30 48

DECEMBER 2014 | 23  


SPECIAL REPORT / HOT 100

Scott Everett, President, Supreme Lending Since founding Supreme Lending in 2007, Scott Everett has grown the Texas-based company into a nationwide operation with licenses in more than 40 states and new branches added virtually every month. Everett has been recognized as one of the most tech-savvy professionals in the market and one of Texas’ top entrepreneurs. Supreme Lending also has been consistently recognized as one of the best places to work in North Texas.

Jamie Dimon, CEO, JPMorgan Chase Jamie Dimon, head of the nation’s second-largest lender, has continued to lead JPMorgan Chase despite being diagnosed with throat cancer earlier this year. Dimon has led his company in a retreat from some mortgages this year, shying away from less creditworthy borrowers and stepping back from FHA-backed loans. According to Dimon, federal and state regulations are making it harder and harder for big banks to recover losses on riskier loans.

Phil Tocci, SVP and General Sales Manager, NE Moves Mortgage

Donald Layton, CEO, Freddie Mac Since Donald Layton took over Freddie Mac in May of 2012, the mortgage finance giant has seen profits roll in. Of course, since Freddie was put into government conservatorship in 2008, those profits have been routed directly to the Treasury. Freddie has now sent the government more money than it received when it was bailed out. But many lawmakers – on both sides of the aisle – are trying to bury Freddie despite the money it pumps into the Treasury.

A mortgage professional since the mid-1980s, Phil Tocci took the helm at NE Moves Mortgage’s production side 10 years ago. In that time, the company has consistently closed more than $1 billion every year, with one of the highest pull-through rates for investors in the industry. Tocci’s focus on corporate and international relocation mortgage Diane Creasy, services has earned him industry-wide recogniVP of Marketing, Open Mortgage tion as one of the go-to experts in the field. Active Diane Creasy’s marketing acumen has been a in local charities, Tocci has long been an advocate game-changer for Open Mortgage. Creasy built all for Coldwell Banker Cares, a nonprofit that beneof the company’s websites, allowing consumers and fits worthy causes, from Toys for Tots to the Perrealtors to work more efficiently with Open kins School for the Blind. Tocci also has been a Mortgage’s 150 loan officers. She also invented an volunteer coach for youth sports for more than 30 automated system to customize all of the compayears and serves on the board of directors for his ny’s loan programs and marketing specials into local youth baseball program. flyers and rack cards – offering loan officers instant, custom-branded marketing pieces designed to reach out to their communities. Jonathan Marcoline, Branch Manager and Loan Officer, “We already had a brand, but Diane helped us FBC Home Loans renew and strengthen it,” says Open Mortgage Since becoming a loan officer in 2002, Jonathan Marcoline has increased both founder and CEO Scott Gordon. “As markets have his loan volume and dollar volume every year. In the last 12 months, Marcoline changed, Diane saw that we needed to change loan has racked up almost 350 loans for a total dollar volume of more than $79 milofficer behavior, so she created an annual calendar lion. In 2013, Marcoline closed more loans than any other originator in Pittsof specials that get loan officers out meeting people burgh, and was one of the top-producing originators in the nation. “As a producand growing their networks. I truly believe we offer ing branch manager, Jon has been able to create an incredible balance between more marketing support for our loan originators generating new business and overseeing an entire processing staff,” says colthan any other mortgage company I have seen.” league Samantha Miller. 24 | DECEMBER 2014


MPAMAG.COM 2014

INDEX BY NAME (CONT.)

Frank Kuri, SVP of Branch Development, Residential Home Funding Joshua Moffitt, Founder and President, Silverton Mortgage Specialists Since founding Silverton Mortgage Services in 1998, Josh Moffitt has molded the firm into one of the fastest-growing companies in the nation. Still an active originator himself, Moffitt has been recognized with the Mortgage Bankers Association of Georgia’s Platinum Award for exceeding $25 million in personal production volume. Moffitt attributes Silverton’s success to its emphasis on communication between originator and borrower. “One of the sayings that kind of defines us is that we’re a communications company first, and we just happen to do mortgages really well,” he says. Moffitt also uses his success to give back, launching the Silverton Foundation last year. The foundation provides mortgage payments, rent and other home payment assistance to families with hospitalized or critically ill children. It provided 20 months of payments in 2013, and has already tripled that in 2014.

Frank Kuri joined the mortgage industry in 1986 and began originating in 1990. Quickly mastering in-house, media-driven originations and developing a large referral-based business, Kuri soon became the top originator at his firm. In 1999, Kuri recognized the potential of the industry’s new branch concept and created a P&L branch division. That foresight resulted in the opening of 55 branch offices across 20 states, closing a consistent average of $750 million per year.

William Emerson, CEO, Quicken Loans William Emerson believes in an open corporate culture. That’s why he gives his cell phone number out to his employees – all 8,500 of them. He’s also led Quicken Loans to a stellar rise through the industry. When Quicken Loans was founded in 2006, it was the 34th largest originator in the nation. Now it’s originating more loans than Citigroup, U.S. Bancorp or PennyMac, putting it comfortably among the top five mortgage originators in the nation.

Johar, Harinder (Guaranteed Rate) Keene, Mary (Academy Mortgage) Kessler, Adam (Academy Mortgage) Kuri, Frank (Residential Home Funding) Laffey, Kevin (Inlanta Mortgage) Lawson, Laura (United Wholesale Mortgage) Layton, Donald (Freddie Mac) Le, Katherine (Stearns Lending) Lund, Lisa (Lund Mortgage Team, Inc.) Luysterborghs, Adam (Avant Capital Partners) Macias-White, Erika (HighTechLending) Maimon, Mark (Sterling National Bank) Malatesta, Kelly (Affiliated Mortgage Company) Marcoline, Jonathan (FBC Home Loans) Martin, Angela (CFPB) Mayopolous, Timothy (Fannie Mae) McNee, Bryan (MBSAuthority.com) Meitner, Susan (Centennial Lending Group LLC) Meyer, Stephen (Advisors Mortgage Group) Milstein, Daniel (Gold Star Mortgage Financial Group) Moffitt, Joshua (Silverton Mortgage Specialists) Moynihan, Brian (Bank of America) Murray, Keith (PCV Murcor) Nodarse, Carlos (Applied Business Software) Onofrio, Jeff (AnnieMac Home Mortgage) Peskin, David (Reverse Mortgage Funding) Peters, Andrew (First Guaranty Mortgage Corp) Pisnoy, Richard (Silver Fin Capital Group) Prieto, Alissa (Reverse Mortgage Funding) Quddus, Omar (Digital Risk) Rhea, Tyler (Norcom Mortgage & Insurance) Rosenbaum, Michael (American Pacific Mortgage Corporation) Salamone, Peter (Inlanta Mortgage) Savitt, Marc (NAIHP) Scarpati, Jonathan (Urban Financial of America) Shein, Josh (Maverick Funding) Shekhar, Shashank (Arcus Lending) Sinks, Patrick (MGIC Investment Corp.) Slavin, Michael (Privlo) Smith, Kimberly (American Advisors Group) Stearns, Glenn (Stearns Lending) Sugg, Daniel (Gold Star Mortgage Financial Group) Tanga, Jodie (Pacific Rim Mortgage) Tocci, Phil (NE Moves Mortgage) Vaughan, Kathleen (Stearns Lending) Velez, Michelle (California Association of Mortgage Professionals) Walker, Melissa (TruHome Solutions) Warren, Elizabeth (Senate Banking Committee) Watt, Mel (FHFA) Weilert, Linda (Open Mortgage) Weinberg, Glen (Fairview Commercial Lending) Yellen, Janet (Federal Reserve)

42 34 30 25 43 26 24 23 39 36 48 46 40 24 32 33 43 40 38 44 25 34 44 28 39 46 46 30 32 32 43 40 42 34 46 33 26 40 48 47 27 42 32 24 34 30 46 28 28 26 43 26

DECEMBER 2014 | 25  


SPECIAL REPORT / HOT 100

Janet Yellen, Chair, Federal Reserve

Laura Lawson, Chief People Officer, United Wholesale Mortgage Since joining United Wholesale Mortgage in 2011, Laura Lawson has been instrumental in the company’s rise to become one of the nation’s top wholesalers – first as marketing director, and now as UWM’s chief people officer. While director of marketing, Lawson also was involved in UWM’s creative workspace design, which won national recognition. Now, as chief people officer, Lawson is making UWM’s people and office culture her top priority, and has already been instrumental in UWM being selected as the top place to work in metro Detroit. A former television producer, Lawson has worked on The Ellen DeGeneres Show, Fox Television and the Grammy Awards. “Lawson’s tremendous capacity to make unconventional ideas come alive and give everyone an opportunity to make an impact will be amplified throughout the company in her new role,” says colleague Beth Kubasinski.

Janet Yellen became the first female head of the Federal Reserve when she replaced Ben Bernanke early this year. Her dovish monetary policies have kept rates low, and she pleasantly surprised the mortgage industry by not ending the Fed’s bond-buying program in October as was widely expected.

Brian Hale, CEO, Stearns Lending A 35-year industry veteran, Brian Hale joined Stearns Lending in 2012. Prior to his role at Stearns, Hale served as president and national production executive at MetLife Home Loans. He’s also held senior roles at Bank of America, Countrywide Home Loans, Wells Fargo and Fleet Mortgage. A sought-after speaker at mortgage events, Hale has been recognized as one of the top executives in the industry.

Linda Weilert, Reverse Loan Officer, Open Mortgage With nine years of experience in the reverse industry and an expert knowledge of senior services, Linda Weilert is one of Open Mortgage’s go-to people for reverse. Weilert has been ranked No. 1 nationwide for her fundings and originations, and has won the prestigious Bank of America Spirit Medallion for her drive and dedication. “It’s very reassuring to know that we have a loan officer doing all that she can to help these clients,” says legal consultant Yolanda Guerra.

Shashank Shekhar, CEO, Arcus Lending Shashank Shekhar entered the mortgage industry in 2008 with just three people in his database. Despite starting up in one of the worst years in history for the industry, Shekhar has since grown his business by more than 1,400%. In the last 12 months, Shekhar has originated more than $70 million in loans. An author, speaker and radio show host, Shekhar has been recognized numerous times as one of the industry’s top professionals, and is often tapped by the national media for his expertise.

26 | DECEMBER 2014


MPAMAG.COM

2014

Mortgage bankers who succeed in today’s industry have prepared for the ‘new normal’ early, by making investments that ensure they are well positioned to meet higher standards in quality and compliance. We strengthened our company through this kind of investment

Glenn Stearns, Chairman and Founder, Stearns Lending Glenn Stearns founded Stearns Lending in 1989. Under Stearns’ leadership, the company has experienced decades of exponential growth. Today, it boasts more than 1,500 employees and is the nation’s number-one residential wholesale lender. Stearns Lending is also among the top 20 residential lenders by volume. Stearns has been named the Ernst & Young Entrepreneur of the Year, and in 2011 became the youngest member ever inducted into the Horatio Alger Association of Distinguished Americans. In 2013, he was elected to that body’s board of directors. In addition to Stearns Lending, Stearns has founded and run other mortgage-related businesses, including a title company, an appraisal management company and a due diligence company. NOVEMBER 2014 | 27  


SPECIAL REPORT / HOT 100

MPAMAG.COM

Carlos Nodarse, VP of Operations and Software Development, Applied Business Software Carlos Nodarse first went to work for ABS as a part-timer while he was still in high school. After graduating from Loyola Marymount University with a degree in software engineering, he went back to ABS full-time and has been there ever since. Nodarse’s expertise and leadership have helped to make ABS’s flagship product, The Mortgage Office, the most widely used loan servicing software in the industry.

Elizabeth Warren, Member, Senate Banking Committee Elizabeth Warren is a vocal proponent of mortgage reform, and is adamant that the government’s affordable housing goals were not to blame for any part of the housing meltdown. Warren is a controversial figure in the mortgage industry, having helped to create the Consumer Financial Protection Bureau. She’s also been vocal about blaming brokers for helping to start the financial crisis.

Michael Gonzales, Loan Officer, Open Mortgage By the time he was 23 years old, Michael Gonzales had already launched his own mortgage branch office. With more than a decade of industry experience under his belt, Gonzales is one of Open Mortgage’s top young originators and has helped hundreds of families into the homes of their dreams. In 2013, Gonzales and his team (which has just one other originator) clocked more than $15 million in total sales volume. Recognized as one of MPA’s Young Guns of the mortgage industry, Gonzales was also honored by the Financial Educators Council for his contributions to financial literacy in his community.

Mel Watt, Director, FHFA When Mel Watt took the reins at the Federal Housing Finance Agency, he had the support of industry groups like the Mortgage Bankers Association, but the opposition of Senate Republicans. But while Watt put the kibosh on some of the more unpopular policies of his predecessor, Edward DeMarco, some industry experts are concerned that Watt hasn’t done enough as chief regulator of Fannie Mae and Freddie Mac. Months after his swearing-in, there’s still no clear picture of the future of mortgage finance. 28 | DECEMBER 2014

Michael Deery, President, Citywide Financial Born and raised in Donegal, Ireland, Michael Deery moved to the U.S. in 1994 to play soccer at the University of San Diego, and he’s brought that winning attitude to his work. One of the nation’s top originators, Deery funded more than $93 million in loans in 2013. An avid writer, Deery pens a biweekly column for the San Diego Union-Tribune’s real estate section.


MPAMAG.COM

Congratulations to our

Hot 100 Honorees

W

e are proud to have six Guaranteed Rate team members included on MPA’s Hot 100 List this year, including our President & CEO Victor Ciardelli and five of our top originators. Guaranteed Rate’s platform is built to enable originators to focus their time on growing their purchase business by assisting more borrowers and developing stronger referral partner relationships. Contact one of our Regional Managers to learn more about our growth platform and how we can double your purchase business. Northern CA, OR, WA Cory Carroll P: 415.255.5680 Cory.Carroll@guaranteedrate.com Los Angeles/San Diego/Southern CA James Elliott P: 310.806.4604 James.Elliott@guaranteedrate.com CO, WY, MT, ID Derek Bamonte P: 303.861.5402 Derek.Bamonte@guaranteedrate.com

Victor Ciardelli

Joe Caltabiano

Harinder Johar

Ben Anderson

Shimmy Braun

Shant Banosian

Irvine, California 2013 loan volume: $201.3MM

Chicago, Illinois 2013 loan volume: $200.8MM

Waltham, Massachusetts 2013 loan volume: $168MM

President & CEO

UT, NV - Julia Borst P: 801.617.1200 Julia.Borst@guaranteedrate.com AZ - Todd Heaton P: 602.549.3008 Todd.Heaton@guaranteedrate.com TX, OK - Tom Gamache P: 773.969.5696 Tom.Gamache@guaranteedrate.com IL (Chicago - Southwest Suburbs) Jeff Slater and Dan Rogers P: 708.430.0300 JSlater@guaranteedrate.com DRogers@guaranteedrate.com

Chicago, Illinois 2013 loan volume: $238.8MM

IL (Chicago - Northwest/ West Suburbs) Joe Phalen P: 773.290.0308 Joe.Phalen@guaranteedrate.com MI, MN, WI, IA, ND, SD Al Gelschus P: 952.646.1221 Al.Gelschus@guaranteedrate.com KS, MO, NE Mark McDougald P: 913.747.3205 Mark.McDougald@guaranteedrate.com

Boston, Massachusetts 2013 loan volume: $222.3MM

GA, SC, AL - Tony Thompson P: 980.722.8079 Tony.Thompson@guaranteedrate.com OH, IN, PA, TN, KY Denis St. Marie P: 440.821.2225 Denis.Stmarie@guaranteedrate.com

MD, DC, VA, NC Pat Casey P: 301.466.2446 Pat.Casey@guaranteedrate.com NY - Richard Fedele P: 617.650.9150 RFedele@guaranteedrate.com

MA, RI, CT - Terry Baker P: 508.277.1325 TBaker@guaranteedrate.com VT, NH, ME, MA - Bard Conn: 617.875.6576 Bard.Conn@guaranteedrate.com

NJ, Eastern PA Matt Patterson P: 609.294.4325 Matt.Patterson@guaranteedrate.com FL - Rich Romano P: 561.702.1276 Richard.Romano@guaranteedrate.com

joingrnow.com

3940 N. Ravenswood Chicago, IL 60613 • guaranteedrate.com Guaranteed Rate is an Equal Opportunity Employer NMLS (Nationwide Mortgage Licensing System) ID 2611 • AL - Lic# 21566 • AK - Lic#AK2611 • AR - Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-934-7283 • AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 • CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #413-0699 • CO - Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT - Lic #17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL - Lic# MLD618 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • HI - Lic#HI-2611 • ID - Guaranteed Rate, Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee – Illinois Department of Financial & Professional Regulation, 3940 N Ravenswood Ave, Chicago, IL 60613 MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #MBK-2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. - License #MC.0001530 • KY - Mortgage Company Lic #MC20335 • LA - Lic #RML2866 • ME - Lic #SLM1302 • MD - Lic #13181 • MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR0018846 & SR0018847 • MN - Lic #MO 20526478 • MS - Guaranteed Rate, Inc. 3940 N. Ravenswood Ave., Chicago, IL 60613 - Mississippi Licensed Mortgage Company, Lic # 2611 • MO - Guaranteed Rate Lic # 10-1744 • MT - Lic# 2611 • Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV - Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 • NY - Licensed Mortgage Banker - NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887• NC - Lic #L-109803 • ND - Lic #MB101818 • OH - Lic #MBMB.850069.000 & Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago,NOVEMBER IL 60613 • OK - Lic #2014 MB001713 • OR | 29    Lic #ML-3836 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 • RI - Rhode Island Licensed Lender Lic # 20102682LL, RI - Rhode Island Licensed Loan Broker Lic # 20102681LB • SC - Lic #-2611 • SD - Lic# ML.04997 • TN - Lic #109179 • TX - Lic # 50426 & Lic # 47207 • UT - Lic #7495184 • VT - Lic #LL6100 & MB930 • VA - Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV - Lic #ML-30469 & MB-30098 • WY - Lic#2247


SPECIAL REPORT / HOT 100

Richard Cordray, Director, CFPB It’s been a rough year for Richard Cordray. In addition to the routine complaints about his agency – that its regulations are onerous, that its rule-making processes are vague – the director of the CFPB has had to deal with numerous allegations that the agency is rife with racial and sexual discrimination. Those allegations have resulted in congressional probes and journalistic investigations in which dozens of current and former CFPB employees have come forward with horror stories of their own. Cordray also has taken flack for the cost of renovating the agency’s headquarters, which overran initial estimates by $120 million.

Michelle Velez, President, California Association of Mortgage Professionals Recently elected the president of the California Association of Mortgage Professionals [CAMP], Michelle Velez has spent the last two years advocating for housing reform in Washington, D.C., and Sacramento, California. Velez is probably one of the state’s most active mortgage brokers, lending her hand to several organizations throughout California. She currently serves as the government affairs committee chair for the San Mateo County Association of Realtors. Velez is also devoted to bringing awareness to cancer and cancer research. 30 | DECEMBER 2014

Mat Ishbia, President, United Wholesale Mortgage Before Mat Ishbia joined United Wholesale Mortgage – the wholesale division of United Shore Financial – he’d already made a name for himself in the world of college athletics, playing in three back-to-back Final Fours and, with his teammates at Michigan State University, winning a national championship in 2000. When he took over at UWM, the company was doing around $100 million in mortgage generation per year. Now the CEO of both UWM and United Shore, Ishbia has molded the company into one of the top wholesale lenders in the nation.

Adam Kessler, President, Academy Mortgage When Adam Kessler became acting president of Academy Mortgage in 2005, he decided the company wasn’t going to follow the fast and loose practices that were netting big profits for some in the industry. By focusing instead on sustainable lending, Academy grew while many companies were folding during the financial meltdown. The company now employs 1,500 people and makes 26,000 home loans a year, and Kessler was named one of Utah’s top young entrepreneurs in 2013.

Richard Pisnoy, Principal, Silver Fin Capital Group Richard Pisnoy has been in the mortgage industry for 13 years, spending nearly a decade of that time as principal of Silver Fin Capital Group, a 20-person brokerage licensed in New York, New Jersey, Connecticut and Florida. A top originator in his own right, Pisnoy closed $38 million in total loan volume over the last 12 months. Under his guidance, Silver Fin has been consistently rated as the number-one lender in the country across LendingTree.com’s entire network. Silver Fin is also the number-one certified lender in each of the states where it does business, according to cumulative client reviews. “These client ratings are based on rates, customer service, fees and costs, and responsiveness – all of the things that matter to clients today,” says Seth Feinman, vice president of Silver Fin. “This would not be possible without Rich’s many years of experience and his commitment to superior service and honest, ethical dealings with both clients and loan originators.”


MPAMAG.COM

The secret of our success is simple: We’ve identified the right strategy, we’ve built the right team to support that strategy, and the company at the top of the house has given us the capital to drive that strategy

Raymond Brousseau, EVP of Mortgage Lending, Carrington Mortgage Services As the executive vice president of mortgage lending for Carrington, Ray Brousseau is a busy man. Under his leadership, Carrington’s full-service mortgage lending business has experienced a period of unprecedented growth. Brousseau, a 26-year industry veteran, is a leader in Carrington’s latest innovation – a commitment to help borrowers with lower credit scores find a mortgage. That commitment to the underserved is paying dividends for the company; by tapping a nearly forgotten market, Brousseau and his colleagues at Carrington have discovered a wellspring of pent-up demand. NOVEMBER 2014 | 31  


SPECIAL REPORT / HOT 100

Angela Martin, Enforcement Attorney, CFPB At the beginning of the year, Angela Martin was an anonymous enforcement attorney for the Consumer Financial Protection Bureau. In the last few months, she’s become known as the whistleblower who exposed systemic discrimination and retaliation within the agency. After Martin came forward to charge the agency with gender discrimination, a flood of other current and former CFPB employees stepped up to say they too had been victims of sexism, racism or other discrimination. And an independent investigator backed up Martin’s claims.

Omar Quddus, President and Managing Partner, Digital Risk As former COO and now president and managing partner of Digital Risk, Omar Quddus has become a significant force in the mortgage industry. He’s helped grow the company from a small operation into a mortgage tech giant with more than 2,000 employees and more than $200 million in annual revenue. Quddus has guided the company to its present recognition as one of the country’s most promising compliance technology providers. He’s also played a pivotal role in making charity a staple of Digital Risk. Under Quddus’ leadership, Digital Risk employees across the country host charitable events benefitting the American Cancer Society, the Wounded Warrior Project, Toys for Tots and other worthy organizations.

Jodie Tanga, Director of Business Development, Pacific Rim Mortgage Jodie Tanga was only 22 when she set up her own branch of a friend’s mortgage company in 2005. Since then, her business has grown by leaps and bounds, and Tanga herself has become a prominent player in the mortgage industry. In 2012 and 2013, Tanga served as president of the Hawaii Association of Mortgage Professionals, and her conviction that mortgage education is the key to happy clients led her to host the Mortgage Minute. Tanga was recently named Hawaii’s best loan officer by the Honolulu Star-Advertiser, the state’s largest newspaper. She’s also been recognized as a top mortgage professional by Honolulu Magazine. “Aside from being one of the top-producing loan officers – if not the top-producing loan officer – in Hawaii, she is positive, always looking for someone to help and someone to learn from,” says colleague Lisa Naka. “[She’s] always broadening her knowledge base, as well as sharing information with anyone who asks.”

Alissa Prieto, Regional Account Manager, Reverse Mortgage Funding Alissa Prieto has spent a decade in the mortgage industry, specializing in reverse mortgages throughout her career. She spent more than nine years as vice president of sales at Premier Reverse Closings. Now, as regional account manager for Reverse Mortgage Funding, Prieto works tirelessly to expand the company’s business on the West Coast, building relationships with banks, brokers and other third-party originators. Prieto is also active with the National Reverse Mortgage Lenders Association, assisting in the creation of the Certified Reverse Mortgage Professional test. She’s written articles for reverse mortgage publications and assisted in forming a National Aging in Place chapter on Long Island, N.Y.

Joe Caltabiano, SVP of Mortgage Lending, Guaranteed Rate Joe Caltabiano is one of the top mortgage originators in the country, posting more than $200 million in sales volume each year for the last five years, and more than $2 billion over the course of his career. His drive has made him the number-one originator in Illinois for three years running, and among the top five in the nation. But even with that staggering production, Caltabiano finds time to give back to the community, serving on the board of the Leukemia and Lymphoma Society and serving as a director for the Guaranteed Rate Foundation, which provides assistance to families in times of need.

32 | DECEMBER 2014

Jeb Hensarling, Chair, House Financial Services Committee Jeb Hensarling is one of the leading proponents of killing Fannie and Freddie. The Texas Republican has also set his sights on the CFPB, leading the charge to investigate cost overruns and allegations of discrimination in the agency.


MPAMAG.COM

Timothy Mayopolous, CEO, Fannie Mae Since Timothy Mayopolous took over at Fannie Mae in 2012, the company has paid off the $116.1 billion it received from the federal government after teetering on the brink of insolvency following the financial crisis. All of Fannie’s profits are still going to the Treasury, but many in Washington insist that the mortgage finance giant should still be shut down.

Josh Shein, Vice President, Reverse Mortgage Network, Maverick Funding Josh Shein has done great things at Maverick Funding since joining the company in 2012. As vice president of Maverick’s Reverse Mortgage Network, Shein has shepherded the wholesaler to become one of the top reverse mortgage lenders in the country; between 2012 and 2013, Maverick increased its reverse volume by 158%.

Victor Ciardelli, President and CEO, Guaranteed Rate Victor Ciardelli founded Guaranteed Rate in 2000. Within three years, he’d led the company to become the largest independent mortgage lender in Chicago. Today, it’s the largest independent retail lender in the nation, employing more than 2,700 people across the country. Guaranteed Rate has been one of Illinois’ fastest-growing companies for years, and Ciardelli was recognized in 2012 as one of the state’s top entrepreneurs.

Jody Collup, VP of Marketing, Global DMS

Derek Egeberg, Branch Manager, Academy Mortgage

Jody Collup has been an integral player in building the Global DMS brand into a highly recognizable valuation management technology provider. Collup’s marketing strategy helped put the company on the map, leading to awards, accolades and rapid growth.

In addition to being one of Academy Mortgage’s top producers, Derek Egeberg has shown a genius for marketing; he was instrumental in launching Academy’s nationwide loan program for manufactured housing. But Egeberg’s primary focus is managing Academy’s Yuma, Ariz., branch. Under his leadership, the branch has grown by 100%, both in number of employees and volume. Egeberg is a member of Academy’s Top Producers Club. He’s also deeply involved in community service, serving on several community boards, including the Yuma County Victim Service and Compensation Board and the Yuma County Children’s Museum Board.

Kevin DeLory, Regional Sales Manager, Carrington Mortgage Services Kevin DeLory has spent 15 years in the mortgage banking industry. In that time, he’s mentored dozens of originators and helped his broker partners keep their businesses growing during both fat times and lean. An outstanding leader who pushes his sales staff to exceed typical performance metrics, DeLory prides himself on his ability to manage relationships and keep his brokers abreast of the latest news and product offerings in an ever-changing industry. “Kevin operates under a single motto: There is no job too small for him to involve himself in,” says colleague Jeff Scannicchio. “He is incredibly knowledgeable, and is totally committed to serving the underserved. He is an ambassador for this company and the industry.” DECEMBER 2014 | 33  


SPECIAL REPORT / HOT 100

Kathleen Vaughan, EVP of National ThirdParty Production, Stearns Lending

Marc Savitt, President, NAIHP Marc Savitt heads the National Association of Independent Housing Professionals, the largest trade organization representing mortgage brokers. Savitt, a tireless advocate for regulatory reform, has testified numerous times before Congress and is currently battling the Consumer Financial Protection Bureau over the effect of regulations that came into force this year – and the agency’s perceived lack of accountability. “No one person should have that much power with no checks and balances,” Savitt says of CFPB Director Richard Cordray. “And that’s exactly what we have here.”

Brian Moynihan, CEO, Bank of America Brian T. Moynihan had a lousy 2014. As CEO of the nation’s third-largest mortgage originator, Moynihan had to oversee the layoffs of thousands of mortgage employees as low refinancing continued to bite into the business. The lender also had legal troubles; in August, Bank of America reached a $17 billion settlement with the government over its sale of shoddy mortgage bonds – the largest settlement with a single corporation in U.S. history. The deal required the bank to do that rarest of things – admit wrongdoing. The bank was forced to acknowledge that it misrepresented the quality of the mortgage-backed securities it sold during the run-up to the financial crisis, as well as those sold by its Countrywide and Merrill Lynch units.

With more than two decades of leadership experience, Kathleen Vaughan is a force to be reckoned with. As Stearns Lending’s executive vice president in charge of national third-party production, Vaughan leads the company’s tech-driven third-party origination platform, which includes wholesale and correspondent lending channels as well as Stearns’ mortgage servicing rights acquisition unit. Vaughan holds a juris doctorate from Stanford Law School and is a founding member of the Fortune/U.S. State Department International Mentorship Program. She has been recognized by the Fortune Most Powerful Women Summit since 2006.

Mary Keene, Mortgage Loan Specialist, Academy Mortgage With more than 30 years in the industry, Mary Keene has the experience it takes to be a top-notch originator. She’s also a tireless advocate for first-time home buyers. While many companies are cutting down payment assistance programs, Keene has spearheaded efforts at Academy Mortgage to help prospective home buyers across Florida who otherwise wouldn’t qualify for a mortgage. Keene continually hosts seminars for first-time home buyers, teaching them how to put themselves in the best financial position to make their dreams of homeownership a reality. Keene’s knowledge and drive to help first-time buyers has paid off; she’s a member of Academy Mortgage’s prestigious President’s Club for the company’s highest-performing loan officers.

Justin Glass, Chief Digital Officer, United Wholesale Mortgage Justin Glass has a rare gift: the ability to marry his consummate knowledge of the mortgage industry with today’s cutting-edge technology. As UWM’s chief digital officer, Glass is always on the lookout for the next innovation. In 2014, Glass and his team launched a mobile app that allows brokers and correspondents to monitor and lock loans from anywhere, a real-time tracking system to guarantee smooth communication between originators and realtors, and an online system that quickly gives brokers an accurate price quote and qualifies borrowers for their best loan options.

34 | DECEMBER 2014


MPAMAG.COM

Pay attention. Stay ahead of changes in the marketplace and regulations. Live marketing. Stay positive and win!

Scott Gordon, Founder and CEO, Open Mortgage Scott Gordon has made technology an indispensable part of his business. A self-described “software engineer who kept starting companies on the side,” Gordon says, “I can’t help putting technology into any company I do. Technology is never an answer unto itself, but it’s a way to take a business to the next level.” Believing that social media and technology are vital tools for loan originators, Gordon has a passion for sharing his high-tech tips with other industry professionals. He makes weekly coaching videos for his loan officers and even wrote a book, Social Media for Loan Officers, to share his knowledge on a broader scale. Gordon’s latest book, The New Reverse Mortgage, is aimed at helping seniors learn about the reverse mortgage as a financial tool for retirement. NOVEMBER 2014 | 35  


SPECIAL REPORT / HOT 100

Sanjeev Dahiwadkar, President and CEO, IndiSoft Since starting IndiSoft in 2005, Sanjeev Dahiwadkar has spearheaded the company’s development of technology that automates workflow and changes the way the mortgage industry approaches day-today processes. He’s also guided his company to being one of the fastest-growing in the nation for five years running. Dahiwadkar also feels driven to give back, developing a relationship with nonprofit Hope LoanPort. IndiSoft provides the technology engine that drives HPL, an organization that helps homeowners avert foreclosure and better understand homeownership. An acknowledged industry expert, Dahiwadkar has authored several articles for mortgage publications.

Raymond Bartreau, CEO, Best Rate Referrals Raymond Bartreau was only 23 when he founded Best Rate Referrals in 2005. Today, the mortgage marketing firm is recognized as one of the top companies in Nevada, nearly tripling its revenue between 2009 and 2012. Bartreau himself has landed on several “40 under 40” lists and has won repeated recognition as one of the top industry professionals. “Raymond has helped transition several medium to large mortgage companies from focusing mostly on refinance origination to changing with the market to focus on purchase origination,” says Best Rate Referrals vice president of operations Melissa Marino. “He created new technology that is generating hundreds of pre-qual requests per day for lenders nationwide. He’s making big moves for lenders across the nation for landing (and tracking) more purchase deals.”

Nicholas DelTorto, President, Inlanta Mortgage Inlanta Mortgage has thrived under Nicholas DelTorto’s leadership. Under his guidance, the company has been named one of the nation’s top mortgage lenders and one of the 50 best mortgage companies to work for. DelTorto himself has been recognized as one of the industry’s most influential mortgage executives. In addition to his duties at Inlanta, DelTorto is the immediate past president of the Wisconsin Mortgage Bankers Association and serves on the WMBA’s executive committee. He also serves as the MBA’s state ambassador to the WMBA and is an advocate for the mortgage industry, encouraging his team members to get involved in the MBA and help shape the future of the industry. 36 | DECEMBER 2014

Shant Banosian, Branch Manager and VP of Mortgage Lending, Guaranteed Rate The branch manager of Guaranteed Rate’s Waltham, Mass., location, Shant Banosian is one of the top 10 originators in the country by volume, responsible for $168 million in loan production last year alone. A sought-after expert on the mortgage business, Banosian is often tapped by national media outlets for his take on the state of the industry.

James Cutri, Cofounder and EVP of National Production, Plaza Home Mortgage As director of national production at Plaza Home Mortgage, James Cutri spearheads the company’s loan production strategy, working directly with regional managers across the country to build and sustain Plaza’s market share. Before co-founding Plaza, Cutri was a wholesale account exec at New America Financial.

Adam Luysterborghs, Founding Principal, Avant Capital Partners Adam Luysterborghs has gained a reputation in the New York metropolitan area for offering a unique brand of bridge loans that are quick to implement and easy to understand. “After the credit crisis, we knew there would be a demand for bridge financing while people got back on their feet,” he says. “But no one was offering a quality service or fair-value pricing for loans between $1 and $10 million. So we decided to do something.” Although Luysterborghs originally founded Avant Capital in 2007 as a mortgage banking firm, he decided to switch the company’s focus to direct bridge lending – a move that turned out to be a smart one. The company’s portfolio has experienced significant growth since Luysterborghs made his first bridge loan in 2012, and Avant is now one of New York’s premier bridge lenders. Avant is also active in charity, supporting Sunrise Kids Nepal, an organization that provides aid to Nepalese orphanages.


MISSING SOMETHING? Go beyond making memories. Make a difference. CORPORATE SOCIAL RESPONSIBILITY—IT’S PART OF WHO WE ARE • 25 Years of Service. To commemorate our 25th Anniversary, Academy set a goal to raise $1 million for charitable causes and to contribute 25,000 hours of service. • Service Expeditions. Qualifiers travel to communities in need to work side-byside with the local people on projects related to education, homeownership, and providing access to basic health care. “Serving others, whether through the products and solutions that we offer or through the initiatives of the Academy Mortgage Foundation, is an essential part of who we are at Academy. As participants in the Service Expedition, our lives, as well as the lives of those whom we grow to love and appreciate, are changed. It is a transforming and unforgettable experience.” —Adam Kessler, President of Academy Mortgage

Help Academy make a difference in the world. Contact the National Recruiting Team at (801) 568-4716 or visit www.academymortgage.com. Corp NMLS #3113


SPECIAL REPORT / HOT 100

Donna DelMonte, SVP of Product Development, StreetLinks Lender Solutions Donna DelMonte brings 20 years of mortgage industry experience to automated appraisal review company StreetLinks, and she uses that experience to push the company to new heights. Thanks to DelMonte’s oversight, StreetLinks’ new product, StreetLinks QX, has improved the company’s own underwriting efficiency by 40% and is used by top lenders across the country. “Donna inspires the StreetLinks team to do and be more every day, leveraging her leadership skills and vast industry knowledge to create and develop products that enhance efficiency and mitigate potential risk for our customers,” says Caitlin Hogan, StreetLinks’ managing director. “We’re lucky to have her on the StreetLinks team!”

Josh Friend, CEO, InSellerate Over the past 10 years, Josh Friend has developed companies that have produced more than $8 billion in loan originations and consistently beat national conversion rate averages by 30%. Friend’s expertise helped give birth, in 2003, to one of the first automated online pricing engines. More recently, Friend looked into consumers’ online purchasing and research behavior – an investigation that resulted in the 4.0 InSellerate platform, a system that includes sales force automation, lead management, an automated marketing platform and more. Friend is also passionate about fighting homelessness. To bring awareness to the issue, Friend and his wife, Jennifer, created Project 214, which allows the public to experience the lives of families and children forced to live in a 214-square-foot motel room.

John Councilman, President, NAMB The newly sworn-in president of NAMB, John Councilman has years of experience working for the betterment of the mortgage industry. Prior to taking office this year, Councilman served as NAMB’s vice president. He’s also served as NAMB treasurer, chaired the organization’s Federal Housing Committee and served as an expert witness for many mortgage areas, including truth in lending, RESPA, VA loans, appraisals and more. “If you are a client, I can assure you that you couldn’t be in better hands,” says colleague Jim Brown. “If you are a broker, you owe much to John for all the hard work he has done and is doing on your behalf.”

Anthony Hsieh, CEO, loanDepot LLC Anthony Hsieh is chairman, CEO and founder of loanDepot LLC, one of the fastest-growing nonbank lenders in the nation. A seasoned mortgage professional, Hsieh has successfully navigated through multiple housing and economic cycles. He is responsible for LoansDirect.com, which was acquired by E*TRADE Financial in 2001. Hsieh also founded HomeLoanCenter.com – which merged with IAC/Interactive subsidiary Lending Tree in 2004 – before founding loanDepot. Hsieh is currently leading loanDepot into non-mortgage consumer lending to diversify the company’s origination portfolio.

Dan Catinella, Director of Information Technology, Gateway Funding Gateway Funding was recently named an MPA Five-Star Lender in the technology category – an achievement made possible by Dan Catinella. As Gateway’s director of information technology, Catinella has a very direct philosophy: If a system isn’t simple, he won’t implement it. Catinella has made it a priority to create systems that work together to ensure that loan officers’ experience is efficient and user-friendly, customizing Gateway’s LOS to work with third-party sources so LOs can do everything from one platform. “Catinella has made sure that regardless of a user’s technological experience level, each user can get the most in one spot. His dedication to this has completely transformed the way that loan officers communicate with borrowers, input loans and track the progress of a borrower,” says Gateway marketing director Karissa Stiglic. “This dedication and ideology has made Gateway Funding loan officers more efficient and successful.”

Steven Meyer, President, Advisors Mortgage Group Steven Meyer started in the mortgage industry as an accountant in 1993. Soon seeing an opportunity to gain more experience, he took to working after hours to make sales calls and originate loans. In 1999, Meyer founded Advisors Mortgage Group in a 400-square-foot office in Shrewsbury, N.J. Since then, the company has grown by leaps and bounds. Advisors has been recognized as one of the top lenders in the nation, and Meyer himself was named one of the country’s most influential mortgage executives. Advisors was named one of New Jersey’s best places to work in 2012 and 2013, and has been recognized as one of the nation’s fastest-growing companies. Meyer also makes sure Advisors gives back to the community, donating to local food banks for Thanksgiving and working with Love, Inc., to provide needy families with gifts and food during the Christmas season. 38 | DECEMBER 2014


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Jeff Onofrio, Director of Renovation Lending, AnnieMac Home Mortgage Jeff Onofrio joined AnnieMac Home Mortgage as director of renovation lending in 2009, and soon helped the company become an industry leader in the field. Using programs Onofrio developed, AnnieMac has become one of the country’s top 10 renovation lenders. Onofrio is also active with Habitat for Humanity and supports the Alzheimer’s Association and other charities.

Congratulations

Lisa Lund, President, Lund Mortgage Team, Inc. At just 33 years old, Lisa Lund has already been in the mortgage business for more than 16 years. For the last nine, she’s been the president of Lund Mortgage Team in Glendale, Ariz. – and in that time, she’s turned the company into a regional powerhouse. The company funds an average of $85 million per year – with just three originators in its nine-person shop. Lund is also an active advocate for the mortgage business, lobbying in Washington and chairing state trade shows. Lund also gives back to her local community through her work with the ALS Association and the Southwest Autism Research and Resource Center.

of NOVA® Home Loans Vice President / Branch Manager

Top 1% Mortgage Originators In America 2011, 2012, 2013 NOVA® Chairman’s Club Top Producing Teams 2010, 2011, 2012, 2013 NMLS 193428 / BK 0902429 NOVA NMLS 3087

We Make Stars

If you are interested in becoming a NOVA® Star, contact Kym Adair at 520.202.4113. DECEMBER 2014 | 39  


SPECIAL REPORT / HOT 100

Patrick Sinks, President and COO, MGIC Investment Corp.

Susan Meitner, President and CEO, Centennial Lending Group A 22-year industry vet, Susan Meitner founded Centennial Lending Group in 2010 as a different kind of mortgage banker. Meitner and her team have created a unique, efficient mortgage experience for their customers, keeping the entire process in-house. That commitment to customer service has paid off; Meitner has won Philadelphia Magazine’s Five-Star Professional Award multiple times, and Centennial has been named one of the nation’s fastest-growing companies. Meitner recently published her first book, Crazy Lucky Girl: Do You Have the Keys for Success?

Patrick Sinks, began his career with MGIC at its primary subsidiary, Mortgage Guaranty Insurance Corp., in 1978. Earlier this year, MGIC announced that Sinks will serve as the company’s new CEO beginning March 1, 2015. He became president in 1999 and was CEO and president from 2000 to January 2006. He has served as CEO and chairman of MGIC’s board since January 2005.

Michael S. Rosenbaum, Branch Manager, American Pacific Mortgage Corporation The son of a real estate agent, Michael Rosenbaum has spent most of his life around the mortgage business. He began originating loans in 2006 – just before the market started its tailspin. But the housing crash turned into a blessing in disguise for Rosenbaum; building a career and client base in one of the toughest markets and tightest credit environments in history enabled him to bring a professional, streamlined approach to lending. That approach has allowed Rosenbaum to double his loan sales production each year of his career. Today, he’s recognized as one of the most respected and reputable mortgage originators in San Diego. An acknowledged industry expert, Rosenbaum is often tapped by national media outlets like U.S. News & World Report, Reuters and MSN for his take on the state of the business.

Michael Chan, Vice President, ComplianceEase With more than a decade under his belt at ComplianceEase, Michael Chan is responsible for many companywide initiatives. The most vital is his spearheading of the company’s efforts, in conjunction with the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, to increase the transparency and efficiency of state mortgage examination processes by shifting them into a more automated and uniform environment. “This is a critical, cutting-edge initiative of great importance not only to our company, but the industry as a whole,” says ComplianceEase co-founder and president John Vong. Chan’s efforts have won him recognition as a rising star of the mortgage industry. In addition to his professional duties, Chan serves as a volunteer mentor for Asian American Success, a nonprofit group that offers life skills training and career counseling to underserved minority students in the Washington, D.C., metro area.

40 | DECEMBER 2014

Pouyan Broukhim, Owner, PB Financial Group Pouyan Broukhim founded PB Financial Group in 2006, funding transactions worth between $100,000 and $2 million. Today, the company is one of California’s top hard money lenders, funding more than $100 million in loans over the last two years.

Kelly Malatesta, Senior Mortgage Adviser, Affiliated Mortgage Company Kelly Malatesta has been named the top mortgage originator in the Houston area, and she’s among the most successful originators in the nation. Last year, she closed more than 400 loans for a total of $110 million in sales, and is on track to break $100 million again in 2014.


What’s your vision for the future? Now’s the time of year that most loan officers begin evaulating their situation. ®

Do you receive the support you need to succeed? Is your leadership sales focused? Do you get to

Inlanta Mortgage’s Future is Bright! • • • • • Congratulations to Nicholas DelTorto, Kevin Laffey, and Peter Salamone for making Mortgage Professional Magazine’s 2015 Hot 100 list!

Robust culture and origination support platform Sales-focused leadership State-of-the-art marketing systems Progressive technology Mortgage banking for “grown-ups”

Contact Peter Salamone, Shaun McGuire, or Joe Ramis to discuss how Inlanta Mortgage can help you realize a brighter future: 262-439-4242 • partners@inlanta.com

Inlanta Mortgage, Inc. an Illinois Residential Mortgage Licensee #MB.0006190, Kansas Licensed Mortgage Company # MC. 0025045, New Hampshire License # 17396-MB, Licensed by the New Hampshire Banking Department, WI Mortgage Banker #43262. Corporate NMLS# 1016. Approved to do business in: CO, FL, IA, IL, IN, KS, KY, MA, ME, MI, MN, MO, NH, RI, VT and WI. Equal Housing Lender.

Let’s Start a Conversation.


SPECIAL REPORT / HOT 100

Harinder Johar, SVP of Mortgage Lending, Guaranteed Rate Harinder Johar is consistently one of the top mortgage originators in the country. In 2012, he closed almost 1,300 loans – more than any other originator in the U.S. In 2013, Johar was responsible for $222 million in loan volume, placing him among the top five originators in the nation.

Sean Clark, Vice President, Advisors Mortgage Group Advisors Mortgage Group has accomplished great things in the 11 years Sean Clark has been at the helm. Under Clark’s guidance, Advisors gained its Full Eagle distinction from the FHA in 2005 and began writing its own FHA loans. Clark was also instrumental in launching the company’s branch network, expanding its reach into Florida, Texas and several places in between. He helped the company strengthen its reverse mortgage program, guiding Advisors to a place among the top reverse lenders in the country. Clark is also a driving force behind Advisors’ community outreach program, which provides support for worthy causes in the community.

Jon Gedde, Senior Mortgage Adviser, Alderus Funding Jon Gedde isn’t just a top originator. He’s also dedicated hundreds of hours to the resurrection of the Nevada Association of Mortgage Professionals. As the association’s president, Gedde’s work has resulted in positive changes to Nevada’s legislative environment, and his ability to mobilize mortgage professionals around his banner has been instrumental in the passage of several key recovery bills. He’s also had a major hand in bringing back the Nevada Mortgage Bankers Association and is now playing a key role in bringing the two organizations under one umbrella to form the new Nevada Mortgage Lenders Association. “With the funds he has raised and the time and effort he has put into both organizations, Jon has effectively helped thousands of originators and tens of thousands of real estate agents in the hard-hit state of Nevada,” says colleague Coby Baker. “I am amazed every day that Jon is able to keep up the level of production and the great service he provides to his clients while offering so freely of his time to make Nevada a better place for us to do business in.”

42 | DECEMBER 2014

Jim Blatt, Founder and CEO, Mortgage Returns Since Jim Blatt co-founded Mortgage Returns in 2004, the company has grown from a CRM provider to a full-fledged automated one-to-one marketing resource. And the firm just keeps growing; this year, Blatt forged a partnership with LendingManager to provide dynamic 1003 applications for loan originators. Mortgage Returns has been recognized as one of the fastest-growing companies in the nation, and currently provides automated marketing solutions for more than 300 financial institutions.

Daniel Sugg, President, Gold Star Financial Group As president of Gold Star Mortgage Financial Group, Daniel Sugg continues to build on that company’s 20-year legacy of innovative leadership in the industry. Sugg’s pioneering growth strategies have consistently led to explosive expansion at numerous wholesale and retail mortgage companies, from Bank of America to PNC Mortgage. Now he’s using those strategies to oversee Gold Star’s rapid national expansion. Sugg also has served as the president of the Michigan Mortgage Lenders Association and as a key member of the “CMB on the Hill” team. “At the heart of Daniel Sugg’s success is his straightforward belief that character matters most in all things,” says Gold Star public relations director Cheryl Baringer.

Peter Salamone, National Director of Business Development, Inlanta Mortgage As Inlanta’s national director of business development, Peter Salamone is spearheading the company’s efforts to expand its branch network. And since Salamone started out as an originator himself, he’s never lost sight of what new recruits really want. Salamone has been instrumental in building and improving Inlanta’s talent acquisition process, and personally recruited two of the company’s five top-producing loan officers.


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Melinda Hipp, Branch Manager, VanDyk Mortgage When Texas approved the availability of reverse mortgages in 2001, Melinda Hipp decided to make them her specialty. Since then, she’s become the “queen of reverse mortgages” in the San Antonio area, and an acknowledged expert on reverse. The Texas Real Estate Commission recently accepted Hipp’s outline for a realtor-specific educational program on reverse mortgages, and she’s frequently called upon by realtors, title companies and outside agencies to speak on the subject. Last year, Hipp and VanDyk Mortgage were recognized by the San Antonio Board of Realtors as the 2013 Affiliate of the Year.

Tyler Rhea, Branch Production Manager, Norcom Mortgage & Insurance In just over five years in the industry, Tyler Rhea has experienced a rise that can only be described as meteoric. Beginning at the company as an intern, Rhea was promoted to wholesale account executive, then AVP of wholesale. In 2012, he was named Norcom’s top-producing account executive for bringing in more than $100 million in sales. Rhea is now Norcom’s branch production manager, overseeing all the company’s existing branches while simultaneously working to grow the branch division. “Tyler Rhea has been tremendously influential within the industry, specifically to Norcom Mortgage, in the five short years he has been a part of it,” says Norcom marketing manager Ryan Kelly.

Kevin Laffey, Branch Manager, Inlanta Mortgage In partnership with his wife (and 2014 Hot 100 alum) Cindy, Kevin Laffey runs one of Inlanta Mortgage’s top-producing branch offices. A member of Inlanta’s internal advisory board, Laffey is deeply involved in policy development at the company, and is active in the Mortgage Bankers Association. He’s received the MBA’s Lifetime Achievement Award and is a past president of the Mortgage Bankers Association of Kansas City and the Mortgage Bankers Association of Missouri. But all these extracurricular activities haven’t kept Laffey from producing – his branch office has surpassed $1 billion in funded mortgage loans.

Bryan McNee, Senior Bond Analyst, MBSAuthority.com As the senior bond analyst for MBSAuthority. com, Bryan McNee has created leading analytical tools to keep originators and secondary marketing departments ahead of the curve on rate changes. He easily navigates the complex world of mortgage-backed securities, keeping his subscribers up-to-date on the changing demand for mortgage bonds in easy-to-understand language.

Glen Weinberg, COO and Partner, Fairview Commercial Lending Glen Weinberg, an acknowledged leader in unconventional lending, is changing the hard money landscape. Weinberg and his partners at Fairview are true lenders; they underwrite all deals in-house and fund and service their own loans with no upfront fees. As a hard money expert, Weinberg has been featured in ColoradoBiz Magazine and the Colorado Real Estate Journal.

DECEMBER 2014 | 43  


SPECIAL REPORT / HOT 100

Corey Dubnoff, President, American Financial Resources As president of American Financial Resources, Corey Dubnoff leads one of the country’s most successful direct lenders. In the last year alone, AFR has funded more than $2.7 billion in loans. AFR is also one of the nation’s top FHA lenders.

Vladimir Bien-Aime, President and CEO, Global DMS The co-founder and CEO of Global DMS, Vladimir Bien-Aime is a pioneer in web-based appraisal service. Since its founding in 1999, Bien-Aime has led Global DMS to become an industry leader in appraisal management. The company currently has more than 20,000 clients – and a 100% retention rate. Despite being the CEO, Bien-Aime keeps his fingers on the pulse of new technology, staying directly involved with new product development and spearheading the company’s product expansion to include paperless support, an automated review and data delivery system, and more. He has been recognized as one of Philadelphia’s top minority business leaders, and is the winner of numerous mortgage technology awards.

AJ Franchi, Chief Information Officer, Gold Star Mortgage Financial Group AJ Franchi has shot up the corporate ladder since joining Gold Star in 2008. Franchi joined the company as an intern after receiving his bachelor’s degree, and rose to become the company’s director of retail operations in fewer than four years. Now chief information officer and chief of staff, Franchi has spearheaded the development of technology that has reduced underwriting turn times from 20 days to seven, and increased the number of files written per day by more than 200%. A thought leader in the mortgage technology industry, Franchi travels across the country providing consulting services.

Shimmy Braun, SVP of Mortgage Lending, Guaranteed Rate With more than $199 million in loan production last year, Shimmy Braun is one of the top 10 originators in the nation. Braun also has been one of the top originators in Chicago for several years running, and is responsible for more than $1.5 billion in loan volume over the course of his career.

Daniel Milstein, Founder and CEO, Gold Star Mortgage Financial Group When Daniel Milstein fled the former Soviet Union as a teenager, he took along one suitcase and 17 cents in pocket change. Today, he’s the head of one of the country’s fastest-growing mortgage companies. Milstein established Gold Star Financial Group in 2000 and has led the business ever since. He’s personally closed more than $3 billion in loans, and Gold Star closes $1 billion annually.

Ben Anderson, Branch Manager and VP of Mortgage Lending, Guaranteed Rate Ben Anderson was responsible for more than $200 million in loan production last year, making him one of the top 10 originators in the nation by volume. Branch manager of Guaranteed Rate’s Irvine, Calif., office, Anderson is also active in local charities, volunteering and fundraising for the Bay Area Rescue Mission and other nonprofits.

Keith Murray, President and CEO, PCV Murcor In 1981, Keith Murray was a 21-year-old bank teller. After a robbery convinced him he was in the wrong line of work, Murray left the bank and founded PCV Murcor, initially working out of his bedroom. “Sometimes not having any choice in terms of your options can make you very determined,” Murray says. “I was 21 years old, and literally it was a sunup-to-sundown endeavor. But really, that work ethic paid off.” It certainly did. Today, PCV Murcor is one of the industry’s premier real estate valuation firms – and its success has spawned VRM Mortgage Services, a default services provider Murray founded in 2007.

44 | DECEMBER 2014


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We’re good at what we do because of our expertise in that space. The more you broaden the scope, the more you water down that expertise. That’s just providing technology and not really being able to adapt to client needs

Dominic Iannitti, President and CEO, DocMagic Dominic Iannitti founded Document Systems Inc. more than 25 years ago to package and deliver documents with same-day service. Since then, Iannitti has moved to the cutting edge of mortgage technology, pioneering the concept of electronic delivery, introducing one of the first mortgage data auditing systems and leading the way for e-signed documents. Iannitti’s technical know-how hasn’t gone unnoticed; DocMagic was recently selected as one of only a few companies to participate in a CFPB pilot program for eClosings. DECEMBER 2014 | 45  


SPECIAL REPORT / HOT 100

Mark Maimon, VP of Residential Lending, Sterling National Bank Mark Maimon joined the mortgage industry in 2002 and quickly became a top producer. He’s been recognized as one of New York’s top originators, and as one of the top originators in the country every year since 2006.

Andrew Peters, CEO, First Guaranty Mortgage Corp. Andrew Peters isn’t afraid to stay on the cutting edge of technology to enhance his business. Under his leadership, First Guaranty has pumped up its wholesale channel with programs that track its third-party originators, ensuring the company recognition as one of the most tech-savvy lenders in the business. Peters is also an advocate of ‘common sense’ lending, urging originators to look beyond a customer’s FICO score before making a loan decision.

Heidi Frigano, EVP of Marketing and Business Development, United Northern Mortgage Bankers Melissa L. Walker, Training Manager, TruHome Solutions

Heidi Frigano has been a leader in the mortgage industry for more than a decade. As United Northern’s senior vice president of marketing, Frigano has developed innovative strategies that have revitalized the company’s branding and led it to become one of the nation’s top HECM lenders.

David Peskin, President, Reverse Mortgage Funding It’s been a little over a year since Reverse Mortgage Funding (RMF) started, and with the help of president David Peskin, the company has already earned its place as one of the top 10 producers in the industry. As chairman of Guardian Reverse Mortgage, Peskin transformed the operation to an efficient, scalable retail platform. He also grew Senior Lending Network to the largest independent reverse mortgage company through retail and wholesale. Peskin, who previously worked in the forward industry, said he made the transition after being inspired by the benefits the product offers to seniors. The reverse mortgage start-up based in New Jersey has raised about $230 million in a private offering managed by the investment banking boutique FBR Capital Markets. Rumored to be setting the stage for an initial public offering next year, RMF would be one of the first stand-alone publicly traded companies that specialize in reverse mortgages. 46 | DECEMBER 2014

Jonathan Scarpati, Vice President of Wholesale Lending, Urban Financial of America A 10-year industry veteran, Jonathan Scarpati took the reins as Urban Financial of America’s vice president of wholesale production earlier this year. Before stepping into that role, Scarpati was UFA’s top-producing account executives for three years running. “Jonathan’s business acumen and leadership skills are equaled by his focus on customer service,” says UFA chief sales officer Sherry Apanay.

After owning her own brokerage for more than a decade, Walker – a 25+-year industry veteran – went on to work on the wholesale side of the industry with large companies like Bank of America and GMAC. Often sought out for her industry expertise, she’s testified as an expert witness and is a frequent speaker at industry compliance and training events. She’s also served on the advisory council for Fannie Mae’s Partnership Office and Task Force for Unscrupulous Lending, and has been recognized as one of the nation’s most influential mortgage professionals. Walker recently published a book, 101 Fast Fixes to Boost Your Credit Score.

Greg Gale, Vice President and Branch Manager, NOVA Home Loans Greg Gale’s innovative use of video marketing has made him one of the top loan officers in Arizona. Gale sends out videos to introduce himself to each of his customers, sends videos to listing agents when his buyer agents send offers, and sends video updates throughout the loan process and after closing. Gale’s use of video gives his customers and referral partners tangible, easy-to-understand explanations of the loan process – and makes him more memorable in the process.


MPAMAG.COM

Bankers, brokers and originators must take the time to learn about the product, recognize the unique demographics of the consumer audience … and treat all clients with the dignity and respect they deserve

Kimberly Smith, SVP of Wholesale Lending, American Advisors Group With more than a decade of experience in the reverse mortgage industry, Kimberly Smith, senior vice president of the wholesale lending division at American Advisors Group, has a passion and commitment to ‘mainstream’ reverse mortgages. She and her team are dedicated to educating the mortgage industry on the benefits of the ‘new reverse mortgage’ as a safe and viable retirement planning tool. Smith joined American Advisors Group in January 2013 and is responsible for the production and growth of the wholesale lending unit. Over the past 18 months, she has driven growth of the platform by a 10x multiplier and expanded operations to include four channels of wholesale business. DECEMBER 2014 | 47  


SPECIAL REPORT / HOT 100

Caleb Guillory, President, TagQuest When mortgage marketing firm TagQuest opened its doors in 2004, Caleb Guillory – although then only in his early 20s – already had years of experience. “I’d been in the real estate industry since I was a teenager and have a passion for finance,” he says. Guillory and the TagQuest team keep ahead of industry changes by monitoring marketing strategies across the country. That means they can often spot changes coming in the mortgage market before the market itself. “Mortgage marketing is an ever-changing animal,” Guillory says. “I like being at the cutting edge of that and breaking the mold of tradition.”

Don Currie, Co-founder and President, HighTechLending

Sean Brannan, President, Capital Funding Corporation of America

Don Currie has been in the mortgage industry for more than 30 years. A national speaker and author, Currie served from 1999 to 2006 as senior vice president and national director of sales for Impac Lending Group. While at Impac, Currie increased wholeasale production from $200 million in 1999 to $2.4 billion in 2005. In 2006, Currie co-founded HighTechLending along with Erika Macias-White, bringing paperless loan processing and simultaneous automatic underwriting to the mortgage process.

After just a few years in mortgage banking, Sean Brannan is already a major player in the industry; Capital Funding Corporation of America has financed more residential rehabilitation loans than any other group in the U.S. Brannan also continues to lead the company to create and fund new products, such as lender re-discount lines of credit, which provide a secondary market for REO lenders.

Erika Macias-White, Co-founder and SVP of Operations, HighTechLending Erika Macias-White was, in a very real sense, born to work in the mortgage industry. With two parents in real estate, Macias-White was in the business early. “That’s kind of how I got my foot in the door—working in their office, making connections with their clients, making connections with their loan officers,” she says. In 2006, Macias-White and Don  Currie  co-founded HighTechLending, beginning with a headquarters in Irvine, Calif. The company now boasts branches stretching from Florida to Hawaii.

Michael Slavin, Founder and CEO, Privlo Since Michael Slavin launched Privlo in 2011, the company has sought innovative ways to bridge the gap between agency rates of 4.5% and hard money rates of 10%. This summer, in partnership with Sparks Capital and QED Investors, Privlo took on $350 million in debt commitments and $3.8 billion in assets. Currently lending in Colorado, Idaho, Minnesota, Maryland and Texas, Privlo plans to bring its focus on borrowers who aren’t eligible for traditional bank loans to other states in the coming months. 48 | DECEMBER 2014

Reza Jahangiri, CEO, American Advisors Group Since founding American Advisors Group (AAG) in 2004, 36-year-old Reza Jahangiri has grown the California-based company nationwide and into a market leader in the reverse mortgage industry. In October, the company funded its highest volume of retail loans with 1,208 closings – a 15% increase from September and a monthly record for the company. Prior to starting to AAG, Jahangiri was a founding partner of HeartSavers, a preventative medical imaging company that worked with Johns Hopkins Hospital on the early detection of heart disease and cancer. He is politically active in raising awareness about the benefits of reverse mortgages. Jahangiri is a founding member of the Coalition for Independent Seniors (CIS), an advocacy group formed in 2010 that focuses on preserving the financial independence of the growing senior population. He joined other CIS board members in September to travel to Washington, D.C., to educate Congress about Home Conversion Mortgages Equity (HECM).


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INDEX BY COMPANY

Geri Farr, SVP and Regional Manager, NOVA Home Loans As NOVA Home Loans’ senior vice president and regional manager for Maricopa County, Ariz., Geri Farr manages seven branches, more than 150 employees and $640 million in annual production. Farr has led her branches in the Phoenix area to the top of the rankings and has driven unparalleled regional growth. Under her leadership, NOVA Home Loans was named 2014’s fastest-growing company by the Arizona Corporate Excellence Awards, and has been named one of the Phoenix Business Journal’s “best places to work” for four years running.

Academy Mortgage (Egeberg, Derek) 33 Academy Mortgage (Keene, Mary) 34 Academy Mortgage (Kessler, Adam) 30 Advisors Mortgage Group (Clark, Sean) 42 Advisors Mortgage Group (Meyer, Stephen) 38 Affiliated Mortgage Company (Malatesta, Kelly) 40 Alderus Funding (Gedde, Jon) 42 AltiSource Fulfillment Operation (Aydelotte, Deb) 38 American Advisors Group (Jahangiri, Reza) 48 American Advisors Group (Smith, Kimberly) 47 American Financial Resources (Dubnoff, Corey) 44 American Pacific Mortgage Corporation 40 (Rosenbaum, Michael) AnnieMac Home Mortgage (Onofrio, Jeff) 39 Applied Business Software (Nodarse, Carlos) 28 Arcus Lending (Shekhar, Shashank) 26 Avant Capital Partners (Luysterborghs, Adam) 36 Bank of America (Moynihan, Brian) 34 Best Rate Referrals (Bartreau, Raymond) 36 CAMP (Velez, Michelle) 30 Capital Funding Corp. of America (Brannan, Sean) 48 Carrington Mortgage Services (Brousseau, Raymond) 31 Carrington Mortgage Services (DeLory, Kevin) 33 Centennial Lending Group LLC (Meitner, Susan) 40 CFPB (Cordray, Richard) 30 CFPB (Martin, Angela) 32 Citywide Financial (Deery, Michael) 28 ComplianceEase (Chan, Michael) 40 Digital Risk (Quddus, Omar) 32 DocMagic (Iannitti, Dominic) 45 Fairview Commercial Lending (Weinberg, Glen) 43 Fannie Mae (Mayopolous, Timothy) 33 FBC Home Loans (Marcoline, Jonathan) 24 Federal Reserve (Yellen, Janet) 26 FHFA (Watt, Mel) 28 First Guaranty Mortgage Corp (Peters, Andrew) 46 Freddie Mac (Layton, Donald) 24 Gateway Funding (Catinella, Dan) 38 Global DMS (Bien-Aime, Vladimir) 44 Global DMS (Collup, Jody) 33 Gold Star Mortgage Financial Group (Franchi, AJ) 44 Gold Star Mortgage Financial Group (Milstein, Daniel) 44 Gold Star Mortgage Financial Group (Sugg, Daniel) 42 Guaranteed Rate (Anderson, Ben) 44 Guaranteed Rate (Banosian, Shant) 36 Guaranteed Rate (Braun, Shimmy) 44 Guaranteed Rate (Caltabiano, Joe) 32 Guaranteed Rate (Ciardelli, Victor) 33 Guaranteed Rate (Johar, Harinder) 42 HighTechLending (Currie, Don) 48 HighTechLending (Macias-White, Erika) 48

House Financial Services Committee (Hensarling, Jeb) 32 Impac Mortgage (Ashmore, Bill) 23 IndiSoft (Dahiwadkar, Sanjeev) 36 Inlanta Mortgage (DelTorto, Nicholas) 36 Inlanta Mortgage (Laffey, Kevin) 43 Inlanta Mortgage (Salamone, Peter) 42 InSellerate (Friend, Josh) 38 JPMorgan Chase (Dimon, Jamie) 24 Lund Mortgage Team , Inc. (Lund, Lisa) 39 loanDepot LLC, (Hsieh, Anthony) 38 Maverick Funding (Shein, Josh) 33 MBSAuthority.com (McNee, Bryan) 43 MGIC Investment Corp. (Sinks, Patrick) 40 Mortgage Returns (Blatt, Jim) 42 NAIHP (Savitt, Marc) 34 NAMB (Councilman, John) 38 NE Moves Mortgage (Tocci, Phil) 24 Norcom Mortgage & Insurance (Rhea, Tyler) 43 NOVA Home Loans (Farr, Geri) 49 NOVA Home Loans (Gale, Greg) 46 Open Mortgage (Creasy, Diane) 24 Open Mortgage (Gonzales, Michael) 28 Open Mortgage (Gordon, Scott) 35 Open Mortgage (Weilert, Linda) 26 Pacific Rim Mortgage (Tanga, Jodie) 32 PB Financial (Broukhim, Pouyan) 40 PCV Murcor (Murray, Keith) 44 Plaza Home Mortgage (Cutri, James) 36 Privlo (Slavin, Michael) 48 Quicken Loans (Emerson, William) 25 Residential Home Funding (Kuri, Frank) 25 Reverse Mortgage Funding (Peskin, David) 46 Reverse Mortgage Funding (Prieto, Alissa) 32 Senate Banking Committee (Warren, Elizabeth) 28 Silver Fin Capital Group (Pisnoy, Richard) 30 Silverton Mortgage Specialists (Moffitt, Joshua) 25 Stearns Lending (Hale, Brian) 26 Stearns Lending (Le, Katherine) 23 Stearns Lending (Stearns, Glenn) 27 Stearns Lending (Vaughan, Kathleen) 34 Sterling National Bank (Maimon, Mark) 46 StreetLinks Lenders Solutions (DelMonte, Donna) 38 Supreme Lending (Everett, Scott) 24 TagQuest (Guillory, Caleb) 48 TruHome Solutions (Walker, Melissa) 46 United Northern Mortgage Bankers (Frigano, Heidi) 46 United Wholesale Mortgage (Glass, Justin) 34 United Wholesale Mortgage (Ishbia, Mat) 30 United Wholesale Mortgage (Lawson, Laura) 26 Urban Financial of America (Scarpati, Jonathan) 46 VanDyk Mortgage (Hipp, Melinda) 43

DECEMBER 2014 | 49  


FEATURE / MINI-CORRESPONDENT

THE

RISKS & REWARDS OF MINI-CORR With fewer disclosure rules and more flexibility on pricing, the minicorrespondent channel can be attractive to brokers. In the first installment of a two-part series, MPA explores the advantages of mini-corr – and the dangers

50 | DECEMBER 2014


MPAMAG.COM

With the advent of increasingly restrictive regulations, many brokers are hunting for ways to redefine their businesses. Some ease their regulatory burdens by becoming bankers and joining branch networks. Others go the mini-correspondent route – a route that offers rewards but can be fraught with peril for those who aren’t prepared. Mortgage brokers usually close loans in the name of whichever wholesale lenders are funding those loans. Correspondent lenders – including mini-correspondents – close loans in their own name. “That’s something very important to them, because it truly makes them look like the lender to the customer,” says David Margulies, executive vice president of global sales for American Financial Resources. “It’s sort of a way to put the customer at ease. They can say, ‘Hey, I’m doing business with the person who’s making the decisions.’”

MINI-CORR BASICS Mini-correspondents may fund the loan in their own name, but they don’t keep it long. They sell it on to ‘investors’ – typically wholesale lenders who also lend in the mini-correspondent channel. To become a mini-correspondent, a broker must meet those lenders’ requirements – typically access to a warehouse line of credit, through which the loan is funded, and a certain net worth. Lenders also may check to make sure a broker is in good standing with government licensing agencies and has an acceptable personal credit score. Those requirements – especially net worth – vary from lender to lender, Margulies says. “It’s not set in stone. You take a look at the risk profile of the broker you’re doing business with, and it’s a determination that’s made,” he says. “If you’re selling loans through the mortgage banking channel, that number may be a lot different than if you’re selling through to a financial institution. That’s a determination the buyer of the loans makes. It’s up to them as to what they require.”

WHY MINI-CORR? So why make the change to the mini-correspondent channel? Well, there are a lot of advantages over the traditional broker channel. For one thing, minicorrespondents are lenders, at least officially. That means more flexibility when it comes to disclosures. If you’re a broker, for instance, you have to disclose lender-paid compensation on the first line of the Good Faith Estimate – a disclosure that isn’t

required of a lender. If nothing else, that can save time – the time you’d have to spend explaining lender-paid compensation to a borrower. Mini-correspondents also have more flexibility in pricing. If you’re originating a QM loan as a broker, your compensation counts against its 3% points and fees cap. If you’re originating that loan as a mini-correspondent, broker compensation doesn’t enter the question. The mini-correspondent channel allows you to price loans more competitively. “It allows you to compete on a level playing field with the larger lenders,” Margulies says.

EXPERIENCE IS A MUST But mini-corr isn’t for everyone – and it’s not the kind of thing you just jump into. “We feel we have the background and expertise to be successful ... but our main goal with mini-corr isn’t about pursuing or trying to convert a wholesale mortgage broker to mini-corr,” says James Cutri, cofounder and executive vice president of national

CFPB KEEPING AN EYE ON MINI-CORR Many brokers transition to the mini-correspondent channel as a stepping stone on their way to becoming full correspondent lenders. But some use mini-corr simply as a way to avoid federal regulations governing compensation and disclosures. The Consumer Financial Protection Bureau has already said it will be keeping a weather eye on the channel, specifically to catch brokers who are just calling themselves mini-correspondents to avoid compensation and disclosure rules. Some of the questions the CFPB will ask when scrutinizing a mini-correspondent are: • Does the mini-correspondent still act as a broker in some transactions, brokering to the same wholesale lender that supplies the warehouse line of credit? If so, what distinguishes the mini-correspondent’s “broker” transactions from its “lender” transactions? • Is the mini-correspondent using an actual warehouse line of credit to fund the loans it originates? And is the warehouse bank providing the line of credit affiliated with any of the investors who purchase the loans? • What percentage of the mini-correspondent’s total monthly volume is sold to the entity providing the warehouse line of credit? • What training or guidance has the mini-correspondent received to understand the additional risk associated with being the lender or creditor in a mortgage transaction? • What percentage of the principal mortgage activities – taking applications, loan processing, etc. – is being performed by the minicorrespondent? If the majority of those activities are being performed by the investor, is there a plan in place to transition them to the minicorrespondent?

DECEMBER 2014 | 51  


FEATURE / MINI-CORRESPONDENT

production for Plaza Home Mortgage. “We believe in wholesale originators, and we’re backing that.” Margulies says that when AFR considers whether to let a broker join its mini-correspondent channel, the broker’s experience – and the experience of his or her support staff – is carefully scrutinized. “You’re no longer just a broker. Now you’re making decisions on the loan – where it’s going, how you’re selling the loan. The risk is that you’re now responsible,” he says. “You’re doing everything but underwriting that loan. To the industry, you’re acting the same as one of the larger lenders. And you must – must – have the experience and expertise in order to do that. There’s no way around it.” When a mini-correspondent lender takes an application, Margulies stresses, he’s taking that application as if it’s his own money he’s lending. Before becoming a mini-correspondent, a broker needs to understand the guidelines inside and out – and so does that broker’s support staff. “Your operations folks, in the delivery of these loans, need to have that experience,” says Margulies. “This tool belt is really not something that you can reach into a drawer or reach into your pocket and get. It’s experience and expertise. It comes from the mind. You have to be able to understand how to deliver that business. It’s a lot different than delivering as a straight wholesale broker.” Cutri also says being an effective mini-correspondent takes expertise – but it’s expertise that Plaza is willing to share. “If you want to go mini-corr, we have the training

GETTING STARTED: WHAT YOU NEED TO BECOME A MINI-CORRESPONDENT The mini-correspondent channel has many advantages, allowing you to act as a lender and close loans in your own name. But it’s not something you just jump into. Here’s the least that most investors will want you to have in your corner before you become a mini-correspondent: • A warehouse line of credit. The minimum amount for this credit line will vary from lender to lender. • A minimum net worth. Again, this varies from investor to investor, but it’s typically far less than the net worth requirements for full correspondent lenders, which can reach into the millions of dollars. • Proper licensing to originate and warehouse loans. • Good standing with government licensing and revenue collection agencies. • Good personal credit profile.

52 | DECEMBER 2014

to help you do that,” he says. “And if you’re already doing mini-correspondent business, we definitely have the expertise to help you excel and even further grow your platform.” Becoming a mini-correspondent is a natural step in a mortgage originator’s evolution, Margulies says – but it’s a step you have to be prepared for. “It’s extremely important for you to know what that channel represents – to know what you have to do inside that channel,” he says. “You have to look at this from a risk and compliance standpoint. Do you have the proper LOS system? Do you have the proper channels in order to deliver that loan?” And becoming a mini-correspondent means a financial risk – at least a nominal one – that brokers need to be aware of. As a lender, you’re opening yourself up to repurchase risk that brokers don’t typically have to deal with.

REGULATORY SCRUTINY Some brokers think that calling themselves minicorrespondents is a convenient way to get around disclosure and compensation rules. And that’s a risky proposition – the Consumer Financial Protection Bureau has said it will be keeping an eye on mini-correspondents and cracking down on those they feel are simply brokers trying to get around the rules of the road. “For wholesale, there are disclosure requirements you must meet in order to get a loan done for a customer,” Margulies explains. “When you go to a correspondent or mini-correspondent, basically it’s relaxing that. You’re then determining price. So the CFPB is trying to make sure that the broker truly has the experience and is not just doing this to take advantage of the pricing concessions available, but truly does have the consumers’ interests at heart.” Margulies admits he’s seen the occasional warehouse lender that’s allowed inexperienced brokers to become mini-correspondents, or played a little too loose with net worth requirements. But for the most part, he says, lenders who offer mini-correspondent channels do their best to weed out the bad actors. And most brokers who go the mini-corr route, he says, are prepared to take the plunge. “In our experience, most brokers have been quite responsible in taking that jump.”

WANT TO KNOW MORE ABOUT MINI-CORR? WATCH FOR THE NEXT INSTALLMENT OF OUR TWO-PART SERIES


MPAMAG.COM

DECEMBER 2014 | 53  


INDUSTRY ICON / MAT ISHBIA

If I set a great vision and have the best people, we’re going to win. No one’s going to compete with us

54 | DECEMBER 2014


MPAMAG.COM

SLAM DUNK

Mat Ishbia went from winning an NCAA championship to heading one of the nation’s top wholesalers – and he did it by taking what he learned on the court into the boardroom When Mat Ishbia was in college, the mortgage industry was the furthest thing from his mind. What Ishbia ate, breathed and slept in those days was basketball. Ishbia played for Michigan State for four years, under the legendary coach Tom Izzo. “I was a walk-on who earned a scholarship after a couple of years, and I was there at the best time to be there,” Ishbia says. “In my first three years, we went to three straight Final Fours and won a national championship. If you go to one NCAA tournament, you’re happy. And if you go to one Final Four, it’s incredible. I was there at a great time with a bunch of great players and a great coach.” In his fifth year, Ishbia got a chance to coach under Izzo – and learned things he’d carry with him into the business world. “I got to see the ‘why’ behind how the coach did things – the structure, the discipline, the way that he did things,” he says. “It all made sense to me that fifth year. I was able to see what real success was – being at the top of your craft, and what it was like to be around the best in the country.” But Ishbia had a decision to make. He could continue to coach basketball – or he could take his chances in the business world. It wasn’t an easy decision to make.

MAKING THE CHANGE “Basketball was all I knew as a kid, then all I knew as a player and a coach. I knew I could do it, and I knew I could do a great job at it,” he says. “The deciding factor was that I saw what it took to be the best, an elite basketball coach – the demands on your time – and I basically made a decision that instead of working 100 hours a week, I’d work 70 or 80 hours a week and have the opportunity to build a team of – instead of just 11 or 15 people – 1,100 or 1,500 people. I thought I could make a bigger impact in the mortgage world. I could control my own destiny by outworking everybody, by leading a team of adults and businesspeople to do something special. Obviously college basketball is a pretty high level, but I also think there are some great things you can do in the business world, and that’s what we’re trying to accomplish.” So Ishbia joined United Wholesale Mortgagethe wholesale division of United Shore, a company started by his father in 1986 as a small retail brokerage. Ishbia’s father – an attorney who stayed out of day-to-day operations – insisted that Ishbia learn the business the hard way. “When I started working there, he said, ‘Look, if you want to come here and try to learn the mortgage business, that’s great – but you’ve got to start DECEMBER 2014 | 55  


INDUSTRY ICON / MAT ISHBIA

Obviously college basketball is a pretty high level, but I also think there are some great things you can do in the business world, and that’s what we’re trying to accomplish

56 | DECEMBER 2014

at the bottom and work your way up.’ And that’s what I did. I started at the very bottom of the mortgage company, taking faxes off the fax machine and putting them in the underwriting file. Then I was learning about underwriting loans, becoming an account executive – I’ve been on all the different teams in the company, and applied all the learning I had from Tom Izzo and Michigan State basketball to my daily practices here at United Wholesale. And I’ve been here 12 years doing that.”

THE BEST PLAYERS By 2008, Ishbia was running UWM. By bringing to bear the lessons he learned on the basketball court, he quickly transformed the company into one of the top wholesale lenders in the nation. “We went from being kind of a no-name company to being the number-one or number-two wholesaler in all of America – not just based on me, but based on our whole team,” he says. “We have a great team of people because we’ve fostered the culture I learned in Michigan State basketball: Taking care of our people, holding people accountable, highly rewarding and recognizing people – making this place a destination where people want to go.” And he does that by creating an environment that’s fun and open – but also one that insists on hard work and personal accountability. “One of the sayings we had at Michigan State that we live by here at our company is that we are thumbpointers, not finger-pointers,” Ishbia says. “Instead saying, ‘Gosh, if the pricing were better,’ or, ‘If only underwriting would have approved my loan,’ and pointing the finger at everyone else, maybe you should say, ‘Well, maybe I should have done a better job explaining what our processes are. Maybe I should have worked a little bit harder.’ Everyone being accountable is a really big thing here. Look at yourself in the mirror first. Be accountable.” But with that accountability comes the right to question, Ishbia says. Everyone – from the top executives to the newest underwriter – has that right. “I don’t care if you’ve been here one minute or 10 or 20 years – anything that we do, you have the right to ask us why,” he says. “I actually invite that and solicit the why. For instance, if I say, ‘Hey, guys, we’re going to start underwriting loans at 7

a.m. tomorrow,’ I have to be able to explain why. What that does is foster the attitude that there’s no dictatorship here – this is a team.” Not only does his open-door policy help morale, Ishbia says, but it often helps the company itself improve its policies and procedures. That’s because the people in the trenches often ask questions that don’t occur to the executives. “All the time I walk by salespeople, and they’ll say, ‘Hey, Mat, do you know why we have this overlay on this underwriting?’ And sometimes I’ll say, ‘I don’t know. I didn’t even know we had that. Let me talk to the head of underwriting.’ And we’ll change it and make it better. It’s a spirit of continuous improvement. We’re getting better every day.”

ACCOUNTABILITY AND INCLUSION Part of continued improvement, Ishbia says, is hiring the best people – and then making sure they want to stay. That’s why UWM promotes from within. Ishbia says he insists on hard work – “If you have a great resume but don’t work that hard, you’re gone” – but he believes in rewarding that work. “I believe that the team with the best players – or the company with the best people – is going to win at the end of the day, as long as the vision is set by the leader,” he says. “If I set a great vision and have the best people, we’re going to win. No one’s going to compete with us. If I set a great vision but don’t have great people, it doesn’t really matter what I think, and if I have great people but no vision, all those people are going to leave. Tom Izzo couldn’t have a bunch of great players but bad ideas, and his great ideas wouldn’t matter if he didn’t have great players. So here at our company, I want to create an environment where the best people want to join, and they never want to leave.” Ishbia believes that giving employees that sense of empowerment makes them feel a sense of ownership in UWM’s success. “They feel like they can make an impact. They feel that they’re part of the team. They’re not just underwriting loans – they’re making an impact toward United Wholesale being the best lender. When we have parties after winning prizes or awards, that’s not a Mat Ishbia prize – it’s UWM. It’s our team.”


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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.

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RESOURCES

The mortgage industry’s most comprehensive guide to branch

LICENSING

MARKETING

ACCOUNTING

IN-HOUSE UNDERWRITING

HR

IT

LEAD GEN

CRM

IN-HOUSE PRICING ENGINE

FHA

USDA

VA

JUMBO

REVERSE

203K

www.advisorsmortgage.com

877-507-1800

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Karl Holt

www.awmnow.com

888-296-0300

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Alpine Mortgage Planning

Jeff Stode

www.alpinemc.com

503-718-9850

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

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Brandon Armstrong

www.joinamcap.com

800-590-4314

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Kimberly Smith

www.aagwholesale.com

866-964-1109

X

X

X

X

X

X

X

X

X

X

Rick Koenig

www.amerifirst.com

800-466-5626

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

Rich Johnson

www.axiahomeloans.com

208-333-0010

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.bayeq.com

800-229-3703

X

X

X

www.carringtonhomeloans.com

949-517-6064

X

X

X

X

www.catalystlending.net

602-770-6080

X

X

www.coletaylormortgage.com

248-889-6504

X

X

X

X

www.continentalhomeloans.com

800-965-0437

X

X

X

X

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

CONTACT

WEBSITE

Bay Equity Carrington Mortgage Services

Tom Shaw

Catalyst Lending Cole Taylor Mortgage

Mark Janssen

Continental Home Loans Envoy Mortgage

TL Huynh

First Financial Services First Mortgage Corp

PHONE

X

X

X

X

X

X X

X

X

X

X

X

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X

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Mark Ballantyne

www.branchleader.com

877-569-3328

X

X

X

X

X

X

X

X

X

X

David Goldberg

www.fmcfund.com

888-297-4440

X

X

X

X

X

X

X

X

X

X

X

Randy Hutchison

www.joingatewaynow.com

866-331-4184

X

X

X

X

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

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

X

X

X

X

X

X

Shawn Sirko

www.goldstarbranch.com

866-249-2190

X

X

X

X

X

X

X

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

X

X

X

X

X

X

X

X

X

Chad Jampedro

www.gogsfbranch.com

262-901-1444

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

X

www.guildmortgage.com

800-283-8823

X

X

X

X

X

X

X

X

www.hightechlending.net

866-714-2040

X

X

X

X

X

X

X

X

Golden Empire Mortgage GSF Mortgage Corp Guild Mortgage Company High Tech Lending

Stuart Scull

X

X

X

X

X

X

X

X X

X

X

X

X

FMC Funding

Gold Star Mortgage Financial Group

X

X

Flagship Financial Group Gateway Funding

COMMERCIAL

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Luke McCann

All Western Mortgage

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58 | DECEMBER 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

lenders with a fully searchable database available at mpamag.com

DIRECTORY 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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Loan oFFiCeRs, BRanCH ManaGeRs & teaMs:

Join a groWing team

Carrington Mortgage Services is adding retail branches today.

It’s time to make your move.

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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 | DECEMBER 2014 | 59  


HR

X

IT

LEAD GEN

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CRM

X

IN-HOUSE PRICING ENGINE

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FHA

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USDA

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VA

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JUMBO

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REVERSE

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203K

MANUFACTURED

COMMERCIAL

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www.homebridge.com

732-546-8882

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ACCOUNTING

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Kevin Krueger

MARKETING

PHONE

LICENSING

WEBSITE

COMPLIANCE

CONTACT

BENEFITS

NAME

IN-HOUSE UNDERWRITING

BRANCH NETWORK DIRECTORY

X

Hometown Lenders

Eric Tishaw

www.hometownbranch.com

888-606-8066

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X

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X

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Integrity First Financial Group

Alex Barnett

www.joiniffg.com

866-606-4334

X

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Integrity Mortgage Group

William Wolfe

www.integritymtgs.com

877-772-3350

X

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iServe Residential Lending

Rick Trew

www.joiniserve.com

615-869-0408

X

X

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Jet Direct Mortgage

Peter Pescatore

www.jetdirectmortgage.com

855-553-4732

X

X

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Land Home Financial Services

Sean Stafholm

www.lhfinancial.com

888-415-2000

X

X

X

X

www.libertyhomeequity.com

866-751-6112

HomeBridge Financial Services

Liberty Home Equity Solutions

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Loan Simple

Jason Dozois

www.joinloansimple.com

303-565-2603

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The Money Store

Paul Funesti

www.themoneystore.com

973-805-2005

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Mortgage Master Mortgage Solutions Financial Mountain West Financial Nations Lending Corp

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www.mortgagemaster.com

888-263-1435

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www.msfhome.com

877-899-3614

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www.mwfinc.com

888-793-6470

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Jeremy Sopko

www.nlcmortgageloans.com

866-447-0266

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www.nanationwidemortgage.com

866-654-9300

www.newamericafinancial.com

301-956-2902

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www.newpennfinancial.com

888-852-4151

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Todd Sheinin

New Penn Financial

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Norcom Mortgage

Tyler Rhea

www.norcombranch.com

860-839-8589

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NOVA Home Loans

Lance Dickson

www.novahomeloans.com

520-202-5231

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Open Mortgage

Brian McKinney

www.openmortgage.com

888-602-6626

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Paramount Residential

www.prmg.net

866-776-4937

www.parksidelending.com

415-771-3700

John Perez

www.goperl.com

949-292-5507

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Steve Channen

www.pmac.com

866-433-6886

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Parkside Lending PERL Mortgage PMAC Lending Services PNC Mortgage PrimeLending Primary Residential Mortgage

X X

www.pncmortgage.com

800-822-5626

Robert Nitz

www.primelending.com

360-620-1077

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Charles Edington

www.branchpartner.com

888-678-5493

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PrimeSource Mortgage

X

www.psmwwyh.com

405-753-1900

Residential Home Funding Corp

Frank Kuri

www.rhfbranch.com

866-319-4442

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Reverse Mortgage USA

Mike Suits

www.wholesalermusa.com

800-748-1184

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www.semperbranch.com

401-519-2387

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Sierra Pacific Mortgage

Sean Browning

www.sierrapacificmortgage.com

800-447-3386

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Stearns Lending

Jeremy DeRosa

www.stearnsretail.com

877-850-8292

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Bill Harp

www.supremebranch.com

214-888-7057

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www.unitednorthern.com

800-800-2023

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Joe Dishinger

www.bestbranchcompany.com

888-482-6395

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Semper Home Loans

Supreme Lending United Northern Mortgage Bankers VanDyk Mortgage Corp

X

Michael Delehanty

Nationwide Mortgage New American Financial Group

X

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

60 | DECEMBER 2014 | Search this database online at www.mpamag.com

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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

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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Please contact Ryan Smith at ryan.smith@keymedia.com to be added to our online database | DECEMBER 2014 | 61  


BUSINESS STRATEGY / WEB DESIGN

5

ways to make your

web (re)design easier The numbers don’t lie, and if they’re saying your website has failed to connect with buyers, it probably has, says Maggie Crowley

Brokers often talk about being unhappy with their existing websites. While it’s not realistic to redesign your brokerage’s website annually, the gaining pace in the tech world makes every website a constant work in progress. Taking on a new website project may not sound like a walk in the park, but a site redesign can have a lasting positive impact on any brokerage. How do you know when it’s time for a complete overhaul of your site? Here are three telltale signs:

1

LOW TRAFFIC AND CONVERSIONS

Numbers don’t lie. The biggest reason to give your website a refresh is when no one is using it. Best practice is to track and measure numbers on a monthly basis using Google Analytics. If you notice a drop in traffic or stagnant numbers over the course of at least one quarter, looks like it’s time to try something new.

2

IT’S NOT A PROPER (OR REALISTIC OR POSITIVE) REPRESENTATION OF YOUR BROKERAGE

Prospects who have never met you can make an

62 | DECEMBER 2014

impression of the brokerage based on its website – in less than three seconds. Your website is the only member of your team working 24/7 to promote and advocate your brokerage … does it send a positive message to your target audience? If you don’t even like the way it looks, chances are neither do consumers.

3

IT’S NOT RELEVANT IN 2014

While I’m not suggesting a complete website redesign is necessary every year, consider some of the major changes in technology in the past five years: more people access the internet from a mobile device than a desktop computer, Flash animations are no longer a “thing,” and Google is the new Yellow Pages. If it’s time for a website redesign, the best way to get ready is to do a little prep work. Many brokers find web design quite daunting and complicated, and with good reason. It can be challenging to assemble the necessities to get started, but with the right people on the job, it’s not nearly as difficult a challenge as it may seem.


MPAMAG.COM

The biggest obstacle brokers run into when tackling a website redesign is a general lack of focus and direction. As a result, they usually aren’t prepared to make decisions about the site, and generally that leads to a delay in the process. Start by taking a step back and looking at the big picture. What are you trying to achieve? A strong plan now will make for a smooth process along the way. If you’re considering a new website in the near future, begin by planning now. Consider these ideas in order to streamline your upcoming web design project.

1

DO SOME RESEARCH

Take a critical look at websites you love (and loathe) to help you figure out what you want your website to be like. Are there certain colors you find appealing online? Start by doing a Google search of other financial websites to analyze the landscape. Having a good idea of what you want the site to look like will help your web design team produce a site that matches your expectations. Find several different layouts you’re comfortable with. What types of navigation do you like best? These are all questions that the team building your website will ask. Make the design process easier by answering these questions on your own first.

2

HIRE A PHOTOGRAPHER

High-quality photos of real people (as opposed to stock images) are one of the best touches you can add to your website. Web visitors are more inclined to trust companies that provide a personal touch by showing who is operating behind the company. Highlighting pictures of your team (high networth individuals love working with teams) throughout the site is a powerful way to engage an audience of potential prospects. Doing this in advance ensures that the images will be ready to go when your web design process begins.

3

WRITE CONTENT Ready-to-go content is often the number-one element that delays the website creation pro-

cess. Whether you’re writing your site’s content inhouse or working with a copy writer or marketing, definitely start in advance. Have some content prepared before you commence the process. This will ensure that the design team will be able to deliver your website quickly and efficiently. What are the essentials? An up-to-date biography (this should be updated every three to five years) and information about your company, team members, and your services are all useful to have readily available.

4

DETERMINE FUNCTIONALITY

What should your website achieve? Ideally, who will be visiting your website? What should they do when they get there? It is worth brainstorming and setting goals so you have a clear direction for your site. If you want your website to act as an online business card to validate your brokerage and provide contact information, that requires different kinds of information than a website where clients will be engaged and regularly logging in. Determining how you want to use your website should be part of the cornerstone of your brokerage’s marketing plan.

5

BE PREPARED TO SPEND A LITTLE TIME ON IT

There’s no way around it: Your web design project will require time. In order to get a website that is reflective of your brokerage, assign someone from your team to lead the project, but expect everyone to get involved at some point. The goal of any great web design team is to make the production process as seamless and easy for you as possible. However, in the end, it is your website, and it needs your input. A website redesign can be a daunting task, but partnering with a good web design firm can make the process a lot easier (and even fun!). Remember, a well-designed website is one of the most effective marketing tools you’ve got – make the most of it by keeping it fresh, up-to-date, and easy to use.

Maggie Crowley (@crowleymaggie) is the marketing coordinator for Advisor Websites, where she manages the company’s online presence and educates financial services professionals on how to maximize the potential of a strong web presence. Connect with her on Twitter @advisorwebsite, or visit her online at www.advisor websites.com

DECEMBER 2014 | 63  


HEAD TO HEAD

Q:

Are mortgage brokers an endangered species? We asked three industry leaders if they thought regulatory changes and public perception were endangering the mortgage brokering profession. Here’s what they had to say:

JOHN COUNCILMAN

SCOTT GORDON

JONATHAN MARCOLINE

“As long as I’ve been in the mortgage business – which is about 30 years – we’ve always wondered if mortgage brokerage would be here tomorrow. And surely enough, it always has been there tomorrow. I think that we’re always in a position that leads to people who don’t understand what we do – especially Congress and regulators – and that creates problems for mortgage brokers. If more mortgage brokers were willing to support their industry more than they do, this problem would disappear. I think that’s the key – and the answer to the problem.”

“On the traditional mortgage side, brokering is a tough way to go right now. Regs favor the bigger players, and brokers can’t afford the tools bankers can. Right now, instead of brokering, individuals should partner with strong mortgage bankers who can help them grow their production to the next level. On the reverse side, regulations and the market are different.  If you don’t want the help of a big banker (which you should), you can still go it alone as a broker. Just keep an eye on regs and don’t get caught off guard when the world changes again.”

“It seems to be that way. I see fewer and fewer brokers out there, and there’s becoming less and less availability for them to be out there. Nowadays everybody seems to be able to get their own branch from a bank or correspondent lending. All my competitors in the area seem to be branches of banks. I couldn’t name a mortgage broker right now that pops up in my mind as a competitor. So it does appear to be that way, that they’re on the way out the door.”

President NAMB

Founder and CEO OPEN MORTGAGE

Got an opinion that counts? Email ryan.smith@keymedia.com, or join the discussion at www.mpamag.com/forum

64 | DECEMBER 2014

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Mortgage Professional America issue 8.06  

The magazine for mortgage professionals in America.

Mortgage Professional America issue 8.06  

The magazine for mortgage professionals in America.

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