NAMBCentral March 2022

The Magazine for the National Association of Mortgage Brokers MARCH 2022

editrix Wind Beneath My Wings

BY JILLY MacDOWELL

As a writer and artist, I owe a debt of gratitude to my early women mentors. In high school, it was Harriet Sadow, a Boston Museum School trained painter and worldly dame. She was in her 50s, a disciplinarian, with no patience for our shenanigans.

It was her unyielding tutelage that inspired me to take every single art class my school offered (what a wonderfully different time in education, the ’80s). Mrs. Sadow led me to receive the peer-awarded superlative “Most Artistic,” something I’m proud of to this day. And she encouraged me to apply to only the finest art colleges, most of which accepted me.

contents MARCH 2022

~ UP FRONT Women’s Work... 4

by NAMB Staff

Success Strategies... 6

by Ron Vaimberg

What’s My Brand?... 8

by Sarah Shriber

Ladies Who Launch... 10

by Jilly MacDowell

CLOSING STATEMENTS... 13 News from Industry Partners

Building upon that grandmaternal support were two bosses out of college, both editors, both “cool big sister” types. How they tolerated me, a fiery blur of hair, opinions and combat boots, let alone nurtured my writing, is beyond comprehension. They broadened my world view and taught me about professionalism without compromise.

With them I was old enough to know, in the moment, how smart and strategic and sensible and self-assured they were, and I’ve tried to pay it forward ever since.

In this issue of NC, we give women a spotlight. Women in business, about business and for leadership in business, on Zoom and on the web. Contributor & marketing expert Sarah Shriber explains branding – it’s OK if you were pretending to know. And NC columnist Ron Vaimberg advises people of all genders to prepare for the oncoming storm – by staying the course.

I hope you don’t mind a little levity from me. I have a varied background and none of it is mortgage. But I’m a good storyteller and I’m here to give you something to read, something to talk about. Tell me what’s on your mind. What do you want to read about? Email magazine@namb.org. NC

ARTWORK VIA UNDRAW.CO

The National Association of Mortgage Brokers is the voice of the mortgage industry, representing the interests of mortgage professionals and homebuyers since 1973.

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NAMB STAFF SALES: Valerie Saunders MARKETING: Jilly MacDowell MEMBERSHIP: Brad Patterson ADMIN: Hunter Higginbotham

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A Woman’s WORK COMPILED BY NAMB STAFF “I work with socially conscious companies that want to master change. Changing times, places, and minds. They understand the power of diverse perspectives, acceptance of what is, and an openness to what can be. And one of the changes I’ve come to enjoy most is the massive increase in the number of female leaders I’m now working with at the top. Always, but especially during Women in History month, I think it’s important to draw attention to what that means. Not only are these women demonstrating strength, resilience, intellect and integrity, they are understanding of the focus on emotional well-being our people need during these uncertain times.”

– Heather Hansen O’Neill, Author “WHERE’S THE OFFICE? MOVING TODAY’S LEADERS FROM WHAT IS TO WHAT CAN BE”

“It doesn’t matter what position you’re in, you have experience that is going to be relatable to a young woman [who] you can help along the way in their journey. We should always be sharing that roadmap to the younger generation, so they have an easier time than us. That’s how we’re going to get progression for gender equality in business, and especially in the mortgage industry.”

– Frances Hinojosa, CEO, Tribe Financial VIA STOREYS.COM

“I feel that having more women in leadership roles within financial services has helped encourage other women to join the industry. One area that has improved considerably is the ability to strike the right work-life balance, and I think the increase in female leadership in the industry has contributed to this as it has helped to shine a light on the needs of a family, for both men and women.”

– Karen Noye, Mortgage Advisor, Quilter VIA MORTGAGESOLUTIONS.CO.UK

“It starts with a CEO. The CEO has to set the tone, then everybody from the bottom up has to be accountable. When minority candidates don’t feel embraced and supported, or see a path of advancement, it’s easy to be discouraged and to go elsewhere. The real work is yet to be done. We have to be very intentional about making sure the numbers ARTWORK VIA UNDRAW.CO

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change. Progress is not going to happen overnight, but certainly we should begin to see progress in the next 3-5 years, in terms of what leadership looks like.”

– Suzanne Shank, CEO, Siebert Williams Shank VIA MARKETWATCH.COM

“It's time to shine a spotlight on the tremendous knowledge women have in the industry. We can't have women on stage only to ask them about owning their voice or handling boardroom interrupters. C'mon now! These women are power experts on serious business topics like secondary markets, HECM channels, FTHB, all-cash lending, economics.

They had to be to get where they are. We have to stop acting like their claim to fame is succeeding in a man's world. Yes, they did that. But now, they're the undisputed top minds in our industry. Full stop. Ask them to speak on their true expertise.”

– Molly Dowdy, NEXT Mortgage News & Events VIA LINKEDIN PULSE

“Embrace the fact that life usually isn’t laid out in front of you in a nice, neat timeline with clear cut phases and transitions. It’s completely fine to try something new, no matter the stage of your life or past experiences. You don’t have to decide when you are young (or at any age) what you will do for ‘the rest of your life.’ Understand that sometimes the very best ideas will have the most naysayers. Let your own deep, gnawing feeling guide your life purpose.”

– Rosa Shores, CEO, BlockSpaces VIA FORBES.COM NC

Success STRATEGIES

BY RON VAIMBERG

Thriving in a Perfect Storm Although this is not the first-time mortgage rates have increased, this time feels different than in times past. It is not uncommon for rates to rise along with inflation and home prices. What makes this time different is that we have a fourth factor creating pressure in the housing market never before experienced. I call this the “Originator Perfect Storm.”

Ask any real estate professional in the country about the challenge they’re facing and the response will be “lack of inventory.” This is the fourth factor. Although there’s nothing a loan officer can do about a lack of available homes for sale, the impact on originators threatens their success.

Most originators have not had to prospect for more than two years. The pandemic created record low interest rates and loan origination for purchases and refinancing. Without question, originators had to work insanely hard to keep up with volume – a good “problem” to have – fortunately, the need for prospecting was virtually non-existent.

Business kept coming.

Today not only do originators have to work much harder to sustain their businesses, growing production is also challenged by a plummet in refinancing and diminished home purchases due to that fourth factor. Originators who do get out there and prospect keep hearing the same thing.

“The secret to succeeding and gaining a competitive advantage today is to do what many originators will not: Continue to prospect and build new relationships.”

It takes very little time for an LO to become frustrated or demoralized about the future of their business. This can quickly result in them giving up on prospecting.

The key to success is shifting from a transactional mindset – which is “I need a deal now!” – to the mindset of “I must keep building relationships no matter what happens.” The best way to describe this is as a funnel: The wider the funnel is at the top, the freer the flow is from the spout.

The average loan officer has fewer than ten referral partner relationships; they’ve become used to the instant gratification of receiving deals. They’re transaction-focused. They struggle with having to accept that the effort they put in today will probably not pay off for months.

But when you’re dealing with a severely constricted housing market, the only way to get more business flowing out of that funnel is to continue to pour more in at the top.

To succeed and gain a competitive advantage today is to do what many originators will not: Continue to prospect and build new relationships. No matter how many times you hear complaints, or another version of “the lack of available housing,” or any other excuse blaming the real estate market, you persist. As basic as it sounds, most loan officers will not.

“There’s no inventory.”

The LOs that will survive and thrive are the ones that stick to a game plan of constant prospecting and relationship development.

Imagine the average loan officer who has not had to self-source business for quite some time continually hearing from agents that there is no inventory. How many times do you think originators need to hear this before they start asking themselves why they should even bother trying to develop relationships?

The silver lining of that consistency is that as you develop your skill set and get more people to say “yes” to doing business with you, you’ll be surprised at how much business will follow. The only way to make this work is to drop the transactional mindset.

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Imagine planting seeds for a beautiful lawn. You take the time to prepare quality soil loaded with nutrients – this is equivalent to mastering your sales skills. Then, you scatter tons of seeds – prospecting. You keep watering the seeds – an LO effectively following up on referral partner relationships.

Ultimately, blades of grass germinate, just as your relationships begin to deepen. Some grass areas will grow faster and fuller than others, just as some of your relationships will blossom faster than others.

In the end, after taking care and time, you end up with a beautiful lawn. You see your production grow.

When the market breaks, you will see your originations explode to a new level.

You must have the focus and tenacity to keep prospecting no matter what the market does. That’s the secret to growing your business in any weather. NC Ron Vaimberg is one of the most in-demand trainers and coaches in the mortgage industry. He’s known as a “street trainer” in that his high-performance marketing, sales and leadership strategies are easy to implement and produce returns rapidly. To find out more about services for leaders, managers and loan officers, email Ron@RonVaimberg.com, call 877-582-3865, or visit RonVaimberg.com.

“It is imperative for a good leader to educate & to be of value to the community they represent.”

~ Thank You NAMBPAC CONTRIBUTORS 2022

Rocke Andrews

~

Paul Marsh

Michael DeSantis

Linda McCoy

Virginia Ferguson

James Nabors

Marvin Hudson

Valerie Saunders

Ernest Jones, Jr.

Michelle Velez

Wayne King

Kimber White

NAMBPAC is the National Association of Mortgage Brokers’ voluntary, non-partisan Political Action Committee (PAC).

NAMBPAC represents the Mortgage Broker Industry’s voice in the halls of Congress, the only Political Action Committee that represents Mortgage Brokers’ interests on Capitol Hill.

namb.org/NAMBPAC

On BRANDING

BY SARAH SHRIBER

Hi! How’s Your Brand?

You’re walking in to a networking event. Confident.

Poised. Determined. You get your first glass of wine from the bar and – sip – it’s chardonnay, but this doesn’t rattle you. It’s time to mingle and you are ready. You’ve been thinking about your conversationstarters the whole drive. You’ve rehearsed your informed, enthusiastic introductions.

You enter a festive group in mid-mingle and you hear it. “Oh, I just love that brand.” You freeze. You have no idea what the brand is and you’re left with nothing but questions. Fear not.

Sometimes an exercise is made easier by identifying what isn’t before what is. So here is what a brand is NOT: a jingle, a catch phrase, a buzzword, product or a tagline. Brand is the essence of your model. Your style.

Your sensibility. Your standards. It is what sets you apart from your competitors. Your special sauce.

A professor back in 1997 used the word “chewy” to illustrate brand essence, which sounded incredibly unappetizing to me as an anxious college student with a nascent TMJ disorder. But Professor ’97 wasn’t wrong.

You’ve got to give the people something to chew on. If not, it is all just lost in the “brand sauce.”

Take your preferred toothpaste. Chances are, you’ve used this toothpaste for a long time; perhaps your parents do too. For you this brand is synonymous with comfort, reliability and a feeling of home. There is a platoon of like-minded toothpaste devotees out there.

It turns out your toothpaste brand isn’t any “thing.”

You can’t hold it, taste it, or hear it. CONT’D >

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CONT’D FROM PREVIOUS PAGE >

A brand is how a product, company or person is perceived by those who experience it – employees, investors, media, and most importantly, customers.

More than a name or logo, a brand is the identifiable feeling the assets (colors, fonts, language, tone, images, visuals) evoke.

Brands are also tools that drive measurable results.

Your toothpaste brand may be intangible but it’s still the most valuable asset it holds. It’s the reason you couldn’t pay toothpaste brand loyalists to use any other toothpaste. Customers are paying for products, but they’re buying brands.

What concerns do you have about your brand? What do people like about it? Ask yourself: how do I want my brand perceived? If there’s a disconnect, it’s time to regroup.

A strong brand is the ultimate competitive advantage.

Consider the branding elements that come next: brand compass, brand personality, competitive advantage, brand promise, visual & verbal identity, and brand experience.

With a little strategy and a lot of passion, you’ll be the one at the next networking event leading the conversation. So raise that glass of chardonnay and toast to your brand! NC Sarah lives in Pittsburgh PA with her husband Doug and son Nathaniel. She worked in marketing & PR for 22 years until the pandemic. Her brand is uncertain but hopeful.

Ask Yourself Three Questions If your brand/business was a person, who would they be? It can get the wheels turning to think outside the box of terminology & analytics and more toward what the essence of your brand is.

This allows you to [flesh out your] mission statement with actual characteristics that give a sense of your overall brand personality.

What would you like people to associate your brand with? What perceptions or emotions do you want users to take away when they experience your brand? Think of other brands that resonate to pull inspiration or insight from.

What do you like or dislike about your brand identity currently? Identify elements you align with as well as the pain points or challenges you need to tackle. This tells you what elements require immediate attention and what to prioritize in terms of planning your workload.

– ADAPTED FROM THE SQUARESPACE CIRCLE BLOG

Biz BUZZ

BY JILLY MacDOWELL

The young women that networking group High Heels in High Places strives to reach may not even own a pair of pumps – but that doesn’t mean sage advice from those who paved the way in punishing footwear isn’t welcome, or valuable.

The group meets monthly for a brief but informative half-hour. On the March call, NAMB’s own Linda McCoy greeted the bakers’ dozen attendees & introduced Barbara Yolles, CEO of Ludwig+. She enthusiastically dove in to defining yourself & your values to understand your brand. “Are you a game changer?” she asked. “An efficiency maker? A culture driver?”

To grow, Yolles herself leaned into her affinity for competition, offering up challenges she devised to “win,” like meeting five new people a week. She recommended StrengthFinders, a personality quiz that homes in on your unique blend of top traits.

It’s a great opportunity to see yourself on a spectrum, affirming what you probably hope to be true about yourself and revealing layers you may not yet have acknowledged. “The unique ability you have is your power,” said Yolles, in conclusion.

Spend a half-hour with these women – they’re in your field, with vast experience, from across the country – and you’ll walk away with something useful. NC

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Discover your strengths with high5test.com (free version available). HighHeelsinHighPlaces.com meets the second Tuesday of the month.

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Closing STATEMENTS

A SPECIAL THANK YOU TO OUR

industry partners 5 Tips for New Brokers from Homepoint's Market Sales Leaders The past few years have certainly been exciting for the mortgage industry. As a result, we’ve seen a big influx of newly licensed loan officers and brokers. To help these individuals out, we asked some of Homepoint’s seasoned Market Sales Leaders for their best tips for new brokers.

1. Remember That Every Lender Is Different The mortgage lending space is a competitive one.

With so many options, it’s important to remember that the tools, processes, and products for each lender are unique.

For example, Homepoint recently launched its new Jumbo Preferred product with a variety of benefits including no mortgage insurance required and flexible loan terms.

Homepoint Market Sales Leader Brook-Lyn Hibbs recommends that new brokers pick three lenders they want to work with for the long haul.

"Really knowing how to do business with somebody is going to make their life easier as a broker and give their borrowers options," says Hibbs.

2. Take Advantage of Training and Lender Support Some of the best lenders provide training options so you can understand their processes. For example, Homepoint provides training and has a speaker series called Elevate LIVE, where broker partners can hear from industry thought leaders.

Market Sales Leaders at Homepoint like Kelley Sweetin also pride themselves on always being available to help her partners. CONT’D >

Partner with NAMB! Email valsaun@namb.org.

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"I've done every single job in my career," says Sweetin. "I've been in this industry for a long time, so I know the quick tricks to get you to where you need to go."

3. Don’t Be Afraid to Fail The best way to learn something is through experience, and you will never gain that experience without trying new things.

"My best advice to tell everybody that is new is you can't be afraid of failure," says Homepoint Market Sales Leader Bryan Ravitz. "Nobody learned anything doing it right. You’ve got to be willing to make mistakes."

It helps to work with a lender like Homepoint, where brokers have an expert by their side for every deal.

4. Build Trusted Relationships The mortgage industry is a people business at its core. Successful brokers gain the trust of their borrowers and find a lender they can depend on with each loan.

Homepoint Market Sales Leader Brook-Lyn Hibbs says, "There's got to be a partnership; there's got to be trust. You have to know that I want your loan closed just as much as you do."

5. Diversify Early New brokers need to manage the complexities of the mortgage industry. Whether looking to close an ARM, or completing paperwork for conditions, it is essential to understand all kinds of borrowers.

Homepoint Market Sales Leader Bryan Ravitz says that if you learn early, it will pay dividends well into the future.

"The key is to diversify," says Ravitz. "Make sure that you are not only versed in doing refinances but with every aspect of the mortgage industry, so you're never caught off guard." NC Want to learn more about working with Homepoint? Visit https://on.hpfc.com/becomeapartner.

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Technology to Support Mortgage Brokers in an Everchanging Market The ultra-low interest rate environment that drove a record-breaking $4.3 trillion in mortgage originations in 2020 lured many new mortgage brokers into the industry, eager to capitalize on a hot real estate market and the low-hanging fruit of millions of high-quality refi candidates. According to the U.S. Bureau of Labor Statistics, the number of mortgage brokers has jumped to a 10-year high, exceeding 100,000 in the workforce.

But now, with interest rates on the rise & refis dropping, competition is growing more fierce. Brokers may find themselves in a struggle to survive – unless they leverage technology that can give them a competitive edge.

Brokers wear many hats to find leads, court clients and process loans. With only so many hours in a day and a never-ending list of responsibilities, brokers need all the help they can get – without breaking the bank.

The most effective approach is an affordable, comprehensive – and broker-specific – technology ecosystem, where different solutions to meet these business needs work together seamlessly and securely under one convenient, reliable environment. This technology needs to be quick to access, easy to use, support optimal borrower service and find new customers. Finally, this technology should all be hosted and supported by a trusted provider, so that brokers can safely remove “tech support” from their job requirements.

Cloud-Based Broker Toolkit Black Knight’s cloud-based broker toolkit features different technologies and data that are all integrated to help drive a broker’s business growth.

A key element of this broker toolkit in the cloud is the LoanCatcherSM loan origination system (LOS). This game-changing LOS – designed specifically for mortgage brokers -- provides fast, consistent, and powerful connectivity to devices – whether it’s a computer being CONT’D >

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accessed from the broker’s home office or a borrower’s mobile device to upload documents or check their loan status. Black Knight manages all hosting, software updates, system security, technical support, storage, and operational power requirements – so brokers can focus on building their business and providing the premier service that brings in referrals and repeat business.

By using technology to digitize the lending process, brokers can begin to realize better performance and see a positive impact on their bottom line. As a broker’s business expands, LoanCatcher can effortlessly scale to that growth – without brokers adding more to their own plate or hiring staff.

Recent market conditions have changed the lending landscape. Brokers who want to grow their business now, and in the future, must turn to best-in-breed technology, a first-rate LOS with digital, mobile- friendly capabilities and effective integrations to work smarter – not harder – to close more deals. Having the right technology ecosystem offers the best opportunity for a broker’s business to grow and thrive – no matter what comes next. NC Learn more about how technology is helping brokers thrive in today’s market at LoanCatcher.com.

LoanCatcher’s automation reduces risk, saves time, and drives down costs that ultimately lead to a better borrower experience. Performing critical tasks, such as pulling credit reports, calculating fees, establishing underwriting conditions, and running compliance checks provide brokers the critical support they need during the processing and underwriting stages.

Integrations That Make Life Easier Unique integrations with the LoanCatcher LOS not only makes the borrowing process easier but can set brokers apart from the competition. For example, fast, accurate loan pricing is critical to both borrowers and brokers.

LoanCatcher is integrated with the Optimal BlueSM product, pricing, and eligibility engine (PPE) to access the most current, eligible loan offerings. Brokers can quote borrowers pricing in seconds – shaving time off the overall loan production process.

Integrations with a powerful customer relationship management (CRM) tool allows brokers to engage the borrower on an ongoing basis to keep that relationship “sticky.” Black Knight’s SurefireSM CRM and Mortgage Marketing Engine tie together social media and marketing capabilities. With robust content loaded into a CRM tool already integrated with the LOS, brokers can regularly provide valuable information to clients for a better chance to earn repeat business or referrals.

Essential Technology Tools for Success With the right system, brokers can stop searching for and managing multiple, pieced-together technologies, and remove their “tech support” hats to focus on being brokers again.

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