The National Association of Mortgage Brokers is the voice of the mortgage industry, representing the interests of mortgage professionals and homebuyers since 1973.
IN THIS ISSUE
Windsor Mortgage 5
Plaza Home Mortgage 6
EPM 7
Outsource Broker Support 8
Optimal Blue 9
Firstline Compliance 10
Lender Price 11
Broker CMO 11
MLO Force 12
Guide Mortgage Licensing 13
Direct all inquiries to NM editor & publisher Jilly MacDowell: magazine@namb.org
President’s Letter
JIM NABORS, CMC, CVLS, CREV, CFMP
Dear Members,
As we enter another month of growth & opportunity, I’m reminded of the incredible resilience & adaptability of our industry. At NAMB, our commitment remains steadfast: to serve as your voice, your advocate & your resource in navigating today’s dynamic market.
This past month, we’ve made significant strides in advancing policies that protect consumers & empower brokers. Though our advocacy e orts, we continue to address regulatory challenges & champion initiatives that drive innovation & transparency within our profession. Before the end of the year we hope to be sharing positive news on Congress & our Trigger leads bill – hopefully, perhaps, you’re reading this as a decision on this important issue has already been made!
I also want to highlight the importance of staying connected as a community. Whether it’s through our educational programs & certifications, networking events or online forums, these opportunities allow us to share insights & elevate one another in an ever-changing landscape.
As always, I encourage you to reach out whether you have questions, suggestions or simply want to share your success stories. Together, we’re building a stronger, more unified future for mortgage brokers nationwide.
Thanks for being a vital part of NAMB. Here’s to another month of collaboration & success. Enjoy the holidays!
Respectfully, Jim
GET EDUCATED
Meet NAMB’s People
Broker Owner, Patriot Home Loans Inc
lauren@FundingHomeLoans.com
CRMS, CVLS, CCS; Underwriter, Past President, Utah Association of Mortgage Professionals (UAMP) 2019-2021; NAMB Government A airs Chair
Licensed since 1993 (31 yrs)Salt Lake City, Utah NAMB member since 2015
How does NAMB membership help you? NAMB is more than just a professional organization — it’s a lifeline for mortgage originators navigating a dynamic industry. As a member, you gain access to vital protections, resources, and connections that empower you to stay ahead of the curve while fostering personal and professional growth. Since becoming a member of NAMB I've been involved in the Government A airs Committee (which is why I joined NAMB.
What else could NAMB o er its members? In a rapidly evolving industry, small
business mortgage brokers face challenges from navigating complex compliance landscapes to staying competitive in a market shaped by technology & regulation. Some initiatives that NAMB could undertake: enhanced compliance support, enhanced digital toolkits for e ciency & growth, continued advocacy “on steroids,” and exclusive networking & mentorship opportunities.
What motivates you in your current position? What truly drives me in my current role is the profound impact the mortgage industry, UAMP, NAMB & the people with whom I have had the pleasure of working alongside have had on my life. I’m also deeply inspired by the people we serve. Helping clients realize their dreams of buying real estate is a privilege that never gets old. Beyond working with clients, I’m deeply passionate about advocating for the mortgage industry & homeowners alike. Engaging in legislative
LAUREN PATTERSON,
initiatives, speaking with elected o cials & learning about the regulatory process have been immensely fulfilling. It’s about protecting & advancing an industry that helps families & communities thrive.
If you could have a career doing anything else, what would it be? If I weren’t in mortgage, I would have pursued a career in finance or sports. I’d love to have been a Trader or Fund Manager, where I could work in the fast-paced world of markets, analyzing trends & making strategic decisions. Alternatively, being a PGA Tour Pro would have been an incredible pursuit! Both paths align with my love for strategy, challenge & performance under pressure.
Where do you see yourself in 5 years? Continuing to work in the industry I love, as an advisor partner for homeowners & clients. My mission: to help people view mortgage financing not just as a necessity, but as a powerful financial tool, a strategy for building family & generational wealth. And I envision myself playing a larger role in educating others, whether it’s mentoring new mortgage professionals, advocating for smarter industry practices, or empowering communities to make informed financial decisions. NM
The Grind
An Excerpt From the New Book,”High!“
You must love the grind to enter an industry that requires di cult — at times almost impossible — conditions, incredible mental fortitude & the tenacity to stay calm while driving your race car at a high speed. This is where you are born as a sales guy or gal. This is where the rubber meets the proverbial road.
“Grind” is an endearing term great salespeople use, and one I have been saying & hearing throughout my many decades in the business. Urban Dictionary says “grind” is “when you work your ass o to get shit done.” I would say that sums it up. And, as far as I can see in my view, I’m surrounded by people who are doing just that.
I am, simply put, a grinder in sales. I am a person who will outwork you, outplay you, out-strategize you, and I will win. I will take the prize if you give me one step in front of you to do so, and if you look away, I will steal your lost ground in a moment with no notice. There are innate qualities top salespeople possess. Grinding is one of them.
The ability to lock yourself into the cockpit of selling, and sit there a good long time & grind, is an invaluable trait and the most prevalent characteristic I see in top achievers. To not quit the space when you are self-aware and are in the pocket takes commitment & tenacity.
BY CHRISTINE BECKWITH
When your tenacity & withstanding is HIGH, you will prevail against normal day-to-day barriers when most working professionals fall. To grind means not giving up when it’s hard, not walking away when you have only a small spark of momentum firing. To grind is to recognize your ability to pour gasoline onto that spark & create a blaze of sales in front of it. The inability to recognize when you are in the pocket has pushed many out of sales. But for those who know, it needs no explanation. For those who experience the elongation of time this e ect has, we recognize that the grind marks going the extra mile to success.
I’ve watched the best in my business grind it out daily. I’ve been near the excellence of millionaire salespeople. It is artful & scientific. These experiences caused me to examine & study the phenomenon so that I could replicate it in my hiring.
CONTINUED ON PAGE 10
Multi-Generational Living: Strategies
The American household is changing. Today, nearly a quarter of adults are choosing multi-generational living — joining more than 59 million Americans in this growing trend (Pew Research Center). Driven by economic factors, evolving social norms & increased longevity, multi-generational living is on the rise. And with this growing demographic, brokers will need to adopt new customer engagement strategies to serve its unique needs. If brokers find messages that resonate, they will unlock new business & deepen customer loyalty.
Here are three examples of the life events driving this trend, followed by strategies for e ectively addressing each one.
1. Recent college graduates staying with parents
Rising housing costs & skyrocketing student loan debt are forcing more young adults to move back in with their parents. This presents a valuable opportunity for brokers to engage & build early relationships with these potential future homebuyers:
Help them build a plan: Saving for a down payment may feel like a pipe dream for young adults with student debt. But it is possible. Consider creating resources for young borrowers that outline the basic requirements & suggest how to begin the daunting task of saving, helping them save for homeownership while balancing student loan repayments.
BY JAMES WHITE
Credit improvements: Young adults typically have short (or no) credit histories. Helpful education on how to build stronger credit today will go a long way in making homeownership more a ordable in the future.
First-time homebuying guidance: When these young adults begin searching for their first home, they may not know what to look for in an agent or lender. Brokers who engage homebuyers early & o er guidance can establish long-term trust by connecting at this critical life moment.
2. New parents living with relatives
Combined with the need for dual incomes, the high cost of childcare is another major factor contributing to multi-generational living. New parents often rely on family members for support. This creates a need for larger, more flexible living spaces.
Creative financing solutions: Brokers can be the first line of education for new parents (and the homeowners they’re living with) on non-traditional mortgages. Home equity options, construction loans & unique multi-
family financing products can open their eyes to creative ways to transform their existing living space instead of finding a new property. Save time and money: New parents face brand new challenges as they raise a child, and their most depleted resources are time & money. Brokers are in a unique position to create personalized guidance on a new loan & save new families the time they would be spending shopping for the right loan.
Long-term ownership advice: Even if new parents are not in a position to leave a multi-generational house right now, they may be ready to establish their own household in the future. Brokers can help new parents think about longer-term homeownership goals & map out a plan to get them into a new home.
3. Older adults caring for aging parents
As the population ages, many middle-aged adults find themselves caring for elderly parents. This can lead to financial challenges & a need for home modifications.
Specialized loan products: Empathy is as important as expertise in this critical life stage. Brokers need to approach the situation compassionately while also helping adult caregivers understand how renovation financing, home equity solutions or reverse mortgages could help them access funds. Doing this without straining healthcare or additional personal finances gives brokers the chance to create powerful relationships.
Referrals to other financial experts: One of the best ways to establish yourself as a trusted advisor is to connect consumers with other financial experts. Expanding your network to include referral fiduciary financial advisors demonstrates a commitment to helping them get what they need even if it’s not something you directly o er.
Non-financial resources: The emotional stresses of adult caregiving are often equal to or greater than the financial stresses. Brokers should make sure their communications recognize this emotional burden.
Multi-generational living is no longer an exception, but increasingly the norm. Evolving macroeconomic factors & changing family dynamics have fragmented the homebuying timeline. This requires brokers to change how they understand and engage with consumers along a much more non-linear financial journey. It also requires them to be creative & leverage their position.
Brokers have the unique ability to o er creative lending solutions that other direct lenders do not have access to. Savvy brokers who adapt their strategies will be best positioned to capture this growing market segment. NM
James White, GM of banking at Total Expert, has 25+ years helping modern depositories grow market share & drive profitability. His leadership experience spans strategic planning, product development & delivery, professional services, sales & marketing, and customer success. He believes in the power of an empathetic bank or credit union to create customers for life.
The grind has clear traits that stand out:
• a fine relationship with hard work
• a tolerance for aversion-like resistance from consumers,
• the ability to sit in their resistance & doubt to help patiently overcome their innate buying fears,
• to rejoice in a winning result when a person acts, commits & allows their life-changing experience to move forward.
It’s the Picasso of financial transactions, and it is not for the novice artist.
I remember thinking it could not be taught, and even this past year, I had someone tell me top performers don’t need coaching. I cannot disagree more!
Once a person reaches their mountain top, how they got there can be elusive, and staying on top requires help & accountability. Honing innate skills into locked & loaded pro-level athletics to ensure professional iteration & expert performance is a level the grinders reach for.
It’s the next level; it is the world beyond great. But many quit or go o track long before they reach it. NM
Christine Beckwith is a 35-plus year veteran of the mortgage industry, with positions from originations to Senior VP of sales. In 2018, she made the move to serving mortgage professionals in her “legacy years” by founding 20/20 Vision for Success Coaching, now the largest consulting firm in the American banking & brokering industry. Click to order “High!” the award-winning, 5-time best-selling author’s brand new book! visionyoursuccess.net
Rules Expanded for Appraisal Waivers
BY ANNA DE SIMONE
Starting January 1, 2025, expanded rules for appraisal waivers take e ect on purchase transactions. New rules apply to both appraisal waivers & inspection-based waivers. The announcement was made on October 29, 2024 by the Federal Housing Finance Agency (FHFA) to allow more borrowers — particularly first-time & low-to-moderate income borrowers — to benefit from cost savings & reduced closing times.
LTV maximums are based on the applicable mortgage program, up to the following limits:
• Maximum loan-to-value (LTV) for appraisal waivers on home purchases will increase from 80% to 90%
• Maximum LTV for inspection-based appraisal waivers will increase from 80% to 97%
Fannie Mae: Appraisal waivers are now known as Value Acceptance, according to Fannie Mae’s October 29 announcement, and new rules apply to both primary residence & second home purchase transactions. Value acceptance means that the lender accepts the value indicated from the Desktop Underwriter® o er.
Value Acceptance + Property Data is an inspection-based appraisal waiver. Property data collection consists of a visual observation of the interior & exterior areas of the subject property. Only a single visit to the property is required to complete this process. It must be performed by a trained & vetted property data collector. Lenders are able to search for an approved data collector in the geographic area from Fannie Mae’s service providers list.
Freddie Mac: Freddie Mac o ers a menu of options on its Collateral Valuation & Appraisal Resources dashboard. For loans submitted through Loan Product Advisor,® appraisal waivers are available through the Automated Collateral Evaluation (ACE) option. When loans are submitted through LPA, the lender must indicate the sales contract price or estimated property value for refinances. The ACE algorithm will determine the acceptability of the value (or sales price) as the basis for the lender underwriting the loan. The LPA Feedback Certificate will indicate if the loan can be originated without a traditional appraisal.
The LPA feedback may indicate the requirement of an ACE+PDR, in lieu of a traditional appraisal. This report is an Automated Collateral Evaluation (ACE) along with a Property Data Report (PDR). The PDR information is physically collected on-site by a trained property data collector, which includes photographs. Lenders can locate a provider on the collateral valuation dashboard.
Tips for Originators & Loan Processors
1. Take extra steps to confirm that property information provided by the borrower (or real estate agent) is accurate and up to date. Data which cannot be validated may impact acceptance for any type of appraisal waiver.
2. Lenders are obligated to request a traditional appraisal based on supplemental information or facts that are later received about the property.
3. In lieu of a traditional appraisal, automated underwriting feedback may indicate acceptability for a hybrid appraisal report (Fannie Mae Form 1004 Hybrid or Freddie Mac Form 70D).
4. Appraisal fees are subject to rules under the Truth in Lending Integrated Disclosure (TRID) Act. If there are changes in circumstance regarding appraisals, it is important that borrowers are made aware of the cost and whether a revised Loan Estimate (LE) will be issued. NM
Anna DeSimone is author of Closing the Gap in Homeownership –Re-writing the Rules Against Mortgage Discrimination. She provides consulting services to the mortgage industry at Housing Research, LLC. annadesimone.net
