NAMBCentral June 2023

Page 1

JUNE 2023


NAMB Celebrates Pride Month 4

NAMB’s New FHA Certification 6

Dispatch from the Road (Show) 8

Marketing Ideas That Get Leads 10

Closing Statements 12-14


President’s Letter

Hello, NAMB Family –

Things have finally slowed down here at NAMB regarding conventions & conferences until NAMB’s Las Vegas conference in September.

Meanwhile, NAMB is still quite busy planning & conducting continuing education classes, ongoing certifications such as CVLS & CCS, and developing our new FHA certification course (see page 6). NAMB encourages mortgage education & education for consumers to enhance the home purchasing process.

NAMB is also making plans to celebrate 50 years of serving the mortgage broker & mortgage industry. NAMB is the only mortgage association that has withstood the test of time while making meaningful & positive impacts in the mortgage arena.

Thanks for reading this issue of NAMB’s monthly magazine; please share it with your industry colleagues. If you’re not a NAMB member, visit to join the association, which has been the voice of the mortgage industry, representing the interests of mortgage professionals & homebuyers since 1973.

Our mandate is to be the voice of the marketplace. We will push harder & wider in 2023 to serve our members, consumers & the industry overall. Our team of experts is second to none. The public deserves insights that are impartial & accurate. That is our mission. NC



Jilly MacDowell


Hunter Higginbotham


Brandie Starks


Look for Courtesy

Associate Membership:






NAMB remembers Terry J. Morrow, who recently passed away at the age of 80. Terry was President of NAMB in 1993-94, a commercial mortgage broker, & active member of the American Institute of Mortgage Brokers, founded in 1973, which was the forerunner of NAMB. His dedication & service to the mortgage industry will always be remembered. NAMB extends its deepest condolences to the family of Mr. Terry J. Morrow.

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Kimber White has over 30 years of experience in the mortgage industry. He was President of NAMB in 2020-2021 and is currently a board member serving as both Membership Committee & Industry Partners Chair. He is also a partner with Re Financial Service.

Kimber has received multiple of awards throughout his career. He was named in top 1% of Mortgage Originators in United States in 2021 & 2022. He was named top 100 Mortgage Industry professionals globally in 2021 and Top 100 in Real Estate & Mortgage Industry for 2022.

Kimber was awarded NAMB’s mortgage professional of year in 2018, distinguished mortgage professional in 2017 & Kathy Love Volunteer of the year in 2016. He was also awarded 2013 mortgage broker of the year by his


Joseph Falk is a member of the Board of Direc tors of the United States Institute of Peace. nated by President Biden in 2022, he was confirmed by the United States Senate in early 2023.

Joe is a licensed mortgage originator and past president of NAMB. He authored NAMB’s ‘Model State Statute Initiative for the Licensing and Education of All Originators.’ This effort led to the introduction & passage of the national S.A.F.E. Licensing Act signed into law in 2008. His father, Walter Falk, was one of he founding fathers of the Florida Association of Mortgage Brokers (FAMB)

peers from FAMP (Florida Association Mortgage Professionals) & presented the president’s award for outstanding service to the association.

In 2014, Kimber was given a proclamation by the mayor of his city at his installation as FAMP Broward president, for his dedicated service to the city’s economic development task force and his advocacy for workforce housing & fair housing for all in his community.

Kimber believes that through service in the mortgage industry, he is able to be a voice for everyone in these changing times in the housing market. His personal passion for relationships, creating solutions & a common-sense approach to lending has made him the mortgage broker of choice for a wide range of clients for more than 25 years.

Kimber lives by his motto: “When you think you have done your best, go one step further to make sure.”

in 1960. FAMB was the first trade association in the country devoted to mortgage brokers. Walter Falk helped draft & lobbied to pass the first state mortgage broker statute in the US. Florida Statute 494 was enact-

Joe Falk joined FAMB in 1978, became Miami Chapter president in 1985 & state president in 1994-1995 before his NAMB presidency. Mortgage associations were a family affair: When his sister was president of FAMB, she approved the seed capital to fund the first NAMB! Joe was a member of the Federal Reserve Board’s Consumer Advisory Council from 2007-2009. In 2010, he

4 June 2023
NAMB is grateful for this opportunity to recognize some of our accomplished LGBTQIA+ members.


Native to Arizona, Glen Warner was raised on a small ranch with 7 siblings and comes from a Native American background.

Early in his career, Glen became a realtor & multi-site property manager. After a few years in real estate, he became a mortgage broker, and has been in the industry for nearly 30 years. Glen has been with Geneva Financial as producing Branch Manager since 2018. Thankful for his large & diverse client base, he continues to enjoy serving his customers & partners throughout all of Arizona.

Glen is the incoming president for Arizona Association of Mortgage Professionals, Southern Chapter. He is also actively involved in his community, serving as board member for a charter school district. Happily married for 6 years to his Cuban husband, a professor at the University of Arizona, Glen takes pleasure spending time with his family, playing with his 4 dogs & taking mini vacations.


Nolan Davis began his mortgage career in 2019, pivoting from a background in tech & geographical services. Being an openly gay man since his teens, Nolan had always felt different from his peers. He would use this to his ultimate advantage to succeed in the mortgage industry.

Noting a trend of mortgage brokers chasing after the same clients, writing the same loans & brokering to the same lender, Nolan instead focused on an underserved niche: business owners with complex finances, with a focus on real estate developers needing custom mortgage solutions.

Nolan holds the record for largest loan ever funded at his previous brokerage, originating a $6,500,000 refinance of a Beverly Hills property for a law firm owner in 2021. His average loan amount remains above $1,000,000.

After a career of making the impossible happen in the mortgage industry, Nolan has set his sights on political advocacy. He is a member of NAMB’s Governmental Affairs committee & is preparing for a graduate degree in Public Policy. When not focusing on his profession, he can be found in his Palm Springs pool or garden.


began teaching re-licensing education classes, then converted to facilitating continuing education classes in 2011 through 2020.

Joe has testified before Congress, both the House & the Senate, on how to improve the regulatory structure governing the mortgage industry. He also taught Federal & State regulatory continuing education classes.

In 2014, Joe was appointed by President Obama as a member of the J. William Fulbright Foreign Scholarship Board. This board, structured through the Department of State, oversees the worldwide Fulbright Program. He served through December 2016.

A lifelong community activist, Joe is a longtime board member & served as the Vice Chairman of the Board

and Capital Campaign Chairman of the Frost Science Museum. His leadership in the effort to secure $165 million in county funding & as chairman of the $100 million private fundraising effort enabled the museum to open a 250,000 square foot facility.

Joe is a board member of the national LGBTQ Victory Fund. The non-partisan fund’s mission is to increase the number of LGBTQ elected & appointed officials across the country. He is a former board member and past Chairman of SAVE, a Florida-based LGBT advocacy organization. And he has served as president & board member of Beth David Jewish Congregation.

A Phi Beta Kappa graduate of Franklin and Marshall College in 1976, Joe received his MBA from the Harvard Business School in 1978. He now resides in Miami, Florida. NC

June 2023 5


NAMB is pleased to announce an FHA mortgage loan certification program for mortgage brokers with Freedom Mortgage Wholesale! This unique partnership, between NAMB and one of the largest full-service independent mortgage companies and a top Veterans Affairs (VA) & Federal Housing Administration (FHA) lender in the U.S., fulfills an industry need by providing mortgage brokers with detailed information to better understand the variety of FHA loan solutions available to their borrowers. The Certified FHA Mortgage Professional, or CFMP, course is scheduled to launch this summer. Mortgage brokers will leave equipped with the knowledge to offer more loan options to the underserved & those with limited downpayment funds.

“We are thrilled to partner with Freedom to offer the finest certification course in the industry, enabling them

to fully understand all aspects of helping their borrowers qualify for an FHA loan,” says NAMB President Ernest Jones, Jr. “Combining our expertise in FHA lending, we can offer one of the most comprehensive FHA courses available in the nation, which in turn will empower mortgage brokers to better serve their borrowers.”

Freedom Senior VP Allen Middleman says, “Freedom Mortgage has proudly served mortgage brokers for over 30 years. It is our duty, as one of the largest national FHA lenders, to support & offer educational opportunities to mortgage brokers. Offering this course & materials is a natural part of strengthening relationships in the wholesale marketplace. We’re delighted to design this educational program with NAMB.”

The CFMP is a one-day, 8-hour course which provides mortgage brokers with an in-depth dive into FHA insured loans & the various qualifications to match borrowers with the best loan. Immediately following the course, a test will be given and, upon passing, attendees will be presented with a certification & course materials to serve their borrowers more effectively. NC

Learn more at Get certified at or! And visit for more.

6 June 2023
© 2023 AmeriHome Mortgage Company, LLC, A Western Alliance Bank Company. Information herein intended solely for mortgage bankers, mortgage brokers, financial institutions and correspondent lenders. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License #4131116. NMLS #135776 INCREASE PRODUCTS PROCESS CONTROL RESOURCES PROFITS HIGHLIGHTS • Competitive Pricing • Wide range of conventional and government products o Minimal overlays o FHA and VA • Easy to use technology platform o Pricing engine to select and lock product and price o Pipeline and loan level management • Specialized onboarding and training o Dedicated operational support o Loan level guidance • $250,000 minimum tangible net worth (unaudited) Relationships. Reliability. Resu NON-DELEGATED PROGRAM EMERGING BANKERS For program eligibility and information email: Contact your regional AmeriHome Sales Representative at: WITHOUT ADDITIONAL OVERHEAD AND RISK EXPOSURE
“Bubbling over with knowledge. Always available to share.” Uncork the expertise of your Freedom Mortgage Wholesale Account Executive WS489(0523) This information is for mortgage professionals and business entities only It may not be distributed to consumers or used, in whole or in part, in any solicitation or advertisement for a mortgage loan Freedom Mortgage Corporation is not, nor i We do not provide legal, tax, or investment advice. Freedom Mortgage Corporation, NMLS # 2767(www, 951 Yamato Road, Boca Raton, FL 33431; 800-220-3333 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. Loans made or arranged pursuant to a California Financing Law license; Massachusetts Mortgage Lender and Mortgage Broker Licenses #MC2767, Debt Collector License # DC2767; Nevada Supplemental Mortgage Servicer License # 4408; Licensed by the N.J Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services and Exempt Mortgage Loan Servicer Registration; Washington Consumer Loan Company License CL-2767, dba For complete licensing information, visit www Equal Housing Opportunity. © 2023 Freedom Mortgage Corporation. Connect with an Account Executive today. 855-915-4800 Celebrate More Closings! Mike Mell, SVP Freedom Mortgage Wholesale

On the Road Again

NAMB & Freddie Mac have dusted off the tour bus to hit the road this year with a series of lunch-and-learn sessions. With unique sponsor partners along for the ride, as well as local lender & realtor panels in host cities across the country, these free events bring NAMB value to your doorstep.

“The Road Shows started back in 2016,” remembers NAMB President-Elect Valerie Saunders. “Freddie Mac has been involved since then. During COVID we went virtual. We picked it back up again when Nora became our point of contact.”

Nora is Freddie Mac’s Nora Guerra, who NAMB members will remember from our 2022 event stages. A veteran of 23 years in the mortgage industry, our Road Show “headliner” joined Freddie Mac in 2019, and has held positions of leadership in sales origination, production & sourcing areas.

“At Freddie Mac, I deliver powerful data, statistics & analytics to the housing industry to help improve access to affordable lending for underserved communities,” Guerra explains. “My work is driven by my goal of making a real impact in affordable housing. I’m also dedicated to advocacy for Latino & minority housing equity.”

The partnership re-ignited the Road Show & the tour kicked off in March in Louisville with co-presenter Jason Wetherington of the Mosaic Network. First up, Saunders & NAMB Past President Kimber White review the benefits of membership & NAMB’s legislative advocacy before introducing a panel.

Each stop features a top broker, a RE partner & associates talking about building business & what agents look for in a lender. Last month, in Anchorage, First Rate Financial’s Adam Heafner sat down with White, Newrez’s Tony Kottenbrock & agent Keenan Fitzpatrick.

On all stops of the Road Show tour, Guerra presents the “state of the local market” over lunch. She shares housing trends in the area & innovative ways to navigate the road ahead. The underlying message remains persistence & optimism.

“There is still strong demand for housing,” says Guerra. “And the mortgage industry is rapidly evolving, with new

technologies & innovations emerging all the time. As long as demand remains high, there will be opportunities to help buyers secure financing & achieve their homeownership goals.”

The response to Road Show has been immediate, with 200 already registered for upcoming dates*. With the Road Show the critical advantage of education intersects with the ongoing need for dialogue & networking.

This is reinforced by NAMB’s choice of location. “We’re not going to hotels – we’re going [places] we think will be a draw,” creating community at the Alaska Housing Finance Corporation offices, for example, or at realtor associations.

This month the Road Show All-Stars head south for a pair of dates.* Road Shows would not be possible without sponsors. In NOLA, it’s Newrez Wholesale, a national mortgage lender that develops & delivers innovative products to stand apart from other lenders. Our Houston date is sponsored by Rocket Pro TPO, who gives you convenient access to technology, resources, products & competitive pricing to grow your business.

So why attend? In addition to industry insights from those “boots on the ground” in your territory, you can expand your network. “The Road Show is an opportunity to connect with other mortgage industry colleagues –lenders, brokers, originators & real estate professionals,” Guerra says. “And, you can improve your skills & knowledge to better serve your clients & advance your career.”

And great news if you missed the Anchorage date –Saunders confirms, “We’re going back to Alaska in 2024, and we’ll be incorporating Credit Smart sessions for homebuyers!” Bringing more value to members where they are is as rock star as it gets! NC

*June 7, at NOMAR, 3645 N I-10 Service Rd W, Metairie, LA.. June 9, at Houston Community College, 3100 Main St, Houston, TX. Register at

8 June 2023
NAMB Road Show’s Nora Guerra Just Can’t Wait to Lunch-And-Learn Again. Photo by Valerie Saunders.

Set yourself apart from the competition with a mortgage certification!

The Secret to Surviving a Tough Market

Rates have gone up. Refinances are few and far between. Inventory is low and there are multiple offers on good properties. Competition is intense, more intense than the past few years.

This business is a grind. Making money is not so easy anymore. I spoke to a mortgage buddy recently who told me volume has gone from 60 loans per month to 20. He’s looking to “make some changes.”

Yup, we are definitely in a down cycle in the mortgage business, one of many I have experienced in my 30-plus year career. However, I have survived & I have thrived because I always focus on the significant benefits of being in the mortgage business.

I have never missed one of my kids’ school or athletic events. I have played golf with realtors on a Tuesday afternoon & considered it a “day in the office.” I structure my day & week to do the things I want to do & work when I want to. My schedule is my own as long as I produce enough business to stay independent. I am not tied to a desk from 9 to 5. I am not commuting to an office every day.

Best of all, I have made a good income during my career – much better than many of my white-collar professional clients! How many times have you been surprised when comparing your income to the income on your borrower’s 1003?!

But let’s be honest: When this business is easy, it’s way too easy. We think it should always be that easy. Yet, salespeople in other industries work their butts off compared to us when rates are low, & business is booming. Now it’s harder & we are all crying the blues.

So, what do you do now? Do you have a strategy? Are you consistent with your marketing? Are you marketing the correct way? For example, do you know the 5 Life Events that create mortgage transactions in any economic environment? Instinctively you probably do, but have you put marketing strategies in place to capitalize on those life events?

Are you familiar with the concept of “Buying Brain Cells” and how that can help you do more business? Do you know the “Who” questions you should be asking in relation to the 5 Life Events? Do you know the real definition of sales?

Did you know there are 75 million baby boomers? They have had a huge impact on our economy throughout their lives. Would it surprise you to know there are 80 million millennials who are between the ages of 18-40, with most now starting to get married & thinking about buying a home. Do you effectively market to them?

I am excited to tell you that in conjunction with NAMB, I will be sharing a series of videos with you over the next few weeks that will discuss all these concepts with you as well as share 12 specific marketing ideas & strategies that you can implement immediately!

This is just one more example of the value you get from your membership in NAMB. I hope you enjoy the videos! Email me with your comments! NC

Michael Collins is a business strategist, success mentor and creator of “Street Smart Marketing for Loan Originators; No B. S. strategies that really worked for me.” Email or call 732-620-8541.

10 June 2023



At a recent webinar presented by NAMB, industry experts VP Brian Pattillo & Managing Director Gary Delavan, of Goosehead Insurance, provided valuable insights into the current state of the market. The pair, with over 20 years of experience combined in the property & casualty (P&C) insurance industry, highlighted recent events that have impacted carriers & the underwriting process, and offered tips for navigating this difficult insurance environment.

The P&C insurance industry has faced numerous challenges in recent years due to such factors as increases in natural disasters like wildfires & hurricanes, and the ongoing COVID-19 pandemic. These events have led to increased claims & losses, affecting insurance carriers’ ability to underwrite & achieve profits. Additionally, regulatory changes & new laws regarding auto insurance have had a significant impact on the industry.

States like Florida, California, Louisiana, New York & Texas have experienced the most challenging underwriting conditions due to these events. The increase in claims & losses in these states has resulted in a decrease in carrier appetite for risk, leading to higher premiums & less carrier acceptance of risks.

Another key reason behind increasing insurance premiums is a reduction in investment income. Trends in the P&C market reflect an increase in the variance of pricing, with some policies seeing significant price increases while others see minimal increases or even decreases. Carriers are more selective with the risks they accept, leading to less acceptance & competition in the market.

Despite these challenges, Goosehead Insurance remains committed to helping clients & lenders navigate the complex ins & outs of the insurance market to select the best coverage possible. They offer personalized solutions to fit each client's unique needs & work closely with them to ensure they receive the coverage they need at an affordable price.

By partnering with Goosehead Insurance, clients can be confident that they have a knowledgeable ally in their corner, guiding them through the complexities of the P&C market. Goosehead's team of experienced professionals is dedicated to finding the right coverage for each client, ensuring they are well-protected while receiving the best value possible.

Though the property & casualty insurance industry continues to face numerous challenges, with the right partner & strategy, clients can still find the coverage they need at an affordable price. As experts in the field, Goosehead Insurance is here to help clients navigate this complex market to find the coverage they deserve. NC

12 June 2023



Private lenders are offering Sponsors of private label residential mortgage-backed securities (RMBS) innovative financing arrangements for the residual interests they retain to meet Dodd Frank’s risk retention requirements. These lenders are offering to provide non-recourse debt financing secured against the residual securities, and they are structuring the financing agreements to allow the Sponsor to: (1) obtain attractive accounting treatment under GAAP; (2) limit recourse to the issuer from the loan; and (3) conceal from purchasers, underwriters, and regulators that the sponsor is no longer in compliance with the risk retention requirements of Dodd Frank.

The Securities and Exchange Commission, Federal Housing Finance Agency, Department of Housing and Urban Development, and various depository bank regulators have oversight over Sponsors who issue RMBS. It is becoming increasingly clear that Sponsors who finance their residuals without full recourse in an attempt to end-run important consumer protections contained in Dodd-Frank are assuming significant regulatory risks relating to securities fraud and predatory lending practices.

When properly structured, securitization provides economic benefits that can lower the cost of credit.” However, “[w]hen incentives are not properly aligned and there is a lack of discipline in the credit origination process, securitization can result in harmful consequences to investors, consumers, financial institutions, and the financial system.”

When passing the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress intended the risk retention requirements mandated by the newly added section 15G (15 U.S.C. § 780-11) to help address problems in the securitization markets by generally requiring that securitizers of asset-backed securities to retain not less than 5% of the credit risk of the assets collateralizing the asset-backed security.

Unless an exemption applies, “neither a retaining sponsor nor any of its affiliates may pledge as collateral for any obligation (including a loan, repurchase agreement, or other financing transaction) any ABS interest that the sponsor is required to retain with


ARTICLES ARE $995. Email to showcase your company. 14 June 2023

respect to a securitization transaction pursuant to subpart B of this part unless such obligation is with full recourse to the sponsor or affiliate, respectively.”

For RMBS, the transfer and hedging restrictions expire on or after the date that is (1) the later of (a) five years after the date of the closing of the securitization or (b) the date on which the total unpaid principal balance of the securitized assets is reduced to 25 percent of the original unpaid principal balance as of the date of the closing of the securitization, but (2) in any event no later than seven years after the date of the closing of the securitization. A sponsor that retains a B-piece also may transfer it to a qualified third-party purchaser after five years from the closing date.

Sponsors of RMBS securitizations, where no exemption applies, seeking to pledge residual securities from RMBS transactions as collateral for non-recourse financing where they have a right, but not an obligation, to repurchase the collateral may be able to evade realizing losses under GAAP, as such transaction may not be deemed to be a “true sale” by their accounting firm; however, they do so at their own risk as this practice is expressly prohibited by Section 15G – and the potential consequences are severe. Additionally, lenders who facilitate these transactions may incur regulatory liability unless they first confirm their non-recourse loans are not secured.

Under the Securities and Exchange Act a sponsor of an RMBS transaction can expect that (1) the Securities and Exchange Commission will have broad discretion when selecting enforcement options, (2) Rule 10b-5 claims could be a ripe source of third-party actions at least for transactions where there is a failure to properly disclose the material terms of the risk retention, and (3) in the event of a Rule 10b-5 violation, investors may have a private rescission right under Section 29(b).

These actions are reminiscent of moral hazards the Dodd-Frank Act sought to prevent in enacting Section 15G, which ultimately lead to such a reduction in credit quality and predatory practices, that not even the lenders who originated the loans believed in their performance enough to risk retaining an economic interest in them NC

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