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O JUNE 2012

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Oklahoma Association of Mortgage Professionals 71st & Garnett, 4649 West Kenosha Street Broken Arrow, OK 74012 Phone #: (918) 451-4868 O Fax #: (855) 570-0734 E-mail: Board2011@OKAMP.com Web site: OKAMP.com OKAMP STATE BOARD MEMBERS Kent Rountree Gene Seiter Cass Fahler Robert Fightmaster David Lee

Statewide President Statewide Treasurer Statewide Secretary Capitol Chapter President Statewide Director

kent@okamp.com gene@okamp.com cass@okamp.com robert@okamp.com david@okamp.com

OKAMP Code of Ethics O The laws, rules and regulations of the state of Oklahoma and in accordance with the by-laws of the Oklahoma Association of Mortgage Professionals. O The mortgage broker shall perform his/her business in a manner reflecting honor and integrity. Mortgage brokers shall avoid and report fraudulent and unethical practices to the OKAMP and or the State Department of Consumer Credit charged with regulating the practices of brokers in the state of Oklahoma. O The mortgage broker shall abide by generally accepted principles of real estate valuation when reporting to the investor regarding the valuation of the offered collateral of his/her loan.

A Message From OKAMPM President Kent Rountree Membership Made Easy! Allow me to introduce myself, my name is Kent Rountree and I have the pleasure of serving as your OKAMP state president. Many things are in the works on a federal and state level, as OKAMP continues to work hard for ALL friends of the mortgage profession! I write to you today to encourage you to strengthen the bond of your friendship with us. To paraphrase the words of Jerry McGuire, “Help us help you!” To make you a believer, we have cut our membership due and have changed the membership format. It’s simple, support your state for only $95! Want to be a national player and want to support your state and national profession? That’s easy too … at only $225. Membership Made Easy! That was our goal, it’s affordable and easy to obtain. Get your membership today and receive a certificate of membership in the mail, and proudly place your membership on all your e-mails to let your customers know you mean business! Membership Made Easy! You can sign up two ways, go online now to www.okamp.com and pay with a credit card. Or, if you prefer the old school method, just mail us your check to OKAMP at PO Box 35016, Tulsa OK 74153 along with your contact information, we’ll process it within a week! Have questions or comments, e-mail your leaders at board2o12@OKAMP.com. Together, we make the difference, Kent Rountree, President Oklahoma Association of Mortgage Professionals OK 1

O The mortgage broker shall advise the relevant parties of any equity interest he/she may have in the collateral offered as security for the mortgage loan. O The mortgage broker shall not advise, offer or advertise loan terms and conditions not available and not likely to be made available. O The mortgage broker should put all agreements into written form, but shall abide by all agreements made by him whether written or oral.

O The mortgage broker shall not speak disparagingly of the business of his/her competitor or of a transaction being negotiated by a competitor. O Disputes between members shall be resolved by decisions of the Grievance Committee.

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rida L ss: ut of Flo hem e: O r Bo c S e d v u age Fra erco s M o rtg Un d ast Texa E r jo a M 203(k) Rehab Loan Program: Foreclosures Present Challenges, Opportunity NMLS an d St ate Testing fo r Mortgage Pr ofessionals

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O The mortgage broker shall maintain special accounts separate from his personal accounts for the deposit of trust or escrow funds.


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TABLE OF CONTENTS

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Volume 4, Number 6

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360 Mortgage Group, LLC ................................ www.360mtg.com ................................................30 America’s Choice Home Loans .......................... www.achlonline.com ............................................23 Best Rate Referrals, LLC .................................... www.bestratereferrals.com ............Inside Back Cover Calyx Software ................................................ www.calyxsoftware.com ......................................20 CBC National Bank .......................................... www.cbconnex.com ..................................OK2 & 17 Document Systems, Inc./DocMagic .................... www.docmagic.com ............................................11 Equity Loans LLC .............................................. www.equityloans.com ..........................................15 First Guaranty Mortgage Corp. .......................... www.fgmc.com ....................................................21 Frost Mortgage Lending Group .......................... www.frostmortgage.com/nmp ..............................26 Gold Star Mortgage Financial Group, Inc. .......... www.goldstarbranch.com ....................................26

A Special Look at “Branch Development” Finding the Right Branch Opportunity By Tina Jablonski & Shawn Sirko ..............................................34

Hometown Lenders .......................................... www.whotookmybacon.com ................................29 Icon Residential Lenders, LLC ............................ www.iconwholesale.com ................................9 & 33 Land Home Financial Services .......................... joinamx@lhfinancial.com ....................................38

So You Want to Start a Branch? By Jeff Mifsud ................36

Loyalty Express ................................................ www.loyaltyexpress.com ......................................20

Coffee, Tea or Bank? By Dave Hershman............................37

Meadowbrook Financial Mortgage Bankers Corp..... www.mortgagesalesjob.com ..................................25

Taking Your Branch From Good to Great By John Cate ......................................................................38

Menlo Park Funding ........................................ www.menloparkfunding.com ................................13 Mortgage Brokers Network Corp, Inc. ................ www.mortgagebrokersnetwork.com ......................31

Six Do’s for Branch Marketers By Jim Blatt ......................39

NAPMW .......................................................... www.napmw.org ..................................................6

2012 Who’s Hiring Report ..............................................42

PB Financial Group Corp. .................................. www.pbfinancialgrp.com ......................................33

Features Freddie Mac Announces Its Acceptance of Electronic Transactions By Melanie A. Feliciano Esq. ..........4 Consumer Credit Awareness Improving, But Still Lacking in Many Areas By Terry W. Clemans ........................4 Lykken on Leadership: Lessons on Leadership Learned From Gettysburg By David Lykken ..........................8

The NAMB Perspective ..................................................12 Leadership: People Join Companies. They Leave People. By Scott Seroka ..................................14 Pursuing Excellence: Psychology and Sales Go Hand in Hand By Casey Cunningham......................................16 Is Your Career the Result of Mutual Selection?

USA Cares Mortgage Heroes: J. Barry Sherlock By Beverly Frase ..................................................................19 The Elite Performer: Compete Like an Olympian By Andy W. Harris, CRMS ........................................................26 Unique Mortgage Event Draws 1,500 Originators and Executives By David J. Coster ..................32 Marketing in 2012: Maximize Your Marketing Dollars ........48

Columns Heard on the Street..........................................................6 NMP News Flash: June 2012..........................................16 NMP Mortgage Professional Resource Registry ..........49 NMP Calendar of Events ................................................52

REMN (Real Estate Mortgage Network)................ www.remnwholesale.com ......................................7 Ridgewood Savings Bank .................................. www.ridgewoodbank.com ....................................27 Streetlinks LLC ................................................ www.streetlinks.com ....................Inside Front Cover TagQuest ........................................................ www.tagquest.com ................................................5 United Wholesale Mortgage .............................. www.uwm.com ........................................Back Cover Veros .............................................................. veros.com ..........................................................39

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New to Market ................................................................28

Polaris Home Funding Corp. (Wholesale) ............ www.polarishfc.com ............................................47

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

By Eric Levin ........................................................................................18

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ValueNation: The REO AVM as Compared to Other Valuation Methods By David Rasmussen ..............10

Polaris Home Funding Corp. (Branches).............. www.polarishfc.com/TimeForAChange ..................41


Volume 4 • Number 6 1220 Wantagh Avenue • Wantagh, NY 11793-2202 Phone: (516) 409-5555 • Fax: (516) 409-4600 Web site: NationalMortgageProfessional.com STAFF Eric C. Peck Editor-in-Chief (516) 409-5555, ext. 312 ericp@nmpmediacorp.com Joel M. Berman Publisher (516) 409-5555, ext. 310 joel@nmpmediacorp.com Joey Arendt Art Director joeya@nmpmediacorp.com Jon Blake Advertising Coordinator (516) 409-5555, ext. 301 jonb@nmpmediacorp.com Beverly Koondel National Account Executive (516) 409-5555, ext. 316 beverlyk@nmpmediacorp.com Tara Cook Billing Coordinator (516) 409-5555, ext. 324 tarac@nmpmediacorp.com

ADVERTISING To receive any information regarding advertising rates, deadlines and requirements, please contact National Account Executive Beverly Koondel at (516) 409-5555, ext. 316 or e-mail beverlyk@nmpmediacorp.com. ARTICLE SUBMISSIONS/PRESS RELEASES To submit any material, including articles and press releases, please contact Editor-in-Chief Eric C. Peck at (516) 409-5555, ext. 312 or e-mail ericp@nmpmediacorp.com. The deadline for submissions is the first of the month prior to the target issue. SUBSCRIPTIONS To receive subscription information, please call (516) 409-5555, ext. 301; e-mail orders@nmpmediacorp.com or visit www.nationalmortgageprofessional.com. Any subscription changes may be made to the attention of “Circulation” via fax to (516) 409-4600. Statements, articles and opinions in National Mortgage Professional Magazine are the responsibility of the authors alone and do not imply the opinion or endorsement of NMP Media Corp., or the officers or members of National Association of Mortgage Brokers and its State Affiliates (NAMB), National Association of Professional Mortgage Women (NAPMW), National Credit Reporting Association (NCRA) and/or other state mortgage trade associations. Participation in NAMB, NAPMW, NCRA, and/or other state mortgage trade associations events, activities and/or publications is available on a non-discriminatory basis and does not reflect the endorsement of the product and/or services by NMP Media Corp., NAMB, NAPMW, NCRA, and other state mortgage trade associations. National Mortgage Professional Magazine, NAMB, NAPMW, NCRA, and/or other state mortgage trade associations do not make any misrepresentations or warranties concerning the regulatory and/or compliance aspects of advertisers, products or services and/or the editorial content contained in NMP Media Corp. publications. National Mortgage Professional Magazine and NMP Media Corp. reserve the right to edit, reject and/or postpone the publication of any articles, information or data.

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National Mortgage Professional Magazine is published monthly by NMP Media Corp. Copyright © 2012 NMP Media Corp.

Branch networks are nothing new to the industry. For years, mortgage professionals have had the option of aligning with major industry players under a common banner to get out there and do what they do best, keeping alive the American Dream of Homeownership. For some, branching is a choice, while for others it had become a necessity to make it in today’s mortgage marketplace. This month, we have assembled a collection of articles geared toward those who are facing the branching option to help ease that transition and to assist in the search in finding that ideal business partner to work with. Starting things off on page 34, Gold Star Mortgage’s Tina Jablonski and Shawn Sirko provide tips on what you need to do to find a perfect fit when looking for a branch partner in the article, “Finding the Right Branch Opportunity.” On page 35, we had a chance to pick the brains of industry veterans Daniel Jacobs and Barry Habib of Residential Finance Corporation in the article, “The New Age of Mortgage Branching: What Originators Need to Know.” Daniel and Barry discuss how branching has evolved over the years, and the new challenges one faces when seeking and entering into a partnership. Our FHA expert, Jeff Mifsud of Mortgage Seminars LLC, shares his thoughts on starting a branch and what branch companies consider when partnering up with new branch managers on page 36. On page 37, Dave Hershman details the many options available when seeking a branch partner in his submission, “Coffee, Tea or Bank?” John Cate of Guaranteed Home Mortgage Company, in his article on page 38, discusses methods to success that a new branch manager should implement once they get their branch off the ground in his article, “Taking Your Branch From Good to Great.” Wrapping up our section this month is an article from Jim Blatt, CEO of Mortgage Returns, who shares six marketing tips once one finally does select a branch in his article, “Six Do’s for Branch Managers,” on page 39. A bonus to our special feature on branching this month is the “2012 Who’s Hiring Report.” If you ever had any questions as to where to go when considering a branch opportunity or who to speak to, our special “Who’s Hiring Report” brings hundreds of the nation’s top companies in one place and provides you with contact info to get the ball rolling and get you off the fence and into the ideal branch partnership.

History will repeat itself We have all heard the above motto/slogan countless times, but this month, David Lykken of Mortgage Banking Solutions uses his “Lykken on Leadership” column on page 8 to draw parallels from the historic Battle of Gettysburg to the leadership of today’s mortgage marketplace. David, while a recent Mortgage Bankers Association leadership conference, reflects on the experiences of the Union and Confederate Armies and how their battle in 1863 relates to the struggle the mortgage industry is faced today in the midst of regulation and stricter underwriting standards in the lending environment of 2012 … truly an interesting analogy drawn by Mr. Lykken.

NAMB fighting the good fight on behalf of the entire industry On page 12, we present the June 2012 installment of “The NAMB Perspective.” This month, NAMB—The Association of Mortgage Professionals President Donald J. Frommeyer discusses his passion for the mortgage industry and the hard work NAMB does on behalf of the entire industry, not just the handful of duespaying NAMB members. As for me personally, I have been involved in leadership positions with mortgage trade associations in the past, so I can identify with Mr. Frommeyer when he details the labor of love that is his role as president of a nationwide trade association like NAMB. Read about the new NAMB membership campaign contest, and the perks of spreading the word about the benefits of NAMB membership. Also this month, NAMB Education Committee Chairman Rocke Andrews and NAMB Government Affairs Committee Chair John H.P. Hudson share the latest updates from their respective committees. From new classes and expanded educational opportunities, to NAMB’s work with the Consumer Financial Protection Bureau (CFPB), the association’s work spans many areas, all with the common goal of strengthening the nation’s community of mortgage professionals. All this and much more lies ahead in the June 2012 issue of National Mortgage Professional Magazine. As the dog days of summer are upon us, it’s not time to sit back and kick your feet up. The industry is everchanging and you need to keep pace and ahead of the curve by remaining a proactive member of today’s mortgage professional community … it’s no longer just a nine-to-five job! Sincerely,

Joel M. Berman, Publisher NMP Media Corp.

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The Association of Mortgage Professionals

National Association of Professional Mortgage Women

2701 West 15th Street, Suite 536  Plano, TX 75075 Phone #: (703) 342-5900  Fax #: (530) 484-2906 Web site: www.namb.org

P.O. Box 451718  Garland, TX 75042 Phone #: (800) 827-3034  Fax #: (469) 524-5121 Web site: www.napmw.org

NAMB 2011-2012 Board of Directors

National Board of Directors 2012-2013

OFFICERS President—Donald J. Frommeyer, CRMS Amtrust Mortgage Funding Inc. 200 Medical Drive, Suite D Carmel, IN 46032 (317) 575-4355  dfrommeyer@amtrust.net Vice President—Donald Fader, CRMS SMC Home Finance P.O. Box 1376 Kinston, NC 28503-1376 (252) 523-5800  dfader@smchf.com Treasurer—John Councilman, CMC, CRMS AMC Mortgage Corporation 2613 Fallston Road Fallston, MD 21047 (410) 557-6400  jlc@amcmortgage.com Secretary—Olga Kucerak, CRMS Crown Lending 222 East Houston, Suite 1600 San Antonio, TX 78205 (210) 828-3384  olga@crownlending.com Past President—Jim Pair, CMC Mortgage Associates Corpus Christi 6262 Weber Road, Suite 208 Corpus Christi, TX 78413 (361) 853-9987  jlpair@aol.com

DIRECTORS Rocke Andrews, CMC, CRMS Lending Arizona LLC 1996 North Kolb Tucson, AZ 85715 (520) 886-7283  randrews@lendingarizona.net

Kay A. Cleland, CMC, CRMS KC Mortgage LLC 200 South Wilcox Street #224 Castle Rock, CO 80104 (720) 810-4917  kaycleland@comcast.net

Deb Killian, CRMS GMAC 246 Federal Road, Unit C-24 Brookfield, CT 06804 (203) 778-9999, ext. 103  debkillian@snet.net Linda McCoy Mortgage Team 1 Inc. 6336 Picadilly Square Drive Mobile, AL 36609 (251) 610-0494  linda@mortgageteam1.com

Vice President—Western Region Lyman King III, CMI, CME (916) 967-4653 lking@gemcorp.com

Senior Vice President Christine Pollard (607) 226-1046 cpollard1046@gmail.com

Secretary Sara Vasura (703) 255-7460 svasuranapmw@gmail.com

Vice President—Central Region Kelly Hendricks (314) 398-6840 khendricks@fsbfinancial.com

Treasurer Jeanne Evans, CME (918) 431-0155 drmjevans@att.net

Vice President—Eastern Region Katrica J. Driscoll, MML, CME, CMI (919) 877-5683 kdriscoll4@nc.rr.com

Parliamentarian Hulene Works (972) 494-2788 admin@napmw.org

National Credit Reporting Association Inc. 125 East Lake Street, Suite 200  Bloomingdale, IL 60108 Phone #: (630) 539-1525  Fax #: (630) 539-1526 Web site: www.ncrainc.org

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2012 Board of Directors & Staff Donald J. Unger President (303) 670-7993, ext. 222 don@advcredit.com Daphne Large Vice President & Treasurer (901) 259-5105 daphnel@datafacts.com Tom Conwell Ex-Officio & Legislative Chair (800) 445-4922, ext. 1010 tconwell@credittechnologies.com Nancy Fedich Director–Conference Chair (908) 813-8555, ext. 3010 nancy@cisinfo.net Judy Ryan Director-Strategic Alliance Chair (800) 929-3400, ext. 201 jryan@Kroll.com Susan Cataldo Director–Education & Compliance Chair (404) 303-8656, ext. 204 susancds@cdsusa.net

William Bower Director–Tenant Screening Chair (800) 288-4757 wbower@confinfo.com Mike Brown Director–Technology Chair (800) 925-6691, ext. 4350 mike.brown@ncogroup.com Maureen Devine Director–Education & Compliance Co-Chair (413) 736-4511 mdevine@strategicinfo.com Renee Erickson Director–New Membership & Elections Chair (800) 311-1585, ext. 2101 renee@zipreports.com Terry Clemans Executive Director (630) 539-1525 tclemans@ncrainc.org Jan Gerber Office Manager/Membership Services (630) 539-1525 jgerber@ncrainc.org

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John Stevens Bank of England d/b/a ENG Lending 11650 South State Street, Ste. 350 Draper, UT 84120 (801) 427-7111  jstevens@englending.com

President-Elect Jill Kinsman (206) 344-7827 jill.kinsman@usbank.com

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Andy W. Harris, CRMS Vantage Mortgage Group 1596 SW Boones Ferry Road, Ste. 100 Lake Oswego, OR 97035 (503) 496-0431  aharris@vantagemortgagegroup.com

Vice President—Northwestern Region Debbie Tofte, GML (425) 483-3359 dtofte@gmail.com

NationalMortgageProfessional.com 

Fred Arnold, CMC American Family Funding 24961 The Old Road, Suite 101 Stevenson Ranch, CA 91381 (661) 284-1150  fred@fredarnold.com

President Candace M. Smith, CME (512) 306-6354 president@napmw.org


Consumer Credit Awareness Improving, But Still Lacking in Many Areas By Terry W. Clemans

Freddie Mac Announces Its Acceptance of Electronic Transactions By Melanie A. Feliciano Esq. There appears to be a movement afoot to adopt electronic transactions, including electronic signatures, in mortgage lending transactions. Pursuant to Bulletin Number 2012-11, Freddie Mac announced recently, among other things, that federally-regulated sellers of loans to Freddie Mac may electronically deliver initial disclosure documents in the loan origination process. In addition, Freddie Mac announced that electronic signatures would be accepted if signatures are required on any of the initial disclosure documents. The initial loan origination documents that are eligible for Electronic Transactions (defined below) under Freddie Mac’s guidelines are as follows:

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I Initial loan application (Final loan application at closing must be a paper copy and signed with pen and ink) I Real Estate Purchase and Sale Agreement (see Section 3.10) I Initial Good Faith Estimate (GFE) I Initial Truth-in-Lending (TIL)/Regulation Z Disclosures I Initial Consumer Mortgage Product Disclosures I Other Initial Federal and State Consumer Disclosures I Internal Revenue Service (IRS) Forms (Note that IRS Form 4506-T must be ink, or wet, signed by the borrower) I Other initial documents or forms required by the seller for the seller’s use only that do not require notarization or witnesses

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An “Electronic Transaction” is defined in Section 3.2 of Chapter 3 of General Freddie Mac Policies, Freddie Mac’s Single-Family Seller/Servicer Guide, Volume 1 as: An action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs, using electronic means. For purposes of the Guide and the Seller’s other Purchase Documents, the term also includes, but is not limited to, an Electronic Transaction conducted using Systems to create, sign, transfer, maintain, send, receive, retrieve and/or store Records, Electronic Records or Electronic Signatures. Note that Freddie Mac’s guidelines for electronic signatures can be found in new Guide Chapter 3, Special Requirements for Electronic Transactions, which consolidates its existing requirements in Guide Section 1.3, Acknowledgment and Consent to Electronic Transactions. Freddie Mac’s acceptance of electronic transactions, including electronic signatures, is welcome news to those lenders who have been delivering their loan packages electronically and securing borrowers’ electronic signatures on initial disclosure documents. Melanie A. Feliciano Esq. is DocMagic Inc.’s chief legal officer and currently serves as editor-in-chief of DocMagic’s electronic compliance newsletter, The Compliance Wizard. She received her JD from the Georgetown University Law Center, and is licensed in California and Texas. She may be reached by phone at (800) 649-1362 or e-mail melanie@docmagic.com.

Sponsored Editorial

In May, the results of the second annual Consumer Federation of America (CFA) VantageScore Solutions Survey, a study measuring consumer awareness of credit scores, were released. VantageScore is the competitor to FICO Score that was created and is co-owned by the three national credit bureaus. And while Vantage Score is not used currently in the mortgage industry, they dominate some market segments like credit card underwriting. This survey was created to measure the level of consumer awareness of what their credit score is and “The overall findings show what affects it, with the goal of that consumer knowledge improving consumer credit education. The CFA-VantageScore about credit scores is survey was administered to a improving, including that representative sample of more 78 percent of survey than 1,000 adult Americans by respondents were aware phone in late April 2012 by ORC that they have more than International. The survey contained many of the same quesone credit score.” tions was administered by ORC International in January 2011. More than two-fifths of respondents (42 percent) said they had obtained or received at least one of their credit scores in the past year. Nearly half of this group said their source was a consumer or mortgage lender (45 percent) and/or a Web site using credit reports at the three main credit bureaus (49 percent). On almost all questions, those who had recently obtained a score or scores were more likely to know the correct answers than consumers who had not recently obtained their credit report. “In the numerous consumer knowledge surveys we have undertaken over the past several decades, I have never seen such improvement from one year to the next,” said Stephen Brobeck, CFA’s executive director. “However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas.” The overall findings show that consumer knowledge about credit scores is improving, including that 78 percent of survey respondents were aware that they have more than one credit score. Despite large increases in some areas, the average overall score for correct answers increased three percentage points from the first CFA-VantageScore Survey in 2011. Some key misperceptions remain and the lending industry as a whole needs to stress to consumers to become more educated about their credit history and what they can do to improve it:  Fewer than half (44 percent) understand that a credit score typically measures risk of not repaying loans rather than amount of debt (22 percent), financial resources (21 percent), or other factors.  Over half still think, incorrectly, that a person’s age (56 percent) and marital status (54 percent) are factors used to calculate credit scores, and 21 percent incorrectly believe that ethnic origin is a factor. Student debt is another area tackled in the survey. According to the Federal Reserve Bank of New York, more than $100 billion in student loans were taken out last year, and the total loans outstanding exceed $1 trillion, which is a staggering amount. Not only is this a matter for policy makers, but the financial toll placed on students after graduation cannot be overstated. The survey found that only 58 percent of respondents between the ages of 18-34 correctly identified the factors related to student debt that impact credit scores. For the good of the students, and those who co-sign and are guarantors on student loans, we need to help facilitate better understanding. An important question to ask is whether financial education is addressing this issue, and whether or not those who take out student loans continued on page 22


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NMLS

Why W hy NAP NAPMW? M MW? Three T hree Simple Reasons Reaso ons Education E d duccation Organized for Organized for the purpose purpose of providing providing education education to to professionproffe essionals in all phases off the mortgage mortgage industry, industry, NAPMW N NAPMW offers offers educaeducamanyy vvenues workshops held ar around tion via man enues – seminars and w orkshops k ound the on-line,, and National Conference ccountry, ountry, on-line a at at its Na tional EEducation ducation C onference held each h May. May. NAPMW NAP MW membership membersship gives gives you you exclusive exclusive access a cess to ac to timely educaeducaaffecting career tion regarding regarding the e regulations regulations aff ecting yyour o car our eer such as a webinar FREE TO TO MEMBERSS monthly monthly w ebinar on industry ind dustry updates updates AND education class offering our 8 hour NMLS continuing continuing educa tion cla ss off ffe ering (NMLS Provider P rovider # 1400309) 140030 09) 6

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NAPMW Butt sinc since women NAP MW is not a women’s women’s organization. organization. Bu ew omen make majority profesup the major ity off professionals professionals in the mortgage/banking morrtgage/banking pr ofession, our purpose personal,, purpose is to to help them advance advance in business, business, personal and leadership development. de evelopment.

Networking Net wo ork king i NAPMW is a ccommunity NAPMW omm munity of near nearly ly 2,000 professionals prof o essionals acr across oss the Country engage mortgage banking industry. C ountry who eng age in the mor tgage / ba anking industr y. Men Men and w omen from from all backgrounds backgrounds ha ve joined joined NAPMW NAPMW because women have they want want tto oe xcel e aatt wha yers who w ant eexcelxcelexcel whatt they do do.. Emplo Employers want lenc e from from their employees e employees engage eng N NAPMW for for up-to-date up-to-date lence with NAPMW education. educa tion. B Both oth professionals p professionals and emplo emp employers yers e ha have ve ffound ound ther there e is place a plac e ffor or them in n NAPMW. NAPMW W.

National Education National Education National Training Training National National Networking Na tional N etworking

To T o Join NAP NAPMW MW W visit: www.napmw.org w ww.napmw.o org or ccall: all: 1-800-827-3034 1 800 8 1-800-8 827 3034 827-3034 Have Ha ve Q Questions? uestion ns? Please ffeel eel free free to to e e-mail -m mail us a at: t: napmw1@aol.com napm w1@aol.c . om

Coas Coast oast to to C Coast oas A oast Associations ssociations D iscoun un nted S errvic v es Discounted Services IIndustry ndustrry Updates U Updatess

Total Mortgage Expands Headquarters to Accommodate Companywide Growth Total Mortgage Services LLC has expanded its Milford, Conn.-based headquarters with the addition of an additional 2,000-sq.-ft. of office space which will house the company’s senior leadership. The new space is part of the same building complex where Total Mortgage’s origination and operation centers are located. Total Mortgage now occupies more than 10,000-sq.-ft. of office space at its headquarters on West Main Street in Milford, Conn. as well as other regional offices. “We have been part of the City of Milford’s business community since 1997, and we are excited about our rapid growth,” said John Walsh, founder and president of Total Mortgage Services. “We have hired more than 30 new employees over the past year, and our expansion is direct result of the success of both our retail and wholesale lending platforms.” Total Mortgage is actively hiring fully-licensed, experienced loan officers, as well as marketing and operational staff. The company is now licensed in 27 states and the District of Columbia with plans to be licensed in all 50 states in the near future. “Amid a struggling national economy, Total Mortgage has become a key employer in Milford, and the expansions of its operations is a win-win situation for both the company and our city,” said Benjamin G. Blake, mayor of the city of Milford, Conn. “Total Mortgage will continue to leverage New Haven County’s well-educated, diverse workforce as they further grow their business, while Milford can count on one of the nation’s most responsible lenders to be an integral part of our local economy.”

Greg Redmond to Lead New REMN Branch in Kansas City Real Estate Mortgage Network Inc. (REMN) has announced the opening of their first office in Kansas City, Kan. and the hiring of Greg Redmond as the office’s

branch manager. The new Kansas City location will serve the Kansas City area, as well as Missouri, Tennessee and Nebraska. Redmond is a 25-year veteran of the mortgage industry and a lifelong area resident. A member of the Mortgage Bankers Association (MBA) and the Kansas City Regional Association of Realtors (KCRAR), Redmond spends his free time outside of the office experimenting with gourmet recipes, flying planes and volunteering with Welcome House. “As REMN expands in the Midwest, it’s important to us that we bring on mortgage industry professionals that embody our commitment to customer service and quality in helping people secure mortgages for their homes,” said Cathy Stroud, regional VP for REMN. “Greg’s reputation is well known in the Kansas City lending community and he’s a great choice to oversee our new office.” In addition to Redmond, Jennifer Bailey is joining the new Kansas City office as its first operations manager. A long-time area resident, Bailey has also worked in the lending industry for more than 25 years. When not in the office, she enjoys watching football with her family, being outside with her two dogs and volunteering at Grace Hospice. REMN currently has more than 40 retail offices licensed to originate loans across the continental U.S., in addition to their online consumer direct division, which is doing business as FinanceMyHome.com. The company employs more than 600 people throughout offices in California, Colorado, Connecticut, Delaware, Florida, Georgia, Kansas, Maryland, Missouri, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee and Vermont. In 2011 alone, REMN closed more than $2.3 billion in home loans.

360 Mortgage Group Sees Pipeline Rise by Nearly 700 Percent After HARP 2.0 360 Mortgage Group officially began accepting applications for HARP 2.0 loans on Monday, March 19, 2012, specifically serving challenged and underwater borrowers. Subsequently,


360 has experienced a significant increase in loan volume, resulting in the largest active pipeline since the company’s 2007 founding. Borrowers whose application date was listed after Dec. 1, 2011 are eligible to take part in 360 Mortgage Group’s participation with HARP 2.0. Additionally, all EA-I, II, III, and occupancy loans are HARP-eligible with unlimited LTV and CLTVs with AU Approval. 360 is also accepting existing MI transfers and no appraisals will be required on loans receiving a Property Fieldwork Waiver. There is no limit to the number of financed properties owned by a borrower that can be considered HARP-eligible and no minimum FICO is required. Since first accepting HARP 2.0 applications, 360 Mortgage Group’s active loan pipeline has increased by almost 700 percent and 360 expects customer participation with HARP only to increase in the coming months. As a result of its increased loan activity, 360 is adding staff. “We’re focused on making quality hires as rapidly as possible, adding expert staff to meet the daily increasing demand both for HARP and all other loan types,” said Mark Greco, president of 360 Mortgage Group. “360 has truly embraced the spirit of HARP 2.0. If homeowners have made their payments without fail throughout the past four years during an economic crisis, then they are going to continue to make those payments now. These homeowners see their home as just that —a home—and not just an investment. These are the people that Fannie and Freddie are seeking to help right now, and so is 360.”

“Our content has been recognized as the leading content in the industry for three decades,” said OriginationPro’s Dave Hershman. “However, we have lacked the integrated distribution system through a fully functional and powerful CRM. Now we can offer the best of both worlds to our clients as MortgageQuest has been an industry leader for 20 years.” The group also announced that, through an inexpensive upgrade, MortgageQuest users will be able to gain access to OriginationPro’s print newsletters, flyers and postcards, as well as their advanced training certification, the Certified Mortgage Advisor Program.

PRMG Expands Its Wholesale Operations Into the Northeast Paramount Residential Mortgage Group (PRMG) has announced the expansion of its wholesale operations into the Northeastern U.S. and New England territories. The New England territory will be headed up by the recent hiring of PRMG’s new regional manager, Brian Burke. Brian brings more than 20 years of experience in the mortgage industry to PRMG, including time spent as a regional sales manager for Clear Point Funding, MetLife Home Loans, and VP of national business development for

Countywide Home Loans. His background includes sales, origination, recruiting, and training support for the companies he has served. In his new position as regional manager, Burke will be responsible for recruiting and developing PRMG’s presence in the New England territory, while overseeing a full-service fulfillment operations center that will be underwriting and funding locally, including generating business in Maine, Connecticut, Vermont, Massachusetts, Delaware, New Hampshire and Rhode Island. Burke will be reporting directly to Anne Molchan, vice president, and her division. continued on page 10

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The Hershman Group and Market Focus Announce Partnership

NationalMortgageProfessional.com 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE  JUNE 2012

Market Focus Inc., a provider of automated marketing solutions since 1992, has announced a joint partnership with The Hershman Group, a provider of training and marketing solutions through the OriginationPro Marketing System. Under terms of the agreement, Market Focus will be integrating OriginationPro’s marketing materials into the MortgageQuest CRM, as well as CRM solutions for the real estate and insurance industries. Chris Carter, chief executive officer of Market Focus indicated that, “we have been searching a long time for content that is up-to-date, relevant and written by an industry expert so that our thousands of subscribers can reach their customers and entire sphere with unique and value-added material in order to increase their prospect conversions and referrals. With the material written by industry expert Dave Hershman, we have found the ideal solution.” Market Focus has announced that every WebDesk subscriber will automatically receive OriginationPro’s newsletters, articles and e-mails at no extra charge.


By David Lykken

Lessons on Leadership Learned From Gettysburg What does the historical Battle of Gettysburg have in common with the mortgage industry today? More than you might think!

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I just returned from spending two-and-ahalf days in Gettysburg, Pa. attending a Campus MBA leadership event that was conducted literally on the grounds of the Battle at Gettysburg, an event put on by the Lincoln Leadership Institute of Gettysburg, in conjunction with the Mortgage Bankers Association (MBA). Over the course of my 37-year career in the mortgage industry, I have attended many outstanding training/educational sessions and heard many great speakers. However, this event was, without question, one of the most profound lifechanging experiences I’ve had professionally and want to tell you all about it. Maybe you, like me, have visited Gettysburg and have seen the monuments and toured the battlefields. Perhaps you have read a book or two about the Battle of Gettysburg or even see the movie, “Gettysburg.” While I had an understanding of the significance of what took place there those first days in July of 1863, it wasn’t until I attended this event that I recognized how the lessons learned at the Gettysburg Battle could help our industry today. While the lessons are many, here are three that I believe you will find interesting.

Lesson #1: The importance of purpose The Union army was more than 80,000 soldiers strong, much larger in number than the Confederate army. But the Union soldiers had lost faith in their leaders. They had developed an attitude problem that had become a serious morale issue throughout the ranks. Yet, while they were down on their leaders, they were not down on themselves. Does that sound familiar? The Union soldiers motivated themselves by reminding each other that they were fighting for a cause

bigger than themselves … they were fighting to set other men free! They were fighting to keep the United States “united” and remaining, to quote from the Pledge of Allegiance, “One nation indivisible with liberty and justice for all.” Having an overriding moral cause will motivate even the most demoralized person, giving them reason to fight with greater purpose to defeat an army with a higher morale, but a lesser cause. When you read the diaries of those fighting on both sides of the Civil War, both thought that they had the higher more “righteous cause” for which they all were willing to die. Just like the Union forces, I believe that many in the mortgage industry today have become frustrated and lost faith in leadership of our industry and our nation. Nonetheless, many in the industry have NOT lost confidence or faith in themselves. Neither have they lost sight of the significance of “the greater cause” or purpose, for which we do what we do … finance the American Dream of Homeownership! This purpose supports and undergirds our entire country’s

economy, which arguably impacts the ongoing viability of our nation.

Lesson #2: Know your strategic position Gettysburg was very strategically positioned, geographically speaking. It wasn’t just the fact that approximately 70,000 Confederate soldiers were strung out to the west and north, nor was it that 80,000 Union soldiers amassed to the south marching north directly towards this otherwise peaceful and picturesque community. By looking at a map, you will quickly see that the established roads, all nine or 10 of them, lead directly into Gettysburg. That worked to their advantage in good economic times bringing commerce to their community. Conversely, it worked to their disadvantage in these times of great conflict such as this. This is a perfect parallel to the mortgage industry today. It has been said many times and now is universally accepted that the key to any economic recovery is a sustainable housing recov-

ery … and the key to a sustainable housing recovery will be a healthy mortgage industry recovery. In that sense, metaphorically speaking, all “economic roads” lead to the mortgage industry just as all the transportation roads lead to Gettysburg. If the mortgage industry was “Ground Zero” for the current economic collapse in our country, then it is understandable and predictable that the mortgage industry is going to be the epicenter for any battles as we struggle to achieve an economic recovery. Our industry finds itself at the crossroads of our economy and, therefore, in the crosshairs of the Consumer Financial Protection Bureau (CFPB), an agency whose mission it is to stop all “trickery” and “abuse” (President Obama’s words, not mine) that has gone on in the mortgage industry. The CFPB is churning out more and more regulations intent on monitoring and managing us, when in reality, it may be doing more to thwart any kind of mortgage recovery, much less an overall economic recovery. It’s like the federal government wants to “kill the goose that’s trying the lay the golden egg.” As there was an epic battle forming around Gettysburg, so there’s an epic battle forming around the mortgage industry. This battle will no doubt reshape our industry, as the potential future economic direction of our country. It’s an interesting side note that as soon as it became evident to the 2,500 citizens living there that Gettysburg was about to be at the center of an epic battle of opposing massive military forces, the elected officials, the “leaders” of Gettysburg, packed up everything they owned and fled town. They abandoned the very ones they were elected to “serve and protect.” These “leaders” left continued on page 47


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heard on the street

continued from page 7

“As part of our global vision and strategic growth plan, the recent addition of the New England territory complimented by the previous acquisition of the southeast region will allow us to remain on course toward expanding our overall footprint across the country and ultimately position PRMG as a national player,” said PRMG Chief Executive Officer Paul Rozo.

The REO AVM as Compared to Other Valuation Methods

Bay Equity Consolidates Its Wholesale Operations and Relocates Corporate Offices

By David Rasmussen

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In my May 2012 ValueNation column, I noted that while we are seeing the housing market start to level out, there are still a significant number of properties in default or foreclosure. These nearly six million properties pose a big challenge to a complete housing recovery. Accurate valuations are essential to moving these properties off the market quickly while maximizing returns. The use of a reputable real estate-owned (REO) automated valuation model (AVM) is one of the best ways for servicers and lenders to obtain an accurate valuation for a default property to minimize loss severity and lessen the chance of the property being undersold. Minimizing vulnerability to underselling a pool of such assets can only be accomplished with solid automated analytics specifically designed for this purpose—one at a time appraisals would be far too cumbersome and expensive. However, an REO AVM is just one of three approaches for determining property valuation, including an appraisal and broker price opinion (BPO). All three are trusted methods and should be used to best meet the specific needs for a valuation. While they are rarely used simultaneously, it may make sense in some situations to order an REO AVM first and follow it up with either a BPO or appraisal. While it is rare that a lender would order a BPO and an appraisal, this might happen if a BPO was ordered first, but the lender didn’t trust it and decided to “upgrade” to an appraisal. The differences in the three valuation methods are based on price point, turn time, expertise and content. For example, a typical REO AVM costs $20-plus and provides an immediate value, but an inspection report (if needed) will take two to three days and require an additional fee ranging from $50 to $75. A BPO will cost $100-plus and take two to five days (depending on the area). An appraisal will cost around $400 and take one to three weeks (depending on the area). As for expertise, appraisers are licensed and trained to value properties, but there is no guarantee of objectivity. An appraisal is considered subjective and can be dependent on an appraiser’s perspective and ability to properly assess the property. Brokers are trained to sell homes so the valuation may be dependent on the opinion and motivation of the person reviewing the property. Since an REO AVM is a detached mathematical algorithm it is objective and the value is not swayed by opinion or level of expertise. Benefits of using an AVM for valuation verses a BPO or appraisal includes: • Immediate property valuation; • Objective property valuation; • Least expensive of the three valuation methods available; and • Short turnaround time on obtaining a verification report for an extra fee. Next month in this column, I will explore the logistics of using an REO AVM alongside an inspection report for a variety of valuation needs.

Bay Equity Home Loans has announced that it has completed a series of logistical moves designed to accommodate its rapid expansion over the past four years and into the immediate future. The moves entailed the consolidation of Bay Equity’s wholesale operations center in the East Bay from Pleasanton, Calif. to Concord, Calif., and the relocation of its corporate offices in San Francisco. The new 6,500-sq.-ft. Concord Operations Center (COC) has an open floor plan design with only two private offices, plus a training/conference room. The new corporate headquarters on California Street comprises nearly 9,500-sq.-ft. and features 15 executive offices, a conference room, reception area and an open production area. “As a result of the tremendous growth we have experienced since opening our doors in 2008,” said Brett McGovern, president of Bay Equity. “We needed more space, particularly the Concord operations center where we need to accommodate the additional personnel necessary to support the increased production in both our wholesale and retail lines of business. We would not have been able to accommodate that growth in our previous locations.” A total of 40 employees made the move from the San Francisco and Pleasanton facilities to the new COC. Bay Equity plans to add six new employees to the COC within the first two weeks of its opening and has five additional unfilled positions for which it is recruiting. The new corporate office will include Bay Equity’s senior executive offices as well as payroll, human resources, accounting and other administrative functions as well as approximately a dozen retail operations personnel.

MBA Past President John Robbins Launches Bexil American Mortgage

David Rasmussen is senior vice president of operations at Veros Real Estate Solutions. For more information, call (714) 415-6300 or visit Veros.com.

SPONSORED EDITORIAL

Bexil Corporation has announced that mortgage origination operations have begun at Bexil American Mortgage Inc., a new mortgage subsidiary of Bexil

Corporation focused on the wholesale and retail market. The wholesale division is entering the market under the name of American Mortgage Network, formerly a top 10 independent wholesale lender that was led by John M. Robbins, president and chief executive officer of Bexil American Mortgage. Robbins served as CEO of leading independent mortgage firms, including ICA Mortgage, American Residential Mortgage, and American Mortgage Network prior to their acquisition by large financial institutions. He is also a past president of the Mortgage Bankers Association (MBA). “The commencement of operations at Bexil American Mortgage was slightly ahead of schedule and under budget,” said Robbins. “Bexil American Mortgage has a highly-seasoned management team that has worked together building previous mortgage banking startups spanning some 26 years. I am extremely proud of what this team has accomplished. Our priority now is building a dedicated and loyal employee base with a passion for delivering industry leading customer service levels and creating customer loyalty by being responsive to their needs.” Bexil American Mortgage has three directors: John M. Robbins, Thomas Winmill, and Alex B. Rozek, managing member of Boulderado Group LLC. Boulderado is a significant Bexil stockholder and has been working with Bexil to explore acquisition opportunities and certain businesses. “Bexil American Mortgage enjoys a unique competitive advantage among its peers,” said Rozek. “In addition to its seasoned management team and substantial funding, the company has no legacy loan issues which are still impacting the industry as a result of the housing boom and bust. That leaves every dollar of invested capital in the business available for capturing the historic returns available today, without any risk of impairment from past vintage loan repurchases.”

RGA PR and Leading Causes Partner on Mortgage Tech White Papers RGA Public Relations has announced a partnership with Leading Causes LLC, a leadership, organizational development and project management consultancy, to produce White Papers for the mortgage technology sector of the home finance industry. “We’ve noticed that while there are a number of highly intelligent leaders in our industry, too often the White Papers continued on page 19


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The President’s Corner: June 2012

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It is really hard to believe that June has now arrived. The summer weather is here and it seems like yesterday when I took over the presidency of NAMB—The Association of Mortgage Professionals. I must tell you that this job has been really a challenge, trying to balance my NAMB life, my company life and my personal life. If there was a way to extend the day to 48 hours instead of 24, I would be a happy man. But to tell the truth, I wouldn’t change a thing. I am not closing loans like some of my employees or even some of my friends, but being involved in NAMB takes a lot of devotion and time. That is why I want to thank each and every one of the state and national volunteers that we have, because I know firsthand the number of hours that you all spend doing the volunteer thing. My father once told me years ago that it is imperative that you get involved in your business association as soon as you can for several reasons. The main reason is that you really find out what is going on by being involved. The second thing that he told me is something that I will never forget: “Those who can … do! And those who can do more … volunteer!” I have never forgotten that and that has always been my driving force. You see, I am not a person that believes in doing this 50 or 60 or 90 percent of the way. I am a 110 percent-plus guy. Ask any of my friends. I spend countless hours working to perfect my trade, be it in the mortgage business, baseball umpiring or overseeing NAMB. I just won’t accept anything but 110 percent from myself. I have jumped in with both feet and am fully committed. Now I do have some faults also, but that is for another day. What I want to do is motivate you to be involved. I was once asked why I went into the mortgage business. You know, I really don’t feel that I chose it … I think it chose me. I was looking for a job with something that I could use my financial management background, and all of a sudden, the mortgage business was there. I have to believe that is probably the way most of you got your job also. But I have to admit, I just don’t like my job … I LOVE IT! It is a passion with me, and I really like being able to help people and making them happy. It is truly a joy when we get to see with loans closing and the people getting into their home. So why not take this desire to be successful. Take this moment and jump in. We don’t require hours and hours of your time, but we do require participation. Just take two to three hours per week and this would be wonderful. I am sure that most of you

spend that much time searching Facebook, the Internet or watching TV. That is all that I am asking. I am so thrilled to see all of the people that have been working on the Consumer Financial Protection Bureau (CFPB) Task Force doing what they can to make sure that we cover all of the bases from the 37 pages that the CFPB put out for the panel. We do have some really dedicated people that are proving to me that we can make a difference in this industry. The CFPB Task Force has proven to wake up some of the giant questions and search for the answers. These talented and motivated individuals are doing a fantastic job working together and we will be making a difference. NAMB’s membership continues to linger in the 5,100 member range for the past four months. There are 113,000 originators out there nationwide, and it’s time that we start working together. I am so tired of hearing, “Why should I join, you are going to represent me anyway” from people that it makes me sick. Kay Cleland is trying all kinds of things to help this association grow, and I think that it is time to ask each member to go out and get one new member each month. If each and every member would do this, we would have an additional 12 members per year, per member, and an additional 60,000 members in a year. To that end, I am bringing back the NAMB Membership Awards Program for this coming year. If you surpass your 12 members, you will get a pin that expresses your excellence and will be entered into a drawing for a fantastic prize at the Annual Conference next June. I am currently working with a company to supply this prize. And you will receive one entry for every 12 people you recruit. In addition, you will also get free registration and a room at NAMB WEST in 2013. Just for going out and recruiting people to join NAMB. Make sure that you start now, we will count all of the members you sign up beginning in June 2012 through June 15, 2013. That gives you a whole year to accumulate members. But remember, this is for new members. This program does not include members whose memberships expired Dec. 31, 2011 or earlier, that get back into the association. We will keep you informed on the progress of this contest throughout the year. So start getting your members now! As we look at the year ahead, many felt that we would no longer be here. I am very proud to say that we proved them wrong. We are still working to make this a stronger association each and every day. In Indianapolis on June 22-23, we will be going over some of the changes that we made in these last 12 months at the 2012 NAMB Annual Mid-Year Meeting and what direction the association is headed in the next 12 months. These topics will all be discussed during the Annual Meeting as part of

the Delegate Council Meeting on Saturday, June 23. We have made some changes for next year, and I think that you will really be excited about some of them. So get your reservations made today and come join us for a great Annual Conference. Visit NAMB.org for more information. At the time this article was written, I am unaware of any new Board members who have joined our ranks. But, I do want to say that I appreciate Don Fader for stepping up as vice president and Olga Kucerak for stepping up as secretary. As most of you know, Don has been around the board for a long time and to step up and replace Mike Anderson as VP of NAMB was really a great help. And Olga, thanks for all of the help at secretary. It is one of the most thankless jobs, but she has done a great job. I appreciate both of you very much. As I complete another President’s Corner

for National Mortgage Professional Magazine, I am reminded that, in reality, we cannot do all of this alone. My thanks also goes out to Harry Dinham for all of the long talks and questions and answers that helped me get through these months, and Jim Pair, who is working as the longest NAMB past president status of any past president. Both of these men exemplify the status of the past president, and I am thankful that they have been available for whatever question that I may have had during these months. Sincerely,

Donald J. Frommeyer, CRMS, President NAMB—The Association of Mortgage Professionals

2012 NAMB Annual Mid-Year Meeting Friday-Saturday, June 22-23

J.W. Marriott Indianapolis • 10 South West Street • Indianapolis Phone#: (317) 822-3500 • www.jwindy.com The event includes:  NAMB 2012 Annual Meeting;  Baseball Game (Baseball Game at Victory Field: Pittsburg (Indians) vs. Scranton Wilkes-Barre (Yankees)  NAMB Delegate Council Meeting & Legislative Update;  Installation of New Board & Officers;  Special Reception honoring President, Donald J. Frommeyer, CRMS

Schedule of events (Subject to change)

Friday, June 22 7:15 p.m. ......................Baseball Game at Victory Field (Walking Distance from the J.W. Marriott Indianapolis: Pittsburg (Indians) vs. Scranton Wilkes-Barre (Yankees)

Saturday, June 23 8:00 a.m.-11:30 a.m. ....Registration Open 8:00 a.m.-11:30 a.m. ....Committee Meeting for All New NAMB Committee Chairs and Board Members 11:30 a.m.-1:00 p.m. ....Lunch 1:00 p.m.-3:00 p.m. ......NAMB Delegate Council Meeting 3:00 p.m.-3:15 p.m. ......Break 3:15 p.m.-5:30 p.m. ......NAMB Board Meeting 6:30 p.m.-8:30 p.m. ......NAMB President’s Reception

For more information, call (972) 758-1151 or visit NAMB.org.


An Update From the NAMB Education Committee By Rocke Andrews, CMC, CRMS

NAMB’s Education Committee has been supporting state organizations in their education programs. NAMB is an approved NMLS education provider and has continuing education classes to fill NMLS requirements. States have been using education programs to build membership, as they are either providing free or low-cost CE credits as a means to membership. Classes are put on by NAMB with the local states usually providing the instructor and classroom. Costs to NAMB are the costs to upload to the NMLS site plus $10 per upload. Books and education materials are published and sold by Hondros Learning and come out to about $25 each, depending on volume. In addition, NAMB has three online course providers who provide a discount to NAMB members accessing their sites through the NAMB Education Web page (Abacus Mortgage Training, Mortgageeducation.com, and the Association of Mortgage Educators). They also have pre-licensing education available for those working on their initial license, as well as pre-test refresher courses. We are also working at adding non-CE classes to our library, including sales and marketing, business, and product knowledge. If there is anything else you might need or have ideas on how NAMB can better provide education benefits to its members, please contact me by e-mail at randrews@lendingarizona.net.

Financial Protection Bureau (CFPB) directly. While our successes and wins with the CFPB may not be publicly noticeable, I assure you they do exist. We are very fortunate to have a good relationship with the CFPB, and we will continue to help educate the new regulator of the mortgage industry. Although most of our time these days revolves around working with the CFPB to find equitable solutions to their mandates under the DoddFrank Act, we must continue to educate our legislators as well. This is why membership numbers and Political Action Committee (PAC) dollars are so important, particularly in an election year. Now is your opportunity to work with NAMB to get “face time” with influential legislators and decision-makers to not only let them know how their decisions have impacted small business and consumers, but to educate them in order to improve and help save the housing industry and the overall economy of this country. Here is the bottom line, 2012 has already proven itself to be one of the most influential and significant years for mortgage professionals, con-

sumers and small business. NAMB is YOUR voice as a mortgage originator, and will continue to represent the industry with honor and integrity. In order for NAMB to continue to be an effective advocate for mortgage brokers and mortgage professionals, you must participate in the political process either by supporting the PAC, volunteering, responded to calls to action, or simply calling your congressman. The Government Affairs Chairman, just like all other NAMB positions, is a volunteer position. I accepted this position with honor because I care about the industry, supporting small business, and supporting consumer choice and protection. NAMB will continue to stay the course and fight the good fight … but we do need more in the industry to care about their livelihoods as much as myself and our current members. Support YOUR industry and let YOUR voice be heard. John H. P. Hudson is Government Affairs Committee Chair for NAMB. He may be reached by phone at (817) 247-4766 or e-mail jhudson@pnlending.com.

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Rocke Andrews, CMC, CRMS is a member of the NAMB Board of Directors and Education Committee Chair. He may be reached by phone at (520) 886-7283 or e-mail randrews@lendingarizona.net.

By John H. P. Hudson

 JUNE 2012

At the NAMB Legislative & Regulatory Conference in Washington, D.C. this past March, a mortgage broker from Florida asked me, “When is the government going to quit interfering with mortgage originators and let us do our jobs?” My answer was a simple one, “Never.” Of my 15 years in the mortgage industry, there has only been two constants, change and government regulation. However, with

NAMB—The Association of Mortgage Professionals at the helm representing small business and ALL mortgage originators today, I remain optimistic that our industry will continue to adapt, persevere and overcome any obstacle in our path. Real threats to homeownership do exist such as the qualified mortgage (QM), qualified residential mortgage (QRM), appraisal issues, flat fee proposals, regulatory burdens on small business, etc. … (it’s a long list). These threats have forced the Government Affairs team at NAMB to shift focus more towards the regulatory arena and work with the Consumer

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

The Fight Continues … and Our Optimism is Growing

NationalMortgageProfessional.com 

NAMB Government Affairs Committee Update


lems head on, and early on, to get them solved. The way you manage those conversations and facilitate solutions will determine your success or failure. In my opinion, one of the best leadership books ever written is L.E.T. by Dr. Thomas Gordon. He doesn’t just write about leadership, he also teaches leadership skills.

Attracting and retaining strong leaders

People Join Companies. They Leave People. By Scott Seroka

When many of us hear the word, “leader,“ we confuse the term with manager, boss, supervisor or other leadership titles. The fact is, having a leadership title doesn‘t make someone a leader. We‘ve all worked for people anointed with leadership titles who have absolutely no leadership skills. We‘ve also worked with people who, after three days on the job, seem to have extraordinary leadership potential, and naturally know how to lead through example and inspiration.

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The quality of your leadership will make or break your company Team your best loan originator (LO) with a crummy manager and what do you get? A resignation letter and loads of business that could have been yours going to your competitor. Team a highlytrained and skilled manager with a group of average-to-slightly above-average employees and you‘ll soon have enthusiastic and highly-motivated team players willing to bleed for your company. In no time, you‘ll earn a great reputation in your market and industry, and most importantly, you‘ll grow. It‘s a fact that the quality of leadership has a direct impact on your brand‘s reputation and bottom line. And it makes sense—people who enjoy working for their manager consistently perform at peak levels. It‘s a sad fact that too many people are placed into leadership positions based on all the wrong reasons— such as industry knowledge, tenure, or technical abilities—and then fail. To be an effective leader requires a very specific set of skills. Read on …

Are leaders born or made? It‘s the million dollar question, and arguments can be made for both sides. We are all leaders in that we make decisions for ourselves. However, managing a sea of diverse personalities, motivating individual people to consistently give their best, building teams, creating synergies in groups, and knowing how to efficiently resolve conflict where everyone “wins“ (feeling as if their

needs have been met) are skills that very few people intuitively have. These are skills that must be refined or taught from the ground up, especially when you consider that most of us developed our leadership styles based on leaders we personally admire or believe to be effective. And herein lies the trap—in the absence of leadership training where proven management techniques are taught, managers rely on trial and error with many different leadership styles until they find one they believe works. It‘s this trial and error leadership style that frustrates employees and perpetuates already dysfunctional manager/employee relationships.

What makes a great leader? There are a number of characteristics that make up the fabric of good leaders, and it starts with having a high E.Q. (Empathy Quotient, a.k.a. Emotional Intelligence). What does this mean? Think about the last three people you know who were fired. Did they lose their jobs due to their lack of product, company or industry knowledge? Or were they fired due to their inability to get along with others, be a team player or a team leader? Leaders with higher E.Q.s, develop cultures in suit where people naturally work and communicate better with each other. In other words, interpersonal conflict is either low or non-existent. Great leaders are great active listeners—they have mastered the art of acknowledging and feeding back what they hear to confirm understanding. Where many people in conversation are simply thinking of what they want to say and waiting until one person is finished talking so that he or she may speak, active listening involves focusing one’s attention on the function and purpose of a conversation. It cannot be faked. It builds trust, deepens relationships and is the most sincere form of communication there is. One of the greatest active listeners I know actually walks out from behind his desk, sits down at a small table away from his computer, turns off the ringer on his cell phone and gives their undivided attention to the person with whom they are speaking. How would you feel if your manager did this for you?

Great leaders also encourage open communication without roadblocking. Roadblocking occurs when we order, warn, moralize, suggest, use logic, criticize, praise, label, analyze, reassure, question and recommend. In other words, roadblocking is steering a conversation toward our direction and way of thinking, inhibiting open and candid conversation. We have all been roadblocked and know how offensive and irritating it can be. Think of it this way: Roadblocking is the number one reason why teenagers don’t talk to their parents! Great leaders don’t solve problems … they see to it that problems get solved. When people come to us with their problems, some of us cannot wait to jump in and tell the person who owns the problem how to fix it. Nothing could be worse for three reasons:  The person who owns the problem may very well dump all of their problems on you in the future;  You may offend them because you are indirectly telling him or her that they do not have the intelligence to fix things on their own; and  Once you, the manager, gets involved, you immediately assume responsibility for the problem and the consequences of the advice given. The better approach is to employ active listening to facilitate the problem-solving process, as the one who owns the problem is in the best position to resolve it!

The age factor Let us assume for a few minutes that you are the young leader who is managing people who are not just a few years your senior, but some who are old enough to be your parent. Not only do you need to prove your worth as a manager, you need to earn and retain the respect of those who may view you as someone who has “no clue” and “little experience.” At times, when you have conflict with an older generation employee, it can become personal. This is precisely when you will need to practice those skills I identified a few minutes ago. They are fundamental and proven leadership skills that will help you identify core problems and work toward solutions. There will be times when you will need to confront prob-

Most companies are structured with one Grand Poobah—usually the chairman, chief executive officer or owner— with lieutenants below. Great leadership needs to start at the top, which is why I am a huge proponent of leadership training. CEOs are a special breed—they take risks, push themselves hard, can smell the blood of new business, and know how to negotiate and close deals. And then they get back to the office and have to deal with egos, attitudes, under-performers, complainers, and a host of other issues they would rather ignore, or don’t know how to deal with and, thus, it wears on their patience. You know what happens next. Failing to deal with these issues makes matters worse and the hole in the ship only gets bigger. If you are looking to attract strong leaders within your organization, as the CEO you will need to prove that you have a culture where leaders can grow and flourish. Hint: Strong leaders will not work for the micromanaging CEO. Nor will they work for those who lead through fear and intimidation. If you fall into one of these categories, your reputation will one day precede you and finding good people will become increasingly challenging.

What now? The mortgage industry is, was, and will continue to be very competitive. Some say cutthroat. As the CEO or owner of your company, you need to fight the good fight every day to compete and succeed. And, you also need to find, hire and retain the best mortgage professionals you can find. Your leadership style will determine the success or failure of your company and the people you have representing and selling your brand. Remember, team your best LO with a crummy manager and you will get a resignation letter and loads of business that could have been yours going to your competitor. Team a highlytrained and skilled manager with a group of average- to-slightly-aboveaverage employees and you’ll soon have enthusiastic and highly-motivated team players who are willing to bleed for your company. Scott Seroka is a principal and certified brand strategist at Seroka, a brand development and strategic communications firm based in Milwaukee, Wis. Scott is also a contributing blogger for Gordon Training International in San Diego, Calif. He may be reached by phone at (262) 523-3761 or e-mail scott@seroka.com.


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Psychology and Sales Go Hand in Hand By Casey Cunningham

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

16

Find someone, anyone who is not in the world of sales, and ask them to say that very word out loud. Next, invite them to conjure up a vision of exactly what a salesperson looks like. And finally, ask them to verbalize the vision created in their minds eye. In a tonguein-cheek, paradoxical sort of way, I shudder at the thought of what those visuals might embody or represent. How about the requisite plaid jacket with sewn-on elbow patches or the blinding ray of light that reflects off a lateral incisor while said salesperson smiles and shakes hands with a would-be client, uttering phrases like “What do I need to do to put you into (whatever product) today” or “Help me help you.” Let’s be honest, while you may not have been guilty of this visual representation, you probably know someone who is. It’s no wonder we don’t like selling very much. For most of us in the game of sales (without the plaid elbowed patched jacket, big toothy smile and catch phraseology)—whether your role is that of a loan officer, real estate agent, builder or any other title carrying with it the responsibility of ‘selling something’—the name of the game is connections, relationships and ultimately, referrals. And yet sometimes (or actually quite often) we develop an aversion to cold-calling probably due to our fear of rejection or self-promotion. It’s hard for some of us to get past our own limiting beliefs that others might really view us as the salesperson described above. There’s the added snag that, like many in our industry, we’re only as good as our previous month. We close out one month’s production and look to the next, while delicately balancing the creation of new connections while continuing to cultivate those we’ve already made. With this in mind, let’s put some assurance of future success in the capable hands of science and biology.

“Phone calls and e-mails are nice, and certainly part of the process in communicating with our clients and business partners, but there is something infinitely better— the handwritten thank you note.” There is a part of the brain known as the Reticular Activator. Without an in-depth analysis about frontal cortexes, brain stems and quotes by Freud and Nietzsche, I will simply contend the Reticular Activator can be one of the best sales tools you will ever discover. Imagine, for a moment, the last new car you bought—say, for example, a red Volkswagen Beetle. For the first several months after buying your new car, you seem to have developed an uncanny ability to spot every single red beetle on the road. With this newfound sixth sense, you are able to spot Volkswagens out of a sea of other vehicles … in parking lots, you sense them coming around the corner before they’re even there. It’s not that all of the sudden there are a bevy of red Volkswagen Beetles on the road; it’s just that you (more specifically the Reticular Activator part of your brain) was not focusing on them before. The same is true for someone’s heightened level of awareness as it relates to real estate signs planted in the front lawn or radio advertisements about mortgage rates. If this is the case, then what better time to extract referrals from your connections than while you’re working with them? If we do our jobs— and we do them well—we can expect referrals from our clients, past clients and others in our “sphere of influence” throughout the entire year. However, at no other time will continued on page 24

Stevens Steps Down as MBA President to Join SunTrust The Mortgage Bankers Association (MBA) has announced that David H. Stevens, the association’s president and chief executive officer, will be leaving the organization on June 30 to join SunTrust Mortgage as the company’s new president. Stevens was hired last May after leaving his position as Assistant Secretary for Housing and Commissioner of the Federal Housing Administration (FHA) at the U.S. Department of Housing & Urban Development (HUD). “Dave has been an exceptional leader for MBA,” said MBA Chairman Michael Young. “Although we are sorry to see him leave so soon, he leaves us well-positioned for the future. Dave delivered on his pledge to enhance MBA’s position as the industry’s leading voice in advocacy, policy, education and research and has developed a dynamic infrastructure for addressing member needs. His insights and leadership have demonstrated the importance of having one large platform where the entire industry can come together in an effort to provide a common voice on the critical issues of the day. The MBA, its leadership and members remain steadfast in our focus to bring solutions that will benefit the entire housing market, borrowers and lenders alike.” Young has announced that MBA Chief of Staff and Senior Vice President Marcia M. Davies has been designated to be the interim head of the association pending the replacement of Stevens. A search for a permanent replacement is currently underway. “David Stevens has been a very good friend to NAMB and the entire mortgage business,” said Don Frommeyer, president of NAMB—The Association of Mortgage Professionals. “NAMB appreciated him attending the Legislative Conference in 2010 when he worked for HUD and he has always looked out for the originator and the mortgage industry. His work at the MBA helped them to strengthen their association and he will do the same for SunTrust. All of the members of NAMB—The Association of Mortgage Professionals wish him well at SunTrust Mortgage.” A graduate of the University of Colorado, Boulder, Stevens has a strong

background in housing, including experience in finance, construction, sales, mortgage acquisition and investment, and regulatory oversight. He began his journey to HUD at the dining room table, where he listened to stories about the creation of FHA and other efforts to stabilize the housing market from his father, who started as a runner on Wall Street during the depression. The dining room table soon became the board room as Stevens started his professional career with a 16-year tenure at the World Savings Bank. He later held positions as senior vice president of single-family business at Freddie Mac, and then executive vice president, national wholesale manager at Wells Fargo. Prior to being confirmed at HUD, Stevens had been president and chief operating officer of Long and Foster Companies, the nation’s largest, privately-held real estate firm. “David Stevens did a fabulous job at the MBA,” said Mike Anderson, CRMS of Essential Mortgage Company, a Latter & Blum Realtors Company. “He was a true champion of the mortgage and housing industry and defiantly left a mark that all trade groups should try and immolate. SunTrust is lucky to have someone of Dave’s caliber and will no doubt move them in stronger position going forward.”

Nearly 16 Million Homeowners Underwater in Q1 Nearly one-third (31.4 percent) of U.S. homeowners with mortgages, or 15.7 million, were underwater on their mortgage in Q1 of 2012, despite rising home values, according to the first quarter Zillow Negative Equity Report. Collectively, underwater homeowners owed $1.2 trillion more than their homes were worth. Negative equity rose slightly from 31.1 percent in the fourth quarter, and declined from 32.4 percent one year ago. Negative equity remained high despite increasing home values in the latter part of the first quarter. A slower pace of foreclosures after the robo-signing issues of 2010 contributed to slower progress in working down negative equity. continued on page 27


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NationalMortgageProfessional.com 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 JUNE 2012


By Eric Levin

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

18

You are a successful mortgage loan originator. You have your own referral base and a network of sources from which you draw a substantial share of your business. You are a proven commodity. Have you ever wondered if there is a better professional environment for you out there … somewhere? We all think about it from time to time, particularly after something at our current place of employment has not gone particularly well. But is it true? Could there be a place that better fits who I am and what I have to bring to the table? Quite possibly. How can I be so sure that the odds are in the favor of there being a better opportunity available to you in the marketplace? Because most mortgage loan originators are working at lending firms due to reasons that have little to do with maximizing Model-Match. Model-Match is a term my firm, Hammerhouse LLC, uses to describe the ideal matching of talent (mortgage loan originators) with employers (lending firms) across a wide range of variables in six core areas of engagement: Leadership, culture, business, operations, technology and geography. I would bet that you are working at your current organization for one of the following reasons:  A friend or friends work there  My original company was purchased by my current employer  Geographic proximity to my referral partners  They had a program or rates I liked  They recruited me  Followed leadership Sometimes, things just seem to happen and we end up working somewhere for reasons that have little to do with maximizing our potential. It is important to recognize this fact and to call it what it is … “Employer by Default.” There is nothing wrong or sinister about having an employer by default, but it is hardly the environment in which you would expect to see the best outcomes for the people and organizations involved. Model-Matching doesn’t happen by default.

We should all periodically consider our career. Are you doing what you were born to do? Are you highly motivated, passionate and happy? There are three possible answers: 1) Yes—I am doing exactly what I want to be doing and where I want to do it. 2) No—I consider what I am doing to be a job, a means to an end, or a way to support myself and my family. 3) Yes, but—I am doing exactly what I want to be doing, but I think I could do it even better. If you are fortunate enough to be able to claim number one, then you are part of a fortunate few. Surveys suggest that only two percent of workers agree with the second statement. If you find yourself agreeing with statement number two, then you already know it’s time to move on to find a better career fit. For those of you drawn to statement number three, let me encourage you to do this—determine if what is keeping you from claiming statement number one has to do with you or your employer. Are there skills, attitudes or efforts keeping you from the career you desire? If so, then get off of your rear end and make the necessary changes in yourself. If, however, you find that what is holding you back is the organization that you work with, then I encourage you to initiate a “process of selection.”

Process of selection What is a “process of selection?” Let me explain. A friend of ours is involved in the economic development/site selection industry. The two different names have to do with the perspective of each of the main parties involved. “Economic development” is the name used by government entities that are seeking to improve the economic opportunities available to their citizens through many activities, but key among them is the recruitment of industry that will provide jobs and tax revenue. “Site selection” is the name of the function within corporations that selects the locations for corporate operational facilities. When I considered recruitment of talent in the mortgage industry, I can see many parallels. Mortgage companies are in the business of growing their operations through the addition of producers who help to increase revenue and profits. Proven LOs with self-developed business

are highly sought-after commodities that seek to “locate” their production in the best possible place. Both economic development/site selection and the mortgage industry involve an attempt to best match people and places. But my friend shared a problem that plagues his industry. Too often, he says participants on both sides have turned the process into one of “elimination” rather than one of “selection.” As I have pondered what that meant and how it relates to the business I am in, the more profound it has become … elimination is negative and selection is positive. That alone seems reason enough to favor the latter, but as I discovered, the difference between the two orientations truly changes how the process of matching people and places works in practice.

Selection Model tends to follow a process that looks like this: 1) Establishment of a profile  What are the characteristics of candidates who fit the profile?  What methods (beyond numbers) will be used to evaluate the candidates? 2) Discovery  How can we identify candidates that meet or can meet the profile? 3) Relationship building  Getting to know what drives, motivates and limits the identified candidates. 4) Mutual selection  Decision by both parties to work together to achieve the shared vision—to create the ideal.

The Elimination Model The Elimination Model is, at its core, a process to eliminate options from consideration. Mortgage companies employing the Elimination Model tend to follow a path that looks something like this (while this is laid out from the mortgage company’s point of view, the same approach is often used by LOs when looking for a new lender): 1) Establishment of the ideal candidate  What is it that we are looking for?  What are the metrics that define the ideal candidate? 2) Discovery  How can we screen candidates to eliminate those who don’t meet those metrics? 3) Disillusionment  What do we do since no candidates meet our ideal? 4) Settling  Let’s select the candidate that scored best against our metrics. The obvious problem with the Elimination Model is that it yields a result that is contrary to the established goal. The choice made is likely always to be viewed in a negative light—as less than desirable. This model also focuses on the past—what was achieved in a different environment. Let’s contrast that with a Selection Model which has as its core a process to select the best possible candidate. The

The advantages of the Selection Model are many, but let me focus on two. First, it produces a result that is viewed in a positive light. Second, and this is key, it focuses on what comes next, rather than what has come before. Why spend so much time evaluating and eliminating candidates based on what they have accomplished in the past in different circumstances? Why not, instead, focus on developing a mutually-shared vision of what the goals are and how, together, they can be achieved? A selection process doesn’t mean that threshold metrics are not used as part of the evaluation, but a selection process must go well beyond the numbers before a choice is made. The overall lesson I have learned from my examination of “elimination” vs. “selection” is that ideal candidates do not exist— period. Ideal candidates become that only after two Model-Matched parties get together, explore what makes each other tick and decide to pursue their shared goals. The mortgage industry specifically, and the world in general, needs more people who are Model-Matched to their place of employment through a process of mutual selection. Eric Levin is managing partner at Hammerhouse LLC, a national recruiting and strategic growth firm for the financial services industry with mortgage sales and leadership placement at its core. He may be reached by phone at (949) 5259405 or e-mail eric.levin@teamhammerhouse.com.


heard on the street

continued from page 10

they produce are little more than marketing collateral,” said Rick Grant, president of RGA Public Relations. “Our industry stands to benefit from valuable thought leadership but readers won’t sift through the marketing material to find it. It’s time for a higher standard and we intend to provide it.” The pair has already completed one White Paper for a top industry service provider, and will roll out their own on a controversial topic impacting the collateral valuation process by month’s end. “Our White Papers have a more academic bent than is generally seen in other marketing White Papers,” said Jeff Schurman, chief executive officer of Leading Causes LLC and editor of the Mortgage Third Party Risk Blog. “Marketing messages may be present, however our conversational writing style and presentation of the material in easy to understand terms minimizes the chance of the Paper being perceived by the reader as a marketing pitch.”

Nationstar Agrees to Acquire Mortgage Servicing Assets of ResCap

continued on page 20

ou’ve heard the sayings … “When life gives you lemons, make lemonade,” “When the going gets tough, the tough get going,” and “You can’t make something out of nothing.” What? Well, in the case of this month’s Mortgage Hero, J. Barry Sherlock, that’s just what he’s done. Recognizing a good thing, Barry took the USA Cares Certified Military Housing Specialist (CMHS) Course and knew it was a great tool for delivering skilled services to our military servicemen and servicewomen. But, retired from the mortgage industry, Barry no longer had military clients to help. How then could he show our military personnel his gratitude for their service to our country? He recruited real estate agents and mortgage brokers to the CMHS Course and its benefits, but he wanted to do more. He looked around and found a way to make something happen. Near Barry’s home in Lexington, Ky. is the historical Keeneland Race Track, who just happened to be hosting “Military Appreciation Day” with the Kentucky National Guard and Windstream. Hmmm? They would be auctioning a camouflage saddle cloth, signed by all members of the jockey association. Hmmm? Barry knew exactly who that money should benefit, he picked up the phone and called the Keeneland Racing Association to tell them about the national non-profit organization he wanted to help. They were determined to have an extremely successful “Military Appreciation Day.” Keeneland’s Terrace was transformed into the Military Family Zone with free food, live music and activities throughout the day for military members and J. Barry Sherlock their families. A parachute demonstration by the 101st Airborne Division followed the Presentation of Colors and National Anthem. Kentucky Guardsmen deployed to Kuwait and Afghanistan gave pre-recorded messages of thanks to Keeneland and the military families on the track’s video boards. “The weather was right for sweatshirts,” Barry said, “and we had USA Cares sweatshirts to give away. It’s a pleasure shaking hands with the veterans and thanking them for their service.” Keeneland’s featured race was a salute to all military with the horses wearing camouflage saddle towels. The trophy presentation included Windstream, Major General Edward W. Tonini, and Mortgage Hero J. Barry Sherlock. The winning saddle towel, signed by the Keeneland jockey colony, was auctioned for $999, with proceeds going directly to USA Cares to help provide financial and advocacy assistance to post 9/11 active duty U.S. military service personnel, veterans and their families. J. Barry Sherlock is proof to the old adage, “Where there’s a will, there’s a way.” In his three short months of volunteering on behalf of USA Cares, Barry raised just shy of $1,000, and he’s only just begun. His next project? “Making a sales call on Churchill Downs for their upcoming Military Appreciation Day,” Barry quips. “I’m excited! It’s my honor to serve the men and women of the military.” E-mail Barry for his ideas to raise money in your own community at bsherlock@hotmail.com.

Y

Be a Mortgage Hero! This recognition is free to Certified Military Housing Specialists. Take the FREE CMHS course offered online by USA Cares and tell us how you are “Helping those who defend our homes, preserve their own.” Please contact Program Director Beverly Frase at beverly.frase@usacares.org to join our national team and be our next Mortgage Hero. We want to recognize you!

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 JUNE 2012

CampusMBA, the education division of the Mortgage Bankers Association (MBA), has announced that it is partnering with the Consumer Financial Protection Bureau (CFPB) to offer a monthly Webinar series addressing a variety of issues including the CFPB’s current activities and significant initiatives impacting the mortgage industry. “The CFPB is actively engaged in a

By Beverly Frase

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

CFPB Partners With CampusMBA on Regulatory Webinar Series

J.. Barryy Sherlock

NationalMortgageProfessional.com 

Nationstar Mortgage Holdings Inc. has announced that it has signed a definitive agreement to acquire certain residential mortgage servicing assets and other assets from Residential Capital LLC and related entities (ResCap) in connection with ResCap’s proposed asset sale pursuant to a plan under the U.S. Bankruptcy Code. Nationstar expects the acquired Mortgage Servicing Assets to total approximately $374 billion, including $201 billion in primary residential mortgage servicing rights (MSRs) and $173 billion in subservicing contracts, as measured by unpaid principal balances as of Feb. 29, 2012, approximately $1.8 billion of related servicing advance receivables and certain other complimentary assets. The transaction is expected to close in late 2012, subject to the conditions and auction process described below. Upon closing, the acquisition will make Nationstar the largest non-bank residential mortgage loan servicer and one of the largest residential loan originators in the nation. With this transaction, Nationstar anticipates adding more than 2.4 million customers to a customer base of more than one million, and growing its total servicing and sub-servicing book to approximately $550 billion. “We believe this transaction will cement Nationstar’s position as the nation’s pre-eminent non-bank mortgage servicer, and it reflects a record of servicing performance that has made us a partner of choice in a transforming

industry,” said Nationstar CEO Jay Bray. “This potential transaction and our pending acquisition of servicing rights from Aurora represent terrific opportunities to acquire assets and operations from best-in-class servicers without the burden of certain legacy liabilities.” The cash purchase price of the mortgage servicing rights and subservicing contracts would be approximately $700 million based on unpaid principal balances as of Feb. 29, 2012. The cash purchase price of the related servicing advance receivables would be approximately $180 million, net of financing, based on advance balances as of Feb. 29, 2012. Nationstar expects to enter into approximately $1.6 billion of advance financing facilities to fund the balance of the related servicing advance receivables. Approximately 68 percent of loans in the total portfolio (by unpaid principal balance) are owned, insured or guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. As contemplated by the agreement, ResCap has voluntarily filed a Chapter 11 petition in U.S. Bankruptcy Court and is seeking court approval to sell its Mortgage Servicing Assets in an auction process supervised by the court. Pursuant to the terms of the Agreement, Nationstar has agreed to serve as the “stalking horse” bidder for the auction of the Mortgage Servicing Assets. Nationstar’s bid is subject to superior offers solicited as part of the auction process as well as court and other approvals and conditions. Nationstar anticipates that the court will approve in mid-June the auction procedures and timeline for the sale of the Mortgage Servicing Assets and that the auction process will last approximately 90 days, during which time ResCap will solicit competing bids. If Nationstar is the successful bidder, then ResCap will seek court approval to sell the Mortgage Servicing Assets to Nationstar and the closing of the Transaction would be expected to occur in late 2012. The auction timing and process is subject to the court’s discretion and may change.

USA Cares Mortgage Heroes


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continued from page 19

number of prominent rulemakings, particularly in the loan origination and loan servicing space,� said Jeffrey Schummer, MBA’s vice president of education. “MBA is keenly aware of the value of offering industry education, especially in this challenging economic environment. This partnership illustrates our continued commitment to these efforts by covering issues relating to the CFPB, issues so vital to our members. We are very excited to work with the CFPB to provide such relevant information to the industry.� During each Webinar, representatives from the CFPB and MBA members will provide information and insight and participants will have an opportunity to ask questions. The Webinars are designed as part of the CFPB’s ongoing effort to ensure transparency and to provide timely information to industry and community stakeholders. The first workshop, which was held May 16, focused on the CFPB organizational structure, key personnel, and laws under authority, major initiatives to date including the consumer complaint system and the CFPB’s regulatory agenda, including what can be expected in the coming months. Future workshops may cover such topics as the CFPB Examination and Supervision requirements or other significant initiatives and relevant topics.

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

PHH to Manage HSBC’s Mortgage Processing

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PHH Mortgage Corporation, a subsidiary of PHH Corporation, has announced that it has entered into a partnership with HSBC Bank USA to provide private label end-to-end mortgage origination services and loan servicing to HSBC. Under the terms of the agreements, PHH Mortgage will provide HSBC with mortgage origination processing services, as well as sub-servicing of HSBC’s $15.5 billion prime mortgage loan portfolio and $36.6 billion of loans serviced for third-party investors (both as of March 31, 2012). It is expected that approximately 400 employees from HSBC’s mortgage facility in Depew, N.Y., will transfer to PHH Mortgage, which plans to maintain operations in the area. “We are excited to partner with a global financial brand like HSBC,� said Smriti Popenoe, executive vice president and chief risk officer of PHH Mortgage. “We are pleased to welcome many HSBC employees to the PHH Mortgage team. This is an outstanding example of the commitment of our Private Label Services business to serving the nation’s leading financial institutions, regional banks, community banks and credit unions, and we look forward to a long-term, strategic relationship.�

The agreement between PHH and HSBC is effective immediately, and the conversion of operations is expected to be complete in the first quarter of 2013. “We’re thrilled and honored to welcome HSBC into our family of private label partnerships,� said Glen A. Messina, president and chief executive officer of PHH Corporation. “We thank them for their confidence in us. We are committed to delivering an exceptional mortgage experience to HSBC customers through our focus on operational excellence and customer service. This partnership demonstrates the strength of our franchise and our commitment to growing our private label mortgage platform.�

Impac Mortgage Enters the Correspondent Lending Business Impac Mortgage has entered the residential correspondent lending business. Impact’s correspondent lending and capital markets experience dates back to the mid-1990s with more than $90 billion in mortgage originations and acquisitions. Impac Mortgage’s client-centric approach is managed by the team of Mike Falce and Larry Matlin who bring 20-plus years of deep secondary and capital markets experience to Impac. Impac Mortgage Correspondent Lending is going back to the basics of mortgage banking by offering top-tier customer service, including 48-hour file reviews, 24-hour underwriting scenario response times and five to seven day funding timelines. Impac’s correspondent unit purchases conventional loans in 49 states (including the District of Columbia) and government loans (FHA, VA & USDA) in 43 states (including D.C.), for sale through its affiliate to Ginnie Mae, Fannie Mae and Freddie Mac. The company plans to extend its product offering in the future to include FHA 203(k)s (both streamline and standard) and prime jumbo loans. Impac’s strategy in building a correspondent platform focuses on community and regional banks as wells as credit unions and smaller select mortgage banking firms. The strategy focuses on being a take-out investor for institutions that originate quality conventional and government loans eligible for sale to Agencies. By providing better turn times and more immediate liquidity than the competitors, Impac has successfully grown its approved correspondent client list through word of mouth and reputation of providing superior customer service. continued on page 22


Best regards,

Andre w Pete rs

 JUNE 2012

www.fgmc.com (800) 296-2275

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Andrew Peters cer Chief Executive Offi tgage Corporation or M First Guarant y

21

NationalMortgageProfessional.com 

Officer Lender/Retail Loan nt de on sp re or /C oker you may Dear Mortgage Br poration. Some of or C e ag tg or M y us for rant or have been with e to you First Gua e, uc tim od st tr fir in e to th r d fo se I’m plea stomers. ar ing our name Whether you’re he lp you help your cu . he us to ow ng kn ki y ta e ad re e’r al e steps w ll be plea sed by th ction are fa ster, years, I think you’ us on each transa ith w ns io ct ra te a better in w technology and noticed that your y ne ad ith re w al s ve es ha oc pr ay r ou ha se. You m e closing or purc ient. We’ve refined th fic re ef fo e be or e m fil d an ur smoother to touch yo ther than your cu stomer, ra fewer people need ith ng w ri k su or en w , : w st lo be kf wor what you do have time to do We want you to d troubleshooting. requires processing loans an . Today’s market rs ne rt pa r ou r py in today’s ide options fo ng hard to prov the space you occu of ss le rd ga re ns We are also worki VA lender solutio on sense FHA and m y. We’re offering m lit co bi a xi g fle in ek um se im oker or VA max are a mortgage br oducts like 203K u pr yo er ith w th s he id W . vo ce e marketpla and the fastest looking to fill th mpetitive pricing ngs; a flow seller co ri fe ith of w e r ye ch ni bu lk ith w tail loan / bu ing for a mini bulk se line relief; or a re ok ou lo eh er ar w nk or ba a w ls; flo manua lp create ca sh MC offers real the industry to he s opportunities, FG es dl en u yo w lo purcha se times in al at will r a unique home th the country. officer looking fo y for clients across da y er ev e es th g in liver s to be the options. We are de ilosophy continue ph re co ur O s. cu ted by fo changing is our serve to be evalua de be s ’t er on ow w rr at bo th at g th One thin lieve strongly e DU and FICO t we do. We still be ther than a simpl ra e, ns se on m foundation of wha m ing. We co es to mortgage lend underwriting and m l co ua it n an m he w d, e ce ns en se on ients experi customers. Your cl happened to comm r ur ve yo te ha do w as r , de at on th e score. We w homes. You deserv people into good od go t pu to ist ex t numbers. holesale.com are borrowers, no ices at www.FGMCw rv se d an es lin t uc (capit al ore about our prod w.FGMCb2b.com w m w n ); ar le nt to de u on yo sp te re We invi ent.com (cor w we can help your FGMCcorrespond ow you exactly ho sh n ca e w at (wholesale); www. th market may l) so can improve. The FGMC.com (retai e w. w w s w ay d w an on ); ts ck ke ba ed chance mar ers. We’d like the ays open to your fe w om al st e ar cu e ur W . yo d ow an gr business rtunit y for you at can mean oppo th t bu , ng gi an ch be to prove it to you.


heard on the street

continued from page 20

a la mode Announces Compliance Integration With Byte Software

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

22

a la mode has announced that its customers will benefit from a new integration between Mercury Network and Byte Software’s popular BytePro loan origination software (LOS). The integration allows users to click a button inside the BytePro system to log into Mercury Network and use the platform to manage their entire appraisal workflow. In addition to the time-saving automation, the interface provides tools that help users comply with all appraisal independence standards and applicable banking regulations. One of the integration’s features pre-fills the data from the loan file within Byte Software into the appraisal order, eliminating errors and delays that often result from manual data entry. Byte Software users can import appraisal status messages directly into the loan file, and download the completed appraisal, and any supporting documents such as the governmentsponsored enterprise (GSE) submission summary reports, into the LOS in both PDF and the newly required MISMO XML formats. BytePro users can take advantage of Mercury Network’s streamlined compliance and cost-free, direct integration with the GSEs’ Uniform Collateral Data Portal (UCDP). These key differentiators set Mercury Network and BytePro apart from competing solutions that require the use of multiple and costly applications to comply with the new appraisal submission standards. Byte users gain the benefit of Mercury Network’s superior automated and customizable appraisal quality control (QC) measures

that include a regimen of more than 1,000 quality rules. The QC rules are run on the appraisal before it’s delivered back to the Byte user, which dramatically speeds the underwriting and manual coordination process. “We’re pleased to offer the latest in appraisal management automation to our clients,” said Joe Herb, general manager of Byte Software. “Our objective is to provide the most comprehensive LOS. This new integration with Mercury Network gives our clients easy access to a powerful vendor management platform, and a much-needed integration with UCDP. It’s a definite advantage for our clients.”

Omega Financial Signs With LendingQB for Its Cloud-Based LOS

LendingQB has announced that Omega Financial Services Inc. has implemented its Web-based loan origination system (LOS) to automate each of its business channels. LendingQB’s platform will reduce Omega’s cost per loan, maximize productivity across operations and decrease its existing technology costs. Acting as an advisor to Omega, Joe Cilento, CPA, CMB, a mortgage industry veteran and consultant, guided the selection and implementation of Lending QB’s LOS platform after performing a company-wide review of operations. “I have conducted numerous mortgage technology evaluations and implementations; the rollout of LendingQB’s Web-based platform was one smoothest I’ve been involved with,” said Cilento. “The extensive level of support that LendingQB provided and their ability to

consumer credit awareness truly understand the implications of incurring large amounts of debt. The improvement in consumer knowledge is a great testament to all of the industry and public interest group efforts to improve consumer credit awareness, but major work in credit education needs to be done as some of the findings are extremely concerning. People who fail to understand the factors driving their credit score have little incentive to manage the real things that truly do make a difference, such things as paying bills on time, keeping credit card balances low, and not taking out unnecessary loans. VantageScore and the CFA have co-created educational materials such as CreditScoreQuiz.org and

easily configure tailored workflows are the main reasons Omega’s implementation was so successful.” LendingQB’s LOS seamlessly integrates Omega’s entire workflow and lending functions to enable the straight through processing (STP) of loans. From the point-of-sale (POS) through closing and funding, LendingQB consolidates all of Omega’s lending activities onto a single platform that creates a true endto-end experience. Regardless of employees’ roles, LendingQB contains Omega’s users to a single database and software environment to ensure the same data is being used in different departments. The result is fewer manual touch points, which turns Omega’s lending practices into a profit optimization workflow. “Paramount to running an efficient lending operation is the seamless connection of every workflow the lender uses to eliminate unnecessary human interaction and thus improve productivity,” said Binh Dang, president of LendingQB. “The only way to achieve this is to implement an all-in-one platform that uses a single database and is discriminating with outside integrations, as too many interfaces and separate databases creates data integrity issues and hampers efficiency and accuracy.” LendingQB’s platform is comprised of LO, broker, and consumer direct point-of-sale Web portals for all lending channels; product and pricing engine; proprietary AUS; loan processing; electronic documents, closing; secondary marketing; and interim servicing. LendingQB also accompanies business intelligence (BI) and data analytics functionality along with detailed reporting that helps lenders locate and translate their data into actionable information, enabling them to make informed business decisions that establishes a competitive advantage and leads to greater profitability.

Mortgage Builder Announces the Acquisition of GCC Servicing Systems continued from page 4

CreditScoreQuiz.org/Espanol for consumers. This Web site is completely free of any marketing content and mimics the survey questions the results are from. The site is a fun tool that delivers interactive answers to each question so that consumers can inform themselves about the latest credit score information. As of this writing, more than 28,000 people have taken the quiz. For further details on the survey, please visit the Consumer Federation of America’s Web site (www.consumerfed.org) and read their press release. Terry W. Clemans is executive director of the National Credit Reporting Association Inc. (NCRA). He may be reached at (630) 539-1525 or e-mail tclemans@ncrainc.org.

Mortgage Builder has agreed to acquire GCC Servicing Systems, a loan servicing software provider that shares 35 years of history with its new owner. GCC is the creator of G/Serv, a mortgage servicing software popular with mid-tier lenders, community banks, credit unions and mortgage companies, a market sector also well-served by Mortgage Builder. The teaming of the two technologies comes at a time when many lenders are retaining servicing rights and responsibilities rather than using sub-servicers and selling loans on a servicing released basis. “More lenders need servicing software now than at any time in recent history,” said Keven Smith, Mortgage Builder’s president and chief executive officer. “With the acquisition of GCC, Mortgage Builder now offers a complete

lending system that empowers lenders to control all aspects of the process. And with their common DNA, the platforms work extremely well together, making it far simpler for lenders to make smooth transitions into loan servicing.” The GCC staff will join Mortgage Builder and GCC will operate as a separate division with Jeff Augenstein, vice president of GCC, responsible for the day-to-day operations. GCC Servicing Systems was founded in 1977 as Glenn Computer Corporation by Glenn Liebowitz in Southfield, Mich. as a mortgage servicing, loan origination, and accounting service bureau. The loan origination product was spun off in 1998 to become Mortgage Builder Software. G/Serv brings Mortgage Builder a comprehensive loan servicing platform that automates all servicing administration functions, along with default management and full reporting capabilities. Like Mortgage Builder, G/Serv has evolved greatly since it was first released, and is now designed for Software as a Service (SaaS) delivery for fast, cost-effective implementation, and is hosted in a SAS-70 Type II/ SSAE-16 Type II compliant data center. “This acquisition puts Mortgage Builder into a unique class of technology providers,” said Kelli Himebaugh, corporate vice president of Mortgage Builder. “As a nimble, independent company, we are well accustomed to working with regional and mid-tier lenders” she says. “We can now bring our highly personalized approach to lenders choosing to become servicers to maximize returns and improve borrower service levels. A new era is dawning for the mortgage industry and with the addition of GCC, we are able to provide a full range of exceptional technologies for America’s lenders.”

Nationwide Appraisal and Settlement Network Moves Into New Location to Accommodate Hiring Surge Nationwide Appraisal & Settlement Network (NASN) has announced the expansion of its corporate headquarters, just three years after moving into its current office. NASN is moving to a new building, tripling its office space to accommodate the firm’s recent growth. NASN, which provides residential valuation services to lenders throughout all 50 states, will expand their space and increase their staff this year. “This is an exciting time for us,” said Joni Pilgrim, vice president of sales and business development. “With the expansion into a bigger space and increased number of quality team members we have the ability to meet and exceed our goals as well as the ability to better serve our clients, just as we have for nearly four years.” continued on page 24


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continued from page 22

BluFi Lending Opens New San Diego Location

JUNE 2012 

Mortgage Professionals to Watch

JAMES

 Equator has named Anna James vice president of marketing and Chuck Harkins as director of operations.

HARKINS

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

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BluFi Lending, a direct lender for home loans, has announced the opening of a new office in Mission Valley, San Diego, Calif. and the new hires of Branch Manager Scott Ellwood and 10 new staff members, including management, back office, and sales positions such as loan officers. Ellwood will head recruitment efforts and manage the new office. Ellwood has 20 years of experience in the mortgage industry with more than $3 billion in retail mortgage loan closings. Previously, he served as a mortgage banker at Gateway Funding, a loan officer at PNC Mortgage, and vice president of business development at All Western Mortgage. At BluFi, he will take an active part in growing the company and supporting its customers. “Opening a new office in Mission Valley enables us to better serve our customers and recruit new employees,” said John Lee, BluFi Lending president and chief executive officer. “San Diegans are recognizing that now is a great time to buy or refinance their home, and BluFi is expanding to support the increased demand. We have a history of delivering on our promises and closing loans quickly, so it’s important to maintain that standard. Scott and the well trained staff at Mission Valley will help deliver great BluFi service to our growing customer base.”

 Real Estate Mortgage Network Inc. (REMN) has announced the additions of Account Executives Larry Fontaine (Grand Rapids, Mich.), Matthew Baron (Orlando, Fla.) and Laura

Brooks (Molena, Ga.) to REMN Wholesale.  The Federal Housing Finance Agency (FHFA) has appointed Denise Dunckel as senior associate director of Congressional affairs and communications.  zIngenuity Inc. has named Scott Friedberg as vice president of operations and contract underwriting.  MCT Trading has announced the addition of Tawab Abawi to its capital markets trading team.

ABAWI

NASN currently employs more 25 people and Pilgrim was recently named a 2012 Top 50 Entrepreneur of Tampa Bay by Business Leader Magazine.

 Donald H. Layton has been named chief executive officer of Freddie Mac.

LAYTON

heard on the street

 Gary B. Fabian has been named chief financial officer of Stearns Lending Inc.  PHH Mortgage has named David E. Tucker as its new president. Interim President Smriti Laxman Popenoe will resume her responsibilities as PHH Mortgage executive vice president and chief risk officer.  Clayton Holdings LLC has named Jenine Fitter as senior managing director of business development.  Dan Palmer has joined Inlanta Mortgage as branch manager for Inlanta’s Greater Chicago area.  Christopher Bowser has been named branch sales coach for Churchill Mortgage.  ICBA Mortgage Solutions has named Ron Bricker as northeast regional account manager.  GSF Mortgage has named Ted Talbott branch manager/loan originator for GSF’s branch in The Woodlands, Texas and Michelle Baer as branch manager of GSF’s downtown Milwaukee, Wis. location.  The Appraisers Guild of America (AGA) has named Elizabeth Green as industry liaison.  Mark Coupland has been named vice president of business development for LoanSifter Inc.  WFG National Title of Washington, a subsidiary of WFG National Title Insurance Company, has named Tom Hollenbeck as senior account manager of the company’s lender division.  Kenneth F. Sawan has joined Urban Financial Group Inc. as vice president of retail sales.

 Alec Cheung has been named vice president of marketing for eLynx, a portfolio company of American Capital.  Loan Resolution Corporation has named Jamie Reed executive vice president.

Heard on the Street/Mortgage Professionals to Watch column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com

Your turn National Mortgage Professional Magazine invites its readers to submit any information, events, passages, promotions, personal or professional occurrences that seem appropriate

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and/or other pertinent data to the attention of:

Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.

continued from page 16

these people be as poised to refer you to their family, friends and coworkers as when they themselves are entrenched in the process and their Reticular Activator is totally engaged. Phone calls and e-mails are nice, and certainly part of the process in communicating with our clients and business partners, but there is something infinitely better—the handwritten thank you note. A handwritten thank you note, sent and received during the course of business, is a secret little weapon of intimacy, and a way to “touch base,” but on a much deeper and meaningful level. There is something else going on in the brain when someone receives a handwritten thank you note. Imagine, for a moment, someone walking to their mailbox to fetch the new Pottery Barn catalog, the Visa bill, the ever-so-personal letter from Geico addressed to “Current Resident” and a flurry of other recyclables—but there is one envelope amongst the fray that stands out as its’ size is small and its’ impact is meaningful. When this happens—when they see your handwritten envelope and tear it open to reveal a handwritten card— their brain secretes a trace amount of dopamine into their system and makes them, literally, feel good. We’re not talking about a mindnumbing rush where their body goes limp and they temporarily lose consciousness, but rather, just a small spot of dopamine to remind them, “Yeah, it feels good to receive a handwritten thank you note—especially compared to the stuff that typically litters my mailbox.” Continuing on with the psychology theme, you may want to consider an addition to the handwritten note, possibly including a business card magnet and/or a small token of appreciation; a $5 Starbucks cards, for example. The business card magnet is a concept as old as the scriptures, but if Ivan Pavlov taught us anything, it is people will—as though on autopi-

lot—take your magnet and slap it on their fridge. Even if they don’t know you very well, even if they don’t need your services right now, they will use your contact information to secure their children’s school picture or latest artwork and when they do need you, they’ll know right where to find you. Additionally, sending a small token of appreciation in the way of a Starbucks card, or something of the like, is a nice gesture on your part. Perhaps the receipt of a gift, albeit nothing more than a cup of coffee, results in a tugging at the heart of the recipient to, somehow, even the score. A referral maybe? The coolest thing about the handwritten thank you note is they’re so easy to do. Set a personal goal to write, at a minimum, five handwritten thank you notes each day. They don’t all have to be significant, nor do they have to be to a client. There are a number of people and reasons to write a thank you note; like the escrow officer or closing attorney who went above and beyond in the 11th hour, or the buyer’s agent who covered for the listing agent at the appraisal appointment, or the CPA who provided an important document in the nick of time. There are an overwhelming number of cool techniques, strategies and approaches to sustaining success in this business. I like to think one of the primary cornerstones of your business model should be the handwritten thank you note. The brilliant simplicity of the handwritten note is captured in Maya Angelou’s famous quote, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” Write thank you notes. A lot of them … thousands in fact. Casey Cunningham is president of XINNIX, a provider of mortgage sales and leadership development programs. She may be reached by phone at (678) 3253501 or e-mail casey@xinnix.com.


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I still find it amusing when people complain or hold grudges toward competitors in the marketplace. While those who violate rules and regulations or act unethically do warrant complaints, ethical and compliant competitors should not. Competition in the market is not only good for your clients, but it is also what drives you to refine your skills, innovate and perform. Without competition, there is no doubt that our product would be more expensive and the service level in our industry would depress. If you think back to when you were a child, you’ll remember how often we were all involved with competitive sports. Competitive sports, whether it be as a team or individual, has shown to drastically improve the ways one will cope with the real world and adapting to navigating this world with other human beings. It helps you understand how competition works in a friendly environment, and if you try your hardest, you will have a better chance of succeeding. Competition does not need to be negative or unhealthy, but in fact, can be uplifting if used in a compliant environment. Think about the Olympics. How much effort do you really feel these athletes would exert if they had limited or easy competition? How long would they train? How would they eat and how long would they rest? It’s no secret that every world record broken was a direct result of competing against another or competing against an old record. Without competition, I am pretty certain the Olympic Games would lose the majority, if not all, of its viewers across the world. Every country takes pride in their team for this friendly environment of competition, and each develops and improves their strategy and training motivated by this event that brings the world together every four years. So, what are some of the key benefits of competition in business?

Keeps you focused and sharp Working in a competitive marketplace will maximize use of your brain to refine and develop your knowledge of trade. Conversations with clients and business partners will improve as a result of staying ahead of the pack.

Desire and will to succeed, perseverance and determination Competition will keep you motivated and looking to improve performance in order to earn and retain more business. As all things, change keeps things interesting in our industry, and the way one adapts and grows is only a matter of competitive determination. Earning new clients and client referrals are even more rewarding.

Learn how to cope If you lose business to a competitor, you are provided with an opportunity to learn from it. Learn how to improve technique or adapt to different clients personalities. Find what works and what does not work, but more importantly, find a way to learn from failures and take responsibility rather than allow pessimism to linger.

Increase productivity The harder you work, the more likely you are to succeed. Competition keeps us motivated to gain more business and increase our market share by utilizing our skills and abilities. Innovation, relationships and technology will continue to grow our industry.

Tip of the month … Client objections are not bad. They are just telling you they are still interested, but have questions. Andy W. Harris, CRMS is president and owner of Lake Oswego, Ore.-based Vantage Mortgage Group Inc. and a member of the NAMB—The Association of Mortgage Professionals Board. He may be reached by phone at (877) 496-0431 or e-mail aharris@vantagemortgagegroup.com or visit AndyHarrisMortgage.com.


nmp news flash

continued from page 16

Foreclosures cause homes to come out of negative equity when a bank or third party takes ownership. Despite the high rate of negative equity, the majority of underwater homeowners are current on their mortgages. Nine in 10 continue to make their mortgage and home loan payments on time, with just 10.1 percent of underwater homeowners more than 90 days delinquent. “While it was disappointing to see negative equity numbers remain so high, it is important to note that negative equity remains only a paper loss for the vast majority of underwater homeowners,� said Zillow Chief Economist Stan Humphries. “As home values slowly increase and these homeowners continue to pay down their principal, they will surface again. That said, negative equity remains an issue for the housing market as a whole, and poses a risk to any recovery. Not only does negative equity tie many to their homes, by making homeowners unable to move when they may want to, but if economic growth slows and unemployment rises, more homeowners will be unable to make timely mortgage payments, increasing delinquency rates and eventually foreclosures.� Additionally, many homeowners in negative equity are not deeply under-

water. Nearly 40 percent of underwater homeowners, or 12.4 percent of all homeowners with a mortgage, owe between one and 20 percent more than their home is worth. An additional 21 percent of underwater homeowners, or 6.6 percent of all homeowners with a mortgage, owe between 21 and 40 percent more than their home is worth. However, approximately 2.4 million, or 4.7 percent of all homeowners with mortgages, owe more than double what their home is worth. In the Las Vegas metro area, nearly 90,000, or 26.8 percent of homeowners with mortgages owe double. On a state level, Nevada has the highest percentage of negative equity, with 66.9 percent of all homeowners with mortgages underwater. Arizona (52.3 percent), Georgia (46.8 percent), Florida (46.3 percent) and Michigan (41.7 percent) also have highest percentages of homeowners in negative equity.

MBA Increases Estimate for 2012 Originations by Nearly $200 Billion The Mortgage Bankers Association (MBA) has announced it is increasing its mortgage origination forecast for 2012 by almost $200

billion, due entirely to an increase in refinances. MBA now expects that mortgage originations will reach $1.28 trillion in 2012, up from $1.26 trillion in 2011. Refinance originations are now expected to total $870 billion in 2012, an almost identical amount to 2011. MBA is slightly lowering its purchase originations forecast for 2012 from $415 billion to $409 billion. “Scenarios we have consistently highlighted that could drive rates down and refis up have materialized, primarily due to market turmoil in Europe,� said Mike Fratantoni, MBA’s vice president of research. “Deterioration of the debt situation in Spain and Greece and a new regime in France that is a weaker proponent of European austerity, along with slower economic growth globally, have driven the U.S. 10-Year Treasury yield down. Thus, we are projecting lower U.S. mortgage rates for the rest of the year and raising our refinance forecast as a result.� The estimate for 2012 reflects an upward revision of $188 billion from MBA’s April forecast, driven by an increase in the pace of refinance applications and originations, while purchase origination estimates were revised downwards by $6 billion to reflect lower than previously expected home prices and weaker than previously expected home sales. “The increase in our estimated refinance activity is largely independent of the HARP 2.0 initiative. We factored HARP lending of roughly $100 billion in

both 2012 and 2013 into our April forecast, and the HARP share of refinance activity has remained relatively constant over recent months,� said Fratantoni. “However, mortgage rates below four percent and regular media coverage showcasing ‘record low mortgage rates’ provide sufficient incentive and impetus for borrowers to examine their current rate. Additionally, we have revised our estimates for the first and second quarter of 2012, based on additional information from GSE securitization data and a refinement in pullthrough assumptions from our Weekly Applications Survey.�

Nearly 80 Percent of Q1 Refis Maintained or Reduced Mortgage Debt Freddie Mac has released the results of its first quarter refinance analysis showing that 79 percent of homeowners who refinanced their first-lien home mortgage either maintained about the same loan amount or lowered their principal balance by paying-in additional money at the closing table. “The typical borrower who refinanced reduced their interest rate by about 1.5 percentage points,� said Frank Nothaft, Freddie Mac vice president and chief economist. “On a continued on page 28

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Marke Markets ets may be volatile, but the there’s ere’s one thing you can alw always ways count on, the total commitment commitment of ourr Mortgage T e eam. Loyalty, Loyaltyy, continuity of service and an nd our dedication to protecting protecting o Team. the integr ity of our relationships relationships are are just a few of the things that set us apart. integrity


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$200,000 loan, that translates into saving about $2,900 in interest during the next 12 months. Fixed-rate mortgage rates hit new lows during March, with 30-year product averaging 3.95 percent and 15-year averaging 3.20 percent that month, according to our Primary Mortgage Market Survey (PMMS).” Of these borrowers, 58 percent maintained about the same loan amount, and 21 percent of refinancing homeowners reduced their principal balance; the share of borrowers that kept about the same loan amount was the highest in the 26-year history of the analysis. “Cash-out” borrowers, those who increased their loan balance by at least five percent, represented 21 percent of all refinance loans; the weighted average cash-out share during the 1985 to 2008 period was 50 percent. “The enhancements to HARP announced in October, such as removing the maximum loan-to-value limit, are beginning to show up in additional refinance volume during the first quarter,” said Nothaft. “HARP loans were 20 percent of Freddie Mac’s refinance fundings during the first quarter, the highest share since HARP’s inception.” The median interest rate reduction for a 30-year fixed-rate mortgage was about 1.5 percentage points, or a savings of about 27 percent in interest rate, the largest percent reduction recorded in the 27 years of analysis. Over the first year of the refinance loan life, the median borrower will save about $2,900 in interest payments on a $200,000 loan. The net dollars of home equity converted to cash as part of a refinance, adjusted for inflation, was at the lowest level in nearly 17 years (since the third quarter of 1995). In the first quarter, an estimated $5.3 billion in net home equity was cashed out during the refinance of conventional prime-credit home mortgages, down from $7 billion in the fourth quarter and substantially less than during the peak cash-out refinance volume of $83.7 billion during the second quarter of 2006. Among the refinanced loans in Freddie Mac’s analysis, the median prior loan life was 4.3 years. One-half of the loans that were paid-off had been in place from between three and seven years, that is, had been originated between 2005 and 2009.

Equifax Reports Home Finance Balances Post Fourth Straight Year of Declines Non-home finance write-off dollars year-to-date through April have decreased 52 percent according to Equifax’s April National Consumer Credit Trends Report. The write-offs have decreased to $26.2 billion as of April 2012 from $54.1 billion in April

2009. Today’s write-offs approach 2006 pre-recession levels of $24 billion and continue an improving trend. Nonhome finance write-off dollars have declined due to both improvements in general repayment patterns and lower numbers of bankruptcies. Bankruptcy dollars have declined at a slower rate, comprising 15.7 percent of write-off dollars in 2009 but 18.5 percent of write-off dollars today. This is due to faster declines in the average dollar size of general delinquencies, relative to the peak of the recession. Non-home finance balances declined by seven percent or $193 billion since October 2008, but the deleveraging trend ended about a year ago, with balances now 1.5 percent higher than in May 2011. Auto balances are increasing following the trend in rising auto sales, while card balances are declining at a slower rate due to sustained origination increases and payment improvements that mirror pre-recession levels. Based on current trends, card balances will stop declining and begin increasing during 2012. With the continued weakness in labor markets, demand for additional education is very strong. As a result, student lending balances rose 66 percent to $766 billion in November 2011 (from the pre-recession average of $460 billion) before falling back to $753 billion as of April 2012. “Consumers are now starting to see greater accessibility to credit opportunities and they are taking advantage of those opportunities, though in moderation,” said Equifax Chief Economist Amy Crews Cutts. “The American household’s balance sheet is looking much better now, with debt burdens down significantly due to both write-offs and consumer-led deleveraging, and slow but significant improvements in the economy. “

Survey Finds Stricter Underwriting Standards Stifling Commercial Market Recovery Although commercial real estate markets showed signs of recovery in 2011, commercial lending standards have tightened in the past year for small businesses and scuttled a major portion of contracted transactions for smaller properties, according to the annual Commercial Real Estate Lending Survey conducted by the National Association of Realtors (NAR). According to Real Capital Analytics, more than 13,000 major properties valued at $2.5 million or higher traded hands in 2011. Sales volume increased 51 percent over 2010 to $205.8 billion, with the lion’s continued on page 30

United Wholesale Mortgage Launches ELITE Broker Program United Wholesale Mortgage (UWM), has announced the launch of a new product, dubbed “ELITE,” that offers the best conventional rates and pricing in the industry. Recognized industrywide for first-class customer service, UWM is pleased to provide their signature service combined with the most aggressive rates and pricing in the industry for elite borrowers. ELITE aims to reward UWM brokers that consistently work with borrowers of the highest quality, who expect the best in service and price. “We’re excited to offer ELITE to our valued broker community in order to exceed the expectations of their elite borrowers,” said Mat Ishbia, president of United Wholesale Mortgage (UWM). “These types of borrowers deserve preferred conventional rates and pricing, and since every UWM program is accompanied by our world-class customer service, ELITE offers the best of both worlds. Our brokers’ first-rate borrowers shouldn’t settle for anything less. Brokers are confident in knowing that UWM can accommodate their every lending need while providing the easiest loan process available.” Recently, UWM launched a number of new products, which include: The Big and Easy, a true jumbo loan on up to $2.5 million; the HARP 2.0 changes; the implementation of HARP 2.0 with up to 175 percent LTV/Unlimited CLTV with DU; USDA loans; and now ELITE. All of UWM’s products and pricing are available within its custom broker portal, EASE (Easiest Application System Ever), which offers a number of Webbased tools for originators. EASE is integrated with EQ (Easy Qualifier), UWM’s proprietary eligibility and pricing engine that instantly returns accurate decisions on up to twelve programs at once with the click of a mouse.

Financial Literacy Solutions Launches Educational Video Widget on HARP 2.0 Financial Literacy Solutions LLC (FLS) has released a new video solution that

lenders can use on their Web sites to attract borrowers who hope to refinance their loans under the government’s HARP 2.0 program. Like all of the Web video widgets that FLS provides, the HARP 2.0 video allows lenders to more effectively communicate with borrowers in a manner that has been shown to be more engaging to American consumers. Video is currently the most viewed online content and home loan borrowers who view online videos are more engaged with the lender that offers it. “Borrowers are tired of hearing about government programs that can’t help them because they don’t qualify,” said Garth Graham, founder and president of Financial Literacy Solutions LLC (FLS). “This happens when borrowers don’t fully understand the programs or what it takes to qualify. The result is that the lender loses credibility and loses the borrower’s trust. Our new educational video on HARP 2.0 reduces that risk and puts more borrowers into the lender’s pipeline.” In addition to the video, the widget provides links to other useful information, including a qualification wizard that leads the borrower through the qualification criteria without ever leaving the video player. FLS widgets can be shared easily with partners, such as real estate agents, who also want to provide valuable information to their clients. It can be deployed on a Web site, a blog or a Facebook page, with installation typically in only minutes.

Coester Brings Compliance to the Clouds With New Offering Coester Appraisal Group has announced the launch of its Cloud Control Compliance Center, a new tool that lenders can use to ensure compliance with all major industry regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, Truth-in-Lending Act (TILA), and more. Cloud Control’s Compliance Center, which can be customized based on the specific information a lender needs, enables lenders to verify appraisal compliance and print out a comprehensive, yet easy-to-read compliance report with just a click or two. The Compliance Center’s compre-


Mortgage Returns Launches New Guaranteed Targeted Marketing Program

CoreLogic Releases REO-to-Rental Data Product for Investors

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CoreLogic has announced the launch of a new property data and analytics offering that provides enhanced insight to investors participating in the new government-sponsored enterprise (GSE)/Federal Housing Finance Agency (FHFA) REO-to-Rental program and other similar private programs. The new offering provides potential investors with property-level information such as:  Average potential rent for the subject properties, based on relevant market information, including nearby multiple listing service (MLS) single family residence (SFR) rental data  Capitalization rate information by geographic area  Current value of the property through CoreLogic automated valuation models (AVMs)  Assessment of neighborhood and market trends

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Mortgage Returns has announced the launch of a new marketing program with a money-back guarantee. Mortgage Returns’ first guaranteed marketing program focused on the challenge of customer retention. As mortgage rates reached record lows, Mortgage Returns assessed its customer’s databases and found that nearly 60 percent of homeowners needed a professional loan review. “There is no doubt that this will be a profitable program for us,” said Steve Grossman, managing partner of NJ Lenders. “We started the program two weeks ago, and have already put 25 new loans into the pipeline, a 300 percent return on investment, which is amazing. We are impressed with this program.”

Early results have been tremendous. In the first few weeks of the promotion, Mortgage Returns has seen email marketing open rates of 30.8 percent, more than double the national average of 12.5 percent. And within the first 10 days, more than four percent of homeowners have completed a mortgage analysis with their mortgage professional. “This is exactly our goal,” said Jim Blatt, chief executive officer of Mortgage Returns. “If homeowners continue to trust their originators to manage their loans, they will be rewarded with future purchases, referrals, and refinances. Our job is to make sure the loan review is performed by the mortgage company that closed the loan. We know this results in long-term customer retention, with an immediate short-term payback in refinances. Rates are at a place where most homeowners would benefit from having an in-depth analysis of their loan. Our goal is to make sure that homeowners went back to their originator, not to the mega lenders who are continually advertising broadly on radio and television.” Mortgage Returns utilizes its database management engine to target the right customers and deliver a compelling message on behalf of loan originators. If originators do not close enough new loans to cover the cost of the marketing program, Mortgage Returns will refund the difference. “We know that it is important to see marketing as a real partnership in driving results and not just a service of delivering e-mail or direct mail,” said Blatt. “More than one-third of our customers participated in this targeted marketing program, and we look forward to showing them the results it will deliver.”

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hensive findings provide all the documentation lenders need in the case of an audit. Lenders can see exactly how each appraisal report measures up to new and existing industry requirements, such as customary and reasonable appraiser fees, technology issues like SAS Type II 70 control standards, and appraisal independence requirements. Lenders can also use the Compliance Center to view appraisal contracts; to audit and remove appraisers; check the license status or possible disciplinary actions of individual appraisers; ensure their specific policies and procedures like TILA triggers and value reconsiderations are being followed; and much more. Compliance Center’s findings also include recent value reconsiderations as well as access very detailed information about every appraisal order, down to the comments, order date, the payment amount and when it was processed for TILA purposes. “With all the different regulations lenders are facing, proving appraisal compliance has been extraordinarily difficult, but we’ve managed to make it easy,” said Brian Coester, chief executive officer of Coester Appraisal Group. “Our Compliance Center provides everything lenders need to stay compliant in their appraisal relationships and their orders—nothing is left to guesswork. Lenders simply select what they want to know about an appraisal, click the print command, and they’re done.” The Compliance Center is accessible through Cloud Control, Coester Appraisal Group’s revolutionary new appraisal management technology and the only appraisal management software built on the award-wining platform of Salesforce.com. Launched in March of this year, Cloud Control offers lenders unlimited customization in managing appraisal orders and services while creating sales and marketing rules that can help them become more efficient, stay compliant and generate new business.


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share of lending funds coming from big banks. Other funding sources include insurance companies and institutional investors. By contrast, the NAR survey shows that small business transactions rely heavily on smaller regional and local banks, and small private investors, for lending capital. “This is very much a tale of two markets. There have been notable improvements in capital for large commercial transactions valued at $2.5 million or higher, but there remain significant challenges for small business,” said Lawrence Yun, NAR chief economist. “Our Realtor members typically are involved in helping commercial clients with purchases under $2 million, where a lack of capital has caused two out of three respondents to report deals have fallen through. Given that most jobs are created through small business, the lack of capital is hurting small businesses and the overall economic recovery.” The most common types of property transactions referenced in the survey were multifamily, land, warehouse, suburban office and retail strip centers. Other property types include industrial flex space, central business district office, freestanding retail, and restaurants. Realtors report the system is clogged with property that must be sold or refinanced, which is significantly

impacting the recovery. Long-time investors who never had a problem getting a loan in the past are now being declined. More than half of respondents say lending is just as stringent as a year ago, while 23 percent say it is more stringent; 20 percent say it is less stringent but not near historical averages. Members also complained about banks being over-regulated, and refinancing being denied due to stringent internal lender underwriting requirements or low appraisal valuations. Thirty-six percent of Realtors said clients used the Small Business Administration (SBA) commercial refinance program, but of those who didn’t, 45 percent said it was due to burdensome application and reporting requirements.

Kroll: Lenders Face Risk and Additional Costs to Doing Business Kroll Factual Data Inc. has reported that more than 14 percent of the loan files processed by Kroll in 2011, and in the first quarter of 2012, contained certain applicant-provided information that suggested the possibility of fraudulent activity. Using its proprietary risk analy-

sis and verification engines, Kroll Factual Data determined these files triggered alerts that could indicate the presence of mortgage origination fraud, resulting in reputational damage and/or increased costs of doing business for lenders and other mortgage providers. “It is important for mortgage lenders to have the right tools to identify potentially fraudulent activity, thereby enabling them to better understand the actions that can be taken to reduce the risks and costs associated with having to repurchase loans,” said Rod Bazzani, president of Kroll Factual Data. “Our suite of risk solutions provides a market-tested, cost-effective method for mortgage lenders to reduce risk and mitigate the chance of having to incur such costs.” Kroll has developed, and continues to refine, advanced proprietary algorithms—deployed through its risk analysis and verification engines—that assess applicant-provided information for the potential indicators of fraud. These engines are fully customizable, allowing clients to tailor the algorithms to reduce the number of false alerts. For example, after a national lender worked closely with Kroll Factual Data to customize its alert criteria, which included removing alerts for data entry and similar administrative errors, this lender realized a significant decrease in its average alert review rate—from 8.5 percent in 2011, to less than seven percent in Q1 of 2012.

Typical fraud alert variables would include a “no match” result (on a Social Security Number verification), a potential “straw buyer,” a positive match against the Office of Foreign Assets Control list, etc. In all, there are more than 300 fraud alert factors that could be flagged for additional review. “Our goal is to empower financial services companies with the mortgagerelated information, processes and risk mitigation tools they need to confidently make decisions to support their business objectives,” said Bazzani. “Our proprietary risk analysis and verification solutions are exactly what mortgage lenders need to thrive in today’s challenging and volatile mortgage lending environment.”

RMBS Working Group Establishes New Methods to Investigate MBS Misconduct The Residential Mortgage-Backed Securities (RMBS) Working Group has announced new resources in their efforts to investigate misconduct, including the launch of a RMBS Web site to report fraud and the creation of a coordination team to facilitate the various investigations underway around the country. The RMBS Working Group is a collaborative effort led by five co-chairs, including Assistant Attorney General for the Criminal Division Lanny Breuer, Acting


The U.S. Department of Housing & Urban Development (HUD) has released two reports on the impact of HUD-approved housing counseling has for those families who purchase their first homes and those struggling to prevent foreclosure. In both studies, HUD found housing counseling significantly improved the likelihood homeowners remained in their homes. Both the pre-purchase counseling and foreclosure counseling studies enrolled clients in the fall of 2009 and early 2010. HUD found that 35 percent of participants became homeowners within 18 months of pre-purchase counseling and only one of those buyers subsequently fell behind in their mortgage payments. The foreclosure counseling study reveals that with a counselor’s help, nearly 70 percent of those counseled obtained a mortgage remedy to retain their home, and 56 percent cured their defaults and became current on their mortgages. “These two studies underscore the need to continue supporting housing counseling programs across this country, especially during this period when families need these services the most,” said Raphael Bostic, HUD’s Assistant Secretary for Policy Development and Research. “The evidence is clear, with a little investment on the front end, we can go a long way toward improving the chances families will buy a home they can afford and sustain their homes in the long run.” The “Pre-Purchase Counseling Outcome Study” enrolled 573 individuals seeking pre-purchase counseling continued on page 46

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 JUNE 2012

MGIC Investment Corporation has announced that its Mortgage Guaranty Insurance Corporation

New HUD Studies Find the Benefits of Housing Counseling

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Mortgage Insurer MGIC Files Suit Against Freddie Mac and FHFA

(MGIC) subsidiary has filed a lawsuit in Federal District Court in Milwaukee, Wis. against Freddie Mac and the Federal Housing Finance Administration (FHFA) regarding the pool insurance dispute between MGIC and Freddie Mac. The dispute has been described for some time in MGIC Investment’s public disclosures. MGIC said it would not comment on the suit beyond a communication it has sent to Freddie Mac, which said in part: That we took the initiative in seeking to resolve our dispute through the judicial system does not mean we cannot seek to resolve it “out of court.” Indeed, we welcome the opportunity to continue such discussions, but could not accept the terms on which Freddie Mac was willing to do so. MGIC intends to conduct “business as usual” on the various matters between themselves and the FHFA, and the company hopes that after due reflection, Freddie Mac will concur their approach makes sense.

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Assistant Attorney General for the Civil Division Stuart Delery, U.S. Attorney for the District of Colorado John Walsh, Director of Enforcement for the U.S. Securities & Exchange Commission (SEC) Robert Khuzami, and New York State Attorney General Eric Schneiderman. The Working Group and its members are focused on investigating potential false or misleading statements, deception or other misconduct by market participants in the creation, packaging and sale of MBS. While the working group and its members’ specific efforts are law enforcement sensitive and, therefore, must remain confidential, generally the working group continues to: Identify specific RMBS offerings for priority investigation through the use of various forensic tools including riskbased analytics; analyze pending private RMBS litigation throughout the country for important evidentiary connections to existing law enforcement investigations; and convene operational meetings among investigators, attorneys, analysts and RMBS market experts and insiders. “The RMBS Web site is a new call to those insiders who know about fraud that occurred in the RMBS market, who know it’s time to expose that fraud, and who want to help us hold accountable those individuals and institutions who broke the law in pursuit of even bigger paydays,” said Acting Associate Attorney General Tony West. “Although the Working Group and its members have done a tremendous amount of investigative work already—including having issued more than 25 civil subpoenas—we know that hearing from insiders is particularly valuable. There are scores of people who worked in the RMBS market who acted responsibly, but who also may have witnessed greed and misconduct that crossed the legal line and created havoc for investors, homeowners and our economy. We want to hear from them.” Each co-chair agency brings investigative resources and existing RMBS investigations to the Working Group. To facilitate communication and coordination among the various agencies conducting RMBS investigations nationwide, the five co-chairs and the Task Force’s Executive Director have appointed a coordinating team. Matthew Stegman, a career white-collar prosecutor, is the RMBS Working Group’s Coordinator. In addition to the selection of Stegman, the coordinating team in Washington, D.C. includes criminal prosecutors and civil attorneys, analysts and FBI investigators who are coordinating federal and state fraud investigations nationwide.


Unique Mortgage Event Draws 1,500 Originators and Executives By David J. Coster

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Steven Marshall has always had a flair for the dramatic. His sales improvement events in the boom times of the mid2000s drew thousands of eager mortgage professionals who were caught up in the high energy, high motivation spectacle. Those events reflected their time and place in history. The MasterMind 2012 event, held in early June at the Palms Hotel and Casino in Las Vegas, was more reflective of the times we live in today. Not that the event was without the “Vegas flair” as Steven Marshall put it during an interview with National Mortgage Professional Magazine, but, as Marshall added, “This time around it’s all about the content—how to close more loans despite the increased work involved in each transaction.” Marshall also stated that it not all about closing more loans. “We had 50 of the top loan 200 originators in the U.S. who attended this event,” said Marshall. “For many of them, the goal is closing the same num-

ber of loans in less time.” Asked to sum Next year, Marshall hopes to add a up the event’s purpose, he said, “It was “play-in” competition in which a few gladiator training—where the best speaking slots will be up for grabs based came to get better.” on video clips placed and promoted on How each individual defined “better” YouTube. In a similar populist move, next was up to them. year’s primary keynote speaker will be The event employed two unique selected based on this year’s attendee’s features: Massive panels votes. The choices for next and a speaker competition. year include former U.S. Marshall says he wanted to President Bill Clinton, Lance deliver as much practical, Armstrong or Tony Robbins. actionable content as possiHow was the event ble during the two-day received? According to event. One way he accomDrew Waterhouse, managplished this was by reducing ing director and chief executhe time allotment for tive officer of Hammerhouse keynote speakers, including LLC, a mortgage industry his own, and drastically recruiting firm, “It was nice increasing the time allotted to get the top talent in the to successful originators and industry together, pat each mortgage sales executives. other on the back for survivSteven Marshall His two panel discusing the last few years, have sions gave 27 industry leaders 10 minutes some fun and be serious about getting each to share their best tips. Additionally, better at what we do.” to increase the motivation of the speakDon Henig, managing director of ers to deliver the best possible content, national sales for Mortgage Master Inc. Marshall instituted “MasterMind’s Got and a member of the “Executive Panel,” Talent,” in which attendees voted after said, “Steven is a visionary. He knew each session on which speaker was the instinctively that an event focused on best. The winners advanced to a final four actionable ideas would be extremely from which a “Best Speaker” was crowned. popular. He had a great deal of courage

to put on an event now given the uncertainties in the economy and in the industry. His courage was rewarded.” If the 2012 MasterMind event is any indication, it appears that this is the year that mortgage professionals are reclaiming their pride in being the link to homeownership and debt management for their clients after years of vilification by politicians and the press. The mood in the halls of the Palms Hotel and Casino was positive, but realistic. The assembled industry leaders seemed to know that many trials still lie ahead for the industry, but there was also a sense that these people, mostly seasoned industry veterans, would be among those who will adapt the best. David J. Coster, managing partner of Academy Media Partners, is a 25-year veteran of the financial services industry, with experience in production, marketing and management within the real estate, mortgage and insurance markets. Academy Media Partners is a developer and publisher of educational-focused content for leading financial services firms. He may be reached by phone at (919) 559-2171 or e-mail dcoster@academymedia.co.


new to market

continued from page 29

 24-month review of housing price trends  Cash-flow projections on similar properties The analysis is delivered within 24 hours of bid tape receipt. CoreLogic will report average rental pricing based on completed rental agreements sourced directly from local MLSs, where available. This will provide more accurate and timely data than listings typically “scraped” from Internet sites. After a successful acquisition of REO property, CoreLogic can provide renter screening and occupant rental insurance data to help successful bidders manage properties more securely. “Over the last five years, there have been more than three million additional potential renters from completed foreclosures, which is more than the net increase in the number of renters during the 1990’s and the early part of the 2000’s before the housing bust. And many of them seek single-family housing with similar characteristics to the home they owned,” said Mark Fleming, chief economist at CoreLogic. “However, until recently, attracting institutional investors into the single-family home rental market has been difficult because of the regional nature of the markets, the difficulty in bundling the properties and the lack of actionable information concerning cash flow and pricing.”

Interthinx’s New Watchlist Review Module Tool Eases Compliance Burden

DataQuick Launches New Valuation Tool

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continued on page 48

If you’re a top producing Account Executive please take a minute to explore how ICON RESIDENTIAL can help you take your career to the next level. We have opportunities in markets across the country.

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

San Diego-based DataQuick, a provider of advanced real estate information solutions powered by data, analytics and decisioning, has released CMVPortfolio, a flexible automated valuation tool that uses confidence scores and configurable business rules to optimize portfolio risk management decisions. To provide users a higher level assurance in their portfolio decisions, each CMV-Portfolio property value is delivered with a confidence score, indicating the precise level of accuracy associated with the value together with a Forecast Standard Deviation (FSD), which represents the probability that the CMV-Portfolio valuation falls within a statistical range of the actual market value, measured against a sale price. “It’s not enough to just have a valuation attached to a property,” said John Walsh, president of DataQuick. “How likely is it to be an accurate estimate? Is the valuation supported by recent sales? Does the score demonstrate confidence? Is the property an outlier in its community, skewing automated results? All of these questions can cast doubt on a valuation, and risk managers need insight into these factors to ensure the best business decision.” CMV-Portfolio calculates a more accurate valuation by basing its value estimates on input from four diverse sub models. And unlike most AVMs, users can specify the desired accuracy level based on the requirements of individual portfolios. Allowing risk managers to have full control of accuracy and hit rate enables CMVPortfolio to be more widely used across the organization, generating a higher value enterprise wide. “CMV-Portfolio provides risk managers with the highest possible level of property valuation, but most importantly, the peace of mind that the provided values are accurate and can be fully trusted,” Walsh said. “This confidence leads to the best results possible– highly effective and accurate portfolio review decisions and reduced risk.”

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Interthinx has announced the release of its new Watchlist Review Module, a stand-alone application that allows/enables lenders to check all loan participants against several industry lists to ensure compliance with Fannie Mae’s Loan Quality Initiative (LQI) as well as rules from the Office of Foreign Assets Control (OFAC) and the Bank Secrecy Act (BSA). “Much of the risk involved in the mortgage loan transaction rests with the loan participants,” said Gayle Shank, vice president of product management at Interthinx. “Knowing whether these individuals—including the personnel involved in the closing—are on any industry lists is a critical due-diligence step that federal regulators expect lenders to take. Those who fail to do so greatly increase the risk associated with a loan transaction.” Shank pointed out that the BSA requires lenders to screen closing participants against industry watchlists but said that lenders lacked a compre-

hensive way to do so. The new Watchlist Review Module solves that problem by screening individuals and companies against all exclusionary lists at the same time. The module uses name-matching software combined with algorithms to identify matching records. The system provides a customizable, intuitive report through a single-source interface.


Finding the Right Branch Opportunity By Tina Jablonski & Shawn Sirko During the last several years, lenders and loan originators have been looking for new ways to survive and thrive in the “post-lending crisis” meltdown. In many cases, this involves forming partnerships or other affiliations that seem to match their long-term goals. Of course, one of the most obvious options is the branch affiliation, whereby an individual loan officer or an independent mortgage company becomes a branch of a mortgage banker/lender or other entity. There are some definite pluses to such an arrangement, but making a move like this requires extensive research before you can make such a major move.

Starting a branch

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Your first step is to identify your own strengths and weaknesses to determine if you are well-suited to be part of a branch operation. Formulate a short- and longterm business plan that will include a listing of the state(s) in which you can, and intend, to do business in. Of course, you want to know which branch affiliate organizations are most closely aligned with your plan and overall business style. There are hundreds of potential firms, and this will require a great deal of research on your part, so begin the factfinding mission many weeks prior to your target date. Of course, you may find that your peers and other business contacts can provide the best suggestions. You will have many questions to ask. For example, some companies have more of a regional or local footprint, while others may have less saturation in one area, but have a broader national footprint that will allow you to take advantage of name brand recognition in nearly any state in which you intend to do business. Less saturation in a specific market may provide a more exclusive opportunity for you to become a primary player in that company’s network. You also must consider the investment that these companies make in their people and their partners. Do the organization’s key players spend one-on-one time helping branch managers to shape their business plans? Are they willing to help you truly grow and become more profitable over time, or are you simply just another branch with access to the basic benefits of your typical affiliate company. For example, our CEO spends time working one-on-one with

branch managers via weekly Skype meetings, helping them to continue to refine their business practices and sales strategies. We have been able to measure a level of success as a result of these weekly meetings. You want to be sure not to overlook the intangible benefits such as culture, energy and spirit. Some people tend to thrive in a high-energy, fast-paced environment. They find that hard work and constant growth can become very exciting and provide momentum moving forward. If the culture is right, positive energy will become contagious. These types of organizations tend to have the most longevity and ability to adapt to change, which is more important than ever in today’s business climate. As part of your research, you will want to read all of the available material on the company’s Web site, in trade publications and elsewhere. Also, take time to talk with the organization’s key leaders and ask for references of a few of the company’s branch managers who ideally will share their experiences with the organization.

Partnering with larger companies You should consider the benefits of partnering with a larger company. In addition to assuming most of the significant administrative and regulatory responsibilities, most of these organizations will provide the necessary support for human resources, compliance, licensing, in-house underwriting, marketing, closing, processing, technology, accounting and payroll. They can also offer expertise to help you grow and improve your sales and operations teams. The main disadvantage of joining a larger affiliate-based organization is that you would likely relinquish some degree of control and autonomy. This change can be difficult for long-time business owners. However, a smart businessperson should be able to realize the long-term upside of such an arrangement. Just be sure you select the right company.

Office structure As part of your evaluation, determine if you need a brick and mortar office or if working from home is preferable. Some companies allow individuals to work from home as virtual loan officers, and will form branch relationships with even marginal

company’s marketing mesproducers in an effort to sages, while adding your increase volume through the own “twist” to best support sheer number of branches. your target markets. However, others realize that Most top tier branch the effort involved in naviaffiliate organizations will gating the licensing and have predetermined comcompliance requirements, pliance guidelines to help and the resources necessary steer you in the right directo manage such an arrangetion. Some also may have ment, are too extensive when pre-designed marketing compared to the benefits of materials and Web sites that offering a home office model. It may not make “Less saturation in a you can use as templates. Given the current regulatory financial sense for a larger specific market may environment, we cannot organization to take that on. provide a more We have found that exclusive opportunity stress enough the need to always lean on your corpoidentifying special partners for you to become a and helping each branch to primary player in that rate compliance department develop considerably is a company’s network.” to ensure that all marketing messages are compliant. much more effective way to —Tina Jablonski grow a company’s volume Legal/restrictions versus having an abunAs you can imagine, one of dance of one person shops. the most critical areas to As an individual loan assess is the legal/regulatory originator seeking a virtual restrictions on branch operbranch opportunity, it’s easy ations. It is important to stay to see the attraction of havabreast of changing regulaing the ability to work from tory guidelines from federal, home. Before going in that state and local agencies to direction, consider the ensure compliance with advantages of joining a lending guidelines and branch that is already estabpractices. In addition to the lished. There are definite U.S. Department of Housing benefits of being in an office & Urban Development “The main where you are surrounded (HUD), the Consumer disadvantage of by your peers every day. An Financial Protection Bureau joining a larger office environment provides (CFPB) has been tasked with affiliate-based advantages such as camamonitoring and enforcing organization is that raderie, healthy competition most federal lending regulayou would likely and the ability to stay tions. Conferring with this relinquish some informed. While technology and other regulators is critidegree of control can provide advantages that cal to your ongoing operaand autonomy.” allow you to work remotely, tions. Again, further evi—Shawn Sirko it really cannot compare to dence of why joining a largworking side-by-side with your processor and other teammates, which er organization with a strong, qualified tends to provide positive energy, inspiration, compliance department makes sense. Becoming a branch of a successful sales solutions, and more effective pipeline organization could be a great move for your management. short- and long-term future. However, it is no easy task and in order to make the right Branding is key Once you find the ideal branch affiliation, decision, you need to take the time to thorkeep in mind the importance of maintain- oughly research your options. ing constant and compliant marketing messages. It would be in your best interest Tina Jablonski is vice president of business to take full advantage of all regional and development with Gold Star Mortgage. She national branding your company has done may be reached by phone at (866) 278-7214 prior to your arrival. This would include or e-mail tjablonski@goldstarfinancial.com. press releases, flyers, mailers, e-mail cam- Shawn Sirko is vice president of business paigns, Web sites and other marketing. development with Gold Star Mortgage. He Capitalize on your company’s brand name, may be reached by phone at (866) 249-2190 but maintain continuity by using the new or e-mail ssirko@goldstarfinancial.com.


The New Age of Mortgage Branching: What Originators Need to Know The most recent financial industry shifts and regulatory requirements have made it necessary for mortgage originators to ensure they are aligned with the right company for their career goals. An indepth review of the various branching models combined with a self-analysis of what’s important is required to determine the best company for each originator. Whether it is remaining independent, being aligned with a megabank or a retail branching operation, there are advantages and disadvantages to each model. Two of the mortgage industry’s most well-known and successful professionals participated in a question and answer session with National Mortgage Professional Magazine about the various retail origination models most prevalent in 2012. Residential Finance Corporation’s Vice President and Chief Market Strategist Barry Habib, and Daniel Jacobs, president of retail branching, took some time to share their insights into the market and what it will look like in the future.

maximize their options. There are only two reasons not to do this: Fear of the unknown or laziness, neither of which should be an obstacle for a successful originator.

“Retail branching offers originators a sense of independence that only mortgage brokers traditionally enjoyed …” —Daniel Jacobs

Jacobs: As a loan originator in today’s regulatory environment, it is important to remain up-to-date on continuing education and licensing, even if working for an exempt organization. If not, your career becomes beholden to only those banks that are exempt. We have seen some recent examples of major banks that have exited the market and their originators’ career choices were severely limited due to their lack of individual licensing. Remember, licenses are personal now. The individual owns that license, not the company, making it vital to the true origination professional to hold personal licenses to protect his or her career options.

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE  JUNE 2012

Jacobs: That’s exactly right. Plus, the uncertain and changing legislative and regulatory climate has made it difficult for originators to develop strategies to grow their business. The increased liability from noncompli- “It’s important to match your personal desires ance of regulations can be and goals with the overwhelming. As an origWhat is the best way to decide if you inator in 2012, it’s impor- platform that will allow What are some of the you to excel in those challenges retail originawant to be a retail branch or join a tant to have solid guidtors and branch manlarge bank? ance to remain both com- areas. Know your likes and dislikes and do not agers may face? Barry Habib: There are advantages and pliant and competitive. get distracted by slick Jacobs: In addition to the disadvantages to any of the choices, as sales pitches.” regulatory and licensing Daniel mentioned earlier. It’s important to Habib: Other challenges —Barry Habib issues we have menmatch your personal desires and goals are marketing and operationed, the current marwith the platform that will allow you to tions. Maximizing your proexcel in those areas. Know your likes and ductivity through both marketing and ket requires originators to determine dislikes and do not get distracted by slick operational efficiency is really important career what kind of organization they sales pitches. Also, determine what model in today’s market. The best companies want to be aligned with. In the past, makes the most sense for you. Your pro- know how to help originators gain more they could choose from an independfessional goals need to align with the com- refinance and purchase business through ent broker, megabank mortgage pany for which you work. I recommend their marketing support without sacrific- lender, net branch mortgage broker, or everyone to create a checklist and explore ing on the execution or operations side. net branch mortgage lender or a retail the various options. It is not a decision to Otherwise, income levels rise and fall independent mortgage banking firm. Each take lightly but it is one that must be made because as new loans come in they have to of those options has varying degrees of so that you can enjoy a rewarding career. be baby sat instead of flowing through the ongoing viability. But the advantages and system, which allows the originator to disadvantages of each have changed dramatically, due mainly to the legislative What are some of the key challenges to focus on selling. changes and other evolutionary changes retail mortgage originations? Habib: The onslaught of new regula- Another area of concern for all origina- the industry has experienced over the last tions in the past few years have created tors is licensing. What should they be most five years. It also is important to select a company that shares your core values and new challenges for everyone con- aware of regarding licensing? sumers, brokers and bankers alike. Some Habib: It is silly not to be licensed. It is continued on page 36 companies have not responded as well as inexpensive and allows an originator to

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What are some of the disadvantages and advantages of working with the different origination channels? Daniel Jacobs: There are various origination channels, including megabanks, retail banks, retail branching, as well as independent brokers. Megabank mortgage lenders have a perception of stability, national branding, cross-selling referrals, strong training programs, bank marketing, strong—although sometimes rigid—corporate culture, national licensing exemption and independence from warehouse lines for funding loans. Some of the disadvantages are the rigidity of the megabank along with the modest compensation, limited loan products, and mortgage origination is often an ancillary business line, which means it may not receive the same level of resources as the bank’s core lines of business. Then, there is the retail branching model in which, for the originator or manager, although there is no capital at risk, there is a sense of entrepreneurism to operate a branch within a community that can focus on the unique needs without conforming to a one-size-fits-all approach. Retail branching offers origina-

tors a sense of independence that only mortgage brokers traditionally enjoyed, with the corporate backing and the various benefits of a larger corporation with a solid mortgage banking platform to support them. It is true that this option lacks ownership, and the sense of independence and entrepreneurism has corporate boundaries, but many experienced originators and managers in the industry have said this model has emerged as the best fit for them. It offers the best of many models and appeals most to individuals with more experience and history in the industry. Many brokers have an entrepreneurial spirit, independence and focus on personal branding. However, the contraction of the wholesale market, the negative public and regulatory perception of brokers, the distraction of back office audits and disparate disclosure and compensation laws have made it more of a challenge to thrive for independent brokers than ever before. In the past being a broker meant more options to the originator. Today, it means more limitations are imposed on the originator. There are, of course, exceptions in all of these categories, and that is important to remember.

others in this area and their compliance policies put the company at risk for being too loose—this is a particular challenge for companies without robust in-house counsel. Other companies have taken an anti-business approach by responding too heavily with overbearing policies that go above and beyond requirements. This does customers a disservice as it increases the cost of lending and can prohibit too many people from being helped. The bottom line is that companies must be 100 percent compliant with the letter and the spirit of the law without creating unnecessary obstacles for homeowners to jump through.


the new age of mortgage banking business philosophy. And of course, since the LO compensation rules changed in 2011, we have seen more disparity in compensation plans than ever before. So, it’s important to fully understand and feel comfortable with the compensation plan once you find narrow the choices of companies that are otherwise a good fit. This is an important decision and will drive the career and success of the astute originator or branch manager. Where do you see the market going in the next three years? Habib: This is a highly uncertain time in the marketing place, which creates enormous opportunities for informed, educated professionals, as clients will need more guidance and wisdom than ever before.

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Events such as the upcoming election, the tax cliff, chaos in Europe, potential QE3, the debt ceiling debate and, most importantly, the deficit will cause economic gyrations. I feel there is a strong possibility rates will decline even further and originators need to be able to maximize this opportunity. That said, there appears to be a “bang moment” on the horizon, which is when interest rates may rise rapidly as a result of the bond market losing its tolerance for deficit spending. This is exactly what is transpired in parts of Europe where interest rates have risen dramatically over short periods of time. Originators need to examine their personal business model as well as that of their company to make sure they can weather the storm and seize the opportunities.

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So You Want to Start a Branch? Questions That FHA Originators Need to Answer

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

By Jeff Mifsud Back in the early- to mid-2000s, virtually every marginally competent loan officer (LO) could open up an office … what we used to refer to as a “trunk of your car” mortgage company. Unfortunately, for these folks, compliance wasn’t as important as getting deals closed. Thankfully, in today’s era of compliance, the bar has been raised very high and only a small percentage of LOs will be able or even willing to try to clear that bar. For good reason, branch companies are very cautious about accepting new branch managers.

What does it take to start a branch office? To answer this question, you have to ask yourself another question first: Why do you want to have a branch? The “WHY” fueling your motivation will tell you whether you have a chance of succeeding or not. The answer will be different from person to person, but this much is critical: Your answer to “WHY” must be inspiring enough to get you over, around, and through the many obstacles that will come your way. It must be inspiring enough to enable you to create a work space that will attract

top talent in your area. Once you have your “WHY,” and it’s strong enough to keep you focused on your goal, you need to take inventory of your existing skill set to determine whether or not you have the requisite skills to successfully manage a branch. If you don’t, you’ll need to find ways of acquiring the skills you currently lack, or hiring someone who has the skills you need.

So what are some of the skills that make an effective branch manager? Having worked with companies all across America, I have observed some of the traits that make an effective manager. Here are just a few:  Humility: Managers that display humility are able to establish a bond with their employees that is sincere and long lasting. Arrogance, on the other hand, will produce animosity and create a difficult work environment for all.  Integrity: Managers who walk their talk and display true integrity are

able to gain their employees’ confidence and influence them to have greater integrity themselves. The greater the integrity of the manager, the greater the integrity of the whole branch becomes. The manager earns the respect of his employers and their customers.

flexibility with responsibility, financial considerations are all part of the picture. Managers that grow from each challenge and create positive change for the future are in a much better position to move their branch closer to their goals.

“If you are

Is starting a branch the right business move for you?

 The ability to Empower: considering opening Great managers are a branch but have Once you’ve determined able to implement never managed that you have what it management principles people, it is critical takes in the way of the that help their employthat you begin ees feel empowered in educating yourself in leadership qualities mentioned above, you need their jobs. By empowerthe best practices in ing employees, man- people management.” to then assess whether you possess the practical managers are able to tap into the creativity and ingenuity of agement skills necessary to be a successful their employees, which in turn creates branch manager. The most successful a culture of growth and keeps the branch managers are those who understand how to create and implement workenergy in the office high. able business systems that move a busi The ability to Empathize: The greater ness forward and will attain the growth the manager’s ability to empathize required to thrive. You must clearly understand that being with their employees, the stronger the manager-employee relationship. a top producer does not always translate Everyone has challenges in their into a successful branch manager! In fact, lives, and when employees feel this often becomes a scenario of “promotunderstood by their manager, they ing to the highest level of incompetence!” feel more compelled to perform at a Top producers will often fail as branch higher level. While, of course, no managers because each position requires a manager wants to be taken advan- very different skill set—while some skills tage of, the manager who has hired certainly overlap, and many individuals quality people and can cease from have both skill sets, not many do. Many top penalizing employees for being producers have never developed the skills human or having lives outside the needed to manage people—or simply office will have loyal and grateful don’t have the talent, patience or desire to employees who are eager to please. do so! Top producers are often very cavalier  The ability to Share Your Vision: and strong individualists. They do very Managers who work with their well as MLOs because their job matches employees to create a shared vision their personality and/or skill set. But if top for the branch are able to create a producers then decide they want to be culture where everyone feels respon- their own boss and open a branch, withsible for the success of the branch. out first evaluating the implications thereManagers who don’t get their of and determining that they really have employees to buy into and to feel what it takes to succeed in this role, they like an integral part of the realiza- may well find that they have no clue how tion of that vision will have a very to deal with disputes among employees. difficult time actualizing that vision. They have no patience for teaching others, or how to create a team spirit among  Tenacity: Managers must be tena- employees. They have no clue how to crecious in their pursuit of the desired ate an office culture that people are result. Many peaks and valleys come attracted to and look forward to coming about when running a branch. to be a part of every day. They may watch Hiring and firing, maintaining a bal- longingly as their employees head out to ance between comfort and respect, land the deals while he needs to stay at the


office and “rule the roost,” as it were. Top producers are so used to doing business for themselves, if they haven’t deliberately moved into a different modus operandi as branch managers, they tend to be prone to micromanaging. No one appreciates being under the microscope, and this can bring morale down and creates animosity and less-than-motivated employees. The successful branch manager has a process and system in place for absolutely every aspect of their branch operations; from how leads are generated and how the phone is answered to how loans are processed, how the lunch room is maintained, and how past client relationships are maintained. Systems that are implemented to create clarity in what needs to get accomplished not only assures the required tasks get done but it also creates harmony among employees. When employees are unclear about their jobs this creates stress, hindered performance, and disharmony.

Are you going to be a producing manager?

There are many choices without talking about for a prospective loan compensation plans. After officer (LO) in this indusall, that is foremost in the try. First, they can choose mind of LOs searching for whether to work for a a home. There may be an bank, independent mortinverse relationship gage company, net between how many benebranch or broker. Then, fits are provided by the they can choose whether company and the level of to be a “street LO,” work compensation and the on “inbound” leads with flexibility of the compena company that advertissation plan as well. The es, or work inside a real “The other part of the more the company must estate office, a builder spend to support an LO, equation is the loan site or a bank branch. officer. In determining the less it can pay. An LO Even when they arrive at what type of person to who works for a small their designated locale, broker may get a larger ‘recruit,’ your benefit they will have plenty of package will give you a cut of every loan, but they choices as to how they may not get the extra great idea of the will go about their busi- characteristics of the loan deals that comes from ness, such as purchasing officer that will thrive in name recognition or inleads or becoming a house leads. the organization.” referral-based LO. As a manager, chances are you are  Speaking of leads, obviously the provirecruiting within one of these types of sion of leads is a major benefit. Again, environments. The question is—how does these may come from telemarketing or recruiting differ from locale-to-locale? I other activity or the leads may be cuswill attempt to answer this question from tomers of the organization. two perspectives. The first perspective is the perspective of the company and the  Loan officer support … which may will be the perspective of the LO. include a wide range of benefits, from Managers are competing with many technology to marketing support to trainother companies when it comes to ing. For example, some companies may recruiting. It is imperative that the provide individual Web sites for each loan manager understand what benefits are officer or may be flexible in allowing the provided by that company. These beneLO to put up their own Web site. Larger fits are not just the traditional benefits companies may not provide these sites of health insurance and retirement and may be more likely to restrict any plans. The definition of benefits is individual marketing that does not supmuch wider in this regard, and include, port branding of the company. but are not limited to:  Service levels. Does your company  They do include traditional benefits process, underwrite and close their own such as insurance and more. These loans? This does not mean your service benefit vary greatly from organizalevels are better than that of a broker, tion to organization. but it does give you more control over the process. It is important to under Some benefits are important, but stand that every category gives a theonot as measurable as insurance. For retical benefit, but not necessarily a benexample, a larger bank is more likeefit based in reality. For example, name ly to have name recognition. When a recognition is a great benefit, as long as loan officer is talking to a prospect, the reputation is good. More importantfamiliarity with the company can be ly, loan officers perceive companies that a major advantage. can control processes can provide better  We could not talk about benefits

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 JUNE 2012

I know this may sound like a strange question, but if you do a high volume of FHA loans with tougher credit profiles, this question is extremely important. I have seen too many income streams nearly obliterated because well-meaning MLOs

Jeff Mifsud is founder of Michigan-based Mortgage Seminars LLC, a former FHA underwriter with 15-plus years of experience originating FHA loans, an FHA expert for LoanToolbox.com and creator of The FHA Originator, a monthly FHA newsletter. Jeff may be reached by phone at (248) 403-8181 or visit www.MortgageSeminars.com.

By Dave Hershman

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Does the company offering you a branch really do FHA loans?

It should go without saying at this point, but just so that there is no doubt: If you are considering opening a branch but have never managed people, it is critical that you begin educating yourself in the best practices in people management. Perhaps more importantly, you should seek out a mentor who has years of experience, does his job well, has happy and productive employees, and who has achieved the success you want to achieve. Go FHA!

Coffee, Tea or Bank?

NationalMortgageProfessional.com 

This is a big question, one that needs to be carefully considered. I have heard countless MLOs complain about the lack of presence and leadership in their branch managers, often because he is too busy writing his own business. Notice I said “he” … I have never heard a complaint about a female branch manager in this particular regard. While there are exceptions to every rule, I suspect that this is probably because women tend to have a more natural proclivity to both multi-tasking and particularly to effectively relating to and managing people. For the manager who decides they want to continue producing: I can sum up in one word what successful producing managers need to achieve not only personal production goals but branch goals as well: “Systems.” The most effective producing managers implement systems that remove them from aspects of the loan process in which they are not needed, freeing them up to be present for the needs of their employees while still doing his loans.

opened a branch of a company assuming that they now had a good channel to close their FHA loans with … only to find out that it was near difficult to downright impossible to close their FHA loans. If your FHA volume has credit profiles with high scores, and over 95 percent of your loans will receive Approve/Eligible findings, then this is a less important question. However, most MLOs have tougher FHA loans, and need to approach opening a branch with caution, to be sure that you truly have a good FHA channel. The most pertinent information you need is how closely they underwrite to the FHA guides, and what the minimum credit score is. You are looking for a company that has at least two wholesale channels, and that underwrite according to the FHA guides—meaning little to no FHA overlays. There is nothing more frustrating for an MLO than to be conditioned for items that are not part of FHA guides. If the company claims to have these FHA channels in place, sorry to say you cannot take their word for it. Call other branches and speak to the MLOs; ask them to share their experiences. Find out the names of the FHA wholesale channels and call to these wholesalers; interview them about how they underwrite FHA loans. I also recommend speaking with some of the underwriters directly and sharing various loan scenarios, to find out what their underwriting thresholds are. Once you have this information from all these angles, you’ll have a clearer and more accurate idea of what to expect once you start putting loans into the system.


coffee, tea or bank?

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

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service—especially if those services are tics of the loan officer that will thrive in the local. Have you ever been asked if you organization. Again, this is not just bank verhave “local processing?” sus broker, but is a function of support and environment. For example, is yours a suit  You. This is a benefit we often miss and and tie company with regular sales meetings can be the most important element of and sales reports required? Or, do the loan attracting and retaining candidates. officers work out of the home and are pretty They are coming to work for “you.” independent? Again, we tend to think of one What is your background, experience as a bank and another as a smaller mortgage and skill level? How have you helped company or broker—but there are excepthe careers of others in the past? What tions. You can see what type of individual type of manager and leader are you? might fit one environment and what type This is one area that makes you com- might fit the other environment. pletely different from everyone else. Another example might be a street loan officer versus one that services a real estate It is important for every manager to office from the inside. One can be much completely understand the benefits they more independent, while the other is tied have and the benefits they lack. This gives to and part of an office. One can do busithem the opportunity to improve their ben- ness with any one they would like while the efit packages where possible and to come other must service the real estate agents of up with what will call the “Unique selling that office. One is not a better job than the proposition” of the company. The goal is other. There are advantages of either situanot to have every benefit, but to understand tion. But success in these environments why your package is different from others require different skill sets and preferences. and how that makes you unique. If you are Here is the most important point: No the same as your competition, then the matter what the environment or benefits— recruitment task becomes much more diffi- a big bank, an independent net branch or a cult. If you feel your benefit package is lack- small broker—what a loan officer needs to ing, feel free to e-mail me at dave@hersh- do in order to succeed will not change. They mangroup.com with a description, and I must work hard and be a team player. will be happy to make some suggestions. Again, some of these benefits are tied to the Dave Hershman is a top author in the mortgage type of organization you work for and oth- industry with seven books published, as well as ers are completely independent. hundreds of articles. Dave has delivered hunThe other part of the equation is the dreds of keynote speeches, seminars and schools loan officer. In determining what type of for the industry as well. He may be reached by person to “recruit,” your benefit package e-mail at Dave@HershmanGroup.com or visit will give you a great idea of the characteris- OriginationPro.com.

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Taking Your Branch From Good to Great By John Cate the system and putting out You’ve been engaged in their fires? Does your partthe mortgage industry for time staff complain more many years. You’ve than they produce? Is your achieved some notable turnover rate rising? Many successes, but your busimanagers make the misness development has take of hanging on to low stalled. You may feel overproducers to fund a loan or whelmed by rapid changes two every other month. If in the industry, new reguthey amass enough of latory requirements and these employees, the fundjust the competition inhering will create enough revent in today’s economy. enue to pay the bills … so The question then “Creating a unique they think. This short-sightbecomes, “How can you, niche and ed viewpoint impedes creas a mortgage branch differentiation from ation of a successful manager, take your retail your competition branch by retaining inefoperation from good to will reap rewards in fective staff. great?” This article will areas beyond You should continually show how an analysis of customers and staff.” measure “loans per origisome fundamental business processes and structures will help nator” (LPO) and hold your staff accountyou achieve resounding success, both able to a minimum standard per quarter. in the industry as a whole and in your Use LPO as a benchmark to gauge the effilocal environment. Consider the follow- ciency of your operation. A high LPO coming six actions to affect positive change. pared to similar branch models signifies a well-run, professional organization. Set S.M.A.R.T goals for each of your 1. Analyze your business employees (Specific, Measurable, model Are you a purchase shop or refinance Attainable, Relevant, Time-Sensitive). They shop? It is difficult to excel at both. You will produce more and achieve greater job are better off specializing in one, satisfaction as a result. Conduct annual branding your branch accordingly and employment reviews with each employee. recruiting your staff with this focus in Make them thoughtful, timely and honest. mind. Too much time and energy is Consider terminating your lowest producing spent trying to teach loan officers to LO at least annually to establish your branch call on realtors for purchase referrals as a production-oriented shop and push all when their past experience was sitting employees to become more successful. “Thinning out the herd,” a time-proven at a desk waiting for phone calls from a sales strategy, works because mortgage refinance mailer. Become a specialist! Creating a unique niche and differen- customers prefer professional, successful tiation from your competition will reap LOs, and successful LOs want to work at a rewards in areas beyond customers and branch with other successful loan officers. staff. As you become an expert in both Pruning your staff helps to build branding the industry and in your chosen special- and reputation. If you want a best-in-class ty, you will find opportunities for public- branch, you must hire and retain best-inity in trade magazines, business events class staff. You must select quality procesand speaking engagements, and you can sors as well. It will become more difficult maintain your competitive edge through to recruit and retain the best LOs if you settle for a mediocre processor. continual learning.

3. Analyze your commission, bonus and Do you spend most of your time helping rate sheet pricing 2. Analyze your staffing model

the low producers get their loans through

Stay in the middle in your market so you


are seen as competitive. Quality processors and LOs are looking for a complete employment package in addition to high income. Can their loans be approved and closed in your branch? Can they get them closed on time? Do they feel supported by the branch manager? Do they enjoy coming to work? These considerations affect recruiting and retaining quality people. Just paying the highest splits or bonuses is an unsustainable business practice and often leads to failure. On the other hand, your staff will also recognize the imperative of the bottom line, both for your organization as a whole and in their individual situations. The working environment plays a pivotal role, but, in the end, your commissions and bonuses must stay competitive with the rest of the industry.

4. Create and follow a consistent recognition plan

A successful branch manager must analyze fundamental issues to drive their organization from good to great. Your business model, staff analysis, payment structure, recognition, online publicity and lending platform should all be specifically addressed in a thoughtful and continual process. You should enjoy learning more about the industry and implementing the results of your study. Branch managers should look forward to each day’s challenges instead of complaining about the obstacles in their way. Good branches can be found anywhere. To excel, you must commit to a thorough analysis of your organization’s strengths and weaknesses. Then, identifying and implementing customized changes can transform your branch to achieve greatness! John Cate is director of branch support for Guaranteed Home Mortgage Company. Founded in 1992, Guaranteed is a licensed mortgage investment and banking firm comprised of more than 300 mortgage professionals lending in 27 states. He may be reached by phone at (813) 444-1035 or email jcate@ghmc.com.

Finally, since 2009, the When choosing to join a Heritage Foundation estibranch organization, mates the Obama making the best decision Administration imposed is critical. One of the more than 75 major regubiggest advantages that a lations with an annual large organization can compliance cost of $38 bring when considering a billion. To be successful, branch arrangement is mortgage professionals more effective and effineed to work smarter not cient marketing. We harder. know the refinance Here are six key items boom that has dominated the industry has to “Providing the tools to to look for in a marketing package offered by the end at some point, so a create a consistent branch: branch operation has to brand image that offer very strong market- positions you as a true ing tools that deliver a mortgage professional 1. Recurring measurable and positive is the key to long-term marketing must be automated return-on-investment business success …” Advertisers will tell you (ROI). Evidence points to the evolution of a that continuous marketing touches are purchase market, according to the one of the keys to maintaining relationS&P/Case-Shiller Home Price Index. The ships, so having an efficient and inexprice of homes has plummeted 34.4 pensive system to do this is critical. percent since the recession started, Having a varied and dynamic approach which made loan officers have to is best, so direct mail, e-mail and social become short sale experts. In addition, media are all important. The key to Dr. Robert Shiller, Yale economist and strengthening relationships is frequennoted predictor of the housing and tech cy and repetition. bubbles, recently predicted it would take 20 years for the housing market to 2. Make sure recover. Even if Dr. Shiller is wrong, the marketing is relevant marketers have to adapt to a new nor- A study conducted by the direct mail mal—a market that is overregulated industry showed that when marketers and filled with too much supply and not enough demand. continued on page 40

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 JUNE 2012

Use Facebook and Twitter for starters. People do business with those they know, like and trust. Telling people about your team and mortgage business will increase production. Social media sites also provide great venues for “asking” for business. Building your business through your online sphere of influence represents another proven strategy. Go beyond social media after you’ve set up the basics. Consider an e-mail marketing campaign using Constant Contact or MailChimp to create an attractive newsletter template. Starting a blog, especially one hosted on your

As a broker, should you align yourself with a mortgage banker or a bank? If you are already allied with one, can you and your team become more successful by joining another company? Do you delegate to corporate to focus your energy on origination? Often, mortgage brokers become consumed by the compliance and licensing requirements necessary to stay in business and end up failing as a result. Brokers are being squeezed out of competitive circles as the big banks are less likely to interact with lower volume, third-party originators. Becoming a branch of a mortgage banker or bank can increase product and guideline flexibility. Many allow both inhouse mortgages and brokering leaving very little business on the table. LOs find it easier to sell the Good Faith Estimate (GFE) to their customers if they are with a mortgage banker or bank providing an in-house loan. These factors play a large role in recruiting and retaining best-in-class staff for your branch. If you do make a shift to another company, do your homework to ensure the right cultural fit.

By Jim Blatt

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

5. Embrace online publicity for your branch, yourself and your staff

6. Determine if you are using the right lending platform

Six Do’s for Branch Marketers

NationalMortgageProfessional.com 

Sales people, notorious for being motivated by money, are also influenced by recognition. Post production numbers at least weekly, both in the office on a white board and via e-mail to every employee. Stack rank them to stimulate competition. Create a simple monthly prize, such as a gift certificate to a local restaurant, so winners can share their success. Recognition provides effective and cost-efficient motivation. Recognizing valuable employees, of course, goes beyond contests. Reinforcing positive actions and discouraging negative ones should become a daily element of the environment. Also, different people respond to different approaches. While some may require a firmer hand, others react better to encouragement and are dissuaded by a forceful attitude.

own Web site, can improve search engine optimization (SEO) by creating links and attracting visitors to your site.


JUNE 2012 

3. A targeted marketing program The mortgage industry is dynamic. New products, regulatory changes and guideline changes all create opportunities for targeted groups of borrowers. It should be easy to precisely target specific groups (think HARP 2.0, FHA for MIP changes, etc.) and deliver a relevant message to that targeted group efficiently.

4. Centralized marketing The marketing program is just one of support several items to be considered when We know that loan originators are busier than ever trying to shepherd loans through the closing process. They don’t have the time or expertise to execute an ongoing, relevant marketing program. As a branch manager, you need someone centralized who can help execute your marketing goals. At a minimum, you should have the ability to do it on behalf of your own team. Centralized marketing enables originators to measure the results and adjust marketing messages to deliver stronger results. It also empowers originators to do what they do best, which is close and sale loans.

5. Compliance in marketing While many branch managers and loan officers prefer to send individual marketing whenever they want, it simply isn’t realistic. A company that allows this is asking for trouble. Compliant marketing should be efficient, but it also needs to be centralized and relevant. The new Consumer Finance Protection Bureau (CFPB) has already decided that the mortgage industry is a target and today’s mortgage firms need to take this seriously. Mortgage professionals can take a look at the banking industry to see how potentially game-changing regulation can be. Perhaps, if the mortgage industry is more proactive, they can potentially avoid disruptive regulatory forces.

joining a new firm, and it is one of the most important. Most firms that have survived the consolidation of the last several years meet the basics in operations, processing and product availability. Providing the tools to create a consistent brand image that positions you as a true mortgage professional is the key to longterm business success and should be high on the list of requirements when choosing a branch with which to work. Jim Blatt is chief executive officer of St. Louis, Mo.-based Mortgage Returns. Jim co-founded Mortgage Returns in 2004, bringing consumer and database-driven marketing expertise to the company. He may be reached by phone at (314) 9899100, ext. 102 or e-mail jimblatt@mortgagereturns.com.

OF EVENTS

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

40

of the client’s goals. Referral partners want to know that you are providing excellent service to their customers. Personalized marketing will not only assure partners that you understand the client’s unique situation, it will deliver better results. Delivering results will be vital for most partners that refer business to you. Relevant marketing provides value for their customers, which will ensure they keep sending you leads. Giving great service to a referral partner’s customers will build great relationships with them, and building great relationships with key partners will take your business to another level. The expertise you demon-

Many marketing companies think their job is done when the marketing is sent. They are missing the most important point—accountability! Loan officers are accountable for generating business and marketing should be too. You should be able to quantify and evaluate the change in customer retention based on your marketing program, as well as quantify the ROI on individualized, targeted pieces. Marketing partners should provide this information regularly. John Wannamaker, considered by many to be a pioneer in marketing, said he knew half of his advertising was wasted; he just didn’t know which half. That was more than 100 years ago— originators should expect more.

calendar

employed personalized marketing messages, response rates from consumers increased tenfold. The more relevant marketing messages are, the better the result will be. In addition to the simple mass messages described in the first point, marketing messages should be customized to the individual recipient. This goes beyond just a name and address. To truly demonstrate ongoing service, monitor their loan and give them specific advice. This is also true for industry partners who refer leads. If leads come from real estate partners, marketing must be relevant to their clients. This demonstrates a clear understanding

continued from page 39

6. Marketing that measures its ROI

NATIONAL MORTGAGE PROFESSIONAL

six do’s for branch marketers

strate with their customers will help to build their reputation in the industry, as well. Once trust is established, your partners will continue to send business your way for years to come. The same goes for past customers, prospects and other referral partners.

To view or submit an entry, see page

52


41

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JUNE 2012 

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1st Advantage Mortgage........................................................................................http://www.1amllc.com 1st Signature Lending, LLC ......................................................................................http://www.1stsl.com 360 Mortgage Inc ......................................................................................http://www.360-mortgage.com Aapex Financial Solutions, LLC ............................................................................http://aapexfinancial.net ABC Family & Comm. Mtg. Co.................................http://www.arizonamortgagenet.com/company_9.php Academy Mortgage ......................................................................................http://academymortgage.com Academy Mortgage - Bakersfield CA ............................................................http://academymortgage.com Acclaim Mortgage, Inc. ..................................................................................http://Acclaimmortgage.com ACT Appraisal, Inc ........................................................................................http://www.actappraisal.com Adecco - Encino, CA........................................................................................http://www.adeccousa.com Adecco Financial Services ........................................................................................http://adeccousa.com Advanced Mortgage SVF............................................................................................http://sky-valley.com Alliance School of Mortage Lending..............................................http://www.alliancebusinessschool.com Alliance West Mortgage, INC ..........................................................http://www.alliancewestmortgage.com Allied Mortgage Group ........................................................................................http://www.alliedmg.com Alpha Mortgage ................................................................................................http://Ifyouneedmone.com Alpine Mortgage Planning ..................................................................................http://www.alpinemc.com AmCap Mortgage, Ltd. ..........................................................................http://www.MaryPapageorge.com AMEC ..................................................................................................................http://www.amecinc.org American Equity Mortgage ......................................................................http://www.americanequity.com American Fidelity Financial Services, Inc. ......................................................http://www.illinoisrates.com American Financing ..............................................................................http://www.americanfinancing.net American Midwest Mortgage Corp. ..............................................................................http://ammcorp.net American Mortgage and Equity Consultants Inc., Mequon, WI ..............................http://www.amecinc.org American Mortgage Company ............................................................http://www.americanmortgage.com America’s Choice Home Loans ........................................................................http://www.achlonline.com AmeriFirst Financial Corp ..................................................................................http://www.amerifirst.com AmeriFirst Home Mortgage ................................................................................http://www.amerifist.com AmeriNational Community Services, Inc. ......................................................http://www.amerinational.net AmeriPro Funding ......................................................................http://www.cespey.ameriprofunding.com AmFam NUO ..............................................................................................http://www.amfamseminar.org Amtrust Mortgage Funding, Inc..............................................................................http://www.amtrust.net Anchor Home Mortgage, Inc. ....................................................................http://www.theanchorteam.com Angel Oak Funding, LLC ..................................................................................http://angeloakfunding.com Associated Bank..........................................................................http://www.associatedbank.com/careers Associates Mortgage Company ..........................................http://www.associatesmortgagecompany.com Atlantic Home Loans, Inc. ................................................................................http://www.ahlcareers.com Augusta Financial, Inc.....................................................................................http://www.petercosfol.com BayBurg Financial, Inc ........................................................................................http://www.bayburg.com BBG Home Loans ............................................................................http://bbghomeloans.com/join_us.php Benchmark Mortgage ................................................................................http://www.iambenchmark.info BofI Federal Bank ......................................................................................http://www.bankofinternet.com Brickwood Mortgage Inc- Murrells Inlet, SC..................................http://www.brickwoodmortgageinc.com Bridge View Funding (soon to be Ever Funding Group) ........................................http://pcmcaffiliates.com Burke & Herbert Bank ..............................................................................http://burkeandherbertbank.com C2 Financial Corporation ..........................................................................http://www.c2financialcorp.com Cal Coast Financial Corp ..............................................................................http://www.calcoastmtg.com California Mortgage Advisors, Inc. ........................................................................http://www.CalMtg.com Capital Financial Mortgage Corporation............................................................http://www.capitalfmc.com Capital Lending, Inc.........................................................................http://www.CapitalLendingOnline.com Capital Mortgage ............................................................................http://www.capitalmortgageiowa.com Carrington Mortgage Services, LLC ............................http://www.carringtonhomeloans.com/lo/JayCollins Castle & Cooke Mortgage ................http://castlecookemortgage.com/find_location/branch/newportbeach Castle & Cooke Mortgage, LLC........................................................http://www.castlecookemortgage.com Catalyst Lending, Inc.............................................................................................http://catalystlending.co CBC National Bank............................................................................http://www.cbcnationalbankmtg.com CCowan and Associates ......................................................................................http://www.ccowan.com Central Coast Home Loans ..........................................................http://www.centralcoasthomeloans.com City 1st Mortgage..........................................................................................http://www.city1stIdaho.com Citywide Mortgage Associates, Inc. ......................................................http://www.citywidemortgage.com Clear Capital ..............http://tbe.taleo.net/NA8/ats/careers/searchResults.jsp?org=CLEARCAPITAL&cws=5 CNC Mortgage, LLC ............................................................................................http://www.cncmrtg.com Coastline Mortgage Consultants, LLC ................................................http://www.coastline-mortgage.com Collateral Group, Inc. ................................................................................http://www.collateralgroup.com Colonial Family of Companies ..................................................http://www.colonialsavings.com/joblist.asp Colonial Savings ......................................................................................http://www.ColonialSavings.com Commonfund Mortgage Corporation ......................................................http://www.commonfundmtg.com Community Lending of America, Inc. ......................................................................http://www.clakc.com Consumer First Mortgage, Inc. ....................................http://www.mortgagescanbesimple.com/expansion Contour Mortgage..................................................................................http://www.contourmortgage.com CoreFirst Bank & Trust ..............................................................................http://www.CoreFirstBank.com Corridor Mortgage Grouip ..............................................................................http://www.corridormtg.com Covenant Mortgage ............................................................................................http://www.covmort.com CRESTICO ............................................................................................................http://www.crestico.com Crown Financial Services ................................................................................http://www.crownloans.net DAS Acquisition Company, LLC ..................................................................http://www.usa-mortgage.com Dimont & Associates ....................................................................http://hwww.dimontandassociates.com DocVelocity ....................................................................................................http://www.docvelocity.com Downs Financial................................................................................................http://www.downsinc.com E Loans Mortgage ..................................................................................http://www.e-loanmortgage.com Element Funding ......................................................................................http://www.elementfunding.com

EMB Lenders Inc. ........................................................................................http://www.EMBLenders.com Emperiq Financial ..............................................................................................http://www.emperiq.com ENG Lending ....................................................................................http://www.mylowcostmortgage.com Enterprise Lending Group, Inc..............................................................http://www.enterprise-lending.com Envoy Mortgage ........................................................http://www.mortgageprosus.com/Whyworkforenvoy Equity Mortgage Lending ..............................................................http://www.equitymortgagelending.com Equity Wave Lending ..........................................................................http://www.equitywavelending.com eValuation ZONE, Inc. ..............................................................................http://www.eValuationZONE.com Evergreen Pacific Mortgage, Stearns Lending, Inc. ..........................http://www.evergreenpacificmtg.com EXIT Mortgage LLC ..............................................................................................http://www.Exitmtg.com Fairmore Financial ........................................................................................http://fairmoreMortgage.com Fairway Asset Mortgage (Falls Church, VA Branch) ........................http://www.fairwayassetmortgage.com Fairway Independent Mortgage ..................................................http://www.fairwaywholesalelending.com Fairway Independent Mortgage Corp. ....................................http://www.fairwaymtgny.com/Default.aspx Fairway Independent Mortgage Corporation ................................................http://www.fairwaynymtg.com Family 1st Mortgage ......................................................http://www.family1stmortgage.instantlender.com FCF Services Inc ........................................................................................http://www.fcfservicesinc.com Fiduciary Funding, LLC............................................................................http://www.fiduciaryfunding.com Finance Austin Associates, LP ....................................................http://www.financeaustinassociates.com First American Home Mortgage, LLC ....................................................http://www.FirstAmericanHM.com First California Mortgage ........................................................................................http://www.firstcal.net First Centennial Mortgage Corporation ..................................................................http://www.GoFCM.com First Citizens Bank..........................................................................................http://www.firstcitizens.com First Community Mortgage, Inc. ................................................................http://www.fcmhomeloans.com First Equity Financial ....................................................................................................http://fefloans.com First Federal Bank of Boston ..........................................................................http://www.firsteastern.com First Home Equity Loans ..................................................................http://www.firsthomeequityloans.com First International Bank & Trust - Fargo, ND ..................................................http://www.firstintlbank.com First Mortgage Corp-Ontario-Euclid Branch ................................................http://www.firstmortgage.com First Mortgage Company................................................................................http://www.allaboutfmc.com First Mortgage Group ..............................................................................................http://www.fmgllc.net First Priority Financial......................................................................................http://www.joinfpfiowa.com First Priority Financial Solutions ......................................................................http://www.loansbykat.com First Priority Financial, Inc ..................................................................http://www.joinfpfnorthcarolina.com First Priority Financial, Inc.........................................................................................http://joinfpfohio.com First State Mortgage Company, LLC ......................................................................http://www.thefsb.com First Valuation ............................................................................................http://www.FirstValuation.com FirstBANK Mortgage Partners ..................................................................http://www.firstbankonline.com Flagstar Bank ......................................................................................................http://www.flagstar.com Foundation Financial Group..........................................................................................http://www.ffg.com Franklin First Financial ............................................................................http://FranklinFirstFinancial.com Freedom First Credit Union............................................................................http://www.freedomfirst.com Garret Associates, LLC ..........................................................................http://www.garretassociates.com Gateway Funding ..................................................................http://www.gateway-funding.com/Mortgage Gateway Funding Diversified Mortgage Services, L.P. ............................http://www.joingatewaynow.com Gemstarr Mortgage Services ........................................................................http://gemstarrmortgage.com Generation Mortgage Company..............................................http://www.generationmortgage.com/recruit Golden Empire Mortgage Inc ..............................................................................http://gemmortgage.com Good Friend Mortgage Inc. ..................................................................http://www.goodfriendmortgage.biz gotmortgage.com..........................................................................http://www.gotmortgagewholesale.com Greenlight Financial Services....................................................................http://www.greenlightloans.com GSF Mortgage ..................................................................................................http://www.gsflending.com Guardian National Bank ..........................................................................................http://www.gnbkc.com Gum Tree Mortgage ............................................................................http://www.gumtreemortgage.com Hall Lending Group, LLC ......................................................................http://www.HallLendingGroup.com HALO Capital ........................................................................................................http://www.sayhalo.com Hamilton Group Funding ....................................................................................http://www.hgfdirect.com Hancock Mortgage Partners, LLC ..................................................................http://www.hancockmtg.com HKA Staffing Services ....................................................................................http://www.hkastaffing.com Home Loan Investment Bank ..................................................................http://www.HomeLoanBank.com Home Source Mortgage ........................................................................................http://homesource.com Home Star Mortgage Capital Corp. ......................................................http://www.homestarmortgage.org HomePlus Mortgage ..........................................................................http://www.homeplusmortgage.com HomeServices Lending ..........................................................................................http://www.hsl-ga.com Hometown Lenders ..............................................................................http://www.hometownbranch.com Hometown Lending/Bay Equity LLC ..........................................................http://www.sedonalending.com HomeTown Lending, a Division of Bay Equity ......................................................http://www.HTLend.com Hyperion Bank ............................................................................................http://www.hyperionbank.com ICON Residential Lenders, LLC ..................................................................http://www.iconwholesale.com Ind Home Loans, LLC ................................................................................http://www.indhomeloans.com Inlanta Mortgage ..................................................................................................http://www.inlanta.com Innova Mortgage Services................................................................................http://www.innovamtg.com Innovative Lending Solutions ..............................................................................http://www.innolend.com Integrity Mortgage & Financial Services, Inc.........................................http://www.imfs@integrityyes.com Interbank Mortgage Company ............................................................http://www.interbankwholesale.com Interthinx, Inc ....................................................................................................http://www.interthinx.com Intertrustbanc ............................................................................................http://www.intertrustbanc.com Invicta Finance INc ....................................................................................http://www.invictafinance.com J. Stevens Mortgage ............................................................................http://www.jstevensmortgage.com Kiel Lending (a Division of Mortgage Broker Services, Inc.) ............................http://www.kiellending.com LeaderOne Financial Corporation ..................................................................http://leaderonefinancial.com


FEATURED LISTINGS Company Name: Academy Mortgage Website: academymortgage.com Phone Number: (480) 246-3705 Email: cassidy.osullivan@academymortgage.com

Company Name: CCowan & Associates Website: www.ccowan.com Phone Number: (321) 363-4384 Email: chuckcowan@ccowan.com

Company Bio: Academy Mortgage is headquartered in Salt Lake City, Utah – originating loans in over 120 branches in 33 states, providing FHA, VA, Fannie Mae, Freddie Mac, conforming and non-conforming loan products. Academy Mortgage leads the industry by continuously providing exceptional customer service and responsible lending practices as more and more banks consolidate operations, Academy has the distinct advantage of being a direct lender – all processing, underwriting, and closings are handled locally. Therefore, loans close in a matter of days.

Company Bio: CCowan & Associates is a relationship based recruiting firm specializing in the Mortgage Banking Industry. We bring a consulting experience to a broad spectrum of clients, ranging from regional companies to the brightest of the Top 20. CCowan & Associates owns a reputation for bringing “High Impact Players” to our clients. Our placements have driven billions in production and millions in profit to bottom lines. Partnering with first class organizations has provided a first choice destination for top performers.

Positions Available: Branch Managers Loan Officers

Loan Officer Assistant DE Underwriters

Processors

Locations: We have offices nationwide and are looking to add more.

Positions Available: We have Origination Management positions at all levels: Divisional, Regional, District, Area, Branch and Sales Managers. All companies that we represent are “A Players” looking for “A Players” and each has its own Unique Value Proposition. Locations: Various Locations Nationally, Midwest, Southwest, Northwest, South, Northeast, West, East.

43 Company Name: AmeriFirst Home Mortgage Website: www.amerifirst.com Phone Number: 513-382-5861 Email: rkoenig@amerifirst.com

We enjoy the benefits of being a Mortgage Banker while maintaining decision making flexibility. We’re small enough to make quick, precise decisions to capitalize on opportunities.

Company Bio: Fairway was recently named the 22nd Largest Nationwide Lender by Source Media! Our size allows us to offer the best mortgage products, extremely competitive interest rates and closing costs available on the Internet to YOU! A Common Sense Lender with a Common Sense Approach! Extremely Competitive Comp Plan! Positions Available: Loan Officer Locations: 1757 Veterans Highway, Suite 12 • Islandia, NY 11749

Positions Available: Loan Officers & Renovation Specialists Locations: Cincinnati, Columbus, Dayton, Greater Chicago, Indianapolis, Knoxville, Lexington, Louisville, Merrilville, Michigan, Nashville, and in any other cities we are located in.

Company Name: Icon Residential Lenders Website: www.iconwholesale.com Phone Number: (714) 379-7000 Email: tfarrow@iconresidential.com

Company Bio: Founded in 1952, Colonial Savings F.A. is a privately held, national, multi-service financial institution, and is one of the largest servicers of mortgage loans in the United States, with a portfolio exceeding $12.5 billion. It is the parent company of Colonial National Mortgage, CU Members Mortgage, Community Bankers Mortgage and Colonial Savings. It is also affiliated with Colonial Life Insurance Company of Texas, DuBose & Associates Insurance and First Western Title Company.

Company Bio: Icon Residential Lenders is among the top 20 wholesale originators in the country. We are experiencing tremendous growth and are looking for qualified, experienced and talented mortgage professionals to join our first class team.

Locations: Headquartered in Fort Worth, TX, we have positions available nationwide.

Locations: Headquartered in Irvine, California with a nationwide lending platform.

Supervisors Account Executives – Nationwide Retail Sales Manager

 JUNE 2012

Positions Available: Positions available nationwide! Loan Officers, Processors, Escrow Officers, Servicing Specialists, and much more. Please see our website for a full listing.

Positions Available: Underwriters Funders Doc Drawers Account Managers

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Company Name: Colonial Family of Companies Website: www.colonialsavings.com/joblist.asp

NationalMortgageProfessional.com 

Company Bio: • We are a privately owned Mortgage Banker for 28 years • We sell 100% of all Con & Gov Production to FNMA & GNMA • We service almost 100% of production • We have a National Renovation Manager to support your business in your market • We are Renovation & Government Experts

Company Name: Fairway Independent Mortgage Corp. Website: www.fairwaymtgny.com/Default.aspx Phone Number: (631) 881-5100 Email: sprobst@fairwaymc.com


JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

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Legacy Lending Group - Salt Lake City, UT Branch ............................http://www.legacylendinggroup.com LenderCity Home Loans ....................................................................................http://www.lendercity.com Lenox Financial Home Loans ....................................................................http://www.lenoxhomeloan.com Liberty Home Mortgages LLC ..............................................................................http://www.myLHM.com Loan Republic Financial, Inc. ........................................................................http://www.loanrepublic.com Loan Simple Inc of Dallas ....................................................................http://www.northdallaslending.com LoanCentral, LLC ..........................................................................................http://www.LoanCentral.com Loanontime ....................................................................................................http://www.loanontime.com LoanSifter Inc...................................................................................................https://www.loansifter.com Long Grove Mortgage..................................................................................http://longgrovemortgage.com Lynx Financial Group ....................................................................................http://www.lynxfinancial.com MAAG ..................................................................................................................http://www.maagllc.info Main Street Home Loans ................................................................http://www.mainstreethomeloans.com Mainstream Funding Network, Inc.................................................................................http://www.mfninc Manhattan Mortgage........................................................................................http://www.mmcloans.com Market Consulting Mortgage..................................................................................http://www.macmtg.biz Marketplace Home Mortgage, LLC- Omaha, NE ..................................http://www.marketplacehome.com Merit Finance Inc..........................................................................................http://www.meritfinance.com Metropolitan Funding Group Inc - Jenkintown PA ....................http://www.metropolitanfundinggroup.com Michael Scott Properties & Finance............................................................http://www.resourcerealty.com Mid Nation Mortgage Corp ..................................................................................http://www.mnmgo.com MidCountry Bank (MN)............................................................................http://www.MidCountryBank.com Midwest Family Lending Corporation, Iowa, Nebraska, and South Dakota ..........http://www.midwestfamilylending.com Mortgage Brokers Network Corp, Inc..................................................http://mortgagebrokersnetwork.com Mortgage Cadence, LLC. ....................................................http://www.mortgagecadence.com/home.aspx Mortgage Financial Group ............................................................................................http://mfglends.net Mortgage Investors Corporation ..........................................................http://www.mortgageinvestors.com Mortgage Resources ..........................................................................http://www.mortgageresources.com Mortgage Security ....................................................................................http://www.mtgsecurityinc.com Mortgage Solutions Financial ............................................................................http://www.msfhome.com Motown Financial, LLC ....................................................................................http://motownfinancial.com Mount Olympus Mortgage Company ................................................................http://momco.com/careers Mountain West Bank ..........................................................................http://www.mountainwestbank.com MSource Training & Consulting, Inc. ..............................................................http://www.msource24.com MyCityLender ..............................................................................................http://www.mycitylender.com National Mortgage Alliance........................................................http://www.nationalmortgagealliance.com National Mortgage Staffing ........................................................http://www.nationalmortgagestaffing.com National Mortgage Staffing LLC ................................................http://www.nationalmortgagestaffing.com Nationwide Equities Corporation ........................................................................http://www.nwecorp.com Nationwide Title Clearing, Inc. ..................................................................................http://www.nwtc.com Neighborhood Loans ........................................................................http://www.NeighborhoodLoans.com netbranchology.com ................................................................................http://www.netbranchology.com Network Funding LP ..................................................................................http://www.networkfunding.net New American Mortgage ............................................................................http://www.newamerican.com New England Home Mortgage LLC..................................................................http://www.nehmloans.com New Horizon Funding............................................................................http://newhorizonfundingcorp.com New Penn Financial LLC ......................................................................http://www.newpennfinancial.com New York Community Bank ................................................................................http://www.mynycb.com NewDay USA ............................................................................................http://www.newdaycareers.com Noble Home Loans................................................................................http://www.NobleHomeLoans.com NOLA Lending Group......................................................................................http://www.nolalending.com Norcom Mortgage..................................................................................http://www.norcommortgage.com NOVA Home Loans ..................................................................................http://www.novahomeloans.com Omega Financial Services, Inc. ........................................................................http://www.fhaomega.com One Mortgage, Inc. ................................................................................http://www.OneMortgageInc.com Open Mortgage ............................................................................................http://joinopenmortgage.com Open Mortgage Home Lending ..........................................................................http://openmortgage.com Open Mortgage Home Lending ..............................................................http://www.openmtg.com/jimvani Open Mortgage LLC ......................................................................................http://lindalitt@openmtg.com Open Mortgage, LLC ....................................................http://www.openmtg.com/home/dianebrayden.epl Opus Capital Markets Consultants......................................................................http://www.opuscmc.com Pacific Residential Mortgage ..................................................................http://www.pacresmortgage.com Pacor Mortgage Corp................................................................................http://www.pacormortgage.com Paramount Equity Mortgage ......................................................http://www.paramountequity.com/careers Paramount Residential Mortgage Group..............................................................................http://prmg.net Partners Mortgage Corporation ............................................................http://www.partnersmortgage.com PennyMac Home Loan Solutions ....................................................http://www.pennymacusa.com/careers Peoples Home Equity ..........................................................................................http://phewholesale.com Peoples Home Equity (Virginia Beach) ................................................http://www.peopleshomeequity.com PHH Corporation ..................................................................................................http://www.phhjobs.com Pinnacle Lending Group, Inc. ..................................................................................http://www.plgnv.com Pinnacle Mortgage Group, Inc. ............................................................http://www.pinnacle-mortgage.com Pinnacle Mortgage Group, LLC ........................................................http://www.mortgagebypinnacle.com Plant City Mortgage Corporation ........................................................http://www.PlantCityMortgages.com Platinum Home Mortgage Corp - Rolling Meadows, IL Corporate Branch ........http://www.platinumhomemortgage.com Plaza Home Mortgage, Inc................................................................http://www.plazahomemortgage.com PMAC Lending Services Inc. ....................................................................................http://www.pmac.com PRC Funding Corp ..........................................................................................http://www.prcfunding.com Premier Lending........................................................................................http://www.PremierLending.org Prestige Home Mortgage LLC ......................................................http://www.prestigehomemortgage.com Primary Residential Mortgage......................................................http://www.DelawareMortgageLoans.net

Primary Residential Mortgage - Southern California ..................................http://www.PrimeResWest.com Primary Residential Mortgage, Inc ..............................................http://www.primarymortgagelender.com Primary Residential Mortgage, Inc. ..............................................http://www.bestcoloradomortgages.com Prime Appraisal Services ......................................................................http://primeappraisalservices.com PrimeSource Mortgage ..........................................................................http://www.wewalkyouhome.com Professional Mortgage Associates, Ltd. ..........................................http://professionalmortgageassoc.com Professional Mortgage Lending Services ............................................http://www.myfinancingonline.com Quality First Mortgage ....................................................................................http://www.qfmortgage.com Quality Mortgage Lending................................................................http://www.qualitymortgage4you.com Rate One, Inc. The Mortgage People ........................................................http://www.rate1mortgage.com RatePro Mortgage ..................................................................................http://www.ratepromortgage.com RealEstateBestJobs.com....................................................................http://www.RealEstateBestJobs.com Regional Mortgage Corporation ............................................................http://regionalmortgageonline.com Reliance First Capital, LLC ..................................................................http://www.reliancefirstcapital.com Republic State Mortgage Co. ........................................................http://www.republicstatemortgage.com Residential Finance Corporation ..................................................................http://www.myrfccareers.com Residential Home Funding Corp. ......................................................................http://www.rhfunding.com ReverseMortgageOne, Inc. ............................................................http://www.reversemortgagesone.com RFC Residential Finance Corp. ..............................................................http://www.residentialfinance.com RPM Mortgage, Inc. ......................................................................http://www.rpm-mtg.com/careers.html Rushmore Loan Management Services..........................................................http://www.rushmorelm.com SAFE Credit Union ..................................................................................................http://www.safecu.org Sagamore Home Mortgage,LLC ..................................................................http://www.sagamoremtg.com Satori Mortgage........................................................................................http://www.satorimortgage.com Seaway Community Bank ..........................................................................http://www.seaway-online.com Service First Mortgage ............................................................................http://www.ServiceFirstMtg.com Shield Field Services ..........................................................................http://www.shieldfieldservices.com Sierra Pacific Mortgage ................................................................................http://www.swmortgage.com Sierra Pacific Mortgage Warwick Rhode Island ..............................................http://www.myloan123.com Silvercreek Finance Corp. ....................................................................http://www.silvercreekfinance.com Sistar Mortgage ................................................................................................http://sistarmortgage.com Skyline Home Loans ............................................................................http://www.skylinehomeloans.com Smart Mortgage Centers, Inc. ..................................................http://www.smartmortgagecentersinc.com Smith Broady & Associates, Inc. ..................................................................http://www.smithbroady.com Southeast Mortgage ..........................................................................http://www.southeastmortgage.com Southern Funding Alliance ..........................................http://www.southernfundingalliance.com/Innerloop Southern Trust Mortgage, a subsidiary of Middleburg Bank ........................http://www.southerntrust.com Stearns Lending, Inc.............................................................................................http://www.stearns.com Stokes Mortgage Capital ........................................................................http://stokesmortgagecapital.com Stonegate Mortgage ..................................................................................http://www.stonegatemtg.com Stonehill Group ..........................................................................................http://www.stonehillgroup.com Strock & Tanner Mortgage ..............................................................................http://www.stmcloans.com suman khanna............................................................................................................http://primerica.com Summit Funding, Inc. ........................................................................................http://summitfunding.net Summit Mortgage Corporation ............................................................http://www.summit-mortgage.com Sun West Mortgage Company ................................................................................http://www.swmc.com Syracuse Securities, Inc-Western New York ........................................http://www.syracusesecurities.com Texas Reverse Mortgage, Inc. ........................................................................http://www.reversefacts.org The Lending Company..................................................................http://www.jointhelendingcompany.com The Lending Company San Diego ................................................................http://www.thelendingco.com The Lending Partners ......................................................................................http://www.tlpwebsite.com The Mortgage Firm ................................................................................http://www.themortgagefirm.com The Mortgage House, Inc ..........................................................................http://www.mortgagehouse.org The Mortgage Lending Group, Inc. ..........................................................................http://www.mlgla.com Todays Realty Group & Loan Solutions ..................................................http://www.lendingandhome.com Total Mortgage Services ............................................................................http://www.totalmortgage.com TotalChoice Financial Services............................................................http://www.totalchoicenetwork.com Towne Mortgage Company ......................................................................http://www.townemortgage.com Unicor........................................http://www.manta.com/c/mmnnfpc/unicor-global-limited?referid=10145 Union National Mortgage Co. ..............................http://www.unionnationalmortgage.com/rancho/tdoherty Union Savings Bank....................................................................https://www.unionsavings.com/page.cfm United Wholesale Mortgage......................................................................................http://www.uwm.com Urban Lending Solutions ..........................................................................http://www.urban-ls.com/home US Mortgage ..........................................................................................................http://usmortgage.com USA Mortgage Solution, LLC ....................................................................http://usemortgagesolution.com V.I.P. Mortgage Inc. ..........................................................................................http://www.vipmtginc.com VanDyk Mortgage Corporation ................................................................http://www.vandykmortgage.com Vantage Mortgage Group, Inc. ....................................................http://www.VantageMortgageGroup.com Versatile Mortgage L.L.C. ..........................................................................http://versatilemortgagellc.com Vitek Mortgage Group ......................................................................http://www.vitekmortgagegroup.com Volunteer Mortgage, Inc. ........................................................................http://volunteermortgageinc.com W.J. Bradley Mortgage Capital, LLC ..................................................................http://www.wjbradley.com W.J. Bradley Mortgage Capital, LLC - Fresno Branch ..........................http://mywjb.com/wjbfresno-team Waukesha State Bank ..............................................................................http://www.waukeshabank.com Webster Bank ..............................................................................................http://www.websterbank.com West Town Savings Bank ..............................................................http://www.westtownsavingsbank.com Weststar Mortgage ..............................................................................http://www.weststarmortgage.com Willow Bend Mortgage Company ....................................................http://www.willowbendmortgage.com Wintrust Mortgage ........................................................................................http://wintrustmortgage.com Zenith Mortgage Advisors, Inc. ..................................................................http://www.zenithadvisors.com


FEATURED LISTINGS Company Name: Menlo Park Funding Website: www.mpfunding.com Phone Number: 877-896-8496 Email: recruiting@mpfunding.com

Company Name: National Mortgage Staffing, LLC Website: www.nationalmortgagestaffing.com Phone Number: 1-800-603-1651 Email: agleason@nationalmortgagestaffing.com

Company Bio: Menlo Park Funding is the “Certified Branch” business channel of REMN Wholesale. Offering unique branch opportunities, affiliated with a premier national lender. Product, training, unparalleled customer service and corporate support for the established entrepreneurial mortgage professional.

Company Bio: National Mortgage Staffing is an executive national recruiting firm dedicated to the Mortgage Industry. National Mortgage Staffing specializes in Mortgage Staffing for Banks, Credit Unions and Mortgage Companies on a National level. Our recruiting staff has over thirty years combined experience in successful job placements with our mortgage clients coast to coast. Our recruiters, who are placed strategically throughout the U.S., have an intricate knowledge of the Mortgage Industry and are constantly keeping abreast of the new guidelines.

Positions Available: Loan Originators Branch Managers

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Locations: Nationwide

45 Company Name: Mortgage Brokers Network Corp., Inc. Website: www.mortgagebrokersnetwork.com Email: gary@mbn1.com Mortgage Brokers Network Corp., Inc.

Positions Available: Mortgage Net Branch Opportunities Mortgage Originators Loan Officers Locations: Nationwide

Company Bio: Local Correspondent Mortgage Banker with 26 years of experience seeks motivated loan officers. We have 4 locations with immediate openings. We specialize in FHA, VA, and Conventional forms of residential financing for 1-4 units. Our (USP) Ultimate Selling Proposition is service. If you want to be a part of something special, where your opinion counts for something, and where people actually work together to make good things happen, you owe it to yourself to talk to us. Positions Available: Loan Officers Locations: Oak Lawn Oak Brook

Mokena Loop

Company Name: Real Estate Mortgage Network, Inc. Website: www.remnwholesale.com Phone Number: 866-933-6342 Email: aerecruiting@remn.com

Company Bio: Retail Mortgage Lender. FHA Direct Endorsement Lender with a diverse product menu of all the available loan program options in the market place. Also all conforming products available and we are a Fannie Mae HOME PATH approved lender. Safe, Transparent and Responsible Lending. The Mount Olympus leadership team has a combined lending experience of over 130 years. Our goal is to deliver accurate information, competitive rates, and a transparent process for our clients.

Company Bio: Founded in 1989 and headquartered in Edison, N.J., Real Estate Mortgage Network, Inc. serves the lending needs of Mortgage Brokers and Bankers across the country. Our associates are passionate about customer service and focus on building solid, long-term business to business relationships.

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Locations: National Wholesale Lender

 JUNE 2012

Positions Available: Loan Originator. Must possess current NMLS License. Experience with eSign and eFolder is a plus. Experience with Leads360 is recommended. Experience with automated email marketing is strongly preferred. Open mind to new sales techniques and strategies to improve your bottom line is welcome. Must have strong technology skills.

Positions Available: Account Executives (nationally) Underwriters (NJ)

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

Company Name: Mount Olympus Mortgage Company Website: www.momco.com Phone Number: (949) 333-8206 Email: leann.dillman@Momco.com

NationalMortgageProfessional.com 

Company Bio: We are “The Mortgage Industry’s Matchmaker”, offering you opportunities with some of the top mortgage net branch companies in the industry! With hundreds of mortgage net branch opportunities out there, the choice on who to sign up with is not easy! We’ll save you time, energy and money in finding the best opportunity to fit YOUR needs at NO COST to you! We offer mortgage net branch opportunities with our licensed mortgage companies that offer banking and/or brokering loans. We market, hire licensed mortgage originators for branch management and loan officer positions in all states.

Company Name: Pacor Mortgage Corp. Website: www.pacormortgage.com Phone Number: (773) 881-7744, ext. 26 Email: admin.pacor@pacormortgage.com


nmp news flash

continued from page 31

services in fall 2009 from 15 HUDfunded counseling agencies across the country. The objectives of the study were to examine the characteristics of pre-purchase counseling clients, the types of services they received, and whether and under what circumstances they purchased housing in the 18 months after starting counseling. While HUD cannot conclude that the study sample is representative of all pre-purchase counseling clients served by the study agencies, this study provides a snapshot of some

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

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pre-purchase counseling clients at 15 different housing counseling agencies across the country in the fall of 2009. HUD’s “Foreclosure Counseling Outcome Study” involved conducting baseline interviews with 824 foreclosure counseling clients, tracking the housing counseling services they received, and analyzing homebuyer outcomes through an analysis of credit report data. A follow-up telephone survey was conducted approximately 18 months after the foreclosure counseling services were delivered.

About three-quarters of the homeowners who had fallen behind on their payments did so because of a loss of income, and very few had any savings to draw upon to pay missed mortgage payments. The study finds that large shares of counseled homeowners were able to obtain a remedy, retain their home, and become current on their mortgages. These outcomes were much more common among homeowners in the study who sought counseling before becoming delinquent or in the early stages of delinquency (one to three months). This study provides information on who accesses counseling services when facing challenges in paying

their mortgage loan, what services those clients obtain, and identifies the outcomes the clients experienced in the following 18 months (though it cannot assert that the counseling caused the outcomes).

Survey Reveals Title Industry’s Perspective on Mortgage Fraud Ernst Publishing Company has released the results of a title industry survey, revealing thoughts and perceptions held by industry insiders regarding mortgage fraud. The survey touched about 9,000 industry participants, many of whom provided detailed answers. About 40 percent of respondents felt that fraud in real estate transactions had increased in the last year, while the respondents were evenly divided on the topic of which type of fraud they were most concerned about. Among the choices: Robo-signing, identity theft, integrity of the record, fraud within the loan transaction, and foreclosure fraud. “It’s clear that lenders are viewing mortgage fraud as a very serious issue and a growing problem,” said Jan Clark, senior vice president of Ernst Publishing Company. “We discussed the results with members of the American Land Title Association (ALTA) and the Property Records Industry Association (PRIA), and while our survey revealed that about half of respondents don’t believe a national recording system wouldn’t have any impact on fraudulent practices, the idea of a national registry provoked quite a debate.” The survey also revealed a lukewarm response to whether or not the Consumer Financial Protection Bureau (CFPB)/Real Estate Settlement Procedures Act (RESPA) changes to the HUD and GFE had helped to mitigate fraud, with approximately 20 percent saying they believed the new rules had a positive impact. Respondents felt that additional steps to combat fraud would be to improve technology solutions, increase notary responsibility, and further certifications for title agents and loan officers.

Your turn National Mortgage Professional Magazine invites you to submit any information on regulatory changes, legislative updates, human interest stories or any other newsworthy items pertaining to the mortgage industry to the attention of:

NMP News Flash column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.


lykken on leadership

continued from page 8

behind the older and weaker folks, who were least able to defend themselves. Talk about bad leadership! What I find so ironic is that so many mortgage “professionals” that made a bundle of money when things were going great are nowhere to be found these days. Those of us who believe in this industry and are fighting the good fight for a greater cause are still here. While some of us may be older, we are far from weak. We have a lot of fight yet in us and have a sense of a “higher cause” that is beyond our own selfish desires. I could go on and on with this, but I think you get my point.

Lesson #3: The importance of knowing the forces coming against us

47

Same owner navigating industry since 1986. Privately held.

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 JUNE 2012

Licensed in: AL, AR, AZ, FL, GA, IL, IN, IA, KS, KY, MI, MN, MO, MD, OH, OK, PA, NC, SC, TN, TX, VA, WV, WI

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

David Lykken is president of mortgage strategies and managing partner with Mortgage Banking Solutions. He has more than 35 years of industry experience and has garnered a national reputation, and has become a frequent guest on FOX Business News with Neil Cavuto, Stuart Varney, Liz Claman and Dave Asman with additional guest appearances on the CBS Evening News, Bloomberg TV and radio. He may be reached by phone at (512) 977-9900, ext. 10, or e-mail dlykken@mortgagebankingsolutions.co m or dlykken@mbs-team.com.

Wholesale Lending

NationalMortgageProfessional.com 

The third and final lesson came from studying that part of the final battle that became known as “Pickett’s Charge.” You see, Major General George Pickett led a division of Confederate soldiers and had been given orders by General Robert E. Lee to make a full-on frontal assault on Union forces that held the high ground just south of Gettysburg. Major General Pickett would be joined on both sides by other Confederate divisions making for a massive assault force that stretched a milewide across an open field. General Lee was convinced that this would be the final battle of the war. Why you ask? Because in previous battles where General Lee’s battle strategy was a massive frontal assault, the Union forces had turned and run. But on this day, July 3, 1863, General Lee would discover a new resolve within the Union soldiers, under the new leadership under General Meade who understood the importance of focusing his Union soldiers on the “greater cause” for which they were fighting that day. The battle, which again became known as “Pickett’s Charge,” involved tens of thousands of Confederate soldiers marching across an open field, shoulder-toshoulder in full view of a Union army who were “locked and loaded” with the resolve to not lose this battle at all costs. The Union army had a well-established supply line providing them all the ammunition they needed to keep the Union forces wellequipped. As the Confederate troops began their assault, the Union forces opened up with a barrage of long-range (for that time) artillery fire. The Confederates suffered some losses, somewhere in the 10 percent range, but as Confederate troops drew closer, the Union forces engaged the Confederate forces with an overpowering hail of bullets and shorter-range cannon fire. In the next 45 minutes, approximately 10,000 soldiers tragically lost their lives, the vast majority of which were Confederate soldiers. The Confederate Army was decimated by the Union forces, and ultimately, forced into a humiliating retreat. Pickett’s Division was almost completely wiped out. As I stood there on the very spot where all this happened and trying to take it all in, I saw more parallels to our industry.

This is one of the powerful aspects of this Lincoln Leadership Institute at Gettysburg event that I was attending. I actually had the opportunity to walk across that same mile-long stretch of open ground … virtually the same path that Major General Pickett’s soldiers waked as they charged the Union forces … a very powerful moment! As I walked across that open field, it wasn’t difficult to imagine how Pickett’s men must have felt as they watched their comrades get obliterated by the Union forces who had secured the strategic higher ground. As I walked up to what was the battle line, I was handed a .52 caliber lead bullet that was found there on the battlefield as a souvenir. It was overwhelming to realize the magnitude of destruction pointed at Pickett’s forces. As I held that souvenir bullet, I recognized another parallel for the mortgage industry. It is how our industry, metaphorically speaking, is marching unprotected across an open field towards “Union” regulators that are “On the Hill.” I quickly equated the CFPB to the Union forces up on the hill. This seemed especially fitting as I had read that same day the CFPB’s resolve to release a barrage of new regulations at the rate of nearly one new regulation a day through September of this year. It was then that I realized what a decimating impact this could have on the ranks of our industry. Before I attended this leadership development event, I understood the Battle at Gettysburg from a historical perspective. Today, as a result of this Conference, I see how we can learn so much from uninformed decisions that can lead to some tragic defeats, as well as some really good leadership that led to some extraordinary victories. It was Sir Winston Churchill who said, “Those who fail to learn from history are doomed to repeat it.” We have seen this to be true over and over again. My goal in writing this article was to make you aware of this event, and hopefully, motivate you to make the time and investment to attend the next Lincoln on Leadership at Gettysburg event which is scheduled for Wednesday-Friday, Sept. 12-14, 2012. To learn more, go to www.CampusMBA.org/Lincoln or go to www.Gettysburgleadership.com. I look forward to hearing from you and any feedback you may have on this article (dlykken@mortgagebankingsolutions.com).

A Bright Spot in


new to market

continued from page 33

MCT Trading Launches LockCentral Service for Lenders

JUNE 2012 

OKLAHOMA MORTGAGE PROFESSIONAL MAGAZINE

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MCT Trading Inc. (MCT) has announced that it has established an outsourced service, LockCentral, that implements and manages a centralized lock desk for mortgage bankers that offers them a viable alternative to operating an in-house lock desk. LockCentral saves time, ensures pricing accuracy, frees secondary marketing personnel to assume other responsibilities, and brings a number of new efficiencies to secondary marketing departments. “We established LockCentral specifically for mortgage bankers that want to operate a centralized lock desk without having to incur the expenses of additional full time resources and to also improve on data integrity for our hedging clients,” said Curtis Richins, president of MCT. “Running an efficient lock desk is paramount to a lender’s profitability. However, the successful implementation and effective management of an internal desk can be very involved and time consuming, and not all secondary marketing departments are ready to adopt, implement and efficiently utilize what are generally complicated, onerous locking tools that often fall short of profitability expectations.” LockCentral is run by a dedicated team of seasoned secondary marketing analysts who reside in multiple MCT offices across the country in different time zones, designed to provide responsive customer service levels to clients. The LockCentral offering also allows lenders to private label their lock desks, enabling secondary staff to work with MCT analysts while eliminating the onus of managing locking tasks so they can focus on other duties.

Wipro Gallagher Solutions Launches Productivity Suite App for iPads and Tablets Wipro Gallagher Solutions (WGS) has announced the launch of Enterprise Mobile Origination, a native iOS lending productivity suite for the iPad, designed to enable sales teams in the field to run and originate new loans of all types. The Enterprise Mobile Origination application integrates with any loan origination system (LOS), including WGS’ NetOxygen LOS, and provides all the tools to keep sales informed and connected to the customer. The application monitors leads and manages all associated contacts through the entire lending process. It maintains lead status, follows up on additional requirements, and requests credit and AVM results while creating

a lead. Its alert and notification system monitors borrower activity via user-friendly iPad push notifications for the duration of the lead throughout the entire lending lifecycle. “Tablets are shifting the way business is conducted for the entire lending lifecycle, yielding a net effect of improved customer service and satisfaction,” said Narayan Bharadwaj, business head for WGS. “We already offer NetOxygen on the cloud and the extension of our solution to a mobile device further strengthens our value proposition in line with our overall strategy to provide multi-channel, product-agnostic enterprise lending solutions to make the lending process as convenient as possible for borrowers.” The Enterprise Mobile Origination application positions loan originators as consultants to their customers with its mapping and house price index (HPI) designed to offer well-informed decisioning support to borrowers based on the ability to map their property of choice and compare real estate opportunities in the geographical area. Enterprise Mobile Origination’s builtin calculators compare items, including fixed-rate versus variable rate products, loan terms and payments while in the field with a borrower and engages leads with graphical representations of their buying power. Its reporting dashboard easily communicates information to loan officers and compares lead generation using charts representing lead status, lead completion and performance levels within the branch, region and country. Other Enterprise Mobile Origination tools include a product filter that leverages the product and pricing engine of choice and provides significantly reduced turnaround time for the origination process with information readily available on the iPad. Loan information is immediately available to processors, underwriters, funders and closers through the LOS via seamless real-time integration with the app.

Your turn National Mortgage Professional Magazine invites you to submit any information promoting new “niche” loan programs, new products or any other announcement related to the introduction of a new program, to the attention of:

New to Market column Phone #: (516) 409-5555 E-mail: newsroom@nmpmediacorp.com Note: Submissions sent via e-mail are preferred. The deadline for submissions is the 1st of the month prior to the target issue.

Marketing in 2012: 2012: Tips Tipsto to Marketing in Maximize your Maximize Your Marketing MarketingDollars Dollars Follow the trends If the big word in the industry is HARP 2.0, don’t try to go against the grain and market for something else. The public is well-aware of the changes in the mortgage industry, and is keeping up on buzzwords like “FHA STREAMLINE” and “HARP.” Find a marketing means that works for you and your budget and get to work. Don’t try to reinvent the wheel When you go to trade shows or speak with colleagues about how great their own campaigns are working, go after the same thing! The marketing is working because the market is accepting it. Anyone who tries to tell you that they are the best marketer because they just know, isn’t worth your time. Find a marketing firm that follows the trends, and then follow them yourself. The market will always show you how to best offer your products. Test, measure, test again Many people begin a new marketing campaign with a new marketing firm and think that they should be setting records right away. This couldn’t be further from the truth. In fact, in most cases, the first campaign is only the beginning. Campaign number three or four is where they really start paying off. Talk to others who are successful People who successfully market commit the resources necessary to find a campaign that works for them. This can be exhausting, but once you find your niche, it will pay dividends; and you must exploit it. This is the campaign that gives you the return-oninvestment (ROI) you need while being versatile enough to change as guidelines do. Find a sales approach that works for you Many people have had less than profitable results trying their own marketing at one point or another. Chances are that this is because one of three things has happened: 1.) Wrong campaign You must find a marketing campaign that works with your own sales ability. 2.) Wrong company There are plenty of quality marketing firms to work with. Don’t try to manage your own marketing. Let the professionals help you. You’ve got loans to close or an office to run. A professional marketing firm can make your year, while managing your marketing and saving you valuable time and resources. 3.) Market the product that your most comfortable with All too often, salespeople want to jump onboard with a marketing campaign just because they talked to a colleague who made it work well. Find a product that you’re an expert on. Credibility is key to all sales and marketing, and if you don’t fully understand what you’re selling, it’s going to be hard to build that credibility. Take the lowhanging fruit first. Tips for 2012 I Direct mail responses are up. If you haven’t tried direct mail in a while, it might be time to give it a try again. I Internet leads work if you work them. Don’t expect to make an easy buck … those days are over. If you must use them, make sure you get exclusive Internet leads, and not those $10 (sold 10 times) ones. I Live transfers are a thing of the past. With as many as 90 percent of the population on the Do-Not-Call List, telemarketing just isn’t what it used to be. I New data files are available specifically for the mortgage industry. You don’t have to get set up with credit bureaus to get qualified data anymore. Mail houses won’t have it, but good marketing firms will. I Trigger leads are still being sold by the credit bureaus. Stay aware of what methods your competitors are using. Whether you are using them or not, it’s a reality that must be dealt with. I FHA is going to be BIG next month, get started early. Chances are, your competition has already got something in the works. I Last, but not least, ride the HARP 2.0 wave! This has been the biggest thing to hit the mortgage industry since 2009! Medford, Ore.-based TagQuest is a full-service marketing firm created specifically for the ever-changing business world. TagQuest assists companies with their direct marketing, advertising and branding needs, and knows what it takes to generate quality customers and, most importantly, how to retain those customers for years to come. TagQuest brings forth a unique opportunity to utilize our experience and expertise in varying consumer sales and marketing environments. For more information, call (888) 717-8980 or visit Tagquest.com.

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Continuing Education

Branch Manager

Meadowbrook Financial Mortgage Bankers 1-888-MEADOW8 (632-3698) www.mortgagesalesjob.com Meadowbrook loan originators make 33% more money with Meadowbrook than with any other company they worked for. Enjoy the benefits of a low compare ratio, a lead management system with an endless supply of leads, A tier investors, and much more.

Abacus Mortgage Training and Education PO Box 780 Summerfield, NC 27358 888-341-7767 • www.GetYourEd.com NMLS approved 20 hour Prelicensing Education NMLS approved Continuing Education Live Classroom Instruction, Web Delivery and Private Events The SAFE-Smart ExamCram, Powerfully Innovative Test Prep

Meadowbrook is hiring Branch Managers and Loan Originators. We are licensed in NY, CT, PA, NJ, MD, FL, MA, NC, pending in SC, NH, and RI. Meadowbrook is an FHA, Fannie Mae, Freddie Mac, and VA endorsed lender.

Mortgage Seminars MortgageSeminars.com 248-403-8181 Jeff Mifsud, a former FHA Direct Endorsed Underwriter trained by HUD and an FHA Originator for over 15 years, is publisher of The FHA Originator, a monthly marketing newsletter which gives you… • • • •

Branch Manager

FHA guideline news to keep you updated FHA Marketing tips and downloads that are easily customized Personal development tips to help you develop your character Full access to all previous FHA marketing downloads!

No contracts so sign up today and give yourself the tools to brand yourself as The FHA Expert in your marketplace.

Mortgage Brokers Network Corp, Inc. 1-888-589-7048 The Mortgage Industry’s Matchmaker http://mortgagebrokersnetwork

Cost: Only $19.95 per month per physical office location.

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Watch for our 8 Hour NMLS Continuing Education Course

• Mortgage Branch Employment Opportunities

We work as hard as you to be America’s Choice for consumers needing a home loan, and we work just as hard to be America’s Choice for top branch managers, loan originators and mortgage professionals. Call Jonathan Fowler, Director of National Production at 713-821-9750 to learn how you can have a better, more rewarding career.

• Hiring Licensed Mortgage Originators for branch management and loan origination. • Bank and Broker status to choose from, multi-State lending and more... Visit our site or call us today to speak to one of our representatives.

Compliance Consultants

The first full-service, mortgage risk management firm in the country, specializing exclusively in mortgage compliance.

NO File Fee or Monthly Fees Pioneers in outsourcing solutions for mortgage compliance. • Get a BPS payback from our volume incentive that your loan officers can’t see • You have the ability to control your loan officers pricing • Create, Customize and Optimize your branch’s compensation plan • Recruiting Support – Our network of recruiters place producers in your branch! • Full Eagle Lender and we’re currently looking for high-quality

Leverage your existing employees. Improve your productivity. Collaborate on projects. Make the most of your current technology. Bring innovation to your company. Be a strong cultural fit. Free you to focus on your core competencies. Give you access to world-class expertise. Lower your total operational costs.

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Bookmark this! Access these listings online at

nmpmag.com/directory_list

 JUNE 2012

Producers in TX, GA, AL, TN, FL, MS, and SC

Our Compliance Team Will:

Credit reports • Rapid rescore • Reissue • Supplements IRS & Social verification • VOE / VOI • Title • Flood Appraisals / BPO / AVM • Fraud alerts • Red Flag • LQI MOST AGGRESSIVE PRICING!

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

LENDERS COMPLIANCE GROUP 167 West Hudson Street - Suite 200 Long Beach | NY | 11561 | (516) 442-3456 www.LendersComplianceGroup.com

“A Full Service Lending Information Company” A/E: Jeremy “Judge” Honor 877-MFI- DATA Jeremy@MfiCreditSolutions.com www.MfiCreditSolutions.com

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CENTERED ON YOUR NEEDS - FOCUSED ON YOUR SUCCESS

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Hometown Lenders (888) 606-8066 moreinfo@htlenders.com www.hometownbranch.com

• With hundreds of branch employment opportunities out there, making a choice on who to sign up with is not an easy task! We are here to help!

NationalMortgageProfessional.com 

Finally - the freedom to originate! America's Choice gives you the tools you need so you can Originate, Close and Get Paid!

• We work with some of the top mortgage branch companies in the industry!

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America’s Choice Home Loans www.achlonline.com 713-821-9750


Direct Mail

Leads

Employment Services

Best Rate Referrals ............................................800-811-1402 Mortgage marketing company with decades of combined experience providing quality leads, mailers, lists and dialer products. www.bestratereferrals.com & www.mortgageleads.org

Best Rate Referrals The Leading Direct Marketing Company for Mortgage Professionals 800-811-1402 • www.bestratereferrals.com Reach affluent and creditworthy consumers who are in-market and ready to transact. Bankrate is a consumer direct Web site, NOT a lead aggregator. Qualified leads for every sized budget, and pay only for performance. No set up fees! No contracts! No risk! Founded in 2005, Best Rate Referrals has grown into one of the fastest growing marketing firms in the nation. By combining new technology with traditional direct marketing methods that produce profitable results.

TagQuest www.myharpleads.com TagQuest.com 888-717-8980

Best Rate Referrals is the direct marketing leader in the mortgage and banking industry.

TagQuest is a full service marketing firm created specifically for the ever changing mortgage business. We have tested and proven campaigns for FHA -VA - HARP - CONVENTIONAL loan types. TagQuest knows what it takes to generate quality leads whether through direct mail marketing, telemarketing, internet leads, data lists, tracking systems, or any combination thereof. TagQuest will brand your company, prepare targeted marketing campaigns that generate interest in your company, and most importantly, show you how to turn sales leads into repeat customers.

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Mortgage Direct Mail & List Services Mortgage Live Transfers Mortgage Internet Leads Mobile Marketing

Events

Loan Origination Systems

NYC Real Estate Expo LLC Anthony Kazazis - Director 646.210.2545 • 914.763.8008

Calyx Software 800-362-2599 sales@calyxsoftware.com www.calyxsoftware.com

“The Expo for Real Estate Professionals" For ongoing Networking Events throughout the year please visit www.nycnetworkgroup.com.

Calyx Software, the #1 provider of mortgage solutions is dedicated to offering reliable and affordable software that streamlines, integrates and optimizes the loan process. Find out how PointCentral can streamline your business and create compliant processes today.

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Document Preparation

apkazazis@optonline.net • www.nycrealestateexpo.com

JUNE 2012 

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

 NationalMortgageProfessional.com

Robertson | Anschutz 800-343-7160 sbertrand@radocs.com www.radocs.com/info.html Mortgage Loan Closing Document Preparation & Compliance Services Fulfillment Services Including Pre-Funding Review & Post-Closing Interfaces with Leading Loan Origination Software Systems Foreclosure – Loss Mitigation Services

Document Preparation (SaaS)

Docs on Demand 800-343-7160 stephen.bertrand@docsondemand.net www.docsondemand.info Mortgage Loan Closing Document Preparation & Compliance Software Loan Documents and Compliance – Web-based/SaaS – Easy to Use Intuitive – Secure and Reliable – Integrates with Leading LOS Free Setup and Support – Extensive Compliance Audits

The Lykken on Lending RADIO PROGRAM

Sign-on weekly at

nmpmag.com/lykkenonlending

Leads

Recruitment

AAA Refi Leads.....AAA Refi Leads.....AAA Refi Leads Learn how I went from failure to success by mailing cheap refi letters from home, closed 71 loans & made $248,954.62 last yr. I’ll show you exactly how I did it. Go to: www.Refi-Leads.NET

Internet’s Leading Consumer Mortgage Marketplace Attracting over 8 million unique consumers every month www.Bankrate.com • 561-630-1257 Reach affluent and creditworthy consumers who are in-market and ready to transact. Bankrate is a consumer direct Web site, NOT a lead aggregator. Qualified leads for every sized budget, and pay only for performance. No set up fees! No contracts! No risk! • Reach self directed, highly qualified consumers that are actively searching for mortgage loans • Geo-targeting – reach the right consumers in the right markets • Our proprietary Advertiser Portal gives you complete control over your campaigns, budgets, and performance reports. • YOU determine your daily/weekly/monthly budget • Pay only for consumers who click on your listing • NO cancellation fees Try us risk-free! Call 561-630-1257 or visit www.bankrate.com/cpcprogram/ for more details.

Call 516-409-5555, ext 4, to register your company.


Retail Branch

Wholesale/Residential AMX/Land Home Financial ..................800-349-4172 AMX/Land Home Financial Services Wholesale Lending Division - Great Rates, Great Programs, Great Service. Offering financing options that work in today's market.

Polaris Home Funding Corp. 616-667-9000 timeforachange@polarishfc.com www.polarishfc.com/timeforachange #1 USDA RD lender in multiple states with strong FHA/VA/CONV product lines as well. Don't be held hostage by a captive branch arrangement. Bank it or broker it. Have a business name/identity you don't want to give up? We allow DBAs (subject to state rules).

CBC National Bank 3010 Royal Boulevard South, Ste. 230 Alpharetta, GA 30022 888-486-4304

Wholesale/FHA

CBC National Bank is one of the nation’s fastest growing wholesale lenders offering Conventional, FHA, VA, and USDA. The most important aspect of being a leader in today’s market is the ability to build and maintain a meaningful relationship with each customer. We understand that these meaningful relationships coupled with competitive pricing and efficient technology are the pillars of today’s lending environment. We are now hiring Account Executives in AL, TN, KY, VA, & MD.

Icon Residential Lenders (888) 247-4207 www.iconwholesale.com

Contact Stu Ehrlich in our HR department at sehrlich@cbcnationalbank.com for further details. Big Enough to MATTER…Small Enough to CARE

Icon Residential, a wholly owned subsidiary of Grand Bank N.A., is one of the nation’s leading Conforming, Jumbo, FHA and VA wholesale lenders. Our strength, success and longevity is derived from delivering customers service that exceeds our valued business partners expectations. With deep industry knowledge, financial stability and innovative technology we provide the solutions for our business partners to fund loans while avoiding risk. • • • • •

Direct Access to Underwriters Competitive Pricing Innovative Technology Paperless Solution Bank Funding

Terrace Mortgage 4010 W. Boyscout Blvd., Suite 550 Tampa, FL 33607 866-934-4631 • www.terracemortgage.com We offer competitive pricing and fast turn-times for FHA, VA, Conventional, and USDA programs without having a retail presence in the industry. We are a wholesale lender with 22 years of experience and believe in exceptional service.

TMSfunding Wholesale Lending 326 W Main Street • Milford, Ct. 06460 888.371.2989 • WWW.TMSFUNDING.COM Your Partner in Success! • • • •

Paperless! Quick and Easy! Top Tier Account Executives Committed to Wholesale Operations that Earn Your Business

REMN has FHA, USDA, 203k, VA and Conventional solutions to fit the needs of your customers. But, at REMN, our most valuable product is our people. The REMN Sales and Operations Teams give you - and your loans - the time and attention that you deserve. Even better, at REMN, same-day approvals are guaranteed.* You can rely on us to get the little, yet vital, things taken care of on time. Interested in joining our Wholesale Division? Send your resume to aerecruiting@remn.com

Veros Real Estate Solutions 2333 North Broadway, Suite 350 • Santa Ana, CA 92706 (866) 458-3767 www.veros.com • @verosres (Twitter) Veros Real Estate Solutions is a premier technology leader in the mortgage industry and proven leader in enterprise risk management and collateral valuation services. Veros combines the power of predictive technology and data analytics for advanced automated solutions.

Sign-on weekly at nmpmag.com/lykkenonlending

Call 516-409-5555, ext. 4 to register your company.

 JUNE 2012

The Lykken on Lending Radio Program

The Resource Registry is a directory of lenders (wholesaler or retail that are recruiting), affiliated services and resources that is seen by more than 191,181 active Professionals.

NATIONAL MORTGAGE PROFESSIONAL MAGAZINE

Real Estate Mortgage Network, Inc. www.remnwholesale.com 866-933-6342

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NationalMortgageProfessional.com 

Wholesale Lenders

If your ad was here, you would be seen by 191,181 Mortgage Professionals looking for resources to help them in their business.


NATIONAL MORTGAGE PROFESSIONAL

calendar OF EVENTS

Calendar of Events, please e-mail the details of your event, along with contact information, to newsroom@nmpmediacorp.com.

JUNE 2012 Friday-Saturday, June 22-23 NAMB—The Association of Mortgage Professionals Annual Conference & Board Installation J.W. Marriott Indianapolis 10 South West Street Indianapolis For more information, call (972) 758-1151 or visit NAMB.org.

Sunday-Tuesday, July 29-31 CoreLogic’s 24th Annual RiskSummit St. Regis Monarch Beach 1 Monarch Beach Resort Dana Point, Calif. For more information, call (415) 536-3525 or visit CoreLogic.com/RiskSummit2012.

SEPTEMBER 2012 Sunday-Tuesday, September 9-11 Mortgage Success Source 2012 Mortgage Leadership Today Conference The Mirage Hotel & Casino 3400 Las Vegas Boulevard South Las Vegas For more information, call (800) 963-1900 or visit MortgageSuccessSource.com.

OCTOBER 2012 Sunday-Wednesday, October 21-24 Mortgage Bankers Association 99th Annual Convention & Expo The Hyatt Regency 151 East Wacker Drive Chicago For more information, call (800) 793-6222 or visit MortgageBankers.org.

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JULY 2012 Wednesday-Saturday, July 11-14 Florida Association of Mortgage Professionals 2012 Convention & Trade Show “Stay on Track” The Grand Hyatt Tampa Bay 2900 Bayport Drive Tampa, Fla. For more information, call (850) 942-6411 or visit FAMB.org.

Wednesday-Friday, August 8-10 California Association of Mortgage Professionals 2012 Annual Convention “2012 Summer CAMP” Newport Beach Marriott 900 Newport Center Drive Newport Beach, Calif. For more information, call (916) 448-8236 or visit CA-AMP.org.

Wednesday-Friday, September 19-21 2012 New England Mortgage Bankers Conference Hyatt Regency Newport 1 Goat Island Newport, R.I. For more information, call (617) 570-9114 or visit MassMBA.com.

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Sunday-Tuesday, June 24-26 Mortgage Bankers Association Chairman’s Conference 2012 The Breakers 1 South Country Road Palm Beach, Fla. For more information, call (800) 793-6222 or visit MortgageBankers.org.

AUGUST 2012 Tuesday-Wednesday, August 2-3 Louisiana Mortgage Lenders Association 2012 Educational Conference New Orleans Hilton Riverside Hotel 2 Poydras Street New Orleans, La. For more information, call (225) 590-5722 or visit LMLA.com.

Monday-Wednesday, September 10-12 2012 American Mortgage Conference Raleigh Marriott Crabtree Valley 4500 Marriott Drive Raleigh, N.C. For more information, call (919) 781-7979 or visit NCBankers.org.

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To submit your entry for inclusion in the National Mortgage Professional

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